v3.25.1
Revenue and Accounts Receivable, Net (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Schedule of Revenue Recognition
The pattern of revenue recognition was as follows:
Three Months Ended March 31,
(In thousands)20252024
Goods and services transferred at a point in time$71,391 $74,404 
Goods and services transferred over time20,93517,496
Net sales$92,326 $91,900 


Our net sales to external customers by channel were as follows:
Three Months Ended March 31,
(In thousands)20252024
Connected home (1)
$31,729 $24,171 
Home entertainment (2)
60,59767,729
Net sales$92,326 $91,900 
(1)The connected home channel represents climate control, smart home and security product sales sold primarily to HVAC, security, home automation and home appliance customers.
(2)The home entertainment channel represents entertainment-related product sales sold primarily to video service providers, consumer electronics original equipment manufacturers ("OEMs") and retailers. It also includes sales associated with intellectual property licensing and our cloud-based software solution.
Revenue from External Customers by Geographic Areas
Our net sales to external customers by geographic area were as follows:
Three Months Ended March 31,
(In thousands)20252024
United States$30,558 $26,712 
Asia (excluding PRC)18,74718,884 
Europe20,69817,539
Latin America6,5508,241
PRC8,91814,401
Other6,8556,123
Total net sales$92,326 $91,900 
Accounts Receivable, Net and Changes in the Allowance for Credit Losses
Accounts receivable, net were as follows:
(In thousands)March 31, 2025December 31, 2024
Trade receivables, gross$85,967 $93,773 
Allowance for credit losses(1,812)(1,863)
Allowance for sales returns(312)(383)
Trade receivables, net83,843 91,527 
Other (1)
22,164 22,655 
Accounts receivable, net$106,007 $114,182 
(1)Other accounts receivable is primarily comprised of supplier, supplier rebate and interest receivables.
(2)Accounts receivable, net at December 31, 2023 was $112.6 million.
Changes in the allowance for credit losses were as follows:
(In thousands)Three Months Ended March 31,
20252024
Balance at beginning of period$1,863 $815 
Additions (reductions) to costs and expenses19 — 
Write-offs/Foreign exchange effects(70)(12)
Balance at end of period$1,812 $803 
Carrying Amount of Contract Liabilities
Changes in the carrying amount of contract liabilities were as follows: 
(In thousands)Three Months Ended March 31,
20252024
Balance at beginning of period$3,237 $3,501 
Payments received2,193 1,837 
Revenue recognized(1,150)(938)
Foreign exchange effects5 (16)
Balance at end of period$4,285 $4,384 
Schedule of Net Sales to Significant Customers
Net sales to the following customers totaled more than 10% of our net sales: 
 Three Months Ended
20252024
 $ (thousands)% of Net Sales$ (thousands)% of Net Sales
Daikin Industries Ltd. $16,365 17.7 %$12,109 13.2 %
Comcast Communications$10,349 11.2 %
(1)
(1)
Charter Communications
(1)
(1)
$10,194 11.1 %
(1)    Sales associated with this customer did not total more than 10% of our net sales for the indicated period.