| Segment and Geographic Information |
Note 11 – Segment and Geographic Information The Company’s Chief Executive Officer is our Chief Operating Decision Maker (CODM) who evaluates how resources are allocated, assesses performance and makes strategic and operational decisions. The Company currently has manufacturing facilities in the Americas, Asia and Europe to serve its customers. The Company is operated and managed geographically, and management evaluates performance and allocates the Company’s resources on a geographic basis. We provide manufacturing services, design and engineering services, and technology solutions in the Americas, Asia and Europe. Intersegment sales are generally recorded at prices that approximate arm’s length transactions. Operating segments’ measure of profitability is based on income from operations. Corporate and intersegment eliminations include (1) corporate expenses not allocated to the Company’s three reporting segments, which are primarily general and administrative expenses such as corporate employee payroll and benefit costs and corporate facility costs, and (2) income from operations on intersegment sales between reporting segments. Corporate functions include legal, finance, tax, treasury, information technology, risk management, human resources, business development and other administrative functions. The accounting policies for the reportable operating segments are the same as for the Company taken as a whole. The Company has three reportable operating segments: Americas, Asia, and Europe. Information about the Company’s operating segments follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2026 |
|
(in thousands) |
|
Americas |
|
|
Asia |
|
|
Europe |
|
|
Total |
|
Sales from external customers |
|
$ |
332,068 |
|
|
$ |
335,045 |
|
|
$ |
88,867 |
|
|
$ |
755,980 |
|
Intersegment sales |
|
|
8,392 |
|
|
|
10,473 |
|
|
|
2,650 |
|
|
|
21,515 |
|
|
|
$ |
340,460 |
|
|
$ |
345,518 |
|
|
$ |
91,517 |
|
|
$ |
777,495 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of sales |
|
|
|
|
|
|
|
|
|
|
|
|
Elimination of intersegment sales |
|
|
|
|
|
|
|
|
|
|
|
(21,515 |
) |
Sales |
|
|
|
|
|
|
|
|
|
|
$ |
755,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
306,028 |
|
|
|
289,409 |
|
|
|
77,343 |
|
|
|
|
Selling, general and administrative expenses |
|
|
5,917 |
|
|
|
3,952 |
|
|
|
2,489 |
|
|
|
|
Other(1) |
|
|
588 |
|
|
|
32 |
|
|
|
64 |
|
|
|
|
Segment income from operations |
|
$ |
19,535 |
|
|
$ |
41,652 |
|
|
$ |
8,971 |
|
|
$ |
70,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of income before income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
Other - corporate and eliminations(2) |
|
|
|
|
|
|
|
|
|
|
|
(39,905 |
) |
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
(3,751 |
) |
Interest income |
|
|
|
|
|
|
|
|
|
|
|
1,990 |
|
Other expense, net |
|
|
|
|
|
|
|
|
|
|
|
223 |
|
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
$ |
28,715 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2026 |
|
(in thousands) |
|
Americas |
|
|
Asia |
|
|
Europe |
|
|
Total |
|
Sales from external customers |
|
$ |
633,668 |
|
|
$ |
630,250 |
|
|
$ |
169,342 |
|
|
$ |
1,433,260 |
|
Intersegment sales |
|
|
18,087 |
|
|
|
18,389 |
|
|
|
5,463 |
|
|
|
41,939 |
|
|
|
$ |
651,755 |
|
|
$ |
648,639 |
|
|
$ |
174,805 |
|
|
$ |
1,475,199 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of sales |
