(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 27, 2024 | April 29, 2023 | ||||||||||
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 | |||||||||||
Debt issuance costs, net | |||||||||||
Investment in affiliates and other assets | |||||||||||
Deferred income taxes | |||||||||||
TOTAL ASSETS | $ | $ |
January 27, 2024 | April 29, 2023 | ||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
CURRENT LIABILITIES: | |||||||||||
Current portion of long-term debt | $ | $ | |||||||||
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 | |||||||||||
Long-term debt, net | |||||||||||
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 27, 2024 | January 28, 2023 | January 27, 2024 | January 28, 2023 | ||||||||||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Selling | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Product design and development | |||||||||||||||||||||||
Goodwill impairment | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Nonoperating (expense) income: | |||||||||||||||||||||||
Interest (expense) income, net | ( | ( | ( | ( | |||||||||||||||||||
Change in fair value of convertible note | ( | ||||||||||||||||||||||
Other expense and debt issuance costs write-off, net | ( | ( | ( | ( | |||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ||||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Earnings (loss) per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | ( | ||||||||||||||||||
Diluted | $ | $ | $ | $ | ( |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
January 27, 2024 | January 28, 2023 | January 27, 2024 | January 28, 2023 | ||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Cumulative translation adjustments | ( | ( | |||||||||||||||||||||
Unrealized gain on available-for-sale securities, net of tax | |||||||||||||||||||||||
Total other comprehensive income (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 29, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
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 | — | — | — | — | |||||||||||||||||||||||||||||||
Balance as of July 29, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Cumulative translation adjustments | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Unrealized gain (loss) on available-for-sale securities, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | |||||||||||||||||||||||||||||||
Tax payments related to RSU issuances | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||
Balance as of October 28, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
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 | — | — | — | — | |||||||||||||||||||||||||||||||
Balance as of January 27, 2024 | $ | $ | $ | $ | ( | $ | ( | $ |
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 gain (loss) 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 | $ | $ | $ | $ | ( | $ | ( | $ |
Nine Months Ended | |||||||||||
January 27, 2024 | January 28, 2023 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Loss (gain) on sale of property, equipment and other assets | ( | ||||||||||
Share-based compensation | |||||||||||
Equity in loss of affiliates | |||||||||||
Provision for doubtful accounts, net | |||||||||||
Deferred income taxes, net | |||||||||||
Non-cash impairment charges | |||||||||||
Change in fair value of convertible note | |||||||||||
Debt issuance costs write-off | |||||||||||
Change in operating assets and liabilities | ( | ( | |||||||||
Net cash provided by (used in) operating activities | ( | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchases of property and equipment | ( | ( | |||||||||
Proceeds from sales of property, equipment and other assets | |||||||||||
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 | ( | ||||||||||
Debt issuance costs | ( | ||||||||||
Proceeds from exercise of stock options | |||||||||||
Tax payments related to RSU issuances | ( | ( | |||||||||
Net cash provided by financing activities | |||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | ( | ||||||||||
NET INCREASE (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: | |||||||||||
Purchases of property and equipment included in accounts payable | |||||||||||
Contributions of common stock under the ESPP |
January 27, 2024 | January 28, 2023 | April 29, 2023 | |||||||||||||||
Cash and cash equivalents | $ | $ | $ | ||||||||||||||
Restricted cash | |||||||||||||||||
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
January 27, 2024 | January 28, 2023 | January 27, 2024 | January 28, 2023 | ||||||||||||||||||||
Earnings per share - basic | |||||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ||||||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||
Basic earnings (loss) per share | $ | $ | $ | $ | ( | ||||||||||||||||||
Earnings per share - diluted | |||||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ||||||||||||||||||
Change in fair value of convertible note | ( | ||||||||||||||||||||||
Interest expense on convertible note, net of tax | — | ||||||||||||||||||||||
Diluted net income (loss) | $ | $ | $ | $ | ( | ||||||||||||||||||
Weighted average common shares outstanding | |||||||||||||||||||||||
Dilution associated with stock compensation plans | |||||||||||||||||||||||
Dilution associated with convertible note | |||||||||||||||||||||||
Weighted average common shares outstanding, assuming dilution | |||||||||||||||||||||||
Diluted earnings (loss) per share | $ | $ | $ | $ | ( |
Three Months Ended January 27, 2024 | |||||||||||||||||||||||||||||||||||
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 27, 2024 | |||||||||||||||||||||||||||||||||||
