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SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES | 9 Months Ended
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Sep. 30, 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 83% and 81% of net revenues for the three and nine months ended September 30, 2023, respectively, and 72% and 75%, respectively, in the corresponding periods of 2022. 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 (“OEMs”) and merchant power-supply manufacturers. Similarly, merchant power-supply manufacturers sell power supplies incorporating the Company’s products to a broad range of OEMs. Sales to distributors were $93.2 million and $238.7 million in the three and nine months ended September 30, 2023, respectively, and $103.6 million and $373.3 million, respectively, in the corresponding periods of 2022. 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 |  | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
Customer | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
Avnet |  | 28 | % | ​ | 28 | % |  | 26 | % | ​ | 30 | %
Honestar Technologies Co., Ltd. | ​ | 23 | % | ​ | * | ​ | ​ | 17 | % | ​ | 12 | %
Salcomp Group | ​ | * | ​ | ​ | 12 | % | ​ | 11 | % | ​ | * | ​
​ * 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 September 30, 2023, and December 31, 2022, 89% and 87% of accounts receivable were concentrated with the Company’s top ten customers. The following customers represented 10% or more of accounts receivable at September 30, 2023 and December 31, 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
Customer |  | 2023 | ​ | 2022
Avnet | ​ | 41 | % | ​ | 42 | %
Honestar Technologies Co., Ltd. | ​ | 12 | % | ​ | * | ​
Salcomp Group | ​ | 10 | % | ​ | 13 | %
Flextronics Group | ​ | * | ​ | ​ | 11 | %
* 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 and nine months ended September 30, 2023 and 2022, were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
(In thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
United States of America | ​ | $ | 2,208 | ​ | $ | 8,387 | ​ | $ | 6,903 | ​ | $ | 22,862
Hong Kong/China | ​ |  | 79,735 | ​ |  | 80,508 | ​ |  | 215,829 | ​ |  | 282,508
India | ​ | ​ | 9,697 | ​ |  | 9,660 | ​ |  | 27,738 | ​ |  | 22,765
Taiwan | ​ |  | 4,949 | ​ |  | 4,895 | ​ |  | 11,453 | ​ |  | 16,000
Korea | ​ |  | 4,308 | ​ |  | 10,071 | ​ |  | 17,425 | ​ |  | 47,298
Western Europe (excluding Germany) | ​ |  | 8,498 | ​ |  | 10,790 | ​ |  | 20,912 | ​ |  | 27,164
Japan | ​ |  | 4,311 | ​ |  | 9,777 | ​ |  | 13,390 | ​ |  | 27,986
Germany | ​ |  | 5,741 | ​ |  | 16,601 | ​ |  | 19,290 | ​ |  | 42,545
Other | ​ |  | 6,064 | ​ |  | 9,544 | ​ |  | 22,091 | ​ |  | 37,240
Total net revenues | ​ | $ | 125,511 | ​ | $ | 160,233 | ​ | $ | 355,031 | ​ | $ | 526,368
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