|
|
|
|
|
|
|
|
|
|
|
|
Elimination of intersegment sales |
|
|
|
|
|
|
|
|
|
|
|
(41,939 |
) |
Sales |
|
|
|
|
|
|
|
|
|
|
$ |
1,433,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
589,055 |
|
|
|
539,040 |
|
|
|
147,634 |
|
|
|
|
Selling, general and administrative expenses |
|
|
12,912 |
|
|
|
7,635 |
|
|
|
5,186 |
|
|
|
|
Other(1) |
|
|
4,344 |
|
|
|
67 |
|
|
|
64 |
|
|
|
|
Segment income from operations |
|
$ |
27,357 |
|
|
$ |
83,508 |
|
|
$ |
16,458 |
|
|
$ |
127,323 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of income before income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
Other - corporate and eliminations(2) |
|
|
|
|
|
|
|
|
|
|
|
(75,196 |
) |
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
(7,400 |
) |
Interest income |
|
|
|
|
|
|
|
|
|
|
|
3,890 |
|
Other expense, net |
|
|
|
|
|
|
|
|
|
|
|
(1,480 |
) |
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
$ |
47,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2025 |
|
(in thousands) |
|
Americas |
|
|
Asia |
|
|
Europe |
|
|
Total |
|
Sales from external customers |
|
$ |
284,210 |
|
|
$ |
276,562 |
|
|
$ |
81,563 |
|
|
$ |
642,335 |
|
Intersegment sales |
|
|
11,007 |
|
|
|
10,504 |
|
|
|
1,836 |
|
|
|
23,347 |
|
|
|
$ |
295,217 |
|
|
$ |
287,066 |
|
|
$ |
83,399 |
|
|
$ |
665,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of sales |
|
|
|
|
|
|
|
|
|
|
|
|
Elimination of intersegment sales |
|
|
|
|
|
|
|
|
|
|
|
(23,347 |
) |
Sales |
|
|
|
|
|
|
|
|
|
|
$ |
642,335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
263,884 |
|
|
|
238,874 |
|
|
|
72,474 |
|
|
|
|
Selling, general and administrative expenses |
|
|
7,349 |
|
|
|
3,850 |
|
|
|
2,440 |
|
|
|
|
Other(1) |
|
|
2,200 |
|
|
|
6 |
|
|
|
— |
|
|
|
|
Segment income from operations |
|
$ |
10,777 |
|
|
$ |
33,832 |
|
|
$ |
6,649 |
|
|
$ |
51,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of income before income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
Other - corporate and eliminations(2) |
|
|
|
|
|
|
|
|
|
|
|
(30,772 |
) |
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
(6,348 |
) |
Interest income |
|
|
|
|
|
|
|
|
|
|
|
3,135 |
|
Other expense, net |
|
|
|
|
|
|
|
|
|
|
|
(666 |
) |
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
$ |
16,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2025 |
|
(in thousands) |
|
Americas |
|
|
Asia |
|
|
Europe |
|
|
Total |
|
Sales from external customers |
|
$ |
558,336 |
|
|
$ |
550,296 |
|
|
$ |
165,467 |
|
|
$ |
1,274,099 |
|
Intersegment sales |
|
|
21,159 |
|
|
|
20,809 |
|
|
|
4,211 |
|
|
|
46,179 |
|
|
|
$ |
579,495 |
|
|
$ |
571,105 |
|
|
$ |
169,678 |
|
|
$ |
1,320,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of sales |
|
|
|
|
|
|
|
|
|
|
|
|
Elimination of intersegment sales |
|
|
|
|
|
|
|
|
|
|
|
(46,179 |
) |
Sales |
|
|
|
|
|
|
|
|
|
|
$ |
1,274,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
523,541 |
|
|
|
470,431 |
|
|
|
146,106 |
|
|
|
|
Selling, general and administrative expenses |
|
|
14,829 |
|
|
|
7,384 |
|
|
|
4,709 |
|
|
|
|
Other(1) |
|
|
13,617 |
|
|
|
12 |
|
|
|
— |
|
|
|
|
Segment income from operations |
|
$ |
6,349 |
|
|
$ |
72,469 |
|
|
$ |
14,652 |
|
|
$ |
93,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of income before income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
Other - corporate and eliminations(2) |
