Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jan. 29, 2022 | Feb. 22, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000915779 | |
Entity Registrant Name | DAKTRONICS INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --04-30 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jan. 29, 2022 | |
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 | 45,466,357 | |
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. 29, 2022 | May 01, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 30,883 | $ 77,590 |
Restricted cash | 836 | 2,812 |
Marketable securities | 4,035 | 0 |
Accounts receivable, net | 96,710 | 67,808 |
Inventories | 111,110 | 74,356 |
Contract assets | 39,874 | 32,799 |
Current maturities of long-term receivables | 1,550 | 1,462 |
Prepaid expenses and other current assets | 12,903 | 7,445 |
Income tax receivables | 2,426 | 731 |
Total current assets | 300,327 | 265,003 |
Property and equipment, net | 58,262 | 58,682 |
Long-term receivables, less current maturities | 7,655 | 1,635 |
Goodwill | 8,099 | 8,414 |
Intangibles, net | 1,579 | 2,083 |
Investment in affiliates and other assets | 27,398 | 27,403 |
Deferred income taxes | 11,731 | 11,944 |
TOTAL ASSETS | 415,051 | 375,164 |
CURRENT LIABILITIES: | ||
Accounts payable | 62,835 | 40,251 |
Contract liabilities | 79,591 | 64,495 |
Accrued expenses | 32,031 | 30,672 |
Warranty obligations | 11,378 | 10,464 |
Income taxes payable | 545 | 738 |
Total current liabilities | 186,380 | 146,620 |
Long-term warranty obligations | 15,793 | 15,496 |
Long-term contract liabilities | 10,738 | 10,720 |
Other long-term obligations | 7,460 | 7,816 |
Long-term income taxes payable | 478 | 548 |
Deferred income taxes | 363 | 410 |
Total long-term liabilities | 34,832 | 34,990 |
SHAREHOLDERS' EQUITY: | ||
Common Stock, no par value, authorized 115,000,000 shares; 46,733,544 and 46,264,576 shares issued at January 29, 2022 and May 1, 2021, respectively | 61,794 | 60,575 |
Additional paid-in capital | 47,903 | 46,595 |
Retained earnings | 97,725 | 96,016 |
Treasury Stock, at cost, 1,866,526 and 1,297,409 shares at January 29, 2022 and May 1, 2021, respectively | (10,101) | (7,297) |
Accumulated other comprehensive loss | (3,482) | (2,335) |
TOTAL SHAREHOLDERS' EQUITY | 193,839 | 193,554 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 415,051 | $ 375,164 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Jan. 29, 2022 | May 01, 2021 |
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) | 46,733,544 | 46,264,576 |
Treasury stock, shares (in shares) | 1,866,526 | 1,297,409 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Jan. 29, 2022 | Jan. 30, 2021 | |
Net sales | $ 139,558 | $ 94,139 | $ 448,767 | $ 365,150 |
Cost of sales | 117,250 | 70,198 | 362,007 | 272,134 |
Gross profit | 22,308 | 23,941 | 86,760 | 93,016 |
Operating expenses: | ||||
Selling | 12,735 | 12,004 | 37,012 | 36,214 |
General and administrative | 8,328 | 6,389 | 24,100 | 20,777 |
Product design and development | 6,925 | 5,784 | 21,283 | 20,053 |
Operating Expenses, Total | 27,988 | 24,177 | 82,395 | 77,044 |
Operating (loss)income | (5,680) | (236) | 4,365 | 15,972 |
Nonoperating (expense) income: | ||||
Interest income (expense), net | 56 | (40) | 134 | (46) |
Other (expense) income, net | (793) | (913) | (2,613) | (2,377) |
(Loss) income before income taxes | (6,417) | (1,189) | 1,886 | 13,549 |
Income tax (benefit) expense | (2,067) | (975) | 177 | 2,880 |
Net (loss) income | $ (4,350) | $ (214) | $ 1,709 | $ 10,669 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 45,223 | 45,064 | 45,263 | 44,908 |
Diluted (in shares) | 45,223 | 45,064 | 45,442 | 45,061 |
(Loss) earnings per share: | ||||
Basic (in dollars per share) | $ (0.10) | $ 0 | $ 0.04 | $ 0.24 |
Diluted (in dollars per share) | $ (0.10) | $ 0 | $ 0.04 | $ 0.24 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Jan. 29, 2022 | Jan. 30, 2021 | |
Net income (loss) | $ (4,350) | $ (214) | $ 1,709 | $ 10,669 |
Other comprehensive (loss) income: | ||||
Cumulative translation adjustments | (714) | 1,296 | (1,137) | 2,717 |
Unrealized gain (loss) on available-for-sale securities, net of tax | (10) | 0 | (10) | 0 |
Total other comprehensive (loss) income, net of tax | (724) | 1,296 | (1,147) | 2,717 |
Comprehensive (loss) income | $ (5,074) | $ 1,082 | $ 562 | $ 13,386 |
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 May. 02, 2020 | $ 60,010 | $ 44,627 | $ 85,090 | $ (7,470) | $ (5,277) | $ 176,980 |
Net income (loss) | 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 income (loss) | 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 income (loss) | 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 income (loss) | 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 |
Balance at May. 01, 2021 | 60,575 | 46,595 | 96,016 | (7,297) | (2,335) | 193,554 |
Net income (loss) | 0 | 0 | 3,685 | 0 | 0 | 3,685 |
Cumulative translation adjustments | 0 | 0 | 0 | 0 | (373) | (373) |
Share-based compensation | 0 | 518 | 0 | 0 | 0 | 518 |
Employee savings plan activity | 597 | 0 | 0 | 0 | 0 | 597 |
Treasury stock reissued | 0 | 4 | 0 | 196 | 0 | 200 |
Balance at Jul. 31, 2021 | 61,172 | 47,117 | 99,701 | (7,101) | (2,708) | 198,181 |
