(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | ||||||||||
(Address of Principal Executive Offices) (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Large accelerated filer | o | x | |||||||||
Non-accelerated filer | o | Smaller reporting company | |||||||||
Emerging growth company |
Page | ||||||||
January 28, 2023 | April 30, 2022 | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Marketable securities | |||||||||||
Accounts receivable, net | |||||||||||
Inventories | |||||||||||
Contract assets | |||||||||||
Current maturities of long-term receivables | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Income tax receivables | |||||||||||
Total current assets | |||||||||||
Property and equipment, net | |||||||||||
Long-term receivables, less current maturities | |||||||||||
Goodwill | |||||||||||
Intangibles, net | |||||||||||
Investment in affiliates and other assets | |||||||||||
Deferred income taxes | |||||||||||
TOTAL ASSETS | $ | $ | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
CURRENT LIABILITIES: | |||||||||||
Accounts payable | $ | $ | |||||||||
Contract liabilities | |||||||||||
Accrued expenses | |||||||||||
Warranty obligations | |||||||||||
Income taxes payable | |||||||||||
Total current liabilities | |||||||||||
Long-term warranty obligations | |||||||||||
Long-term contract liabilities | |||||||||||
Other long-term obligations | |||||||||||
Line of Credit | |||||||||||
Deferred income taxes | |||||||||||
Total long-term liabilities | |||||||||||
SHAREHOLDERS' EQUITY: | |||||||||||
Preferred Shares, no par value, authorized | |||||||||||
Common Stock, no par value, authorized | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Treasury Stock, at cost, | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
TOTAL SHAREHOLDERS' EQUITY | |||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
January 28, 2023 | January 29, 2022 | January 28, 2023 | January 29, 2022 | ||||||||||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Selling | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Product design and development | |||||||||||||||||||||||
Goodwill impairment | |||||||||||||||||||||||
Operating income (loss) | ( | ||||||||||||||||||||||
Nonoperating (expense) income: | |||||||||||||||||||||||
Interest (expense) income, net | ( | ( | |||||||||||||||||||||
Other expense, net | ( | ( | ( | ( | |||||||||||||||||||
Income (loss) before income taxes | ( | ||||||||||||||||||||||
Income tax expense (benefit) | ( | ||||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | ( | $ | |||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Earnings (loss) per share: | |||||||||||||||||||||||
Basic | $ | $ | ( | $ | ( | $ | |||||||||||||||||
Diluted | $ | $ | ( | $ | ( | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
January 28, 2023 | January 29, 2022 | January 28, 2023 | January 29, 2022 | ||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | ( | $ | |||||||||||||||||
Other comprehensive (loss): | |||||||||||||||||||||||
Cumulative translation adjustments | ( | ( | ( | ||||||||||||||||||||
Unrealized gain (loss) on available-for-sale securities, net of tax | ( | ( | |||||||||||||||||||||
Total other comprehensive (loss), net of tax | ( | ( | ( | ||||||||||||||||||||
Comprehensive income (loss) | $ | $ | ( | $ | ( | $ |
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||||||||||||||||
Balance as of April 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net loss | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Cumulative translation adjustments | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Unrealized gain (loss) on available-for-sale securities, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Employee savings plan activity | — | — | — | — | |||||||||||||||||||||||||||||||
Balance as of July 30, 2022 | ( | ( | |||||||||||||||||||||||||||||||||
Net loss | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Cumulative translation adjustments | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Unrealized (loss) gain on available-for-sale securities, net of tax | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Tax payments related to RSU issuances | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||
Balance as of October 29, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net Income | — | — | — | — | |||||||||||||||||||||||||||||||
Cumulative translation adjustments | — | — | — | — | |||||||||||||||||||||||||||||||
Unrealized gain (loss) on available-for-sale securities, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Employee savings plan activity | — | — | — | — | |||||||||||||||||||||||||||||||
Balance as of January 28, 2023 | $ | $ | $ | $ | ( | $ | ( | $ |
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||||||||||||||||
Balance as of May 1, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Cumulative translation adjustments | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Employee savings plan activity | — | — | — | — | |||||||||||||||||||||||||||||||
Treasury stock reissued | — | — | — | ||||||||||||||||||||||||||||||||
Balance as of July 31, 2021 | ( | ( | |||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Cumulative translation adjustments | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | |||||||||||||||||||||||||||||||
Tax payments related to RSU issuances | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||
Balance as of October 30, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net loss | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Cumulative translation adjustments | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Unrealized gain (loss) on available-for-sale securities, net of tax | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | |||||||||||||||||||||||||||||||
Employee savings plan activity | — | — | — | — | |||||||||||||||||||||||||||||||
Treasury stock purchase | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Balance as of January 29, 2022 | $ | $ | $ | $ | ( | $ | ( | $ |
Nine Months Ended | |||||||||||
January 28, 2023 | January 29, 2022 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net (loss) income | $ | ( | $ | ||||||||
Adjustments to reconcile net (loss) income to net cash used in operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Gain on sale of property, equipment and other assets | ( | ( | |||||||||
Share-based compensation | |||||||||||
Equity in loss of affiliates | |||||||||||
Provision (recovery) for doubtful accounts, net | ( | ||||||||||
Deferred income taxes, net | |||||||||||
Goodwill impairment | |||||||||||
Change in operating assets and liabilities | ( | ( | |||||||||
Net cash used in operating activities | ( | ( | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchases of property and equipment | ( | ( | |||||||||
Proceeds from sales of property, equipment and other assets | |||||||||||
Purchases of marketable securities | ( | ||||||||||
Proceeds from sales or maturities of marketable securities | |||||||||||
Purchases of equity and loans to equity investees | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Borrowings on notes payable | |||||||||||
Payments on notes payable | ( | ||||||||||
Principal payments on long-term obligations | ( | ||||||||||
Payments for common shares repurchased | ( | ||||||||||
Proceed from exercise of stock options | |||||||||||
Tax payments related to RSU issuances | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | ( | ||||||||||
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | ( | ( | |||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | |||||||||||