|
|
|
|
|
|
|
|
|
|
|
(61,225 |
) |
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
(11,643 |
) |
Interest income |
|
|
|
|
|
|
|
|
|
|
|
5,867 |
|
Other expense, net |
|
|
|
|
|
|
|
|
|
|
|
(1,468 |
) |
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
$ |
25,001 |
|
(1) Includes expenses for amortization of intangible assets and restructuring charges and other costs. (2) Includes corporate expenses for unallocated expenses, amortization of intangible assets, restructuring charges and other costs and elimination of intersegment cost of sales.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
(in thousands) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Depreciation and amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
4,808 |
|
|
$ |
5,255 |
|
|
$ |
9,689 |
|
|
$ |
10,467 |
|
Asia |
|
|
3,363 |
|
|
|
2,865 |
|
|
|
6,540 |
|
|
|
5,608 |
|
Europe |
|
|
1,106 |
|
|
|
1,006 |
|
|
|
2,224 |
|
|
|
1,989 |
|
Corporate |
|
|
2,706 |
|
|
|
2,891 |
|
|
|
5,432 |
|
|
|
5,721 |
|
Total depreciation and amortization |
|
$ |
11,983 |
|
|
$ |
12,017 |
|
|
$ |
23,885 |
|
|
$ |
23,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
3,638 |
|
|
$ |
5,241 |
|
|
$ |
13,269 |
|
|
$ |
6,360 |
|
Asia |
|
|
8,816 |
|
|
|
4,243 |
|
|
|
14,991 |
|
|
|
5,862 |
|
Europe |
|
|
331 |
|
|
|
1,722 |
|
|
|
587 |
|
|
|
2,224 |
|
Corporate |
|
|
137 |
|
|
|
1,098 |
|
|
|
2,345 |
|
|
|
2,014 |
|
Total capital expenditures |
|
$ |
12,922 |
|
|
$ |
12,304 |
|
|
$ |
31,192 |
|
|
$ |
16,460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
(in thousands) |
|
|
|
|
|
2026 |
|
|
2025 |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
Americas |
|
|
|
|
|
$ |
859,313 |
|
|
$ |
819,820 |
|
Asia |
|
|
|
|
|
|
871,391 |
|
|
|
752,962 |
|
Europe |
|
|
|
|
|
|
278,891 |
|
|
|
269,728 |
|
Corporate |
|
|
|
|
|
|
204,776 |
|
|
|
229,205 |
|
Total assets |
|
|
|
|
|
$ |
2,214,371 |
|
|
$ |
2,071,715 |
|
Geographic sales information about the Company’s sales is determined based on the destination of the product shipped. Long-lived assets information is determined based on the physical location of the Company’s assets and includes property, plant and equipment, net, operating lease right-of-use assets and other long-term assets, net. A summary of the Company’s geographic sales and long-lived assets follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
(in thousands) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Geographic sales: |
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
405,188 |
|
|
$ |
331,161 |
|
|
$ |
764,812 |
|
|
$ |
657,803 |
|
Singapore |
|
|
142,413 |
|
|
|
130,788 |
|
|
|
262,228 |
|
|
|
270,747 |
|
Other Asia |
|
|
74,500 |
|
|
|
61,841 |
|
|
|
141,388 |
|
|
|
113,285 |
|
Europe |
|
|
120,559 |
|
|
|
101,884 |
|
|
|
231,684 |
|
|
|
199,636 |
|
Other |
|
|
13,320 |
|
|
|
16,661 |
|
|
|
33,148 |
|
|
|
32,628 |
|
Total sales |
|
$ |
755,980 |
|
|
$ |
642,335 |
|
|
$ |
1,433,260 |
|
|
$ |
1,274,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
(in thousands) |
|
|
|
|
|
2026 |
|
|
2025 |
|
Long-lived assets: |
|
|
|
|
|
|
|
|
|
|
United States |
|
|
|
|
|
$ |
195,608 |
|
|
$ |
195,317 |
|
Asia |
|
|
|
|
|
|
109,750 |
|
|
|
101,206 |
|
Europe |
|
|
|
|
|
|
38,384 |
|
|
|
41,629 |
|
Other |
|
|
|
|
|
|
57,920 |
|
|
|
58,370 |
|
Total long-lived assets |
|
|
|
|
|
$ |
401,662 |
|
|
$ |
396,522 |
|
|