Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jan. 30, 2021 | Mar. 01, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000915779 | |
Entity Registrant Name | DAKTRONICS INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --05-01 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jan. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 0-23246 | |
Entity Incorporation, State or Country Code | SD | |
Entity Tax Identification Number | 46-0306862 | |
Entity Address, Address Line One | 201 Daktronics Drive | |
Entity Address, City or Town | Brookings | |
Entity Address, State or Province | SD | |
Entity Address, Postal Zip Code | 57006 | |
City Area Code | 605 | |
Local Phone Number | 692-0200 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 44,966,381 | |
Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Preferred Stock Purchase Rights | |
Trading Symbol | DAKT | |
Security Exchange Name | NASDAQ | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, No Par Value | |
Trading Symbol | DAKT | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jan. 30, 2021 | May 02, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 76,877 | $ 40,398 |
Restricted cash | 3,884 | 14 |
Marketable securities | 248 | 1,230 |
Accounts receivable, net | 63,212 | 72,577 |
Inventories | 72,312 | 86,803 |
Contract assets | 30,310 | 35,467 |
Current maturities of long-term receivables | 1,736 | 3,519 |
Prepaid expenses and other current assets | 7,554 | 9,629 |
Income tax receivables | 87 | 548 |
Property and equipment and other assets available for sale | 2,020 | 1,817 |
Total current assets | 258,240 | 252,002 |
Property and equipment, net | 61,805 | 67,484 |
Long-term receivables, less current maturities | 754 | 1,114 |
Goodwill | 8,262 | 7,743 |
Intangibles, net | 2,396 | 3,354 |
Investment in affiliates and other assets | 23,608 | 27,683 |
Deferred income taxes | 13,382 | 13,271 |
TOTAL ASSETS | 368,447 | 372,651 |
CURRENT LIABILITIES: | ||
Accounts payable | 32,692 | 47,834 |
Contract liabilities | 53,292 | 50,897 |
Accrued expenses | 26,664 | 36,626 |
Warranty obligations | 10,766 | 9,764 |
Income taxes payable | 2,079 | 844 |
Total current liabilities | 125,493 | 145,965 |
Long-term warranty obligations | 15,696 | 15,860 |
Long-term contract liabilities | 10,587 | 10,707 |
Other long-term obligations | 23,059 | 22,105 |
Long-term income taxes payable | 554 | 582 |
Deferred income taxes | 490 | 452 |
Total long-term liabilities | 50,386 | 49,706 |
SHAREHOLDERS' EQUITY: | ||
Common Stock, no par value, authorized 115,000,000 shares; 46,264,576 and 45,913,209 shares issued at January 30, 2021 and May 2, 2020, respectively | 60,575 | 60,010 |
Additional paid-in capital | 46,091 | 44,627 |
Retained earnings | 95,759 | 85,090 |
Treasury Stock, at cost, 1,297,409 and 1,343,281 shares at January 30, 2021 and May 2, 2020, respectively | (7,297) | (7,470) |
Accumulated other comprehensive loss | (2,560) | (5,277) |
TOTAL SHAREHOLDERS' EQUITY | 192,568 | 176,980 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 368,447 | $ 372,651 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands, $ / shares in Thousands | Jan. 30, 2021 | May 02, 2020 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, share authorized (in shares) | 115,000,000 | 115,000,000 |
Common stock, share issued (in shares) | 46,264,576 | 45,913,209 |
Treasury stock, shares (in shares) | 1,297,409 | 1,343,281 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Jan. 30, 2021 | Feb. 01, 2020 | |
Net sales | $ 94,139 | $ 127,657 | $ 365,150 | $ 482,824 |
Cost of sales | 70,198 | 103,175 | 272,134 | 372,750 |
Gross profit | 23,941 | 24,482 | 93,016 | 110,074 |
Operating expenses: | ||||
Selling | 12,004 | 16,552 | 36,214 | 51,026 |
General and administrative | 6,389 | 8,640 | 20,777 | 26,698 |
Product design and development | 5,784 | 8,442 | 20,053 | 29,063 |
Operating Expenses, Total | 24,177 | 33,634 | 77,044 | 106,787 |
Operating (loss) income | (236) | (9,152) | 15,972 | 3,287 |
Nonoperating (expense) income: | ||||
Interest income | 52 | 233 | 203 | 664 |
Interest expense | (92) | 13 | (249) | (53) |
Other (expense) income, net | (913) | (331) | (2,377) | (652) |
(Loss) income before income taxes | (1,189) | (9,237) | 13,549 | 3,246 |
Income tax expense (benefit) | (975) | 3,497 | 2,880 | 1,676 |
Net (loss) income | $ (214) | $ (12,734) | $ 10,669 | $ 1,570 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 45,064 | 45,189 | 44,908 | 45,139 |
Diluted (in shares) | 45,064 | 45,189 | 45,061 | 45,412 |
(Loss) earnings per share: | ||||
Basic (in dollars per share) | $ 0 | $ (0.28) | $ 0.24 | $ 0.03 |
Diluted (in dollars per share) | $ 0 | $ (0.28) | $ 0.24 | $ 0.03 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Jan. 30, 2021 | Feb. 01, 2020 | |
Net (loss) income | $ (214) | $ (12,734) | $ 10,669 | $ 1,570 |
Other comprehensive income (loss): | ||||
Cumulative translation adjustments | 1,296 | 51 | 2,717 | (329) |
Unrealized gain (loss) on available-for-sale securities, net of tax | 0 | 0 | 0 | 44 |
Total other comprehensive income (loss), net of tax | 1,296 | 51 | 2,717 | (285) |
Comprehensive income (loss) | $ 1,082 | $ (12,683) | $ 13,386 | $ 1,285 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Apr. 27, 2019 | $ 57,699 | $ 42,561 | $ 93,593 | $ (1,834) | $ (4,356) | $ 187,663 |
Net (loss) income | 0 | 0 | 7,030 | 0 | 0 | 7,030 |
Cumulative translation adjustments | 0 | 0 | 0 | 0 | (526) | (526) |
Share-based compensation | 0 | 643 | 0 | 0 | 0 | 643 |
Employee savings plan activity | 779 | 0 | 0 | 0 | 0 | 779 |
Unrealized gain (loss) on available-for-sale securities, net of tax | 0 | 0 | 0 | 0 | 41 | 41 |
Dividends declared ($0.05 per share) | 0 | 0 | (2,250) | 0 | 0 | (2,250) |
Treasury stock purchase | 0 | 0 | 0 | (1,187) | 0 | (1,187) |
Balance at Aug. 03, 2019 | 58,478 | 43,204 | 98,373 | (3,021) | (4,841) | 192,193 |
Balance at Apr. 27, 2019 | 57,699 | 42,561 | 93,593 | (1,834) | (4,356) | 187,663 |
Net (loss) income | 1,570 | |||||
Cumulative translation adjustments | (329) | |||||
Unrealized gain (loss) on available-for-sale securities, net of tax | 44 | |||||
Balance at Feb. 01, 2020 | 59,276 | 44,096 | 88,407 | (4,163) | (4,641) | 182,975 |
Balance at Aug. 03, 2019 | 58,478 | 43,204 | 98,373 | (3,021) | (4,841) | 192,193 |
Net (loss) income | 0 | 0 | 7,274 | 0 | 0 | 7,274 |
Cumulative translation adjustments | 0 | 0 | 0 | 0 | 146 | 146 |
Share-based compensation | 0 | 541 | 0 | 0 | 0 | 541 |
Tax payments related to RSU issuances | 0 | (199) | 0 | 0 | 0 | (199) |
Employee savings plan activity | 798 | 0 | 0 | 0 | 0 | 798 |
Unrealized gain (loss) on available-for-sale securities, net of tax | 0 | 0 | 0 | 0 | 3 | 3 |
Dividends declared ($0.05 per share) | 0 | 0 | (2,250) | 0 | 0 | (2,250) |
