Cover page
Cover page - USD ($) | 12 Months Ended | ||
Apr. 30, 2022 | Jun. 02, 2022 | Oct. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --04-30 | ||
Document Period End Date | Apr. 30, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 0-23246 | ||
Entity Registrant Name | Daktronics, Inc. | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 258,641,294 | ||
Entity Common Stock, Shares Outstanding | 45,033,839 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s Proxy Statement for its Annual Meeting of Shareholders to be held August 31, 2022 are incorporated by reference in Part III of the Form 10-K, as indicated in Items 10 through 14 of Part III. Auditor Name: Deloitte & Touche LLP Location: Minneapolis, Minnesota Auditor Firm ID: PCAOB No. 34 | ||
Entity Central Index Key | 0000915779 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Preferred Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Preferred Stock Purchase Rights | ||
Trading Symbol | DAKT | ||
Security Exchange Name | NASDAQ | ||
Common Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, No Par Value | ||
Trading Symbol | DAKT | ||
Security Exchange Name | NASDAQ |
Audit Information
Audit Information | 12 Months Ended |
Apr. 30, 2022 | |
Auditor Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Minneapolis, Minnesota |
Auditor Firm ID | 34 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2022 | May 01, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 17,143 | $ 77,590 |
Restricted cash | 865 | 2,812 |
Marketable securities | 4,020 | 0 |
Accounts receivable, net | 101,099 | 67,808 |
Inventories | 134,392 | 74,356 |
Contract assets | 41,687 | 32,799 |
Current maturities of long-term receivables | 2,798 | 1,462 |
Prepaid expenses and other current assets | 14,963 | 7,445 |
Income tax receivables | 603 | 731 |
Total current assets | 317,570 | 265,003 |
Property and equipment, net | 66,765 | 58,682 |
Long-term receivables, less current maturities | 1,490 | 1,635 |
Goodwill | 7,927 | 8,414 |
Intangibles, net | 1,472 | 2,083 |
Investment in affiliates and other assets | 32,321 | 27,403 |
Deferred income taxes | 13,331 | 11,944 |
TOTAL ASSETS | 440,876 | 375,164 |
CURRENT LIABILITIES: | ||
Accounts payable | 76,313 | 40,251 |
Contract liabilities | 90,393 | 64,495 |
Accrued expenses | 34,959 | 30,672 |
Warranty obligations | 11,621 | 10,464 |
Income taxes payable | 408 | 738 |
Total current liabilities | 213,694 | 146,620 |
Long-term warranty obligations | 17,257 | 15,496 |
Long-term contract liabilities | 10,998 | 10,720 |
Other long-term obligations | 6,599 | 7,816 |
Long-term income tax payable | 477 | 548 |
Deferred income taxes | 287 | 410 |
Total long-term liabilities | 35,618 | 34,990 |
SHAREHOLDERS' EQUITY: | ||
Preferred Shares, no par value, authorized 50,000 shares; no shares issued and outstanding | 0 | 0 |
Common stock, no par value, authorized 115,000,000 shares; 46,733,544 and 46,264,576 shares issued at April 30, 2022 and May 1, 2021, respectively | 61,794 | 60,575 |
Additional paid-in capital | 48,372 | 46,595 |
Retained earnings | 96,608 | 96,016 |
Treasury stock, at cost, 1,907,445 and 1,297,409 shares at April 30, 2022 and May 1, 2021, respectively | (10,285) | (7,297) |
Accumulated other comprehensive loss | (4,925) | (2,335) |
TOTAL SHAREHOLDERS' EQUITY | 191,564 | 193,554 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 440,876 | $ 375,164 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - shares | Apr. 30, 2022 | May 01, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 50,000 | 50,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 115,000,000 | 115,000,000 |
Common stock, shares, issued (in shares) | 46,733,544 | 46,264,576 |
Treasury stock, shares (in shares) | 1,907,445 | 1,297,409 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Income Statement [Abstract] | |||
Net sales | $ 610,970 | $ 482,033 | $ 608,932 |
Cost of sales | 494,273 | 361,450 | 470,232 |
Gross profit | 116,697 | 120,583 | 138,700 |
Operating expenses: | |||
Selling | 51,075 | 48,649 | 65,902 |
General and administrative | 32,563 | 27,980 | 35,193 |
Product design and development | 29,013 | 26,846 | 37,772 |
Operating expenses | 112,651 | 103,475 | 138,867 |
Operating income (loss) | 4,046 | 17,108 | (167) |
Nonoperating income (expense): | |||
Interest income (expense), net | 171 | (65) | 699 |
Other expense, net | (3,109) | (2,983) | (541) |
Income (loss) before income taxes | 1,108 | 14,060 | (9) |
Income tax expense (benefit) | 516 | 3,134 | (500) |
Net income | $ 592 | $ 10,926 | $ 491 |
Weighted average shares outstanding: | |||
Basic (in shares) | 45,188,000 | 44,989,000 | 45,031,000 |
Diluted (in shares) | 45,326,000 | 45,202,000 | 45,316,000 |
Earnings per share: | |||
Basic (in usd per share) | $ 0.01 | $ 0.24 | $ 0.01 |
Diluted (in usd per share) | $ 0.01 | $ 0.24 | $ 0.01 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss)/Income - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 592 | $ 10,926 | $ 491 |
Other comprehensive (loss) income: | |||
Cumulative translation adjustments | (2,556) | 2,942 | (965) |
Unrealized (loss) gain on available-for-sale securities, net of tax | (34) | 0 | 44 |
Total other comprehensive (loss) income, net of tax | (2,590) | 2,942 | (921) |
Comprehensive (loss) income | $ (1,998) | $ 13,868 | $ (430) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss |
Beginning Balance 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 | 491 | 491 | ||||
Cumulative translation adjustments | (965) | (965) | ||||
Unrealized (loss) gain on available-for-sale securities, net of tax | 44 | 44 | ||||
Share-based compensation | 2,265 | 2,265 | ||||
Tax payments related to RSU issuances | (199) | (199) | ||||
Employee savings plan activity | 2,311 | 2,311 | ||||
Dividends paid | (8,994) | (8,994) | ||||
Treasury stock purchase | (5,636) | (5,636) | ||||
Ending Balance 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 | 10,926 | 10,926 | ||||
Cumulative translation adjustments | 2,942 | 2,942 | ||||
Unrealized (loss) gain on available-for-sale securities, net of tax | 0 | |||||
Share-based compensation | 2,067 | 2,067 | ||||
Tax payments related to RSU issuances | (125) | (125) | ||||
Employee savings plan activity | 565 | 565 | ||||
Treasury stock reissued | 199 | 26 | 173 | |||
Ending Balance at May. 01, 2021 | 193,554 | 60,575 | 46,595 | 96,016 | (7,297) | (2,335) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 592 | 592 | ||||
Cumulative translation adjustments | (2,556) | (2,556) | ||||
Unrealized (loss) gain on available-for-sale securities, net of tax | (34) | (34) | ||||
Share-based compensation | 1,973 | 1,973 | ||||
Exercise of stock options | 8 | 8 | ||||
Tax payments related to RSU issuances | (200) | (200) | ||||
Employee savings plan activity | 1,211 | 1,211 | ||||
Treasury stock purchase | (3,184) | (3,184) | ||||
Treasury stock reissued | 200 | 4 | 196 | |||
Ending Balance at Apr. 30, 2022 | $ 191,564 | $ 61,794 | $ 48,372 | $ 96,608 | $ (10,285) | $ (4,925) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) | 12 Months Ended |
May 02, 2020$ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Common stock, dividends, per share, declared (in usd per share) | $ 0.20 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 592 | $ 10,926 | $ 491 |
Adjustments to reconcile net income to net cash (used) provided by operating activities: | |||
Depreciation and amortization | 15,394 | 17,077 | 17,718 |
Gain on sale of property, equipment and other assets | (743) | (572) | (35) |
Share-based compensation | 1,973 | 2,067 | 2,265 |
Equity in loss of affiliates | 2,970 | 2,370 | 741 |
Provision for doubtful accounts, net of recovery | (286) | 1,299 | (99) |
Deferred income taxes, net | (1,555) | 1,314 | (2,183) |
Change in operating assets and liabilities | (45,380) | 31,731 | (8,090) |
Net cash (used)/provided by operating activities | (27,035) | 66,212 | 10,808 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (20,376) | (7,891) | (18,091) |
Proceeds from sales of property, equipment and other assets | 885 | 3,184 | 322 |
Purchases of marketable securities | (4,045) | 0 | 0 |
Proceeds from sales or maturities of marketable securities | 0 | 1,230 | 25,162 |
Purchases of and loans to equity investees | (7,848) | (6,744) | (11,664) |
Net cash used in investing activities | (31,384) | (10,221) | (4,271) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Borrowings on notes payable | 46,801 | 0 | 15,000 |
Payments on notes payable | (46,801) | (15,000) | 0 |
Principal payments on long-term obligations | (200) | (460) | (2,149) |
Dividends paid | 0 | 0 | (8,994) |
Proceeds from exercise of stock options | 8 | 0 | 0 |
Payments for common shares repurchased | (3,184) | 0 | (5,636) |
Tax payments related to RSU issuances | (200) | (125) | (199) |
Net cash used in financing activities | (3,576) | (15,585) | (1,978) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (399) | (416) | 111 |
NET (DECREASE)/ INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (62,394) | 39,990 | 4,670 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | |||
Beginning of period | 80,402 | 40,412 | 35,742 |
End of period | $ 18,008 | $ 80,402 | $ 40,412 |
Nature of Business and Summary
Nature of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Nature of Business and Summary of Significant Accounting Policies | Nature of Business and Summary of Significant Accounting Policies Nature of business : Daktronics, Inc. and its subsidiaries are engaged principally in the design, market, and manufacture of a wide range of integrated electronic display systems and related products which are sold in a variety of markets throughout the world and the rendering of related maintenance and professional services. Our products are designed primarily to inform and entertain people through the communication of content. Fiscal year : We operate 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 years ended April 30, 2022 and May 1, 2021 contained operating results for 52 weeks, while the fiscal year ended May 2, 2020 contained operating results for 53 weeks. Principles of consolidation : The consolidated financial statements include Daktronics, Inc. and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. 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 affiliates' 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. 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 our investments in affiliates accounted for under the equity method was $16,916 and $19,887 as of April 30, 2022 and May 1, 2021 respectively. Our proportional share of the respective affiliates' earnings or losses is included in the "Other (expense) income, net" line item in our consolidated statements of operations. For the fiscal years 2022, 2021 and 2020, our share of the losses of our affiliates was $2,970, $2,370 and $741, respectively. During fiscal 2022, we purchased $7,488 of convertible notes (“Notes”) which are included in the “Investment in affiliates and other assets" and "Current maturities of long-term receivables" line items in our consolidated balance sheet. There were no convertible notes as of May 1, 2021. We purchased services for research and development activities from our equity method investees. The total of these related party transactions for fiscal year 2022, 2021 and 2020 was $1,520, $460, and $1,113, respectively, which is included in the "Product design and development" line item in our consolidated statement of operations, and for fiscal 2022, $296 of this remains unpaid and is included in the "Accounts payable " line item in our consolidated balance sheet. Fiscal 2021 had $470 unpaid and included in the "Accounts payable" line item in our consolidated balance sheet. Summarized financial information for equity method investments consist of the following: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 Balance sheet data: Current assets $ 6,672 $ 7,534 $ 10,593 Non-current assets 4,491 4,637 4,266 Current liabilities 13,938 2,807 2,755 Non-current liabilities 1,738 1,793 4,086 Income statement data: Net loss $ (11,928) $ (13,436) $ (1,383) Use of estimates : The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities; the disclosure of contingent assets and liabilities at the date of the financial statements; the reported amounts of revenues and expenses during the reporting period; and our ability to continue as a going concern. Due to the inherent uncertainty involved in making estimates, actual results in future periods may differ from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the estimated total costs on uniquely configured contracts and estimated costs to be incurred for product warranties and income taxes. Estimation processes are also used in inventory valuation and determining, the allowance for doubtful accounts, share-based compensation, goodwill impairment, and extended warranty and product maintenance agreements. Changes in estimates are reflected in the periods in which they become known. Cash and cash equivalents : All highly liquid investments with maturities of three months or less at the date of purchase are considered to be cash equivalents and consist primarily of government repurchase agreements, savings accounts and money market accounts that are carried at cost, which approximates fair value. We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We have not experienced any losses in such accounts. Restricted cash : Restricted cash consists of cash and cash equivalents held in bank deposit accounts to secure issuances of foreign bank guarantees. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the totals of the same amounts shown in the consolidated statements of cash flows. Restricted cash consists of cash and cash equivalents held in bank deposit accounts to secure issuances of foreign bank guarantees. April 30, 2022 May 1, 2021 May 2, 2020 Cash and cash equivalents $ 17,143 $ 77,590 $ 40,398 Restricted cash 865 2,812 14 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 18,008 $ 80,402 $ 40,412 Inventories: In accordance with ASC 330 , Inventory, our inventories are stated at the lower of cost (first-in, first-out method) and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Cost is measured as the price of the components and allocated expenses for production or betterment of the inventory item. When we estimate net realizable value to be lower than cost, any necessary adjustments are charged to cost of sales in that period. In determining net realizable value, we review various factors such as current inventory levels, forecasted demand, costs of completion, and technological obsolescence. Allowance for doubtful accounts: We make estimates regarding the collectability of our accounts receivable, long-term receivables, contract assets and other receivables. In evaluating the adequacy of our allowance for doubtful accounts, we analyze specific balances, customer creditworthiness, changes in customer payment cycles, and current economic trends. If the financial condition of any customer were to deteriorate, resulting in an impairment of its ability to make payments, additional allowances may be required. We charge off receivables at such time it is determined collection will not occur in accordance with ASC 310, Receivables . Revenue recognition : Our accounting policies and estimates are in accordance with ASC 606 , Revenue from Contracts with Customers, and are as follows: Contracts are identified and follow the revenue recognition policies when all of the following occur: we have evidence that all parties to the contract have approved the contract and are committed to perform their respective obligations, we can identify each party’s rights regarding the goods or services to be transferred, we can identify the payment terms for the goods or services to be transferred, the contract has commercial substance, and it is probable we will collect substantially all of the consideration to which we would be entitled in exchange for the goods or services. Pre-contract costs are generally expensed as incurred, unless they are directly associated with an anticipated contract and recoverability from that contract is probable. Pre-contract costs directly associated with anticipated contracts expected to be recoverable include $117 and $492 as of April 30, 2022 and May 1, 2021, respectively. These are included in the "Inventories" line item in our consolidated balance sheets. At contract inception, we identify performance obligations by reviewing the agreement for material distinct goods and services. Goods and services are distinct when the customer can benefit from them on its own and our promises to transfer these items are identifiable from other promises within the contract. When we are contracted to provide a single promise (an integrated system), we often treat it as a single performance obligation if we are providing goods and services with the same pattern of transfer that are highly integrated or interdependent, that are modified or customized by other goods or services promised, or that provide a combined outcome for which the customer has contracted. When less interdependency or integration is necessary, or when the customer can benefit from distinct items, we separate the contract into multiple performance obligations. We account for extended warranties and other services ("service-type warranties") that represent a distinct service as a separate performance obligation. Our contracts can contain multiple components of transaction price. We evaluate each contract for these components and include fixed consideration, variable consideration, financing components, and non-cash consideration and exclude consideration payable to a customer and sales taxes in the transaction price. When we are responsible for site installations which include subcontracted work, we maintain the contractual responsibilities and risks and include the consideration for these services in the transaction price. When our contract contains variable consideration, including return rights, discounts, claims, unpriced change orders, and liquidated damages, we estimate the transaction price using the expected value (i.e., the sum of the probability-weighted amount) or the most likely amount method, whichever is expected to better predict revenue for that contract situation. We also constrain the revenue to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. We consider the following factors in determining revenue associated with variable consideration: (a) the contract or other evidence providing the legal basis, (b) additional costs caused by unforeseen circumstances, (c) evidence supporting the claim, and (d) historical evidence and patterns of customers. We adjust the contract price for the effects of a significant financing component if we expect, at contract inception, that the period between when we transfer goods and services to a customer will exceed one year from the time the customer pays and represents financing. If the payment structures exceed a year but are structured to account for risks with a contract or correspond to payments on milestones or are scheduled for performance, we do not adjust the contract price for a financing component. See "Note 6 . Receivables" for amounts recorded in long-term receivables. When separate performance obligations are identified, we allocate the transaction price to the individual performance obligation based on the best method we judge as faithfully depicting the value of the performance obligation. Many of our contracts are bundled, and we do not have separate selling prices for each performance obligation; therefore, for these contracts, we primarily use the cost plus a margin approach to allocate the relative transaction price to identified performance obligations, as it is the best representative of our pricing methods. Revenue is recognized when we satisfy a performance obligation. We receive payments from customers based on a billing schedule as established in our contracts. Billing schedules include down payments and progress billings over time; set milestone payments that are specific to the project are scheduled for performance-based payments or are set time-based payment(s). Variability in contract assets and contract liabilities relates to the timing of billings and revenue recognition, which can vary significantly depending on contractual payment terms, build and installation schedules and the related timing differences in transfer of control. Balances are also impacted by the seasonality in our business. Significant judgments and estimates are used in our revenue policies. In order to assure appropriate and consistent revenue recognition, we regularly evaluate available project related information and update estimates accordingly. We maintain internal policies and procedures to provide guidance for those involved in recording revenue. We monitor for changes in our business sales practices and customer interactions to capture the appropriate types of performance obligations and adjust for any change in control terms and conditions. Our material performance obligation types include: Unique configuration contracts : audio-visual communication systems uniquely configured (custom) or integrated for a customer's particular location and system configuration may include all or a combination of the following: engineering services, project management services, video display(s), control solution(s), installation and integration services, scoring and messaging equipment, training, other on-site services, spare parts, software licenses, and assurance-type warranties. We may have multiple performance obligations in these types of contracts; however, a majority are treated as a combined single performance obligation. In our judgment, this accounting treatment is most appropriate because the substantial part of our promise to customers is to provide significant integration services and incorporate individual goods and services into a combined output or system. Often times, the system is customized or significantly modified to the customer's desired configurations and location, and the interrelated goods and services provide utility to the customer as a package. Revenue for uniquely configured (custom) or integrated systems is recognized over time using the cost incurred input method. Over time revenue recognition is appropriate because we have no alternative use for the uniquely configured system and have an enforceable right