XML 66 R22.htm IDEA: XBRL DOCUMENT v3.23.3
Segment Information
 9 Months Ended
Oct. 29, 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 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 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 Systems 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 EndedNine Months Ended
(in thousands)October 29, 2023October 30, 2022October 29, 2023October 30, 2022
Net sales:
Signal Integrity $48,737 24 %$76,705 43 %$136,890 20 %$243,362 41 %
Advanced Protection and Sensing 50,569 25 %51,225 29 %135,147 20 %188,922 32 %
IoT Systems77,373 39 %49,688 28 %331,404 49 %156,737 27 %
IoT Connected Services24,220 12 %— — %72,369 11 %— — %
Total net sales$200,899 100 %$177,618 100 %$675,810 100 %$589,021 100 %
Gross profit:
Signal Integrity$25,323 $53,384 $78,257 $169,475 
Advanced Protection and Sensing22,637 27,169 69,152 100,463 
IoT Systems42,576 35,869 152,908 114,359 
IoT Connected Services11,770 — 34,836 — 
Unallocated costs, including share-based compensation and amortization of acquired technology(9,340)(1,853)(38,513)(5,752)
Total gross profit$92,966 $114,569 $296,640 $378,545 
Geographic Information
Net sales activity by geographic region was as follows:
 Three Months EndedNine Months Ended
(percentage of total net sales)October 29, 2023October 30, 2022October 29, 2023October 30, 2022
Asia-Pacific59 %71 %58 %73 %
North America26 %15 %27 %15 %
Europe15 %14 %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 geographies that represented greater than 10% of total sales for at least one of the periods presented:
 Three Months EndedNine Months Ended
(percentage of total net sales)October 29, 2023October 30, 2022October 29, 2023October 30, 2022
China (including Hong Kong)39 %54 %30 %55 %
United States22 %14 %24 %14 %
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.