Segments (Tables)

6 Months Ended

Oct. 26, 2024

Segments

Schedule of segment results

	Three Months Ended October 26, 2024
	UxS		LMS		MW		Total
Revenue:
Product sales	$	79,147	$	71,930	$	154	$	151,231
Contract services		6,269		5,785		25,173		37,227
	$	85,416	$	77,715	$	25,327	$	188,458
Segment adjusted gross margin	$	41,363	$	30,157	$	5,838	$	77,358
Depreciation and amortization	$	6,910	$	868	$	1,224	$	9,002

	Three Months Ended October 28, 2023
	UxS		LMS		MW		Total
Revenue:
Product sales	$	120,955	$	23,982	$	842	$	145,779
Contract services		11,818		6,267		16,952		35,037
	$	132,773	$	30,249	$	17,794	$	180,816
Segment adjusted gross margin	$	65,613	$	9,345	$	3,604	$	78,562
Depreciation and amortization	$	6,428	$	617	$	1,392	$	8,437

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

	Six Months Ended October 26, 2024
	UxS		LMS		MW		Total
Revenue:
Product sales	$	191,448	$	119,110	$	177	$	310,735
Contract services		13,944		10,578		42,684		67,206
	$	205,392	$	129,688	$	42,861	$	377,941
Segment adjusted gross margin	$	108,596	$	43,429	$	10,513	$	162,538
Depreciation and amortization	$	13,810	$	1,669	$	2,375	$	17,854

	Six Months Ended October 28, 2023
	UxS		LMS		MW		Total
Revenue:
Product sales	$	214,186	$	49,307	$	1,757	$	265,250
Contract services		16,794		11,859		39,260		67,913
	$	230,980	$	61,166	$	41,017	$	333,163
Segment adjusted gross margin	$	116,039	$	21,668	$	8,912	$	146,619
Depreciation and amortization	$	11,581	$	1,176	$	2,630	$	15,387

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

	Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
	October 26,		October 28,		October 26,		October 28,
	2024		2023		2024		2023
Segment adjusted gross margin	$	77,358	$	78,562	$	162,538	$	146,619
Amortization in cost of sales		(3,720)		(3,212)		(7,433)		(5,609)
Selling, general and administrative		(37,916)		(28,147)		(71,711)		(51,974)
Research and development		(28,716)		(22,025)		(53,329)		(37,491)
Interest expense, net		(690)		(1,950)		(929)		(3,958)
Other expense, net		16		(2,858)		(218)		(3,987)
Income before income taxes	$	6,332	$	20,370	$	28,918	$	43,600

Schedule of identifiable assets by segment

Identifiable segment assets are summarized in the table below. Corporate assets primarily consist of cash and cash equivalents, prepaid expenses and other current assets, long-term investments, property and equipment, net, operating lease right-of-use assets, deferred income taxes and other assets managed centrally on behalf of the business segments.

	UxS		LMS		MW		Corporate		Total
As of October 26, 2024	$	505,008	$	238,316	$	55,394	$	220,367	$	1,019,085
As of April 30, 2024	$	590,619	$	165,413	$	50,767	$	209,061	$	1,015,860