Cover Page
Cover Page - shares | 3 Months Ended | |
Aug. 01, 2020 | Aug. 24, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Aug. 1, 2020 | |
Document Transition Report | false | |
Entity File Number | 0-23246 | |
Entity Incorporation, State or Country Code | SD | |
Entity Tax Identification Number | 46-0306862 | |
Entity Address, Address Line One | 201 Daktronics Drive | |
Entity Address, City or Town | Brookings, | |
Entity Address, State or Province | SD | |
Entity Address, Postal Zip Code | 57006 | |
City Area Code | 605 | |
Local Phone Number | 692-0200 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 44,615,015 | |
Entity Registrant Name | DAKTRONICS INC /SD/ | |
Entity Central Index Key | 0000915779 | |
Current Fiscal Year End Date | --05-01 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, No Par Value | |
Trading Symbol | DAKT | |
Security Exchange Name | NASDAQ | |
Preferred Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Preferred Stock Purchase Rights | |
Trading Symbol | DAKT | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Aug. 01, 2020 | May 02, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 44,609 | $ 40,398 |
Restricted cash | 96 | 14 |
Marketable securities | 1,230 | 1,230 |
Accounts receivable, net | 88,608 | 72,577 |
Inventories | 81,435 | 86,803 |
Contract assets | 33,261 | 35,467 |
Current maturities of long-term receivables | 3,306 | 3,519 |
Prepaid expenses and other current assets | 7,595 | 9,629 |
Income tax receivables | 260 | 548 |
Property and equipment and other assets available for sale | 1,966 | 1,817 |
Total current assets | 262,366 | 252,002 |
Property and equipment, net | 66,059 | 67,484 |
Long-term receivables, less current maturities | 739 | 1,114 |
Goodwill | 8,048 | 7,743 |
Intangibles, net | 3,070 | 3,354 |
Investment in affiliates and other assets | 26,526 | 27,683 |
Deferred income taxes | 13,312 | 13,271 |
TOTAL ASSETS | 380,120 | 372,651 |
CURRENT LIABILITIES: | ||
Accounts payable | 48,255 | 47,834 |
Contract liabilities | 50,159 | 50,897 |
Accrued expenses | 33,941 | 36,626 |
Warranty obligations | 10,648 | 9,764 |
Income taxes payable | 1,107 | 844 |
Total current liabilities | 144,110 | 145,965 |
Long-term warranty obligations | 16,412 | 15,860 |
Long-term contract liabilities | 10,715 | 10,707 |
Other long-term obligations | 21,469 | 22,105 |
Long-term income taxes payable | 723 | 582 |
Deferred income taxes | 469 | 452 |
Total long-term liabilities | 49,788 | 49,706 |
SHAREHOLDERS' EQUITY: | ||
Common Stock, no par value, authorized 115,000,000 shares; 45,913,210 and 45,913,209 shares issued at August 1, 2020 and May 2, 2020, respectively | 60,010 | 60,010 |
Additional paid-in capital | 45,192 | 44,627 |
Retained earnings | 92,557 | 85,090 |
Treasury Stock, at cost, 1,343,281 and 1,343,281 shares at August 1, 2020 and May 2, 2020, respectively | (7,297) | (7,470) |
Accumulated other comprehensive loss | (4,240) | (5,277) |
TOTAL SHAREHOLDERS' EQUITY | 186,222 | 176,980 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 380,120 | $ 372,651 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Aug. 01, 2020 | May 02, 2020 |
SHAREHOLDERS' EQUITY: | ||
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 115,000,000 | 115,000,000 |
Common stock, issued (in shares) | 45,913,210 | 45,913,209 |
Treasury stock, at cost (in shares) | 1,343,281 | 1,343,281 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Aug. 01, 2020 | Aug. 03, 2019 | |
Income Statement [Abstract] | ||
Net sales | $ 143,644 | $ 180,256 |
Cost of sales | 107,883 | 134,751 |
Gross profit | 35,761 | 45,505 |
Operating expenses: | ||
Selling | 11,556 | 18,297 |
General and administrative | 7,124 | 9,093 |
Product design and development | 7,532 | 10,500 |
Total operating expenses | 26,212 | 37,890 |
Operating income | 9,549 | 7,615 |
Nonoperating (expense) income: | ||
Interest income | 85 | 269 |
Interest expense | (73) | (35) |
Other (expense) income, net | (627) | 193 |
Income before income taxes | 8,934 | 8,042 |
Income tax expense | 1,467 | 1,012 |
Net income | $ 7,467 | $ 7,030 |
Weighted average shares outstanding: | ||
Basic (in shares) | 44,654 | 45,089 |
Diluted (in shares) | 44,751 | 45,261 |
Earnings per share: | ||
Basic (in dollars per share) | $ 0.17 | $ 0.16 |
Diluted (in dollars per share) | $ 0.17 | $ 0.16 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 01, 2020 | Aug. 03, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 7,467 | $ 7,030 |
Other comprehensive income (loss): | ||
Cumulative translation adjustments | 1,037 | (526) |
Unrealized gain (loss) on available-for-sale securities, net of tax | 0 | 41 |
Total other comprehensive income (loss), net of tax | 1,037 | (485) |
Comprehensive income | $ 8,504 | $ 6,545 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss |
Balance at Beginning of Period at Apr. 27, 2019 | $ 187,663 | $ 57,699 | $ 42,561 | $ 93,593 | $ (1,834) | $ (4,356) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 7,030 | 7,030 | ||||
Cumulative translation adjustments | (526) | (526) | ||||
Unrealized gain (loss) on available-for-sale securities, net of tax | 41 | 41 | ||||
Share-based compensation | 643 | 643 | ||||
Employee savings plan activity | 779 | 779 | ||||
Dividends paid | (2,250) | (2,250) | ||||
Treasury stock purchase | 1,187 | 1,187 | ||||
Balance at End of Period at Aug. 03, 2019 | 192,193 | 58,478 | 43,204 | 98,373 | (3,021) | (4,841) |
Balance at Beginning of Period at May. 02, 2020 | 176,980 | 60,010 | 44,627 | 85,090 | (7,470) | (5,277) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 7,467 | 7,467 | ||||
Cumulative translation adjustments | 1,037 | 1,037 | ||||
Unrealized gain (loss) on available-for-sale securities, net of tax | 0 | |||||
Share-based compensation | 539 | 539 | ||||
Treasury stock reissued | 199 | 26 | 173 | |||
Balance at End of Period at Aug. 01, 2020 | $ 186,222 | $ 60,010 | $ 45,192 | $ 92,557 | $ (7,297) | $ (4,240) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Aug. 01, 2020 | Aug. 03, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared per share | $ 0 | $ 0.05 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 01, 2020 | Aug. 03, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 7,467 | $ 7,030 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 4,337 | 4,383 |
Loss on sale of property, equipment and other assets | (53) | (26) |
Share-based compensation | 539 | 643 |
Equity in loss of affiliates | 529 | 118 |
Provision for doubtful accounts | 1 | 5 |
Deferred income taxes, net | (4) | (40) |
Change in operating assets and liabilities | (4,271) | (30,331) |
Net cash provided by (used in) operating activities | 8,545 | (18,218) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (3,155) | (5,856) |
Proceeds from sales of property, equipment and other assets | 86 | 73 |
Proceeds from sales or maturities of marketable securities | 0 | 14,510 |
Purchases of and loans to equity investment | (492) | (455) |
Net cash (used in) provided by investing activities | (3,561) | 8,272 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Principal payments on long-term obligations | (210) | (1,221) |
Dividends paid | 0 | (2,250) |
Payments for common shares repurchased | 1,187 | |
Net cash used in financing activities | (210) | (4,658) |
EFFECT OF EXCHANGE RATE CHANGES | (481) | (37) |
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 4,293 | (14,641) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | ||
Beginning of period | 40,412 | 35,742 |
End of period | 44,705 | 21,101 |
Cash paid (received) for: | ||
Interest | 43 | 33 |
Income taxes, net of refunds | 786 | 491 |
Supplemental schedule of non-cash investing and financing activities: | ||
Purchases of property and equipment included in accounts payable | 969 | 786 |
Contributions of common stock under the ESPP | $ 0 | $ 779 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Aug. 01, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Critical Accounting Policies | Note 1. Basis of Presentation Daktronics, Inc. and its subsidiaries (the “Company”, “Daktronics”, “we”, “our”, or “us”) are the world's industry leader in designing and manufacturing electronic scoreboards, programmable display systems and large screen video displays for sporting, commercial and transportation applications. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to fairly present our financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with generally accepted accounting principles in the United States ("GAAP") requires management to make estimates and assumptions affecting the reported amounts therein. Due to the inherent uncertainty involved in making estimates, actual results in future periods may differ from those estimates. Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. The balance sheet at May 2, 2020 , has been derived from the audited financial statements at that date, but it does not include all the information and disclosures required by GAAP for complete financial statements. These financial statements should be read in conjunction with our financial statements and notes thereto for the year ended May 2, 2020 , which are contained in our Annual Report on Form 10-K previously filed with the Securities and Exchange Commission ("SEC"). The results of operations for the interim periods presented are not necessarily indicative of results that may be expected for any other interim period or for the full fiscal year. Daktronics, Inc. operates on a 52- or 53-week fiscal year, with our fiscal year ending on the Saturday closest to April 30 of each year. When April 30 falls on a Wednesday, the fiscal year ends on the preceding Saturday. Within each fiscal year, each quarter is comprised of 13-week periods following the beginning of each fiscal year. In each 53-week year, an additional week is added to the first quarter, and each of the last three quarters is comprised of a 13-week period. The fiscal year ended May 1, 2021 will consist of 52 weeks and the fiscal year ended May 2, 2020 was a 53-week year; therefore, the three months ended August 1, 2020 contains operating results for 13 weeks while the three months ended August 3, 2019 contains operating results for 14 weeks. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the totals of the same amounts shown in the condensed consolidated statement of cash flows: August 1, August 3, Cash and cash equivalents $ 44,609 $ 20,762 Restricted cash 96 339 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows $ 44,705 $ 21,101 Other Business Developments - Coronavirus Pandemic During the first quarter of fiscal 2021, we continued to see the global spread of the coronavirus pandemic ("COVID-19"), which grew to create significant volatility, uncertainty and global economic disruption. As disclosed in our Current Report on Form 8-K filed on April 1, 2020, we are taking proactive steps to solidify our financial position and mitigate any adverse consequences. These steps include preserving liquidity by drawing down $15,000 of our existing line of credit, which is included in the "Other long-term obligations" line item in our condensed consolidated balance sheets. In addition, we are pursuing other sources of financing, reducing investments in capital assets, reducing executive pay and board member compensation, and instituting initiatives to reduce other costs in the business. Our board of directors voted to suspend stock repurchases under our share repurchase program and to suspend dividends for the foreseeable future. We believe these measures are necessary to help preserve our ability to borrow for liquidity needs and help us be well positioned when the pandemic passes and economies begin to recover. During fiscal 2020, we offered special voluntary retirement and voluntary exit incentive program ("Offering") and during the first quarter of fiscal 2021, we conducted a reduction in force ("RIF") to adjust our capacity and reduce on-going expenses due to the uncertainties created by the COVID-19 pandemic. Under the Offering, employees had until June 2020 to choose to participate. During the first quarter of fiscal 2021, 60 employees agreed to participate and completed employment in June 2020. The approximate cost of this Offering was $931 . Under the RIF, employment was terminated with 108 employees with severance totaling $1,426 . Various government programs have been announced which provide financial relief for affected businesses that suffered reductions in revenue resulting from the COVID-19 pandemic including the Canada Emergency Wage Subsidy ("CEWS") under the COVID-19 Economic Response Plan in Canada, the Australian JobKeeper subsidy in Australia, the Temporary COVID-19 Wage Subsidy in Ireland, and the Job Retention Program in the United Kingdom. During the first quarter of fiscal 2021, we received $812 in total governmental wage subsidies and recorded such as a reduction of compensation expense, which is mostly included in the "Costs of sales" line item in our condensed consolidated statements of operations. Recent Accounting Pronouncements There have been no material changes to our significant accounting policies and estimates as described in our Annual Report on Form 10-K for the fiscal year ended May 2, 2020 , other than described in the Accounting Standards Adopted section below. Accounting Standards Adopted In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-04, Intangibles-Goodwill and Other (Topic 350), which simplifies the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The amendment requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. A goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for interim and annual periods beginning after December 15, 2019 and will require adoption on a prospective basis. We adopted ASU 2017-04 during the first quarter of fiscal 2021 and the adoption did not have an impact on our condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which provides guidance regarding the measurement and recognition of credit impairment for certain financial assets. ASU 2016-13 improves financial reporting by requiring more timely recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. Under the new guidance, the ASU requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. ASU 2016-13 is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted, and will require adoption on a modified retrospective basis. We adopted ASU 2016-13 and its related guidance during the first quarter of fiscal 2021 and the adoption did not have a material impact on our condensed consolidated financial statements. We estimate an allowance for doubtful accounts using a loss rate method. We measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. A reconciliation of the beginning and ending allowance for doubtful accounts is as follows: Allowance for Doubtful Accounts: Balance as of May 2, 2020 $ 2,828 Charged to costs and expenses 735 Deductions (1) (241 ) Balance as of August 1, 2020 $ 3,322 (1) Includes accounts determined to be uncollectible and charged against reserves. Accounting Standards Not Yet Adopted There are no significant ASU's issued not yet adopted as of August 1, 2020 . |
Investments in Affiliates Inves
Investments in Affiliates Investment in Affiliates | 3 Months Ended |
Aug. 01, 2020 | |
Equity and Cost Method Investments [Abstract] | |
Cost and Equity Method Investments Disclosure [Text Block] | Note 2. Investments in Affiliates Investments in affiliates over which we have significant influence are accounted for under the equity method of accounting, recording the investment at cost and then subsequently adjusting to account for our share of the affiliates profit or losses, in accordance with the provisions of Accounting Standards Codification ("ASC") 323, Investments – Equity Method and Joint Ventures . Investments in affiliates over which we do not have the ability to exert significant influence over the affiliate's operating and financing activities are accounted for under the cost method of accounting, recording the investment at cost and then subsequently adjusting for any changes in ownership or dividends, in accordance with the provisions of ASC 321, Investments – Equity Securities . We have evaluated our relationships with our affiliates and have determined that these entities are not variable interest entities. Cash paid for investments in affiliates and loans to affiliates are included in the "Purchases of and loans to equity investment" line item in our condensed consolidated statements of cash flows. Equity method investments as a whole are assessed for other-than-temporary impairments whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. The aggregate amount of investments accounted for under the equity method was $16,728 and $17,257 at August 1, 2020 and May 2, 2020 , respectively. Our proportional share of the respective affiliates' earnings or losses is included in the " Other (expense) income, net " line item in our condensed consolidated statements of operations. For the three months ended August 1, 2020 and August 3, 2019 , our share of the losses of our affiliates was $529 and $118 , respectively. |
Earnings Per Share EPS
Earnings Per Share EPS | 3 Months Ended |
Aug. 01, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share EPS | Note 3. Earnings Per Share ("EPS") We follow the provisions of ASC 260, Earnings Per Share , where basic EPS is computed by dividing income attributable to common shareholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution which may occur if securities or other obligations to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock which share in our earnings. The following is a reconciliation of the net income and common share amounts used in the calculation of basic and diluted EPS for the three months ended August 1, 2020 and August 3, 2019 : Net income Shares Per share income For the three months ended August 1, 2020 Basic earnings per share $ 7,467 44,654 $ 0.17 Dilution associated with stock compensation plans — 97 — Diluted earnings per share $ 7,467 44,751 $ 0.17 For the three months ended August 3, 2019 Basic earnings per share $ 7,030 45,089 $ 0.16 Dilution associated with stock compensation plans — 172 — Diluted earnings per share $ 7,030 45,261 $ 0.16 Options outstanding to purchase 2,119 shares of common stock with a weighted average exercise price of $9.96 for the three months ended August 1, 2020 and 2,197 shares of common stock with a weighted average exercise price of $10.03 for the three months ended August 3, 2019 were not included in the computation of diluted earnings per share because the effects would be anti-dilutive. |
Revenue Recognition Revenue Rec
Revenue Recognition Revenue Recognition | 3 Months Ended |