Balance at May. 01, 2021 | 60,575 | 46,595 | 96,016 | (7,297) | (2,335) | 193,554 |
Net income (loss) | 1,709 | |||||
Cumulative translation adjustments | (1,137) | |||||
Unrealized gain (loss) on available-for-sale securities, net of tax | (10) | |||||
Balance at Jan. 29, 2022 | 61,794 | 47,903 | 97,725 | (10,101) | (3,482) | 193,839 |
Balance at Jul. 31, 2021 | 61,172 | 47,117 | 99,701 | (7,101) | (2,708) | 198,181 |
Net income (loss) | 0 | 0 | 2,374 | 0 | 0 | 2,374 |
Cumulative translation adjustments | 0 | 0 | 0 | 0 | (50) | (50) |
Share-based compensation | 0 | 494 | 0 | 0 | 0 | 494 |
Exercise of stock options | 3 | 0 | 0 | 0 | 0 | 3 |
Tax payments related to RSU issuances | 0 | (199) | 0 | 0 | 0 | (199) |
Balance at Oct. 30, 2021 | 61,175 | 47,412 | 102,075 | (7,101) | (2,758) | 200,803 |
Net income (loss) | 0 | 0 | (4,350) | 0 | 0 | (4,350) |
Cumulative translation adjustments | 0 | 0 | 0 | 0 | (714) | (714) |
Share-based compensation | 0 | 491 | 0 | 0 | 0 | 491 |
Employee savings plan activity | 614 | 0 | 0 | 0 | 0 | 614 |
Exercise of stock options | 5 | 0 | 0 | 0 | 0 | 5 |
Unrealized gain (loss) on available-for-sale securities, net of tax | 0 | 0 | 0 | 0 | (10) | (10) |
Treasury stock purchase | 0 | 0 | 0 | (3,000) | 0 | (3,000) |
Balance at Jan. 29, 2022 | $ 61,794 | $ 47,903 | $ 97,725 | $ (10,101) | $ (3,482) | $ 193,839 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 29, 2022 | Jan. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 1,709 | $ 10,669 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 11,544 | 12,848 |
Gain on sale of property, equipment and other assets | (737) | (244) |
Share-based compensation | 1,503 | 1,563 |
Equity in loss of investees | 1,966 | 1,740 |
Provision for doubtful accounts | (600) | 1,551 |
Deferred income taxes, net | 151 | (21) |
Change in operating assets and liabilities | (41,000) | 20,115 |
Net cash (used in) provided by operating activities | (25,464) | 48,221 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (10,024) | (6,935) |
Proceeds from sales of property, equipment and other assets | 838 | 470 |
Purchases of marketable securities | (4,045) | 0 |
Proceeds from sales or maturities of marketable securities | 0 | 982 |
Purchases of and loans to equity investees | (6,695) | (1,328) |
Net cash used in investing activities | (19,926) | (6,811) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Principal payments on long-term obligations | (200) | (431) |
Payments for common shares repurchased | (3,000) | 0 |
Proceed from exercise of stock options | 8 | 0 |
Tax payments related to RSU issuances | (199) | (125) |
Net cash used in financing activities | (3,391) | (556) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 98 | (505) |
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (48,683) | 40,349 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | ||
Beginning of period | 80,402 | 40,412 |
End of period | 31,719 | 80,761 |
Supplemental disclosures of cash flow information: | ||
Interest | 0 | 195 |
Income taxes, net of refunds | 1,601 | 1,491 |
Supplemental schedule of non-cash investing and financing activities: | ||
Demonstration equipment transferred to inventory | 53 | 56 |
Purchases of property and equipment included in accounts payable | 1,795 | 527 |
Contributions of common stock under the ESPP | $ 1,211 | $ 565 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Jan. 29, 2022 | |
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 accounting principles generally accepted 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 1, 2021 not May 1, 2021 10 not may Daktronics, Inc. operates on a 52 53 April 30 April 30 13 53 first three 13 nine January 29, 2022 January 30, 2021 39 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. Restricted cash consists of cash and cash equivalents held in bank deposit accounts to secure issuances of foreign bank guarantees. January 29, January 30, 2022 2021 Cash and cash equivalents $ 30,883 $ 76,877 Restricted cash 836 3,884 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 31,719 $ 80,761 Other Business Developments Impacts to and changes in global economic conditions are expected as the world economies recover from the COVID- 19 We anticipate needing to utilize a portion of our line of credit which expires in November 2022, no twelve Recent Accounting Pronouncements There have been no 10 May 1, 2021 Accounting Standards Adopted There are no January 29, 2022 Accounting Standards Not In November 2021, 2021 10, Government Assistance (Topic 832 2021 10" 2021 10, 2021 10 December 15, 2021, first 2023. not 2021 10 |
Note 2 - Investments in Affilia
Note 2 - Investments in Affiliates | 9 Months Ended |
Jan. 29, 2022 | |
Notes to Financial Statements | |
Investment [Text Block] | Note 2. The aggregate amount of our investments in affiliates accounted for under the equity method was $17,921 and $19,887 as of January 29, 2022 May 1, 2021 three nine January 29, 2022 three nine January 30, 2021 nine January 29, 2022 |
Note 3 - Earnings Per Share ("E
Note 3 - Earnings Per Share ("EPS") | 9 Months Ended |