Treasury stock purchase | 0 | 0 | 0 | (495) | 0 | (495) |
Balance at Nov. 02, 2019 | 59,276 | 43,546 | 103,397 | (3,516) | (4,692) | 198,011 |
Net (loss) income | 0 | 0 | (12,734) | 0 | 0 | (12,734) |
Cumulative translation adjustments | 0 | 0 | 0 | 0 | 51 | 51 |
Share-based compensation | 0 | 550 | 0 | 0 | 0 | 550 |
Unrealized gain (loss) on available-for-sale securities, net of tax | 0 | |||||
Dividends declared ($0.05 per share) | 0 | 0 | (2,256) | 0 | 0 | (2,256) |
Treasury stock purchase | 0 | 0 | 0 | (647) | 0 | (647) |
Balance at Feb. 01, 2020 | 59,276 | 44,096 | 88,407 | (4,163) | (4,641) | 182,975 |
Balance at May. 02, 2020 | 60,010 | 44,627 | 85,090 | (7,470) | (5,277) | 176,980 |
Net (loss) income | 0 | 0 | 7,467 | 0 | 0 | 7,467 |
Cumulative translation adjustments | 0 | 0 | 0 | 0 | 1,037 | 1,037 |
Share-based compensation | 0 | 539 | 0 | 0 | 0 | 539 |
Treasury stock reissued | 0 | 26 | 0 | 173 | 0 | 199 |
Balance at Aug. 01, 2020 | 60,010 | 45,192 | 92,557 | (7,297) | (4,240) | 186,222 |
Balance at May. 02, 2020 | 60,010 | 44,627 | 85,090 | (7,470) | (5,277) | 176,980 |
Net (loss) income | 10,669 | |||||
Cumulative translation adjustments | 2,717 | |||||
Unrealized gain (loss) on available-for-sale securities, net of tax | 0 | |||||
Balance at Jan. 30, 2021 | 60,575 | 46,091 | 95,759 | (7,297) | (2,560) | 192,568 |
Balance at Aug. 01, 2020 | 60,010 | 45,192 | 92,557 | (7,297) | (4,240) | 186,222 |
Net (loss) income | 0 | 0 | 3,416 | 0 | 0 | 3,416 |
Cumulative translation adjustments | 0 | 0 | 0 | 0 | 384 | 384 |
Share-based compensation | 0 | 508 | 0 | 0 | 0 | 508 |
Tax payments related to RSU issuances | 0 | (125) | 0 | 0 | 0 | (125) |
Balance at Oct. 31, 2020 | 60,010 | 45,575 | 95,973 | (7,297) | (3,856) | 190,405 |
Net (loss) income | 0 | 0 | (214) | 0 | 0 | (214) |
Cumulative translation adjustments | 0 | 0 | 0 | 0 | 1,296 | 1,296 |
Share-based compensation | 0 | 516 | 0 | 0 | 0 | 516 |
Employee savings plan activity | 565 | 0 | 0 | 0 | 0 | 565 |
Unrealized gain (loss) on available-for-sale securities, net of tax | 0 | |||||
Balance at Jan. 30, 2021 | $ 60,575 | $ 46,091 | $ 95,759 | $ (7,297) | $ (2,560) | $ 192,568 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 30, 2021 | Feb. 01, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 10,669 | $ 1,570 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 12,848 | 13,197 |
Gain on sale of property, equipment and other assets | (244) | (6) |
Share-based compensation | 1,563 | 1,734 |
Equity in loss of affiliates | 1,740 | 430 |
Provision for doubtful accounts | 1,551 | (477) |
Deferred income taxes, net | (21) | (223) |
Change in operating assets and liabilities | 20,115 | (10,035) |
Net cash provided by operating activities | 48,221 | 6,190 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (6,935) | (13,646) |
Proceeds from sales of property, equipment and other assets | 470 | 244 |
Proceeds from sales or maturities of marketable securities | 982 | 24,665 |
Purchases of and loans to equity investment | (1,328) | (1,229) |
Net cash (used in) provided by investing activities | (6,811) | 10,034 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Principal payments on long-term obligations | (431) | (2,140) |
Dividends paid | 0 | (6,756) |
Payments for common shares repurchased | 0 | (2,329) |
Tax payments related to RSU issuances | (125) | (199) |
Net cash used in financing activities | (556) | (11,424) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (505) | (166) |
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 40,349 | 4,634 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | ||
Beginning of period | 40,412 | 35,742 |
End of period | 80,761 | 40,376 |
Supplemental disclosures of cash flow information: | ||
Interest | 195 | 3 |
Income taxes, net of refunds | 1,491 | 460 |
Supplemental schedule of non-cash investing and financing activities: | ||
Demonstration equipment transferred to inventory | 56 | 10 |
Purchases of property and equipment included in accounts payable | 527 | 954 |
Contributions of common stock under the ESPP | $ 565 | $ 1,577 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Jan. 30, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1. Daktronics, Inc. and its subsidiaries (the “Company”, “Daktronics”, “we”, “our”, or “us”) are the world's industry leader in designing and manufacturing electronic scoreboards, programmable display systems and large screen video displays for sporting, commercial and transportation applications. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to fairly present our financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America ("GAAP") requires management to make estimates and assumptions affecting the reported amounts therein. Due to the inherent uncertainty involved in making estimates, actual results in future periods may Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. The balance sheet at May 2, 2020 not May 2, 2020 10 not may Daktronics, Inc. operates on a 52 53 April 30 April 30 13 53 first three 13 May 1, 2021 52 May 2, 2020 53 nine January 30, 2021 39 nine February 1, 2020 40 The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the totals of the same amounts shown in the condensed consolidated statements of cash flows. We have bank guarantees that are secured with cash collateral which is maintained in the restricted cash account. January 30, February 1, 2021 2020 Cash and cash equivalents $ 76,877 $ 40,316 Restricted cash 3,884 60 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows $ 80,761 $ 40,376 Other Business Developments - Coronavirus Pandemic During the first nine 2021 19" 8 April 1, 2020, third 2021 2021, During fiscal 2020 first nine 2021 two 19 first 2021 first 2021 first 2021 second 2021 We received governmental wage subsidies from various governmental programs related to COVID implications of $254 and $1,632 during the three nine January 30, 2021 December 31, 2020. January 30, 2021 50 December 31, 2021 50 December 31, 2022. Recent Accounting Pronouncements There have been no 10 May 2, 2020 Accounting Standards Adopted In January 2017, 2017 04, Intangibles-Goodwill and Other (Topic 350 second two not 2017 04 first 2021 not In June 2016, 2016 13, Measurement of Credit Losses on Financial Instruments, 2016 13 2016 13 first 2021 not We estimate an allowance for doubtful accounts using a loss rate method. We measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. A reconciliation of the beginning and ending allowance for doubtful accounts is as follows: Allowance for Doubtful Accounts: Balance as of May 2, 2020 $ 2,828 Charged to costs and expenses 2,724 Deductions (1) (1,392 ) Balance as of January 30, 2021 $ 4,160 ( 1 Accounting Standards Not There are no not January 30, 2021 |
Note 2 - Investments in Affilia