to payment for work performed. The cost incurred input method measures costs incurred to date compared to estimated total costs for each contract. This method is the most faithful depiction of our performance because it measures the value of the contract transferred to the customer. Costs to perform include direct and indirect costs for contract design, production, integration, installation, and assurance-type warranty reserve. Direct costs include materials and components; manufacturing, project management and engineering labor; and subcontracting expenses. Indirect costs include allocated charges for such items as facilities and equipment depreciation and general overhead. Provisions of estimated losses on uncompleted contracts are made in the period when such losses are capable of being estimated. Contract modifications to existing contracts with customers are evaluated in accordance with the five-step revenue model. We treat contract modifications as a separate contract and new performance obligations when the additional goods or services are distinct and do not add to the unique configuration or are outside the integrated system and when the consideration reflects standalone selling prices. If the additional goods or services offered under the modification enhance the uniquely configured or integrated systems, revenue is allocated to the existing contracts' performance obligation. Modifications may cause changes in the timing of revenue recognition depending on the allocation to various performance obligations. The time between contract order and project completion is typically less than 12 months but may extend longer depending on the amount of custom work and customers’ delivery needs. Limited configuration (standard systems) and after-sale parts contracts : Limited configured (standard systems) or after-sale parts contracts with limited or no configuration or limited integration are recognized as distinct individual performance obligations when material. When not distinct, we combine into one performance obligation the goods and/or services with each other until the bundle of goods or services is distinct. For standard display purchases made in large quantities, we account for each piece of equipment separately as a distinct performance obligation from which a customer derives benefit. Immaterial goods or services in the context of the contract are included with the display system performance obligation. Standard systems and equipment with limited configurations or integrations may include all or a combination (when immaterial) of the following performance obligations: engineering services, project management services, video display(s), control solution(s), installation and integration services, scoring, messaging and audio equipment, training, spare parts, software licenses, assurance-type warranties, and after-sale parts. Revenue is recognized at a point in time when control passes, or over time as services are performed. When fulfilling limited configuration performance obligations, we are typically able to redirect the video displays or scoring, messaging, or audio equipment to another customer without incurring significant economic losses. Therefore, we have an alternative use for the performance obligation and recognize revenue upon our substantial completion and at the point in time we estimate control has transferred to the customer. When limited configured single performance obligations are more service-type (i.e., installation and integration services), we recognize revenue over time using the cost-to-cost input method, which is the most faithful depiction of the customer obtaining control and benefits from the work performed. Services and other : Services sold on a stand-alone basis or after the initial system sale include performance obligations such as event support, control room design, on-site training, equipment service, service-type warranties, technical support, software sold as a service, and other immaterial revenue streams. These are contracted with a customer generally per service event or service type on a stand-alone basis. Services, service type warranties, and other are recognized as net sales when the services are performed, and control is transferred to the customer at a point in time when title or control passes or over time as services are performed and for time-based "stand ready to perform" type obligations. We use professional judgment to determine control transfer. If we have the right to consideration from a customer that directly corresponds with the value of our performance (where we bill a fixed amount for each hour of service provided), we recognize revenue related to the work completed. Software: Revenues from software license fees on sales, other than uniquely configured type contracts, are recognized when delivery of the product has occurred. Subscription-based licenses include the right for a customer to use our licenses and receive related support for a specified term, and revenue is recognized pro-rata over the term of the engagement. Shipping and handling costs: Shipping and handling costs collected from our customers in connection with our sales are recorded as revenue. We record shipping and handling costs as a component of cost of sales at the time the product is shipped. Warranty: We offer a standard parts coverage warranty for periods varying from one one Long-term receivables and advertising rights: We occasionally sell and install our products at facilities in exchange for the rights to sell or to retain future advertising revenues. For these transactions, we recognize revenue equal to the amount of the present value of the future advertising payments if enough advertising is sold to obtain normal margins on the contract, and we record the related receivable in long-term receivables. We recognize imputed interest as earned. Property and equipment : In accordance with ASC 360, Property, Plant, and Equipment, property and equipment are stated at cost and depreciated principally on the straight-line method over the following estimated useful lives: Years Buildings and improvements 5 - 40 Machinery and equipment 5 - 7 Office furniture and equipment 3 - 5 Computer software and hardware 3 - 5 Equipment held for rental 2 - 7 Demonstration equipment 3 - 5 Transportation equipment 5 - 7 Leasehold improvements are depreciated over the lesser of the useful life of the asset or the term of the lease. Impairment of Long-Lived Assets : In accordance with ASC 360, Property, Plant, and Equipment , we assess long-lived tangible assets and definite-lived intangible assets for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. When evaluating long-lived assets for potential impairment, we first compare the carrying value of the asset to the asset's estimated future cash flows (undiscounted and without interest charges). If the estimated future cash flows are less than the carrying value of the asset, we calculate an impairment loss. The impairment loss calculation compares the carrying value of the asset to the asset's estimated fair value. We recognize an impairment loss if the amount of the asset's carrying value exceeds the asset's estimated fair value. If we recognize an impairment loss, the adjusted carrying amount of the asset becomes its new cost basis. For a depreciable long-lived asset, the new cost basis will be depreciated (amortized) over the remaining useful life of that asset. Our impairment loss calculations contain uncertainties because they require management to make assumptions and to apply judgment to estimate future cash flows and asset fair values, including forecasting useful lives of the assets and selecting the discount rate that reflects the risk inherent in future cash flows. Goodwill and Other Intangible Assets : We account for goodwill and other intangible assets with indefinite lives in accordance with ASC 350 , Goodwill and Other. Under these provisions, goodwill is not amortized but is tested for impairment on at least an annual basis. Impairment testing is required more often than annually if an event or circumstance indicates an impairment or a decline in value may have occurred. A qualitative assessment may be used to first determine whether it is "more likely than not" that the fair value of a reporting unit is less its carrying value. Based on this assessment, if it is determined that is more likely than not that impairment has occurred, a quantitative analysis will be performed. The quantitative assessment uses an income approach to estimate the fair value of each reporting unit. The income approach is based on the projected cash flows, which are discounted to their present value using discount rates which consider the timing and risk of the forecasted cash flows. Fair value is estimated using internally developed forecasts and assumptions and takes into account management plans, business trends, and market and economic conditions. If the quantitative assessment of good impairment fails, an impairment loss equal to the amount that a reporting unit's carrying value exceeds its fair value will be recognized. We completed our annual impairment analysis during the third quarter of fiscal 2022, utilizing a quantitative approach. Based on the outcome of that analysis, goodwill was not impaired. Foreign currency translation : We follow the provisions of ASC 830, Foreign Currency Matters. Our foreign subsidiaries use the local currency of their respective countries as their functional currency. The assets and liabilities of foreign operations are translated at the exchange rates in effect at the balance sheet date. The operating results of foreign operations are translated at weighted average exchange rates. The related translation gains or losses are reported as a separate component of shareholders’ equity in accumulated other comprehensive loss. Income taxes : We account for income taxes in accordance with ASC 740 , Income Taxes . We record a tax provision for anticipated tax consequences of the reported results of operations. Deferred tax assets and liabilities are measured using currently enacted tax rates and statutory tax rates applicable to the years in which we expect these temporary differences will affect taxable income. These assets and liabilities are analyzed regularly, and we assess the likelihood that deferred tax assets will be recoverable from future taxable income. When necessary, a valuation allowance is established if it is more likely than not the deferred tax asset will not be realized. We report the net deferred tax asset and liability as a long-term asset or liability. Net deferred assets or liabilities are calculated by combining them based on their jurisdiction. In addition, because we operate in multiple income tax jurisdictions both within the United States and internationally, the calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of complex tax laws. Resolution of these uncertainties in a manner inconsistent with our expectations could have a material impact on our financial condition and operating results. See "Note 12. Income Taxes" for further information. Comprehensive income (loss) : We follow the provisions of ASC 220 , Reporting Comprehensive Income , which establishes standards for reporting and displaying comprehensive income and its components, and disclose these components in the consolidated statements of comprehensive income. Comprehensive (loss) income reflects the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. For us, comprehensive income represents net income adjusted for cumulative foreign currency translation adjustments and unrealized gains and losses on available-for-sale securities. The foreign currency translation adjustment included in the comprehensive income (loss) calculation has not been tax affected, as the investments in foreign affiliates are deemed to be permanent. Product design and development : We follow the provisions of ASC 730, Research and Development , which states all expenses related to product design and development are charged to operations as incurred. Our product design and development activities include the enhancement of existing products and technologies and the development of new products and technologies. 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 shares of common stock or resulted in the issuance of shares 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 fiscal years ended April 30, 2022, May 1, 2021 and May 2, 2020: Net income Shares Per share income For the year ended April 30, 2022: Basic earnings per share $ 592 45,188 $ 0.01 Dilution associated with stock compensation plans — 138 — Diluted earnings per share $ 592 45,326 $ 0.01 For the year ended May 1, 2021: Basic earnings per share $ 10,926 44,989 $ 0.24 Dilution associated with stock compensation plans — 213 — Diluted earnings per share $ 10,926 45,202 $ 0.24 For the year ended May 2, 2020: Basic earnings per share $ 491 45,031 $ 0.01 Dilution associated with stock compensation plans — 285 — Diluted earnings per share $ 491 45,316 $ 0.01 Options outstanding to purchase 1,846, 2,262 and 2,198 shares of common stock with a weighted average exercise price of $9.15, $9.11 and $9.95 for the fiscal years ended April 30, 2022, May 1, 2021 and May 2, 2020, respectively, were not included in the computation of diluted earnings per share because the effects would be anti-dilutive. Share-based compensation : We account for share-based compensation in accordance with ASC 718 , Compensation-Stock Compensation. Under the fair value recognition provisions of ASC 718, we measure share-based compensation cost at the grant date based on the fair value of the award and recognize the compensation expense over the requisite service period, which is the vesting period. See "Note 10. Shareholders' Equity and Share-Based Compensation" for additional information and the assumptions we use to calculate the fair value of share-based employee compensation. Other Business Developments Impacts to and changes in global economic conditions are expected as the world economies recover from the COVID-19 pandemic, adjust to supply chain conditions and disruptions, and react to the evolving war and geopolitical environment. Our ability to fund operations and capital expenditures in the future will be dependent on our ability to generate cash flow from operations in these conditions, to maintain or improve margins, and to use funds from our credit facility or other funding sources. We anticipate needing to utilize a portion of our line of credit which was recently extended to April 2025 to help with our continued investment in capacity to meet our expanding demand. We believe it is probable our existing cash balances and future actions will be sufficient to fund our normal business operations over the next twelve months from the date of this filing. We received governmental wage subsidies from various governmental programs related to COVID-19 implications of $293 and $1,757 during the fiscal years 2022 and 2021, respectively and recorded the subsidies as a reduction of compensation expense, most of it is included in the "Costs of sales" line item in our consolidated statements of operations. We also have elected to defer payments of the employer portion of social security taxes during the payroll tax deferral period, which ended on December 31, 2020. As of April 30, 2022, the total amount of such deferral was $2,633, which is included in the "Accrued expenses" line item in our consolidated balance sheet. Per the terms of the deferral program, the total amount is due on December 31, 2022. Recent Accounting Pronouncements Accounting Standards Adopted In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-03, Measurement of Credit Losses on Financial Instruments , which provides guidance regarding the measurement and recognition of credit impairment for certain financial assets. ASU 2016-03 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, ASU 2016-03 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. We adopted ASU 2016-03 and its related guidance during the first quarter of fiscal 2021, and the adoption did not have a material impact on our consolidated financial statements. We estimate an allowance for doubtful a |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Apr. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 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: Fiscal Year 2022 Commercial Live Events High School Park and Transportation International Total Type of performance obligation Unique configuration $ 20,849 $ 144,095 $ 20,175 $ 38,843 $ 32,658 $ 256,620 Limited configuration 118,308 30,181 88,162 21,370 43,029 301,050 Service and other 15,054 24,830 3,479 2,494 7,443 53,300 $ 154,211 $ 199,106 $ 111,816 $ 62,707 $ 83,130 $ 610,970 Timing of revenue recognition Goods/services transferred at a point in time $ 120,776 $ 37,229 $ 82,678 $ 22,088 $ 45,036 $ 307,807 Goods/services transferred over time 33,435 161,877 29,138 40,619 38,094 303,163 $ 154,211 $ 199,106 $ 111,816 $ 62,707 $ 83,130 $ 610,970 Fiscal Year 2021 Commercial Live Events High School Park and Transportation International Total Type of performance obligation Unique configuration $ 16,535 $ 104,682 $ 22,258 $ 36,398 $ 22,266 $ 202,139 Limited configuration 96,420 18,679 66,697 19,690 32,583 234,069 Service and other 14,345 19,688 2,602 2,196 6,994 45,825 $ 127,300 $ 143,049 $ 91,557 $ 58,284 $ 61,843 $ 482,033 Timing of revenue recognition Goods/services transferred at a point in time $ 98,243 $ 23,906 $ 60,859 $ 20,180 $ 34,388 $ 237,576 Goods/services transferred over time 29,057 119,143 30,698 38,104 27,455 244,457 $ 127,300 $ 143,049 $ 91,557 $ 58,284 $ 61,843 $ 482,033 Fiscal Year 2020 Commercial Live Events High School Park and Transportation International Total Type of performance obligation Unique configuration $ 35,212 $ 140,044 $ 19,176 $ 43,519 $ 40,454 $ 278,405 Limited configuration 102,847 31,897 74,266 24,588 45,626 279,224 Service and other 14,568 24,650 2,972 2,032 7,081 51,303 $ 152,627 $ 196,591 $ 96,414 $ 70,139 $ 93,161 $ 608,932 Timing of revenue recognition Goods/services transferred at a point in time $ 105,096 $ 39,521 $ 68,582 $ 25,157 $ 47,345 $ 285,701 Goods/services transferred over time 47,531 157,070 27,832 44,982 45,816 323,231 $ 152,627 $ 196,591 $ 96,414 $ 70,139 $ 93,161 $ 608,932 See "Note 3. 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 balances and changes in our contract assets and liabilities: April 30, 2022 May 1, 2021 Contract assets $ 41,687 $ 32,799 Contract liabilities - current 90,393 64,495 Contract liabilities - non-current 10,998 10,720 The changes in our contract assets and contract liabilities from May 1, 2021 to April 30, 2022 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 fiscal 2022. 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". Changes in unearned service-type warranty contracts, net were as follows: April 30, 2022 May 1, 2021 Balance at beginning of year $ 24,590 $ 24,490 New contracts sold 42,619 35,623 Less: reductions for revenue recognized (40,614) (36,723) Foreign currency translation and other (249) 1,200 Balance at end of year $ 26,346 $ 24,590 As of April 30, 2022 and May 1, 2021, 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 consolidated balance sheets. During fiscal 2022, we recognized revenue of $53,241 related to our contract liabilities as of May 1, 2021. Remaining performance obligations As of April 30, 2022, the aggregate amount of the transaction price allocated to the remaining performance obligations was $533,340. We expect approximately $452,289 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 April 30, 2022 are $471,589 and $61,751, 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 Reporting
Segment Reporting | 12 Months Ended |