Jan. 29, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 3. 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 29, 2022 January 30, 2021 Net (loss) income Shares Per share (loss) income For the three months ended January 29, 2022 Basic (loss) earnings per share $ (4,350 ) 45,223 $ (0.10 ) Dilution associated with stock compensation plans — — — Diluted (loss) earnings per share $ (4,350 ) 45,223 $ (0.10 ) 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 nine months ended January 29, 2022 Basic earnings per share $ 1,709 45,263 $ 0.04 Dilution associated with stock compensation plans — 179 — Diluted earnings per share $ 1,709 45,442 $ 0.04 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 Options outstanding to purchase 2,216 shares of common stock with a weighted average exercise price of $8.17 for the three January 29, 2022 three January 30, 2021 not Options outstanding to purchase 1,857 shares of common stock with a weighted average exercise price of $9.26 for the nine January 29, 2022 nine January 30, 2021 not |
Note 4 - Revenue Recognition
Note 4 - Revenue Recognition | 9 Months Ended |
Jan. 29, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 4. Disaggregation of revenue The following table presents our disaggregation of revenue by segments: Three Months Ended January 29, 2022 High School Commercial Live Events Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 4,112 $ 25,950 $ 4,167 $ 9,803 $ 8,606 $ 52,638 Limited configuration 32,081 6,843 18,717 5,269 10,453 73,363 Service and other 3,902 6,264 837 751 1,803 13,557 $ 40,095 $ 39,057 $ 23,721 $ 15,823 $ 20,862 $ 139,558 Timing of revenue recognition Goods/services transferred at a point in time $ 32,829 $ 8,540 $ 17,351 $ 5,576 $ 10,967 $ 75,263 Goods/services transferred over time 7,266 30,517 6,370 10,247 9,895 64,295 $ 40,095 $ 39,057 $ 23,721 $ 15,823 $ 20,862 $ 139,558 Nine Months Ended January 29, 2022 High School Commercial Live Events Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 12,258 $ 110,986 $ 15,241 $ 25,320 $ 26,051 $ 189,856 Limited configuration 83,965 21,510 66,590 15,173 32,464 219,702 Service and other 11,116 18,344 2,531 1,941 5,277 39,209 $ 107,339 $ 150,840 $ 84,362 $ 42,434 $ 63,792 $ 448,767 Timing of revenue recognition Goods/services transferred at a point in time $ 85,570 $ 26,877 $ 62,407 $ 15,781 $ 33,801 $ 224,436 Goods/services transferred over time 21,769 123,963 21,955 26,653 29,991 224,331 $ 107,339 $ 150,840 $ 84,362 $ 42,434 $ 63,792 $ 448,767 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 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 29, May 1, Dollar Percent 2022 2021 Change Change Contract assets $ 39,874 $ 32,799 $ 7,075 21.6 % Contract liabilities - current 79,591 64,495 15,096 23.4 % Contract liabilities - noncurrent 10,738 10,720 18 0.2 % The changes in our contract assets and contract liabilities from May 1, 2021 January 29, 2022 no nine January 29, 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" line items in our condensed consolidated balance sheets. Changes in unearned service-type warranty contracts, net were as follows: January 29, 2022 Balance at beginning of period $ 24,590 New contracts sold 33,145 Less: reductions for revenue recognized (30,337 ) Foreign currency translation and other (400 ) Balance at end of period $ 26,998 As of January 29, 2022 May 1, 2021 During the nine January 29, 2022 May 1, 2021 Remaining performance obligations As of January 29, 2022 January 29, 2022 may |
Note 5 - Segment Reporting
Note 5 - Segment Reporting | 9 Months Ended |
Jan. 29, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 5. The following table sets forth certain financial information for each of our five reporting segments for the periods indicated: Three Months Ended Nine Months Ended January 29, January 30, January 29, January 30, 2022 2021 2022 2021 Net sales: Commercial $ 40,095 $ 30,085 $ 107,339 $ 94,947 Live Events 39,057 23,330 150,840 112,626 High School Park and Recreation 23,721 14,644 84,362 71,165 Transportation 15,823 11,769 42,434 41,590 International 20,862 14,311 63,792 44,822 139,558 94,139 448,767 365,150 Gross profit: Commercial 8,239 8,410 22,862 24,730 Live Events 3,094 4,256 17,261 20,910 High School Park and Recreation 6,958 6,437 27,216 25,410 Transportation 4,108 3,845 12,263 14,300 International (91 ) 993 7,158 7,666 22,308 23,941 86,760 93,016 Operating expenses: Selling 12,735 12,004 37,012 36,214 General and administrative 8,328 6,389 24,100 20,777 Product design and development 6,925 5,784 21,283 20,053 27,988 24,177 82,395 77,044 Operating (loss) income (5,680 ) (236 ) 4,365 15,972 Nonoperating income (expense): Interest (expense) income, net 56 (40 ) 134 (46 ) Other (expense) income, net (793 ) (913 ) (2,613 ) (2,377 ) (Loss) income before income taxes $ (6,417 ) $ (1,189 ) $ 1,886 $ 13,549 Depreciation and amortization: Commercial $ 646 $ 760 $ 1,949 $ 2,253 Live Events 1,275 1,436 3,860 4,311 High School Park and Recreation 318 464 1,096 1,452 Transportation 136 233 402 704 International 703 738 2,181 2,132 Unallocated corporate depreciation 677 653 2,056 1,996 $ 3,755 $ 4,284 $ 11,544 $ 12,848 No Three Months Ended Nine Months Ended January 29, January 30, January 29, January 30, 2022 2021 2022 2021 Net sales: United States $ 112,389 $ 78,152 $ 374,692 $ 314,674 Outside United States 27,169 15,987 74,075 50,476 $ 139,558 $ 94,139 $ 448,767 $ 365,150 January 29, May 1, 2022 2021 Property and equipment, net of accumulated depreciation: United States $ 50,271 $ 50,130 Outside United States 7,991 8,552 $ 58,262 $ 58,682 We have numerous customers worldwide for sales of our products and services. No 10 three nine January 29, 2022 not We have numerous raw material and component suppliers, and no 10 |