Aug. 01, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 4. Revenue Recognition Disaggregation of revenue In accordance with ASC 606-10-50, we disaggregate revenue from contracts with customers by the type of performance obligation and the timing of revenue recognition. We determine that disaggregating revenue in these categories achieves the disclosure objective to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors and to enable users of financial statements to understand the relationship to each reportable segment. The following table presents our disaggregation of revenue by segments: Three Months Ended August 1, 2020 Commercial Live Events High School Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 8,727 $ 41,975 $ 7,668 $ 7,724 $ 4,012 $ 70,106 Limited configuration 22,555 5,419 20,688 6,266 8,653 63,581 Service and other 3,224 4,080 587 508 1,558 9,957 $ 34,506 $ 51,474 $ 28,943 $ 14,498 $ 14,223 $ 143,644 Timing of revenue recognition Goods/services transferred at a point in time $ 22,892 $ 6,214 $ 19,368 $ 6,374 $ 9,179 $ 64,027 Goods/services transferred over time 11,614 45,260 9,575 8,124 5,044 79,617 $ 34,506 $ 51,474 $ 28,943 $ 14,498 $ 14,223 $ 143,644 Three Months Ended August 3, 2019 Commercial Live Events High School Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 12,965 $ 45,587 $ 6,030 $ 11,897 $ 15,678 $ 92,157 Limited configuration 27,235 7,713 23,800 6,587 9,930 75,265 Service and other 3,835 6,006 635 534 1,824 12,834 $ 44,035 $ 59,306 $ 30,465 $ 19,018 $ 27,432 $ 180,256 Timing of revenue recognition Goods/services transferred at a point in time $ 27,703 $ 9,120 $ 22,599 $ 6,697 $ 10,188 $ 76,307 Goods/services transferred over time 16,332 50,186 7,866 12,321 17,244 103,949 $ 44,035 $ 59,306 $ 30,465 $ 19,018 $ 27,432 $ 180,256 See " Note 5. Segment Reporting " for a disaggregation of revenue by geography. Contract balances Contract assets represent revenue recognized in excess of amounts billed and include unbilled receivables. Unbilled receivables, which represent an unconditional right to payment subject only to the passage of time, are reclassified to accounts receivable when they are billed according to the contract terms. Contract liabilities represent amounts billed to the clients in excess of revenue recognized to date. The following table reflects the changes in our contract assets and liabilities: August 1, 2020 May 2, 2020 Dollar Change Percent Change Contract assets $ 33,261 $ 35,467 $ (2,206 ) (6.2 )% Contract liabilities - current 50,159 50,897 (738 ) (1.4 ) Contract liabilities - noncurrent 10,715 10,707 8 0.1 The changes in our contract assets and contract liabilities from May 2, 2020 to August 1, 2020 were due to the timing of billing schedules and revenue recognition, which can vary significantly depending on the contractual payment terms and the seasonality of the sports markets. We had no material impairments of contract assets for the three months ended August 1, 2020 . For service-type warranty contracts, we allocate revenue to this performance obligation, recognize the revenue over time, and recognize costs as incurred. Earned and unearned revenues for these contracts are included in the "Contract assets" and "Contract liabilities" line items in our condensed consolidated balance sheets. Changes in unearned service-type warranty contracts, net were as follows: August 1, 2020 Balance at beginning of period $ 24,490 New contracts sold 8,188 Less: reductions for revenue recognized (9,115 ) Foreign currency translation and other 250 Balance at end of period $ 23,813 As of August 1, 2020 and May 2, 2020 , our contracts in progress that were identified as loss contracts were immaterial. For these contracts, the provision for losses are included in the "Accrued expenses" line item in our condensed consolidated balance sheets. During the three months ended August 1, 2020 , we recognized revenue of $30,358 related to our contract liabilities as of May 2, 2020 . Remaining performance obligations As of August 1, 2020 , the aggregate amount of the transaction price allocated to the remaining performance obligations was $245,756 . We expect approximately $204,878 of our remaining performance obligations to be recognized over the next 12 months, with the remainder recognized thereafter. Remaining performance obligations related to product and service agreements at August 1, 2020 are $191,717 and $54,039 , respectively. Although remaining performance obligations reflect business that is considered to be legally binding, cancellations, deferrals or scope adjustments may occur. Any known project cancellations, revisions to project scope and cost, foreign currency exchange fluctuations and project deferrals are reflected or excluded in the remaining performance obligation balance, as appropriate. |
Segment Disclosure
Segment Disclosure | 3 Months Ended |
Aug. 01, 2020 | |
Segment Reporting [Abstract] | |
Segment Disclosure | Note 5. Segment Reporting We organize and manage our business by the following five segments which meet the definition of reportable segments under ASC 280-10, Segment Reporting : Commercial, Live Events, High School Park and Recreation, Transportation, and International. These segments are based on the customer type or geography and are the same as our business units. We evaluate segment performance based on operating results through contribution margin, which is comprised of gross profit less selling expense. We exclude general and administration expense, product design and development expense, non-operating income and expense, and income tax expense in the segment analysis. Separate financial information is available and regularly evaluated by our chief operating decision-maker (CODM), who is our president and chief executive officer, in making resource allocation decisions for our segments. The following table sets forth certain financial information for each of our five reporting segments for the periods indicated: Three Months Ended August 1, August 3, Net sales: Commercial $ 34,506 $ 44,035 Live Events 51,474 59,306 High School Park and Recreation 28,943 30,465 Transportation 14,498 19,018 International 14,223 27,432 143,644 180,256 Gross profit: Commercial 7,742 9,218 Live Events 9,354 12,737 High School Park and Recreation 10,476 10,187 Transportation 5,143 6,754 International 3,046 6,609 35,761 45,505 Contribution margin: (1) Commercial 4,441 4,084 Live Events 7,138 8,872 High School Park and Recreation 7,915 6,592 Transportation 4,381 5,452 International 330 2,208 24,205 27,208 Non-allocated operating expenses: General and administrative 7,124 9,093 Product design and development 7,532 10,500 Operating income 9,549 7,615 Nonoperating income (expense): Interest income 85 269 Interest expense (73 ) (35 ) Other (expense) income, net (627 ) 193 Income before income taxes 8,934 8,042 Income tax expense 1,467 1,012 Net income $ 7,467 $ 7,030 Depreciation and amortization: Commercial $ 772 $ 974 Live Events 1,451 1,398 High School Park and Recreation 496 512 Transportation 237 264 International 693 524 Unallocated corporate depreciation 688 711 $ 4,337 $ 4,383 (1) Contribution margin consists of gross profit less selling expense. No single geographic area comprises a material amount of our net sales or property and equipment, net of accumulated depreciation, other than the United States. The following table presents information about net sales and property and equipment, net of accumulated depreciation, in the United States and elsewhere: Three Months Ended August 1, August 3, Net sales: United States $ 128,069 $ 149,460 Outside United States 15,575 30,796 $ 143,644 $ 180,256 August 1, May 2, Property and equipment, net of accumulated depreciation: United States $ 56,822 $ 58,422 Outside United States 9,237 9,062 $ 66,059 $ 67,484 We have numerous customers worldwide for sales of our products and services, and no customer accounted for 10% or more of net sales; therefore, we are not economically dependent on a limited number of customers for the sale of our products and services. We have numerous raw material and component suppliers, and no supplier accounts for 10% or more of our cost of sales; however, we have a number of single-source suppliers that could limit our supply or cause delays in obtaining raw material and components needed in manufacturing. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Aug. 01, 2020 | |
Marketable Securities [Abstract] | |
Marketable Securities | Note 6. Marketable Securities We have a cash management program which provides for the investment of cash balances not used in current operations. We classify our investments in marketable securities as available-for-sale in accordance with the provisions of ASC 320, Investments – Debt and Equity Securities. Marketable securities classified as available-for-sale are reported at fair value with unrealized gains or losses, net of tax, reported in accumulated other comprehensive loss in the condensed consolidated balance sheets. As it relates to fixed income marketable securities, it is not likely we will be required to sell any of these investments before recovery of the entire amortized cost basis. In addition, as of August 1, 2020 , we anticipate we will recover the entire amortized cost basis of such fixed income securities, and we have determined no other-than-temporary impairments associated with credit losses were required to be recognized. The cost of securities sold is based on the specific identification method. Where quoted market prices are not available, we use the market price of similar types of securities traded in the market to estimate fair value. As of August 1, 2020 and May 2, 2020 , our available-for-sale securities consisted of the following: Amortized Cost Unrealized Losses Fair Value Balance as of August 1, 2020 Certificates of deposit $ 1,230 $ — $ 1,230 $ 1,230 $ — $ 1,230 Balance as of May 2, 2020 Certificates of deposit $ 1,230 $ — $ 1,230 $ 1,230 $ — $ 1,230 Realized gains or losses on investments are recorded in our condensed consolidated statements of operations as " Other (expense) income, net ." Upon the sale of a security classified as available-for-sale, the security’s specific unrealized gain (loss) is reclassified out of accumulated other comprehensive loss into earnings based on the specific identification method. In the three months ended August 1, 2020 and August 3, 2019 , the reclassifications from accumulated other comprehensive loss to net earnings were immaterial. All available-for-sale securities are classified as current assets, as they are readily available to support our current operating needs. The contractual maturities of available-for-sale debt securities as of August 1, 2020 were as follows: Less than 12 months Total Certificates of deposit $ 1,230 $ 1,230 $ 1,230 $ 1,230 |