Note 2 - Investments in Affiliates | 9 Months Ended |
Jan. 30, 2021 | |
Notes to Financial Statements | |
Investment [Text Block] | Note 2. 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 not 321, Investments – Equity Securities not may not The aggregate amount of investments accounted for under the equity method was $15,517 and $17,257 at January 30, 2021 May 2, 2020 nine January 30, 2021 February 1, 2020 nine January 30, 2021 |
Note 3 - Earnings Per Share ("E
Note 3 - Earnings Per Share ("EPS") | 9 Months Ended |
Jan. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 3. We follow the provisions of ASC 260, Earnings Per Share may The following is a reconciliation of the net income and common share amounts used in the calculation of basic and diluted EPS for the three nine January 30, 2021 February 1, 2020 Net (loss) income Shares Per share (loss) income For the three months ended January 30, 2021 Basic (loss) earnings per share $ (214 ) 45,064 $ (0.00 ) Dilution associated with stock compensation plans — — — Diluted (loss) earnings per share $ (214 ) 45,064 $ (0.00 ) For the three months ended February 1, 2020 Basic (loss) earnings per share $ (12,734 ) 45,189 $ (0.28 ) Dilution associated with stock compensation plans — — — Diluted (loss) earnings per share $ (12,734 ) 45,189 $ (0.28 ) For the nine months ended January 30, 2021 Basic earnings per share $ 10,669 44,908 $ 0.24 Dilution associated with stock compensation plans — 153 — Diluted earnings per share $ 10,669 45,061 $ 0.24 For the nine months ended February 1, 2020 Basic earnings per share $ 1,570 45,139 $ 0.03 Dilution associated with stock compensation plans — 273 — Diluted earnings per share $ 1,570 45,412 $ 0.03 Options outstanding to purchase 2,337 shares of common stock with a weighted average exercise price of $8.70 for the three January 30, 2021 three February 1, 2020 not Options outstanding to purchase 2,268 shares of common stock with a weighted average exercise price of $9.29 for the nine January 30, 2021 nine February 1, 2020 not |
Note 4 - Revenue Recognition
Note 4 - Revenue Recognition | 9 Months Ended |
Jan. 30, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 4. Disaggregation of revenue In accordance with ASC 606 10 50, The following table presents our disaggregation of revenue by segments: Three Months Ended January 30, 2021 High School Commercial Live Events Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 2,087 $ 14,006 $ 3,604 $ 7,880 $ 5,155 $ 32,732 Limited configuration 24,630 4,536 10,424 3,273 7,391 50,254 Service and other 3,368 4,788 616 616 1,765 11,153 $ 30,085 $ 23,330 $ 14,644 $ 11,769 $ 14,311 $ 94,139 Timing of revenue recognition Goods/services transferred at a point in time $ 25,092 $ 5,720 $ 9,163 $ 3,436 $ 7,785 $ 51,196 Goods/services transferred over time 4,993 17,610 5,481 8,333 6,526 42,943 $ 30,085 $ 23,330 $ 14,644 $ 11,769 $ 14,311 $ 94,139 Nine Months Ended January 30, 2021 High School Commercial Live Events Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 14,322 $ 83,283 $ 16,363 $ 24,579 $ 15,534 $ 154,081 Limited configuration 69,796 14,566 52,808 15,364 24,268 176,802 Service and other 10,829 14,777 1,994 1,647 5,020 34,267 $ 94,947 $ 112,626 $ 71,165 $ 41,590 $ 44,822 $ 365,150 Timing of revenue recognition Goods/services transferred at a point in time $ 71,210 $ 18,670 $ 48,249 $ 15,740 $ 25,432 $ 179,301 Goods/services transferred over time 23,737 93,956 22,916 25,850 19,390 185,849 $ 94,947 $ 112,626 $ 71,165 $ 41,590 $ 44,822 $ 365,150 Three Months Ended February 1, 2020 High School Commercial Live Events Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 7,209 $ 27,459 $ 1,511 $ 7,857 $ 9,195 $ 53,231 Limited configuration 26,304 6,436 12,422 5,580 10,609 61,351 Service and other 3,367 6,676 842 479 1,711 13,075 $ 36,880 $ 40,571 $ 14,775 $ 13,916 $ 21,515 $ 127,657 Timing of revenue recognition Goods/services transferred at a point in time $ 26,555 $ 8,614 $ 11,080 $ 5,683 $ 11,008 $ 62,940 Goods/services transferred over time 10,325 31,957 3,695 8,233 10,507 64,717 $ 36,880 $ 40,571 $ 14,775 $ 13,916 $ 21,515 $ 127,657 Nine Months Ended February 1, 2020 High School Commercial Live Events Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 29,181 $ 114,459 $ 12,727 $ 32,173 $ 35,415 $ 223,955 Limited configuration 80,193 25,662 60,349 19,550 33,663 219,417 Service and other 11,192 19,075 2,357 1,541 5,287 39,452 $ 120,566 $ 159,196 $ 75,433 $ 53,264 $ 74,365 $ 482,824 Timing of revenue recognition Goods/services transferred at a point in time $ 81,562 $ 30,903 $ 55,791 $ 19,901 $ 34,696 $ 222,853 Goods/services transferred over time 39,004 128,293 19,642 33,363 39,669 259,971 $ 120,566 $ 159,196 $ 75,433 $ 53,264 $ 74,365 $ 482,824 See "Note 5. 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 customers in excess of revenue recognized to date. The following table reflects the changes in our contract assets and liabilities: January 30, May 2, Dollar Percent 2021 2020 Change Change Contract assets $ 30,310 $ 35,467 $ (5,157 ) (14.5 )% Contract liabilities - current 53,292 50,897 2,395 4.7 % Contract liabilities - noncurrent 10,587 10,707 (120 ) (1.1 )% The changes in our contract assets and contract liabilities from May 2, 2020 January 30, 2021 no nine January 30, 2021 For service-type warranty contracts, we allocate revenue to this performance obligation, recognize the revenue over time, and recognize costs as incurred. Earned and unearned revenues for these contracts are included in the "Contract assets" and "Contract liabilities" line items in our condensed consolidated balance sheets. Changes in unearned service-type warranty contracts, net were as follows: January 30, 2021 Balance at beginning of period $ 24,490 New contracts sold 49,471 Less: reductions for revenue recognized (48,818 ) Foreign currency translation and other 194 Balance at end of period $ 25,337 As of January 30, 2021 May 2, 2020 During the nine January 30, 2021 May 2, 2020 Remaining performance obligations As of January 30, 2021 January 30, 2021 may |
Note 5 - Segment Reporting
Note 5 - Segment Reporting | 9 Months Ended |