Note 6 - Goodwill
Note 6 - Goodwill | 9 Months Ended |
Jan. 29, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 6. The changes in the carrying amount of goodwill related to each reportable segment for the nine January 29, 2022 Live Events Commercial Transportation International Total Balance as of May 1, 2021 $ 2,313 $ 3,464 $ 84 $ 2,553 $ 8,414 Foreign currency translation (13 ) (90 ) (13 ) (199 ) (315 ) Balance as of January 29, 2022 $ 2,300 $ 3,374 $ 71 $ 2,354 $ 8,099 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 We performed our annual impairment test on October 31, 2021 no |
Note 7 - Financing Agreements
Note 7 - Financing Agreements | 9 Months Ended |
Jan. 29, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 7. As of January 29, 2022 no January 29, 2022 We are sometimes required to obtain bank guarantees or other financial instruments for display installations. If we are unable to meet the terms of the arrangement, our customer would draw on the banking arrangement, and the bank would subrogate its loss to Daktronics. As of January 29, 2022 As of January 29, 2022 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 9 Months Ended |
Jan. 29, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 8. Litigation: not no not Warranties: nine January 29, 2022 January 29, 2022 Beginning accrued warranty obligations $ 25,960 Warranties issued during the period 7,529 Settlements made during the period (5,782 ) Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations (536 ) Ending accrued warranty obligations $ 27,171 Performance guarantees: January 29, 2022 one January 29, 2022 not |
Note 9 - Income Taxes
Note 9 - Income Taxes | 9 Months Ended |
Jan. 29, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 9. 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 29, 2022 three nine January 30, 2021 third 2022 no second third 2021. third 2022 2021. We operate both domestically and internationally and, as of January 29, 2022 January 29, 2022 |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurement | 9 Months Ended |
Jan. 29, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 10. 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 29, 2022 May 1, 2021 no , Fair Value Measurements Level 1 Level 2 Level 3 Total Balance as of January 29, 2022 Cash and cash equivalents $ 30,883 $ — $ — $ 30,883 Restricted cash 836 — — 836 Available-for-sale securities: US Government Securities 3,489 3,489 US Government sponsored entities — 547 — 547 Derivatives - asset position — 227 — 227 Derivatives - liability position — (41 ) — (41 ) $ 35,208 $ 733 $ — $ 35,941 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 nine January 29, 2022 Acquisition-related contingent consideration as of May 1, 2021 $ 363 Additions 33 Settlements (400 ) Interest 4 Acquisition-related contingent consideration as of January 29, 2022 $ — There have been no 2021 10 May 1, 2021 |
Note 11 - Share Repurchase Prog
Note 11 - Share Repurchase Program | 9 Months Ended |
Jan. 29, 2022 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | Note 11. On June 17, 2016, may may not may In April 2020, December 2, 2021, During the nine January 29, 2022 January 29, 2022, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Jan. 29, 2022 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements There have been no 10 May 1, 2021 Accounting Standards Adopted There are no January 29, 2022 Accounting Standards Not In November 2021, 2021 10, Government Assistance (Topic 832 2021 10" 2021 10, 2021 10 December 15, 2021, first 2023. not 2021 10 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 9 Months Ended |
Jan. 29, 2022 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | January 29, January 30, 2022 2021 Cash and cash equivalents $ 30,883 $ 76,877 Restricted cash 836 3,884 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 31,719 $ 80,761 |
Note 3 - Earnings Per Share (_2
Note 3 - Earnings Per Share ("EPS") (Tables) | 9 Months Ended |
Jan. 29, 2022 | |
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 29, 2022 Basic (loss) earnings per share $ (4,350 ) 45,223 $ (0.10 ) Dilution associated with stock compensation plans — — — Diluted (loss) earnings per share $ (4,350 ) 45,223 $ (0.10 ) 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 nine months ended January 29, 2022 Basic earnings per share $ 1,709 45,263 $ 0.04 Dilution associated with stock compensation plans — 179 — Diluted earnings per share $ 1,709 45,442 $ 0.04 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 |
Note 4 - Revenue Recognition (T
Note 4 - Revenue Recognition (Tables) | 9 Months Ended |