Goodwill
Goodwill | 3 Months Ended |
Aug. 01, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Note 7. Goodwill The changes in the carrying amount of goodwill related to each reportable segment for the three months ended August 1, 2020 were as follows: Live Events Commercial Transportation International Total Balance as of May 2, 2020 $ 2,266 $ 3,144 $ 38 $ 2,295 $ 7,743 Foreign currency translation 13 91 13 188 305 Balance as of August 1, 2020 $ 2,279 $ 3,235 $ 51 $ 2,483 $ 8,048 We perform an analysis of goodwill on an annual basis, and it is tested for impairment more frequently if events or changes in circumstances indicate that an asset might be impaired. Our annual analysis is performed during our third quarter of each fiscal year, based on the goodwill amount as of the first business day of our third fiscal quarter. We performed our annual impairment test on November 4, 2019 and concluded no goodwill impairment existed. We plan to complete our annual analysis as of the first business day of our third quarter of fiscal 2021, which will begin on November 2, 2020. In March 2020, we began to see the impacts from the COVID-19 pandemic that could have a negative impact on our forecasted revenue and profitability and stock price declines. This, along with other market conditions, led us to perform an interim goodwill impairment analysis in the fourth quarter of fiscal 2020. After evaluating our results, events and circumstances, we determined no goodwill impairment was necessary. Although the COVID-19 pandemic continues to cause uncertainty, in the first quarter of fiscal 2021, we considered if any new events had occurred or if circumstances had changed such that it was more likely than not that the fair value of any of our reporting units was below its carrying amount, and we did not identify any further impairment indicators; therefore, we did not perform an additional interim impairment analysis. |
Selected Financial Statement Da
Selected Financial Statement Data | 3 Months Ended |
Aug. 01, 2020 | |
Selected Financial Statement Data [Abstract] | |
Selected Financial Statement Data | Note 8. Selected Financial Statement Data Inventories consisted of the following: August 1, May 2, Raw materials $ 33,076 $ 35,306 Work-in-process 9,943 12,102 Finished goods 38,416 39,395 $ 81,435 $ 86,803 Property and equipment, net consisted of the following: August 1, May 2, Land $ 2,183 $ 2,183 Buildings 69,967 68,804 Machinery and equipment 105,188 104,157 Office furniture and equipment 6,174 6,151 Computer software and hardware 53,691 53,441 Equipment held for rental 287 287 Demonstration equipment 8,368 8,473 Transportation equipment 7,783 7,944 253,641 251,440 Less accumulated depreciation 187,582 183,956 $ 66,059 $ 67,484 |
Receivables
Receivables | 3 Months Ended |
Aug. 01, 2020 | |
Receivables [Abstract] | |
Receivables | Note 9. Receivables We invoice customers based on a billing schedule as established in our contracts. We sometimes have the ability to file a contractor’s lien against the product installed as collateral and to file claims against surety bonds to protect our interest in receivables. Foreign sales are at times secured by irrevocable letters of credit or bank guarantees. Accounts receivable are reported net of an allowance for doubtful accounts of $3,322 and $2,828 at August 1, 2020 and May 2, 2020 , respectively. Included in accounts receivable as of August 1, 2020 and May 2, 2020 was $741 and $687 , respectively, of retainage on construction-type contracts, all of which is expected to be collected within one year. In some contracts with customers, we agree to installment payments exceeding 12 months. The present value of these contracts is recorded as a receivable as the revenue is recognized in accordance with GAAP, and profit is recognized to the extent the present value is in excess of cost. We generally retain a security interest in the equipment or in the cash flow generated by the equipment until the contract is paid. The present value of long-term contracts, including accrued interest and current maturities, was $4,045 and $4,633 as of August 1, 2020 and May 2, 2020 , respectively. Contract receivables bearing annual interest rates of 5.0 to 9.0 percent are due in varying annual installments through 2024 . The face value of long-term receivables was $4,327 as of August 1, 2020 and $5,166 as of May 2, 2020 . We evaluated our receivable and contract assets as of August 1, 2020 and reserved for anticipated losses. Due to the uncertainty created by the COVID-19 pandemic, this loss may materially change from this estimate. |
Share Repurchase Program Share
Share Repurchase Program Share Repurchase Program | 3 Months Ended |
Aug. 01, 2020 | |
Class of Stock Disclosures [Abstract] | |
Treasury Stock [Text Block] | Note 10. Share Repurchase Program On June 17, 2016, our Board of Directors approved a stock repurchase program under which we may purchase up to $40,000 of the Company's outstanding shares of common stock. Under this program, we may repurchase shares from time to time in open market transactions and in privately negotiated transactions based on business, market, applicable legal requirements and other considerations. The repurchase program does not require the repurchase of a specific number of shares and may be terminated at any time. During the three months ended August 1, 2020 , we had no repurchases of shares of our outstanding common stock. During the three months ended August 3, 2019 , we repurchased 187 shares of common stock at a total cost of $1,187 . As of August 1, 2020 , we had $32,539 of remaining capacity under our current share repurchase program. As part of our COVID-19 response, on April 1, 2020, our Board of Directors voted to suspend stock repurchases under our share repurchase program for the foreseeable future. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Aug. 01, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 11. Commitments and Contingencies Litigation: We are a party to legal proceedings and claims which arise during the ordinary course of business. As of August 1, 2020 and May 2, 2020 , $2,118 and $2,072 , respectively, were included in the "Accrued expenses" line item in our condensed consolidated balance sheets for a probable and reasonably estimated cost to settle a patent litigation claim. For other unresolved legal proceedings or claims, we do not believe there is a reasonable probability that any material loss would be incurred. Accordingly, no material accrual or disclosure of a potential range of loss has been made related to these matters. We do not expect the ultimate liability of these unresolved legal proceedings or claims to have a material effect on our financial position, liquidity or capital resources. Warranties: Changes in our warranty obligation for the three months ended August 1, 2020 consisted of the following: August 1, 2020 Beginning accrued warranty obligations $ 25,624 Warranties issued during the period 2,800 Settlements made during the period (1,056 ) Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations (308 ) Ending accrued warranty obligations $ 27,060 Performance guarantees: We have entered into standby letters of credit and surety bonds with financial institutions relating to the guarantee of our future performance on contracts, primarily construction-type contracts. As of August 1, 2020 , we had outstanding letters of credit and surety bonds in the amount of $14,788 and $35,079 , respectively. Performance guarantees are issued to certain customers to guarantee the operation and installation of the equipment and our ability to complete a contract. These performance guarantees have various terms but are generally one year. We enter into written agreements with our customers, and those agreements often contain indemnification provisions that require us to make the customer whole if certain acts or omissions by us cause the customer financial loss. We make efforts to negotiate reasonable caps and limitations on the recovery of such damages. As of August 1, 2020 , we were not aware of any indemnification claim from a customer. Purchase commitments: From time to time, we commit to purchase inventory, advertising, cloud-based information systems, information technology maintenance and support services, and various other products and services over periods that extend beyond one year. As of August 1, 2020 , we were obligated under the following unconditional purchase commitments: Fiscal years ending Amount 2021 $ 2,831 2022 2,750 2023 1,755 2024 148 2025 113 Thereafter 40 $ 7,637 |
Income Taxes
Income Taxes | 3 Months Ended |