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 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 | |||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ |
January 27, 2024 | April 29, 2023 | Dollar Change | Percent Change | ||||||||||||||||||||
Contract assets | $ | $ | $ | % | |||||||||||||||||||
Contract liabilities - current | ( | ( | |||||||||||||||||||||
Contract liabilities - noncurrent |
January 27, 2024 | |||||
Balance as of April 29, 2023 | $ | ||||
New contracts sold | |||||
Less: reductions for revenue recognized | ( | ||||
Foreign currency translation and other | ( | ||||
Balance as of January 27, 2024 | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
January 27, 2024 | January 28, 2023 | January 27, 2024 | January 28, 2023 | ||||||||||||||||||||
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 | |||||||||||||||||||||||
Nonoperating (expense) income: | |||||||||||||||||||||||
Interest (expense) income, net | ( | ( | ( | ( | |||||||||||||||||||
Change in fair value of convertible note | ( | ||||||||||||||||||||||
Other expense and debt issuance costs write-off, net | ( | ( | ( | ( | |||||||||||||||||||
Income before income taxes | $ | $ | $ | $ | |||||||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||
Commercial | $ | $ | $ | $ | |||||||||||||||||||
Live Events | |||||||||||||||||||||||
High School Park and Recreation | |||||||||||||||||||||||
Transportation | |||||||||||||||||||||||
International | |||||||||||||||||||||||
Unallocated corporate depreciation and amortization | |||||||||||||||||||||||
$ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
January 27, 2024 | January 28, 2023 | January 27, 2024 | January 28, 2023 | ||||||||||||||||||||
Net sales: | |||||||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
Outside United States | |||||||||||||||||||||||
$ | $ | $ | $ |
January 27, 2024 | April 29, 2023 | ||||||||||
Property and equipment, net of accumulated depreciation: | |||||||||||
United States | $ | $ | |||||||||
Outside United States | |||||||||||
$ | $ |
Commercial | Transportation | Total | |||||||||||||||
Balance as of April 29, 2023 | $ | $ | $ | ||||||||||||||
Foreign currency translation | |||||||||||||||||
Balance as of January 27, 2024 | $ | $ | $ |
January 27, 2024 | April 29, 2023 | ||||||||||
ABL credit facility/prior line of credit | $ | $ | |||||||||
Mortgage | |||||||||||
Convertible note | |||||||||||
Long-term debt, gross | |||||||||||
Debt issuance costs, net | ( | ||||||||||
Change in fair value of convertible note | |||||||||||
Current portion | ( | ||||||||||
Long-term debt, net | $ | $ |
Liability Component | |||||
(in thousands) | |||||
Balance as of May 11, 2023 | $ | ||||
Redemption of convertible promissory note | |||||
Fair value change recognized | |||||
Balance as of January 27, 2024 | $ |
Risk-Free Rate (Annual) | % | ||||
Implied Yield | % | ||||
Volatility (Annual) | % | ||||
Dividend Yield (Annual) | % |
Fiscal years ending | Amount | ||||
Remainder of 2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
2029 and beyond | |||||
Total debt | $ |
January 27, 2024 | |||||
Balance as of April 29, 2023 | $ | ||||
Warranties issued during the period | |||||
Settlements made during the period | ( | ||||
Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations | |||||
Balance as of January 27, 2024 | $ |
Fair Value Measurements | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Balance as of January 27, 2024 | |||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Restricted cash | |||||||||||||||||||||||
Convertible note | ( | ( | |||||||||||||||||||||
$ | $ | $ | ( | $ | |||||||||||||||||||
Balance as of April 29, 2023 | |||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Restricted cash | |||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
US Government sponsored entities | |||||||||||||||||||||||
Derivatives - liability position | ( | ( | |||||||||||||||||||||
$ | $ | ( | $ | $ |
Three Months Ended | |||||||||||||||||||||||
(in thousands) | January 27, 2024 | January 28, 2023 | Dollar Change | Percent Change | |||||||||||||||||||
Net Sales: | |||||||||||||||||||||||
Commercial | $ | 33,292 | $ | 49,967 | $ | (16,675) | (33.4) | % | |||||||||||||||
Live Events | 73,393 | 67,748 | 5,645 | 8.3 | |||||||||||||||||||
High School Park and Recreation | 28,764 | 28,312 | 452 | 1.6 | |||||||||||||||||||
Transportation | 19,605 | 17,578 | 2,027 | 11.5 | |||||||||||||||||||
International | 15,249 | 21,370 | (6,121) | (28.6) | |||||||||||||||||||
$ | 170,303 | $ | 184,975 | $ | (14,672) | (7.9) | % | ||||||||||||||||
Orders: (1) | |||||||||||||||||||||||
Commercial | $ | 34,524 | $ | 28,737 | $ | 5,787 | 20.1 | % | |||||||||||||||
Live Events | 95,217 | 61,011 | 34,206 | 56.1 | |||||||||||||||||||
High School Park and Recreation | 35,385 | 28,097 | 7,288 | 25.9 | |||||||||||||||||||
Transportation | 18,924 | 13,525 | 5,399 | 39.9 | |||||||||||||||||||
International | 8,013 | 17,005 | (8,992) | (52.9) | |||||||||||||||||||
$ | 192,063 | $ | 148,375 | $ | 43,688 | 29.4 | % |
Three Months Ended | |||||||||||||||||||||||
January 27, 2024 | January 28, 2023 | ||||||||||||||||||||||
(in thousands) | Amount | As a Percent of Net Sales | Amount | As a Percent of Net Sales | |||||||||||||||||||
Gross Profit: | |||||||||||||||||||||||
Commercial | $ | 5,546 | 16.7 | % | $ | 10,547 | 21.1 | % | |||||||||||||||
Live Events | 21,102 | 28.8 | 14,405 | 21.3 | |||||||||||||||||||
High School Park and Recreation | 8,029 | 27.9 | 7,555 | 26.7 | |||||||||||||||||||
Transportation | 6,180 | 31.5 | 5,534 | 31.5 | |||||||||||||||||||
International | 861 | 5.6 | 3,672 | 17.2 | |||||||||||||||||||