Jan. 29, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended January 29, 2022 High School Commercial Live Events Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 4,112 $ 25,950 $ 4,167 $ 9,803 $ 8,606 $ 52,638 Limited configuration 32,081 6,843 18,717 5,269 10,453 73,363 Service and other 3,902 6,264 837 751 1,803 13,557 $ 40,095 $ 39,057 $ 23,721 $ 15,823 $ 20,862 $ 139,558 Timing of revenue recognition Goods/services transferred at a point in time $ 32,829 $ 8,540 $ 17,351 $ 5,576 $ 10,967 $ 75,263 Goods/services transferred over time 7,266 30,517 6,370 10,247 9,895 64,295 $ 40,095 $ 39,057 $ 23,721 $ 15,823 $ 20,862 $ 139,558 Nine Months Ended January 29, 2022 High School Commercial Live Events Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 12,258 $ 110,986 $ 15,241 $ 25,320 $ 26,051 $ 189,856 Limited configuration 83,965 21,510 66,590 15,173 32,464 219,702 Service and other 11,116 18,344 2,531 1,941 5,277 39,209 $ 107,339 $ 150,840 $ 84,362 $ 42,434 $ 63,792 $ 448,767 Timing of revenue recognition Goods/services transferred at a point in time $ 85,570 $ 26,877 $ 62,407 $ 15,781 $ 33,801 $ 224,436 Goods/services transferred over time 21,769 123,963 21,955 26,653 29,991 224,331 $ 107,339 $ 150,840 $ 84,362 $ 42,434 $ 63,792 $ 448,767 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 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | January 29, May 1, Dollar Percent 2022 2021 Change Change Contract assets $ 39,874 $ 32,799 $ 7,075 21.6 % Contract liabilities - current 79,591 64,495 15,096 23.4 % Contract liabilities - noncurrent 10,738 10,720 18 0.2 % January 29, 2022 Balance at beginning of period $ 24,590 New contracts sold 33,145 Less: reductions for revenue recognized (30,337 ) Foreign currency translation and other (400 ) Balance at end of period $ 26,998 |
Note 5 - Segment Reporting (Tab
Note 5 - Segment Reporting (Tables) | 9 Months Ended |
Jan. 29, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Nine Months Ended January 29, January 30, January 29, January 30, 2022 2021 2022 2021 Net sales: Commercial $ 40,095 $ 30,085 $ 107,339 $ 94,947 Live Events 39,057 23,330 150,840 112,626 High School Park and Recreation 23,721 14,644 84,362 71,165 Transportation 15,823 11,769 42,434 41,590 International 20,862 14,311 63,792 44,822 139,558 94,139 448,767 365,150 Gross profit: Commercial 8,239 8,410 22,862 24,730 Live Events 3,094 4,256 17,261 20,910 High School Park and Recreation 6,958 6,437 27,216 25,410 Transportation 4,108 3,845 12,263 14,300 International (91 ) 993 7,158 7,666 22,308 23,941 86,760 93,016 Operating expenses: Selling 12,735 12,004 37,012 36,214 General and administrative 8,328 6,389 24,100 20,777 Product design and development 6,925 5,784 21,283 20,053 27,988 24,177 82,395 77,044 Operating (loss) income (5,680 ) (236 ) 4,365 15,972 Nonoperating income (expense): Interest (expense) income, net 56 (40 ) 134 (46 ) Other (expense) income, net (793 ) (913 ) (2,613 ) (2,377 ) (Loss) income before income taxes $ (6,417 ) $ (1,189 ) $ 1,886 $ 13,549 Depreciation and amortization: Commercial $ 646 $ 760 $ 1,949 $ 2,253 Live Events 1,275 1,436 3,860 4,311 High School Park and Recreation 318 464 1,096 1,452 Transportation 136 233 402 704 International 703 738 2,181 2,132 Unallocated corporate depreciation 677 653 2,056 1,996 $ 3,755 $ 4,284 $ 11,544 $ 12,848 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three Months Ended Nine Months Ended January 29, January 30, January 29, January 30, 2022 2021 2022 2021 Net sales: United States $ 112,389 $ 78,152 $ 374,692 $ 314,674 Outside United States 27,169 15,987 74,075 50,476 $ 139,558 $ 94,139 $ 448,767 $ 365,150 January 29, May 1, 2022 2021 Property and equipment, net of accumulated depreciation: United States $ 50,271 $ 50,130 Outside United States 7,991 8,552 $ 58,262 $ 58,682 |
Note 6 - Goodwill (Tables)
Note 6 - Goodwill (Tables) | 9 Months Ended |
Jan. 29, 2022 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Live Events Commercial Transportation International Total Balance as of May 1, 2021 $ 2,313 $ 3,464 $ 84 $ 2,553 $ 8,414 Foreign currency translation (13 ) (90 ) (13 ) (199 ) (315 ) Balance as of January 29, 2022 $ 2,300 $ 3,374 $ 71 $ 2,354 $ 8,099 |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Tables) | 9 Months Ended |
Jan. 29, 2022 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | January 29, 2022 Beginning accrued warranty obligations $ 25,960 Warranties issued during the period 7,529 Settlements made during the period (5,782 ) Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations (536 ) Ending accrued warranty obligations $ 27,171 |
Note 10 - Fair Value Measurem_2
Note 10 - Fair Value Measurement (Tables) | 9 Months Ended |
Jan. 29, 2022 | |
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 29, 2022 Cash and cash equivalents $ 30,883 $ — $ — $ 30,883 Restricted cash 836 — — 836 Available-for-sale securities: US Government Securities 3,489 3,489 US Government sponsored entities — 547 — 547 Derivatives - asset position — 227 — 227 Derivatives - liability position — (41 ) — (41 ) $ 35,208 $ 733 $ — $ 35,941 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 [Table Text Block] | Acquisition-related contingent consideration as of May 1, 2021 $ 363 Additions 33 Settlements (400 ) Interest 4 Acquisition-related contingent consideration as of January 29, 2022 $ — |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | May 01, 2021 | Jan. 30, 2021 | May 02, 2020 |
Cash and cash equivalents | $ 30,883 | $ 77,590 | $ 76,877 | |