Apr. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | 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. 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. Our CODM evaluates segment performance according to the GAAP measure of gross profit. Our Commercial business unit primarily consists of sales of our integrated video display systems, digital billboards, Galaxy ® and Fuelight ™ product lines, and dynamic messaging systems to resellers (primarily sign companies), out-of-home ("OOH") companies, national retailers, quick-serve restaurants, casinos, shopping centers, cruise ships, commercial building owners, and petroleum retailers. Our Live Events business unit primarily consists of sales of integrated scoring and video display systems to college and professional sports facilities and convention centers and sales of our mobile display technology to video rental organizations and other live events type venues. Our High School Park and Recreation business unit primarily consists of sales of scoring systems, Galaxy ® displays and video display systems to primary and secondary education facilities and resellers (primarily sign companies). Our Transportation business unit primarily consists of sales of intelligent transportation systems dynamic messaging signs for road management, mass transit, and aviation applications and other electronic signage for advertising and way-finding needs, which includes our Vanguard ® and Galaxy ® product lines and other intelligent transportation systems dynamic message signs, to governmental transportation departments, transportation industry contractors, airlines and other transportation related customers. Our International business unit consists of sales of all product lines outside the United States and Canada. In our International business unit, we focus on product lines related to integrated scoring and video display systems for sports and commercial applications, OOH advertising products, architectural lighting, and transportation related products for sale outside of the United States and Canada to the related type of company, including sports and commercial business facilities, OOH companies, and governmental transportation agencies. Assets are not allocated to the segments. Depreciation and amortization are allocated to each segment based on various financial measures; however, some depreciation and amortization are corporate in nature and remain unallocated. Our segments follow the same accounting policies as those described in "Note 1. Nature of Business and Summary of Significant Accounting Policies." Some expenses or services are not directly allocable to a sale or segment or the resources and related expenses are shared across business segment areas. These expenses are allocated using estimates and allocation methodologies based on financial measures and professional judgment. Shared or unabsorbed manufacturing costs are allocated to the business unit benefiting most from that manufacturing location's production capabilities. Shared or unabsorbed costs of domestic field sales and services infrastructure, including most field administrative staff, are allocated to the Commercial, Live Events, High School Park and Recreation, and Transportation business units based on cost of sales. Shared manufacturing, buildings and utilities, and procurement costs are allocated based on payroll dollars, square footage and various other financial measures in the segment analysis. We do not maintain information on sales by products; therefore, disclosure of such information is not practical. The following table sets forth certain financial information for each of our five reporting segments for the periods indicated: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 Net sales: Commercial $ 154,211 $ 127,300 $ 152,627 Live Events 199,106 143,049 196,591 High School Park and Recreation 111,816 91,557 96,414 Transportation 62,707 58,284 70,139 International 83,130 61,843 93,161 Total company net sales 610,970 482,033 608,932 Gross profit: Commercial 31,851 33,072 29,246 Live Events 21,787 24,397 39,518 High School Park and Recreation 35,477 31,472 28,874 Transportation 18,172 20,329 23,910 International 9,410 11,313 17,152 116,697 120,583 138,700 Operating expenses Selling 51,075 48,649 65,902 General and administrative 32,563 27,980 35,193 Product design and development 29,013 26,846 37,772 112,651 103,475 138,867 Operating income (loss) 4,046 17,108 (167) Nonoperating income (expense): Interest income (expense), net 171 (65) 699 Other expense, net (3,109) (2,983) (541) Income (loss) before income taxes $ 1,108 $ 14,060 $ (9) Depreciation and amortization: Commercial $ 2,677 $ 3,037 $ 3,682 Live Events 5,238 5,798 5,605 High School Park and Recreation 1,420 1,942 2,025 Transportation 551 979 1,029 International 2,796 2,887 2,460 Unallocated corporate depreciation 2,712 2,434 2,917 $ 15,394 $ 17,077 $ 17,718 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: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 Net sales: United States $ 513,740 $ 413,211 $ 504,931 Outside United States 97,230 68,822 104,001 $ 610,970 $ 482,033 $ 608,932 Property and equipment, net of accumulated depreciation: United States $ 58,643 $ 50,130 $ 58,422 Outside United States 8,122 8,552 9,062 $ 66,765 $ 58,682 $ 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 and limited-source suppliers that could limit our supply or cause delays in obtaining raw material and components needed in manufacturing. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Apr. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The changes in the carrying amount of goodwill related to each reportable segment for the fiscal year ended April 30, 2022 were as follows: Live Events Commercial Transportation International Total Balance as of May 1, 2021: $ 2,313 $ 3,464 $ 84 $ 2,553 $ 8,414 Foreign currency translation (17) (115) (16) (339) (487) Balance as of April 30, 2022: $ 2,296 $ 3,349 $ 68 $ 2,214 $ 7,927 We perform an analysis of goodwill on an annual basis and test 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 and concluded no goodwill impairment existed for fiscal years 2022, 2021, and 2020. Intangible Assets The following table summarizes intangible assets, net, as of April 30, 2022 and May 1, 2021: April 30, 2022 Weighted Average Life (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Registered trademarks 20.0 $ 639 $ 233 $ 406 Software 3.0 2,984 2,984 — Customer relationships 10.0 2,853 1,787 1,066 Other 1.0 101 101 — Total 7.6 $ 6,577 $ 5,105 $ 1,472 May 1, 2021 Weighted Average Life (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Registered trademarks 19.4 $ 738 $ 246 $ 492 Software 3.0 6,606 6,412 194 Customer relationships 10.0 2,984 1,588 1,396 Other 1.5 132 131 1 Total 6.1 $ 10,460 $ 8,377 $ 2,083 In the fiscal years 2022, 2021, and 2020, amortization expense was $504, $1,502, and $1,498, respectively. Amortization expenses are included primarily in product design and development and selling expense in the consolidated statements of operations. Intangible assets are written off when fully amortized. As of April 30, 2022, amortization expenses for future periods were estimated to be as follows: Fiscal years ending Amount 2023 $ 300 2024 300 2025 300 2026 266 2027 36 Thereafter 270 Total expected amortization expense $ 1,472 |
Selected Financial Statement Da
Selected Financial Statement Data | 12 Months Ended |
Apr. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Selected Financial Statement Data | Selected Financial Statement Data Inventories consisted of the following: April 30, 2022 May 1, 2021 Raw materials $ 71,410 $ 29,913 Work-in-process 14,238 9,948 Finished goods 48,744 34,495 $ 134,392 $ 74,356 Property and equipment, net consisted of the following: April 30, 2022 May 1, 2021 Land $ 1,899 $ 1,924 Buildings 69,170 69,608 Machinery and equipment 110,079 98,451 Office furniture and equipment 4,098 4,103 Computer software and hardware 46,922 44,851 Construction in Process 5,792 — Demonstration equipment 7,260 7,186 Transportation equipment 7,065 7,264 252,285 233,387 Less accumulated depreciation 185,520 174,705 $ 66,765 $ 58,682 Our depreciation expense was $14,890, $15,575, and $16,230 for the fiscal years 2022, 2021, and 2020, respectively. Accrued expenses consisted of the following: April 30, 2022 May 1, 2021 Compensation $ 15,944 $ 13,079 Taxes, other than income taxes 6,741 5,888 Accrued employee benefits 3,227 2,174 Operating lease liabilities 2,309 1,881 Short-term accrued expenses 6,738 7,455 Acquisition-related contingency consideration — 195 $ 34,959 $ 30,672 Other (expense) income, net consisted of the following: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 Foreign currency transaction (losses) gains $ (227) $ (675) $ 207 Equity in losses of affiliates (2,970) (2,370) (741) Other 88 62 (7) $ (3,109) $ (2,983) $ (541) |
Receivables
Receivables | 12 Months Ended |
Apr. 30, 2022 | |
Receivables [Abstract] | |
Receivables | 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 $2,754 and $3,942 at April 30, 2022 and May 1, 2021, respectively. Included in accounts receivable as of April 30, 2022 and May 1, 2021 was $1,834 and $660, 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 |
Financing Agreements
Financing Agreements | 12 Months Ended |
Apr. 30, 2022 | |
Debt Disclosure [Abstract] | |
Financing Agreement | Financing Agreements We have a credit agreement with a bank which provides for a $35,000, line of credit and allows up to $20,000 for commercial and standby letters of credit. The bank has a security interest in certain assets located in the United States. The interest rate on the line of credit ranges from the secured overnight financing rate ("SOFR") plus 75 basis points to SOFR plus 125 basis points depending on certain ratios. The line of credit was renewed on April 29, 2022, and the maturity date of our credit agreement and related revolving bank note is April 29, 2025. The credit agreement and amendments to the credit agreement require us to be in compliance with certain financial ratios, including a covenant to maintain the ratio of interest-bearing debt to earnings before income taxes, depreciation, and amortization of less than 2.5, and other covenants. The credit agreement and amendments to the credit agreement also contain customary events of default, including the failure to comply with covenants, the failure to pay or discharge material judgments and taxes, bankruptcy, the failure to pay loans and fees, and experiencing a change of control. The occurrence of an event of default by us would permit the lenders to terminate their commitments and accelerate repayment of the loans, foreclose on the collateral for the loans, and require collateralization of outstanding letters of credit. As of April 30, 2022, there were no advances under the loan portion of the line of credit, and the balance of the letters of credit outstanding was approximately $4,669. As of April 30, 2022, $30,331 of the credit facility was available for borrowing. |
Share Repurchase Program
Share Repurchase Program | 12 Months Ended |
Apr. 30, 2022 | |
Equity [Abstract] | |
Share Repurchase Program | 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. In April 2020, the Board had suspended the program. On December 2, 2021, the Board of Directors of Daktronics voted to reauthorize the stock repurchase program. During fiscal 2021, we had no repurchases of shares of our outstanding common stock. During fiscal 2022 and 2020, we repurchased 641 and 1,039, respectively, shares of common stock at a total cost of $3,184 and $5,636, respectively. As of April 30, 2022, we had $29,355 of remaining capacity under our current share repurchase program. |
Leases
Leases | 12 Months Ended |
Apr. 30, 2022 | |
Leases [Abstract] | |
Leases | Leases We lease facilities and various equipment to manufacture products and provide employee collaboration space and tools. These are all classified as operating leases and have initial lease terms ranging from one We determine if an arrangement is a lease at the inception of the lease. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Right-of-use assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As we are generally not able to determine the rate implicit in our leases, we use the incremental borrowing rate based on the information available at the commencement date in determining the present value of future lease payments. The operating lease right-of-use asset includes any prepaid lease payments and initial direct costs and excludes any lease incentives and impairments. Some of our leases include options to extend the term, which is only included in the right-of-use assets and lease liability calculation when it is reasonably certain that we will exercise that option. We have lease agreements with lease and non-lease components, and we have elected to account for all asset classes as a single lease component. Our operating leases also typically require payment of real estate taxes, insurance, and common area maintenance. These components comprise the majority of our variable lease cost and are excluded from the present value of our lease obligations. In instances where they are fixed, they are included due to our election to combine lease and non-lease components. Our total variable lease costs are immaterial. Operating lease cost is recognized on a straight-line basis over the lease term, and short-term lease cost is recognized when paid. During fiscal 2022, the amount of the operating lease cost included in cost of sales and operating expenses in the consolidated statements of operations was $2,425 and $870, respectively, as compared to $2,241 and $977, respectively, in fiscal year 2021; and $2,325 and $1,116, respectively, in fiscal year 2020. Operating lease cost includes short-term leases, which are immaterial. As of April 30, 2022, the weighted average remaining lease term and discount rate related to operating leases was 3.6 years and 2.4 percent as compared to 4.7 years and 3.3 percent as of May 1, 2021. Supplemental unaudited cash flow information related to operating leases were as follows: Year Ended April 30, 2022 May 1, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 2,680 $ 2,752 Future minimum operating lease payments as of, and subsequent to, April 30, 2022 under ASC 842 are as follows: Operating Leases(1) Fiscal years ending 2023 $ 2,489 2024 2,285 2025 1,632 2026 807 2027 667 Thereafter — Total lease payments 7,880 Less imputed interest (417) Total lease liabilities $ 7,463 (1) Includes $3,556 to extend the term of the lease for our Sioux Falls, South Dakota manufacturing facility. |
Shareholders' Equity and Share-
Shareholders' Equity and Share-Based Compensation | 12 Months Ended |
Apr. 30, 2022 | |
Equity [Abstract] | |
Shareholders' Equity and Share-Based Compensation | Shareholders' Equity and Share-Based Compensation Authorized shares types and shareholder rights plan : Our 120,000 authorized shares consist of 115,000 shares of common stock, 50 shares of Series A Junior Participating Preferred Stock, and 4,950 shares of “undesignated stock.” Our Board of Directors has the power to authorize and issue any or all of the shares of undesignated stock without shareholder approval, including the authority to establish the rights and preferences of the undesignated stock. Each outstanding share of our common stock includes one preferred share purchase right. Each right entitles the registered holder of our common stock to purchase from us one one-thousandth of one share of our Series A Junior Participating Preferred Stock at an initial exercise price of $20 per right, subject to adjustment and the terms of the shareholder rights agreement under which the dividend was declared and paid. The rights become exercisable immediately after the earlier of (i) 10 business days following a public announcement that a person or group has acquired beneficial ownership of 20 percent or more of our outstanding common shares (subject to certain exceptions) or (ii) 10 business days following the commencement or announcement of an intention to make a tender offer or exchange offer for our common shares, the consummation of which would result in the beneficial ownership by a person or group of 20 percent or more of our outstanding common shares. The rights expire on November 19, 2024 , which date may be extended by our Board of Directors subject to certain additional conditions. Stock incentive plans : During fiscal 2021, we established the Daktronics, Inc. 2020 Stock Incentive Plan (“2020 Plan”) and ceased granting options under the 2015 Stock Incentive Plan ("2015 Plan"). The 2020 Plan provides for the issuance of stock-based awards, including stock options, restricted stock, restricted stock units and deferred stock, to employees, directors and consultants. Stock options issued to employees under the 2015 Plan and 2020 Plan generally have a 10-year life, an exercise price equal to the closing market value on the grant date and a five-year annual vesting period. Stock options granted to independent directors under these plans have a seven-year life and an exercise price equal to the closing market value on the date of grant. Stock options granted to independent directors vest in one year, provided that the directors remain on the Board. The restricted stock granted to independent directors vests in one year, provided that the directors remain on the Board. Restricted stock units are granted to employees and have a five-year annual vesting period. As with stock options, restricted stock and restricted stock unit ownership cannot be transferred during the vesting period. At April 30, 2022, the aggregate number of shares available for future grants under the 2020 Plan for stock options and restricted stock awards was 2,456 shares. Shares of common stock subject to all stock awards granted under the 2020 Plan are counted as one share of stock for each share of stock subject to the award. Although the 2015 Plan remains in effect for options outstanding that were granted under the 2015 Plan until the earlier of the exercise of the options or their expiration or termination without being exercised, no new options can be granted under the 2015 Plan. Restricted stock and restricted stock units : We issue restricted stock to our non-employee directors and restricted stock units to employees. Restricted stock issued to non-employee directors are participating securities and receive dividends prior to vesting. Unvested restricted stock will terminate and be forfeited upon termination of employment or service. The fair value of restricted stock and our restricted stock unit awards are measured on the grant date based on the market value of our common stock. The related compensation expense as calculated under ASC 718, net of estimated forfeitures, is recognized over the applicable vesting period. Unrecognized compensation expense related to the restricted stock and restricted stock unit awards was approximately $1,772 at April 30, 2022, which is expected to be recognized over a weighted-average period of 2.71 years. The total fair value of restricted stock vested was $1,203, $1,293, and $1,415 in fiscal years 2022, 2021, and 2020, respectively. A summary of non-vested restricted stock and restricted stock units for fiscal years 2022, 2021, and 2020 is as follows: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 Number of Nonvested Shares Weighted Average Grant Date Number of Nonvested Shares Weighted Average Grant Date Number of Nonvested Shares Weighted Average Grant Date Outstanding at beginning of year 480 $ 5.62 449 $ 7.16 444 $ 7.58 Granted 214 5.66 223 3.92 186 7.03 Vested (213) 5.58 (176) 7.27 (173) 8.10 Forfeited (12) 5.64 (16) 7.00 (8) 7.37 Outstanding at end of year 469 $ 5.65 480 $ 5.62 449 $ 7.16 Stock Options : We issue incentive stock options to our employees and non-qualified stock options to our independent directors. A summary of stock option activity under our 2015 Plan and 2020 Plan during the fiscal year ended April 30, 2022 is as follows: Stock Options Weighted Average Exercise Price Weighted Average Remaining Aggregate Intrinsic Value Outstanding at May 1, 2021 2,227 $ 8.53 4.83 $ 843 Granted 223 5.66 — — Canceled or forfeited (341) 9.17 — — Exercised (2) 4.11 — 2 Outstanding at April 30, 2022 2,107 $ 8.13 4.98 $ — Shares vested and expected to vest 2,075 $ 8.17 4.92 $ — Exercisable at April 30, 2022 1,371 $ 9.47 3.26 $ — The aggregate intrinsic value of stock options represents the difference between the exercise price of stock options and the fair market value of the underlying common stock for all in-the-money options. We define in-the-money options at April 30, 2022 as options having exercise prices lower than the $3.35 per share market price of our common stock on that date. There were no shares exercisable that were in-the-money options at April 30, 2022. The total intrinsic value of options exercised during fiscal years 2022, 2021, and 2020 was $2, $0, and $0, respectively. The total fair value of stock options vested was $465, $451, and $566 for fiscal years 2022, 2021, and 2020, respectively. We estimate the fair value of stock options granted using the Black-Scholes option valuation model. We recognize the fair value of the stock options on a straight-line basis as compensation expense. All options are recognized over the requisite service periods of the awards, which are generally the vesting periods. The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions, including the expected stock price volatility. ASC 718 requires us to estimate forfeitures at the time of grant and revise those estimates in subsequent periods if actual forfeitures differ from those estimates. We use historical data to estimate pre-vesting option forfeitures and record share-based compensation expense only for those awards expected to vest. The following factors are the significant assumptions used in the computation of the fair value of options: Expected life . The expected life of options granted represents the period of time they are expected to be outstanding. We estimate the expected life of options granted based on historical exercise patterns, which we believe are representative of future behavior. We have examined our historical pattern of option exercises in an effort to determine if there were any discernible patterns of activity based on certain demographic characteristics. Demographic characteristics tested included age, salary level, job level and geographic location. We have determined there were no meaningful differences in option exercise activity based on the demographic characteristics tested. Expected volatility . We estimate the volatility of our common stock at the date of grant based on historical volatility consistent with ASC 718 and Securities and Exchange Commission ("SEC") Staff Accounting Bulletin No. 107, Share-Based Payments . Risk-free interest rate. The rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a term similar to the expected life of the options. Dividend yield. We use an expected dividend yield consistent with our historical dividend yield pattern. The following table provides the weighted-average fair value of options granted and the related assumptions used in the Black-Scholes model: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 Fair value of options granted $ 2.43 $ 1.71 $ 1.99 Risk-free interest rate 1.07 % 0.43 % 1.51 % Expected dividend rate — % — % 3.50 % Expected volatility 40.60 % 40.53 % 37.55 % Expected life of option (in years) 6.94 6.94 6.94 Employee stock purchase plan : We have an employee stock purchase plan (“ESPP”), which enables employees after six months of continuous employment to elect, in advance and semi-annually, to contribute up to 15 percent of their compensation, subject to certain limitations, toward the purchase of our common stock at a purchase price equal to 85 percent of the lower of the fair market value of the common stock on the first or last day of the participation period. The ESPP requires participants to hold any shares purchased under the ESPP for a minimum period of one year after the date of purchase. Compensation expense recognized on shares issued under our ESPP is based on the value of a traded option to purchase shares of our stock at a 15 percent discount to the stock price. The total number of shares reserved under the ESPP is 4,000. The number of shares of common stock issued under the ESPP totaled 310, 170, and 453 shares in fiscal 2022, 2021, and 2020, respectively. The number of shares of common stock reserved for future employee purchases under the ESPP totaled 705 shares at April 30, 2022. The ESPP is intended to qualify under Section 423 of the Internal Revenue Code of 1986 (the "Code"). Total share-based compensation expense : As of April 30, 2022, there was $2,862 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under all equity compensation plans. Total unrecognized compensation cost will be adjusted for future changes in estimated forfeitures. We expect to recognize the cost over a weighted-average period of 2.71 years. The following table presents a summary of the share-based compensation expense by equity type as follows: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 Stock options $ 458 $ 450 $ 492 Restricted stock and stock units 1,159 1,203 1,341 Employee stock purchase plans 356 414 432 $ 1,973 $ 2,067 $ 2,265 A summary of the share-based compensation expense for stock options, restricted stock, restricted stock units and shares issued under the ESPP for fiscal years 2022, 2021, and 2020 is as follows: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 Cost of sales $ 434 $ 472 $ 514 Selling 472 484 572 General and administrative 656 678 717 Product design and development 411 433 462 $ 1,973 $ 2,067 $ 2,265 We received $8 in cash from option exercises under all share-based payment arrangements for the fiscal year ended April 30, 2022. The tax (expense) benefit related to non-qualified options and restricted stock units under all share-based payment arrangements totale d ($47 ), ($70), and ($92) for fiscal years 2022, 2021, and 2020, respectively. |