Beginning of period | |||||||||||
End of period | $ | $ | |||||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid for: | |||||||||||
Interest | $ | $ | |||||||||
Income taxes, net of refunds | |||||||||||
Supplemental schedule of non-cash investing and financing activities: | |||||||||||
Demonstration equipment transferred to inventory | $ | $ | |||||||||
Purchases of property and equipment included in accounts payable | |||||||||||
Contributions of common stock under the ESPP |
January 28, 2023 | January 29, 2022 | ||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows | $ | $ |
Net income (loss) | Shares | Per share (loss) income | |||||||||||||||
For the three months ended January 28, 2023 | |||||||||||||||||
Basic earnings per share | $ | $ | |||||||||||||||
Dilution associated with stock compensation plans | |||||||||||||||||
Diluted earnings per share | $ | $ | |||||||||||||||
For the three months ended January 29, 2022 | |||||||||||||||||
Basic and diluted (loss) earnings per share | $ | ( | $ | ( | |||||||||||||
Diluted (loss) earnings per share | $ | ( | $ | ( | |||||||||||||
For the nine months ended January 28, 2023 | |||||||||||||||||
Basic and diluted (loss) earnings per share | $ | ( | $ | ( | |||||||||||||
Diluted (loss) earnings per share | $ | ( | $ | ( | |||||||||||||
For the nine months ended January 29, 2022 | |||||||||||||||||
Basic earnings per share | $ | $ | |||||||||||||||
Dilution associated with stock compensation plans | |||||||||||||||||
Diluted earnings per share | $ | $ |
Three Months Ended January 28, 2023 | |||||||||||||||||||||||||||||||||||
Commercial | Live Events | High School Park and Recreation | Transportation | International | Total | ||||||||||||||||||||||||||||||
Type of performance obligation | |||||||||||||||||||||||||||||||||||
Unique configuration | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Limited configuration | |||||||||||||||||||||||||||||||||||
Service and other | |||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Timing of revenue recognition | |||||||||||||||||||||||||||||||||||
Goods/services transferred at a point in time | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Goods/services transferred over time | |||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ |
Nine Months Ended January 28, 2023 | |||||||||||||||||||||||||||||||||||
Commercial | Live Events | High School Park and Recreation | Transportation | International | Total | ||||||||||||||||||||||||||||||
Type of performance obligation | |||||||||||||||||||||||||||||||||||
Unique configuration | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Limited configuration | |||||||||||||||||||||||||||||||||||
Service and other | |||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Timing of revenue recognition | |||||||||||||||||||||||||||||||||||
Goods/services transferred at a point in time | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Goods/services transferred over time | |||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ |
Three Months Ended January 29, 2022 | |||||||||||||||||||||||||||||||||||
Commercial | Live Events | High School Park and Recreation | Transportation | International | Total | ||||||||||||||||||||||||||||||
Type of performance obligation | |||||||||||||||||||||||||||||||||||
Unique configuration | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Limited configuration | |||||||||||||||||||||||||||||||||||
Service and other | |||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Timing of revenue recognition | |||||||||||||||||||||||||||||||||||
Goods/services transferred at a point in time | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Goods/services transferred over time | |||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ |
Nine Months Ended January 29, 2022 | |||||||||||||||||||||||||||||||||||
Commercial | Live Events | High School Park and Recreation | Transportation | International | Total | ||||||||||||||||||||||||||||||
Type of performance obligation | |||||||||||||||||||||||||||||||||||
Unique configuration | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Limited configuration | |||||||||||||||||||||||||||||||||||
Service and other | |||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Timing of revenue recognition | |||||||||||||||||||||||||||||||||||
Goods/services transferred at a point in time | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Goods/services transferred over time | |||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ |
January 28, 2023 | April 30, 2022 | Dollar Change | Percent Change | ||||||||||||||||||||
Contract assets | $ | $ | $ | ( | ( | % | |||||||||||||||||
Contract liabilities - current | |||||||||||||||||||||||
Contract liabilities - noncurrent |
January 28, 2023 | |||||
Balance as of April 30, 2022 | $ | ||||
New contracts sold | |||||
Less: reductions for revenue recognized | ( | ||||
Foreign currency translation and other | ( | ||||
Balance as of January 28, 2023 | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
January 28, 2023 | January 29, 2022 | January 28, 2023 | January 29, 2022 | ||||||||||||||||||||
Net sales: | |||||||||||||||||||||||
Commercial | $ | $ | $ | $ | |||||||||||||||||||
Live Events | |||||||||||||||||||||||
High School Park and Recreation | |||||||||||||||||||||||
Transportation | |||||||||||||||||||||||
International | |||||||||||||||||||||||
Gross profit: | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Live Events | |||||||||||||||||||||||
High School Park and Recreation | |||||||||||||||||||||||
Transportation | |||||||||||||||||||||||
International | ( | ||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Selling | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Product design and development | |||||||||||||||||||||||
Goodwill impairment | |||||||||||||||||||||||
Operating income (loss) | ( | ||||||||||||||||||||||
Nonoperating (expense) income: | |||||||||||||||||||||||
Interest (expense) income, net | ( | ( | |||||||||||||||||||||
Other expense, net | ( | ( | ( | ( | |||||||||||||||||||
Income (loss) before income taxes | $ | $ | ( | $ | $ | ||||||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||
Commercial | $ | $ | $ | $ | |||||||||||||||||||
Live Events | |||||||||||||||||||||||
High School Park and Recreation | |||||||||||||||||||||||
Transportation | |||||||||||||||||||||||
International | |||||||||||||||||||||||
Unallocated corporate depreciation | |||||||||||||||||||||||
$ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
January 28, 2023 | January 29, 2022 | January 28, 2023 | January 29, 2022 | ||||||||||||||||||||
Net sales: | |||||||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
Outside United States | |||||||||||||||||||||||
$ | $ | $ | $ |
January 28, 2023 | April 30, 2022 | ||||||||||
Property and equipment, net of accumulated depreciation: | |||||||||||
United States | $ | $ | |||||||||
Outside United States | |||||||||||
$ | $ |
Live Events | Commercial | Transportation | International | Total | |||||||||||||||||||||||||
Balance as of April 30, 2022 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Foreign currency translation | ( | ( | ( | ( | |||||||||||||||||||||||||
Goodwill impairment | ( | ( | ( | ||||||||||||||||||||||||||
Balance as of January 28, 2023 | $ | $ | $ | $ | $ |
January 28, 2023 | |||||
Beginning accrued warranty obligations | $ | ||||
Warranties issued during the period | |||||
Settlements made during the period | ( | ||||
Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations | |||||
Ending accrued warranty obligations | $ |
Fair Value Measurements | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Balance as of January 28, 2023 | |||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Restricted cash | |||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
US Government sponsored entities | |||||||||||||||||||||||
Derivatives - liability position | $ | $ | ( | $ | $ | ( | |||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
Balance as of April 30, 2022 | |||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Restricted cash | |||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
US Government securities | |||||||||||||||||||||||
US Government sponsored entities | |||||||||||||||||||||||
Derivatives - asset position | |||||||||||||||||||||||
Derivatives - liability position | ( | ( | |||||||||||||||||||||
$ | $ | $ | $ |
Three Months Ended | |||||||||||||||||||||||
(in thousands) | January 28, 2023 | January 29, 2022 | Dollar Change | Percent Change | |||||||||||||||||||
Net Sales: | |||||||||||||||||||||||
Commercial | $ | 49,967 | $ | 40,095 | $ | 9,872 | 24.6 | % | |||||||||||||||
Live Events | 67,748 | 39,057 | 28,691 | 73.5 | |||||||||||||||||||
High School Park and Recreation | 28,312 | 23,721 | 4,591 | 19.4 | |||||||||||||||||||
Transportation | 17,578 | 15,823 | 1,755 | 11.1 | |||||||||||||||||||
International | 21,370 | 20,862 | 508 | 2.4 | |||||||||||||||||||
$ | 184,975 | $ | 139,558 | $ | 45,417 | 32.5 | % | ||||||||||||||||
Orders: (1) | |||||||||||||||||||||||
Commercial | $ | 28,737 | $ | 47,012 | $ | (18,275) | (38.9) | % | |||||||||||||||
Live Events | 61,011 | 79,478 | (18,467) | (23.2) | |||||||||||||||||||
High School Park and Recreation | 28,097 | 35,884 | (7,787) | (21.7) | |||||||||||||||||||
Transportation | 13,525 | 20,810 | (7,285) | (35.0) | |||||||||||||||||||
International | 17,005 | 31,605 | (14,600) | (46.2) | |||||||||||||||||||
$ | 148,375 | $ | 214,789 | $ | (66,414) | (30.9) | % |
Three Months Ended | |||||||||||||||||||||||
January 28, 2023 | January 29, 2022 | ||||||||||||||||||||||
(in thousands) | Amount | As a Percent of Net Sales | Amount | As a Percent of Net Sales | |||||||||||||||||||
Gross Profit: | |||||||||||||||||||||||
Commercial | $ | 10,547 | 21.1 | % | $ | 8,239 | 20.5 | % | |||||||||||||||
Live Events | 14,405 | 21.3 | 3,094 | 7.9 | |||||||||||||||||||
High School Park and Recreation | 7,555 | 26.7 | 6,958 | 29.3 | |||||||||||||||||||
Transportation | 5,534 | 31.5 | 4,108 | 26.0 | |||||||||||||||||||
International | 3,672 | 17.2 | (91) | (0.4) | |||||||||||||||||||
$ | 41,713 | 22.6 | % | $ | 22,308 | 16.0 | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||
January 28, 2023 | January 29, 2022 | ||||||||||||||||||||||||||||||||||
(in thousands) | Amount | As a Percent of Net Sales | Dollar Change | Percent Change | Amount | As a Percent of Net Sales | |||||||||||||||||||||||||||||
Contribution Margin: | |||||||||||||||||||||||||||||||||||
Commercial | $ | 6,684 | 13.4 | % | $ | 2,363 | 54.7 | % | $ | 4,321 | 10.8 | % | |||||||||||||||||||||||
Live Events | 12,109 | 17.9 | 11,562 | 2113.7 | 547 | 1.4 | |||||||||||||||||||||||||||||
High School Park and Recreation | 4,373 | 15.4 | 435 | 11.0 | 3,938 | 16.6 | |||||||||||||||||||||||||||||
Transportation | 4,443 | 25.3 | 1,206 | 37.3 | 3,237 | 20.5 | |||||||||||||||||||||||||||||
International | 1,196 | 5.6 | 3,666 | 148.4 | (2,470) | (11.8) | |||||||||||||||||||||||||||||
$ | 28,805 | 15.6 | % | $ | 19,232 | 200.9 | % | $ | 9,573 | 6.9 | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||
January 28, 2023 | January 29, 2022 | ||||||||||||||||||||||||||||||||||
(in thousands) | Amount | As a Percent of Net Sales | Dollar Change | Percent Change | Amount | As a Percent of Net Sales | |||||||||||||||||||||||||||||
Contribution margin | $ | 28,805 | 15.6 | % | $ | 19,232 | 200.9 | % | $ | 9,573 | 6.9 | % | |||||||||||||||||||||||
General and administrative | 9,861 | 5.3 | 1,533 | 18.4 | 8,328 | 6.0 | |||||||||||||||||||||||||||||
Product design and development | 7,250 | 3.9 | 325 | 4.7 | 6,925 | 5.0 | |||||||||||||||||||||||||||||
Goodwill impairment | 4,576 | 2.5 | 4,576 | — | — | — | |||||||||||||||||||||||||||||
Operating income (loss) | $ | 7,118 | 3.8 | % | $ | 12,798 | 225.3 | % | $ | (5,680) | (4.1) | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||
January 28, 2023 | January 29, 2022 | ||||||||||||||||||||||||||||||||||
(in thousands) | Amount | As a Percent of Net Sales | Dollar Change | Percent Change | Amount | As a Percent of Net Sales | |||||||||||||||||||||||||||||
Interest (expense) income, net | $ | (398) | (0.2) | % | $ | (454) | (810.7) | % | $ | 56 | — | % | |||||||||||||||||||||||
Other expense, net | $ | (1,380) | (0.7) | % | $ | (587) | 74.0 | % | $ | (793) | (0.6) | % |
Nine Months Ended | |||||||||||||||||||||||
(in thousands) | January 28, 2023 | January 29, 2022 | Dollar Change | Percent Change | |||||||||||||||||||
Net Sales: | |||||||||||||||||||||||
Commercial | $ | 127,132 | $ | 107,339 | $ | 19,793 | 18.4 | % | |||||||||||||||
Live Events | 193,370 | 150,840 | 42,530 | 28.2 | |||||||||||||||||||
High School Park and Recreation | 106,127 | 84,362 | 21,765 | 25.8 | |||||||||||||||||||
Transportation | 53,797 | 42,434 | 11,363 | 26.8 | |||||||||||||||||||
International | 63,908 | 63,792 | 116 | 0.2 | |||||||||||||||||||
$ | 544,334 | $ | 448,767 | $ | 95,567 | 21.3 | % | ||||||||||||||||
Orders: (1) | |||||||||||||||||||||||
Commercial | $ | 119,126 | $ | 143,699 | $ | (24,573) | (17.1) | % | |||||||||||||||
Live Events | 193,763 | 169,665 | 24,098 | 14.2 | |||||||||||||||||||
High School Park and Recreation | 97,574 | 107,246 | (9,672) | (9.0) | |||||||||||||||||||
Transportation | 45,812 | 56,854 | (11,042) | (19.4) | |||||||||||||||||||
International | 45,130 | 82,778 | (37,648) | (45.5) | |||||||||||||||||||
$ | 501,405 | $ | 560,242 | $ | (58,837) | (10.5) | % | ||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
January 28, 2023 | January 29, 2022 | ||||||||||||||||||||||
(in thousands) | Amount | As a Percent of Net Sales | Amount | As a Percent of Net Sales | |||||||||||||||||||
Gross Profit: | |||||||||||||||||||||||
Commercial | $ | 21,565 | 17.0 | % | $ | 22,862 | 21.3 | % | |||||||||||||||
Live Events | 26,174 | 13.5 | 17,261 | 11.4 | |||||||||||||||||||
High School Park and Recreation | 29,343 | 27.6 | 27,216 | 32.3 | |||||||||||||||||||
Transportation | 15,456 | 28.7 | 12,263 | 28.9 | |||||||||||||||||||
International | 6,673 | 10.4 | 7,158 | 11.2 | |||||||||||||||||||
$ | 99,211 | 18.2 | % | $ | 86,760 | 19.3 | % |
Nine Months Ended | |||||||||||||||||||||||||||||||||||
January 28, 2023 | January 29, 2022 | ||||||||||||||||||||||||||||||||||
(in thousands) | Amount | As a Percent of Net Sales | Dollar Change | Percent Change | Amount | As a Percent of Net Sales | |||||||||||||||||||||||||||||
Contribution Margin: | |||||||||||||||||||||||||||||||||||
Commercial | $ | 8,803 | 6.9 | % | $ | (2,444) | (21.7) | % | $ | 11,247 | 10.5 | % | |||||||||||||||||||||||
Live Events | 18,297 | 9.5 | 8,098 | 79.4 | 10,199 | 6.8 | |||||||||||||||||||||||||||||
High School Park and Recreation | 19,392 | 18.3 | 853 | 4.6 | 18,539 | 22.0 | |||||||||||||||||||||||||||||
Transportation | 12,412 | 23.1 | 2,811 | 29.3 | 9,601 | 22.6 | |||||||||||||||||||||||||||||
International | (1,559) | (2.4) | (1,721) | (1062.3) | 162 | 0.3 | |||||||||||||||||||||||||||||
$ | 57,345 | 10.5 | % | $ | 7,597 | 15.3 | % | $ | 49,748 | 11.1 | % |