Restricted cash | 836 | 2,812 | 3,884 | |
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows | $ 31,719 | $ 80,402 | $ 80,761 | $ 40,412 |
Note 2 - Investments in Affil_2
Note 2 - Investments in Affiliates (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 29, 2022 | Jan. 30, 2021 | Jan. 29, 2022 | Jan. 30, 2021 | May 01, 2021 | |
Equity Method Investments | $ 17,921 | $ 17,921 | $ 19,887 | ||
Income (Loss) from Equity Method Investments, Total | (401) | $ (595) | (1,966) | $ (1,740) | |
Related Party Transaction, Amounts of Transaction | 117 | ||||
Long-term Receivables, Less Current Maturities [Member] | |||||
Equity Method Investments | $ 6,335 | 6,335 | |||
Product Design and Development [Member] | |||||
Related Party Transaction, Amounts of Transaction | $ 1,520 |
Note 3 - Earnings Per Share (_3
Note 3 - Earnings Per Share ("EPS") (Details Textual) - $ / shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Jan. 29, 2022 | Jan. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 2,216 | 2,337 | 1,857 | 2,268 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Weighted Average Exercise Price (in dollars per share) | $ 8.17 | $ 8.70 | $ 9.26 | $ 9.29 |
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. 29, 2022 | Oct. 30, 2021 | Jul. 31, 2021 | Jan. 30, 2021 | Oct. 31, 2020 | Aug. 01, 2020 | Jan. 29, 2022 | Jan. 30, 2021 | |
Basic earnings per share, net income | $ (4,350) | $ 2,374 | $ 3,685 | $ (214) | $ 3,416 | $ 7,467 | $ 1,709 | $ 10,669 |
Basic earnings per share, shares (in shares) | 45,223 | 45,064 | 45,263 | 44,908 | ||||
Basic earnings per share, per share income (in dollars per share) | $ (0.10) | $ 0 | $ 0.04 | $ 0.24 | ||||
Diluted earnings per share, net income | $ (4,350) | $ (214) | $ 1,709 | $ 10,669 | ||||
Diluted earnings per share, shares (in shares) | 45,223 | 45,064 | 45,442 | 45,061 | ||||
Diluted earnings per share, per share income (in dollars per share) | $ (0.10) | $ 0 | $ 0.04 | $ 0.24 | ||||
Dilution associated with stock compensation plans, shares (in shares) | 179 | 153 |
Note 4 - Revenue Recognition 1
Note 4 - Revenue Recognition 1 (Details Textual) $ in Thousands | 9 Months Ended |
Jan. 29, 2022USD ($) | |
Contract With Customer, Liability, Revenue Recognized During Period | $ 47,356 |
Revenue, Remaining Performance Obligation, Amount | 412,675 |
Product [Member] | |
Revenue, Remaining Performance Obligation, Amount | 353,345 |
Service [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 59,330 |
Note 4 - Revenue Recognition 2
Note 4 - Revenue Recognition 2 (Details Textual) $ in Thousands | Jan. 29, 2022USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 412,675 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-30 | |
Revenue, Remaining Performance Obligation, Amount | $ 378,092 |
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. 29, 2022 | Jan. 29, 2022 | Jan. 30, 2021 | Jan. 29, 2022 | Jan. 30, 2021 | |
Net sales | $ 139,558 | $ 139,558 | $ 94,139 | $ 448,767 | $ 365,150 |
Transferred at Point in Time [Member] | |||||
Net sales | 75,263 | 51,196 | 224,436 | 179,301 | |
Transferred over Time [Member] | |||||
Net sales | 64,295 | 42,943 | 224,331 | 185,849 | |
Unique Configuration [Member] | |||||
Net sales | 52,638 | 32,732 | 189,856 | 154,081 | |
Limited Configuration [Member] | |||||
Net sales | 73,363 | 50,254 | 219,702 | 176,802 | |
Service and Other [Member] | |||||
Net sales | 13,557 | 11,153 | 39,209 | 34,267 | |
Commercial [Member] | |||||
Net sales | 40,095 | 30,085 | 107,339 | 94,947 | |
Commercial [Member] | Transferred at Point in Time [Member] | |||||
Net sales | 32,829 | 25,092 | 85,570 | 71,210 | |
Commercial [Member] | Transferred over Time [Member] | |||||
Net sales | 7,266 | 4,993 | 21,769 | 23,737 | |
Commercial [Member] | Unique Configuration [Member] | |||||
Net sales | 4,112 | 2,087 | 12,258 | 14,322 | |
Commercial [Member] | Limited Configuration [Member] | |||||
Net sales | 32,081 | 24,630 | 83,965 | 69,796 | |
Commercial [Member] | Service and Other [Member] | |||||
Net sales | 3,902 | 3,368 | 11,116 | 10,829 | |
Live Events [Member] | |||||
Net sales | 39,057 | 23,330 | 150,840 | 112,626 | |
Live Events [Member] | Transferred at Point in Time [Member] | |||||
Net sales | 8,540 | 5,720 | 26,877 | 18,670 | |
Live Events [Member] | Transferred over Time [Member] | |||||
Net sales | 30,517 | 17,610 | 123,963 | 93,956 | |
Live Events [Member] | Unique Configuration [Member] | |||||
Net sales | 25,950 | 14,006 | 110,986 | 83,283 | |
Live Events [Member] | Limited Configuration [Member] | |||||
Net sales | 6,843 | 4,536 | 21,510 | 14,566 | |
Live Events [Member] | Service and Other [Member] | |||||
Net sales | 6,264 | 4,788 | 18,344 | 14,777 | |
High School Park and Recreation [Member] | |||||
Net sales | 23,721 | 14,644 | 84,362 | 71,165 | |
High School Park and Recreation [Member] | Transferred at Point in Time [Member] | |||||
Net sales | 17,351 | 9,163 | 62,407 | 48,249 | |
High School Park and Recreation [Member] | Transferred over Time [Member] | |||||
Net sales | 6,370 | 5,481 | 21,955 | 22,916 | |
High School Park and Recreation [Member] | Unique Configuration [Member] | |||||
Net sales | 4,167 | 3,604 | 15,241 | 16,363 | |
