The Company is organized and operates as one reportable segment, the design, development, manufacture and marketing of integrated circuits and related components for use primarily in the high-voltage power-conversion market. The Company’s chief operating decision maker, the Chief Executive Officer, reviews financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance.

The Company’s top ten customers accounted for approximately 77% and 79% of net revenues for the three months ended March 31, 2022 and 2021, respectively. A significant portion of these revenues are attributable to sales of the Company’s products to distributors of electronic components. These distributors sell the Company’s products to a broad, diverse range of end users, including original equipment manufacturers, or OEMs, and merchant power supply manufacturers. Sales to distributors were $135.7 million and $134.2 million in the three months ended March 31, 2022, and 2021, respectively. Direct sales to OEMs and power-supply manufacturers accounted for the remainder.

The following customers represented 10% or more of the Company’s net revenues for the respective periods:

No other customers accounted for 10% or more of the Company’s net revenues in the periods presented.

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash investments and trade receivables. The Company does not have any off-balance-sheet credit exposure related to its customers. As of March 31, 2022, and December 31, 2021, 87% and 86%, respectively, of accounts receivable were concentrated with the Company’s top ten customers.

* Total customer accounts receivable was less than 10% of accounts receivable.

No other customers accounted for 10% or more of the Company’s accounts receivable in the periods presented.

Geographic Net Revenues

The Company markets its products globally through its sales personnel and a worldwide network of independent sales representatives and distributors. Geographic net revenues, based on “bill to” customer locations, for the three months ended March 31, 2022 and 2021, were as follows:


	Three Months Ended
	March 31,
(In thousands)	2022		2021
United States of America	$	6,906	$	4,100
Hong Kong/China		105,240		118,730
Taiwan		5,257		6,442
Korea		18,664		12,489
Western Europe (excluding Germany)		8,245		7,130
Japan		8,049		4,647
Germany		11,484		7,006
Other		18,304		13,193
Total net revenues	$	182,149	$	173,737