Nine Months Ended | |||||||||||||||||||||||||||||||||||
January 28, 2023 | January 29, 2022 | ||||||||||||||||||||||||||||||||||
(in thousands) | Amount | As a Percent of Net Sales | Dollar Change | Percent Change | Amount | As a Percent of Net Sales | |||||||||||||||||||||||||||||
Contribution margin | $ | 57,345 | 10.5 | % | $ | 7,597 | 15.3 | % | $ | 49,748 | 11.1 | % | |||||||||||||||||||||||
General and administrative | 27,989 | 5.1 | 3,889 | 16.1 | 24,100 | 5.4 | |||||||||||||||||||||||||||||
Product design and development | 21,655 | 4.0 | 372 | 1.7 | 21,283 | 4.7 | |||||||||||||||||||||||||||||
Goodwill impairment | 4,576 | 0.8 | 4,576 | — | — | — | |||||||||||||||||||||||||||||
Operating income | $ | 3,125 | 0.6 | % | $ | (1,240) | (28.4) | % | $ | 4,365 | 1.0 | % |
Nine Months Ended | |||||||||||||||||||||||||||||||||||
January 28, 2023 | January 29, 2022 | ||||||||||||||||||||||||||||||||||
(in thousands) | Amount | As a Percent of Net Sales | Dollar Change | Percent Change | Amount | As a Percent of Net Sales | |||||||||||||||||||||||||||||
Interest (expense) income, net | $ | (721) | (0.1) | % | $ | (855) | (638.1) | % | $ | 134 | — | % | |||||||||||||||||||||||
Other expense, net | $ | (2,335) | (0.4) | % | $ | 278 | (10.6) | % | $ | (2,613) | (0.6) | % |
Nine Months Ended | |||||||||||||||||
(in thousands) | January 28, 2023 | January 29, 2022 | Dollar Change | ||||||||||||||
Net cash (used in) provided by: | |||||||||||||||||
Operating activities | $ | (9,487) | $ | (25,464) | $ | 15,977 | |||||||||||
Investing activities | (20,947) | (19,926) | (1,021) | ||||||||||||||
Financing activities | 23,498 | (3,391) | 26,889 | ||||||||||||||
Effect of exchange rate changes on cash | (342) | 98 | (440) | ||||||||||||||
Net decrease in cash, cash equivalents and restricted cash | $ | (7,278) | $ | (48,683) | $ | 41,405 |
Nine Months Ended | |||||||||||
January 28, 2023 | January 29, 2022 | ||||||||||
(Increase) decrease: | |||||||||||
Accounts receivable | $ | (15,753) | $ | (29,015) | |||||||
Long-term receivables | 1,265 | 205 | |||||||||
Inventories | (30,346) | (37,116) | |||||||||
Contract assets | 5,653 | (7,534) | |||||||||
Prepaid expenses and other current assets | 6,176 | (5,465) | |||||||||
Income tax receivables | (2,653) | (1,696) | |||||||||
Investment in affiliates and other assets | (581) | (29) | |||||||||
Increase (decrease): | |||||||||||
Accounts payable | (2,921) | 21,429 | |||||||||
Contract liabilities | 9,196 | 15,781 | |||||||||
Accrued expenses | (1,220) | 3,177 | |||||||||
Warranty obligations | (623) | 916 | |||||||||
Long-term warranty obligations | 1,958 | 298 | |||||||||
Income taxes payable | (150) | (239) | |||||||||
Long-term marketing obligations and other payables | 793 | (1,712) | |||||||||
$ | (29,206) | $ | (41,000) |
101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | ||||
(1)Filed herewith electronically. |
/s/ Sheila M. Anderson | |||||
Daktronics, Inc. | |||||
Sheila M. Anderson | |||||
Chief Financial Officer | |||||
(Principal Financial Officer and | |||||
Principal Accounting Officer) | |||||
Date: March 13, 2023 |
/s/ Reece A. Kurtenbach | ||||||||
Reece A. Kurtenbach | ||||||||
Chief Executive Officer | ||||||||
Date: | March 13, 2023 |
/s/ Sheila M. Anderson | ||||||||
Sheila M. Anderson | ||||||||
Chief Financial Officer | ||||||||
Date: | March 13, 2023 |
/s/ Reece A. Kurtenbach | ||||||||
Reece A. Kurtenbach | ||||||||
Chief Executive Officer | ||||||||
Date: | March 13, 2023 |
/s/ Sheila M. Anderson | ||||||||
Sheila M. Anderson | ||||||||
Chief Financial Officer | ||||||||
Date: | March 13, 2023 |
Condensed Consolidated Balance Sheets (Parentheticals) - shares |
Jan. 28, 2023 |
Apr. 30, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 50,000 | 50,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 115,000,000 | 115,000,000 |
Common stock, shares, issued (in shares) | 47,373,959 | 46,733,544 |
Treasury stock, shares (in shares) | 1,907,445 | 1,907,445 |
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 28, 2023 |
Jan. 29, 2022 |
|
Income Statement [Abstract] | ||||
Net sales | $ 184,975 | $ 139,558 | $ 544,334 | $ 448,767 |
Cost of sales | 143,262 | 117,250 | 445,123 | 362,007 |
Gross profit | 41,713 | 22,308 | 99,211 | 86,760 |
Operating expenses: | ||||
Selling | 12,908 | 12,735 | 41,866 | 37,012 |
General and administrative | 9,861 | 8,328 | 27,989 | 24,100 |
Product design and development | 7,250 | 6,925 | 21,655 | 21,283 |
Goodwill impairment | 4,576 | 0 | 4,576 | 0 |
Operating expenses | 34,595 | 27,988 | 96,086 | 82,395 |
Operating income (loss) | 7,118 | (5,680) | 3,125 | 4,365 |
Nonoperating (expense) income: | ||||
Interest (expense) income, net | (398) | 56 | (721) | 134 |
Other expense, net | (1,380) | (793) | (2,335) | (2,613) |
Income (loss) before income taxes | 5,340 | (6,417) | 69 | 1,886 |
Income tax expense (benefit) | 1,627 | (2,067) | 14,666 | 177 |
Net income (loss) | $ 3,713 | $ (4,350) | $ (14,597) | $ 1,709 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 45,387 | 45,223 | 45,320 | 45,263 |
Diluted (in shares) | 45,448 | 45,223 | 45,320 | 45,442 |
Earnings (loss) per share: | ||||
Basic (in usd per share) | $ 0.08 | $ (0.10) | $ (0.32) | $ 0.04 |
Diluted (in usd per share) | $ 0.08 | $ (0.10) | $ (0.32) | $ 0.04 |
Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 28, 2023 |
Jan. 29, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 3,713 | $ (4,350) | $ (14,597) | $ 1,709 |
Other comprehensive (loss): | ||||
Cumulative translation adjustments | 1,976 | (714) | (187) | (1,137) |
Unrealized gain (loss) on available-for-sale securities, net of tax | 6 | (10) | 6 | (10) |
Total other comprehensive (loss), net of tax | 1,982 | (724) | (181) | (1,147) |
Comprehensive income (loss) | $ 5,695 | $ (5,074) | $ (14,778) | $ 562 |
Basis of Presentation |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 28, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation Daktronics, Inc. and its subsidiaries (the “Company”, “Daktronics”, “we”, “our”, or “us”) are an 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 differ from those estimates. Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. The balance sheet at April 30, 2022 has been derived from the audited financial statements at that date, but it does not include all the information and disclosures required by GAAP for complete financial statements. These financial statements should be read in conjunction with our financial statements and notes thereto for the fiscal year ended April 30, 2022, which are contained in our Annual Report on Form 10-K previously filed with the Securities and Exchange Commission ("SEC"). The results of operations for the interim periods presented are not necessarily indicative of results that may be expected for any other interim period or for the full fiscal year. Daktronics, Inc. operates on a 52- or 53-week fiscal year, with our fiscal year ending on the Saturday closest to April 30 of each year. When April 30 falls on a Wednesday, the fiscal year ends on the preceding Saturday. Within each fiscal year, each quarter is comprised of 13-week periods following the beginning of each fiscal year. In each 53-week fiscal year, an additional week is added to the first quarter, and each of the last three quarters is comprised of a 13-week period. The nine months ended January 28, 2023 and January 29, 2022 contained operating results for 39 weeks. Cash and cash equivalents and restricted cash 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.
