v3.23.2
Segment Information
 6 Months Ended
Jul. 30, 2023
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s Chief Executive Officer functions as the chief operating decision maker ("CODM"). The CODM makes operating decisions and assesses performance based on the Company's major product lines, which represent its operating segments. The Company currently has four operating segments—Signal Integrity, Advanced Protection and Sensing, IoT System, and IoT Connected Services—that represent four separate reportable segments.
Historically, the Company had three operating segments—Signal Integrity, Wireless and Sensing, and Protection—that had been aggregated into two reportable segments identified as the High-Performance Analog Group, which was comprised of the Signal Integrity and Wireless and Sensing operating segments, and the System Protection Group, which was comprised of the Protection operating segment. In the fourth quarter of fiscal year 2023, as a result of organizational restructuring, the proximity sensing business and the power business were moved from the previous Wireless and Sensing operating segment into the newly formed Advanced Protection and Sensing operating segment, which also includes the Protection business. Following that organizational restructuring, the Company determined that Signal Integrity and the revised Wireless and Sensing operating segments were no longer economically similar and as a result the Company has concluded that Signal Integrity should be separately reported as its own reportable segment. Also in the fourth quarter of fiscal year 2023, in conjunction with the Sierra Wireless Acquisition, the Company formed two additional operating segments including the IoT System operating segment, which absorbed the Company's revised Wireless and Sensing operating segment, and the IoT Connected Services operating segment. As a result of the reorganization and the Sierra Wireless Acquisition, the Company has four reportable segments. All prior year information in the tables below has been revised retrospectively to reflect the change to the Company's reportable segments.
The Company’s assets are commingled among the various operating segments and the CODM does not use asset information in making operating decisions or assessing performance. Therefore, the Company has not included asset information by reportable segment in the segment disclosures below.
Net sales and gross profit by reportable segment were as follows:
Three Months EndedSix Months Ended
(in thousands)July 30, 2023July 31, 2022July 30, 2023July 31, 2022
Net sales:
Signal Integrity Products Group$46,507 20 %$87,355 42 %$88,153 19 %$166,657 41 %
Advanced Protection and Sensing Products Group48,521 20 %65,275 31 %84,578 18 %137,697 33 %
IoT System Products Group119,455 50 %56,624 27 %254,031 53 %107,049 26 %
IoT Connected Services Group23,889 10 %— — %48,149 10 %— — %
Total net sales$238,372 100 %$209,254 100 %$474,911 100 %$411,403 100 %
Gross profit:
Signal Integrity Products Group$27,850 $60,226 $52,934 $116,091 
Advanced Protection and Sensing Products Group27,116 36,165 46,515 73,294 
IoT System Products Group51,209 40,237 110,332 78,490 
IoT Connected Services Group11,903 — 23,066 — 
Unallocated costs, including share-based compensation and amortization of acquired technology(17,350)(1,857)(29,173)(3,899)
Total gross profit$100,728 $134,771 $203,674 $263,976 
Information by Sales Channel
(in thousands, except percentages)Three Months EndedSix Months Ended
July 30, 2023July 31, 2022July 30, 2023July 31, 2022
Distributor$151,995 64 %$184,983 88 %$296,269 62 %$364,016 88 %
Direct86,377 36 %24,271 12 %178,642 38 %47,387 12 %
Total net sales$238,372 100 %$209,254 100 %$474,911 100 %$411,403 100 %
Generally, the Company does not have long-term contracts with its distributors and most distributor agreements can be
terminated by either party with short notice.
Geographic Information
Net sales activity by geographic region was as follows:
 Three Months EndedSix Months Ended
(percentage of total net sales)July 30, 2023July 31, 2022July 30, 2023July 31, 2022
Asia-Pacific62 %72 %57 %73 %
North America24 %16 %28 %15 %
Europe14 %12 %15 %12 %
100 %100 %100 %100 %
The Company attributes sales to a country based on the ship-to address. The table below summarizes sales activity to countries that represented greater than 10% of total sales for at least one of the periods presented:
 Three Months EndedSix Months Ended
(percentage of total net sales)July 30, 2023July 31, 2022July 30, 2023July 31, 2022
China (including Hong Kong)29 %54 %27 %55 %
United States23 %15 %25 %13 %
Although a large percentage of the Company's products is shipped into the Asia-Pacific region, a significant number of the products produced by these customers and incorporating the Company's semiconductor products are then sold outside this region.