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SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES | 6 Months Ended
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Jun. 30, 2022
Significant Customers and Geographic Net Revenues |
SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES | 7. SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES: Segment Reporting 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. Customer Concentration The Company’s top ten customers accounted for approximately 77% of net revenues for both the three and six months ended June 30, 2022, and 80% in both the corresponding periods of 2021. 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 $133.9 million and $269.7 million in the three and six months ended June 30, 2022, respectively, and $136.4 million and $270.7 million, respectively, in the corresponding periods of 2021. Direct sales to OEMs and power-supply manufacturers accounted for the remainder. The following customers (both of which are distributors of the Company’s products) represented 10% or more of the Company’s net revenues for the respective periods:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended |  | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
Customer | ​ | 2022 | ​ | 2021 | ​ | 2022 | ​ | 2021
Avnet |  | 30 | % | ​ | 29 | % |  | 31 | % | ​ | 30 | %
Honestar Technologies Co., Ltd. | ​ | 11 | % | ​ | 19 | % | ​ | 13 | % | ​ | 19 | %
​ No other customers accounted for 10% or more of the Company’s net revenues in the periods presented. Concentration of Credit Risk 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 June 30, 2022 and December 31, 2021, 84% and 86%, respectively, of accounts receivable were concentrated with the Company’s top ten customers. The following customer represented 10% or more of accounts receivable at June 30, 2022 and December 31, 2021:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
Customer |  | 2022 | ​ | 2021
Avnet | ​ | 39 | % | ​ | 45 | %
​ 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 and six months ended June 30, 2022 and 2021, were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
(In thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
United States of America | ​ | $ | 7,569 | ​ | $ | 3,819 | ​ | $ | 14,476 | ​ | $ | 7,919
Hong Kong/China | ​ |  | 96,760 | ​ |  | 122,123 | ​ |  | 202,001 | ​ |  | 240,853
Taiwan | ​ |  | 5,848 | ​ |  | 6,361 | ​ |  | 11,106 | ​ |  | 12,803
Korea | ​ |  | 18,563 | ​ |  | 13,705 | ​ |  | 37,226 | ​ |  | 26,194
Western Europe (excluding Germany) | ​ |  | 8,129 | ​ |  | 8,720 | ​ |  | 16,374 | ​ |  | 15,850
Japan | ​ |  | 10,160 | ​ |  | 5,152 | ​ |  | 18,209 | ​ |  | 9,799
Germany | ​ |  | 14,460 | ​ |  | 7,656 | ​ |  | 25,943 | ​ |  | 14,662
Other | ​ |  | 22,497 | ​ |  | 12,574 | ​ |  | 40,800 | ​ |  | 25,767
Total net revenues | ​ | $ | 183,986 | ​ | $ | 180,110 | ​ | $ | 366,135 | ​ | $ | 353,847
​

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