We have foreign currency cash accounts to operate our global business. These accounts are impacted by changes in foreign currency rates. Of our $10,022 in cash and cash equivalents balances at January 28, 2023, $3,257 were denominated in U.S. dollars, of which $498 were held by our foreign subsidiaries. As of January 28, 2023, we had an additional $6,765 in cash balances denominated in foreign currencies, of which $5,421 were maintained in accounts of our foreign subsidiaries. Liquidity and Going Concern The accompanying condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. During much of the past calendar year, we have experienced negative impacts in our business driven by global economic conditions and supply chain disruptions. These conditions have caused volatility in our cash flow, pricing, order volumes, lead-times, competitiveness, revenue cycles, and production costs. To adapt, we used cash and line of credit borrowings to increase our investment in inventory to add stability to our production processes to fulfill backlog and used cash to invest in property and equipment to expand our capacity and add automation. To improve operations and cash flows, we have increased prices of our goods and services. In addition, we instituted a liquidity enhancement plan program focusing our teams on improving our cash flow and enhancing our liquidity. Our ability to fund inventory levels, operations, and capital expenditures in the future will be dependent on our ability to generate cash flow from operations in these conditions, to maintain or improve margins, and to use funds from our credit facility. $35,000 of our credit facility expires in April 2025 and $10,000 expires in May 2023, and it requires us to comply with certain covenants. Although supply chain disruptions have started to ease and we expect our inventory levels and working capital levels to decline, we cannot be certain we will not experience future disruptions or need additional liquidity to fund inventory levels, operations, and capital expenditures. Therefore, we plan to obtain additional liquidity to meet our obligations as they come due in the 12 months following the date of this Report, and we cannot be assured that such liquidity will be available or the form of such liquidity, such as equity raises or debt financing. These conditions raise substantial doubt about our ability to continue as a going concern. In response to these conditions, the Board of Directors formed an independent Strategy and Financing Review Committee in December 2022, to address the Company's near-term credit needs and to examine alternatives for strengthening the Company's longer-term financial structure and liquidity profile. The Committee retained financial and legal advisors to explore additional ways to improve our long-term liquidity profile. We are pursuing additional liquidity through various means from potential financing sources, including but not limited to obtaining financing secured by a mortgage on our facilities, a sales-leaseback transaction, leasing property and equipment, longer-term asset-based lending structures, and junior capital. We have continued focusing on reducing working capital and improving profitability through activities in our liquidity enhancement plan. Because these plans are not finalized and are subject to market conditions and restrictions from our existing financing agreements that are not within our control, they cannot be deemed probable. As a result, we have concluded that our plans do not alleviate substantial doubt about our ability to continue as a going concern. Refer to "Note 7. Financing Agreements" for additional considerations related to our financing agreements. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. Variable Interest Entities We consolidate entities in which we have a controlling financial interest by first considering if an entity meets the definition of a variable interest entity ("VIE") for which we are deemed to be the primary beneficiary, or if we have the power to control an entity through a majority of voting interest or through other arrangements. Variable Interest Entities: A VIE is an entity (i) that lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; and/or (iii) that is established with non-substantive voting rights. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) the power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) the obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. This assessment may involve subjectivity in the determination of which activities most significantly affect the VIE’s performance and making estimates about current and future fair value of the assets held by the VIE and financial performance of the VIE. In assessing the Company's interests in the VIE, we also consider interests held by its related parties, including de facto agents. Additionally, we assess whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether we are most closely associated with the VIE. In performing the related party analysis, we consider both qualitative and quantitative factors including, but not limited to: the characteristics and size of its investment relative to the related party; our and the related party's ability to control or significantly influence key decisions of the VIE, including consideration of involvement by de facto agents; the obligation or likelihood for us or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of us and the related party. The determination of whether an entity is a VIE, and whether we are the primary beneficiary, may involve significant judgment, and depends upon facts and circumstances specific to an entity at the time of the assessment. At the end of each reporting period, we reassess whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in our consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by us in the entity prior to us obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. However, if the consolidation represents an asset acquisition of a voting interest entity, our existing interest in the acquired assets, if any, is not remeasured to fair value but continues to be carried at historical cost. We may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained. See "Note 2. Investment in Affiliates" of the Notes to our Condensed Consolidated Financial Statements included in this Report. Recent Accounting Pronouncements There have been no material changes to our significant accounting policies and estimates as described in our Annual Report on Form 10-K for the fiscal year ended April 30, 2022. Accounting Standards Adopted There were no standards adopted since our last Quarterly Report on Form 10-Q. Accounting Standards Not Yet Adopted There are no significant new Accounting Standards Updates issued that the Company has not yet adopted as of January 28, 2023.
|
Investments in Affiliates |
9 Months Ended |
---|---|
Jan. 28, 2023 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Investments in Affiliates | Investments in Affiliates We evaluated the nature of our investment in affiliates of XdisplayTM company, which is developing micro-LED mass transfer expertise and technologies, and Miortech (dba Etulipa), which is developing low power outdoor electrowetting technology. We determined that Miortech is a VIE, and based on management's analysis, we determined that Daktronics is not the primary beneficiary; therefore, the investment in Miortech is accounted for under the equity method. The aggregate amount of our investments accounted for under the equity method was $17,145 and $16,916 as of January 28, 2023 and April 30, 2022, respectively. Our proportional share of the respective affiliates' earnings or losses is included in the "Other expense, net" line item in our condensed consolidated statements of operations. For the three and nine months ended January 28, 2023, our share of the losses of our affiliates was $895 and $2,596 as compared to $401 and $1,966 for the three and nine months ended January 29, 2022. We purchased services for research and development activities from our equity method investees. The total of these related party transactions for the nine months ended January 28, 2023 and January 29, 2022 was $672 and $1,520, respectively, which is included in the "Product design and development" line item in our condensed consolidated statements of operations, and for the nine months ended January 28, 2023, $52 remains unpaid and is included in the "Accounts payable" line item in our condensed consolidated balance sheets. During the nine months ended January 28, 2023, we invested $2,250 evidenced by convertible notes and $990 evidenced by promissory notes ("Notes") in our affiliates, which is included in the "Investment in affiliates and other assets" line item in our condensed consolidated balance sheets. During the nine months ended January 28, 2023, we converted $2,823 evidenced by the Notes to stock ownership. After this conversion of Notes to stock ownership, our ownership increased to 54.5 percent in Miortech. Our ownership in XdisplayTM company is 16.4 percent as of January 28, 2023. The total amount of Notes included in the "Investments in affiliates and other assets" line item in our condensed consolidated balance sheets as of January 28, 2023 was $7,693.
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Earnings Per Share ("EPS") |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share ("EPS") | Earnings Per Share ("EPS") The following is a reconciliation of the net income (loss) and common share amounts used in the calculation of basic and diluted EPS for the three and nine months ended January 28, 2023 and January 29, 2022:
Options outstanding to purchase 2,102 shares of common stock with a weighted average exercise price of $7.13 for the three months ended January 28, 2023 and 2,216 shares of common stock with a weighted average exercise price of $8.17 for the three months ended January 29, 2022 were not included in the computation of diluted earnings per share because the effects would be anti-dilutive. Options outstanding to purchase 2,089 shares of common stock with a weighted average exercise price of $7.59 for the nine months ended January 28, 2023 and 1,857 shares of common stock with a weighted average exercise price of $9.26 for the nine months ended January 29, 2022 were not included in the computation of diluted earnings per share because the effects would be anti-dilutive.