Jan. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 5. We organize and manage our business by the following five 280 10, Segment Reporting The following table sets forth certain financial information for each of our five Three Months Ended Nine Months Ended January 30, February 1, January 30, February 1, 2021 2020 2021 2020 Net sales: Commercial $ 30,085 $ 36,880 $ 94,947 $ 120,566 Live Events 23,330 40,571 112,626 159,196 High School Park and Recreation 14,644 14,775 71,165 75,433 Transportation 11,769 13,916 41,590 53,264 International 14,311 21,515 44,822 74,365 Total company net sales 94,139 127,657 365,150 482,824 Gross profit: Commercial 8,410 5,399 24,730 22,479 Live Events 4,256 7,815 20,910 32,486 High School Park and Recreation 6,437 3,184 25,410 22,595 Transportation 3,845 4,316 14,300 18,073 International 993 3,768 7,666 14,441 23,941 24,482 93,016 110,074 Operating expenses: Selling 12,004 16,552 36,214 51,026 General and administrative 6,389 8,640 20,777 26,698 Product design and development 5,784 8,442 20,053 29,063 24,177 33,634 77,044 106,787 Operating (loss) income (236 ) (9,152 ) 15,972 3,287 Nonoperating income (expense): Interest income 52 233 203 664 Interest expense (92 ) 13 (249 ) (53 ) Other (expense) income, net (913 ) (331 ) (2,377 ) (652 ) (Loss) income before income taxes $ (1,189 ) $ (9,237 ) $ 13,549 $ 3,246 Depreciation and amortization: Commercial $ 760 $ 930 $ 2,253 $ 2,799 Live Events 1,436 1,395 4,311 4,187 High School Park and Recreation 464 501 1,452 1,520 Transportation 233 255 704 771 International 738 646 2,132 1,733 Unallocated corporate depreciation 653 746 1,996 2,187 $ 4,284 $ 4,473 $ 12,848 $ 13,197 No Three Months Ended Nine Months Ended January 30, February 1, January 30, February 1, 2021 2020 2021 2020 Net sales: United States $ 78,152 $ 103,347 $ 314,674 $ 399,913 Outside United States 15,987 24,310 50,476 82,911 $ 94,139 $ 127,657 $ 365,150 $ 482,824 January 30, May 2, 2021 2020 Property and equipment, net of accumulated depreciation: United States $ 52,657 $ 58,422 Outside United States 9,148 9,062 $ 61,805 $ 67,484 We have numerous customers worldwide for sales of our products and services, and no 10 not We have numerous raw material and component suppliers, and no 10 |
Note 6 - Goodwill
Note 6 - Goodwill | 9 Months Ended |
Jan. 30, 2021 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | Note 6. The changes in the carrying amount of goodwill related to each reportable segment for the nine January 30, 2021 Live Events Commercial Transportation International Total Balance as of May 2, 2020 $ 2,266 $ 3,144 $ 38 $ 2,295 $ 7,743 Foreign currency translation 30 205 29 255 519 Balance as of January 30, 2021 $ 2,296 $ 3,349 $ 67 $ 2,550 $ 8,262 We perform an analysis of goodwill on an annual basis, and it is tested for impairment more frequently if events or changes in circumstances indicate that an asset might be impaired. Our annual analysis is performed during our third first third November 2, 2020 no In March 2020, 19 19 third 2021 not not not not |
Note 7 - Receivables
Note 7 - Receivables | 9 Months Ended |
Jan. 30, 2021 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | Note 7. 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 $4,160 and $2,828 at January 30, 2021 May 2, 2020 January 30, 2021 May 2, 2020 one In some contracts with customers, we agree to installment payments exceeding 12 January 30, 2021 May 2, 2020 2024 January 30, 2021 May 2, 2020 |
Note 8 - Financing Agreements
Note 8 - Financing Agreements | 9 Months Ended |
Jan. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 8. On November 15, 2019, November 15, 2019 November 15, 2022 August 28, 2020, third third 2.5; January 30, 2021 January 30, 2021 We are sometimes required to obtain bank guarantees or other financial instruments for display installations and utilize a global bank to provide such instruments. If we are unable to complete the installation work, our customer would draw on the banking arrangement, and the bank would subrogate its loss to Daktronics restricted cash accounts. As of January 30, 2021 As of January 30, 2021 |
Note 9 - Share Repurchase Progr
Note 9 - Share Repurchase Program | 9 Months Ended |
Jan. 30, 2021 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | Note 9. On June 17, 2016, may may not may During the nine January 30, 2021 nine February 1, 2020 January 30, 2021 As part of our COVID- 19 April 1, 2020, |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 9 Months Ended |
Jan. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 10. Litigation: As of May 2, 2020 third 2021, no third 2021. For other unresolved legal proceedings or claims, we do not no not Warranties: nine January 30, 2021 January 30, 2021 Beginning accrued warranty obligations $ 25,624 Warranties issued during the period 6,473 Settlements made during the period (4,115 ) Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations (1,520 ) Ending accrued warranty obligations $ 26,462 Performance guarantees: January 30, 2021 one January 30, 2021 not |
Note 11 - Income Taxes
Note 11 - Income Taxes | 9 Months Ended |
Jan. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 11. The provision for income taxes during interim reporting periods is calculated by applying an estimate of the annual effective tax rate to “ordinary” income or loss for the reporting period, adjusted for discrete items. Due to various factors, including our estimate of annual income, our effective tax rate is subject to fluctuation. Our effective tax rate for the three nine January 30, 2021 three nine February 1, 2020 three January 30, 2021 three February 1, 2020 We are subject to U.S. federal income tax as well as income taxes of multiple state and foreign jurisdictions. Fiscal years 2018, 2019 2020 2017, 2018, 2019 2020 2010. As of January 30, 2021 |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurement | 9 Months Ended |
Jan. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 12. 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 January 30, 2021 May 2, 2020 no Fair Value Measurements Level 1 Level 2 Level 3 Total Balance as of January 30, 2021 Cash and cash equivalents $ 76,877 $ — $ — $ 76,877 Restricted cash 3,884 — — 3,884 Available-for-sale securities: Certificates of deposit — 248 — 248 Derivatives - asset position — — — — Derivatives - liability position — (331 ) — (331 ) Acquisition-related contingent consideration — — (311 ) (311 ) $ 80,761 $ (83 ) $ (311 ) $ 80,367 Balance as of May 2, 2020 Cash and cash equivalents $ 40,398 $ — $ — $ 40,398 Restricted cash 14 — — 14 Available-for-sale securities: Certificates of deposit — 1,230 — 1,230 Derivatives - asset position — 261 — 261 Derivatives - liability position — (17 ) — (17 ) Acquisition-related contingent consideration — — (761 ) (761 ) $ 40,412 $ 1,474 $ (761 ) $ 41,125 A roll forward of the Level 3 nine January 30, 2021 Acquisition-related contingent consideration as of May 2, 2020 $ 761 Additions 133 Settlements (600 ) Interest 17 Acquisition-related contingent consideration as of January 30, 2021 $ 311 There have been no 2020 10 May 2, 2020 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Jan. 30, 2021 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements There have been no 10 May 2, 2020 Accounting Standards Adopted In January 2017, 2017 04, Intangibles-Goodwill and Other (Topic 350 second two not 2017 04 first 2021 not In June 2016, 2016 13, Measurement of Credit Losses on Financial Instruments, 2016 13 2016 13 first 2021 not We estimate an allowance for doubtful accounts using a loss rate method. We measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. A reconciliation of the beginning and ending allowance for doubtful accounts is as follows: Allowance for Doubtful Accounts: Balance as of May 2, 2020 $ 2,828 Charged to costs and expenses 2,724 Deductions (1) (1,392 ) Balance as of January 30, 2021 $ 4,160 ( 1 Accounting Standards Not There are no not January 30, 2021 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 9 Months Ended |