Retirement Benefits
Retirement Benefits | 12 Months Ended |
Apr. 30, 2022 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | Retirement BenefitsWe sponsor a 401(k) savings plan providing benefits for substantially all United States-based employees of Daktronics, Inc. and its subsidiaries, subject to certain Internal Revenue Service ("IRS") limits. We made matching cash contributions equal to 50 percent of the employee's qualifying contribution up to six percent of such employee's compensation; however, we eliminated our matching contribution as one of our cost savings initiatives for fiscal 2021. These benefits were reinstated for fiscal 2022. Employees are eligible to participate in the 401(k) savings plan the first day of the calendar month following completion of 30 days of continuous service if they have attained the age of 21. We contributed $2,573, $0 and $2,917 for matches to the plan for fiscal years 2022, 2021, and 2020, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following tables reflect the significant components of our income tax provision. The pretax income (loss) attributable to domestic and foreign operations was as follows: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 Domestic $ (2,696) $ 10,413 $ (4,187) Foreign 3,804 3,647 4,178 Income (loss) before income taxes $ 1,108 $ 14,060 $ (9) Income tax expense (benefit) consisted of the following: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 Current: Federal $ 644 $ 507 $ 625 State 452 422 297 Foreign 975 891 761 Deferred: Federal (1,020) 1,216 (2,028) State (476) 59 (321) Foreign (59) 39 166 $ 516 $ 3,134 $ (500) The reconciliation of the provision (benefit) for income taxes and the amount computed by applying the federal statutory rate to income (loss) before income taxes is as follows: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 Computed income tax expense (benefit) at federal statutory rates $ 233 $ 2,953 $ (2) Change in uncertain tax positions (71) (34) 4 Research and development tax credit (382) (1,047) (1,621) Other, net (227) 403 (241) Change in valuation allowances 609 402 482 GILTI (14) (156) 149 Base Erosion Anti-Abuse Tax (BEAT) 12 (285) 301 Stock compensation 150 355 318 Meals and entertainment 67 49 305 Dividends paid to retirement plan — — (111) State taxes, net of federal benefit 139 494 (84) $ 516 $ 3,134 $ (500) The effective income tax rate for fiscal 2022 was impacted by tax benefits from permanent tax credits offset by valuation allowances as well as other various permanent tax adjustments and state taxes with additional expense for prior year provision to return adjustments. During fiscal 2021, our effective income tax rate was impacted due to tax benefits from permanent tax credits and prior year provision to return adjustments offset by valuation allowances as well as other various permanent tax adjustments and state taxes. During fiscal 2020, our effective income tax rate was impacted due to a tax benefit of permanent tax credits reduced by a valuation allowance placed on equity investments in proportion to a small pre-tax book loss which results in an abnormal tax rate. The components of the net deferred tax assets were as follows: April 30, 2022 May 1, 2021 Deferred tax assets: Accrued warranty obligations $ 7,117 $ 6,293 Vacation accrual 1,618 1,222 Deferred maintenance revenue 272 398 Allowance for excess and obsolete inventory 2,316 1,776 Equity compensation 276 324 Allowance for doubtful accounts 528 829 Inventory capitalization 1,278 583 Accrued compensation and benefits 1,019 1,707 Unrealized loss on foreign currency exchange — 85 Net operating loss carry forwards 729 856 Research and development tax credit carry forwards 396 516 Lease accounting - lease liability 1,918 1,572 Other 2,296 1,513 Total deferred tax assets 19,763 17,674 Valuation allowance (2,452) (1,732) Net deferred tax assets 17,311 15,942 Deferred tax liabilities: Property and equipment (1,693) (2,373) Lease accounting - right of use asset (1,907) (1,580) Prepaid expenses (428) (337) Intangible assets — (69) Unrealized gain on foreign currency exchange (180) — Other (59) (49) Total deferred tax liabilities (4,267) (4,408) Net deferred tax asset $ 13,044 $ 11,534 The classification of the net deferred tax assets in the accompanying consolidated balance sheets is: April 30, 2022 May 1, 2021 Non-current assets $ 13,331 $ 11,944 Non-current liabilities (287) (410) $ 13,044 $ 11,534 The summary of changes in the amounts related to unrecognized uncertain tax benefits are: April 30, 2022 May 1, 2021 Balance at beginning of year $ 548 $ 582 Gross increases related to prior period tax positions 17 21 Gross decreases related to prior period tax positions (54) (1) Gross increases related to current period tax positions 116 84 Lapse of statute of limitations (150) (138) Balance at end of year $ 477 $ 548 All of our unrecognized tax benefits would have an impact on the effective tax rate if recognized. It is reasonably possible that the amount of unrecognized tax benefits could change due to one or more of the following events occurring in the next 12 months: expiring statutes, audit activity, tax payments, or competent authority proceedings. A statute of limitations relating to $166 of the unrecognized tax benefits (including interest) expires in the next 12 months. The benefit will be recognized if the statute lapses with no further action taken by regulators. Additionally, we recognized the release of $150 in unrecognized tax benefits related to the lapse of a statute of limitations in fiscal 2022. Interest and penalties incurred associated with uncertain tax positions are included in the "Income tax expense" line item in our consolidated statements of operations. Accrued interest and penalties are included in the related tax liability line item in our consolidated balance sheets of $38 and $38 as of April 30, 2022 and May 1, 2021, respectively. As of April 30, 2022, we had foreign net operating loss (“NOL”) carryforwards of approximately $3,460 primarily related to our operations in Belgium and Ireland, which have indefinite lives. A deferred tax asset has been recorded for all NOL carryforwards totaling approximately $723. However, due to uncertainty in future taxable income, a valuation allowance totaling approximately $581 has been recorded. If sufficient evidence of our ability to generate future taxable income in the jurisdictions in which we currently maintain a valuation allowance causes us to determine that our deferred tax assets are more likely than not realizable, we would release our valuation allowance, which would result in an income tax benefit being recorded in our consolidated statements of operations. Additional tax information: We are subject to U.S. federal income tax as well as income taxes of multiple state and foreign jurisdictions. Fiscal years 2019, 2020 and 2021 remain open to federal tax examinations, and fiscal years 2018, 2019, 2020 and 2021 remain open for 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 2011. 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 consolidated statement of operations. As of April 30, 2022, we had no deferred tax liability recognized relating to our investment in foreign subsidiaries where the earnings have been indefinitely reinvested. The Tax Act of 2017 generally eliminates U.S. federal income taxes on dividends from foreign subsidiaries, and, as a result, the accumulated undistributed earnings would be subject only to other taxes, such as withholding taxes and state income taxes, on the distribution of such earnings. No additional withholding or income taxes have been provided for any remaining undistributed foreign earnings not subject to the one-time deemed repatriation tax, as it is our intention for these amounts to continue to be indefinitely reinvested in foreign operations in all of our non-U.S. jurisdictions. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") was enacted in response to the COVID-19 global pandemic. The CARES Act includes provisions such as: a deferral of the employer portion of certain payroll taxes, refundable payroll tax credits, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, technical corrections to tax depreciation methods for qualified improvement property, and permitting NOL carryforwards incurred in tax years 2018, 2019, and 2020 (our fiscal years 2019, 2020, and 2021) to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. Subsequently to the CARES Act, the Consolidated Appropriations Act (“CAA”) of 2021 was signed into law on December 27, 2020, expanding and extending rules pertaining to payroll tax credits outlined in the CARES Act. Additionally, the American Rescue Plan Act of 2021 (“ARPA”) was signed into law on March 11, 2021, further extending the payroll tax credits with |
Cash Flow Information
Cash Flow Information | 12 Months Ended |
Apr. 30, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow Information | Cash Flow Information The changes in operating assets and liabilities consisted of the following: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 (Increase) decrease: Account receivable $ (33,876) $ 4,864 $ (7,461) Long-term receivables (440) 1,737 (1,173) Inventories (61,159) 13,900 (8,347) Contract assets (9,545) 3,080 (1,931) Prepaid expenses and other current assets (7,661) 2,450 (1,403) Income taxes receivables 121 (148) 533 Investment in affiliates and other assets (357) 744 (3,137) Increase (decrease): Accounts payable 33,002 (7,081) 2,377 Contract liabilities 27,398 12,628 4,548 Accrued expenses 6,354 (2,936) 6,745 Warranty obligations 1,160 696 273 Long-term warranty obligations 1,764 (367) 883 Income taxes payable (379) (173) 390 Long-term marketing obligations and other payables (1,762) 2,337 (387) $ (45,380) $ 31,731 $ (8,090) Supplemental disclosures of cash flow information consisted of the following: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 Cash payments for: Interest $ 16 $ 264 $ 46 Income taxes, net of refunds 1,951 2,557 977 Supplemental schedule of non-cash investing and financing activities consisted of the following: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 Demonstration equipment transferred to inventory $ 53 $ 56 $ 10 Purchases of property and equipment included in accounts payable 4,177 667 1,951 Contributions of common stock under the ESPP 1,211 565 2,311 |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Apr. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement ASC 820, Fair Value Measurement, defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. It also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy within ASC 820 distinguishes between the following three Levels of inputs which may be utilized when measuring fair value: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices included within Level 1 for the assets or liabilities, either directly or indirectly (for example, quoted market prices for similar assets and liabilities in active markets or quoted market prices for identical assets or liabilities in markets not considered to be active, inputs other than quoted prices that are observable for the asset or liability, or market-corroborated input). Level 3 - Unobservable inputs supported by little or no market activity based on our own assumptions used to measure assets and liabilities. The fair values for fixed-rate long-term receivables are estimated using a discounted cash flow analysis based on interest rates currently being offered for contracts with similar terms to customers with similar credit quality. The carrying amounts reported in our consolidated balance sheets for long-term receivables approximate fair value and have been categorized as a Level 2 fair value measurement. Fair values for fixed-rate long-term marketing obligations are estimated using a discounted cash flow calculation applying interest rates currently being offered for debt with similar terms and underlying collateral. The total carrying value of long-term marketing obligations as reported in our consolidated balance sheets within other long-term obligations approximates fair value and has been categorized as a Level 2 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 April 30, 2022 and May 1, 2021 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 April 30, 2022: Cash and cash equivalents $ 17,143 $ — $ — $ 17,143 Restricted cash 865 — — 865 Available-for-sale securities: US Government Securities 3,486 — — 3,486 US Government Sponsored entities — 534 — 534 Derivatives - asset position — 934 — 934 Derivatives - liability position — (311) — (311) $ 21,494 $ 1,157 $ — $ 22,651 Balance as of May 1, 2021: Cash and cash equivalents $ 77,590 $ — $ — $ 77,590 Restricted cash 2,812 — — 2,812 Derivatives - asset position — 4 — 4 Derivatives - liability position — (261) — (261) Acquisition-related contingent consideration — — (363) (363) $ 80,402 $ (257) $ (363) $ 79,782 A roll forward of the Level 3 contingent liabilities, both short- and long-term, for the fiscal year ended April 30, 2022 is as follows: Acquisition-related contingent consideration as of May 1, 2021 $ 363 Additions 33 Settlements (400) Interest 4 Acquisition-related contingent consideration as of April 30, 2022 $ — The following methods and assumptions were used to estimate the fair value of each class of financial instrument. There have been no changes in the valuation techniques used by us to value our financial instruments. Cash and cash equivalents : Consists of cash on hand in bank deposits and highly liquid investments, primarily money market accounts. The fair value was measured using quoted market prices in active markets. The carrying amount approximates fair value. Restricted cash : Consists of cash and cash equivalents held in bank deposit accounts to secure issuances of foreign bank guarantees. The fair value of restricted cash was measured using quoted market prices in active markets. The carrying amount approximates fair value. Derivatives – currency forward contracts : Consists of currency forward contracts trading with sufficient frequency and volume to enable us to obtain pricing information on an ongoing basis. The fair value of these securities was measured based on a valuation from a third-party bank. See "Note 15. Derivative Financial Instruments" for more information regarding our derivatives. Contingent liabilities : Consists of the fair value of liabilities measured on expected future payments relating to business acquisitions if conditions are met. The contingent liabilities were calculated by estimating the discounted present value of expected future payments as of the acquisition date and subsequently at the end of each reporting period. The fair value measurement is based on significant unobservable inputs as of May 1, 2021. There were no contingent liabilities as of April 30, 2022. Non-recurring measurements: The fair value measurement standard also applies to certain non-financial assets and liabilities measured at fair value on a nonrecurring basis. Certain long-lived assets such as goodwill, intangible assets and property and equipment are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. Other measurements using fair value : Some of our financial instruments, such as accounts receivable, long-term receivables, prepaid expense and other assets, contract assets and liabilities, accounts payable, warranty obligations, and other long-term obligations are reflected in the consolidated balance sheets at carrying value, which approximates fair value due to their short-term nature. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Apr. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial InstrumentsWe 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 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 April 30, 2022 and May 1, 2021, 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 consolidated statements of operations. The foreign currency exchange contracts in aggregated notional amounts in place to exchange U.S. dollars at April 30, 2022 and May 1, 2021 were as follows: April 30, 2022 May 1, 2021 U.S. Dollars Foreign Currency U.S. Dollars Foreign Currency Foreign Currency Exchange Forward Contracts: U.S. Dollars/Australian Dollars — — 2,410 3,464 U.S. Dollars/Canadian Dollars 942 1,189 — — U.S. Dollars/British Pounds 1,774 1,345 418 300 U.S. Dollars/Euros 8,575 7,513 — — As of April 30, 2022, there was an asset and liability of $934 and $311, respectively, and as of May 1, 2021, there was an asset and liability of $4 and $261, 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 April 30, 2022, all contracts mature within ten months. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Apr. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation: We are a party to legal proceedings and claims which arise during the ordinary course of business. We review our legal proceedings and claims, regulatory reviews and inspections, and other legal matters on an ongoing basis and follow appropriate accounting guidance when making accrual and disclosure decisions. We establish accruals for those contingencies when the incurrence of a loss is probable and can be reasonably estimated, and we disclose the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued if such disclosure is necessary for our financial statements to not be misleading. We do not record an accrual when the likelihood of loss being incurred is probable, but the amount cannot be reasonably estimated, or when the loss is believed to be only reasonably possible or remote, although disclosures will be made for material matters as required by ASC 450-20, Contingencies - Loss Contingencies. Our assessment of whether a loss is reasonably possible or probable is based on our assessment and consultation with legal counsel regarding the ultimate outcome of the matter following all appeals. As of May 2, 2020, we recorded a $2,072 reserve for the probable and reasonably estimated cost to settle a patent litigation claim, which was included in the "Accrued expenses" line item in our consolidated balance sheets and "Cost of Sales" in consolidated statement of operations. During fiscal 2021, an appellate court ruled in our favor on this matter. Since we no longer estimate we have a probable loss, we recorded a credit to the "Cost of sales" line item in our consolidated statement of operations and removed the liability from our consolidated balance sheet during fiscal 2021. 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: See "Note 1. Nature of Business and Summary of Significant Accounting Policies" for more information regarding warranties. Changes in our warranty obligation for the fiscal years ended April 30, 2022 and May 1, 2021 consisted of the following: April 30, 2022 May 1, 2021 Beginning accrued warranty obligations $ 25,960 $ 25,624 Warranties issued during the period 9,748 8,539 Settlements made during the period (7,503) (5,718) Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations 673 (2,485) Ending accrued warranty obligations $ 28,878 $ 25,960 Performance guarantees: We have entered into standby letters of credit, bank guarantees and surety bonds with financial institutions relating to the guarantee of our future performance on contracts, primarily construction-type contracts. As of April 30, 2022, we had outstanding letters of credit, bank guarantees and surety bonds in the amount of $4,669, $715 and $88,323, 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 April 30, 2022, 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 April 30, 2022, we were obligated under the following unconditional purchase commitments: Fiscal years ending Amount 2023 $ 4,389 2024 1,686 2025 113 2026 40 2027 — $ 6,228 |
Nature of Business and Summar_2
Nature of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Nature of business | Nature of business : Daktronics, Inc. and its subsidiaries are engaged principally in the design, market, and manufacture of a wide range of integrated electronic display systems and related products which are sold in a variety of markets throughout the world and the rendering of related maintenance and professional services. Our products are designed primarily to inform and entertain people through the communication of content. |
Fiscal year | Fiscal year : We operate 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 years ended April 30, 2022 and May 1, 2021 contained operating results for 52 weeks, while the fiscal year ended May 2, 2020 contained operating results for 53 weeks. |
Principles of consolidation | Principles of consolidation : The consolidated financial statements include Daktronics, Inc. and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. |
