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SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES | 3 Months Ended
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Mar. 31, 2023
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 78% and 77% of net revenues for the three months ended March 31, 2023 and 2022, 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 $66.8 million and $135.7 million in the three months ended March 31, 2023, and 2022, 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:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended
​ | ​ | March 31,
Customer | ​ | 2023 | ​ | 2022
Avnet |  | 25 | % | ​ | 31 | %
Salcomp Group | ​ | 13 | % | ​ | * | ​
Honestar Technologies Co., Ltd. | ​ | 12 | % | ​ | 16 | %
​ * Total customer revenue was less than 10% of net revenues. 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 March 31, 2023, and December 31, 2022, 84% and 87%, respectively, of accounts receivable were concentrated with the Company’s top ten customers. The following customer represented 10% or more of accounts receivable at March 31, 2023 and December 31, 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31,
Customer |  | 2023 | ​ | 2022
Avnet | ​ | 31 | % | ​ | 42 | %
Salcomp Group | ​ | 16 | % | ​ | 13 | %
Flextronics Group | ​ | 11 | % | ​ | 11 | %
​ 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, 2023 and 2022, were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended
​ | ​ | March 31,
(In thousands) |  | 2023 |  | 2022
United States of America | ​ | $ | 2,547 | ​ | $ | 6,906
Hong Kong/China | ​ |  | 59,598 | ​ |  | 105,240
India | ​ | ​ | 6,729 | ​ |  | 5,849
Taiwan | ​ |  | 2,009 | ​ |  | 5,257
Korea | ​ |  | 6,801 | ​ |  | 18,664
Western Europe (excluding Germany) | ​ |  | 6,916 | ​ |  | 8,245
Japan | ​ |  | 5,339 | ​ |  | 8,049
Germany | ​ |  | 7,474 | ​ |  | 11,484
Other | ​ |  | 8,884 | ​ |  | 12,455
Total net revenues | ​ | $ | 106,297 | ​ | $ | 182,149
​

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