Jan. 30, 2021 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | January 30, February 1, 2021 2020 Cash and cash equivalents $ 76,877 $ 40,316 Restricted cash 3,884 60 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows $ 80,761 $ 40,376 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Allowance for Doubtful Accounts: Balance as of May 2, 2020 $ 2,828 Charged to costs and expenses 2,724 Deductions (1) (1,392 ) Balance as of January 30, 2021 $ 4,160 |
Note 3 - Earnings Per Share (_2
Note 3 - Earnings Per Share ("EPS") (Tables) | 9 Months Ended |
Jan. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Net (loss) income Shares Per share (loss) income For the three months ended January 30, 2021 Basic (loss) earnings per share $ (214 ) 45,064 $ (0.00 ) Dilution associated with stock compensation plans — — — Diluted (loss) earnings per share $ (214 ) 45,064 $ (0.00 ) For the three months ended February 1, 2020 Basic (loss) earnings per share $ (12,734 ) 45,189 $ (0.28 ) Dilution associated with stock compensation plans — — — Diluted (loss) earnings per share $ (12,734 ) 45,189 $ (0.28 ) For the nine months ended January 30, 2021 Basic earnings per share $ 10,669 44,908 $ 0.24 Dilution associated with stock compensation plans — 153 — Diluted earnings per share $ 10,669 45,061 $ 0.24 For the nine months ended February 1, 2020 Basic earnings per share $ 1,570 45,139 $ 0.03 Dilution associated with stock compensation plans — 273 — Diluted earnings per share $ 1,570 45,412 $ 0.03 |
Note 4 - Revenue Recognition (T
Note 4 - Revenue Recognition (Tables) | 9 Months Ended |
Jan. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended January 30, 2021 High School Commercial Live Events Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 2,087 $ 14,006 $ 3,604 $ 7,880 $ 5,155 $ 32,732 Limited configuration 24,630 4,536 10,424 3,273 7,391 50,254 Service and other 3,368 4,788 616 616 1,765 11,153 $ 30,085 $ 23,330 $ 14,644 $ 11,769 $ 14,311 $ 94,139 Timing of revenue recognition Goods/services transferred at a point in time $ 25,092 $ 5,720 $ 9,163 $ 3,436 $ 7,785 $ 51,196 Goods/services transferred over time 4,993 17,610 5,481 8,333 6,526 42,943 $ 30,085 $ 23,330 $ 14,644 $ 11,769 $ 14,311 $ 94,139 Nine Months Ended January 30, 2021 High School Commercial Live Events Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 14,322 $ 83,283 $ 16,363 $ 24,579 $ 15,534 $ 154,081 Limited configuration 69,796 14,566 52,808 15,364 24,268 176,802 Service and other 10,829 14,777 1,994 1,647 5,020 34,267 $ 94,947 $ 112,626 $ 71,165 $ 41,590 $ 44,822 $ 365,150 Timing of revenue recognition Goods/services transferred at a point in time $ 71,210 $ 18,670 $ 48,249 $ 15,740 $ 25,432 $ 179,301 Goods/services transferred over time 23,737 93,956 22,916 25,850 19,390 185,849 $ 94,947 $ 112,626 $ 71,165 $ 41,590 $ 44,822 $ 365,150 Three Months Ended February 1, 2020 High School Commercial Live Events Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 7,209 $ 27,459 $ 1,511 $ 7,857 $ 9,195 $ 53,231 Limited configuration 26,304 6,436 12,422 5,580 10,609 61,351 Service and other 3,367 6,676 842 479 1,711 13,075 $ 36,880 $ 40,571 $ 14,775 $ 13,916 $ 21,515 $ 127,657 Timing of revenue recognition Goods/services transferred at a point in time $ 26,555 $ 8,614 $ 11,080 $ 5,683 $ 11,008 $ 62,940 Goods/services transferred over time 10,325 31,957 3,695 8,233 10,507 64,717 $ 36,880 $ 40,571 $ 14,775 $ 13,916 $ 21,515 $ 127,657 Nine Months Ended February 1, 2020 High School Commercial Live Events Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 29,181 $ 114,459 $ 12,727 $ 32,173 $ 35,415 $ 223,955 Limited configuration 80,193 25,662 60,349 19,550 33,663 219,417 Service and other 11,192 19,075 2,357 1,541 5,287 39,452 $ 120,566 $ 159,196 $ 75,433 $ 53,264 $ 74,365 $ 482,824 Timing of revenue recognition Goods/services transferred at a point in time $ 81,562 $ 30,903 $ 55,791 $ 19,901 $ 34,696 $ 222,853 Goods/services transferred over time 39,004 128,293 19,642 33,363 39,669 259,971 $ 120,566 $ 159,196 $ 75,433 $ 53,264 $ 74,365 $ 482,824 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | January 30, May 2, Dollar Percent 2021 2020 Change Change Contract assets $ 30,310 $ 35,467 $ (5,157 ) (14.5 )% Contract liabilities - current 53,292 50,897 2,395 4.7 % Contract liabilities - noncurrent 10,587 10,707 (120 ) (1.1 )% January 30, 2021 Balance at beginning of period $ 24,490 New contracts sold 49,471 Less: reductions for revenue recognized (48,818 ) Foreign currency translation and other 194 Balance at end of period $ 25,337 |
Note 5 - Segment Reporting (Tab
Note 5 - Segment Reporting (Tables) | 9 Months Ended |
Jan. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Nine Months Ended January 30, February 1, January 30, February 1, 2021 2020 2021 2020 Net sales: Commercial $ 30,085 $ 36,880 $ 94,947 $ 120,566 Live Events 23,330 40,571 112,626 159,196 High School Park and Recreation 14,644 14,775 71,165 75,433 Transportation 11,769 13,916 41,590 53,264 International 14,311 21,515 44,822 74,365 Total company net sales 94,139 127,657 365,150 482,824 Gross profit: Commercial 8,410 5,399 24,730 22,479 Live Events 4,256 7,815 20,910 32,486 High School Park and Recreation 6,437 3,184 25,410 22,595 Transportation 3,845 4,316 14,300 18,073 International 993 3,768 7,666 14,441 23,941 24,482 93,016 110,074 Operating expenses: Selling 12,004 16,552 36,214 51,026 General and administrative 6,389 8,640 20,777 26,698 Product design and development 5,784 8,442 20,053 29,063 24,177 33,634 77,044 106,787 Operating (loss) income (236 ) (9,152 ) 15,972 3,287 Nonoperating income (expense): Interest income 52 233 203 664 Interest expense (92 ) 13 (249 ) (53 ) Other (expense) income, net (913 ) (331 ) (2,377 ) (652 ) (Loss) income before income taxes $ (1,189 ) $ (9,237 ) $ 13,549 $ 3,246 Depreciation and amortization: Commercial $ 760 $ 930 $ 2,253 $ 2,799 Live Events 1,436 1,395 4,311 4,187 High School Park and Recreation 464 501 1,452 1,520 Transportation 233 255 704 771 International 738 646 2,132 1,733 Unallocated corporate depreciation 653 746 1,996 2,187 $ 4,284 $ 4,473 $ 12,848 $ 13,197 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three Months Ended Nine Months Ended January 30, February 1, January 30, February 1, 2021 2020 2021 2020 Net sales: United States $ 78,152 $ 103,347 $ 314,674 $ 399,913 Outside United States 15,987 24,310 50,476 82,911 $ 94,139 $ 127,657 $ 365,150 $ 482,824 January 30, May 2, 2021 2020 Property and equipment, net of accumulated depreciation: United States $ 52,657 $ 58,422 Outside United States 9,148 9,062 $ 61,805 $ 67,484 |