High School Park and Recreation [Member] | Limited Configuration [Member] | |||||
Net sales | 18,717 | 10,424 | 66,590 | 52,808 | |
High School Park and Recreation [Member] | Service and Other [Member] | |||||
Net sales | 837 | 616 | 2,531 | 1,994 | |
Transportation [Member] | |||||
Net sales | 15,823 | 11,769 | 42,434 | 41,590 | |
Transportation [Member] | Transferred at Point in Time [Member] | |||||
Net sales | 5,576 | 3,436 | 15,781 | 15,740 | |
Transportation [Member] | Transferred over Time [Member] | |||||
Net sales | 10,247 | 8,333 | 26,653 | 25,850 | |
Transportation [Member] | Unique Configuration [Member] | |||||
Net sales | 9,803 | 7,880 | 25,320 | 24,579 | |
Transportation [Member] | Limited Configuration [Member] | |||||
Net sales | 5,269 | 3,273 | 15,173 | 15,364 | |
Transportation [Member] | Service and Other [Member] | |||||
Net sales | 751 | 616 | 1,941 | 1,647 | |
International [Member] | |||||
Net sales | 20,862 | 14,311 | 63,792 | 44,822 | |
International [Member] | Transferred at Point in Time [Member] | |||||
Net sales | 10,967 | 7,785 | 33,801 | 25,432 | |
International [Member] | Transferred over Time [Member] | |||||
Net sales | 9,895 | 6,526 | 29,991 | 19,390 | |
International [Member] | Unique Configuration [Member] | |||||
Net sales | 8,606 | 5,155 | 26,051 | 15,534 | |
International [Member] | Limited Configuration [Member] | |||||
Net sales | 10,453 | 7,391 | 32,464 | 24,268 | |
International [Member] | Service and Other [Member] | |||||
Net sales | $ 1,803 | $ 1,765 | $ 5,277 | $ 5,020 |
Note 4 - Revenue Recognition _2
Note 4 - Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 29, 2022 | May 01, 2021 | |
Contract assets | $ 39,874 | $ 32,799 |
Contract assets | $ 7,075 | |
Contract assets | 21.60% | |
Contract liabilities - current | $ 79,591 | 64,495 |
Contract liabilities - current | $ 15,096 | |
Contract liabilities - current | 23.40% | |
Contract liabilities - noncurrent | $ 10,738 | $ 10,720 |
Contract liabilities - noncurrent | $ 18 | |
Contract liabilities - noncurrent | 0.20% | |
Less: reductions for revenue recognized | $ (47,356) | |
Service-type Warranty Contracts [Member] | ||
Balance at beginning of period | 24,590 | |
New contracts sold | 33,145 | |
Less: reductions for revenue recognized | (30,337) | |
Foreign currency translation and other | (400) | |
Balance at end of period | $ 26,998 |
Note 5 - Segment Reporting (Det
Note 5 - Segment Reporting (Details Textual) | 9 Months Ended |
Jan. 29, 2022 | |
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. 29, 2022 | Jan. 29, 2022 | Jan. 30, 2021 | Jan. 29, 2022 | Jan. 30, 2021 | |
Net sales | $ 139,558 | $ 139,558 | $ 94,139 | $ 448,767 | $ 365,150 |
Gross profit | 22,308 | 23,941 | 86,760 | 93,016 | |
Selling | 12,735 | 12,004 | 37,012 | 36,214 | |
General and administrative | 8,328 | 6,389 | 24,100 | 20,777 | |
Product design and development | 6,925 | 5,784 | 21,283 | 20,053 | |
Operating Expenses, Total | 27,988 | 24,177 | 82,395 | 77,044 | |
Operating (loss) income | (5,680) | (236) | 4,365 | 15,972 | |
Interest (expense) income, net | 56 | (40) | 134 | (46) | |
Other (expense) income, net | (793) | (913) | (2,613) | (2,377) | |
(Loss) income before income taxes | (6,417) | (1,189) | 1,886 | 13,549 | |
Depreciation and amortization | 3,755 | 4,284 | 11,544 | 12,848 | |
Corporate, Non-Segment [Member] | |||||
Depreciation and amortization | 677 | 653 | 2,056 | 1,996 | |
Commercial [Member] | |||||
Net sales | 40,095 | 30,085 | 107,339 | 94,947 | |
Commercial [Member] | Operating Segments [Member] | |||||
Net sales | 40,095 | 30,085 | 107,339 | 94,947 | |
Gross profit | 8,239 | 8,410 | 22,862 | 24,730 | |
Depreciation and amortization | 646 | 760 | 1,949 | 2,253 | |
Live Events [Member] | |||||
Net sales | 39,057 | 23,330 | 150,840 | 112,626 | |
Live Events [Member] | Operating Segments [Member] | |||||
Net sales | 39,057 | 23,330 | 150,840 | 112,626 | |
Gross profit | 3,094 | 4,256 | 17,261 | 20,910 | |
Depreciation and amortization | 1,275 | 1,436 | 3,860 | 4,311 | |
High School Park and Recreation [Member] | |||||
Net sales | 23,721 | 14,644 | 84,362 | 71,165 | |
High School Park and Recreation [Member] | Operating Segments [Member] | |||||
Net sales | 23,721 | 14,644 | 84,362 | 71,165 | |
Gross profit | 6,958 | 6,437 | 27,216 | 25,410 | |
Depreciation and amortization | 318 | 464 | 1,096 | 1,452 | |
Transportation [Member] | |||||
Net sales | 15,823 | 11,769 | 42,434 | 41,590 | |
Transportation [Member] | Operating Segments [Member] | |||||
Net sales | 15,823 | 11,769 | 42,434 | 41,590 | |
Gross profit | 4,108 | 3,845 | 12,263 | 14,300 | |
Depreciation and amortization | 136 | 233 | 402 | 704 | |
International [Member] | |||||
Net sales | 20,862 | 14,311 | 63,792 | 44,822 | |
International [Member] | Operating Segments [Member] | |||||
Net sales | 20,862 | 14,311 | 63,792 | 44,822 | |
Gross profit | (91) | 993 | 7,158 | 7,666 | |
Depreciation and amortization | $ 703 | $ 738 | $ 2,181 | $ 2,132 |
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. 29, 2022 | Jan. 29, 2022 | Jan. 30, 2021 | Jan. 29, 2022 | Jan. 30, 2021 | May 01, 2021 | |
Net sales | $ 139,558 | $ 139,558 | $ 94,139 | $ 448,767 | $ 365,150 | |
Property and equipment, net of accumulated depreciation | 58,262 | 58,262 | 58,262 | $ 58,682 | ||
