Property and Equipment, net

12 Months Ended

Apr. 30, 2020

Property and Equipment, net

Property and Equipment, net

7.           Property and Equipment, net

Property and equipment, net consist of the following:

	April 30,
	2020		2019
	(In thousands)
Leasehold improvements	$	16,387	$	12,324
Machinery and equipment		46,519		40,432
Furniture and fixtures		3,031		2,145
Computer equipment and software		33,242		35,056
Construction in process		2,508		2,411
Property and equipment, gross		101,687		92,368
Less accumulated depreciation and amortization		(79,993)		(75,463)
Property and equipment, net	$	21,694	$	16,905

During the three months ended April 30, 2019, the Company determined that the continued less than forecasted sales of its Quantix commercial UAS solution, which launched during the fourth quarter of fiscal year 2018, was an indicator that the long-lived assets of this asset group may not be recoverable. As a result, the company performed an analysis and concluded that the projected undiscounted cash flows were less than the carrying value of the asset group (Step 1). As a result, the Company performed additional analysis to determine the amount of the impairment loss (Step 2) and recorded an impairment loss totaling $4,398,000 related to the long-lived assets of the commercial UAS Quantix solution, which is included in selling, general and administrative expense on the consolidated statements of income. The fair value of the asset group was determined based on a discounted cash flow model reflective of the Company’s revised cash flow estimates.

Depreciation expense for the years ended April 30, 2020, 2019 and 2018 was $7,066,000, $7,311,000 and $5,676,000, respectively.