Aug. 01, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12. Income Taxes We calculate the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full fiscal year to “ordinary” income or loss (pre-tax income or loss excluding unusual or infrequently occurring discrete items) for the reporting period. Due to various factors and operating in multiple state and foreign jurisdictions, our effective tax rate is subject to fluctuation. Our effective tax rate for the three months ended August 1, 2020 was 16.4 percent as compared to 12.6 percent for the three months ended August 3, 2019 . The quarterly effective tax rate was primarily driven by the benefit of estimated tax credits proportionate to estimated pre-tax earnings similar to the previous period. We are subject to U.S. federal income tax as well as income taxes of multiple state and foreign jurisdictions. Fiscal years 2017, 2018, 2019 and 2020 remain open to federal tax examinations, and fiscal years 2016, 2017, 2018, 2019 and 2020 remain open for various state income tax examinations. Certain subsidiaries are also subject to income tax in several foreign jurisdictions which have open tax years varying by jurisdiction beginning in fiscal 2009. In the event of any future tax assessments, we have elected to record the income taxes and any related interest and penalties as income tax expense in our condensed consolidated statement of operations. As of August 1, 2020 , undistributed earnings of our foreign subsidiaries are considered to be reinvested indefinitely. Additionally, we had $723 of unrecognized tax benefits which would reduce our effective tax rate if recognized. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Aug. 01, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Note 13. Fair Value Measurement The following table sets forth by Level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis at August 1, 2020 and May 2, 2020 according to the valuation techniques we used to determine their fair values. There have been no transfers of assets or liabilities among the fair value hierarchies presented. Fair Value Measurements Level 1 Level 2 Level 3 Total Balance as of August 1, 2020 Cash and cash equivalents $ 44,609 $ — $ — $ 44,609 Restricted cash 96 — — 96 Available-for-sale securities: Certificates of deposit — 1,230 — 1,230 Derivatives - asset position — 36 — 36 Derivatives - liability position — (242 ) — (242 ) Acquisition-related contingent consideration — — (401 ) (401 ) $ 44,705 $ 1,024 $ (401 ) $ 45,328 Balance as of May 2, 2020 Cash and cash equivalents $ 40,398 $ — $ — $ 40,398 Restricted cash 14 — — 14 Available-for-sale securities: Certificates of deposit — 1,230 — 1,230 Derivatives - asset position — 261 — 261 Derivatives - liability position — (17 ) — (17 ) Acquisition-related contingent consideration — — (761 ) (761 ) $ 40,412 $ 1,474 $ (761 ) $ 41,125 A roll forward of the Level 3 contingent liabilities, both short- and long-term, for the three months ended August 1, 2020 is as follows: Acquisition-related contingent consideration as of May 2, 2020 $ 761 Additions 33 Settlements (400 ) Interest 7 Acquisition-related contingent consideration as of August 1, 2020 $ 401 There have been no changes in the valuation techniques used by us to value our financial instruments since the end of fiscal 2020 . For additional information, see our Annual Report on Form 10-K for the fiscal year ended May 2, 2020 for the methods and assumptions used to estimate the fair value of each class of financial instrument. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Aug. 01, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 14. Derivative Financial Instruments We utilize derivative financial instruments to manage the economic impact of fluctuations in currency exchange rates on those transactions denominated in currencies other than our functional currency, which is the U.S. dollar. We enter into currency forward contracts to manage these economic risks. We account for all derivatives in the condensed consolidated balance sheets within accounts receivable or accounts payable measured at fair value, and changes in fair values are recognized in earnings unless specific hedge accounting criteria are met for cash flow or net investment hedges. As of August 1, 2020 and May 2, 2020 , we had not designated any of our derivative instruments as accounting hedges, and thus we recorded the changes in fair value in the " Other (expense) income, net " line item in the condensed consolidated statements of operations. The foreign currency exchange contracts in aggregated notional amounts in place to exchange U.S. dollars at August 1, 2020 and May 2, 2020 were as follows: August 1, 2020 May 2, 2020 U.S. Dollars Foreign U.S. Foreign Foreign Currency Exchange Forward Contracts: U.S. Dollars/Australian Dollars 5,406 7,839 2,235 3,323 U.S. Dollars/Canadian Dollars — — 452 648 U.S. Dollars/British Pounds 2,149 1,650 3,160 2,424 U.S. Dollars/Euros — — 1,881 1,689 As of August 1, 2020 , there was an asset and liability of $36 and $242 , respectively; and as of May 2, 2020 , there was an asset and liability of $261 and $17 , respectively, representing the fair value of foreign currency exchange forward contracts, which were determined using Level 2 inputs from a third-party bank. As of August 1, 2020 , all contracts mature within 17 months . |
Subsequent Events (Notes)
Subsequent Events (Notes) | 3 Months Ended |
Aug. 01, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 15. Subsequent Events On August 28, 2020, we entered into the third amendment to our credit agreement and a security agreement over certain assets. The third amendment adds a liquidity covenant and revises other financial covenants. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Aug. 01, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recently Issued Accounting Pronouncements | Recent Accounting Pronouncements There have been no material changes to our significant accounting policies and estimates as described in our Annual Report on Form 10-K for the fiscal year ended May 2, 2020 , other than described in the Accounting Standards Adopted section below. Accounting Standards Adopted In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-04, Intangibles-Goodwill and Other (Topic 350), which simplifies the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The amendment requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. A goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for interim and annual periods beginning after December 15, 2019 and will require adoption on a prospective basis. We adopted ASU 2017-04 during the first quarter of fiscal 2021 and the adoption did not have an impact on our condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which provides guidance regarding the measurement and recognition of credit impairment for certain financial assets. ASU 2016-13 improves financial reporting by requiring more timely recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. Under the new guidance, the ASU requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. ASU 2016-13 is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted, and will require adoption on a modified retrospective basis. We adopted ASU 2016-13 and its related guidance during the first quarter of fiscal 2021 and the adoption did not have a material impact on our condensed consolidated financial statements. We estimate an allowance for doubtful accounts using a loss rate method. We measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. A reconciliation of the beginning and ending allowance for doubtful accounts is as follows: Allowance for Doubtful Accounts: Balance as of May 2, 2020 $ 2,828 Charged to costs and expenses 735 Deductions (1) (241 ) Balance as of August 1, 2020 $ 3,322 (1) Includes accounts determined to be uncollectible and charged against reserves. Accounting Standards Not Yet Adopted There are no significant ASU's issued not yet adopted as of August 1, 2020 . |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 3 Months Ended |
Aug. 01, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash and Cash Equivalents [Table Text Block] | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the totals of the same amounts shown in the condensed consolidated statement of cash flows: August 1, August 3, Cash and cash equivalents $ 44,609 $ 20,762 Restricted cash 96 339 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows $ 44,705 $ 21,101 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | A reconciliation of the beginning and ending allowance for doubtful accounts is as follows: Allowance for Doubtful Accounts: Balance as of May 2, 2020 $ 2,828 Charged to costs and expenses 735 Deductions (1) (241 ) Balance as of August 1, 2020 $ 3,322 (1) Includes accounts determined to be uncollectible and charged against reserves. |
Earnings Per Share EPS (Tables)
Earnings Per Share EPS (Tables) | 3 Months Ended |