$ | 41,718 | 24.5 | % | $ | 41,713 | 22.6 | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||
January 27, 2024 | January 28, 2023 | ||||||||||||||||||||||||||||||||||
(in thousands) | Amount | As a Percent of Net Sales | Dollar Change | Percent Change | Amount | As a Percent of Net Sales | |||||||||||||||||||||||||||||
Contribution Margin: | |||||||||||||||||||||||||||||||||||
Commercial | $ | 1,474 | 4.4 | % | $ | (5,210) | (77.9) | % | $ | 6,684 | 13.4 | % | |||||||||||||||||||||||
Live Events | 17,987 | 24.5 | 5,878 | 48.5 | 12,109 | 17.9 | |||||||||||||||||||||||||||||
High School Park and Recreation | 4,515 | 15.7 | 142 | 3.2 | 4,373 | 15.4 | |||||||||||||||||||||||||||||
Transportation | 5,202 | 26.5 | 759 | 17.1 | 4,443 | 25.3 | |||||||||||||||||||||||||||||
International | (1,718) | (11.3) | (2,914) | (243.6) | 1,196 | 5.6 | |||||||||||||||||||||||||||||
$ | 27,460 | 16.1 | % | $ | (1,345) | (4.7) | % | $ | 28,805 | 15.6 | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||
January 27, 2024 | January 28, 2023 | ||||||||||||||||||||||||||||||||||
(in thousands) | Amount | As a Percent of Net Sales | Dollar Change | Percent Change | Amount | As a Percent of Net Sales | |||||||||||||||||||||||||||||
Contribution margin | $ | 27,460 | 16.1 | % | $ | (1,345) | (4.7) | % | $ | 28,805 | 15.6 | % | |||||||||||||||||||||||
General and administrative | 10,589 | 6.2 | 728 | 7.4 | 9,861 | 5.3 | |||||||||||||||||||||||||||||
Product design and development | 8,835 | 5.2 | 1,585 | 21.9 | 7,250 | 3.9 | |||||||||||||||||||||||||||||
Goodwill impairment | — | — | (4,576) | (100.0) | 4,576 | 2.5 | |||||||||||||||||||||||||||||
Operating income | $ | 8,036 | 4.7 | % | $ | 918 | 12.9 | % | $ | 7,118 | 3.8 | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||
January 27, 2024 | January 28, 2023 | ||||||||||||||||||||||||||||||||||
(in thousands) | Amount | As a Percent of Net Sales | Dollar Change | Percent Change | Amount | As a Percent of Net Sales | |||||||||||||||||||||||||||||
Interest (expense) income, net | $ | (745) | (0.4) | % | $ | (347) | 87.2 | % | $ | (398) | (0.2) | % | |||||||||||||||||||||||
Change in fair value of convertible note | $ | 6,340 | 3.7 | % | $ | 6,340 | — | % | $ | — | — | % | |||||||||||||||||||||||
Other expense and debt issuance costs write-off, net | $ | (1,000) | (0.6) | % | $ | 380 | (27.5) | % | $ | (1,380) | (0.7) | % |
Nine Months Ended | |||||||||||||||||||||||
(in thousands) | January 27, 2024 | January 28, 2023 | Dollar Change | Percent Change | |||||||||||||||||||
Net Sales: | |||||||||||||||||||||||
Commercial | $ | 122,628 | $ | 127,132 | $ | (4,504) | (3.5) | % | |||||||||||||||
Live Events | 233,602 | 193,370 | 40,232 | 20.8 | |||||||||||||||||||
High School Park and Recreation | 133,940 | 106,127 | 27,813 | 26.2 | |||||||||||||||||||
Transportation | 61,217 | 53,797 | 7,420 | 13.8 | |||||||||||||||||||
International | 50,816 | 63,908 | (13,092) | (20.5) | |||||||||||||||||||
$ | 602,203 | $ | 544,334 | $ | 57,869 | 10.6 | % | ||||||||||||||||
Orders: (1) | |||||||||||||||||||||||
Commercial | $ | 101,167 | $ | 119,126 | $ | (17,959) | (15.1) | % | |||||||||||||||
Live Events | 226,436 | 193,763 | 32,673 | 16.9 | |||||||||||||||||||
High School Park and Recreation | 103,924 | 97,574 | 6,350 | 6.5 | |||||||||||||||||||
Transportation | 59,409 | 45,812 | 13,597 | 29.7 | |||||||||||||||||||
International | 43,450 | 45,130 | (1,680) | (3.7) | |||||||||||||||||||
$ | 534,386 | $ | 501,405 | $ | 32,981 | 6.6 | % |
Nine Months Ended | |||||||||||||||||||||||
January 27, 2024 | January 28, 2023 | ||||||||||||||||||||||
(in thousands) | Amount | As a Percent of Net Sales | Amount | As a Percent of Net Sales | |||||||||||||||||||
Gross Profit: | |||||||||||||||||||||||
Commercial | $ | 25,546 | 20.8 | % | $ | 21,565 | 17.0 | % | |||||||||||||||
Live Events | 68,276 | 29.2 | 26,174 | 13.5 | |||||||||||||||||||
High School Park and Recreation | 45,274 | 33.8 | 29,343 | 27.6 | |||||||||||||||||||
Transportation | 20,049 | 32.8 | 15,456 | 28.7 | |||||||||||||||||||
International | 7,919 | 15.6 | 6,673 | 10.4 | |||||||||||||||||||
$ | 167,064 | 27.7 | % | $ | 99,211 | 18.2 | % |
Nine Months Ended | |||||||||||||||||||||||||||||||||||
January 27, 2024 | January 28, 2023 | ||||||||||||||||||||||||||||||||||
(in thousands) | Amount | As a Percent of Net Sales | Dollar Change | Percent Change | Amount | As a Percent of Net Sales | |||||||||||||||||||||||||||||
Contribution Margin: | |||||||||||||||||||||||||||||||||||
Commercial | $ | 12,598 | 10.3 | % | $ | 3,795 | 43.1 | % | $ | 8,803 | 6.9 | % | |||||||||||||||||||||||
Live Events | 59,974 | 25.7 | 41,677 | 227.8 | 18,297 | 9.5 | |||||||||||||||||||||||||||||
High School Park and Recreation | 34,724 | 25.9 | 15,332 | 79.1 | 19,392 | 18.3 | |||||||||||||||||||||||||||||
Transportation | 17,144 | 28.0 | 4,732 | 38.1 | 12,412 | 23.1 | |||||||||||||||||||||||||||||
International | 784 | 1.5 | 2,343 | 150.3 | (1,559) | (2.4) | |||||||||||||||||||||||||||||
$ | 125,224 | 20.8 | % | $ | 67,879 | 118.4 | % | $ | 57,345 | 10.5 | % |
Nine Months Ended | |||||||||||||||||||||||||||||||||||
January 27, 2024 | January 28, 2023 | ||||||||||||||||||||||||||||||||||
(in thousands) | Amount | As a Percent of Net Sales | Dollar Change | Percent Change | Amount | As a Percent of Net Sales | |||||||||||||||||||||||||||||
Contribution margin | $ | 125,224 | 20.8 | % | $ | 67,879 | 118.4 | % | $ | 57,345 | 10.5 | % | |||||||||||||||||||||||
General and administrative | 31,077 | 5.2 | 3,088 | 11.0 | 27,989 | 5.1 | |||||||||||||||||||||||||||||
Product design and development | 26,459 | 4.4 | 4,804 | 22.2 | 21,655 | 4.0 | |||||||||||||||||||||||||||||
