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Segment Information | 3 Months Ended
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May 01, 2022
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 historically have been aggregated into one reportable segment identified as the "Semiconductor Products Group." In the fourth quarter of fiscal year 2022, the Company updated its forecasts and assessed the economic performance of the three operating segments and concluded that Protection is no longer expected to be economically similar to the other operating segments. This is primarily because the Company's projections indicate that the gross margin of products within Protection will not be economically similar to products within the other operating segments. Accordingly, the Company concluded that Protection should be separately reported as its own reportable segment. This decision resulted in the formation of two reportable segments, including the High-Performance Analog Group, which is comprised of the Signal Integrity and Wireless and Sensing operating segments, and the System Protection Group, which is comprised of the Protection operating segment. 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 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 reportable segment in the segment disclosures below. Net sales and gross profit by segment were as follows:
| Three Months Ended |  |
(in thousands) | May 1, 2022 |  | May 2, 2021 |  |  |  |
Net sales: |  |  |  |  |  |  |
High-Performance Analog Group | $ | 146,601 |  |  | $ | 125,202 |  |  |  |  |
System Protection Group | 55,548 |  |  | 45,170 |  |  |  |  |
Total net sales | $ | 202,149 |  |  | $ | 170,372 |  |  |  |  |
Gross profit: |  |  |  |  |  |  |
High-Performance Analog Group | $ | 102,061 |  |  | $ | 83,080 |  |  |  |  |
System Protection Group | 29,187 |  |  | 22,741 |  |  |  |  |
Unallocated costs, including share-based compensation | (995) |  |  | (960) |  |  |  |  |
Total gross profit | $ | 130,253 |  |  | $ | 104,861 |  |  |  |  |
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 |  |
(in thousands, except percentages) | May 1, 2022 |  | May 2, 2021 |  |  |  |
Signal Integrity | $ | 79,302 |  |  | 40 | % |  | $ | 66,695 |  |  | 39 | % |  |  |  |  |  |  |  |
Wireless and Sensing | 67,299 |  |  | 33 | % |  | 58,507 |  |  | 34 | % |  |  |  |  |  |  |  |
Protection | 55,548 |  |  | 27 | % |  | 45,170 |  |  | 27 | % |  |  |  |  |  |  |  |
Total net sales | $ | 202,149 |  |  | 100 | % |  | $ | 170,372 |  |  | 100 | % |  |  |  |  |  |  |  |
Information by Sales Channel
(in thousands, except percentages) | Three Months Ended |  |
| May 1, 2022 |  | May 2, 2021 |  |  |  |
Distributor | $ | 179,033 |  |  | 89 | % |  | $ | 146,400 |  |  | 86 | % |  |  |  |  |  |  |  |
Direct | 23,116 |  |  | 11 | % |  | 23,972 |  |  | 14 | % |  |  |  |  |  |  |  |
Total net sales | $ | 202,149 |  |  | 100 | % |  | $ | 170,372 |  |  | 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 first quarter of fiscal year 2023, the Company's largest distributors were based in Asia. Geographic Information Net sales activity by geographic region was as follows:
| Three Months Ended |  |
(percentage of total net sales) | May 1, 2022 |  | May 2, 2021 |  |  |  |
Asia-Pacific | 76 | % |  | 78 | % |  |  |  |
North America | 13 | % |  | 13 | % |  |  |  |
Europe | 11 | % |  | 9 | % |  |  |  |
| 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 |  |
(percentage of total net sales) | May 1, 2022 |  | May 2, 2021 |  |  |  |
China (including Hong Kong) | 57 | % |  | 60 | % |  |  |  |
United States | 12 | % |  | 11 | % |  |  |  |
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.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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