Aug. 01, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Reconciliation | The following is a reconciliation of the net income and common share amounts used in the calculation of basic and diluted EPS for the three months ended August 1, 2020 and August 3, 2019 : Net income Shares Per share income For the three months ended August 1, 2020 Basic earnings per share $ 7,467 44,654 $ 0.17 Dilution associated with stock compensation plans — 97 — Diluted earnings per share $ 7,467 44,751 $ 0.17 For the three months ended August 3, 2019 Basic earnings per share $ 7,030 45,089 $ 0.16 Dilution associated with stock compensation plans — 172 — Diluted earnings per share $ 7,030 45,261 $ 0.16 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Aug. 01, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents our disaggregation of revenue by segments: Three Months Ended August 1, 2020 Commercial Live Events High School Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 8,727 $ 41,975 $ 7,668 $ 7,724 $ 4,012 $ 70,106 Limited configuration 22,555 5,419 20,688 6,266 8,653 63,581 Service and other 3,224 4,080 587 508 1,558 9,957 $ 34,506 $ 51,474 $ 28,943 $ 14,498 $ 14,223 $ 143,644 Timing of revenue recognition Goods/services transferred at a point in time $ 22,892 $ 6,214 $ 19,368 $ 6,374 $ 9,179 $ 64,027 Goods/services transferred over time 11,614 45,260 9,575 8,124 5,044 79,617 $ 34,506 $ 51,474 $ 28,943 $ 14,498 $ 14,223 $ 143,644 Three Months Ended August 3, 2019 Commercial Live Events High School Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 12,965 $ 45,587 $ 6,030 $ 11,897 $ 15,678 $ 92,157 Limited configuration 27,235 7,713 23,800 6,587 9,930 75,265 Service and other 3,835 6,006 635 534 1,824 12,834 $ 44,035 $ 59,306 $ 30,465 $ 19,018 $ 27,432 $ 180,256 Timing of revenue recognition Goods/services transferred at a point in time $ 27,703 $ 9,120 $ 22,599 $ 6,697 $ 10,188 $ 76,307 Goods/services transferred over time 16,332 50,186 7,866 12,321 17,244 103,949 $ 44,035 $ 59,306 $ 30,465 $ 19,018 $ 27,432 $ 180,256 |
Contract with Customer, Asset and Liability | The following table reflects the changes in our contract assets and liabilities: August 1, 2020 May 2, 2020 Dollar Change Percent Change Contract assets $ 33,261 $ 35,467 $ (2,206 ) (6.2 )% Contract liabilities - current 50,159 50,897 (738 ) (1.4 ) Contract liabilities - noncurrent 10,715 10,707 8 0.1 |
Deferred Revenue, by Arrangement | Changes in unearned service-type warranty contracts, net were as follows: August 1, 2020 Balance at beginning of period $ 24,490 New contracts sold 8,188 Less: reductions for revenue recognized (9,115 ) Foreign currency translation and other 250 Balance at end of period $ 23,813 |
Segment Disclosure (Tables)
Segment Disclosure (Tables) | 3 Months Ended |
Aug. 01, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table sets forth certain financial information for each of our five reporting segments for the periods indicated: Three Months Ended August 1, August 3, Net sales: Commercial $ 34,506 $ 44,035 Live Events 51,474 59,306 High School Park and Recreation 28,943 30,465 Transportation 14,498 19,018 International 14,223 27,432 143,644 180,256 Gross profit: Commercial 7,742 9,218 Live Events 9,354 12,737 High School Park and Recreation 10,476 10,187 Transportation 5,143 6,754 International 3,046 6,609 35,761 45,505 Contribution margin: (1) Commercial 4,441 4,084 Live Events 7,138 8,872 High School Park and Recreation 7,915 6,592 Transportation 4,381 5,452 International 330 2,208 24,205 27,208 Non-allocated operating expenses: General and administrative 7,124 9,093 Product design and development 7,532 10,500 Operating income 9,549 7,615 Nonoperating income (expense): Interest income 85 269 Interest expense (73 ) (35 ) Other (expense) income, net (627 ) 193 Income before income taxes 8,934 8,042 Income tax expense 1,467 1,012 Net income $ 7,467 $ 7,030 Depreciation and amortization: Commercial $ 772 $ 974 Live Events 1,451 1,398 High School Park and Recreation 496 512 Transportation 237 264 International 693 524 Unallocated corporate depreciation 688 711 $ 4,337 $ 4,383 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following table presents information about net sales and property and equipment, net of accumulated depreciation, in the United States and elsewhere: Three Months Ended August 1, August 3, Net sales: United States $ 128,069 $ 149,460 Outside United States 15,575 30,796 $ 143,644 $ 180,256 August 1, May 2, Property and equipment, net of accumulated depreciation: United States $ 56,822 $ 58,422 Outside United States 9,237 9,062 $ 66,059 $ 67,484 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Aug. 01, 2020 | |
Marketable Securities [Abstract] | |
Available-for-sale Securities | As of August 1, 2020 and May 2, 2020 , our available-for-sale securities consisted of the following: Amortized Cost Unrealized Losses Fair Value Balance as of August 1, 2020 Certificates of deposit $ 1,230 $ — $ 1,230 $ 1,230 $ — $ 1,230 Balance as of May 2, 2020 Certificates of deposit $ 1,230 $ — $ 1,230 $ 1,230 $ — $ 1,230 |
Investments Classified by Contractual Maturity Date | All available-for-sale securities are classified as current assets, as they are readily available to support our current operating needs. The contractual maturities of available-for-sale debt securities as of August 1, 2020 were as follows: Less than 12 months Total Certificates of deposit $ 1,230 $ 1,230 $ 1,230 $ 1,230 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Aug. 01, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill related to each reportable segment for the three months ended August 1, 2020 were as follows: Live Events Commercial Transportation International Total Balance as of May 2, 2020 $ 2,266 $ 3,144 $ 38 $ 2,295 $ 7,743 Foreign currency translation 13 91 13 188 305 Balance as of August 1, 2020 $ 2,279 $ 3,235 $ 51 $ 2,483 $ 8,048 |
Selected Financial Statement _2
Selected Financial Statement Data (Tables) | 3 Months Ended |
Aug. 01, 2020 | |
Selected Financial Statement Data [Abstract] | |
Schedule of Inventory | Inventories consisted of the following: August 1, May 2, Raw materials $ 33,076 $ 35,306 Work-in-process 9,943 12,102 Finished goods 38,416 39,395 $ 81,435 $ 86,803 |
Schedule of Property and Equipment | Property and equipment, net consisted of the following: August 1, May 2, Land $ 2,183 $ 2,183 Buildings 69,967 68,804 Machinery and equipment 105,188 104,157 Office furniture and equipment 6,174 6,151 Computer software and hardware 53,691 53,441 Equipment held for rental 287 287 Demonstration equipment 8,368 8,473 Transportation equipment 7,783 7,944 253,641 251,440 Less accumulated depreciation 187,582 183,956 $ 66,059 $ 67,484 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Aug. 01, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Product Warranty Liability | Changes in our warranty obligation for the three months ended August 1, 2020 consisted of the following: August 1, 2020 Beginning accrued warranty obligations $ 25,624 Warranties issued during the period 2,800 Settlements made during the period (1,056 ) Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations (308 ) Ending accrued warranty obligations $ 27,060 |
Long-term Purchase Commitment | As of August 1, 2020 , we were obligated under the following unconditional purchase commitments: Fiscal years ending Amount 2021 $ 2,831 2022 2,750 2023 1,755 2024 148 2025 113 Thereafter 40 $ 7,637 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Aug. 01, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value | The following table sets forth by Level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis at August 1, 2020 and May 2, 2020 according to the valuation techniques we used to determine their fair values. There have been no transfers of assets or liabilities among the fair value hierarchies presented. Fair Value Measurements Level 1 Level 2 Level 3 Total Balance as of August 1, 2020 Cash and cash equivalents $ 44,609 $ — $ — $ 44,609 Restricted cash 96 — — 96 Available-for-sale securities: Certificates of deposit — 1,230 — 1,230 Derivatives - asset position — 36 — 36 Derivatives - liability position — (242 ) — (242 ) Acquisition-related contingent consideration — — (401 ) (401 ) $ 44,705 $ 1,024 $ (401 ) $ 45,328 Balance as of May 2, 2020 Cash and cash equivalents $ 40,398 $ — $ — $ 40,398 Restricted cash 14 — — 14 Available-for-sale securities: Certificates of deposit — 1,230 — 1,230 Derivatives - asset position — 261 — 261 Derivatives - liability position — (17 ) — (17 ) Acquisition-related contingent consideration — — (761 ) (761 ) $ 40,412 $ 1,474 $ (761 ) $ 41,125 |
Rollforward of Level 3 Contingent Consideration Liabilities | A roll forward of the Level 3 contingent liabilities, both short- and long-term, for the three months ended August 1, 2020 is as follows: Acquisition-related contingent consideration as of May 2, 2020 $ 761 Additions 33 Settlements (400 ) Interest 7 Acquisition-related contingent consideration as of August 1, 2020 $ 401 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Aug. 01, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The foreign currency exchange contracts in aggregated notional amounts in place to exchange U.S. dollars at August 1, 2020 and May 2, 2020 were as follows: August 1, 2020 May 2, 2020 U.S. Dollars Foreign U.S. Foreign Foreign Currency Exchange Forward Contracts: U.S. Dollars/Australian Dollars 5,406 7,839 2,235 3,323 U.S. Dollars/Canadian Dollars — — 452 648 U.S. Dollars/British Pounds 2,149 1,650 3,160 2,424 U.S. Dollars/Euros — — 1,881 1,689 |
Basis of Presentation (Details)
Basis of Presentation (Details) $ in Thousands | 3 Months Ended | |||
Aug. 01, 2020USD ($) | May 02, 2020USD ($) | Aug. 03, 2019USD ($) | Apr. 27, 2019USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 44,609 | $ 40,398 | $ 20,762 | |
Restricted cash | 96 | 14 | 339 | |
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows | 44,705 | $ 40,412 | $ 21,101 | $ 35,742 |
Long-term Line of Credit | $ 15,000 | |||
Number of employees, voluntary retirement | 60 | |||
Voluntary retirement cost | $ 931 | |||
