XML 49 R24.htm IDEA: XBRL DOCUMENT v3.25.1
Segment Information
 12 Months Ended
Jan. 26, 2025
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 net sales and gross profit of the Company's major product lines, which represent its operating segments, to allocate resources (including employees, property, and financial or capital resources) for each segment predominantly in the annual budget and forecasting process. As discussed in Note 8, Goodwill and Intangible Assets, the Company currently has three operating segments—SIP, AMW, and ISC—that represent three separate reportable segments. The SIP reportable segment consists of a portfolio of optical and copper data communications and video transport products used in a wide variety of infrastructure and industrial applications. The AMW reportable segment provides infrastructure, industrial and high-end customers with high-performance protection devices and a portfolio of specialized radio frequency products. The ISC reportable segment provides industrial customers with an IoT solutions portfolio that includes a wide range of modules, gateways, routers, and connected services.
Prior to the first quarter of fiscal year 2025, the Company had four operating segments—Signal Integrity, Analog Mixed Signal and Wireless, IoT Systems and IoT Connected Services. In the first quarter of fiscal year 2025, as a result of organizational restructuring, the Company combined the IoT Systems operating segment and the IoT Connected Services operating segment into the newly formed IoT Systems and Connectivity operating segment. As a result of the reorganization, the Company has three 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:
Fiscal Year Ended January 26, 2025
(in thousands)Signal IntegrityAnalog Mixed Signal and WirelessIoT Systems and ConnectivityTotal
Net sales$261,747 $322,899 $324,641 $909,287 
Segment cost of sales99,091 143,527 197,080 439,698 
Segment gross profit$162,656 $179,372 $127,561 $469,589 
Unallocated costs, including share-based compensation, amortization of acquired technology
and acquired technology impairments		(13,061)
Gross profit$456,528 
Fiscal Year Ended January 28, 2024
(in thousands)Signal IntegrityAnalog Mixed Signal and WirelessIoT Systems and ConnectivityTotal
Net sales$177,033 $260,264 $431,461 $868,758 
Segment cost of sales75,788 113,666 249,956 439,410 
Segment gross profit$101,245 $146,598 $181,505 $429,348 
Unallocated costs, including share-based compensation, amortization of acquired technology
and acquired technology impairments		(133,098)
Gross profit$296,250 
Fiscal Year Ended January 29, 2023
(in thousands)Signal IntegrityAnalog Mixed Signal and WirelessIoT Systems and ConnectivityTotal
Net sales$298,290 $443,239 $15,004 $756,533 
Segment cost of sales89,780 168,724 9,270 267,774 
Segment gross profit$208,510 $274,515 $5,734 $488,759 
Unallocated costs, including share-based compensation, amortization of acquired technology
and acquired technology impairments		(10,201)
Gross profit$478,558 
Geographic Information
Net sales activity by geographic region was as follows:
 Fiscal Year Ended
(in thousands, except percentages)January 26, 2025January 28, 2024January 29, 2023
Asia-Pacific$574,710 64 %$505,603 58 %$543,795 72 %
North America204,479 22 %237,132 27 %109,444 14 %
Europe130,098 14 %126,023 15 %103,294 14 %
Total net sales$909,287 100 %$868,758 100 %$756,533 100 %
The Company attributes sales to a geography based on the ship-to address. The table below summarizes sales activity to geographies that represented greater than 10% of total sales for at least one of the periods presented:
 Fiscal Year Ended
(percentage of total net sales)January 26, 2025January 28, 2024January 29, 2023
China (including Hong Kong)43 %32 %53 %
United States21 %24 %13 %
Total net sales64 %56 %66 %
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.
Long-lived Assets
The following table summarizes the Company's long-lived assets, which consist of property, plant and equipment, net of accumulated depreciation, classified by location:
Balance as of
(in thousands)January 26, 2025January 28, 2024
United States$58,395 $67,773 
Rest of North America41,445 52,284 
Europe14,604 18,883 
Asia and all others11,746 14,678 
Total$126,190 $153,618 
Some of these assets are at locations owned or operated by the Company’s suppliers. The Company has consigned certain equipment to a foundry based in China to support its specialized processes run at the foundry. The Company has also installed its own equipment at some of its packaging and testing subcontractors in order to ensure a certain level of capacity, assuming the subcontractor has ample employees to operate the equipment.
The net book value of equipment and machinery that were consigned to multiple foundries in China was $3.6 million and $5.8 million as of January 26, 2025 and January 28, 2024, respectively. The net book value of equipment and machinery that were consigned to a foundry in Malaysia was $1.8 million and $2.9 million as of January 26, 2025 and January 28, 2024, respectively.