Segments (Tables)

9 Months Ended

Jan. 31, 2026

Segments

Schedule of segment results

Prior period segment information has been revised to align with the new segment measure of profitability.

	Three Months Ended January 31, 2026
	AxS		SCDE		Total
Revenue:
Product sales	$	222,724	$	55,090	$	277,814
Contract services		56,020		74,211		130,231
		278,744		129,301		408,045
Less:
Cost of sales less intangible amortization and other purchase accounting adjustments		182,935		113,633		296,568
Intangible amortization included in cost of sales		7,104		5,579		12,683
SG&A less intangible amortization		44,336		23,898		68,234
Intangible amortization included in SG&A		10,035		21,145		31,180
Research and development		24,142		2,970		27,112
Impairment of goodwill		—		151,306		151,306
Add:
Depreciation		7,069		3,701		10,770
Amortization		17,139		26,724		43,863
Impairment of goodwill		—		151,306		151,306
Acquisition-related expenses		3,914		2,976		6,890
Amortization of cloud computing arrangement implementation		1,610		—		1,610
Other income (expense)		396		609		1,005
Stock-based compensation		5,847		2,223		8,070
Segment adjusted EBITDA	$	46,167	$	(1,691)	$	44,476

	Three Months Ended January 25, 2025
	AxS		SCDE		Total
Revenue:
Product sales	$	139,753	$	—	$	139,753
Contract services		27,883		—		27,883
		167,636		—		167,636
Less:
Cost of sales less intangible amortization and other purchase accounting adjustments		100,734		—		100,734
Intangible amortization included in cost of sales		3,703		—		3,703
SG&A less intangible amortization		42,712		—		42,712
Intangible amortization included in SG&A		1,075		—		1,075
Research and development		22,498		—		22,498
Add:
Depreciation		4,512		—		4,512
Amortization		4,778		—		4,778
Acquisition-related expenses		10,015		—		10,015
Amortization of cloud computing arrangement implementation		644		—		644
Other income (expense)		(478)		—		(478)
Stock-based compensation		5,381		—		5,381
Segment adjusted EBITDA	$	21,766	$	—	$	21,766

	Nine Months Ended January 31, 2026
	AxS		SCDE		Total
Revenue:
Product sales	$	712,971	$	203,413	$	916,384
Contract services		152,671		266,174		418,845
		865,642		469,587		1,335,229
Less:
Cost of sales less intangible amortization and other purchase accounting adjustments		548,629		414,275		962,904
Intangible amortization included in cost of sales		40,139		34,169		74,308
SG&A less intangible amortization		147,584		84,006		231,590
Intangible amortization included in SG&A		30,879		66,557		97,436
Research and development		86,028		10,191		96,219
Impairment of goodwill		—		151,306		151,306
Add:
Depreciation		21,542		9,674		31,216
Amortization		71,018		100,726		171,744
Impairment of goodwill		—		151,306		151,306
Acquisition-related expenses		22,667		16,209		38,876
Amortization of cloud computing arrangement implementation		3,839		10		3,849
Other income (expense)		(1,731)		1,197		(534)
Stock-based compensation		20,280		7,785		28,065
Segment adjusted EBITDA	$	149,998	$	(4,010)	$	145,988

	Nine Months Ended January 25, 2025
	AxS		SCDE		Total
Revenue:
Product sales	$	450,488	$	—	$	450,488
Contract services		95,089		—		95,089
		545,577		—		545,577
Less:
Cost of sales less intangible amortization and other purchase accounting adjustments		316,137		—		316,137
Intangible amortization included in cost of sales		11,136		—		11,136
SG&A less intangible amortization		112,287		—		112,287
Intangible amortization included in SG&A		3,211		—		3,211
Research and development		75,827		—		75,827
Add:
Depreciation		12,797		—		12,797
Amortization		14,347		—		14,347
Acquisition-related expenses		13,699		—		13,699
Amortization of cloud computing arrangement implementation		1,894		—		1,894
Other income (expense)		(428)		—		(428)
Stock-based compensation		15,518		—		15,518
Segment adjusted EBITDA	$	84,806	$	—	$	84,806

Schedule of reconciliation from segment adjusted income from operations to income (loss) before taxes

The following table (in thousands) provides a reconciliation from segment adjusted EBITDA to income before income taxes:

	Three Months Ended				Nine Months Ended
	January 31,		January 25,		January 31,		January 25,
	2026		2025		2026		2025
Segment adjusted EBITDA	$	44,476	$	21,766	$	145,988	$	84,806
Depreciation and amortization		(54,633)		(9,290)		(202,960)		(27,144)
Impairment of goodwill		(151,306)		—		(151,306)		—
Acquisition-related expenses		(6,890)		(10,015)		(38,876)		(13,699)
Amortization of cloud computing arrangement implementation		(1,610)		(644)		(3,849)		(1,894)
Stock-based compensation		(8,070)		(5,381)		(28,065)		(15,518)
Equity securities investments activity, net		(1,405)		1,453		7,446		1,185
Interest expense		3,696		(248)		(9,050)		(1,177)
(Loss) income before income taxes	$	(175,742)	$	(2,359)	$	(280,672)	$	26,559

Schedule of segment assets and capital expenditures by segment

	AxS		SCDE		Corporate		Total
As of January 31, 2026	$	2,312,268	$	2,119,959	$	1,021,409	$	5,453,636
As of April 30, 2025	$	872,530	$	—	$	248,037	$	1,120,567

Capital expenditures are summarized in the table below (in thousands):

	AxS		SCDE		Corporate		Total
Nine Months Ended January 31, 2026	$	33,750	$	21,976	$	7,683	$	63,409
Nine Months Ended January 25, 2025	$	12,527	$	—	$	1,765	$	14,292