Segment Information

6 Months Ended

Jul. 30, 2017

Segment Reporting [Abstract]

Segment Information

Segment Information

Segment Information

The Company’s CEO functions as the CODM. The Company’s CODM makes operating decisions and assesses performance based on these operating segments. The four operating segments: Protection Products Group, Power and High-Reliability Products Group, Signal Integrity Products Group, and Wireless and Sensing Products Group, all have similar economic characteristics and have been aggregated into one reportable segment identified in the table below as the "Semiconductor Products Group".

On August 5, 2016, the Company completed its divestiture of its Snowbush IP business, and the Company no longer has a Systems Innovation Group or an "All others" category, which previously existed as a separate operating segment.

The Company’s assets are commingled among the various operating segments and the CODM does not use that information in making operating decisions or assessing performance. Therefore, the Company has not included asset information by segment below.

Net sales by segment are as follows:

	Three Months Ended				Six Months Ended
(in thousands)	July 30, 2017		July 31, 2016		July 30, 2017		July 31, 2016
Semiconductor Products Group	$	153,127	$	135,911	$	296,929	$	266,851
All others	—		—		—		205
Total	$	153,127	$	135,911	$	296,929	$	267,056

Income by segment and reconciliation to consolidated operating income:

	Three Months Ended					Six Months Ended
(in thousands)	July 30, 2017		July 31, 2016			July 30, 2017		July 31, 2016
Semiconductor Products Group	$	42,856	$	32,497		$	82,078	$	59,954
All others	—		(1,915		)	—		(2,476		)
Operating income by segment	42,856		30,582			82,078		57,478
Items to reconcile segment operating income to consolidated income before taxes
Intangible amortization	6,675		6,328			12,961		12,731
Share-based compensation	15,525		6,097			28,810		11,804
Changes in the fair value of contingent earn-out obligations	—		(129		)	—		(162		)
Restructuring charges	—		—			429		—
Other non-segment related expenses	1,764		1,551			2,540		2,793
Amortization of fair value adjustments related to acquired property, plant and equipment	—		308			190		617
Interest expense, net	2,029		2,037			4,075		3,967
Non-operating expense, net	204		136			836		181
Income before taxes	$	16,659	$	14,254		$	32,237	$	25,547

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 Ended									Six Months Ended
(in thousands, except percentages)	July 30, 2017					July 31, 2016				July 30, 2017					July 31, 2016
Signal Integrity	$	66,666		44	%	$	63,313	47	%	$	134,724		46	%	$	133,195	50	%
Protection	45,058			29	%	36,476		27	%	87,307			29	%	68,046		25	%
Wireless and Sensing	33,221			22	%	20,837		15	%	61,231			21	%	36,444		14	%
Power and High-Reliability	11,379			7	%	15,285		11	%	22,144			7	%	29,166		11	%
Systems Innovation	—			—	%	—		—	%	—			—	%	205		—	%
Other: Warrant Shares	(3,197		)	(2	)%	—		—	%	(8,477		)	(3	)%	—		—	%
Total net sales	$	153,127		100	%	$	135,911	100	%	$	296,929		100	%	$	267,056	100	%

The cost of the Warrant granted is recognized as an offset to net sales over the respective performance period.

Geographic Information

The Company generates virtually all of its sales from its Semiconductor Products Group through sales of analog and mixed-signal devices.

Net sales activity by geographic region is as follows:

	Three Months Ended				Six Months Ended
	July 30, 2017		July 31, 2016		July 30, 2017		July 31, 2016
Asia-Pacific	73	%	73	%	75	%	75	%
North America	21	%	19	%	21	%	16	%
Europe	8	%	8	%	7	%	9	%
Other: Warrant Shares	(2	)%	—	%	(3	)%	—	%
	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 Ended				Six Months Ended
(percentage of total sales)	July 30, 2017		July 31, 2016		July 30, 2017		July 31, 2016
China (including Hong Kong)	49	%	44	%	50	%	46	%
United States	9	%	12	%	9	%	11	%