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition Disaggregation of revenue The following table presents our disaggregation of revenue by segments:
See "Note 5. Segment Reporting" for a disaggregation of revenue by geography. 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:
The changes in our contract assets and contract liabilities from April 30, 2022 to January 28, 2023 were due to the timing of billing schedules and revenue recognition, which can vary significantly depending on the contractual payment terms and the seasonality of the sports markets. We had no impairments of contract assets for the nine months ended January 28, 2023. 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". Changes in unearned service-type warranty contracts, net were as follows:
Contracts in progress identified as loss contracts as of January 28, 2023 and as of April 30, 2022 were immaterial. Loss provisions are recorded in the "Accrued expenses" line item in our condensed consolidated balance sheets. During the nine months ended January 28, 2023, we recognized revenue of $81,966 related to our contract liabilities as of April 30, 2022. Remaining performance obligations As of January 28, 2023, the aggregate amount of the transaction price allocated to the remaining performance obligations was $491,345. Remaining performance obligations related to product and service agreements at January 28, 2023 were $429,097 and $62,248, respectively. We expect approximately $430,602 of our remaining performance obligations to be recognized over the next 12 months, with the remainder recognized thereafter. Although remaining performance obligations reflect business that is considered to be legally binding, cancellations, deferrals or scope adjustments may occur. Any known project cancellations, revisions to project scope and cost, foreign currency exchange fluctuations, and project deferrals are reflected or excluded in the remaining performance obligation balance, as appropriate.
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Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting The following table sets forth certain financial information for each of our five reporting segments for the periods indicated:
No single geographic area comprises a material amount of our net sales or property and equipment, net of accumulated depreciation, other than the United States. The following table presents information about net sales and property and equipment, net of accumulated depreciation, in the United States and elsewhere:
We have numerous customers worldwide for sales of our products and services, and no customer accounted for 10 percent or more of net sales for the three and nine months ended January 28, 2023 and January 29, 2022; therefore, we are not economically dependent on a limited number of customers for the sale of our products and services. We have numerous raw material and component suppliers, and no supplier accounts for 10 percent or more of our cost of sales; however, we have a complex global supply chain subject to geopolitical and transportation risks and a number of single-source suppliers that could limit our supply or cause delays in obtaining raw materials and components needed in manufacturing.
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Goodwill |
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Jan. 28, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill The changes in the carrying amount of goodwill related to each reportable segment for the nine months ended January 28, 2023 were as follows:
We perform an analysis of goodwill on an annual basis and test 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 quarter of each fiscal year based on the goodwill amount as of the first business day of our third fiscal quarter. We performed our annual impairment test on October 30, 2022 and concluded that the carrying value of the Live Events and International reporting units exceeded their respective fair values and consequently recorded an impairment charge as noted in the above table. We determined the fair value of the reporting units based on an income approach, using the present value of future discounted cash flows. Significant estimates used to determine fair value include the weighted average cost of capital and financial forecasts. The recognized impairment was primarily a result of our weighted average cost of capital being notably higher, which was driven by strains on our liquidity caused by disrupted supply chains and geopolitical conditions that have given ongoing logistics challenges to certain large projects. As a result the present value of our future cash flows was lower, which caused the $4,576 impairment charge. Based on our annual impairment test, we concluded that the fair value of the Commercial and Transportation reporting units exceeded their respective carrying values and concluded no goodwill impairment existed for those reporting units.
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Financing Agreements |
9 Months Ended |
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Jan. 28, 2023 | |
Debt Disclosure [Abstract] | |
Financing Agreements | Financing AgreementsWe have a $35,000 line of credit which expires in April 2025. On January 23, 2023, we entered into an agreement to temporarily expand the line of credit by $10,000 through May 1, 2023. As of January 28, 2023, $23,638 had been advanced under the loan portion of our line of credit, and the balance of letters of credit outstanding was approximately $7,516. As of January 28, 2023, we were in compliance with our financial covenants. As of January 28, 2023, we had $616 of bank guarantees or other financial instruments for display installations issued by another bank and secured by a restricted cash deposit. If we are unable to meet the terms of the arrangement, the bank would subrogate its loss by drawing on the secured cash deposit.
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Commitments and Contingencies |
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Jan. 28, 2023 | |||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Litigation: We are a party to legal proceedings and claims which arise during the ordinary course of business. We review our legal proceedings and claims, regulatory reviews and inspections, and other legal matters on an ongoing basis and follow appropriate accounting guidance when making accrual and disclosure decisions. For unresolved legal proceedings or claims, we do not believe there is a reasonable probability that any material loss will be incurred. Accordingly, no material accrual or disclosure of a potential range of loss has been made related to these matters. We do not expect the ultimate liability of these unresolved legal proceedings or claims to have a material effect on our financial position, liquidity or capital resources. On December 21, 2022, a putative class action lawsuit captioned Settles, et al. v. Daktronics, Inc., et al., Case No. 22-cv-10793 (“Securities Action”) was filed against the Company and two of its officers in the U.S. District Court for the Southern District of New York. The Securities Action asserts claims under §§ 10(b) and 20(a) of the Securities Exchange Act of 1934 alleging, among other things, the Company made materially false and misleading statements and failed to disclose material adverse facts which allegedly resulted in harm to a putative class of purchasers of our securities from March 10, 2022 through December 6, 2022. We are still evaluating the complaint, which is subject to amendment, but based on current knowledge we believe that the claims are without merit. We believe the likelihood of loss is remote. Accordingly, no accrual has been made. Warranties: Changes in our warranty obligation for the nine months ended January 28, 2023 consisted of the following:
Performance guarantees: We have entered into standby letters of credit, bank guarantees and surety bonds with financial institutions relating to the guarantee of our future performance on contracts, primarily construction-type contracts. As of January 28, 2023, we had outstanding letters of credit, bank guarantees and surety bonds in the amount of $7,516, $616 and $63,312, respectively. Performance guarantees are issued to certain customers to guarantee the operation and installation of the equipment and our ability to complete a contract. These performance guarantees have various terms but are generally one year. We enter into written agreements with our customers, and those agreements often contain indemnification provisions that require us to make the customer whole if certain acts or omissions by us cause the customer financial loss. We make efforts to negotiate reasonable caps and limitations on the recovery of such damages. As of January 28, 2023, we were not aware of any indemnification claim from a customer.
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Income Taxes |
9 Months Ended |
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Jan. 28, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe provision for income taxes during interim reporting periods is calculated by applying an estimate of the annual effective tax rate. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and assumptions including, but not limited to, the expected operating income (or loss) for the year, projections of the proportion of income (or loss) earned and taxed in foreign jurisdictions, and permanent and temporary differences and the likelihood of recovering deferred tax assets, then adjusted for any discrete items. The accounting estimates used to compute the provision for income taxes may change as new events occur, assumptions change, or additional information is obtained. Under GAAP, we are required to evaluate the recoverability of our deferred tax assets and establish a valuation allowance if necessary to reduce our deferred tax assets to an amount that is more likely than not to be realized. Significant judgment is required in determining whether valuation allowances should be established, as well as in determining the amount of such allowances. We establish or adjust valuation allowances for deferred tax assets when we estimate that it is more likely than not that we will be able to realize the value of the deferred tax assets. We evaluate all significant available positive and negative evidence as part of our analysis, including our past operating results, tax planning strategies, current and cumulative losses, and forecasts of future taxable income. The underlying assumptions we use in forecasting future taxable income requires significant judgment and takes into account our recent performance. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the periods in which temporary differences are deductible or creditable. If actual experience differs from these estimates and assumptions, the recognized deferred tax asset value may not be fully realized, resulting in an increase to income tax expense in our results of operations. 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 months ended January 28, 2023 was a tax rate of 30.5 percent, as compared to an effective tax rate of 32.2 percent for the three months ended January 29, 2022. For the nine months ended January 28, 2023, our effective tax rate was significantly impacted by the recording of a full valuation allowance on deferred tax assets during the second quarter of fiscal 2023 related to GAAP accounting for income taxes and related information. For the nine months ended January 29, 2022, our effective tax was 9.4 percent. See "Note 1. Basis of Presentation - Liquidity and Going Concern" of the Notes to our Condensed Consolidated Financial Statements included in this Report. If, in the future, we determine we can support the recoverability of all or a portion of the deferred tax assets under the guidance, the tax benefits relating to any reversal of the valuation allowance on net deferred tax assets will be accounted for as a reduction of income tax expense. Changes in tax laws and rates may affect recorded deferred tax assets and liabilities and our effective tax rate in the future. We operate both domestically and internationally and, as of January 28, 2023, undistributed earnings of our foreign subsidiaries were considered to be reinvested indefinitely. Additionally, as of January 28, 2023, we had $361 of unrecognized tax benefits which would reduce our effective tax rate if recognized.
