Segment Information

3 Months Ended

Apr. 28, 2019

The Company’s CEO functions as the CODM. The Company’s CODM makes operating decisions and assesses performance based on these operating segments. The Company has three operating segments. The three operating segments: Protection, Signal Integrity, and Wireless and Sensing, all have similar economic characteristics and have been aggregated into one reportable segment identified in the table below as the "Semiconductor Products Group".

The Company’s assets are commingled among the various operating segments and the CODM does not use that information in making operating decisions or assessing performance. Therefore, the Company has not included asset information by segment below.

Net sales by segment are as follows:



	Three Months Ended
(in thousands)	April 28, 2019		April 29, 2018
Semiconductor Products Group	$	131,354	$	130,429
Total	$	131,354	$	130,429

Income by segment and reconciliation to consolidated operating income:



	Three Months Ended
(in thousands)	April 28, 2019			April 29, 2018
Semiconductor Products Group	$	28,627		$	40,812
Operating income by segment	28,627			40,812
Items to reconcile segment operating income to consolidated income before taxes
Share-based compensation	11,328			35,516
Intangible amortization	5,143			6,961
Changes in the fair value of contingent earn-out obligations	(2,161		)	—
Other non-segment related expenses	1,500			1,432
Interest expense, net	2,467			2,190
Non-operating expense, net	(1,043		)	(190		)
Income before taxes	$	11,393		$	(5,097	)

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)	April 28, 2019				April 29, 2018
Signal Integrity	$	50,257	38	%	$	65,599		50	%
Protection	38,890		30	%	40,792			31	%
Wireless and Sensing	42,207		32	%	45,539			35	%
Other: Warrant Shares ⁽¹⁾	—		—	%	(21,501		)	(16	)%
Total net sales	$	131,354	100	%	$	130,429		100	%

For the three month period ended April 29, 2018, the revenue offset reflects the cost associated with the Warrant of $21.5 million, including $15.9 million related to the Acceleration Event (see Note 3 for discussion regarding Share-Based Compensation).

Information by Sales Channel



	Three Months Ended
(in thousands)	April 28, 2019		April 29, 2018
Distributor	$	81,147	$	111,340
Direct	50,207		40,590
Other: Warrant Shares	—		(21,501		)
Total net sales	$	131,354	$	130,429

Geographic Information

The Company generates virtually all of its sales from its Semiconductor Products Group through sales of analog and mixed-signal devices.

Net sales activity by geographic region is as follows:



	Three Months Ended
	April 28, 2019		April 29, 2018
Asia-Pacific	78	%	68	%
North America	12	%	27	%
Europe	10	%	9	%
Other: Warrant Shares	—	%	(4	)%
	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 sales)	April 28, 2019		April 29, 2018
China (including Hong Kong)	53	%	50	%
United States	10	%	14	%