Investment in affiliates | 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 affiliates' 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. 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 our investments in affiliates accounted for under the equity method was $16,916 and $19,887 as of April 30, 2022 and May 1, 2021 respectively. Our proportional share of the respective affiliates' earnings or losses is included in the "Other (expense) income, net" line item in our consolidated statements of operations. For the fiscal years 2022, 2021 and 2020, our share of the losses of our affiliates was $2,970, $2,370 and $741, respectively. During fiscal 2022, we purchased $7,488 of convertible notes (“Notes”) which are included in the “Investment in affiliates and other assets" and "Current maturities of long-term receivables" line items in our consolidated balance sheet. There were no convertible notes as of May 1, 2021. We purchased services for research and development activities from our equity method investees. The total of these related party transactions for fiscal year 2022, 2021 and 2020 was $1,520, $460, and $1,113, respectively, which is included in the "Product design and development" line item in our consolidated statement of operations, and for fiscal 2022, $296 of this remains unpaid and is included in the "Accounts payable " line item in our consolidated balance sheet. Fiscal 2021 had $470 unpaid and included in the "Accounts payable" line item in our consolidated balance sheet. Summarized financial information for equity method investments consist of the following: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 Balance sheet data: Current assets $ 6,672 $ 7,534 $ 10,593 Non-current assets 4,491 4,637 4,266 Current liabilities 13,938 2,807 2,755 Non-current liabilities 1,738 1,793 4,086 Income statement data: Net loss $ (11,928) $ (13,436) $ (1,383) |
Use of estimates | Use of estimates : The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities; the disclosure of contingent assets and liabilities at the date of the financial statements; the reported amounts of revenues and expenses during the reporting period; and our ability to continue as a going concern. Due to the inherent uncertainty involved in making estimates, actual results in future periods may differ from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the estimated total costs on uniquely configured contracts and estimated costs to be incurred for product warranties and income taxes. Estimation processes are also used in inventory valuation and determining, the allowance for doubtful accounts, share-based compensation, goodwill impairment, and extended warranty and product maintenance agreements. Changes in estimates are reflected in the periods in which they become known. |
Cash and cash equivalents | Cash and cash equivalents : All highly liquid investments with maturities of three months or less at the date of purchase are considered to be cash equivalents and consist primarily of government repurchase agreements, savings accounts and money market accounts that are carried at cost, which approximates fair value. We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We have not experienced any losses in such accounts. |
Restricted cash | Restricted cash : Restricted cash consists of cash and cash equivalents held in bank deposit accounts to secure issuances of foreign bank guarantees. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the totals of the same amounts shown in the consolidated statements of cash flows. Restricted cash consists of cash and cash equivalents held in bank deposit accounts to secure issuances of foreign bank guarantees. April 30, 2022 May 1, 2021 May 2, 2020 Cash and cash equivalents $ 17,143 $ 77,590 $ 40,398 Restricted cash 865 2,812 14 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 18,008 $ 80,402 $ 40,412 |
Inventories | Inventories: In accordance with ASC 330 , Inventory, our inventories are stated at the lower of cost (first-in, first-out method) and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Cost is measured as the price of the components and allocated expenses for production or betterment of the inventory item. When we estimate net realizable value to be lower than cost, any necessary adjustments are charged to cost of sales in that period. In determining net realizable value, we review various factors such as current inventory levels, forecasted demand, costs of completion, and technological obsolescence. |
Allowance for doubtful accounts | Allowance for doubtful accounts: We make estimates regarding the collectability of our accounts receivable, long-term receivables, contract assets and other receivables. In evaluating the adequacy of our allowance for doubtful accounts, we analyze specific balances, customer creditworthiness, changes in customer payment cycles, and current economic trends. If the financial condition of any customer were to deteriorate, resulting in an impairment of its ability to make payments, additional allowances may be required. We charge off receivables at such time it is determined collection will not occur in accordance with ASC 310, Receivables . |
Revenue recognition | Revenue recognition : Our accounting policies and estimates are in accordance with ASC 606 , Revenue from Contracts with Customers, and are as follows: Contracts are identified and follow the revenue recognition policies when all of the following occur: we have evidence that all parties to the contract have approved the contract and are committed to perform their respective obligations, we can identify each party’s rights regarding the goods or services to be transferred, we can identify the payment terms for the goods or services to be transferred, the contract has commercial substance, and it is probable we will collect substantially all of the consideration to which we would be entitled in exchange for the goods or services. Pre-contract costs are generally expensed as incurred, unless they are directly associated with an anticipated contract and recoverability from that contract is probable. Pre-contract costs directly associated with anticipated contracts expected to be recoverable include $117 and $492 as of April 30, 2022 and May 1, 2021, respectively. These are included in the "Inventories" line item in our consolidated balance sheets. At contract inception, we identify performance obligations by reviewing the agreement for material distinct goods and services. Goods and services are distinct when the customer can benefit from them on its own and our promises to transfer these items are identifiable from other promises within the contract. When we are contracted to provide a single promise (an integrated system), we often treat it as a single performance obligation if we are providing goods and services with the same pattern of transfer that are highly integrated or interdependent, that are modified or customized by other goods or services promised, or that provide a combined outcome for which the customer has contracted. When less interdependency or integration is necessary, or when the customer can benefit from distinct items, we separate the contract into multiple performance obligations. We account for extended warranties and other services ("service-type warranties") that represent a distinct service as a separate performance obligation. Our contracts can contain multiple components of transaction price. We evaluate each contract for these components and include fixed consideration, variable consideration, financing components, and non-cash consideration and exclude consideration payable to a customer and sales taxes in the transaction price. When we are responsible for site installations which include subcontracted work, we maintain the contractual responsibilities and risks and include the consideration for these services in the transaction price. When our contract contains variable consideration, including return rights, discounts, claims, unpriced change orders, and liquidated damages, we estimate the transaction price using the expected value (i.e., the sum of the probability-weighted amount) or the most likely amount method, whichever is expected to better predict revenue for that contract situation. We also constrain the revenue to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. We consider the following factors in determining revenue associated with variable consideration: (a) the contract or other evidence providing the legal basis, (b) additional costs caused by unforeseen circumstances, (c) evidence supporting the claim, and (d) historical evidence and patterns of customers. We adjust the contract price for the effects of a significant financing component if we expect, at contract inception, that the period between when we transfer goods and services to a customer will exceed one year from the time the customer pays and represents financing. If the payment structures exceed a year but are structured to account for risks with a contract or correspond to payments on milestones or are scheduled for performance, we do not adjust the contract price for a financing component. See "Note 6 . Receivables" for amounts recorded in long-term receivables. When separate performance obligations are identified, we allocate the transaction price to the individual performance obligation based on the best method we judge as faithfully depicting the value of the performance obligation. Many of our contracts are bundled, and we do not have separate selling prices for each performance obligation; therefore, for these contracts, we primarily use the cost plus a margin approach to allocate the relative transaction price to identified performance obligations, as it is the best representative of our pricing methods. Revenue is recognized when we satisfy a performance obligation. We receive payments from customers based on a billing schedule as established in our contracts. Billing schedules include down payments and progress billings over time; set milestone payments that are specific to the project are scheduled for performance-based payments or are set time-based payment(s). Variability in contract assets and contract liabilities relates to the timing of billings and revenue recognition, which can vary significantly depending on contractual payment terms, build and installation schedules and the related timing differences in transfer of control. Balances are also impacted by the seasonality in our business. Significant judgments and estimates are used in our revenue policies. In order to assure appropriate and consistent revenue recognition, we regularly evaluate available project related information and update estimates accordingly. We maintain internal policies and procedures to provide guidance for those involved in recording revenue. We monitor for changes in our business sales practices and customer interactions to capture the appropriate types of performance obligations and adjust for any change in control terms and conditions. Our material performance obligation types include: Unique configuration contracts : audio-visual communication systems uniquely configured (custom) or integrated for a customer's particular location and system configuration may include all or a combination of the following: engineering services, project management services, video display(s), control solution(s), installation and integration services, scoring and messaging equipment, training, other on-site services, spare parts, software licenses, and assurance-type warranties. We may have multiple performance obligations in these types of contracts; however, a majority are treated as a combined single performance obligation. In our judgment, this accounting treatment is most appropriate because the substantial part of our promise to customers is to provide significant integration services and incorporate individual goods and services into a combined output or system. Often times, the system is customized or significantly modified to the customer's desired configurations and location, and the interrelated goods and services provide utility to the customer as a package. Revenue for uniquely configured (custom) or integrated systems is recognized over time using the cost incurred input method. Over time revenue recognition is appropriate because we have no alternative use for the uniquely configured system and have an enforceable right to payment for work performed. The cost incurred input method measures costs incurred to date compared to estimated total costs for each contract. This method is the most faithful depiction of our performance because it measures the value of the contract transferred to the customer. Costs to perform include direct and indirect costs for contract design, production, integration, installation, and assurance-type warranty reserve. Direct costs include materials and components; manufacturing, project management and engineering labor; and subcontracting expenses. Indirect costs include allocated charges for such items as facilities and equipment depreciation and general overhead. Provisions of estimated losses on uncompleted contracts are made in the period when such losses are capable of being estimated. Contract modifications to existing contracts with customers are evaluated in accordance with the five-step revenue model. We treat contract modifications as a separate contract and new performance obligations when the additional goods or services are distinct and do not add to the unique configuration or are outside the integrated system and when the consideration reflects standalone selling prices. If the additional goods or services offered under the modification enhance the uniquely configured or integrated systems, revenue is allocated to the existing contracts' performance obligation. Modifications may cause changes in the timing of revenue recognition depending on the allocation to various performance obligations. The time between contract order and project completion is typically less than 12 months but may extend longer depending on the amount of custom work and customers’ delivery needs. Limited configuration (standard systems) and after-sale parts contracts : Limited configured (standard systems) or after-sale parts contracts with limited or no configuration or limited integration are recognized as distinct individual performance obligations when material. When not distinct, we combine into one performance obligation the goods and/or services with each other until the bundle of goods or services is distinct. For standard display purchases made in large quantities, we account for each piece of equipment separately as a distinct performance obligation from which a customer derives benefit. Immaterial goods or services in the context of the contract are included with the display system performance obligation. Standard systems and equipment with limited configurations or integrations may include all or a combination (when immaterial) of the following performance obligations: engineering services, project management services, video display(s), control solution(s), installation and integration services, scoring, messaging and audio equipment, training, spare parts, software licenses, assurance-type warranties, and after-sale parts. Revenue is recognized at a point in time when control passes, or over time as services are performed. When fulfilling limited configuration performance obligations, we are typically able to redirect the video displays or scoring, messaging, or audio equipment to another customer without incurring significant economic losses. Therefore, we have an alternative use for the performance obligation and recognize revenue upon our substantial completion and at the point in time we estimate control has transferred to the customer. When limited configured single performance obligations are more service-type (i.e., installation and integration services), we recognize revenue over time using the cost-to-cost input method, which is the most faithful depiction of the customer obtaining control and benefits from the work performed. Services and other : Services sold on a stand-alone basis or after the initial system sale include performance obligations such as event support, control room design, on-site training, equipment service, service-type warranties, technical support, software sold as a service, and other immaterial revenue streams. These are contracted with a customer generally per service event or service type on a stand-alone basis. Services, service type warranties, and other are recognized as net sales when the services are performed, and control is transferred to the customer at a point in time when title or control passes or over time as services are performed and for time-based "stand ready to perform" type obligations. We use professional judgment to determine control transfer. If we have the right to consideration from a customer that directly corresponds with the value of our performance (where we bill a fixed amount for each hour of service provided), we recognize revenue related to the work completed. Software: Revenues from software license fees on sales, other than uniquely configured type contracts, are recognized when delivery of the product has occurred. Subscription-based licenses include the right for a customer to use our licenses and receive related support for a specified term, and revenue is recognized pro-rata over the term of the engagement. Shipping and handling costs: Shipping and handling costs collected from our customers in connection with our sales are recorded as revenue. We record shipping and handling costs as a component of cost of sales at the time the product is shipped. Warranty: We offer a standard parts coverage warranty for periods varying from one one |
Long-term receivables and advertising rights | Long-term receivables and advertising rights: We occasionally sell and install our products at facilities in exchange for the rights to sell or to retain future advertising revenues. For these transactions, we recognize revenue equal to the amount of the present value of the future advertising payments if enough advertising is sold to obtain normal margins on the contract, and we record the related receivable in long-term receivables. We recognize imputed interest as earned. |
Property and equipment | Property and equipment : In accordance with ASC 360, Property, Plant, and Equipment, property and equipment are stated at cost and depreciated principally on the straight-line method over the following estimated useful lives: Years Buildings and improvements 5 - 40 Machinery and equipment 5 - 7 Office furniture and equipment 3 - 5 Computer software and hardware 3 - 5 Equipment held for rental 2 - 7 Demonstration equipment 3 - 5 Transportation equipment 5 - 7 Leasehold improvements are depreciated over the lesser of the useful life of the asset or the term of the lease. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets : In accordance with ASC 360, Property, Plant, and Equipment , we assess long-lived tangible assets and definite-lived intangible assets for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. When evaluating long-lived assets for potential impairment, we first compare the carrying value of the asset to the asset's estimated future cash flows (undiscounted and without interest charges). If the estimated future cash flows are less than the carrying value of the asset, we calculate an impairment loss. The impairment loss calculation compares the carrying value of the asset to the asset's estimated fair value. We recognize an impairment loss if the amount of the asset's carrying value exceeds the asset's estimated fair value. If we recognize an impairment loss, the adjusted carrying amount of the asset becomes its new cost basis. For a depreciable long-lived asset, the new cost basis will be depreciated (amortized) over the remaining useful life of that asset. Our impairment loss calculations contain uncertainties because they require management to make assumptions and to apply judgment to estimate future cash flows and asset fair values, including forecasting useful lives of the assets and selecting the discount rate that reflects the risk inherent in future cash flows. |
Goodwill and other intangible assets | Goodwill and Other Intangible Assets : We account for goodwill and other intangible assets with indefinite lives in accordance with ASC 350 , Goodwill and Other. Under these provisions, goodwill is not amortized but is tested for impairment on at least an annual basis. Impairment testing is required more often than annually if an event or circumstance indicates an impairment or a decline in value may have occurred. A qualitative assessment may be used to first determine whether it is "more likely than not" that the fair value of a reporting unit is less its carrying value. Based on this assessment, if it is determined that is more likely than not that impairment has occurred, a quantitative analysis will be performed. The quantitative assessment uses an income approach to estimate the fair value of each reporting unit. The income approach is based on the projected cash flows, which are discounted to their present value using discount rates which consider the timing and risk of the forecasted cash flows. Fair value is estimated using internally developed forecasts and assumptions and takes into account management plans, business trends, and market and economic conditions. If the quantitative assessment of good impairment fails, an impairment loss equal to the amount that a reporting unit's carrying value exceeds its fair value will be recognized. |
Foreign currency translation | Foreign currency translation : We follow the provisions of ASC 830, Foreign Currency Matters. Our foreign subsidiaries use the local currency of their respective countries as their functional currency. The assets and liabilities of foreign operations are translated at the exchange rates in effect at the balance sheet date. The operating results of foreign operations are translated at weighted average exchange rates. The related translation gains or losses are reported as a separate component of shareholders’ equity in accumulated other comprehensive loss. |
Income taxes | Income taxes : We account for income taxes in accordance with ASC 740 , Income Taxes . We record a tax provision for anticipated tax consequences of the reported results of operations. Deferred tax assets and liabilities are measured using currently enacted tax rates and statutory tax rates applicable to the years in which we expect these temporary differences will affect taxable income. These assets and liabilities are analyzed regularly, and we assess the likelihood that deferred tax assets will be recoverable from future taxable income. When necessary, a valuation allowance is established if it is more likely than not the deferred tax asset will not be realized. We report the net deferred tax asset and liability as a long-term asset or liability. Net deferred assets or liabilities are calculated by combining them based on their jurisdiction. In addition, because we operate in multiple income tax jurisdictions both within the United States and internationally, the calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of complex tax laws. Resolution of these uncertainties in a manner inconsistent with our expectations could have a material impact on our financial condition and operating results. See "Note 12. Income Taxes" for further information. |
