XML 31 R21.htm IDEA: XBRL DOCUMENT v3.22.2.2
Segment Information
 6 Months Ended
Jul. 31, 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 EndedSix Months Ended
(in thousands)July 31, 2022August 1, 2021July 31, 2022August 1, 2021
Net sales:
High-Performance Analog Group$154,995 $135,680 $301,596 $260,882 
System Protection Group54,259 49,324 109,807 94,494 
Total net sales$209,254 $185,004 $411,403 $355,376 
Gross profit:
High-Performance Analog Group$107,224 $91,352 $209,285 $174,432 
System Protection Group29,403 25,463 58,590 48,203 
Unallocated costs, including share-based compensation(808)(1,383)(1,803)(2,342)
Total gross profit$135,819 $115,432 $266,072 $220,293 
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 EndedSix Months Ended
(in thousands, except percentages)July 31, 2022August 1, 2021July 31, 2022August 1, 2021
Signal Integrity$87,355 42 %$73,087 39 %$166,657 40 %$139,782 39 %
Wireless and Sensing67,640 32 %62,593 34 %134,939 33 %121,100 34 %
Protection54,259 26 %49,324 27 %109,807 27 %94,494 27 %
Total net sales$209,254 100 %$185,004 100 %$411,403 100 %$355,376 100 %
Information by Sales Channel
(in thousands, except percentages)Three Months EndedSix Months Ended
July 31, 2022August 1, 2021July 31, 2022August 1, 2021
Distributor$184,983 88 %$160,754 87 %$364,016 88 %$307,154 86 %
Direct24,271 12 %24,250 13 %47,387 12 %48,222 14 %
Total net sales$209,254 100 %$185,004 100 %$411,403 100 %$355,376 100 %
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 second 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 EndedSix Months Ended
(percentage of total net sales)July 31, 2022August 1, 2021July 31, 2022August 1, 2021
Asia-Pacific72 %81 %73 %80 %
North America16 %11 %15 %12 %
Europe12 %8 %12 %8 %
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 EndedSix Months Ended
(percentage of total net sales)July 31, 2022August 1, 2021July 31, 2022August 1, 2021
China (including Hong Kong)54 %63 %55 %62 %
United States15 %9 %13 %10 %
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.