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Note 5 - Revenue Recognition | 6 Months Ended
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Jun. 30, 2024
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] |
NOTE 5: | REVENUE RECOGNITION
Under ASC No. 606, “Revenue from Contracts with Customers” (“ASC 606”), an entity recognizes revenue when or as it satisfies a performance obligation by transferring intellectual property (“IP”) licenses or services to the customer, either at a point in time or over time. The Company recognizes most of its revenues at a point in time upon delivery when the customer accepts control of the IP. The Company recognizes revenue over time on significant license customization contracts that are in the scope of ASC 606 by using cost inputs to measure progress toward completion of its performance obligations. Revenues that are derived from the sale of a licensee’s products that incorporate the Company’s IP are classified as royalty revenues. Royalty revenues are recognized during the quarter in which the sale of the product incorporating the Company’s IP occurs. Royalties are calculated either as a percentage of the revenues received by the Company’s licensees on sales of products incorporating the Company’s IP or on a per unit basis, as specified in the agreements with the licensees. When the Company does not receive actual sales data from the customer prior to the finalization of its financial statements, royalty revenues are recognized based on the Company’s estimation of the customer’s sales during the quarter. The following table includes estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. The estimated revenues do not include amounts of royalties or unexercised contract renewals:
|  | Remainder of 2024 |  |  | 2025 |  |  | 2026 and thereafter |
Licensing and related revenues |  | $ | 9,352 |  |  | $ | 3,134 |  |  | $ | 449 |
Disaggregation of revenue: The following table provides information about disaggregated revenue by primary geographical, use cases for the Company's technology portfolio, and timing of revenue recognition:
|  | Six months ended June 30, 2024 (unaudited) |  |  | Three months ended June 30, 2024 (unaudited) |
|  | Licensing and related revenues |  |  | Royalties |  |  | Total |  |  | Licensing and related revenues |  |  | Royalties |  |  | Total |
Geography |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 811 |  |  | $ | 3,092 |  |  | $ | 3,903 |  |  | $ | 428 |  |  | $ | 937 |  |  | $ | 1,365 |
Europe and Middle East |  |  | 6,845 |  |  |  | 2,109 |  |  |  | 8,954 |  |  |  | 6,244 |  |  |  | 1,198 |  |  |  | 7,442 |
Asia Pacific |  |  | 21,023 |  |  |  | 16,616 |  |  |  | 37,639 |  |  |  | 10,606 |  |  |  | 9,024 |  |  |  | 19,630 |
Other |  |  | 13 |  |  |  | — |  |  |  | 13 |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 28,692 |  |  | $ | 21,817 |  |  | $ | 50,509 |  |  | $ | 17,278 |  |  | $ | 11,159 |  |  | $ | 28,437 |
Use cases for the Company’s technology portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Connect (baseband for handset and other devices, Bluetooth, Wi-Fi and NB-IoT) |  | $ | 26,323 |  |  | $ | 16,732 |  |  | $ | 43,055 |  |  | $ | 16,256 |  |  | $ | 8,793 |  |  | $ | 25,049 |
Sense & Infer (sensor fusion, audio, sound, imaging, vision and AI) |  |  | 2,369 |  |  |  | 5,085 |  |  |  | 7,454 |  |  |  | 1,022 |  |  |  | 2,366 |  |  |  | 3,388 |
Total |  | $ | 28,692 |  |  | $ | 21,817 |  |  | $ | 50,509 |  |  | $ | 17,278 |  |  | $ | 11,159 |  |  | $ | 28,437 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products transferred at a point in time |  | $ | 24,723 |  |  | $ | 21,817 |  |  | $ | 46,540 |  |  | $ | 15,270 |  |  | $ | 11,159 |  |  | $ | 26,429 |
Products and services transferred over time |  |  | 3,969 |  |  |  | — |  |  |  | 3,969 |  |  |  | 2,008 |  |  |  | — |  |  |  | 2,008 |
