Quarterly report pursuant to Section 13 or 15(d)

Concentration of Credit Risk, Significant Customers and Geographic Information (Tables)

v3.24.3
Concentration of Credit Risk, Significant Customers and Geographic Information (Tables)
 9 Months Ended
Sep. 30, 2024
Risks and Uncertainties [Abstract]  
Summary of Concentration of Risk, by Risk Factor
One customer comprised 10% or greater of net revenues for each of the periods presented,
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Percentage of total net revenue
Customer A 25  % 11  % 13  % 11  %

The following table presents balances that are 10% or greater of accounts receivable, based on the Company’s billings to its customers.
September 30, 2024 December 31, 2023
Percentage of gross accounts receivable
Customer B 12  % 33  %
Customer C 18  % 24  %

Significant Suppliers

Suppliers comprising greater than 10% or greater of total inventory purchases are as follows:
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Vendor A 27  % 28  % 18  % 21  %
Vendor B 26  % 17  % 35  % 24  %
Vendor C 12  % 14  % 11  % 10  %
Vendor D * * * 10  %
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*    Represents less than 10% of total inventory purchases for the period presented.
Summary of Revenue from External Customers by Geographic Areas
The Company’s consolidated net revenues by geographic area based on ship-to location are as follows (in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Amount % of total net revenue Amount % of total net revenue Amount % of total net revenue Amount % of total net revenue
Asia $ 65,293  80  % $ 98,647  73  % $ 193,555  72  % $ 419,478  74  %
Europe 10,208  13  % 24,886  18  % 29,034  11  % 110,058  19  %
United States 3,955  5  % 8,757  6  % 41,586  15  % 29,847  5  %
Rest of world 1,646  2  % 3,240  2  % 4,186  2  % 8,527  2  %
Total $ 81,102  100  % $ 135,530  100  % $ 268,361  100  % $ 567,910  100  %
The products shipped to individual countries or territories representing greater than 10% of net revenue for each of the periods presented are as follows:
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Percentage of total net revenue
Hong Kong 49  % 41  % 37  % 34  %
China * * * 12  %
Taiwan, ROC * 10  % * *
Thailand 11  % * * *
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*    Represents less than 10% of total net revenue for the respective period.
Summary of Long-lived Assets by Geographic Areas
Long-lived assets, which consists of property and equipment, net, leased right-of-use assets, intangible assets, net, and goodwill by geographic area are as follows (in thousands):
September 30, 2024 December 31, 2023
Amount % of total Amount % of total
United States $ 326,442  71  % $ 337,696  69  %
Singapore 106,444  23  % 113,248  23  %
Rest of world 29,775  6  % 38,969  8  %
Total $ 462,661  100  % $ 489,913  100  %