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Note 4 - Revenue
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

4.

REVENUE

 

The following table provides information about disaggregated revenue by geographic region and sales channel, and includes a reconciliation of the disaggregated revenue to our reportable segments:

 

  

Three Months Ended June 30, 2024

  

Six Months Ended June 30, 2024

 
  

Power Solutions and Protection

  

Connectivity Solutions

  

Magnetic Solutions

  

Consolidated

  

Power Solutions and Protection

  

Connectivity Solutions

  

Magnetic Solutions

  

Consolidated

 
                                 

By Geographic Region:

                                

North America

 $39,197  $45,380  $7,350  $91,927  $78,746  $89,264  $13,473  $181,483 

Europe

  14,610   11,242   1,118   26,970   30,943   20,678   2,334   53,955 

Asia

  4,744   1,200   8,364   14,308   9,109   2,165   14,583   25,857 
  $58,551  $57,822  $16,832  $133,205  $118,798  $112,107  $30,390  $261,295 
                                 

By Sales Channel:

                                

Direct to customer

 $37,572  $36,428  $11,793  $85,793  $76,397  $70,498  $21,579  $168,474 

Through distribution

  20,979   21,394   5,039   47,412   42,401   41,609   8,811   92,821 
  $58,551  $57,822  $16,832  $133,205  $118,798  $112,107  $30,390  $261,295 

   

  

Three Months Ended June 30, 2023

  

Six Months Ended June 30, 2023

 
  

Power Solutions and Protection

  

Connectivity Solutions

  

Magnetic Solutions

  

Consolidated

  

Power Solutions and Protection

  

Connectivity Solutions

  

Magnetic Solutions

  

Consolidated

 
                                 

By Geographic Region:

                                

North America

 $64,121  $44,233  $11,345  $119,699  $126,921  $87,245  $21,700  $235,866 

Europe

  15,907   9,561   2,666   28,134   29,507   17,962   5,431   52,900 

Asia

  7,063   1,049   12,832   20,944   13,844   3,032   35,479   52,355 
  $87,091  $54,843  $26,843  $168,777  $170,272  $108,239  $62,610  $341,121 
                                 

By Sales Channel:

                                

Direct to customer

 $62,022  $35,970  $18,268  $116,260  $121,636  $69,694  $45,679  $237,009 

Through distribution

  25,069   18,873   8,575   52,517   48,636   38,545   16,931   104,112 
  $87,091  $54,843  $26,843  $168,777  $170,272  $108,239  $62,610  $341,121 

        

  
The balances of the Company’s contract assets and contract liabilities at  June 30, 2024 and December 31, 2023 are as follows:

 

  

June 30,

  

December 31,

 
  

2024

  

2023

 
         

Contract assets - current (unbilled receivables)

 $5,906  $12,793 

Contract liabilities - current (deferred revenue)

 $2,320  $3,046 

 

The change in balance of our unbilled receivables from December 31, 2023 to June 30, 2024 primarily relates to a timing difference between the Company’s performance (i.e. when our product is shipped to a customer-controlled hub) and the point at which the Company can invoice the customer per the terms of the customer contract (i.e. when the customer pulls our product from the customer-controlled hub). Our deferred revenue balance at  December 31, 2023 and  June 30, 2024 primarily relates to customer prepayments on invoices, which will be recorded as revenue in the period in which the related finished goods are shipped to the customer.

   

Transaction Price Allocated to Future Obligations

 

The aggregate amount of transaction price allocated to remaining performance obligations that have not been fully satisfied as of  June 30, 2024 related to contracts that exceed one year in duration amounted to $18.4 million, with expected contract expiration dates that range largely from 2025 – 2026. It is expected that $10.1 million of this aggregate amount will be recognized in 2025, $3.8 million will be recognized in 2026 and the remainder will be recognized in years beyond 2026. The majority of the Company's orders received (but not yet shipped) at  June 30, 2024 is related to contracts that have an original expected duration of one year or less, for which the Company is electing to utilize the practical expedient available within the guidance, and are excluded from the transaction price related to these future obligations. The Company will generally satisfy the remaining performance obligations as we transfer control of the products ordered to our customers.