Goodwill impairment | — | — | (4,576) | (100.0) | 4,576 | 0.8 | |||||||||||||||||||||||||||||
Operating income (loss) | $ | 67,688 | 11.2 | % | $ | 64,563 | 2066.0 | % | $ | 3,125 | 0.6 | % |
Nine Months Ended | |||||||||||||||||||||||||||||||||||
January 27, 2024 | January 28, 2023 | ||||||||||||||||||||||||||||||||||
(in thousands) | Amount | As a Percent of Net Sales | Dollar Change | Percent Change | Amount | As a Percent of Net Sales | |||||||||||||||||||||||||||||
Interest (expense) income, net | $ | (2,952) | (0.5) | % | $ | (2,231) | 309.4 | % | $ | (721) | (0.1) | % | |||||||||||||||||||||||
Change in fair value of convertible note | $ | (11,570) | (1.9) | % | $ | (11,570) | — | % | $ | — | — | % | |||||||||||||||||||||||
Other expense and debt issuance costs write-off, net | $ | (6,282) | (1.0) | % | $ | (3,947) | 169.0 | % | $ | (2,335) | (0.4) | % |
Nine Months Ended | |||||||||||||||||
(in thousands) | January 27, 2024 | January 28, 2023 | Dollar Change | ||||||||||||||
Net cash provided by (used in): | |||||||||||||||||
Operating activities | $ | 53,789 | $ | (9,487) | $ | 63,276 | |||||||||||
Investing activities | (17,055) | (20,947) | 3,892 | ||||||||||||||
Financing activities | 15,689 | 23,498 | (7,809) | ||||||||||||||
Effect of exchange rate changes on cash | 80 | (342) | 422 | ||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 52,503 | $ | (7,278) | $ | 59,781 |
Nine Months Ended | |||||||||||
January 27, 2024 | January 28, 2023 | ||||||||||
(Increase) decrease: | |||||||||||
Accounts receivable | $ | 8,725 | $ | (15,753) | |||||||
Long-term receivables | 1,123 | 1,265 | |||||||||
Inventories | 8,880 | (30,346) | |||||||||
Contract assets | (1,213) | 5,653 | |||||||||
Prepaid expenses and other current assets | 1,788 | 6,176 | |||||||||
Income tax receivables | (1,175) | (2,653) | |||||||||
Investment in affiliates and other assets | 201 | (581) | |||||||||
Increase (decrease): | |||||||||||
Accounts payable | (18,325) | (2,921) | |||||||||
Contract liabilities | (19,351) | 9,196 | |||||||||
Accrued expenses | 4,484 | (1,220) | |||||||||
Warranty obligations | 656 | (623) | |||||||||
Long-term warranty obligations | 1,493 | 1,958 | |||||||||
Income taxes payable | (2,260) | (150) | |||||||||
Long-term marketing obligations and other payables | 1,568 | 793 | |||||||||
$ | (13,406) | $ | (29,206) |
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. | |||||
* Indicates a management contract or compensatory plan or arrangement. |
/s/ Sheila M. Anderson | |||||
Daktronics, Inc. | |||||
Sheila M. Anderson | |||||
Chief Financial Officer | |||||
(Principal Financial Officer and | |||||
Principal Accounting Officer) | |||||
Date: February 28, 2024 |
/s/ Reece A. Kurtenbach | ||||||||
Reece A. Kurtenbach | ||||||||
Chief Executive Officer | ||||||||
Date: | February 28, 2024 |
/s/ Sheila M. Anderson | ||||||||
Sheila M. Anderson | ||||||||
Chief Financial Officer | ||||||||
Date: | February 28, 2024 |
/s/ Reece A. Kurtenbach | ||||||||
Reece A. Kurtenbach | ||||||||
Chief Executive Officer | ||||||||
Date: | February 28, 2024 |
/s/ Sheila M. Anderson | ||||||||
Sheila M. Anderson | ||||||||
Chief Financial Officer | ||||||||
Date: | February 28, 2024 |
Condensed Consolidated Balance Sheets (Parentheticals) - shares |
Jan. 27, 2024 |
Apr. 29, 2023 |
---|---|---|
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) | 46,189,311 | 45,488,595 |
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. 27, 2024 |
Jan. 28, 2023 |
Jan. 27, 2024 |
Jan. 28, 2023 |
|
Income Statement [Abstract] | ||||
Net sales | $ 170,303 | $ 184,975 | $ 602,203 | $ 544,334 |
Cost of sales | 128,585 | 143,262 | 435,139 | 445,123 |
Gross profit | 41,718 | 41,713 | 167,064 | 99,211 |
Operating expenses: | ||||
Selling | 14,258 | 12,908 | 41,840 | 41,866 |
General and administrative | 10,589 | 9,861 | 31,077 | 27,989 |
Product design and development | 8,835 | 7,250 | 26,459 | 21,655 |
Operating expenses | 33,682 | 34,595 | 99,376 | 96,086 |
Operating income | 8,036 | 7,118 | 67,688 | 3,125 |
Nonoperating (expense) income: | ||||
Interest (expense) income, net | (745) | (398) | (2,952) | (721) |
Change in fair value of convertible note | 6,340 | 0 | (11,570) | 0 |
Other expense and debt issuance costs write-off, net | (1,000) | (1,380) | (6,282) | (2,335) |
Income before income taxes | 12,631 | 5,340 | 46,884 | 69 |
Income tax expense | 1,889 | 1,627 | 14,781 | 14,666 |
Net income (loss) | $ 10,742 | $ 3,713 | $ 32,103 | $ (14,597) |
Weighted average shares outstanding: | ||||
Basic (in shares) | 46,173 | 45,387 | 45,975 | 45,320 |
Diluted (in shares) | 50,837 | 45,448 | 46,608 | 45,320 |
Earnings (loss) per share: | ||||
Basic (in usd per share) | $ 0.23 | $ 0.08 | $ 0.70 | $ (0.32) |
Diluted (in usd per share) | $ 0.09 | $ 0.08 | $ 0.69 | $ (0.32) |
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 27, 2024 |
Jan. 28, 2023 |
Jan. 27, 2024 |
Jan. 28, 2023 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 10,742 | $ 3,713 | $ 32,103 | $ (14,597) |
Other comprehensive income (loss): | ||||
Cumulative translation adjustments | 1,041 | 1,976 | (401) | (187) |
Unrealized gain on available-for-sale securities, net of tax | 7 | 6 | 23 | 6 |
Total other comprehensive income (loss), net of tax | 1,048 | 1,982 | (378) | (181) |
Comprehensive income (loss) | $ 11,790 | $ 5,695 | $ 31,725 | $ (14,778) |