Number of employees, reduction in force | 108 | |||
Severance Costs | $ 1,426 | |||
Governmental Wage Subsidy | 812 | |||
Balance as of May 2, 2020 | 2,828 | |||
Charged to costs and expenses | 735 | |||
Deductions (1) | (241) | |||
Balance as of August 1, 2020 | $ 3,322 |
Investments in Affiliates (Deta
Investments in Affiliates (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | May 02, 2020 | |
Equity and Cost Method Investments [Abstract] | |||
Equity Method Investments | $ 16,728 | $ 17,257 | |
Equity in loss of affiliate | $ (529) | $ (118) |
Earnings Per Share EPS - Reconc
Earnings Per Share EPS - Reconciliation of Income (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Aug. 01, 2020 | Aug. 03, 2019 | |
Net income | ||
Basic earnings per share | $ 7,467 | $ 7,030 |
Dilution associated with stock compensation plans | 0 | 0 |
Diluted earnings per share | $ 7,467 | $ 7,030 |
Shares | ||
Basic earnings per share (in shares) | 44,654 | 45,089 |
Dilution associated with stock compensation plans (in shares) | 97 | 172 |
Diluted earnings per share (in shares) | 44,751 | 45,261 |
Per share income | ||
Basic earnings per share (in dollars per share) | $ 0.17 | $ 0.16 |
Dilution associated with stock compensation plans (in dollars per share) | 0 | 0 |
Diluted earnings per share (in dollars per share) | $ 0.17 | $ 0.16 |
Earnings Per Share EPS - Antidi
Earnings Per Share EPS - Antidilutive Shares Excluded (Details) - Stock Options - $ / shares shares in Thousands | 3 Months Ended | |
Aug. 01, 2020 | Aug. 03, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 2,119 | 2,197 |
Antidilutive securities excluded from computation of earnings per share, weighted average exercise price (dollars per share) | $ 9.96 | $ 10.03 |
Revenue Recognition Disaggregat
Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 01, 2020 | Aug. 03, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | $ 143,644 | $ 180,256 |
Transferred at Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 64,027 | 76,307 |
Transferred over Time | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 79,617 | 103,949 |
Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 34,506 | 44,035 |
Commercial | Transferred at Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 22,892 | 27,703 |
Commercial | Transferred over Time | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 11,614 | 16,332 |
Live Events | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 51,474 | 59,306 |
Live Events | Transferred at Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 6,214 | 9,120 |
Live Events | Transferred over Time | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 45,260 | 50,186 |
High School Park and Recreation | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 28,943 | 30,465 |
High School Park and Recreation | Transferred at Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 19,368 | 22,599 |
High School Park and Recreation | Transferred over Time | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 9,575 | 7,866 |
Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 14,498 | 19,018 |
Transportation | Transferred at Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 6,374 | 6,697 |
Transportation | Transferred over Time | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 8,124 | 12,321 |
International | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 14,223 | 27,432 |
International | Transferred at Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 9,179 | 10,188 |
International | Transferred over Time | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 5,044 | 17,244 |
Unique Configuration | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 70,106 | 92,157 |
Unique Configuration | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 8,727 | 12,965 |
Unique Configuration | Live Events | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 41,975 | 45,587 |
Unique Configuration | High School Park and Recreation | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 7,668 | 6,030 |
Unique Configuration | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 7,724 | 11,897 |
Unique Configuration | International | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 4,012 | 15,678 |
Limited Configuration | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 63,581 | 75,265 |
Limited Configuration | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 22,555 | 27,235 |
Limited Configuration | Live Events | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 5,419 | 7,713 |
Limited Configuration | High School Park and Recreation | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 20,688 | 23,800 |
Limited Configuration | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 6,266 | 6,587 |
Limited Configuration | International | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 8,653 | 9,930 |
Service and Other | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 9,957 | 12,834 |
Service and Other | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 3,224 | 3,835 |
Service and Other | Live Events | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 4,080 | 6,006 |
Service and Other | High School Park and Recreation | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 587 | 635 |
Service and Other | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 508 | 534 |
Service and Other | International | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | $ 1,558 | $ 1,824 |
Revenue Recognition Contract wi
Revenue Recognition Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 01, 2020 | May 02, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 33,261 | $ 35,467 |
Contract liabilities - current | 50,159 | 50,897 |
Contract liabilities - noncurrent | 10,715 | $ 10,707 |
Dollar Change | ||
Contract assets | (2,206) | |
Contract liabilities - current | (738) | |
Contract liabilities - noncurrent | $ 8 | |
Change in Contract with Customer, Asset and Liability, Percentage [Abstract] | ||
Contract assets percent change | (6.20%) | |
Contract liabilities, current, percent change | (1.40%) | |
Contract liabilities, noncurrent, percent change | 0.10% | |
Revenue recognized related to contract liability | $ 30,358 |
Revenue Recognition Deferred Re
Revenue Recognition Deferred Revenue, by Arrangement (Details) $ in Thousands | 3 Months Ended |
Aug. 01, 2020USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Balance at beginning of period | $ 24,490 |
New contracts sold | 8,188 |
Less: reductions for revenue recognized | 9,115 |
Foreign currency translation and other | 250 |
Balance at end of period | $ 23,813 |
Revenue Recognition Remaining P
Revenue Recognition Remaining Performance Obligations (Details) $ in Thousands | Aug. 01, 2020USD ($) |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 245,756 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, service agreements | 54,039 |
Remaining performance obligation, products | 191,717 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-08-02 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 204,878 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation recognition period | 12 months |
Segment Disclosure - Net Income
Segment Disclosure - Net Income by Segment (Details) $ in Thousands | 3 Months Ended | |
Aug. 01, 2020USD ($)segment | Aug. 03, 2019USD ($) | |
Segment Reporting Information | ||
Number of business units | segment | 5 | |
Net sales | $ 143,644 | $ 180,256 |
Gross profit | 35,761 | 45,505 |
Non-allocated operating expenses: | ||
General and administrative | 7,124 | 9,093 |
Product design and development | 7,532 | 10,500 |
Operating income | 9,549 | 7,615 |
Nonoperating (expense) income: | ||
Interest income | 85 | 269 |
Interest expense | (73) | (35) |
Other (expense) income, net | (627) | 193 |
Income before income taxes | 8,934 | 8,042 |
Income tax expense | 1,467 | 1,012 |
Net income | 7,467 | 7,030 |
Operating Segments | ||
Segment Reporting Information | ||
Net sales | 143,644 | 180,256 |
Gross profit | 35,761 | 45,505 |
Contribution Margin | 24,205 | 27,208 |
Depreciation and amortization | ||
Depreciation, amortization, and impairment | 4,337 | 4,383 |
Operating Segments | Commercial | ||
Segment Reporting Information | ||
Net sales | 34,506 | 44,035 |
Gross profit | 7,742 | 9,218 |
Contribution Margin | 4,441 | 4,084 |
Depreciation and amortization | ||
Depreciation, amortization, and impairment | 772 | 974 |
Operating Segments | Live Events | ||
Segment Reporting Information | ||
Net sales | 51,474 | 59,306 |
Gross profit | 9,354 | 12,737 |
Contribution Margin | 7,138 | 8,872 |
Depreciation and amortization | ||
Depreciation, amortization, and impairment | 1,451 | 1,398 |
Operating Segments | High School Park and Recreation | ||
Segment Reporting Information | ||
Net sales | 28,943 | 30,465 |
Gross profit | 10,476 | 10,187 |
Contribution Margin | 7,915 | 6,592 |
Depreciation and amortization | ||
Depreciation, amortization, and impairment | 496 | 512 |
Operating Segments | Transportation | ||
Segment Reporting Information | ||
Net sales | 14,498 | 19,018 |
Gross profit | 5,143 | 6,754 |
Contribution Margin | 4,381 | 5,452 |
Depreciation and amortization | ||
Depreciation, amortization, and impairment | 237 | 264 |
Operating Segments | International | ||
Segment Reporting Information | ||
Net sales | 14,223 | 27,432 |
Gross profit | 3,046 | 6,609 |
Contribution Margin | 330 | 2,208 |
Depreciation and amortization | ||
Depreciation, amortization, and impairment | 693 | 524 |
Operating Segments | Unallocated | ||