Comprehensive income (loss) | Comprehensive income (loss) : We follow the provisions of ASC 220 , Reporting Comprehensive Income , which establishes standards for reporting and displaying comprehensive income and its components, and disclose these components in the consolidated statements of comprehensive income. Comprehensive (loss) income reflects the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. For us, comprehensive income represents net income adjusted for cumulative foreign currency translation adjustments and unrealized gains and losses on available-for-sale securities. The foreign currency translation adjustment included in the |
Product design and development | Product design and development : We follow the provisions of ASC 730, Research and Development , which states all expenses related to product design and development are charged to operations as incurred. Our product design and development activities include the enhancement of existing products and technologies and the development of new products and technologies. |
Earnings per share ("EPS") | 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 shares of common stock or resulted in the issuance of shares 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 fiscal years ended April 30, 2022, May 1, 2021 and May 2, 2020: Net income Shares Per share income For the year ended April 30, 2022: Basic earnings per share $ 592 45,188 $ 0.01 Dilution associated with stock compensation plans — 138 — Diluted earnings per share $ 592 45,326 $ 0.01 For the year ended May 1, 2021: Basic earnings per share $ 10,926 44,989 $ 0.24 Dilution associated with stock compensation plans — 213 — Diluted earnings per share $ 10,926 45,202 $ 0.24 For the year ended May 2, 2020: Basic earnings per share $ 491 45,031 $ 0.01 Dilution associated with stock compensation plans — 285 — Diluted earnings per share $ 491 45,316 $ 0.01 Options outstanding to purchase 1,846, 2,262 and 2,198 shares of common stock with a weighted average exercise price of $9.15, $9.11 and $9.95 for the fiscal years ended April 30, 2022, May 1, 2021 and May 2, 2020, respectively, were not included in the computation of diluted earnings per share because the effects would be anti-dilutive. |
Share-based compensation | Share-based compensation : We account for share-based compensation in accordance with ASC 718 , Compensation-Stock Compensation. Under the fair value recognition provisions of ASC 718, we measure share-based compensation cost at the grant date based on the fair value of the award and recognize the compensation expense over the requisite service period, which is the vesting period. See "Note 10. Shareholders' Equity and Share-Based Compensation" for additional information and the assumptions we use to calculate the fair value of share-based employee compensation. |
Other business developments | Other Business Developments Impacts to and changes in global economic conditions are expected as the world economies recover from the COVID-19 pandemic, adjust to supply chain conditions and disruptions, and react to the evolving war and geopolitical environment. Our ability to fund operations and capital expenditures in the future will be dependent on our ability to generate cash flow from operations in these conditions, to maintain or improve margins, and to use funds from our credit facility or other funding sources. We anticipate needing to utilize a portion of our line of credit which was recently extended to April 2025 to help with our continued investment in capacity to meet our expanding demand. We believe it is probable our existing cash balances and future actions will be sufficient to fund our normal business operations over the next twelve months from the date of this filing. |
Recent accounting pronouncements | Recent Accounting Pronouncements Accounting Standards Adopted In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-03, Measurement of Credit Losses on Financial Instruments , which provides guidance regarding the measurement and recognition of credit impairment for certain financial assets. ASU 2016-03 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, ASU 2016-03 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. We adopted ASU 2016-03 and its related guidance during the first quarter of fiscal 2021, and the adoption did not have a material impact on our 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: Year Ended April 30, 2022 May 1, 2021 Balance as of Balance at beginning of year $ 3,942 $ 2,828 Charged to costs and expenses 2,083 3,318 Deductions (1) (3,271) (2,204) Balance as of Balance at end of year $ 2,754 $ 3,942 (1) Includes account collections and write offs There have been no significant ASUs issued that we adopted during the fiscal year ended April 30, 2022. Accounting Standards Not Yet Adopted In November 2021, FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities About Government Assistance |
Fair value measurement | Cash and cash equivalents : Consists of cash on hand in bank deposits and highly liquid investments, primarily money market accounts. The fair value was measured using quoted market prices in active markets. The carrying amount approximates fair value. Restricted cash : Consists of cash and cash equivalents held in bank deposit accounts to secure issuances of foreign bank guarantees. The fair value of restricted cash was measured using quoted market prices in active markets. The carrying amount approximates fair value. Derivatives – currency forward contracts : Consists of currency forward contracts trading with sufficient frequency and volume to enable us to obtain pricing information on an ongoing basis. The fair value of these securities was measured based on a valuation from a third-party bank. See "Note 15. Derivative Financial Instruments" for more information regarding our derivatives. Contingent liabilities : Consists of the fair value of liabilities measured on expected future payments relating to business acquisitions if conditions are met. The contingent liabilities were calculated by estimating the discounted present value of expected future payments as of the acquisition date and subsequently at the end of each reporting period. The fair value measurement is based on significant unobservable inputs as of May 1, 2021. There were no contingent liabilities as of April 30, 2022. Non-recurring measurements: The fair value measurement standard also applies to certain non-financial assets and liabilities measured at fair value on a nonrecurring basis. Certain long-lived assets such as goodwill, intangible assets and property and equipment are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. |
Nature of Business and Summar_3
Nature of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Equity Method Investments | Summarized financial information for equity method investments consist of the following: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 Balance sheet data: Current assets $ 6,672 $ 7,534 $ 10,593 Non-current assets 4,491 4,637 4,266 Current liabilities 13,938 2,807 2,755 Non-current liabilities 1,738 1,793 4,086 Income statement data: Net loss $ (11,928) $ (13,436) $ (1,383) |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the totals of the same amounts shown in the consolidated statements of cash flows. Restricted cash consists of cash and cash equivalents held in bank deposit accounts to secure issuances of foreign bank guarantees. April 30, 2022 May 1, 2021 May 2, 2020 Cash and cash equivalents $ 17,143 $ 77,590 $ 40,398 Restricted cash 865 2,812 14 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 18,008 $ 80,402 $ 40,412 |
Property, Plant and Equipment, Estimated Useful Life | Property and equipment : In accordance with ASC 360, Property, Plant, and Equipment, property and equipment are stated at cost and depreciated principally on the straight-line method over the following estimated useful lives: Years Buildings and improvements 5 - 40 Machinery and equipment 5 - 7 Office furniture and equipment 3 - 5 Computer software and hardware 3 - 5 Equipment held for rental 2 - 7 Demonstration equipment 3 - 5 Transportation equipment 5 - 7 |
Schedule of Earnings Per Share, Basic and Diluted | The following is a reconciliation of the net income and common share amounts used in the calculation of basic and diluted EPS for the fiscal years ended April 30, 2022, May 1, 2021 and May 2, 2020: Net income Shares Per share income For the year ended April 30, 2022: Basic earnings per share $ 592 45,188 $ 0.01 Dilution associated with stock compensation plans — 138 — Diluted earnings per share $ 592 45,326 $ 0.01 For the year ended May 1, 2021: Basic earnings per share $ 10,926 44,989 $ 0.24 Dilution associated with stock compensation plans — 213 — Diluted earnings per share $ 10,926 45,202 $ 0.24 For the year ended May 2, 2020: Basic earnings per share $ 491 45,031 $ 0.01 Dilution associated with stock compensation plans — 285 — Diluted earnings per share $ 491 45,316 $ 0.01 |
Accounts Receivable, Allowance for Credit Loss | A reconciliation of the beginning and ending allowance for doubtful accounts is as follows: Year Ended April 30, 2022 May 1, 2021 Balance as of Balance at beginning of year $ 3,942 $ 2,828 Charged to costs and expenses 2,083 3,318 Deductions (1) (3,271) (2,204) Balance as of Balance at end of year $ 2,754 $ 3,942 (1) Includes account collections and write offs |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents our disaggregation of revenue by segments: Fiscal Year 2022 Commercial Live Events High School Park and Transportation International Total Type of performance obligation Unique configuration $ 20,849 $ 144,095 $ 20,175 $ 38,843 $ 32,658 $ 256,620 Limited configuration 118,308 30,181 88,162 21,370 43,029 301,050 Service and other 15,054 24,830 3,479 2,494 7,443 53,300 $ 154,211 $ 199,106 $ 111,816 $ 62,707 $ 83,130 $ 610,970 Timing of revenue recognition Goods/services transferred at a point in time $ 120,776 $ 37,229 $ 82,678 $ 22,088 $ 45,036 $ 307,807 Goods/services transferred over time 33,435 161,877 29,138 40,619 38,094 303,163 $ 154,211 $ 199,106 $ 111,816 $ 62,707 $ 83,130 $ 610,970 Fiscal Year 2021 Commercial Live Events High School Park and Transportation International Total Type of performance obligation Unique configuration $ 16,535 $ 104,682 $ 22,258 $ 36,398 $ 22,266 $ 202,139 Limited configuration 96,420 18,679 66,697 19,690 32,583 234,069 Service and other 14,345 19,688 2,602 2,196 6,994 45,825 $ 127,300 $ 143,049 $ 91,557 $ 58,284 $ 61,843 $ 482,033 Timing of revenue recognition Goods/services transferred at a point in time $ 98,243 $ 23,906 $ 60,859 $ 20,180 $ 34,388 $ 237,576 Goods/services transferred over time 29,057 119,143 30,698 38,104 27,455 244,457 $ 127,300 $ 143,049 $ 91,557 $ 58,284 $ 61,843 $ 482,033 Fiscal Year 2020 Commercial Live Events High School Park and Transportation International Total Type of performance obligation Unique configuration $ 35,212 $ 140,044 $ 19,176 $ 43,519 $ 40,454 $ 278,405 Limited configuration 102,847 31,897 74,266 24,588 45,626 279,224 Service and other 14,568 24,650 2,972 2,032 7,081 51,303 $ 152,627 $ 196,591 $ 96,414 $ 70,139 $ 93,161 $ 608,932 Timing of revenue recognition Goods/services transferred at a point in time $ 105,096 $ 39,521 $ 68,582 $ 25,157 $ 47,345 $ 285,701 Goods/services transferred over time 47,531 157,070 27,832 44,982 45,816 323,231 $ 152,627 $ 196,591 $ 96,414 $ 70,139 $ 93,161 $ 608,932 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable | The following table reflects the balances and changes in our contract assets and liabilities: April 30, 2022 May 1, 2021 Contract assets $ 41,687 $ 32,799 Contract liabilities - current 90,393 64,495 Contract liabilities - non-current 10,998 10,720 The changes in our contract assets and contract liabilities from May 1, 2021 to April 30, 2022 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 fiscal 2022. 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". Changes in unearned service-type warranty contracts, net were as follows: April 30, 2022 May 1, 2021 Balance at beginning of year $ 24,590 $ 24,490 New contracts sold 42,619 35,623 Less: reductions for revenue recognized (40,614) (36,723) Foreign currency translation and other (249) 1,200 Balance at end of year $ 26,346 $ 24,590 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
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: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 Net sales: Commercial $ 154,211 $ 127,300 $ 152,627 Live Events 199,106 143,049 196,591 High School Park and Recreation 111,816 91,557 96,414 Transportation 62,707 58,284 70,139 International 83,130 61,843 93,161 Total company net sales 610,970 482,033 608,932 Gross profit: Commercial 31,851 33,072 29,246 Live Events 21,787 24,397 39,518 High School Park and Recreation 35,477 31,472 28,874 Transportation 18,172 20,329 23,910 International 9,410 11,313 17,152 116,697 120,583 138,700 Operating expenses Selling 51,075 48,649 65,902 General and administrative 32,563 27,980 35,193 Product design and development 29,013 26,846 37,772 112,651 103,475 138,867 Operating income (loss) 4,046 17,108 (167) Nonoperating income (expense): Interest income (expense), net 171 (65) 699 Other expense, net (3,109) (2,983) (541) Income (loss) before income taxes $ 1,108 $ 14,060 $ (9) Depreciation and amortization: Commercial $ 2,677 $ 3,037 $ 3,682 Live Events 5,238 5,798 5,605 High School Park and Recreation 1,420 1,942 2,025 Transportation 551 979 1,029 International 2,796 2,887 2,460 Unallocated corporate depreciation 2,712 2,434 2,917 $ 15,394 $ 17,077 $ 17,718 |
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: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 Net sales: United States $ 513,740 $ 413,211 $ 504,931 Outside United States 97,230 68,822 104,001 $ 610,970 $ 482,033 $ 608,932 Property and equipment, net of accumulated depreciation: United States $ 58,643 $ 50,130 $ 58,422 Outside United States 8,122 8,552 9,062 $ 66,765 $ 58,682 $ 67,484 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill related to each reportable segment for the fiscal year ended April 30, 2022 were as follows: Live Events Commercial Transportation International Total Balance as of May 1, 2021: $ 2,313 $ 3,464 $ 84 $ 2,553 $ 8,414 Foreign currency translation (17) (115) (16) (339) (487) Balance as of April 30, 2022: $ 2,296 $ 3,349 $ 68 $ 2,214 $ 7,927 |
Schedule of Finite-Lived Intangible Assets | The following table summarizes intangible assets, net, as of April 30, 2022 and May 1, 2021: April 30, 2022 Weighted Average Life (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Registered trademarks 20.0 $ 639 $ 233 $ 406 Software 3.0 2,984 2,984 — Customer relationships 10.0 2,853 1,787 1,066 Other 1.0 101 101 — Total 7.6 $ 6,577 $ 5,105 $ 1,472 May 1, 2021 Weighted Average Life (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Registered trademarks 19.4 $ 738 $ 246 $ 492 Software 3.0 6,606 6,412 194 Customer relationships 10.0 2,984 1,588 1,396 Other 1.5 132 131 1 Total 6.1 $ 10,460 $ 8,377 $ 2,083 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of April 30, 2022, amortization expenses for future periods were estimated to be as follows: Fiscal years ending Amount 2023 $ 300 2024 300 2025 300 2026 266 2027 36 Thereafter 270 Total expected amortization expense $ 1,472 |
Selected Financial Statement _2
Selected Financial Statement Data (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of inventory, current | Inventories consisted of the following: April 30, 2022 May 1, 2021 Raw materials $ 71,410 $ 29,913 Work-in-process 14,238 9,948 Finished goods 48,744 34,495 $ 134,392 $ 74,356 |
Property, plant and equipment | Property and equipment, net consisted of the following: April 30, 2022 May 1, 2021 Land $ 1,899 $ 1,924 Buildings 69,170 69,608 Machinery and equipment 110,079 98,451 Office furniture and equipment 4,098 4,103 Computer software and hardware 46,922 44,851 Construction in Process 5,792 — Demonstration equipment 7,260 7,186 Transportation equipment 7,065 7,264 252,285 233,387 Less accumulated depreciation 185,520 174,705 $ 66,765 $ 58,682 |
Schedule of accrued liabilities | Accrued expenses consisted of the following: April 30, 2022 May 1, 2021 Compensation $ 15,944 $ 13,079 Taxes, other than income taxes 6,741 5,888 Accrued employee benefits 3,227 2,174 Operating lease liabilities 2,309 1,881 Short-term accrued expenses 6,738 7,455 Acquisition-related contingency consideration — 195 $ 34,959 $ 30,672 |
Schedule of other nonoperating income (expense) | Other (expense) income, net consisted of the following: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 Foreign currency transaction (losses) gains $ (227) $ (675) $ 207 Equity in losses of affiliates (2,970) (2,370) (741) Other 88 62 (7) $ (3,109) $ (2,983) $ (541) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Leases [Abstract] | |
Lease, cost | Supplemental unaudited cash flow information related to operating leases were as follows: Year Ended April 30, 2022 May 1, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 2,680 $ 2,752 |
Lessee, operating lease, liability, maturity | Future minimum operating lease payments as of, and subsequent to, April 30, 2022 under ASC 842 are as follows: Operating Leases(1) Fiscal years ending 2023 $ 2,489 2024 2,285 2025 1,632 2026 807 2027 667 Thereafter — Total lease payments 7,880 Less imputed interest (417) Total lease liabilities $ 7,463 (1) Includes $3,556 to extend the term of the lease for our Sioux Falls, South Dakota manufacturing facility. |
Shareholders' Equity and Shar_2
Shareholders' Equity and Share-Based Compensation (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Equity [Abstract] | |
Schedule of Nonvested Restricted Stock and Restricted Stock Units Activity | A summary of non-vested restricted stock and restricted stock units for fiscal years 2022, 2021, and 2020 is as follows: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 Number of Nonvested Shares Weighted Average Grant Date Number of Nonvested Shares Weighted Average Grant Date Number of Nonvested Shares Weighted Average Grant Date Outstanding at beginning of year 480 $ 5.62 449 $ 7.16 444 $ 7.58 Granted 214 5.66 223 3.92 186 7.03 Vested (213) 5.58 (176) 7.27 (173) 8.10 Forfeited (12) 5.64 (16) 7.00 (8) 7.37 Outstanding at end of year 469 $ 5.65 480 $ 5.62 449 $ 7.16 |
Share-based Payment Arrangement, Option, Activity | A summary of stock option activity under our 2015 Plan and 2020 Plan during the fiscal year ended April 30, 2022 is as follows: Stock Options Weighted Average Exercise Price Weighted Average Remaining Aggregate Intrinsic Value Outstanding at May 1, 2021 2,227 $ 8.53 4.83 $ 843 Granted 223 5.66 — — Canceled or forfeited (341) 9.17 — — Exercised (2) 4.11 — 2 Outstanding at April 30, 2022 2,107 $ 8.13 4.98 $ — Shares vested and expected to vest 2,075 $ 8.17 4.92 $ — Exercisable at April 30, 2022 1,371 $ 9.47 3.26 $ — |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table provides the weighted-average fair value of options granted and the related assumptions used in the Black-Scholes model: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 Fair value of options granted $ 2.43 $ 1.71 $ 1.99 Risk-free interest rate 1.07 % 0.43 % 1.51 % Expected dividend rate — % — % 3.50 % Expected volatility 40.60 % 40.53 % 37.55 % Expected life of option (in years) 6.94 6.94 6.94 |
Share-based Compensation Expense | The following table presents a summary of the share-based compensation expense by equity type as follows: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 Stock options $ 458 $ 450 $ 492 Restricted stock and stock units 1,159 1,203 1,341 Employee stock purchase plans 356 414 432 $ 1,973 $ 2,067 $ 2,265 A summary of the share-based compensation expense for stock options, restricted stock, restricted stock units and shares issued under the ESPP for fiscal years 2022, 2021, and 2020 is as follows: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 Cost of sales $ 434 $ 472 $ 514 Selling 472 484 572 General and administrative 656 678 717 Product design and development 411 433 462 $ 1,973 $ 2,067 $ 2,265 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The following tables reflect the significant components of our income tax provision. The pretax income (loss) attributable to domestic and foreign operations was as follows: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 Domestic $ (2,696) $ 10,413 $ (4,187) Foreign 3,804 3,647 4,178 Income (loss) before income taxes $ 1,108 $ 14,060 $ (9) |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) consisted of the following: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 Current: Federal $ 644 $ 507 $ 625 State 452 422 297 Foreign 975 891 761 Deferred: Federal (1,020) 1,216 (2,028) State (476) 59 (321) Foreign (59) 39 166 $ 516 $ 3,134 $ (500) |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation of the provision (benefit) for income taxes and the amount computed by applying the federal statutory rate to income (loss) before income taxes is as follows: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 Computed income tax expense (benefit) at federal statutory rates $ 233 $ 2,953 $ (2) Change in uncertain tax positions (71) (34) 4 Research and development tax credit (382) (1,047) (1,621) Other, net (227) 403 (241) Change in valuation allowances 609 402 482 GILTI (14) (156) 149 Base Erosion Anti-Abuse Tax (BEAT) 12 (285) 301 Stock compensation 150 355 318 Meals and entertainment 67 49 305 Dividends paid to retirement plan — — (111) State taxes, net of federal benefit 139 494 (84) $ 516 $ 3,134 $ (500) |