Total |  | $ | 28,692 |  |  | $ | 21,817 |  |  | $ | 50,509 |  |  | $ | 17,278 |  |  | $ | 11,159 |  |  | $ | 28,437 |
|  | Six months ended June 30, 2023 (unaudited) |  |  | Three months ended June 30, 2023 (unaudited) |
|  | Licensing and related revenues |  |  | Royalties |  |  | Total |  |  | Licensing and related revenues |  |  | Royalties |  |  | Total |
Geography |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 1,039 |  |  | $ | 3,061 |  |  | $ | 4,100 |  |  | $ | 337 |  |  | $ | 1,411 |  |  | $ | 1,748 |
Europe and Middle East |  |  | 3,581 |  |  |  | 1,312 |  |  |  | 4,893 |  |  |  | 1,631 |  |  |  | 453 |  |  |  | 2,084 |
Asia Pacific |  |  | 26,677 |  |  |  | 13,012 |  |  |  | 39,689 |  |  |  | 11,556 |  |  |  | 7,507 |  |  |  | 19,063 |
Other |  |  | 502 |  |  |  | — |  |  |  | 502 |  |  |  | 27 |  |  |  | — |  |  |  | 27 |
Total |  | $ | 31,799 |  |  | $ | 17,385 |  |  | $ | 49,184 |  |  | $ | 13,551 |  |  | $ | 9,371 |  |  | $ | 22,922 |
Use cases for the Company’s technology portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Connect (baseband for handset and other devices, Bluetooth, Wi-Fi and NB-IoT) |  | $ | 27,667 |  |  | $ | 12,445 |  |  | $ | 40,112 |  |  | $ | 11,743 |  |  | $ | 6,780 |  |  | $ | 18,523 |
Sense & Infer (sensor fusion, audio, sound, imaging, vision and AI) |  |  | 4,132 |  |  |  | 4,940 |  |  |  | 9,072 |  |  |  | 1,808 |  |  |  | 2,591 |  |  |  | 4,399 |
Total |  | $ | 31,799 |  |  | $ | 17,385 |  |  | $ | 49,184 |  |  | $ | 13,551 |  |  | $ | 9,371 |  |  | $ | 22,922 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products transferred at a point in time |  | $ | 25,024 |  |  | $ | 17,385 |  |  | $ | 42,409 |  |  | $ | 10,403 |  |  | $ | 9,371 |  |  | $ | 19,774 |
Products and services transferred over time |  |  | 6,775 |  |  |  | — |  |  |  | 6,775 |  |  |  | 3,148 |  |  |  | — |  |  |  | 3,148 |
Total |  | $ | 31,799 |  |  | $ | 17,385 |  |  | $ | 49,184 |  |  | $ | 13,551 |  |  | $ | 9,371 |  |  | $ | 22,922 |
Contract balances: The following table provides information about trade receivables, unbilled receivables and contract liabilities from contracts with customers:
|  | June 30, 2024 |  |  | December 31, 2023 |
Currents assets (classified under “Trade receivables”): |  |  |  |  |  |  |  |
Trade receivables |  | $ | 18,298 |  |  | $ | 8,433 |
Unbilled receivables (associated with licensing and related revenue) |  |  | 6,497 |  |  |  | 9,735 |
Unbilled receivables (associated with royalties) |  |  | 10,860 |  |  |  | 12,139 |
Total current assets |  |  | 35,655 |  |  |  | 30,307 |
Long-term assets (classified under “Other long-term assets”) |  |  |  |  |  |  |  |
Unbilled receivables (associated with licensing and related revenue) |  |  | 2,139 |  |  |  | — |
Deferred revenues (short-term contract liabilities) |  |  | 2,830 |  |  |  | 3,018 |
The Company receives payments from customers based upon contractual payment schedules; trade receivables are recorded when the right to consideration becomes unconditional, and an invoice is issued to the customer. Unbilled receivables associated with licensing and other include amounts related to the Company’s contractual right to consideration for completed performance objectives not yet invoiced. Unbilled receivables associated with royalties are recorded as the Company recognizes revenues from royalties earned during the quarter, but not yet invoiced, either by actual sales data received from customers, or, when applicable, by the Company’s estimation. Contract liabilities (deferred revenue) include payments received in advance of performance under the contract, and are realized with the associated revenue recognized under the contract. During the three and six months ended June 30, 2024, the Company recognized $744 and $1,924, respectively, that was included in deferred revenues (short-term contract liability) balance at January 1, 2024.

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