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Segment Information | 6 Months Ended
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Jul. 30, 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 System, 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 System 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 Ended |  | Six Months Ended
(in thousands) | July 30, 2023 |  | July 31, 2022 |  | July 30, 2023 |  | July 31, 2022
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Signal Integrity Products Group | $ | 46,507 |  |  | 20 | % |  | $ | 87,355 |  |  | 42 | % |  | $ | 88,153 |  |  | 19 | % |  | $ | 166,657 |  |  | 41 | %
Advanced Protection and Sensing Products Group | 48,521 |  |  | 20 | % |  | 65,275 |  |  | 31 | % |  | 84,578 |  |  | 18 | % |  | 137,697 |  |  | 33 | %
IoT System Products Group | 119,455 |  |  | 50 | % |  | 56,624 |  |  | 27 | % |  | 254,031 |  |  | 53 | % |  | 107,049 |  |  | 26 | %
IoT Connected Services Group | 23,889 |  |  | 10 | % |  | — |  |  | — | % |  | 48,149 |  |  | 10 | % |  | — |  |  | — | %
Total net sales | $ | 238,372 |  |  | 100 | % |  | $ | 209,254 |  |  | 100 | % |  | $ | 474,911 |  |  | 100 | % |  | $ | 411,403 |  |  | 100 | %
Gross profit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Signal Integrity Products Group | $ | 27,850 |  |  |  |  | $ | 60,226 |  |  |  |  | $ | 52,934 |  |  |  |  | $ | 116,091 |  |  |
Advanced Protection and Sensing Products Group | 27,116 |  |  |  |  | 36,165 |  |  |  |  | 46,515 |  |  |  |  | 73,294 |  |  |
IoT System Products Group | 51,209 |  |  |  |  | 40,237 |  |  |  |  | 110,332 |  |  |  |  | 78,490 |  |  |
IoT Connected Services Group | 11,903 |  |  |  |  | — |  |  |  |  | 23,066 |  |  |  |  | — |  |  |
Unallocated costs, including share-based compensation and amortization of acquired technology | (17,350) |  |  |  |  | (1,857) |  |  |  |  | (29,173) |  |  |  |  | (3,899) |  |  |
Total gross profit | $ | 100,728 |  |  |  |  | $ | 134,771 |  |  |  |  | $ | 203,674 |  |  |  |  | $ | 263,976 |  |  |
Information by Sales Channel
(in thousands, except percentages) | Three Months Ended |  | Six Months Ended
| July 30, 2023 |  | July 31, 2022 |  | July 30, 2023 |  | July 31, 2022
Distributor | $ | 151,995 |  |  | 64 | % |  | $ | 184,983 |  |  | 88 | % |  | $ | 296,269 |  |  | 62 | % |  | $ | 364,016 |  |  | 88 | %
Direct | 86,377 |  |  | 36 | % |  | 24,271 |  |  | 12 | % |  | 178,642 |  |  | 38 | % |  | 47,387 |  |  | 12 | %
Total net sales | $ | 238,372 |  |  | 100 | % |  | $ | 209,254 |  |  | 100 | % |  | $ | 474,911 |  |  | 100 | % |  | $ | 411,403 |  |  | 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. Geographic Information Net sales activity by geographic region was as follows:
| Three Months Ended |  | Six Months Ended
(percentage of total net sales) | July 30, 2023 |  | July 31, 2022 |  | July 30, 2023 |  | July 31, 2022
Asia-Pacific | 62 | % |  | 72 | % |  | 57 | % |  | 73 | %
North America | 24 | % |  | 16 | % |  | 28 | % |  | 15 | %
Europe | 14 | % |  | 12 | % |  | 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 countries that represented greater than 10% of total sales for at least one of the periods presented:
| Three Months Ended |  | Six Months Ended
(percentage of total net sales) | July 30, 2023 |  | July 31, 2022 |  | July 30, 2023 |  | July 31, 2022
China (including Hong Kong) | 29 | % |  | 54 | % |  | 27 | % |  | 55 | %
United States | 23 | % |  | 15 | % |  | 25 | % |  | 13 | %
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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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