XML 282 R24.htm IDEA: XBRL DOCUMENT v3.23.1
Segment Information
 12 Months Ended
Jan. 29, 2023
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, Advanced Protection and Sensing, IoT System, and IoT Connected Services—that represent four separate reportable segments. Each of these reportable segments are each operating segments and reporting units.
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. As a result of the reorganization and acquisition of Sierra Wireless, 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 29, 2023January 30, 2022January 31, 2021
Net sales:
Signal Integrity Products Group$304,124 40 %$291,114 40 %$255,640 43 %
Advanced Protection and Sensing Products Group236,890 31 %306,932 41 %243,085 41 %
IoT System Products Group210,326 28 %142,812 19 %96,392 16 %
IoT Connected Services Group5,193 1 %— — %— — %
Total net sales$756,533 100 %$740,858 100 %$595,117 100 %
Gross profit:
Signal Integrity Products Group$211,791 $200,251 $172,069 
Advanced Protection and Sensing Products Group125,584 163,474 127,468 
IoT System Products Group148,895 106,474 65,762 
IoT Connected Services Group2,489 — — 
Unallocated costs, including share-based compensation and amortization of acquired technology(10,201)(9,060)(9,426)
Total gross profit$478,558 $461,139 $355,873 
Information by Sales Channel
Fiscal Year Ended
(in thousands)January 29, 2023January 30, 2022January 31, 2021
Distributor$640,713 $647,012 $490,009 
Direct115,820 93,846 105,108 
Total net sales$756,533 $740,858 $595,117 
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 fiscal year 2023, the Company's largest distributors were based in Asia.
Geographic Information
Net sales activity by geographic region was as follows:
 Fiscal Year Ended
(in thousands, except percentages)January 29, 2023January 30, 2022January 31, 2021
Asia-Pacific$543,795 72 %$583,852 79 %$474,040 80 %
North America109,444 14 %90,796 12 %71,866 12 %
Europe103,294 14 %66,210 9 %49,211 8 %
Total net sales$756,533 100 %$740,858 100 %$595,117 100 %
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:
 Fiscal Year Ended
(percentage of total net sales)January 29, 2023January 30, 2022January 31, 2021
China (including Hong Kong)53 %60 %60 %
United States13 %10 %10 %
Total net sales66 %70 %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 29, 2023January 30, 2022
United States$73,695 $64,927 
Rest of North America58,307 37,155 
Asia and all others18,359 18,216 
Europe18,932 14,642 
Total$169,293 $134,940 
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 $8.3 million and $11.4 million as of January 29, 2023 and January 30, 2022, respectively. The net book value of equipment and machinery that were consigned to a foundry in Malaysia was $3.6 million and $3.3 million as of January 29, 2023 and January 30, 2022, respectively.