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Revenues

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenues

6. Revenues

Revenue from the sale of Advanced Products represents the sum of third-party sales of the products sold under the Advanced Products line, which were sold under the former Picor and VI Chip operating segments during periods prior to the second quarter of 2019. Revenue from the sale of Brick Products represents the sum of third-party sales of the products sold under the Brick Products line, which were also sold under the former Brick Business Unit operating segment, inclusive of such sales of our Vicor Custom Power and Vicor Japan Company, Ltd. subsidiaries. See Note 14 for a discussion of changes to the Company’s segment reporting.

The following tables present the Company’s net revenues disaggregated by geography based on the location of the customer, by product line (in thousands):

		Three Months Ended September 30, 2019
		Brick Products				Advanced Products				Total
United States		$	25,265			$	4,290			$	29,555
Europe			5,577				889				6,466
Asia Pacific			14,510				18,875				33,385
All other			1,130				236				1,366
		$	46,482			$	24,290			$	70,772
		Nine Months Ended September 30, 2019
		Brick Products				Advanced Products				Total
United States		$	73,289			$	16,562			$	89,851
Europe			17,960				3,517				21,477
Asia Pacific			46,908				37,618				84,526
All other			2,955				1,043				3,998
		$	141,112			$	58,740			$	199,852
		Three Months Ended September 30, 2018
		Brick Products				Advanced Products				Total
United States		$	20,508			$	9,152			$	29,660
Europe			7,013				1,187				8,200
Asia Pacific			22,136				16,578				38,714
All other			1,369				92				1,461
		$	51,026			$	27,009			$	78,035
		Nine Months Ended September 30, 2018
		Brick Products				Advanced Products				Total
United States		$	55,794			$	25,908			$	81,702
Europe			16,615				3,110				19,725
Asia Pacific			64,223				48,110				112,333
All other			3,380				360				3,740
		$	140,012			$	77,488			$	217,500

The following tables present the Company’s net revenues disaggregated by the category of revenue, by product line (in thousands):    

		Three Months Ended September 30, 2019
		Brick Products				Advanced Products				Total
Direct customers, contract manufacturers and non-stocking  distributors		$	39,705			$	22,574			$	62,279
Stocking distributors, net of sales allowances			6,522				1,734				8,256
Non-recurring engineering			163				(36	)			127
Royalties			92				—				92
Other			—				18				18
		$	46,482			$	24,290			$	70,772
		Nine Months Ended September 30, 2019
		Brick Products				Advanced Products				Total
Direct customers, contract manufacturers and non-stocking distributors		$	120,496			$	49,524			$	170,020
Stocking distributors, net of sales allowances			19,750				7,817				27,567
Non-recurring engineering			762				1,319				2,081
Royalties			104				24				128
Other			—				56				56
		$	141,112			$	58,740			$	199,852
		Three Months Ended September 30, 2018
		Brick Products				Advanced Products				Total
Direct customers, contract manufacturers and non-stocking distributors		$	44,269			$	23,508			$	67,777
Stocking distributors, net of sales allowances			6,236				1,773				8,009
Non-recurring engineering			513				1,694				2,207
Royalties			8				16				24
Other			—				18				18
		$	51,026			$	27,009			$	78,035

		Nine Months Ended September 30, 2018
		Brick Products				Advanced Products				Total
Direct customers, contract manufacturers and non-stocking distributors		$	123,147			$	67,924			$	191,071
Stocking distributors, net of sales allowances			15,934				6,924				22,858
Non-recurring engineering			885				2,494				3,379
Royalties			46				92				138
Other			—				54				54
		$	140,012			$	77,488			$	217,500

The following table presents the changes in certain contract assets and (liabilities) (in thousands):

		September 30, 2019				December 31, 2018				Change
Accounts receivable		$	39,987			$	43,673			$	(3,686	)
Short-term deferred revenue			(4,239	)			(3,820	)			(419	)
Long-term deferred revenue			(1,134	)			(232	)			(902	)
Deferred expenses			1,418				501				917
Customer prepayments			(1,604	)			(1,250	)			(354	)
Sales allowances			(1,076	)			(548	)			(528	)

The decrease in accounts receivable was primarily due to a decrease in net revenues of approximately $2,948,000 in the third quarter of 2019 compared to the fourth quarter of 2018.

Deferred expenses are included in Other current assets, and customer prepayments are included in Short-term deferred revenue, in the accompanying Condensed Consolidated Balance Sheets, respectively.

The Company records deferred revenue, which represents a contract liability, when cash payments are received or due in advance of performance under a contract with a customer. The Company recognized revenue of approximately $23,000 and $53,000 for the three and nine months ended September 30, 2019, respectively, and $471,000 and $781,000, for the three and nine months ended September 30, 2018, respectively, that was included in deferred revenue at the beginning of each respective period.

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- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

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