Depreciation and amortization | ||
Depreciation, amortization, and impairment | $ 688 | $ 711 |
Segment Disclosure - Net Sales
Segment Disclosure - Net Sales and Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | May 02, 2020 | |
Net sales: | |||
Net sales | $ 143,644 | $ 180,256 | |
Long-lived assets: | |||
Long-lived assets | 66,059 | $ 67,484 | |
United States | |||
Net sales: | |||
Net sales | 128,069 | 149,460 | |
Long-lived assets: | |||
Long-lived assets | 56,822 | 58,422 | |
Outside United States | |||
Net sales: | |||
Net sales | 15,575 | $ 30,796 | |
Long-lived assets: | |||
Long-lived assets | $ 9,237 | $ 9,062 |
Marketable Securities - Availab
Marketable Securities - Available-for-sale Securities (Details) - USD ($) $ in Thousands | Aug. 01, 2020 | May 02, 2020 |
Schedule of Available-for-sale Securities | ||
Amortized Cost | $ 1,230 | $ 1,230 |
Unrealized Losses | 0 | 0 |
Fair Value | 1,230 | 1,230 |
Certificates of deposit | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 1,230 | 1,230 |
Unrealized Losses | 0 | 0 |
Fair Value | $ 1,230 | $ 1,230 |
Marketable Securities - Avail_2
Marketable Securities - Available-for-sale by Maturity Date (Details) $ in Thousands | Aug. 01, 2020USD ($) |
Schedule of Available-for-sale Securities | |
Less than 12 months | $ 1,230 |
Total | 1,230 |
Certificates of deposit | |
Schedule of Available-for-sale Securities | |
Less than 12 months | 1,230 |
Total | $ 1,230 |
Goodwill (Details)
Goodwill (Details) $ in Thousands | 3 Months Ended |
Aug. 01, 2020USD ($) | |
Goodwill | |
Balance as of May 2, 2020 | $ 7,743 |
Foreign currency translation | 305 |
Balance as of August 1, 2020 | 8,048 |
Live Events | |
Goodwill | |
Balance as of May 2, 2020 | 2,266 |
Foreign currency translation | 13 |
Balance as of August 1, 2020 | 2,279 |
Commercial | |
Goodwill | |
Balance as of May 2, 2020 | 3,144 |
Foreign currency translation | 91 |
Balance as of August 1, 2020 | 3,235 |
Transportation | |
Goodwill | |
Balance as of May 2, 2020 | 38 |
Foreign currency translation | 13 |
Balance as of August 1, 2020 | 51 |
International | |
Goodwill | |
Balance as of May 2, 2020 | 2,295 |
Foreign currency translation | 188 |
Balance as of August 1, 2020 | $ 2,483 |
Selected Financial Statement _3
Selected Financial Statement Data Inventory (Details) - USD ($) $ in Thousands | Aug. 01, 2020 | May 02, 2020 |
Selected Financial Statement Data [Abstract] | ||
Raw materials | $ 33,076 | $ 35,306 |
Work-in-process | 9,943 | 12,102 |
Finished goods | 38,416 | 39,395 |
Inventories | $ 81,435 | $ 86,803 |
Selected Financial Statement _4
Selected Financial Statement Data Property and Equipment (Details) - USD ($) $ in Thousands | Aug. 01, 2020 | May 02, 2020 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 2,183 | $ 2,183 |
Buildings | 69,967 | 68,804 |
Machinery and equipment | 105,188 | 104,157 |
Office furniture and equipment | 6,174 | 6,151 |
Computer software and hardware | 53,691 | 53,441 |
Equipment held for rental | 287 | 287 |
Demonstration equipment | 8,368 | 8,473 |
Transportation equipment | 7,783 | 7,944 |
Property, Plant and Equipment, Gross | 253,641 | 251,440 |
Less accumulated depreciation | 187,582 | 183,956 |
Property and equipment, net | $ 66,059 | $ 67,484 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 01, 2020 | May 02, 2020 | |
Receivables | ||
Allowance for doubtful accounts | $ 3,322 | $ 2,828 |
Retainage on construction-type contracts, expected to be collected in one year | 741 | 687 |
Financing Receivable | ||
Receivables | ||
Long-term contracts and lease receivables, present value | 4,045 | 4,633 |
Long-term contracts and lease receivables, face amount | $ 4,327 | $ 5,166 |
Financing Receivable | Minimum | ||
Receivables | ||
Contract and lease receivables annual interest rates | 5.00% | |
Financing Receivable | Maximum | ||
Receivables | ||
Contract and lease receivables annual interest rates | 9.00% |
Share Repurchase Program (Detai
Share Repurchase Program (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Jun. 17, 2016 | |
Equity, Class of Treasury Stock [Line Items] | |||
Stock Repurchase Program, Authorized Amount | $ 40,000 | ||
Stock Repurchased During Period, Shares | 0 | 187 | |
Stock Repurchased During Period, Value | $ 1,187 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 32,539 |
Commitments and Contingencies -
Commitments and Contingencies - Litigation (Details) - USD ($) $ in Thousands | Aug. 01, 2020 | May 02, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Loss Contingency, Estimate of Possible Loss | $ 2,118 | $ 2,072 |
Commitments and Contingencies_2
Commitments and Contingencies - Guarantees and Warranties (Details) $ in Thousands | 3 Months Ended |
Aug. 01, 2020USD ($) | |
Movement in Standard Product Warranty Accrual | |
Beginning accrued warranty obligations | $ 25,624 |
Warranties issued during the period | 2,800 |
Settlements made during the period | (1,056) |
Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations | (308) |
Ending accrued warranty obligations | 27,060 |
Performance guarantees | Letter of credit and bank guarantees agreements | |
Guarantees: | |
Performance guarantees outstanding | 14,788 |
Performance guarantees | Surety bonds | |
Guarantees: | |
Performance guarantees outstanding | $ 35,079 |
Commitments and Contingencies_3
Commitments and Contingencies - Purchase Commitments (Details) $ in Thousands | Aug. 01, 2020USD ($) |
Purchase Obligation, Fiscal Year Maturity | |
2021 | $ 2,831 |
2022 | 2,750 |
2023 | 1,755 |
2024 | 148 |
2025 | 113 |
Thereafter | 40 |
Total | $ 7,637 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 01, 2020 | Aug. 03, 2019 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, Percent | 16.40% | 12.60% |
Unrecognized tax benefits that would affect our effective tax rate if recognized | $ 723 |
Fair Value Measurement (Details
Fair Value Measurement (Details) - USD ($) $ in Thousands | Aug. 01, 2020 | May 02, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | $ 1,230 | $ 1,230 |
Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 1,230 | 1,230 |
Reported Value Measurement [Member] | Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash and cash equivalents | 44,609 | 40,398 |
Restricted cash | 96 | 14 |
Derivatives - asset position | 36 | 261 |
Derivatives - liability position | (242) | (17) |
Acquisition-related contingent consideration | (401) | (761) |
Assets (Liabilities), net | 45,328 | 41,125 |
Reported Value Measurement [Member] | Recurring Basis | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 1,230 | 1,230 |
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash and cash equivalents | 44,609 | 40,398 |
Restricted cash | 96 | 14 |
Derivatives - asset position | 0 | 0 |
Derivatives - liability position | 0 | 0 |
Acquisition-related contingent consideration | 0 | 0 |
Assets (Liabilities), net | 44,705 | 40,412 |
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 1 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Derivatives - asset position | 36 | 261 |
Derivatives - liability position | (242) | (17) |
Acquisition-related contingent consideration | 0 | 0 |
Assets (Liabilities), net | 1,024 | 1,474 |
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 2 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 1,230 | 1,230 |
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Derivatives - asset position | 0 | 0 |
Derivatives - liability position | 0 | 0 |
Acquisition-related contingent consideration | (401) | (761) |
Assets (Liabilities), net | (401) | (761) |
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 3 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | $ 0 | $ 0 |
Fair Value Measurement - Roll F
Fair Value Measurement - Roll Forward of the Level 3 Contingent Consideration Liability (Details) - Estimate of Fair Value Measurement [Member] - Level 3 - Recurring Basis - Contingent Consideration Liability $ in Thousands | 3 Months Ended |
Aug. 01, 2020USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Acquisition-related contingent consideration as of May 2, 2020 | $ 761 |
Additions | 33 |
Settlements | (400) |
Interest | 7 |
Acquisition-related contingent consideration as of August 1, 2020 | $ 401 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands | 3 Months Ended | |||||||||
Aug. 01, 2020CAD ($) | Aug. 01, 2020AUD ($) | Aug. 01, 2020USD ($) | Aug. 01, 2020EUR (€) | Aug. 01, 2020GBP (£) | May 02, 2020CAD ($) | May 02, 2020AUD ($) | May 02, 2020USD ($) | May 02, 2020EUR (€) | May 02, 2020GBP (£) | |
Derivative | ||||||||||
Derivative term (months) | 17 months | |||||||||
U.S. Dollars/Australian Dollars | Not Designated as Hedging Instrument | ||||||||||
Derivative | ||||||||||
Foreign currency exchange forward contracts | $ 7,839 | $ 5,406 | $ 3,323 | $ 2,235 | ||||||
U.S. Dollars/Canadian Dollars | Not Designated as Hedging Instrument | ||||||||||
Derivative | ||||||||||
Foreign currency exchange forward contracts | $ 0 | 0 | $ 648 | 452 | ||||||
U.S. Dollars/British Pounds | Not Designated as Hedging Instrument | ||||||||||
Derivative | ||||||||||
Foreign currency exchange forward contracts | 2,149 | £ 1,650 | 3,160 | £ 2,424 | ||||||
U.S. Dollars/Euro | Not Designated as Hedging Instrument | ||||||||||
Derivative | ||||||||||
Foreign currency exchange forward contracts | 0 | € 0 | 1,881 | € 1,689 | ||||||
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 2 | ||||||||||
Derivative | ||||||||||
Derivatives - currency forward contract, asset | 36 | 261 | ||||||||
Derivatives - currency forward contracts, liability | $ (242) | $ (17) |