Basis of Presentation |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 27, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 industry leaders 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 of assets and liabilities, revenues and expenses, and the disclosure of contingent liabilities. Estimates used in the preparation of the unaudited consolidated financial statements include, among others, revenue recognition, future warranty expenses, the fair value of long-term debt, the fair value of investments in affiliates, income tax expenses, and stock-based compensation. 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 29, 2023 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 29, 2023, 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 27, 2024 and January 28, 2023 contained operating results for 39 weeks. 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 29, 2023. 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 certain 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 $76,764 in cash and cash equivalent balances as of January 27, 2024, $63,179 were denominated in United States dollars, of which $1,568 were held by our foreign subsidiaries. As of January 27, 2024, we had an additional $13,585 in cash balances denominated in foreign currencies, of which $9,761 were maintained in accounts of our foreign subsidiaries. Recent Accounting Pronouncements Accounting Standards Adopted In August 2020, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). ASU 2020-06 simplified the accounting for certain financial instruments with characteristics of liabilities and equity. ASU 2020-06 (1) simplified the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in Accounting Standards Codification ("ASC") 470-20, Debt: Debt with Conversion and Other Options, that required entities to account for beneficial conversion features and cash conversion features in equity separately from the host convertible debt or preferred stock; (2) revised the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity by removing certain criteria required for equity classification; and (3) revised the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share ("EPS") for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. For SEC filers, excluding smaller reporting companies, ASU 2020-06 was effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption was permitted, but no earlier than fiscal years beginning after December 15, 2020. For all other entities, ASU 2020-06 was effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. In the first quarter of fiscal 2024, we adopted ASU 2020-06 with no material impact to the Condensed Consolidated Financial Statements. On May 11, 2023, we borrowed $25,000 in aggregate principal amount evidenced by a secured convertible note due May 11, 2027 (the "Convertible Note"). See "Note 7. Financing Agreements" of the Notes to our Condensed Consolidated Financial Statements included in this Form 10-Q for further information on the Convertible Note. Accounting Standards Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 requires enhanced disclosures about significant segment expenses. The Company is required to adopt ASU 2023-07 for its annual reporting in fiscal year 2025 and for interim period reporting beginning in the first quarter of fiscal year 2026 on a retrospective basis. Early adoption is permitted. We are currently evaluating the impact of ASU 2023-07 on our segment disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires the disclosure of specified additional information in its income tax rate reconciliation and to provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 will also require disaggregation of income taxes paid disclosure by federal, state and foreign taxes, with further disaggregation required for significant individual jurisdictions. The Company is required to adopt this guidance for its annual reporting in fiscal year 2025 on a prospective basis. Early adoption and retroactive application are permitted. We are currently evaluating the impact of ASU 2023-09 on our income tax disclosures.
|
Investments in Affiliates |
9 Months Ended |
---|---|
Jan. 27, 2024 | |
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, 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 variable interest entity (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 $8,513 and $11,934 as of January 27, 2024 and April 29, 2023, respectively. Our proportional share of the respective affiliates' earnings or losses is included in the "Other expense and debt issuance costs write-off, net" line item in our condensed consolidated statements of operations. For the three and nine months ended January 27, 2024, our share of the losses of our affiliates was $869 and $2,330 as compared to $895 and $2,596 for the three and nine months ended January 28, 2023. 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 27, 2024 and January 28, 2023 was $162 and $672, 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 27, 2024, $2 remains unpaid and is included in the "Accounts payable" line item in our condensed consolidated balance sheets. During the nine months ended January 27, 2024, we invested $3,000 in convertible notes and $1,084 in promissory notes (collectively, the "Affiliate Notes") issued by 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 27, 2024, we did not convert any Affiliate Notes to stock ownership. Our ownership in Miortech was 55.9 percent and in XdisplayTM was 16.4 percent as of January 27, 2024. The total amount of Affiliate Notes as of January 27, 2024 was $13,134 and is included in the "Investments in affiliates and other assets" line item in our condensed consolidated balance sheets. The Affiliate Notes balance combined with the investment in affiliates balance totaled $21,647 and $24,836 as of January 27, 2024 and January 28, 2023, respectively.