Schedule of Deferred Tax Assets and Liabilities | The components of the net deferred tax assets were as follows: April 30, 2022 May 1, 2021 Deferred tax assets: Accrued warranty obligations $ 7,117 $ 6,293 Vacation accrual 1,618 1,222 Deferred maintenance revenue 272 398 Allowance for excess and obsolete inventory 2,316 1,776 Equity compensation 276 324 Allowance for doubtful accounts 528 829 Inventory capitalization 1,278 583 Accrued compensation and benefits 1,019 1,707 Unrealized loss on foreign currency exchange — 85 Net operating loss carry forwards 729 856 Research and development tax credit carry forwards 396 516 Lease accounting - lease liability 1,918 1,572 Other 2,296 1,513 Total deferred tax assets 19,763 17,674 Valuation allowance (2,452) (1,732) Net deferred tax assets 17,311 15,942 Deferred tax liabilities: Property and equipment (1,693) (2,373) Lease accounting - right of use asset (1,907) (1,580) Prepaid expenses (428) (337) Intangible assets — (69) Unrealized gain on foreign currency exchange (180) — Other (59) (49) Total deferred tax liabilities (4,267) (4,408) Net deferred tax asset $ 13,044 $ 11,534 The classification of the net deferred tax assets in the accompanying consolidated balance sheets is: April 30, 2022 May 1, 2021 Non-current assets $ 13,331 $ 11,944 Non-current liabilities (287) (410) $ 13,044 $ 11,534 |
Schedule of Unrecognized Tax Benefits Roll Forward | The summary of changes in the amounts related to unrecognized uncertain tax benefits are: April 30, 2022 May 1, 2021 Balance at beginning of year $ 548 $ 582 Gross increases related to prior period tax positions 17 21 Gross decreases related to prior period tax positions (54) (1) Gross increases related to current period tax positions 116 84 Lapse of statute of limitations (150) (138) Balance at end of year $ 477 $ 548 |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Operating Capital | The changes in operating assets and liabilities consisted of the following: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 (Increase) decrease: Account receivable $ (33,876) $ 4,864 $ (7,461) Long-term receivables (440) 1,737 (1,173) Inventories (61,159) 13,900 (8,347) Contract assets (9,545) 3,080 (1,931) Prepaid expenses and other current assets (7,661) 2,450 (1,403) Income taxes receivables 121 (148) 533 Investment in affiliates and other assets (357) 744 (3,137) Increase (decrease): Accounts payable 33,002 (7,081) 2,377 Contract liabilities 27,398 12,628 4,548 Accrued expenses 6,354 (2,936) 6,745 Warranty obligations 1,160 696 273 Long-term warranty obligations 1,764 (367) 883 Income taxes payable (379) (173) 390 Long-term marketing obligations and other payables (1,762) 2,337 (387) $ (45,380) $ 31,731 $ (8,090) |
Schedule of Cash Flow, Supplemental Disclosures | Supplemental disclosures of cash flow information consisted of the following: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 Cash payments for: Interest $ 16 $ 264 $ 46 Income taxes, net of refunds 1,951 2,557 977 |
Schedule of Other Significant Noncash Transactions | Supplemental schedule of non-cash investing and financing activities consisted of the following: Year Ended April 30, 2022 May 1, 2021 May 2, 2020 Demonstration equipment transferred to inventory $ 53 $ 56 $ 10 Purchases of property and equipment included in accounts payable 4,177 667 1,951 Contributions of common stock under the ESPP 1,211 565 2,311 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | 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 April 30, 2022 and May 1, 2021 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 April 30, 2022: Cash and cash equivalents $ 17,143 $ — $ — $ 17,143 Restricted cash 865 — — 865 Available-for-sale securities: US Government Securities 3,486 — — 3,486 US Government Sponsored entities — 534 — 534 Derivatives - asset position — 934 — 934 Derivatives - liability position — (311) — (311) $ 21,494 $ 1,157 $ — $ 22,651 Balance as of May 1, 2021: Cash and cash equivalents $ 77,590 $ — $ — $ 77,590 Restricted cash 2,812 — — 2,812 Derivatives - asset position — 4 — 4 Derivatives - liability position — (261) — (261) Acquisition-related contingent consideration — — (363) (363) $ 80,402 $ (257) $ (363) $ 79,782 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | A roll forward of the Level 3 contingent liabilities, both short- and long-term, for the fiscal year ended April 30, 2022 is as follows: Acquisition-related contingent consideration as of May 1, 2021 $ 363 Additions 33 Settlements (400) Interest 4 Acquisition-related contingent consideration as of April 30, 2022 $ — |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
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 April 30, 2022 and May 1, 2021 were as follows: April 30, 2022 May 1, 2021 U.S. Dollars Foreign Currency U.S. Dollars Foreign Currency Foreign Currency Exchange Forward Contracts: U.S. Dollars/Australian Dollars — — 2,410 3,464 U.S. Dollars/Canadian Dollars 942 1,189 — — U.S. Dollars/British Pounds 1,774 1,345 418 300 U.S. Dollars/Euros 8,575 7,513 — — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Product Warranty Liability | Changes in our warranty obligation for the fiscal years ended April 30, 2022 and May 1, 2021 consisted of the following: April 30, 2022 May 1, 2021 Beginning accrued warranty obligations $ 25,960 $ 25,624 Warranties issued during the period 9,748 8,539 Settlements made during the period (7,503) (5,718) Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations 673 (2,485) Ending accrued warranty obligations $ 28,878 $ 25,960 |
Long-term Purchase Commitment | As of April 30, 2022, we were obligated under the following unconditional purchase commitments: Fiscal years ending Amount 2023 $ 4,389 2024 1,686 2025 113 2026 40 2027 — $ 6,228 |
Nature of Business and Summar_4
Nature of Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Segment Reporting Information [Line Items] | |||
Equity method investments | $ 16,916 | $ 19,887 | |
Equity in losses of affiliates | 2,970 | 2,370 | $ 741 |
Notes receivable, noncurrent | 7,488 | ||
Related party transaction, amounts of transaction | 1,520 | 460 | $ 1,113 |
Due to related parties, current | 296 | 470 | |
Capitalized contract cost, net | 117 | 492 | |
Proceeds from government programs, cares act | 293 | $ 1,757 | |
Deferred payroll taxes, cares act | $ 2,633 | ||
Stock options | |||
Segment Reporting Information [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 1,846 | 2,262 | 2,198 |
Antidilutive securities excluded from computation of earnings per share, weighted average exercise price (in dollars per share) | $ 9.15 | $ 9.11 | $ 9.95 |
Minimum | |||
Segment Reporting Information [Line Items] | |||
Product warranty accrual, standard parts warranty coverage term (year) | 1 year | ||
Product warranty accrual, installation warranty coverage term (year) | 1 year | ||
Maximum | |||
Segment Reporting Information [Line Items] | |||
Product warranty accrual, standard parts warranty coverage term (year) | 5 years | ||
Product warranty accrual, installation warranty coverage term (year) | 10 years |
Nature of Business and Summar_5
Nature of Business and Summary of Significant Accounting Policies - Equity Method Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Balance sheet data: | |||
Current assets | $ 317,570 | $ 265,003 | |
Current liabilities | 213,694 | 146,620 | |
Non-current liabilities | 35,618 | 34,990 | |
Income statement data: | |||
Net income | 592 | 10,926 | $ 491 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Balance sheet data: | |||
Current assets | 6,672 | 7,534 | 10,593 |
Non-current assets | 4,491 | 4,637 | 4,266 |
Current liabilities | 13,938 | 2,807 | 2,755 |
Non-current liabilities | 1,738 | 1,793 | 4,086 |
Income statement data: | |||
Net income | $ (11,928) | $ (13,436) | $ (1,383) |
Nature of Business and Summar_6
Nature of Business and Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | Apr. 27, 2019 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 17,143 | $ 77,590 | $ 40,398 | |
Restricted cash | 865 | 2,812 | 14 | |
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows | $ 18,008 | $ 80,402 | $ 40,412 | $ 35,742 |
Nature of Business and Summar_7
Nature of Business and Summary of Significant Accounting Policies - Property, Plant and Equipment, Estimated Useful Life (Details) | 12 Months Ended |
Apr. 30, 2022 | |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Machinery and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 7 years |
Office furniture and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Office furniture and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Computer software and hardware | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Computer software and hardware | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Equipment held for rental | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 2 years |
Equipment held for rental | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 7 years |
Demonstration equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Demonstration equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Transportation equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Transportation equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 7 years |
Nature of Business and Summar_8
Nature of Business and Summary of Significant Accounting Policies - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Accounting Policies [Abstract] | |||
Net income | $ 592 | $ 10,926 | $ 491 |
Basic earnings per share, shares (in shares) | 45,188,000 | 44,989,000 | 45,031,000 |
Basic earnings per share (in dollars per share) | $ 0.01 | $ 0.24 | $ 0.01 |
Dilution associated with stock compensation plans, shares (in shares) | 138,000 | 213,000 | 285,000 |
Diluted earnings per share | $ 592 | $ 10,926 | $ 491 |
Diluted earnings per share, shares (in shares) | 45,326,000 | 45,202,000 | 45,316,000 |
Diluted earnings per share (in dollars per share) | $ 0.01 | $ 0.24 | $ 0.01 |
Nature of Business and Summar_9
Nature of Business and Summary of Significant Accounting Policies - Accounts Receivable, Allowance for Credit Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | $ 3,942 | $ 2,828 |
Charged to costs and expenses | 2,083 | 3,318 |
Deductions | (3,271) | (2,204) |
Ending Balance | $ 2,754 | $ 3,942 |
Revenue Recognition (Details Te
Revenue Recognition (Details Textual) $ in Thousands | 3 Months Ended |
Apr. 30, 2022USD ($) | |
Revenue from External Customer [Line Items] | |
Less: reductions for revenue recognized | $ 53,241 |
Revenue, remaining performance obligation | 533,340 |
Product | |
Revenue from External Customer [Line Items] | |
Revenue, remaining performance obligation | 471,589 |
Service | |
Revenue from External Customer [Line Items] | |
Revenue, remaining performance obligation | $ 61,751 |
Revenue Recognition -Performanc
Revenue Recognition -Performance Obligation (Details Textual) $ in Thousands | Apr. 30, 2022USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 533,340 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-05-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 452,289 |
Revenue, remaining performance obligation, expected timing of satisfaction, period (month) | 12 months |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 610,970 | $ 482,033 | $ 608,932 |
Goods/services transferred at a point in time | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 307,807 | 237,576 | 285,701 |
Goods/services transferred over time | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 303,163 | 244,457 | 323,231 |
Unique configuration | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 256,620 | 202,139 | 278,405 |
Limited configuration | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 301,050 | 234,069 | 279,224 |
Service and other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 53,300 | 45,825 | 51,303 |
Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 154,211 | 127,300 | 152,627 |
Commercial | Goods/services transferred at a point in time | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 120,776 | 98,243 | 105,096 |
Commercial | Goods/services transferred over time | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 33,435 | 29,057 | 47,531 |
Commercial | Unique configuration | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 20,849 | 16,535 | 35,212 |
Commercial | Limited configuration | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 118,308 | 96,420 | 102,847 |
Commercial | Service and other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 15,054 | 14,345 | 14,568 |
Live Events | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 199,106 | 143,049 | 196,591 |
Live Events | Goods/services transferred at a point in time | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 37,229 | 23,906 | 39,521 |
Live Events | Goods/services transferred over time | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 161,877 | 119,143 | 157,070 |
Live Events | Unique configuration | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 144,095 | 104,682 | 140,044 |
Live Events | Limited configuration | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 30,181 | 18,679 | 31,897 |
Live Events | Service and other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 24,830 | 19,688 | 24,650 |
High School Park and Recreation | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 111,816 | 91,557 | 96,414 |
High School Park and Recreation | Goods/services transferred at a point in time | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 82,678 | 60,859 | 68,582 |
High School Park and Recreation | Goods/services transferred over time | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 29,138 | 30,698 | 27,832 |
High School Park and Recreation | Unique configuration | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 20,175 | 22,258 | 19,176 |
High School Park and Recreation | Limited configuration | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 88,162 | 66,697 | 74,266 |
High School Park and Recreation | Service and other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 3,479 | 2,602 | 2,972 |
Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 62,707 | 58,284 | 70,139 |
Transportation | Goods/services transferred at a point in time | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 22,088 | 20,180 | 25,157 |
Transportation | Goods/services transferred over time | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 40,619 | 38,104 | 44,982 |
Transportation | Unique configuration | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 38,843 | 36,398 | 43,519 |
Transportation | Limited configuration | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 21,370 | 19,690 | 24,588 |
Transportation | Service and other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 2,494 | 2,196 | 2,032 |
International | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 83,130 | 61,843 | 93,161 |
International | Goods/services transferred at a point in time | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 45,036 | 34,388 | 47,345 |
International | Goods/services transferred over time | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 38,094 | 27,455 | 45,816 |
International | Unique configuration | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 32,658 | 22,266 | 40,454 |
International | Limited configuration | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 43,029 | 32,583 | 45,626 |
International | Service and other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 7,443 | $ 6,994 | $ 7,081 |
Revenue Recognition - Contract
Revenue Recognition - Contract with Customer, Contract Asset, Contract Liability, and Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Contract assets | $ 41,687 | $ 32,799 |
Contract liabilities - current | 90,393 | 64,495 |
Contract liabilities - non-current | 10,998 | 10,720 |
Service-type Warranty Contracts | ||
Changes in Unearned Service-Type Warranty Contract [Roll Forward] | ||
Balance at beginning of year | 24,590 | 24,490 |
New contracts sold | 42,619 | 35,623 |
Less: reductions for revenue recognized | (40,614) | (36,723) |
Foreign currency translation and other | (249) | 1,200 |
Balance at end of year | $ 26,346 | $ 24,590 |
Segment Reporting (Details Text
Segment Reporting (Details Textual) | 12 Months Ended |
Apr. 30, 2022segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 5 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 610,970 | $ 482,033 | $ 608,932 |
Gross profit | 116,697 | 120,583 | 138,700 |
Selling | 51,075 | 48,649 | 65,902 |
General and administrative | 32,563 | 27,980 | 35,193 |
Product design and development | 29,013 | 26,846 | 37,772 |
Operating expenses | 112,651 | 103,475 | 138,867 |
Operating income (loss) | 4,046 | 17,108 | (167) |
Interest income (expense), net | 171 | (65) | 699 |
Other expense, net | (3,109) | (2,983) | (541) |
Income (loss) before income taxes | 1,108 | 14,060 | (9) |
Depreciation and amortization | 15,394 | 17,077 | 17,718 |
Corporate, non-segment | |||
Disaggregation of Revenue [Line Items] | |||
Depreciation and amortization | 2,712 | 2,434 | 2,917 |
Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 154,211 | 127,300 | 152,627 |
Gross profit | 31,851 | 33,072 | 29,246 |
Commercial | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Depreciation and amortization | 2,677 | 3,037 | 3,682 |
Live Events | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 199,106 | 143,049 | 196,591 |
Gross profit | 21,787 | 24,397 | 39,518 |
Live Events | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Depreciation and amortization | 5,238 | 5,798 | 5,605 |
High School Park and Recreation | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 111,816 | 91,557 | 96,414 |
Gross profit | 35,477 | 31,472 | 28,874 |
High School Park and Recreation | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Depreciation and amortization | 1,420 | 1,942 | 2,025 |
Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 62,707 | 58,284 | 70,139 |
Gross profit | 18,172 | 20,329 | 23,910 |
Transportation | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Depreciation and amortization | 551 | 979 | 1,029 |
International | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 83,130 | 61,843 | 93,161 |
Gross profit | 9,410 | 11,313 | 17,152 |
International | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Depreciation and amortization | $ 2,796 | $ 2,887 | $ 2,460 |
Segment Reporting - Schedule _2
Segment Reporting - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 610,970 | $ 482,033 | $ 608,932 |
Property and equipment, net of accumulated depreciation | 66,765 | 58,682 | 67,484 |
United States | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 513,740 | 413,211 | 504,931 |
Property and equipment, net of accumulated depreciation | 58,643 | 50,130 | 58,422 |
Outside United States | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 97,230 | 68,822 | 104,001 |
Property and equipment, net of accumulated depreciation | $ 8,122 | $ 8,552 | $ 9,062 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill, impairment loss | $ 0 | $ 0 | $ 0 |
Amortization of intangible assets, total | $ 504,000 | $ 1,502,000 | $ 1,498,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Thousands | 12 Months Ended |
Apr. 30, 2022USD ($) | |
Goodwill [Roll Forward] | |
Beginning Balance | $ 8,414 |
Foreign currency translation | (487) |
Ending Balance | 7,927 |
Live Events | |
Goodwill [Roll Forward] | |
Beginning Balance | 2,313 |
Foreign currency translation | (17) |
Ending Balance | 2,296 |
Commercial | |
Goodwill [Roll Forward] | |
Beginning Balance | 3,464 |
Foreign currency translation | (115) |
Ending Balance | 3,349 |
Transportation | |
Goodwill [Roll Forward] | |
Beginning Balance | 84 |
Foreign currency translation | (16) |
Ending Balance | 68 |
International | |
Goodwill [Roll Forward] | |
Beginning Balance | 2,553 |
Foreign currency translation | (339) |
Ending Balance | $ 2,214 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life (in years) | 7 years 7 months 6 days | 6 years 1 month 6 days |
Gross Carrying Amount | $ 6,577 | $ 10,460 |
Accumulated Amortization | 5,105 | 8,377 |
Total expected amortization expense | $ 1,472 | $ 2,083 |
Registered trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life (in years) | 20 years | 19 years 4 months 24 days |
Gross Carrying Amount | $ 639 | $ 738 |
Accumulated Amortization | 233 | 246 |
Total expected amortization expense | $ 406 | $ 492 |
Software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life (in years) | 3 years | 3 years |
Gross Carrying Amount | $ 2,984 | $ 6,606 |
Accumulated Amortization | 2,984 | 6,412 |
Total expected amortization expense | $ 0 | $ 194 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life (in years) | 10 years | 10 years |
Gross Carrying Amount | $ 2,853 | $ 2,984 |
Accumulated Amortization | 1,787 | 1,588 |
Total expected amortization expense | $ 1,066 | $ 1,396 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life (in years) | 1 year | 1 year 6 months |
Gross Carrying Amount | $ 101 | $ 132 |
Accumulated Amortization | 101 | 131 |
Total expected amortization expense | $ 0 | $ 1 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | May 01, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2023 | $ 300 | |
2024 | 300 | |
2025 | 300 | |
2026 | 266 | |
2027 | 36 | |
Thereafter | 270 | |
Total expected amortization expense | $ 1,472 | $ 2,083 |
Selected Financial Statement _3
Selected Financial Statement Data - Schedule of Inventory, Current (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | May 01, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 71,410 | $ 29,913 |
Work-in-process | 14,238 | 9,948 |
Finished goods | 48,744 | 34,495 |
Inventory, Net, Total | $ 134,392 | $ 74,356 |
Selected Financial Statement _4
Selected Financial Statement Data - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | May 01, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 252,285 | $ 233,387 |
Less accumulated depreciation | 185,520 | 174,705 |
Property, Plant and Equipment, Net | 66,765 | 58,682 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 1,899 | 1,924 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 69,170 | 69,608 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 110,079 | 98,451 |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 4,098 | 4,103 |
Computer software and hardware | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 46,922 | 44,851 |
Construction in Process | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 5,792 | 0 |
Demonstration equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 7,260 | 7,186 |
Transportation equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 7,065 | $ 7,264 |
Selected Financial Statement _5
Selected Financial Statement Data (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Inventory Disclosure [Abstract] | |||
Depreciation, total | $ 14,890 | $ 15,575 | $ 16,230 |
Selected Financial Statement _6
Selected Financial Statement Data - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | May 01, 2021 |
