v3.24.1
Segment Information
 12 Months Ended
Jan. 28, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company's CEO 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, Analog Mixed Signal and Wireless, IoT Systems, 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 this 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. In the fourth quarter of fiscal year 2024, as a result of organizational restructuring, the wireless business, which was previously included in the IoT Systems operating segment, and the SDVoE business, which was previously included in the Signal Integrity operating segment, were moved into the Analog Mixed Signal and Wireless operating segment, formerly the Advanced Protection and Sensing operating segment, which also includes the proximity sensing, power and protection businesses. As a result of the reorganization, 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:
Fiscal Year Ended
(in thousands)January 28, 2024January 29, 2023January 30, 2022
Net sales:
Signal Integrity$177,033 20 %$298,290 39 %$286,259 39 %
Analog Mixed Signal and Wireless260,264 30 %443,239 59 %454,599 61 %
IoT Systems334,904 39 %9,811 1 %— — %
IoT Connected Services96,557 11 %5,193 1 %— — %
Total net sales$868,758 100 %$756,533 100 %$740,858 100 %
Gross profit:
Signal Integrity$101,245 $208,510 $195,984 
Analog Mixed Signal and Wireless146,598 274,515 274,215 
IoT Systems134,277 3,245 — 
IoT Connected Services47,228 2,489 — 
Unallocated costs, including share-based compensation, amortization of acquired technology
and acquired technology impairments		(133,098)(10,201)(9,060)
Total gross profit$296,250 $478,558 $461,139 
Geographic Information
Net sales activity by geographic region was as follows:
 Fiscal Year Ended
(in thousands, except percentages)January 28, 2024January 29, 2023January 30, 2022
Asia-Pacific$505,603 58 %$543,795 72 %$583,852 79 %
North America237,132 27 %109,444 14 %90,796 12 %
Europe126,023 15 %103,294 14 %66,210 9 %
Total net sales$868,758 100 %$756,533 100 %$740,858 100 %
The Company attributes sales to a country based on the ship-to address. The table below summarizes sales activity to geographies that represented greater than 10% of total sales for at least one of the periods presented:
 Fiscal Year Ended
(percentage of total net sales)January 28, 2024January 29, 2023January 30, 2022
China (including Hong Kong)32 %53 %60 %
United States24 %13 %10 %
Total net sales56 %66 %70 %
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.
Long-lived Assets
The following table summarizes the Company's long-lived assets, which consist of property, plant and equipment, net of accumulated depreciation, classified by location:
Balance as of
(in thousands)January 28, 2024January 29, 2023
United States$67,773 $73,695 
Rest of North America52,284 58,307 
Asia and all others14,678 18,359 
Europe18,883 18,932 
Total$153,618 $169,293 
Some of these assets are at locations owned or operated by the Company’s suppliers. The Company has consigned certain equipment to a foundry based in China to support its specialized processes run at the foundry. The Company has also installed its own equipment at some of its packaging and testing subcontractors in order to ensure a certain level of capacity, assuming the subcontractor has ample employees to operate the equipment.
The net book value of equipment and machinery that were consigned to multiple foundries in China was $5.8 million and $8.3 million as of January 28, 2024 and January 29, 2023, respectively. The net book value of equipment and machinery that were consigned to a foundry in Malaysia was $2.9 million and $3.6 million as of January 28, 2024 and January 29, 2023, respectively.