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Fair Value Measurement |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement | Fair Value Measurement 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 28, 2023 and April 30, 2022 according to the valuation techniques we used to determine their fair values. There have been no transfers of assets or liabilities among the fair value hierarchies presented.
There have been no changes in the valuation techniques used by us to value our financial instruments since the end of fiscal 2022. For additional information, see our Annual Report on Form 10-K for the fiscal year ended April 30, 2022 for the methods and assumptions used to estimate the fair value of each class of financial instrument.
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Basis of Presentation (Policies) |
9 Months Ended |
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Jan. 28, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | 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 differ from those estimates. |
Variable Interest Entities | Variable Interest Entities We consolidate entities in which we have a controlling financial interest by first considering if an entity meets the definition of a variable interest entity ("VIE") for which we are deemed to be the primary beneficiary, or if we have the power to control an entity through a majority of voting interest or through other arrangements. Variable Interest Entities: A VIE is an entity (i) that lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; and/or (iii) that is established with non-substantive voting rights. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) the power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) the obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. This assessment may involve subjectivity in the determination of which activities most significantly affect the VIE’s performance and making estimates about current and future fair value of the assets held by the VIE and financial performance of the VIE. In assessing the Company's interests in the VIE, we also consider interests held by its related parties, including de facto agents. Additionally, we assess whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether we are most closely associated with the VIE. In performing the related party analysis, we consider both qualitative and quantitative factors including, but not limited to: the characteristics and size of its investment relative to the related party; our and the related party's ability to control or significantly influence key decisions of the VIE, including consideration of involvement by de facto agents; the obligation or likelihood for us or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of us and the related party. The determination of whether an entity is a VIE, and whether we are the primary beneficiary, may involve significant judgment, and depends upon facts and circumstances specific to an entity at the time of the assessment. At the end of each reporting period, we reassess whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in our consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by us in the entity prior to us obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. However, if the consolidation represents an asset acquisition of a voting interest entity, our existing interest in the acquired assets, if any, is not remeasured to fair value but continues to be carried at historical cost. We may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained.
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Recent Accounting Pronouncements | Recent Accounting Pronouncements There have been no material changes to our significant accounting policies and estimates as described in our Annual Report on Form 10-K for the fiscal year ended April 30, 2022. Accounting Standards Adopted There were no standards adopted since our last Quarterly Report on Form 10-Q. Accounting Standards Not Yet Adopted There are no significant new Accounting Standards Updates issued that the Company has not yet adopted as of January 28, 2023.
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Basis of Presentation (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash and Cash Equivalents | 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.
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Earnings Per Share ("EPS") (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following is a reconciliation of the net income (loss) and common share amounts used in the calculation of basic and diluted EPS for the three and nine months ended January 28, 2023 and January 29, 2022:
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Revenue Recognition (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table presents our disaggregation of revenue by segments:
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Contract with Customer, Contract Asset, Contract Liability, and Receivable | The following table reflects the changes in our contract assets and liabilities:
The changes in our contract assets and contract liabilities from April 30, 2022 to January 28, 2023 were due to the timing of billing schedules and revenue recognition, which can vary significantly depending on the contractual payment terms and the seasonality of the sports markets. We had no impairments of contract assets for the nine months ended January 28, 2023. 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". Changes in unearned service-type warranty contracts, net were as follows:
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Segment Reporting (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 28, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, By Segment | The following table sets forth certain financial information for each of our five reporting segments for the periods indicated:
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|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue From External Customers and Long-lived Assets, By Geographical Areas | The following table presents information about net sales and property and equipment, net of accumulated depreciation, in the United States and elsewhere:
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Goodwill (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 28, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The changes in the carrying amount of goodwill related to each reportable segment for the nine months ended January 28, 2023 were as follows:
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Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 28, 2023 | |||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Schedule of Product Warranty Liability | Warranties: Changes in our warranty obligation for the nine months ended January 28, 2023 consisted of the following:
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Fair Value Measurement (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 28, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | 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 28, 2023 and April 30, 2022 according to the valuation techniques we used to determine their fair values. There have been no transfers of assets or liabilities among the fair value hierarchies presented.
