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SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES | 3 Months Ended
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Mar. 31, 2024
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% and 78% of net revenues for the three months ended March 31, 2024 and 2023, 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 (“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 $66.4 million and $66.8 million in the three months ended March 31, 2024 and 2023, 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 | ​ | 2024 | ​ | 2023
Avnet |  | 29 | % | ​ | 25 | %
Honestar Technologies Co., Ltd. | ​ | 11 | % | ​ | 12 | %
Salcomp Group | ​ | * | ​ | ​ | 13 | %
​ * 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, 2024 and December 31, 2023, 88% and 86% of accounts receivable were concentrated with the Company’s top ten customers. The following customers represented 10% or more of accounts receivable at March 31, 2024 and December 31, 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31,
Customer |  | 2024 | ​ | 2023
Avnet | ​ | 33 | % | ​ | 39 | %
Powertech Distribution Ltd. | ​ | 13 | % | ​ | * | ​
Honestar Technologies Co., Ltd. | ​ | 10 | % | ​ | 20 | %
Salcomp Group | ​ | * | ​ | ​ | 10 | %
* 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 by region and country with 5% or more of the Company’s revenue during any of the periods presented, based on “bill to” customer locations were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended
​ | ​ | March 31,
(In thousands) |  | 2024 |  | 2023
Americas: | ​ | $ | 5,005 | ​ | $ | 6,483
EMEA: | ​ |  | ​ | ​ |  | ​
Germany | ​ | ​ | 5,889 | ​ |  | 7,474
Other EMEA | ​ |  | 6,314 | ​ |  | 6,915
APAC: | ​ |  | ​ | ​ |  | ​
Hong Kong/China | ​ |  | 49,680 | ​ |  | 59,598
India | ​ |  | 5,380 | ​ |  | 6,729
Japan | ​ |  | 2,465 | ​ |  | 5,339
Korea | ​ | ​ | 9,520 | ​ | ​ | 6,801
Taiwan | ​ | ​ | 4,758 | ​ | ​ | 2,009
Other APAC | ​ |  | 2,677 | ​ |  | 4,949
Total net revenues | ​ | $ | 91,688 | ​ | $ | 106,297
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