|
Earnings Per Share ("EPS") |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share ("EPS") | Earnings Per Share ("EPS") Under the if-converted method, the Convertible Note is assumed to be converted into common stock at the beginning of the reporting period or at time of issuance, if later, and the resulting shares are included in the denominator of the calculation. In addition, interest charges, net of any income tax effects, and the change in fair value of Convertible Note are added back to the numerator of the calculation. See "Note 7. Financing Agreements" of the Notes to our Condensed Consolidated Financial Statements included in this Form 10-Q for further information on the Convertible Note. 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 27, 2024 and January 28, 2023:
Options outstanding to purchase 484 shares of common stock with a weighted average exercise price of $10.73 for the three months ended January 27, 2024 and 2,102 shares of common stock with a weighted average exercise price of $7.13 for the three months ended January 28, 2023 were not included in the computation of diluted earnings per share because the effects would be anti-dilutive. Options outstanding to purchase 695 shares of common stock with a weighted average exercise price of $10.30 for the nine months ended January 27, 2024 and 2,089 shares of common stock with a weighted average exercise price of $7.59 for the nine months ended January 28, 2023 were not included in the computation of diluted earnings per share because the effects would be anti-dilutive. During the nine months ended January 27, 2024, shares of common stock issuable upon conversion of the Convertible Note were not included in the computation of diluted earnings per share, as the effect would be anti-dilutive. For the nine months ended January 27, 2024, 3,875 potential common shares related to the Convertible Note were excluded from the calculation of diluted earnings per share. The debt evidenced by the Convertible Note was not outstanding during fiscal year 2023.
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition Disaggregation of revenue In accordance with ASC 606-10-50, we disaggregate revenue from contracts with customers by the type of performance obligation and the timing of revenue recognition. We determine that disaggregating revenue in these categories achieves the disclosure objective to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors and to enable users of financial statements to understand the relationship to each reportable segment. 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 29, 2023 to January 27, 2024 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 immaterial impairments of contract assets for the nine months ended January 27, 2024. For service-type warranty contracts, we allocate revenue to this performance obligation, recognize the revenue over time, and recognize costs as incurred. Earned and unearned revenues for these contracts are included in the "Contract assets" and "Contract liabilities" line items of our Condensed Consolidated Balance Sheets. Changes in unearned service-type warranty contracts, net were as follows:
Contracts in progress identified as loss contracts as of January 27, 2024 and as of April 29, 2023 were immaterial. Loss provisions are recorded in the "Accrued expenses" line item in our Condensed Consolidated Balance Sheets. During the nine months ended January 27, 2024, we recognized revenue of $82,938 related to our contract liabilities as of April 29, 2023. Remaining performance obligations As of January 27, 2024, the aggregate amount of the transaction price allocated to the remaining performance obligations was $393,203. Remaining performance obligations related to product and service agreements as of January 27, 2024 were $328,279 and $64,924, respectively. We expect approximately $328,491 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. The amount of revenue recognized associated with performance obligations satisfied in prior years during the nine months ended January 27, 2024 and January 28, 2023 was immaterial.
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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; 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. 27, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill The changes in the carrying amount of goodwill related to each segment with a goodwill balance for the nine months ended January 27, 2024 were as follows:
We perform an analysis of goodwill on an annual basis, and it is tested for impairment more frequently if events or changes in circumstances indicate that an asset might be impaired. Our annual analysis is performed during our third 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 as of October 29, 2023 and concluded no goodwill impairment existed. Accumulated impairments to goodwill as of January 27, 2024 and April 29, 2023 was $4,576.
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Financing Agreements |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Agreements | Financing Agreements Long-term debt consists of the following:
Credit Agreements On May 11, 2023, we closed on a $75,000 senior credit facility (the "Credit Facility"). The Credit Facility consists of a $60,000 asset-based revolving credit facility (the "ABL") maturing on May 11. 2026, which is secured by first priority lien on the Company's assets and is subject to certain factors that can impact our borrowing capacity, and a $15,000 delayed draw loan (the "Delayed Draw Loan") secured by a first priority mortgage on our Brookings, South Dakota real estate (the "Mortgage"). The ABL and Delayed Draw Loan are evidenced by a Credit Agreement dated as of May 11, 2023 (the "Credit Agreement") between the Company and JPMorgan Chase Bank, N.A., as the lender. On May 11, 2023, the Company paid all amounts outstanding on the prior credit agreement, and this prior credit agreement was terminated as of this date. No gain or loss was recognized upon termination, and the Company incurred no early termination penalties in connection with such termination. Under the ABL, certain factors can impact our borrowing capacity. As of January 27, 2024, our borrowing capacity was $32,907, there were no borrowings outstanding, and there was $5,426 used to secure letters of credit outstanding. The interest rate on the ABL is set on a sliding scale based on the trailing 12-month fixed charge coverage and ranges from 2.5 to 3.5 percent over the standard overnight financing rate (SOFR). The ABL is secured by a first priority lien on the Company's assets described in the Credit Agreement and the Pledge and Security Agreement dated as of May 11, 2023 by and among the Company, Daktronics Installation, Inc. and JPMorgan Chase Bank, N.A. The $15,000 Delayed Draw Loan was funded on July 7, 2023 and is secured by the Mortgage on the Company's Brookings, South Dakota real estate. It amortizes over 10 years and has monthly payments of $125. The Delayed Draw Loan is subject to the terms of the Credit Agreement and matures on May 11, 2026. The interest rate on the Delayed Draw Loan is set on a sliding scale based on the