|
Basis of Presentation - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands |
Jan. 28, 2023 |
Apr. 30, 2022 |
Jan. 29, 2022 |
May 01, 2021 |
---|---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 10,022 | $ 17,143 | $ 30,883 | |
Restricted cash | 708 | 865 | 836 | |
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows | $ 10,730 | $ 18,008 | $ 31,719 | $ 80,402 |
Basis of Presentation (Details Textual) - USD ($) $ in Thousands |
Apr. 30, 2025 |
May 31, 2023 |
Jan. 28, 2023 |
Apr. 30, 2022 |
Jan. 29, 2022 |
---|---|---|---|---|---|
Statutory Accounting Practices [Line Items] | |||||
Cash and cash equivalents | $ 10,022 | $ 17,143 | $ 30,883 | ||
Cash and cash equivalents denominated in U.S. dollars | 3,257 | ||||
Cash and cash equivalents held by foreign subsidiaries | 498 | ||||
Additional cash balances denominated in foreign currencies | 6,765 | ||||
Additional cash balances denominated in foreign currencies, maintained by foreign subsidiaries | $ 5,421 | ||||
Line of Credit | Credit Facility Due May 2023 | Subsequent Event | |||||
Statutory Accounting Practices [Line Items] | |||||
Line of credit, temporary expansion amount | $ 10,000 | ||||
Line of Credit | Credit Facility Due April 2025 | Subsequent Event | |||||
Statutory Accounting Practices [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 35,000 |
Investments in Affiliates (Details Textual) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 28, 2023 |
Jan. 29, 2022 |
Apr. 30, 2022 |
|
Schedule of Investments [Line Items] | |||||
Equity method investments | $ 17,145 | $ 17,145 | $ 16,916 | ||
Equity in loss of affiliate | 895 | $ 401 | 2,596 | $ 1,966 | |
Accounts payable | 52 | 52 | |||
Amount invested | 3,240 | $ 6,695 | |||
Debt conversion, converted instrument, amount | 2,823 | ||||
Purchase of convertible notes | $ 7,693 | $ 7,693 | |||
Miortech | |||||
Schedule of Investments [Line Items] | |||||
Ownership percentage | 54.50% | 54.50% | |||
XdisplayTM | |||||
Schedule of Investments [Line Items] | |||||
Ownership percentage | 16.40% | 16.40% | |||
Convertible Debt | |||||
Schedule of Investments [Line Items] | |||||
Amount invested | $ 2,250 | ||||
Promissory Notes | |||||
Schedule of Investments [Line Items] | |||||
Amount invested | $ 990 | ||||
Product Design and Development | |||||
Schedule of Investments [Line Items] | |||||
Related party transaction, amounts of transaction | $ 672 | $ 1,520 |
Earnings Per Share ("EPS") - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jan. 28, 2023 |
Oct. 29, 2022 |
Jul. 30, 2022 |
Jan. 29, 2022 |
Oct. 30, 2021 |
Jul. 31, 2021 |
Jan. 28, 2023 |
Jan. 29, 2022 |
|
Net income (loss) | ||||||||
Basic earnings per share | $ 3,713 | $ (12,984) | $ (5,326) | $ (4,350) | $ 2,374 | $ 3,685 | $ (14,597) | $ 1,709 |
Dilution associated with stock compensation plans | 0 | 0 | ||||||
Diluted earnings per share | $ 3,713 | $ (4,350) | $ (14,597) | $ 1,709 | ||||
Shares | ||||||||
Basic earnings per share, shares (in shares) | 45,387 | 45,223 | 45,320 | 45,263 | ||||
Dilution associated with stock compensation plans, shares (in shares) | 61 | 179 | ||||||
Diluted earnings per share, shares (in shares) | 45,448 | 45,223 | 45,320 | 45,442 | ||||
Per share (loss) income | ||||||||
Basic earnings per share, per share income (in usd per share) | $ 0.08 | $ (0.10) | $ (0.32) | $ 0.04 | ||||
Dilution associated with stock compensation plans (in usd per share) | 0 | 0 | ||||||
Diluted earnings per share, per share income (in usd per share) | $ 0.08 | $ (0.10) | $ (0.32) | $ 0.04 |
Earnings Per Share ("EPS") (Details Textual) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 28, 2023 |
Jan. 29, 2022 |
|
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 2,102,000 | 2,216,000 | 2,089,000 | 1,857,000 |
Antidilutive securities excluded from computation of earnings per share, weighted average exercise price (in usd per share) | $ 7.13 | $ 8.17 | $ 7.59 | $ 9.26 |
Revenue Recognition - Contract with Customer, Contract Asset, Contract Liability, and Receivable (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Jan. 28, 2023 |
Apr. 30, 2022 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Contract assets | $ 36,098 | $ 41,687 |
Contract liabilities - current | 97,703 | 90,393 |
Contract liabilities - noncurrent | 12,674 | $ 10,998 |
Dollar Change | ||
Contract assets | (5,589) | |
Contract liabilities - current | 7,310 | |
Contract liabilities - noncurrent | $ 1,676 | |
Percent Change | ||
Contract assets | (13.40%) | |
Contract liabilities - current | 8.10% | |
Contract liabilities - noncurrent | 15.20% | |
Service-type Warranty Contracts | ||
Changes in Unearned Service-Type Warranty Contract [Roll Forward] | ||
Balance at beginning of period | $ 26,346 | |
New contracts sold | 35,319 | |
Less: reductions for revenue recognized | (32,406) | |
Foreign currency translation and other | (128) | |
Balance at ending of period | $ 29,131 |
Segment Reporting (Details Textual) |
9 Months Ended |
---|---|
Jan. 28, 2023
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 5 |
Segment Reporting - Schedule of Revenue From External Customers and Long-lived Assets, By Geographical Areas (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 28, 2023 |
Jan. 29, 2022 |
Apr. 30, 2022 |
|
Disaggregation of Revenue [Line Items] | |||||
Net sales | $ 184,975 | $ 139,558 | $ 544,334 | $ 448,767 | |
Property and equipment, net of accumulated depreciation: | 73,795 | 73,795 | $ 66,765 | ||
United States | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 161,467 | 112,389 | 474,048 | 374,692 | |
Property and equipment, net of accumulated depreciation: | 65,073 | 65,073 | 58,643 | ||
Outside United States | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 23,508 | $ 27,169 | 70,286 | $ 74,075 | |
Property and equipment, net of accumulated depreciation: | $ 8,722 | $ 8,722 | $ 8,122 |
Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 28, 2023 |
Jan. 29, 2022 |
|
Goodwill [Roll Forward] | ||||
Beginning balance | $ 7,927 | |||
Foreign currency translation | (58) | |||
Goodwill impairment | $ (4,576) | $ 0 | (4,576) | $ 0 |
Ending balance | 3,293 | 3,293 | ||
Live Events | ||||
Goodwill [Roll Forward] | ||||
Beginning balance | 2,296 | |||
Foreign currency translation | (15) | |||
Goodwill impairment | (2,281) | |||
Ending balance | 0 | 0 | ||
Commercial | ||||
Goodwill [Roll Forward] | ||||
Beginning balance | 3,349 | |||
Foreign currency translation | (109) | |||
Goodwill impairment | 0 | |||
Ending balance | 3,240 | 3,240 | ||
Transportation | ||||
Goodwill [Roll Forward] | ||||
Beginning balance | 68 | |||
Foreign currency translation | (15) | |||
Goodwill impairment | 0 | |||
Ending balance | 53 | 53 | ||
International | ||||
Goodwill [Roll Forward] | ||||
Beginning balance | 2,214 | |||
Foreign currency translation | 81 | |||
Goodwill impairment | (2,295) | |||
Ending balance | $ 0 | $ 0 |
Goodwill (Details Textual) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 28, 2023 |
Jan. 29, 2022 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill impairment | $ 4,576 | $ 0 | $ 4,576 | $ 0 |
Financing Agreements (Details) - USD ($) $ in Thousands |
Apr. 30, 2025 |
May 31, 2023 |
Jan. 28, 2023 |
---|---|---|---|
Letter of credit | |||
Line of Credit Facility [Line Items] | |||
Long-term line of credit | $ 23,638 | ||
Standby letters of credit | |||
Line of Credit Facility [Line Items] | |||
Long-term line of credit | 7,516 | ||
Line of credit facility, maximum borrowing capacity | $ 616 | ||
Line of Credit | Subsequent Event | Credit Facility Due April 2025 | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 35,000 | ||
Line of Credit | Subsequent Event | Credit Facility Due May 2023 | |||
Line of Credit Facility [Line Items] | |||
Line of credit, temporary expansion amount | $ 10,000 |
Commitments and Contingencies - Schedule of Product Warranty Liability (Details) $ in Thousands |
9 Months Ended |
---|---|
Jan. 28, 2023
USD ($)
| |
Movement in Standard Product Warranty Accrual [Roll Forward] | |
Beginning accrued warranty obligations | $ 28,878 |
Warranties issued during the period | 9,423 |
Settlements made during the period | (8,251) |
Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations | 164 |
Ending accrued warranty obligations | $ 30,214 |
Commitments and Contingencies (Details Textual) $ in Thousands |
Jan. 28, 2023
USD ($)
|
---|---|
Financial Standby Letter of Credit | |
Loss Contingencies [Line Items] | |
Loss contingency accrual | $ 7,516 |
Guarantee of Business Revenue | |
Loss Contingencies [Line Items] | |
Loss contingency accrual | 616 |
Surety Bond | |
Loss Contingencies [Line Items] | |
Loss contingency accrual | $ 63,312 |
Income Taxes (Details Textual) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 29, 2022 |
|
Income Tax Disclosure [Abstract] | |||
Tax rate | 30.50% | 32.20% | 9.40% |
Unrecognized tax benefits | $ 361 |
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