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Segment Information and Foreign Operations
 9 Months Ended
Sep. 30, 2023
Segment Information and Foreign Operations  
Segment Information and Foreign Operations

Note 11. Segment Information and Foreign Operations

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Segment Information

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We operate in one segment for the design, development, manufacture and distribution of high-performance compound and single element semiconductor substrates and sale of raw materials integral to these substrates. In accordance with ASC Topic 280, Segment Reporting, our chief operating decision maker has been identified as the Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance for the Company. Since we operate in one segment, all financial segment and product line information can be found in the condensed consolidated financial statements.

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Product Information

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The following table represents revenue amounts (in thousands) by product type:

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Three Months Ended

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Nine Months Ended

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September 30, 

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September 30, 

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2023

    

2022

    

2023

    

2022

 

 

Product Type:

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Substrates

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$

10,385

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$

26,861

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$

34,901

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$

90,300

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Raw Materials and Other

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6,981

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8,322

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20,465

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24,023

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Total

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$

17,366

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$

35,183

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$

55,366

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$

114,323

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Geographical Information

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The following table represents revenue amounts (in thousands) reported for products shipped to customers in the corresponding geographic region:

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Three Months Ended

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Nine Months Ended

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September 30, 

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September 30, 

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2023

    

2022

    

2023

    

2022

 

 

Geographical region:

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China

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$

10,307

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$

12,314

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$

28,698

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$

48,239

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Taiwan

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2,491

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​

7,816

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​

6,369

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​

21,719

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Japan

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558

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2,671

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3,489

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8,196

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Asia Pacific (excluding China, Taiwan and Japan)

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​

894

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765

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2,722

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3,183

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Europe (primarily Germany)

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​

2,407

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4,989

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8,992

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16,682

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North America (primarily the United States)

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709

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6,628

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​

5,096

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​

16,304

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Total

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$

17,366

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$

35,183

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$

55,366

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$

114,323

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Long-lived assets consist primarily of property, plant and equipment and operating lease right-of-use assets, and are attributed to the geographic location in which they are located. Long-lived assets, net of depreciation, by geographic region were as follows (in thousands):

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As of

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September 30, 

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December 31, 

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2023

    

2022

 

Long-lived assets by geographic region, net of depreciation:

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North America

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$

1,698

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$

346

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China

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159,953

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162,432

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$

161,651

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$

162,778

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Significant Customers

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No customers represented 10% of our revenue for the three months ended September 30, 2023 and one customer, Landmark, represented 18% of our revenue for the three months ended September 30, 2022. Our top five customers, although not the same five customers for each period, represented 31% and 40% of our revenue for the three months ended September 30, 2023 and 2022, respectively.

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No customers represented 10% of our revenue for the nine months ended September 30, 2023 and one customer, Landmark, represented 14% of our revenue for the nine months ended September 30, 2022. Our top five customers, although not the same five customers for each period, represented 25% and 33% of our revenue for the nine months ended September 30, 2023 and 2022, respectively.

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We perform ongoing credit evaluations of our customers’ financial condition, and limit the amount of credit extended when deemed necessary, but generally do not require collateral. No customers accounted for 10% of our accounts receivable balance as of September 30, 2023, and two customers accounted for more than 10% of our accounts receivable as of December 31, 2022.