Inventory Disclosure [Abstract] | ||
Compensation | $ 15,944 | $ 13,079 |
Taxes, other than income taxes | 6,741 | 5,888 |
Accrued employee benefits | $ 3,227 | $ 2,174 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current, Total | Accrued Liabilities, Current, Total |
Operating lease liabilities | $ 2,309 | $ 1,881 |
Short-term accrued expenses | 6,738 | 7,455 |
Acquisition-related contingency consideration | 0 | 195 |
Accrued Liabilities, Current, Total | $ 34,959 | $ 30,672 |
Selected Financial Statement _7
Selected Financial Statement Data - Schedule of Other Nonoperating Income (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Inventory Disclosure [Abstract] | |||
Foreign currency transaction (losses) gains | $ (227) | $ (675) | $ 207 |
Equity in losses of affiliates | (2,970) | (2,370) | (741) |
Other | 88 | 62 | (7) |
Other (Expense) Income, Total | $ (3,109) | $ (2,983) | $ (541) |
Receivables (Details Textual)
Receivables (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, allowance for doubtful account, net | $ 2,754 | $ 3,942 |
Accounts receivable | 101,099 | 67,808 |
Financing receivable | 4,288 | 3,097 |
Retainage on construction-type contracts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 1,834 | 660 |
Financing receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Long-term receivables | $ 4,364 | $ 3,438 |
Financing receivable | Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Contract receivables, annual interest rates | 0.00% | |
Financing receivable | Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Contract receivables, annual interest rates | 9.00% |
Financing Agreements (Details T
Financing Agreements (Details Textual) | 12 Months Ended | |
Apr. 30, 2022USD ($) | Aug. 28, 2020USD ($) | |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | Line of credit | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 0.75% | |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | Line of credit | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.25% | |
Line of credit | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 35,000,000 | |
Debt instrument, covenant, maximum interest-bearing debt to EBITDA ratio | 2.5 | |
Long-term line of credit | 0 | |
Line of credit facility, remaining borrowing capacity | $ 30,331,000 | |
Standby letters of credit | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 20,000,000 | |
Long-term line of credit | 4,669,000 | |
Guarantees | ||
Line of Credit Facility [Line Items] | ||
Long-term line of credit | $ 715,000 |
Share Repurchase Program (Detai
Share Repurchase Program (Details Textual) - USD ($) | 12 Months Ended | |||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | Jun. 17, 2016 | |
Equity [Abstract] | ||||
Stock repurchase program, authorized amount | $ 40,000,000 | |||
Stock repurchased during period (in shares) | 641,000 | 0 | 1,039,000 | |
Payments for repurchase of common stock | $ 3,184,000 | $ 0 | $ 5,636,000 | |
Stock repurchase program, remaining authorized repurchase amount | $ 29,355,000 |
Leases (Details Textual)
Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Lessor, Lease, Description [Line Items] | |||
Operating lease, weighted average remaining lease term | 3 years 7 months 6 days | 4 years 8 months 12 days | |
Operating lease, weighted average discount rate, percent | 2.40% | 3.30% | |
Cost of sales | |||
Lessor, Lease, Description [Line Items] | |||
Operating lease, cost | $ 2,425 | $ 2,241 | $ 2,325 |
Operating expense | |||
Lessor, Lease, Description [Line Items] | |||
Operating lease, cost | $ 870 | $ 977 | $ 1,116 |
Minimum | |||
Lessor, Lease, Description [Line Items] | |||
Lessee, operating lease, term of contract | 1 year | ||
Maximum | |||
Lessor, Lease, Description [Line Items] | |||
Lessee, operating lease, term of contract | 5 years |
Leases - Lessee, Operating Leas
Leases - Lessee, Operating Lease, Disclosure (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows for operating leases | $ 2,680 | $ 2,752 |
Leases - Lessee, Operating Le_2
Leases - Lessee, Operating Lease, Liability, Maturity (Details) | 12 Months Ended |
Apr. 30, 2022USD ($) | |
Fiscal years ending | |
2023 | $ 2,489,000 |
2024 | 2,285,000 |
2025 | 1,632,000 |
2026 | 807,000 |
2027 | 667,000 |
Thereafter | 0 |
Total lease payments | 7,880,000 |
Less imputed interest | (417,000) |
Total lease liabilities | $ 7,463,000 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Liabilities |
Operating lease, expense for extension | $ 3,556,000 |
Shareholders' Equity and Shar_3
Shareholders' Equity and Share-Based Compensation (Details Textual) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022USD ($)$ / sharesshares | May 01, 2021USD ($)shares | May 02, 2020USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock, shares authorized and undesignated (in shares) | 120,000,000 | ||
Common stock, shares authorized (in shares) | 115,000,000 | 115,000,000 | |
Preferred stock, shares authorized (in shares) | 50,000 | 50,000 | |
Common stock, shares undesignated (in shares) | 4,950,000 | ||
Number of preferred share purchase right | 1 | ||
Common share rights exercise, period | 10 days | ||
Sale of stock, percentage of ownership after transaction | 20.00% | ||
Common share rights exercise, period | 10 years | ||
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares) | 2,456,000 | ||
Share-based payment arrangement, nonvested award, cost not yet recognized, amount | $ | $ 1,772 | ||
Share-based payment arrangement, nonvested award, cost not yet recognized | 2 years 8 months 15 days | ||
Exercisable shares (in shares) | 1,371,000 | ||
Option, exercise price range, upper range limit (in dollars per share) | $ / shares | $ 3.35 | ||
Exercised, aggregate intrinsic value | $ | $ 2 | $ 0 | $ 0 |
Fair value of stock potions vested | $ | $ 465 | $ 451 | $ 566 |
Stock issued during period, shares, employee stock purchase plans (in shares) | 310,000 | 170,000 | 453,000 |
Share-based compensation expense | $ | $ 2,862 | ||
Proceeds from stock options exercised | $ | 8 | $ 0 | $ 0 |
Share-based payment arrangement, expense, tax benefit | $ | $ (47) | 70 | 92 |
Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting period | 1 year | ||
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares) | 4,000,000 | ||
Maximum employee subscription rate | 15.00% | ||
Discount from market price, offering date | 85.00% | ||
Common stock, capital shares reserved for future issuance (in shares) | 705,000 | ||
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, expiration period | 10 years | ||
Share-based compensation arrangement by share-based payment award, award vesting period | 5 years | ||
Stock options | Independent Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, expiration period | 7 years | ||
Share-based compensation arrangement by share-based payment award, award vesting period | 1 year | ||
Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of restricted stock vested | $ | $ 1,203 | $ 1,293 | $ 1,415 |
Restricted stock | Independent Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting period | 1 year | ||
Restricted stock | Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting period | 5 years | ||
In money options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercisable shares (in shares) | 0 | ||
Preferred Share Purchase Right | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of securities called by each warrant or right (in shares) | 0.001 | ||
Initial exercise price (in dollars per share) | $ / shares | $ 20 |
Shareholders' Equity and Shar_4
Shareholders' Equity and Share-Based Compensation - Schedule of Nonvested Restricted Stock and Restricted Stock Units Activity (Details) - Restricted stock and stock units - $ / shares | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Number of Nonvested Shares | |||
Outstanding at beginning of year (in shares) | 480,000 | 449,000 | 444,000 |
Granted (in shares) | 214,000 | 223,000 | 186,000 |
Vested (in shares) | (213,000) | (176,000) | (173,000) |
Forfeited (in shares) | (12,000) | (16,000) | (8,000) |
Outstanding at end of year (in shares) | 469,000 | 480,000 | 449,000 |
Weighted Average Grant Date Fair Value Per Share | |||
Outstanding at beginning of the period (in dollars per share) | $ 5.62 | $ 7.16 | $ 7.58 |
Granted (in dollars per share) | 5.66 | 3.92 | 7.03 |
Vested (in dollars per share) | 5.58 | 7.27 | 8.10 |
Forfeited (in dollars per share) | 5.64 | 7 | 7.37 |
Outstanding at ending of the period (in dollars per share) | $ 5.65 | $ 5.62 | $ 7.16 |
Shareholders' Equity and Shar_5
Shareholders' Equity and Share-Based Payment Arrangement, Option, Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Stock Options | |||
Outstanding at beginning of period (in shares) | 2,227 | ||
Granted (in shares) | 223 | ||
Canceled or forfeited (in shares) | (341) | ||
Exercised (in shares) | (2) | ||
Outstanding at ending of period (in shares) | 2,107 | 2,227 | |
Shares vested and expected to vest (in shares) | 2,075 | ||
Exercisable (in shares) | 1,371 | ||
Weighted Average Exercise Price Per Share | |||
Outstanding at beginning of period (in dollars per share) | $ 8.53 | ||
Granted (in dollars per share) | 5.66 | ||
Canceled or forfeited (in dollars per share) | 9.17 | ||
Exercised (in dollars per share) | 4.11 | ||
Outstanding at ending of period (in dollars per share) | 8.13 | $ 8.53 | |
Shares vested and expected to vest, weighted average exercise price per share (in dollars per share) | 8.17 | ||
Exercisable, weighted average exercise price per share (in dollars per share) | $ 9.47 | ||
Outstanding, weighted average remaining contractual life | 4 years 11 months 23 days | 4 years 9 months 29 days | |
Shares vested and expected to vest, weighted average remaining contractual life | 4 years 11 months 1 day | ||
Exercisable, weighted average remaining contractual life | 3 years 3 months 3 days | ||
Outstanding at beginning of period, aggregate intrinsic value | $ 843 | ||
Exercised, aggregate intrinsic value | $ 2 | $ 0 | $ 0 |
Shareholders' Equity and Shar_6
Shareholders' Equity and Share-Based Compensation -Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - $ / shares | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Equity [Abstract] | |||
Fair value of options granted | $ 2.43 | $ 1.71 | $ 1.99 |
Risk-free interest rate | 1.07% | 0.43% | 1.51% |
Expected dividend rate | 0.00% | 0.00% | 3.50% |
Expected volatility | 40.60% | 40.53% | 37.55% |
Expected life of option (in years) | 6 years 11 months 8 days | 6 years 11 months 8 days | 6 years 11 months 8 days |
Shareholders' Equity and Shar_7
Shareholders' Equity and Share-Based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based payment arrangement, expense | $ 1,973 | $ 2,067 | $ 2,265 |
Cost of sales | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based payment arrangement, expense | 434 | 472 | 514 |
Selling | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based payment arrangement, expense | 472 | 484 | 572 |
General and administrative | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based payment arrangement, expense | 656 | 678 | 717 |
Product design and development | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based payment arrangement, expense | 411 | 433 | 462 |
Stock options | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based payment arrangement, expense | 458 | 450 | 492 |
Restricted stock and stock units | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based payment arrangement, expense | 1,159 | 1,203 | 1,341 |
Employee stock purchase plans | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based payment arrangement, expense | $ 356 | $ 414 | $ 432 |
Retirement Benefits (Details Te
Retirement Benefits (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Retirement Benefits [Abstract] | |||
Defined contribution plan, employer matching contribution, percent of employees' gross pay | 50.00% | ||
Defined contribution plan, maximum annual contributions per employee, percent | 6.00% | ||
Defined contribution plan, award requisite service period | 30 days | ||
Defined contribution plan, attained age (year) | 21 years | ||
Defined contribution plan, cost | $ 2,573 | $ 0 | $ 2,917 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (2,696) | $ 10,413 | $ (4,187) |
Foreign | 3,804 | 3,647 | 4,178 |
Income (loss) before income taxes | 1,108 | 14,060 | $ (9) |
Deferred Tax Assets, Valuation Allowance | $ (2,452) | $ (1,732) |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Current: | |||
Federal | $ 644 | $ 507 | $ 625 |
State | 452 | 422 | 297 |
Foreign | 975 | 891 | 761 |
Deferred: | |||
Federal | (1,020) | 1,216 | (2,028) |
State | (476) | 59 | (321) |
Foreign | (59) | 39 | 166 |
Income Tax Expense (Benefit), Total | $ 516 | $ 3,134 | $ (500) |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Income Tax Disclosure [Abstract] | |||
Computed income tax expense (benefit) at federal statutory rates | $ 233 | $ 2,953 | $ (2) |
Change in uncertain tax positions | (71) | (34) | 4 |
Research and development tax credit | (382) | (1,047) | (1,621) |
Other, net | (227) | 403 | (241) |
Change in valuation allowances | 609 | 402 | 482 |
GILTI | (14) | (156) | 149 |
Base Erosion Anti-Abuse Tax (BEAT) | 12 | (285) | 301 |
Stock compensation | 150 | 355 | 318 |
Meals and entertainment | 67 | 49 | 305 |
Dividends paid to retirement plan | 0 | 0 | (111) |
State taxes, net of federal benefit | 139 | 494 | (84) |
Effective income tax rate reconciliation | $ 516 | $ 3,134 | $ (500) |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | May 01, 2021 |
Income Tax Disclosure [Abstract] | ||
Accrued warranty obligations | $ 7,117 | $ 6,293 |
Vacation accrual | 1,618 | 1,222 |
Deferred maintenance revenue | 272 | 398 |
Allowance for excess and obsolete inventory | 2,316 | 1,776 |
Equity compensation | 276 | 324 |
Allowance for doubtful accounts | 528 | 829 |
Inventory capitalization | 1,278 | 583 |
Accrued compensation and benefits | 1,019 | 1,707 |
Unrealized loss on foreign currency exchange | 0 | 85 |
Net operating loss carry forwards | 729 | 856 |
Research and development tax credit carry forwards | 396 | 516 |
Lease accounting - lease liability | 1,918 | 1,572 |
Other | 2,296 | 1,513 |
Total deferred tax assets | 19,763 | 17,674 |
Valuation allowance | (2,452) | (1,732) |
Net deferred tax assets | 17,311 | 15,942 |
Property and equipment | (1,693) | (2,373) |
Lease accounting - right of use asset | (1,907) | (1,580) |
Prepaid expenses | (428) | (337) |
Intangible assets | 0 | (69) |
Unrealized gain on foreign currency exchange | (180) | 0 |
Other | (59) | (49) |
Total deferred tax liabilities | (4,267) | (4,408) |
Net deferred tax asset | 13,044 | 11,534 |
Non-current assets | 13,331 | 11,944 |
Non-current liabilities | $ (287) | $ (410) |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of year | $ 548 | $ 582 |
Gross increases related to prior period tax positions | 17 | 21 |
Gross decreases related to prior period tax positions | (54) | (1) |
Gross increases related to current period tax positions | 116 | 84 |
Lapse of statute of limitations | (150) | (138) |
Balance at end of year | $ 477 | $ 548 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Income Tax Contingency [Line Items] | ||
Unrecognized tax benefits that would impact effective tax rate | $ 166,000 | |
Unrecognized tax benefits, reduction resulting from lapse of applicable statute of limitations | 150,000 | $ 138,000 |
Accrued interest and penalties | 38,000 | 38,000 |
Deferred tax assets, operating loss carryforwards, foreign | 723,000 | |
Deferred tax assets, valuation allowance | 2,452,000 | $ 1,732,000 |
Deferred tax liabilities | 0 | |
Foreign Tax Authority | ||
Income Tax Contingency [Line Items] | ||
Operating loss carryforwards | 3,460,000 | |
Deferred Tax Asset, Net Operating Loss | Foreign Tax Authority | ||
Income Tax Contingency [Line Items] | ||
Deferred tax assets, valuation allowance | $ 581,000 |
Cash Flow Information - Cash Fl
Cash Flow Information - Cash Flow, Operating Capital (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
(Increase) decrease: | |||
Account receivable | $ (33,876) | $ 4,864 | $ (7,461) |
Long-term receivables | (440) | 1,737 | (1,173) |
Inventories | (61,159) | 13,900 | (8,347) |
Contract assets | (9,545) | 3,080 | (1,931) |
Prepaid expenses and other current assets | (7,661) | 2,450 | (1,403) |
Income taxes receivables | 121 | (148) | 533 |
Investment in affiliates and other assets | (357) | 744 | (3,137) |
(Increase) decrease: | |||
Accounts payable | 33,002 | (7,081) | 2,377 |
Contract liabilities | 27,398 | 12,628 | 4,548 |
Accrued expenses | 6,354 | (2,936) | 6,745 |
Warranty obligations | 1,160 | 696 | 273 |
Long-term warranty obligations | 1,764 | (367) | 883 |
Income taxes payable | (379) | (173) | 390 |
Long-term marketing obligations and other payables | (1,762) | 2,337 | (387) |
Change in operating assets and liabilities | $ (45,380) | $ 31,731 | $ (8,090) |
Cash Flow Information - Schedul
Cash Flow Information - Schedule of Cash Flow, Supplemental Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Cash payments for: | |||
Interest | $ 16 | $ 264 | $ 46 |
Income taxes, net of refunds | $ 1,951 | $ 2,557 | $ 977 |
Cash Flow Information - Sched_2
Cash Flow Information - Schedule of Other Significant Noncash Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Supplemental Cash Flow Information [Abstract] | |||
Demonstration equipment transferred to inventory | $ 53 | $ 56 | $ 10 |
Purchases of property and equipment included in accounts payable | 4,177 | 667 | 1,951 |
Contributions of common stock under the ESPP | $ 1,211 | $ 565 | $ 2,311 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Fair value, recurring - USD ($) $ in Thousands | Apr. 30, 2022 | May 01, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 17,143 | $ 77,590 |
Restricted cash | 865 | 2,812 |
Derivatives - asset position | 934 | 4 |
Derivatives - liability position | (311) | (261) |
Acquisition-related contingent consideration | (363) | |
Fair value, net asset (liability), total | 22,651 | 79,782 |
US Government Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 3,486 | |
US Government Sponsored entities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 534 | |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 17,143 | 77,590 |
Restricted cash | 865 | 2,812 |
Derivatives - asset position | 0 | 0 |
Derivatives - liability position | 0 | 0 |
Acquisition-related contingent consideration | 0 | |
Fair value, net asset (liability), total | 21,494 | 80,402 |
Level 1 | US Government Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 3,486 | |
Level 1 | US Government Sponsored entities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Derivatives - asset position | 934 | 4 |
Derivatives - liability position | (311) | (261) |
Acquisition-related contingent consideration | 0 | |
Fair value, net asset (liability), total | 1,157 | (257) |
Level 2 | US Government Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | |
Level 2 | US Government Sponsored entities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 534 | |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Derivatives - asset position | 0 | 0 |
Derivatives - liability position | 0 | 0 |
Acquisition-related contingent consideration | (363) | |
Fair value, net asset (liability), total | 0 | $ (363) |
Level 3 | US Government Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | |
Level 3 | US Government Sponsored entities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | $ 0 |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Contingent Consideration Liability $ in Thousands | 12 Months Ended |
Apr. 30, 2022USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Acquisition-related contingent consideration, beginning balance | $ 363 |
Additions | 33 |
Settlements | (400) |
Interest | 4 |
Acquisition-related contingent consideration, ending balance | $ 0 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details Textual) - Fair value, recurring - USD ($) $ in Thousands | Apr. 30, 2022 | May 01, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivatives - asset position | $ 934 | $ 4 |
Foreign currency contracts, liability, fair value disclosure | $ 311 | $ 261 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of Notional Amounts of Outstanding Derivative Positions (Details) € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands | Apr. 30, 2022USD ($) | Apr. 30, 2022AUD ($) | Apr. 30, 2022CAD ($) | Apr. 30, 2022GBP (£) | Apr. 30, 2022EUR (€) | May 01, 2021USD ($) | May 01, 2021AUD ($) | May 01, 2021CAD ($) | May 01, 2021GBP (£) | May 01, 2021EUR (€) |
U.S. Dollars/Australian Dollars | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Derivative, notional amount | $ 0 | $ 0 | $ 2,410 | $ 3,464 | ||||||
U.S. Dollars/Canadian Dollars | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Derivative, notional amount | 942 | $ 1,189 | 0 | $ 0 | ||||||
U.S. Dollars/British Pounds | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Derivative, notional amount | 1,774 | £ 1,345 | 418 | £ 300 | ||||||
U.S. Dollars/Euros | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Derivative, notional amount | $ 8,575 | € 7,513 | $ 0 | € 0 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Apr. 30, 2022 | Aug. 28, 2020 | May 02, 2020 |
Loss Contingencies [Line Items] | |||
Estimated litigation liability, current | $ 2,072 | ||
Financial Standby Letter of Credit | |||
Loss Contingencies [Line Items] | |||
Loss contingency accrual | $ 4,669 | ||
Guarantee of Business Revenue | |||
Loss Contingencies [Line Items] | |||
Loss contingency accrual | $ 715 | ||
Surety Bond | |||
Loss Contingencies [Line Items] | |||
Loss contingency accrual | $ 88,323 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Product Warranty Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Beginning accrued warranty obligations | $ 25,960 | $ 25,624 |
Warranties issued during the period | 9,748 | 8,539 |
Settlements made during the period | (7,503) | (5,718) |
Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations | 673 | (2,485) |
Ending accrued warranty obligations | $ 28,878 | $ 25,960 |
Commitments and Contingencies_3
Commitments and Contingencies - Long-term Purchase Commitment (Details) $ in Thousands | Apr. 30, 2022USD ($) |
Fiscal years ending [Abstract] | |
2023 | $ 4,389 |
2024 | 1,686 |
2025 | 113 |
2026 | 40 |
2027 | 0 |
Purchase Obligation, Total | $ 6,228 |