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Note 4 - Revenue | 9 Months Ended
--- | ---
Sep. 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 September 30, 2024 |  |  | Nine Months Ended September 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 |  | $ | 30,806 |  |  | $ | 42,414 |  |  | $ | 7,335 |  |  | $ | 80,555 |  |  | $ | 109,552 |  |  | $ | 131,678 |  |  | $ | 20,808 |  |  | $ | 262,038 |
Europe |  |  | 13,172 |  |  |  | 11,422 |  |  |  | 1,315 |  |  |  | 25,909 |  |  |  | 44,115 |  |  |  | 32,100 |  |  |  | 3,649 |  |  |  | 79,864 |
Asia |  |  | 4,702 |  |  |  | 1,879 |  |  |  | 10,593 |  |  |  | 17,174 |  |  |  | 13,811 |  |  |  | 4,044 |  |  |  | 25,176 |  |  |  | 43,031 |
|  | $ | 48,680 |  |  | $ | 55,715 |  |  | $ | 19,243 |  |  | $ | 123,638 |  |  | $ | 167,478 |  |  | $ | 167,822 |  |  | $ | 49,633 |  |  | $ | 384,933 |
By Sales Channel: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct to customer |  | $ | 32,960 |  |  | $ | 34,085 |  |  | $ | 13,398 |  |  | $ | 80,443 |  |  | $ | 109,357 |  |  | $ | 104,583 |  |  | $ | 34,977 |  |  | $ | 248,917 |
Through distribution |  |  | 15,720 |  |  |  | 21,630 |  |  |  | 5,845 |  |  |  | 43,195 |  |  |  | 58,121 |  |  |  | 63,239 |  |  |  | 14,656 |  |  |  | 136,016 |
|  | $ | 48,680 |  |  | $ | 55,715 |  |  | $ | 19,243 |  |  | $ | 123,638 |  |  | $ | 167,478 |  |  | $ | 167,822 |  |  | $ | 49,633 |  |  | $ | 384,933 |
|  | Three Months Ended September 30, 2023 |  |  | Nine Months Ended September 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 |  | $ | 55,262 |  |  | $ | 42,841 |  |  | $ | 12,980 |  |  | $ | 111,083 |  |  | $ | 182,183 |  |  | $ | 130,086 |  |  | $ | 34,680 |  |  | $ | 346,949 |
Europe |  |  | 13,759 |  |  |  | 7,500 |  |  |  | 1,545 |  |  |  | 22,804 |  |  |  | 43,266 |  |  |  | 25,462 |  |  |  | 6,976 |  |  |  | 75,704 |
Asia |  |  | 5,841 |  |  |  | 1,430 |  |  |  | 17,524 |  |  |  | 24,795 |  |  |  | 19,685 |  |  |  | 4,462 |  |  |  | 53,003 |  |  |  | 77,150 |
|  | $ | 74,862 |  |  | $ | 51,771 |  |  | $ | 32,049 |  |  | $ | 158,682 |  |  | $ | 245,134 |  |  | $ | 160,010 |  |  | $ | 94,659 |  |  | $ | 499,803 |
By Sales Channel: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct to customer |  | $ | 52,507 |  |  | $ | 31,369 |  |  | $ | 25,021 |  |  | $ | 108,897 |  |  | $ | 174,143 |  |  | $ | 101,063 |  |  | $ | 70,700 |  |  | $ | 345,906 |
Through distribution |  |  | 22,355 |  |  |  | 20,402 |  |  |  | 7,028 |  |  |  | 49,785 |  |  |  | 70,991 |  |  |  | 58,947 |  |  |  | 23,959 |  |  |  | 153,897 |
|  | $ | 74,862 |  |  | $ | 51,771 |  |  | $ | 32,049 |  |  | $ | 158,682 |  |  | $ | 245,134 |  |  | $ | 160,010 |  |  | $ | 94,659 |  |  | $ | 499,803 |
The balances of the Company’s contract assets and contract liabilities at September 30, 2024 and December 31, 2023 are as follows:
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Contract assets - current (unbilled receivables) |  | $ | 5,312 |  |  | $ | 12,793 |
Contract liabilities - current (deferred revenue) |  | $ | 2,579 |  |  | $ | 3,046 |
The change in balance of our unbilled receivables from December 31, 2023 to September 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 balances at December 31, 2023 and September 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 September 30, 2024 related to contracts that exceed one year in duration amounted to $16.6 million, with expected contract expiration dates that range largely from 2025 – 2027. It is expected that $3.8 million of this aggregate amount will be recognized in 2025, $8.1 million will be recognized in 2026, $0.7 million will be recognized in 2027 and the remainder will be recognized in years beyond 2027. The majority of the Company's orders received (but not yet shipped) at September 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.

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