trailing 12-month fixed charge coverage ratio and ranges between 1.0 and 2.0 percent over the Commercial Bank Floating Rate (CBFR). The interest rate as of January 27, 2024 for Delayed Draw Loan was 9.5 percent. Convertible Note On May 11, 2023, we borrowed $25,000 in aggregate principal amount evidenced by the secured Convertible Note due May 11, 2027. The Convertible Note holder (the "Holder") has a second priority lien on assets securing the ABL facility and a first priority lien on substantially all of the other assets of the Company, excluding all real property, subject to the Intercreditor Agreement dated as of May 11, 2023 by and among the Company, JPMorgan Chase Bank N.A., and the Holder of the Convertible Note. Conversion Features •The Convertible Note allows the Holder and any of the Holder’s permitted transferees, donees, pledgees, assignees or successors-in-interest (collectively, the “Selling Shareholders”) to convert all or any portion of the principal amount of the Convertible Note, together with any accrued and unpaid interest and any other unpaid amounts, including late charges, if any (together, the “Conversion Amount”), into shares of the Company’s common stock at an initial conversion price of $6.31 per share, subject to adjustment in accordance with the terms of the Convertible Note (the “Conversion Price”). •The Company also has a forced conversion right, which is exercisable on the occurrence of certain conditions set forth in the Convertible Note, pursuant to which it can cause all or any portion of the outstanding and unpaid Conversion Amount to be converted into shares of common stock at the Conversion Price. Additionally, if the Company fails other than by reason of a failure by the Holder to comply with its obligations, the Holder is permitted to cash payments from the Company until such conversion failure is cured. Redemption Features •If the Company were to have an "Event of Default", as defined by the Convertible Note, then the Holder may require the Company to redeem all or any portion of the Convertible Note. •If the Company has a "Change of Control", as defined by the Convertible Note, then the Holder is entitled to payment of the outstanding amount of the Convertible Note at the "Change in Control Redemption Price," as defined in the Convertible Note. Interest Interest accruing under the Convertible Note is payable, at the option of the Company, in either (i) cash or (ii) a combination of cash interest and capitalized interest; provided, however, that at least fifty percent (50%) of the interest paid on each interest date must be paid as cash interest. The Convertible Note accrues interest quarterly at an annual rate of 9.0 percent when interest is paid in cash or an annual rate of 10.0 percent if interest is paid in kind. Upon an event of default under the Convertible Note, the annual interest rate will increase to 12.0 percent. The annual rate of 9.0 percent was used to calculate the interest accrued as of January 27, 2024, as interest will be paid in cash. We elected the fair value option to account for the Convertible Note as described in "Note 10. Fair Value Measurement" of the Notes to our Condensed Consolidated Financial Statements included in this Form 10-Q. The financial liability was initially measured at its issue-date fair value and is subsequently remeasured at fair value on a recurring basis at each reporting period date. We have elected to present the fair value and the accrued interest component separately in the Condensed Consolidated Statements of Operations. Therefore, interest will be recognized and accrued separately in interest expense, with changes in fair value of the Convertible Note presented in the "Change in fair value of convertible note" line item in our Condensed Consolidated Statements of Operations. The changes in fair value of the Convertible Note during the nine months ended January 27, 2024 are as follows:
The estimated fair value of the Convertible Note upon its issuance date of May 11, 2023 and as of January 27, 2024 was computed using a binomial lattice model which incorporates significant inputs that are not observable in the market and thus represents a Level 3 measurement. We determined the fair value by using the following key assumptions in the binomial lattice model:
The Credit Agreement and the Convertible Note require a fixed charge coverage ratio of greater than 1.1 and include other customary non-financial covenants. As of January 27, 2024, we were in compliance with our financial covenants under the Credit Agreement and the Convertible Note. Debt Issuance Costs Debt issuance costs incurred and capitalized are amortized on a straight-line basis over the term of the associated debt agreement. If early principal payments or conversions occur, a proportional amount of unamortized debt issuance costs is expensed. As part of these financings, we capitalized $8,195 in debt issuance costs. During the nine months ended January 27, 2024, due to the Convertible Note being accounted for at fair value, we expensed $3,353 of the related debt issuance costs which is included in the "Other expense and debt issuance costs write-off, net" line item in our Condensed Consolidated Statements of Operations. During the nine months ended January 27, 2024, we amortized $1,148 of debt issuance costs. The remaining debt issuance costs of $3,694 are being amortized over the three-year term of the Credit Facility. Future Maturities Aggregate contractual maturities of debt in future fiscal years are as follows:
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Commitments and Contingencies |
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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. We establish accruals for those contingencies when the incurrence of a loss is probable and can be reasonably estimated, and we disclose the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued if such disclosure is necessary for our financial statements to not be misleading. We do not record an accrual when the likelihood of loss being incurred is probable, but the amount cannot be reasonably estimated, or when the loss is believed to be only reasonably possible or remote, although disclosures will be made for material matters as required by ASC 450-20, Contingencies - Loss Contingencies. Our assessment of whether a loss is reasonably possible or probable is based on our assessment and consultation with legal counsel regarding the ultimate outcome of the matter following all appeals. For other unresolved legal proceedings or claims, we do not believe there is a reasonable probability that any material loss would 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. Warranties: Changes in our warranty obligation for the nine months ended January 27, 2024 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 27, 2024, we had outstanding letters of credit, bank guarantees and surety bonds in the amount of $5,426, $163 and $45,746, 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 generally have a term of 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 27, 2024, we were not aware of any material indemnification claims.