UNITED STATES | ||||||
Net sales | 112,389 | 78,152 | 374,692 | 314,674 | ||
Property and equipment, net of accumulated depreciation | 50,271 | 50,271 | 50,271 | 50,130 | ||
Non-US [Member] | ||||||
Net sales | 27,169 | $ 15,987 | 74,075 | $ 50,476 | ||
Property and equipment, net of accumulated depreciation | $ 7,991 | $ 7,991 | $ 7,991 | $ 8,552 |
Note 6 - Goodwill (Details Text
Note 6 - Goodwill (Details Textual) $ in Thousands | Oct. 30, 2021USD ($) |
Goodwill, Impairment Loss | $ 0 |
Note 6 - Goodwill - Goodwill (D
Note 6 - Goodwill - Goodwill (Details) $ in Thousands | 9 Months Ended |
Jan. 29, 2022USD ($) | |
Balance | $ 8,414 |
Foreign currency translation | (315) |
Balance | 8,099 |
Live Events [Member] | |
Balance | 2,313 |
Foreign currency translation | (13) |
Balance | 2,300 |
Commercial [Member] | |
Balance | 3,464 |
Foreign currency translation | (90) |
Balance | 3,374 |
Transportation [Member] | |
Balance | 84 |
Foreign currency translation | (13) |
Balance | 71 |
International [Member] | |
Balance | 2,553 |
Foreign currency translation | (199) |
Balance | $ 2,354 |
Note 7 - Financing Agreements (
Note 7 - Financing Agreements (Details Textual) $ in Thousands | Jan. 29, 2022USD ($) |
Long-term Line of Credit, Total | $ 715 |
Letter of Credit [Member] | |
Long-term Line of Credit, Total | 4,463 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 30,537 |
Note 8 - Commitments and Cont_3
Note 8 - Commitments and Contingencies (Details Textual) $ in Thousands | Jan. 29, 2022USD ($) |
Financial Standby Letter of Credit [Member] | |
Loss Contingency Accrual, Ending Balance | $ 4,463 |
Guarantee of Business Revenue [Member] | |
Loss Contingency Accrual, Ending Balance | 715 |
Surety Bond [Member] | |
Loss Contingency Accrual, Ending Balance | $ 39,150 |
Note 8 - Commitments and Cont_4
Note 8 - Commitments and Contingencies - Change in Warranty Obligation (Details) $ in Thousands | 9 Months Ended |
Jan. 29, 2022USD ($) | |
Beginning accrued warranty obligations | $ 25,960 |
Warranties issued during the period | 7,529 |
Settlements made during the period | (5,782) |
Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations | (536) |
Ending accrued warranty obligations | $ 27,171 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Jan. 29, 2022 | Jan. 30, 2021 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 32.20% | 82.00% | 9.40% | 21.30% |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 478 | $ 478 |
Note 10 - Fair Value Measurem_3
Note 10 - Fair Value Measurement - Fair Value Hierarchy (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jan. 29, 2022 | May 01, 2021 |
Cash and cash equivalents | $ 30,883 | $ 77,590 |
Restricted cash | 836 | 2,812 |
Derivatives - asset position | 227 | 4 |
Derivatives - liability position | (41) | (261) |
Fair Value, Net Asset (Liability), Total | 35,941 | 79,782 |
Acquisition-related contingent consideration | (363) | |
US Government Agencies Debt Securities [Member] | ||
US Government Securities | 3,489 | |
US Government-sponsored Enterprises Debt Securities [Member] | ||
US Government Securities | 547 | |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 30,883 | 77,590 |
Restricted cash | 836 | 2,812 |
Derivatives - asset position | 0 | 0 |
Derivatives - liability position | 0 | 0 |
Fair Value, Net Asset (Liability), Total | 35,208 | 80,402 |
Acquisition-related contingent consideration | 0 | |
Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member] | ||
US Government Securities | 3,489 | |
Fair Value, Inputs, Level 1 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
US Government Securities | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Derivatives - asset position | 227 | 4 |
Derivatives - liability position | (41) | (261) |
Fair Value, Net Asset (Liability), Total | 733 | (257) |
Acquisition-related contingent consideration | 0 | |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ||
US Government Securities | ||
Fair Value, Inputs, Level 2 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
US Government Securities | 547 | |
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 |
Fair Value, Net Asset (Liability), Total | 0 | (363) |
Acquisition-related contingent consideration | $ (363) | |
Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | ||
US Government Securities | ||
Fair Value, Inputs, Level 3 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
US Government Securities | $ 0 |
Note 10 - Fair Value Measurem_4
Note 10 - Fair Value Measurement - Contingent Liabilities (Details) - Contingent Consideration Liability [Member] $ in Thousands | 9 Months Ended |
Jan. 29, 2022USD ($) | |
Acquisition-related contingent consideration as of May 1, 2021 | $ 363 |
Additions | 33 |
Settlements | (400) |
Interest | 4 |
Acquisition-related contingent consideration as of January 29, 2022 | $ 0 |
Note 11 - Share Repurchase Pr_2
Note 11 - Share Repurchase Program (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 29, 2022 | Jun. 17, 2016 | |
Stock Repurchase Program, Authorized Amount | $ 40,000 | |
Stock Repurchased During Period, Shares (in shares) | 600 | |
Stock Repurchased During Period, Value | $ 3,000 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 29,539 |