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Segment Information
 3 Months Ended
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, 2022May 2, 2021
Net sales:
High-Performance Analog Group$146,601 $125,202 
System Protection Group55,548 45,170 
Total net sales$202,149 $170,372 
Gross profit:
High-Performance Analog Group$102,061 $83,080 
System Protection Group29,187 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, 2022May 2, 2021
Signal Integrity$79,302 40 %$66,695 39 %
Wireless and Sensing67,299 33 %58,507 34 %
Protection55,548 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, 2022May 2, 2021
Distributor$179,033 89 %$146,400 86 %
Direct23,116 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, 2022May 2, 2021
Asia-Pacific76 %78 %
North America13 %13 %
Europe11 %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, 2022May 2, 2021
China (including Hong Kong)57 %60 %
United States12 %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.