Note 6 - Goodwill (Tables)
Note 6 - Goodwill (Tables) | 9 Months Ended |
Jan. 30, 2021 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Live Events Commercial Transportation International Total Balance as of May 2, 2020 $ 2,266 $ 3,144 $ 38 $ 2,295 $ 7,743 Foreign currency translation 30 205 29 255 519 Balance as of January 30, 2021 $ 2,296 $ 3,349 $ 67 $ 2,550 $ 8,262 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Tables) | 9 Months Ended |
Jan. 30, 2021 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | January 30, 2021 Beginning accrued warranty obligations $ 25,624 Warranties issued during the period 6,473 Settlements made during the period (4,115 ) Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations (1,520 ) Ending accrued warranty obligations $ 26,462 |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurement (Tables) | 9 Months Ended |
Jan. 30, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements Level 1 Level 2 Level 3 Total Balance as of January 30, 2021 Cash and cash equivalents $ 76,877 $ — $ — $ 76,877 Restricted cash 3,884 — — 3,884 Available-for-sale securities: Certificates of deposit — 248 — 248 Derivatives - asset position — — — — Derivatives - liability position — (331 ) — (331 ) Acquisition-related contingent consideration — — (311 ) (311 ) $ 80,761 $ (83 ) $ (311 ) $ 80,367 Balance as of May 2, 2020 Cash and cash equivalents $ 40,398 $ — $ — $ 40,398 Restricted cash 14 — — 14 Available-for-sale securities: Certificates of deposit — 1,230 — 1,230 Derivatives - asset position — 261 — 261 Derivatives - liability position — (17 ) — (17 ) Acquisition-related contingent consideration — — (761 ) (761 ) $ 40,412 $ 1,474 $ (761 ) $ 41,125 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Acquisition-related contingent consideration as of May 2, 2020 $ 761 Additions 133 Settlements (600 ) Interest 17 Acquisition-related contingent consideration as of January 30, 2021 $ 311 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 30, 2021USD ($) | Oct. 31, 2020USD ($) | Aug. 01, 2020USD ($) | Jan. 30, 2021USD ($) | |
Long-term Line of Credit, Total | $ 15,000 | $ 15,000 | ||
Number of Employees, Voluntary Retirement | 60 | |||
Voluntary Retirement Cost | $ 931 | |||
Number of Employees, Reduction in Force | 150 | 108 | ||
Severance Costs | $ 2,742 | $ 1,426 | ||
Government Wage Subsidy | 254 | 1,632 | ||
Payroll Tax, Employer, Deferral under the CARES Act | $ 5,122 | $ 5,122 |
Note 1 - Basis of Presentatio_3
Note 1 - Basis of Presentation - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Jan. 30, 2021 | May 02, 2020 | Feb. 01, 2020 | Apr. 27, 2019 |
Cash and cash equivalents | $ 76,877 | $ 40,398 | $ 40,316 | |
Restricted cash | 3,884 | 14 | 60 | |
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows | $ 80,761 | $ 40,412 | $ 40,376 | $ 35,742 |
Note 1 - Basis of Presentatio_4
Note 1 - Basis of Presentation - Allowance for Doubtful Accounts (Details) $ in Thousands | 9 Months Ended | |
Jan. 30, 2021USD ($) | ||
Balance as of May 2, 2020 | $ 2,828 | |
Charged to costs and expenses | 2,724 | |
Deductions | (1,392) | [1] |
Balance as of January 30, 2021 | $ 4,160 | |
[1] | Includes account collections and write offs |
Note 2 - Investments in Affil_2
Note 2 - Investments in Affiliates (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | May 02, 2020 | |
Equity Method Investments | $ 15,517 | $ 17,257 | |
Income (Loss) from Equity Method Investments, Total | (1,740) | $ (430) | |
Related Party Transaction, Amounts of Transaction | 661 | ||
Accounts Payable [Member] | |||
Due to Related Parties, Total | $ 201 |
Note 3 - Earnings Per Share (_3
Note 3 - Earnings Per Share ("EPS") (Details Textual) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Jan. 30, 2021 | Feb. 01, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 2,337 | 2,193 | 2,268 | 2,223 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Weighted Average Exercise Price (in dollars per share) | $ 8.70 | $ 9.92 | $ 9.29 | $ 9.95 |
Note 3 - Earnings Per Share (_4
Note 3 - Earnings Per Share ("EPS") - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Jan. 30, 2021 | Oct. 31, 2020 | Aug. 01, 2020 | Feb. 01, 2020 | Nov. 02, 2019 | Aug. 03, 2019 | Jan. 30, 2021 | Feb. 01, 2020 | |
Basic (loss) earnings per share | $ (214) | $ 3,416 | $ 7,467 | $ (12,734) | $ 7,274 | $ 7,030 | $ 10,669 | $ 1,570 |
Basic (loss) earnings per share (in shares) | 45,064 | 45,189 | 44,908 | 45,139 | ||||
Basic (loss) earnings per share (in dollars per share) | $ 0 | $ (0.28) | $ 0.24 | $ 0.03 | ||||
Dilution associated with stock compensation plans (in shares) | 0 | 0 | 153 | 273 | ||||
Diluted (loss) earnings per share | $ (214) | $ (12,734) | $ 10,669 | $ 1,570 | ||||
Diluted (loss) earnings per share (in shares) | 45,064 | 45,189 | 45,061 | 45,412 | ||||
Diluted (loss) earnings per share (in dollars per share) | $ 0 | $ (0.28) | $ 0.24 | $ 0.03 |
Note 4 - Revenue Recognition 1
Note 4 - Revenue Recognition 1 (Details Textual) $ in Thousands | 9 Months Ended |
Jan. 30, 2021USD ($) | |
Contract with Customer, Liability, Revenue Recognized | $ 42,851 |
Revenue, Remaining Performance Obligation, Amount | 248,643 |
Product [Member] | |
Revenue, Remaining Performance Obligation, Amount | 194,534 |
Service [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 54,109 |
Note 4 - Revenue Recognition 2
Note 4 - Revenue Recognition 2 (Details Textual) $ in Thousands | Jan. 30, 2021USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 248,643 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-31 | |
Revenue, Remaining Performance Obligation, Amount | $ 211,787 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 12 months |
Note 4 - Revenue Recognition -
Note 4 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Jan. 30, 2021 | Feb. 01, 2020 | |
Net sales | $ 94,139 | $ 127,657 | $ 365,150 | $ 482,824 |
Transferred at Point in Time [Member] | ||||
Net sales | 51,196 | 62,940 | 179,301 | 222,853 |
Transferred over Time [Member] | ||||
Net sales | 42,943 | 64,717 | 185,849 | 259,971 |
Unique Configuration [Member] | ||||
Net sales | 32,732 | 53,231 | 154,081 | 223,955 |
Limited Configuration [Member] | ||||
Net sales | 50,254 | 61,351 | 176,802 | 219,417 |
Service and Other [Member] | ||||
Net sales | 11,153 | 13,075 | 34,267 | 39,452 |
