v3.25.2
Note 3 - Revenue from Contracts with Customers
6 Months Ended
Jun. 28, 2025
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

Note 3 - Revenue from Contracts with Customers

 

Disaggregation of Revenue

 

The following tables provide information about revenue from contracts with customers disaggregated by channel and by geographical market, based on ship-to location of our customers:

 

  

Three Months Ended

  

Six Months Ended

 

Revenue by Channel

 

June 28,

  

June 29,

  

June 28,

  

June 29,

 

(In thousands)

 

2025

  

2024

  

2025

  

2024

 

Distributors

 $104,010   84% $112,530   91% $198,347   81% $235,735   89%

Direct

  19,961   16%  11,546   9%  45,774   19%  29,156   11%

Total revenue

 $123,971   100% $124,076   100% $244,121   100% $264,891   100%
                                 

Revenue by Geographical Market

                                

(In thousands)

                                

China

 $63,696   52% $48,159   39% $120,831   50% $105,031   40%

Japan

  4,024   3%  23,161   19%  16,978   7%  48,149   18%

Other Asia

  15,254   12%  11,299   9%  22,906   9%  21,867   8%

Asia

  82,974   67%  82,619   67%  160,715   66%  175,047   66%

Americas

  26,883   22%  23,609   19%  56,880   23%  55,589   21%

Europe

  14,114   11%  17,848   14%  26,526   11%  34,255   13%

Total revenue

 $123,971   100% $124,076   100% $244,121   100% $264,891   100%

 

Contract Balances

 

Our contract assets relate primarily to our rights to consideration for licenses and royalties due to us as a member of the HDMI Founders consortium. The balance results primarily from the amount of estimated revenue related to HDMI that we have recognized to date, but which has not yet been distributed to us by the HDMI licensing agent. Contract assets are included in Prepaid expenses and other current assets on our Consolidated Balance Sheets. The following table summarizes activity during the first six months of fiscal 2025:

 

(In thousands)

    

Contract assets as of December 28, 2024

 $17,878 

Revenues recorded during the period

  14,254 

Transferred to Accounts receivable or collected

  (26,312)

Contract assets as of June 28, 2025

 $5,820 

 

Contract liabilities are included in Accrued liabilities on our Consolidated Balance Sheets. The following table summarizes activity during the first six months of fiscal 2025:

 

(In thousands)

    

Contract liabilities as of December 28, 2024

 $11,182 

Revenue recognized from satisfied performance obligations

  (6,469)

Unperformed performance obligations

  2,542 

Accruals for estimated future stock rotation and scrap returns

  3,400 

Less: Release of accruals for recognized stock rotation and scrap returns

  (3,172)

Contract liabilities as of June 28, 2025

 $7,483