XML 31 R20.htm IDEA: XBRL DOCUMENT v3.21.2
Segment Information
 9 Months Ended
Oct. 31, 2021
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 has three operating segments—Signal Integrity, Wireless and Sensing, and Protection—that have similar economic characteristics and have been aggregated into one reportable segment identified as the "Semiconductor Products Group."
The Company’s assets are commingled among the three 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 segment in the segment disclosures below.
Net sales by segment were as follows:
Three Months EndedNine Months Ended
(in thousands)October 31, 2021October 25, 2020October 31, 2021October 25, 2020
Semiconductor Products Group$194,932 $154,082 $550,308 $430,444 
Total$194,932 $154,082 $550,308 $430,444 
The following table presents a reconciliation of operating income by segment to consolidated income before taxes and equity in net gains of equity method investments:
Three Months EndedNine Months Ended
(in thousands)October 31, 2021October 25, 2020October 31, 2021October 25, 2020
Semiconductor Products Group$56,957 $37,668 $148,578 $100,584 
   Operating income by segment56,957 37,668 148,578 100,584 
Items to reconcile segment operating income to consolidated income before taxes and equity in net gains of equity method investments:
Share-based compensation17,341 13,538 40,697 36,103 
Intangible amortization1,298 1,798 3,894 6,658 
Investment impairments and credit loss reserves216 335 930 5,450 
Changes in the fair value of contingent earn-out obligations— — — (33)
Restructuring and other reserves— — 16 502 
Litigation cost, net of recoveries434 558 1,534 809 
Transaction and integration related460 292 384 539 
Interest expense1,233 1,008 3,617 3,819 
Non-operating (income) expense, net(105)236 (412)(11)
Income before taxes and equity in net gains of equity method investments$36,080 $19,903 $97,918 $46,748 
Information by Product Line
The Company operates exclusively in the semiconductor industry and primarily within the analog and mixed-signal sector.
The table below provides net sales activity by product line on a comparative basis:
Three Months EndedNine Months Ended
(in thousands, except percentages)October 31, 2021October 25, 2020October 31, 2021October 25, 2020
Signal Integrity$75,405 39 %$61,553 40 %$215,187 40 %$193,127 44 %
Wireless and Sensing63,123 32 %51,145 33 %184,223 33 %122,933 29 %
Protection56,404 29 %41,384 27 %150,898 27 %114,384 27 %
Total net sales$194,932 100 %$154,082 100 %$550,308 100 %$430,444 100 %
Information by Sales Channel
(in thousands, except percentages)Three Months EndedNine Months Ended
October 31, 2021October 25, 2020October 31, 2021October 25, 2020
Distributor$170,942 88 %$125,610 82 %$478,096 87 %$346,103 80 %
Direct23,990 12 %28,472 18 %72,212 13 %84,341 20 %
Total net sales$194,932 100 %$154,082 100 %$550,308 100 %$430,444 100 %
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. For the third quarter of fiscal year 2022, the Company's largest distributors were based in Asia.
Geographic Information
Net sales activity by geographic region was as follows:
 Three Months EndedNine Months Ended
(percentage of total net sales)October 31, 2021October 25, 2020October 31, 2021October 25, 2020
Asia-Pacific78 %80 %79 %80 %
North America12 %12 %12 %12 %
Europe10 %8 %9 %8 %
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 net sales for at least one of the periods presented:
 Three Months EndedNine Months Ended
(percentage of total net sales)October 31, 2021October 25, 2020October 31, 2021October 25, 2020
China (including Hong Kong)59 %58 %61 %59 %
United States10 %10 %10 %10 %
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.