Commercial [Member] | ||||
Net sales | 30,085 | 36,880 | 94,947 | 120,566 |
Commercial [Member] | Transferred at Point in Time [Member] | ||||
Net sales | 25,092 | 26,555 | 71,210 | 81,562 |
Commercial [Member] | Transferred over Time [Member] | ||||
Net sales | 4,993 | 10,325 | 23,737 | 39,004 |
Commercial [Member] | Unique Configuration [Member] | ||||
Net sales | 2,087 | 7,209 | 14,322 | 29,181 |
Commercial [Member] | Limited Configuration [Member] | ||||
Net sales | 24,630 | 26,304 | 69,796 | 80,193 |
Commercial [Member] | Service and Other [Member] | ||||
Net sales | 3,368 | 3,367 | 10,829 | 11,192 |
Live Events [Member] | ||||
Net sales | 23,330 | 40,571 | 112,626 | 159,196 |
Live Events [Member] | Transferred at Point in Time [Member] | ||||
Net sales | 5,720 | 8,614 | 18,670 | 30,903 |
Live Events [Member] | Transferred over Time [Member] | ||||
Net sales | 17,610 | 31,957 | 93,956 | 128,293 |
Live Events [Member] | Unique Configuration [Member] | ||||
Net sales | 14,006 | 27,459 | 83,283 | 114,459 |
Live Events [Member] | Limited Configuration [Member] | ||||
Net sales | 4,536 | 6,436 | 14,566 | 25,662 |
Live Events [Member] | Service and Other [Member] | ||||
Net sales | 4,788 | 6,676 | 14,777 | 19,075 |
High School Park and Recreation [Member] | ||||
Net sales | 14,644 | 14,775 | 71,165 | 75,433 |
High School Park and Recreation [Member] | Transferred at Point in Time [Member] | ||||
Net sales | 9,163 | 11,080 | 48,249 | 55,791 |
High School Park and Recreation [Member] | Transferred over Time [Member] | ||||
Net sales | 5,481 | 3,695 | 22,916 | 19,642 |
High School Park and Recreation [Member] | Unique Configuration [Member] | ||||
Net sales | 3,604 | 1,511 | 16,363 | 12,727 |
High School Park and Recreation [Member] | Limited Configuration [Member] | ||||
Net sales | 10,424 | 12,422 | 52,808 | 60,349 |
High School Park and Recreation [Member] | Service and Other [Member] | ||||
Net sales | 616 | 842 | 1,994 | 2,357 |
Transportation [Member] | ||||
Net sales | 11,769 | 13,916 | 41,590 | 53,264 |
Transportation [Member] | Transferred at Point in Time [Member] | ||||
Net sales | 3,436 | 5,683 | 15,740 | 19,901 |
Transportation [Member] | Transferred over Time [Member] | ||||
Net sales | 8,333 | 8,233 | 25,850 | 33,363 |
Transportation [Member] | Unique Configuration [Member] | ||||
Net sales | 7,880 | 7,857 | 24,579 | 32,173 |
Transportation [Member] | Limited Configuration [Member] | ||||
Net sales | 3,273 | 5,580 | 15,364 | 19,550 |
Transportation [Member] | Service and Other [Member] | ||||
Net sales | 616 | 479 | 1,647 | 1,541 |
International [Member] | ||||
Net sales | 14,311 | 21,515 | 44,822 | 74,365 |
International [Member] | Transferred at Point in Time [Member] | ||||
Net sales | 7,785 | 11,008 | 25,432 | 34,696 |
International [Member] | Transferred over Time [Member] | ||||
Net sales | 6,526 | 10,507 | 19,390 | 39,669 |
International [Member] | Unique Configuration [Member] | ||||
Net sales | 5,155 | 9,195 | 15,534 | 35,415 |
International [Member] | Limited Configuration [Member] | ||||
Net sales | 7,391 | 10,609 | 24,268 | 33,663 |
International [Member] | Service and Other [Member] | ||||
Net sales | $ 1,765 | $ 1,711 | $ 5,020 | $ 5,287 |
Note 4 - Revenue Recognition _2
Note 4 - Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 30, 2021 | May 02, 2020 | |
Contract assets | $ 30,310 | $ 35,467 |
Contract assets, dollar change | $ (5,157) | |
Contract assets, percent change | (14.50%) | |
Contract liabilities - current | $ 53,292 | 50,897 |
Contract liabilities - current, dollar change | $ 2,395 | |
Contract liabilities - current, percent change | 4.70% | |
Contract liabilities - noncurrent | $ 10,587 | $ 10,707 |
Contract liabilities - noncurrent, dollar change | $ (120) | |
Contract liabilities - noncurrent, percent change | (1.10%) | |
Less: reductions for revenue recognized | $ (42,851) | |
Service-type Warranty Contracts [Member] | ||
Balance at beginning of period | 24,490 | |
New contracts sold | 49,471 | |
Less: reductions for revenue recognized | (48,818) | |
Foreign currency translation and other | 194 | |
Balance at end of period | $ 25,337 |
Note 5 - Segment Reporting (Det
Note 5 - Segment Reporting (Details Textual) | 9 Months Ended |
Jan. 30, 2021 | |
Number of Reportable Segments | 5 |
Note 5 - Segment Reporting - Se
Note 5 - Segment Reporting - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 30, 2021 | Feb. 01, 2020 | Jan. 30, 2021 | Feb. 01, 2020 | ||
Net sales | $ 94,139 | $ 127,657 | $ 365,150 | $ 482,824 | |
Gross profit | 23,941 | 24,482 | 93,016 | 110,074 | |
Selling | 12,004 | 16,552 | 36,214 | 51,026 | |
General and administrative | 6,389 | 8,640 | 20,777 | 26,698 | |
Product design and development | 5,784 | 8,442 | 20,053 | 29,063 | |
Operating Expenses, Total | 24,177 | 33,634 | 77,044 | 106,787 | |
Operating (loss) income | (236) | (9,152) | 15,972 | 3,287 | |
Interest income | 52 | 233 | 203 | 664 | |
Interest expense | (92) | 13 | (249) | (53) | |
Other (expense) income, net | (913) | (331) | (2,377) | (652) | |
(Loss) income before income taxes | (1,189) | (9,237) | 13,549 | 3,246 | |
Depreciation and amortization | [1] | 4,284 | 4,473 | 12,848 | 13,197 |
Corporate, Non-Segment [Member] | |||||
Depreciation and amortization | 653 | 746 | 1,996 | 2,187 | |
Commercial [Member] | |||||
Net sales | 30,085 | 36,880 | 94,947 | 120,566 | |
Commercial [Member] | Operating Segments [Member] | |||||
Net sales | 30,085 | 36,880 | 94,947 | 120,566 | |
Gross profit | 8,410 | 5,399 | 24,730 | 22,479 | |
Depreciation and amortization | [1] | 760 | 930 | 2,253 | 2,799 |
Live Events [Member] | |||||
Net sales | 23,330 | 40,571 | 112,626 | 159,196 | |
Live Events [Member] | Operating Segments [Member] | |||||
Net sales | 23,330 | 40,571 | 112,626 | 159,196 | |
Gross profit | 4,256 | 7,815 | 20,910 | 32,486 | |
Depreciation and amortization | [1] | 1,436 | 1,395 | 4,311 | 4,187 |
High School Park and Recreation [Member] | |||||
Net sales | 14,644 | 14,775 | 71,165 | 75,433 | |
High School Park and Recreation [Member] | Operating Segments [Member] | |||||
Net sales | 14,644 | 14,775 | 71,165 | 75,433 | |
Gross profit | 6,437 | 3,184 | 25,410 | 22,595 | |
Depreciation and amortization | [1] | 464 | 501 | 1,452 | 1,520 |
Transportation [Member] | |||||
Net sales | 11,769 | 13,916 | 41,590 | 53,264 | |
Transportation [Member] | Operating Segments [Member] | |||||
Net sales | 11,769 | 13,916 | 41,590 | 53,264 | |
Gross profit | 3,845 | 4,316 | 14,300 | 18,073 | |
Depreciation and amortization | [1] | 233 | 255 | 704 | 771 |
International [Member] | |||||
Net sales | 14,311 | 21,515 | 44,822 | 74,365 | |
International [Member] | Operating Segments [Member] | |||||
Net sales | 14,311 | 21,515 | 44,822 | 74,365 | |
Gross profit | 993 | 3,768 | 7,666 | 14,441 | |
