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SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES | 6 Months Ended
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Jun. 30, 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 80% and 78% of net revenues for the three and six months ended June 30, 2024, respectively, and 82% and 79%, respectively, in the corresponding periods of 2023. 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 $73.5 million and $139.9 million in the three and six months ended June 30, 2024, respectively, and $78.8 million and $145.5 million, respectively, in the corresponding periods of 2023. 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 |  | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
Customer | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023
Avnet |  | 28 | % | ​ | 25 | % |  | 29 | % | ​ | 25 | %
Honestar Technologies Co., Ltd. | ​ | 12 | % | ​ | 15 | % | ​ | 12 | % | ​ | 14 | %
Salcomp Group | ​ | * | ​ | ​ | 14 | % | ​ | * | ​ | ​ | 13 | %
Flextronics 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 June 30, 2024 and December 31, 2023, 84% 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 June 30, 2024 and December 31, 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
Customer |  | 2024 | ​ | 2023
Avnet | ​ | 27 | % | ​ | 39 | %
Powertech Distribution Ltd. | ​ | 11 | % | ​ | * | ​
Flextronics Group | ​ | 10 | % | ​ | * | ​
Honestar Technologies Co., Ltd. | ​ | * | ​ | ​ | 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 | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
(In thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Americas: | ​ | $ | 5,281 | ​ | $ | 5,603 | ​ | $ | 10,286 | ​ | $ | 12,086
EMEA: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Germany | ​ | ​ | 5,059 | ​ |  | 6,075 | ​ |  | 10,948 | ​ |  | 13,549
Other EMEA | ​ |  | 5,946 | ​ |  | 5,498 | ​ |  | 12,260 | ​ |  | 12,414
APAC: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Hong Kong/China | ​ |  | 63,124 | ​ |  | 76,496 | ​ |  | 112,804 | ​ |  | 136,094
India | ​ |  | 6,400 | ​ |  | 11,312 | ​ |  | 11,780 | ​ |  | 18,041
Korea | ​ | ​ | 8,933 | ​ | ​ | 6,316 | ​ | ​ | 18,453 | ​ | ​ | 13,117
Taiwan | ​ | ​ | 5,294 | ​ | ​ | 4,495 | ​ | ​ | 10,052 | ​ | ​ | 6,504
Other APAC | ​ |  | 6,161 | ​ |  | 7,428 | ​ |  | 11,303 | ​ |  | 17,715
Total net revenues | ​ | $ | 106,198 | ​ | $ | 123,223 | ​ | $ | 197,886 | ​ | $ | 229,520
​

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