Depreciation and amortization | [1] | $ 738 | $ 646 | $ 2,132 | $ 1,733 |
[1] | Contribution margin consists of gross profit less selling expense. |
Note 5 - Segment Reporting - Ne
Note 5 - Segment Reporting - Net Sales and Property and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 30, 2021 | Feb. 01, 2020 | Jan. 30, 2021 | Feb. 01, 2020 | May 02, 2020 | |
Net sales | $ 94,139 | $ 127,657 | $ 365,150 | $ 482,824 | |
Property and equipment, net of accumulated depreciation | 61,805 | 61,805 | $ 67,484 | ||
UNITED STATES | |||||
Net sales | 78,152 | 103,347 | 314,674 | 399,913 | |
Property and equipment, net of accumulated depreciation | 52,657 | 52,657 | 58,422 | ||
Non-US [Member] | |||||
Net sales | 15,987 | $ 24,310 | 50,476 | $ 82,911 | |
Property and equipment, net of accumulated depreciation | $ 9,148 | $ 9,148 | $ 9,062 |
Note 6 - Goodwill - Goodwill (D
Note 6 - Goodwill - Goodwill (Details) $ in Thousands | 9 Months Ended |
Jan. 30, 2021USD ($) | |
Balance | $ 7,743 |
Foreign currency translation | 519 |
Balance | 8,262 |
Live Events [Member] | |
Balance | 2,266 |
Foreign currency translation | 30 |
Balance | 2,296 |
Commercial [Member] | |
Balance | 3,144 |
Foreign currency translation | 205 |
Balance | 3,349 |
Transportation [Member] | |
Balance | 38 |
Foreign currency translation | 29 |
Balance | 67 |
International [Member] | |
Balance | 2,295 |
Foreign currency translation | 255 |
Balance | $ 2,550 |
Note 7 - Receivables (Details T
Note 7 - Receivables (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 30, 2021 | May 02, 2020 | |
Accounts Receivable, Allowance for Credit Loss, Current | $ 4,160 | $ 2,828 |
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 63,212 | 72,577 |
Retainage on Construction-type Contracts [Member] | ||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 1,219 | 687 |
Financing Receivable [Member] | ||
Financing Receivable, after Allowance for Credit Loss, Total | 2,490 | 4,633 |
Financing Receivable, before Allowance for Credit Loss, Total | $ 2,618 | $ 5,166 |
Financing Receivable [Member] | Minimum [Member] | ||
Contract and Leases Receivable, Interest Rate | 5.00% | |
Financing Receivable [Member] | Maximum [Member] | ||
Contract and Leases Receivable, Interest Rate | 9.00% |
Note 8 - Financing Agreements (
Note 8 - Financing Agreements (Details Textual) $ in Thousands | Jan. 30, 2021USD ($) | Aug. 28, 2020USD ($) |
Long-term Line of Credit, Total | $ 15,000 | |
Guarantees [Member] | ||
Loss Contingency Accrual, Ending Balance | 3,637 | |
Line of Credit [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000 | |
Debt Instrument, Covenant, Maximum Interest-bearing Debt to EBITDA Ratio | 2.5 | |
Long-term Line of Credit, Total | 15,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | 13,290 | |
Standby Letters of Credit [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 | |
Long-term Line of Credit, Total | $ 6,710 |
Note 9 - Share Repurchase Pro_2
Note 9 - Share Repurchase Program (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 9 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Jun. 17, 2016 | |
Stock Repurchase Program, Authorized Amount | $ 40,000 | ||
Stock Repurchased During Period, Shares (in shares) | 0 | 378 | |
Stock Repurchased During Period, Value | $ 2,329 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 35,846 |
Note 10 - Commitments and Con_3
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Jan. 30, 2021 | May 02, 2020 |
Financial Standby Letter of Credit [Member] | ||
Loss Contingency Accrual, Ending Balance | $ 6,710 | |
Guarantees [Member] | ||
Loss Contingency Accrual, Ending Balance | 3,637 | |
Surety Bond [Member] | ||
Loss Contingency Accrual, Ending Balance | $ 38,929 | |
Accrued Expenses [Member] | ||
Estimated Litigation Liability, Current | $ 2,072 |
Note 10 - Commitments and Con_4
Note 10 - Commitments and Contingencies - Warranties (Details) $ in Thousands | 9 Months Ended |
Jan. 30, 2021USD ($) | |
Beginning accrued warranty obligations | $ 25,624 |
Warranties issued during the period | 6,473 |
Settlements made during the period | (4,115) |
Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations | (1,520) |
Ending accrued warranty obligations | $ 26,462 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Jan. 30, 2021 | Feb. 01, 2020 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 82.00% | 37.90% | 21.30% | 51.60% |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 554 | $ 554 | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||
Open Tax Year | 2018 2019 2020 | |||
State and Local Jurisdiction [Member] | ||||
Open Tax Year | 2017 2018 2019 2020 | |||
Foreign Tax Authority [Member] | ||||
Open Tax Year | 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 |
Note 12 - Fair Value Measurem_3
Note 12 - Fair Value Measurement - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 30, 2021 | May 02, 2020 |
Cash and cash equivalents | $ 76,877 | $ 40,398 |
Restricted cash | 3,884 | 14 |
Derivatives - asset position | 0 | 261 |
Derivatives - liability position | (331) | (17) |
Acquisition-related contingent consideration | (311) | (761) |
Fair Value, Net Asset (Liability), Total | 80,367 | 41,125 |
Certificates of Deposit [Member] | ||
Certificates of deposit | 248 | 1,230 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 76,877 | 40,398 |
Restricted cash | 3,884 | 14 |
Derivatives - asset position | 0 | 0 |
Derivatives - liability position | 0 | 0 |
Acquisition-related contingent consideration | 0 | 0 |
Fair Value, Net Asset (Liability), Total | 80,761 | 40,412 |
Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ||
Certificates of deposit | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Derivatives - asset position | 0 | 261 |
Derivatives - liability position | (331) | (17) |
Acquisition-related contingent consideration | 0 | 0 |
Fair Value, Net Asset (Liability), Total | (83) | 1,474 |
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Certificates of deposit | 248 | 1,230 |
Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Derivatives - asset position | 0 | 0 |
Derivatives - liability position | 0 | 0 |
Acquisition-related contingent consideration | (311) | (761) |
Fair Value, Net Asset (Liability), Total | (311) | (761) |
Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | ||
Certificates of deposit | $ 0 | $ 0 |
Note 12 - Fair Value Measurem_4
Note 12 - Fair Value Measurement - Contingent Liabilities (Details) - Contingent Consideration Liability [Member] $ in Thousands | 9 Months Ended |
Jan. 30, 2021USD ($) | |
Acquisition-related contingent consideration as of May 2, 2020 | $ 761 |
Additions | 133 |
Settlements | (600) |
Interest | 17 |
Acquisition-related contingent consideration as of January 30, 2021 | $ 311 |