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Income Taxes |
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Jan. 27, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our effective tax rate for the three and nine months ended January 27, 2024 was a tax rate of 15.0 and 31.5 percent, respectively. Income before tax includes the impacts of the change in the Convertible Note fair value; however, these changes are not deductible or taxable, which impacts the effective tax rate. Our effective tax rate for the three months ended January 28, 2023 was a tax rate of 30.5 percent. The rate for the nine months ended January 28, 2023 was skewed by the valuation allowance placed on deferred taxes during the second quarter of fiscal 2023. We operate both domestically and internationally and, as of January 27, 2024, the undistributed earnings of our foreign subsidiaries were considered to be reinvested indefinitely. Additionally, as of January 27, 2024, we had $352 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 as of January 27, 2024 and April 29, 2023 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.
We elected to value the Convertible Note at fair value in accordance with ASC 825-10-15-4(a) because of the embedded derivatives contained in the Convertible Note. The fair value of the Convertible Note was estimated using a binomial lattice model. Binomial lattice allows for the examination of the value to a holder and understanding the investment decision that would occur at each node. The fair value of the Convertible Note entered into during the first quarter of fiscal 2024 was classified as Level 3 because it does not have readily determinable or observable inputs for the valuation. There have been no other changes in the valuation techniques used by us to value our financial instruments since the end of fiscal 2023. For additional information, see our Annual Report on Form 10-K for the fiscal year ended April 29, 2023 for the methods and assumptions used to estimate the fair value of each class of financial instrument.
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Related Party Transactions |
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Jan. 27, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company's Board of Directors has adopted a written policy and procedures with respect to related party transactions, which the Audit Committee oversees. Under the policy, a "related party transaction" is generally defined as a transaction, arrangement, or relationship in which the Company was, is or will be a participant; the amount involved exceeds $120; and in which any "related person" had, has or will have a direct or indirect material interest. The policy generally defines a "related person" as a Director, executive officer or beneficial owner of more than five percent of any class of our voting securities and any immediate family member of any of the foregoing persons. The Audit Committee reviews and, if appropriate, approves related party transactions, including certain transactions which are deemed to be pre-approved under the policy. On an annual basis, the Audit Committee reviews any previously approved related party transaction that is ongoing. As reported in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the section entitled “Liquidity and Capital Resources” of our Annual Report on Form 10-K for the fiscal year ended April 29, 2023, effective on May 11, 2023, the Company entered into the Securities Purchase Agreement with Alta Fox Opportunities Fund, LP, as the holder (the "Holder") of the Convertible Note. Under the Securities Purchase Agreement, the Company sold and issued to the Holder the Convertible Note in exchange for the payment by the Holder to the Company of $25,000. As of May 11, 2023, and based on Amendment No. 2 to the Schedule 13D filed by the Holder and its affiliates named therein on May 15, 2023 with the SEC, the Holder and its affiliates beneficially owned 4,768 shares of common stock of the Company, representing 9.99 percent of the Company’s common stock, causing the Holder to be a “related party” of the Company under the Company’s written policy and procedures and the applicable definitions under the Securities Act of 1933. The Securities Purchase Agreement, the Convertible Note, the Pledge and Security Agreement dated as of May 11, 2023 by and between the Holder and the Company, and the Registration Rights Agreement were approved in advance of their execution by the Company’s Strategy and Financing Review Committee, the members of which include all members of the Company’s Audit Committee. Since May 11, 2023, the largest aggregate amount outstanding under the Convertible Note was $25,563, consisting of $25,000 of principal and $563 of interest. In the first nine months of fiscal 2024, we have made interest payments of $1,125 under the Convertible Note. The description of the Securities Purchase Agreement, the Convertible Note, the Pledge and Security Agreement, and the Registration Rights Agreement dated as of May 11, 2023 by and between the Holder and the Company and their respective terms set forth in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the section entitled “Liquidity and Capital Resources” of the Company's Annual Report on Form 10-K for the fiscal year ended April 29, 2023 is hereby incorporated by reference into this Report. In addition, the Company is a party to the Standstill and Voting Agreement dated as of March 19, 2023 with Alta Fox Management, LLC and Connor Haley (the “Standstill Agreement”), who are affiliates of the Holder. The Standstill Agreement is filed as Exhibit 10.13 to Company's Annual Report on Form 10-K for the fiscal year ended April 29, 2023. As described in Amendment No. 3 (“Amendment No. 3”) to the Schedule 13D filed by the Holder and its affiliates named therein on June 9, 2023 with the SEC, and based on other information provided by the Holder, the following persons may be deemed to be beneficial owners of the shares of the Company’s common stock beneficially owned by the Holder: Alta Fox GenPar, LP, as the general partner of Alta Fox Opportunities Fund, LP; Alta Fox Equity, LLC, as the general partner of Alta Fox GenPar, LP; Alta Fox Capital Management, LLC, as the investment manager of Alta Fox Opportunities Fund, LP; and P. Connor Haley, as the sole owner, member and manager of each of Alta Fox Capital Management, LLC and Alta Fox Equity LLC. On June 7, 2023, the Company received from the Holder a written notice of a decrease in the “Percentage Cap” (as such term is defined in the Convertible Note) from 9.99 percent to 4.99 percent, which decrease became effective immediately upon the Company’s receipt of such written notice. The Percentage Cap generally represents the maximum percentage of shares of the Company’s common stock the Holder may own. In Amendment No. 3, the Holder and its affiliates identified in Amendment No. 3 owned 2,293 shares of common stock on June 9, 2023, representing 4.99 percent of the common stock of the Company, meaning the Holder and its affiliates are no longer “related parties” of the Company under the Company’s written policy and procedures and the applicable definitions under the Securities Act of 1933. During the first nine months of fiscal 2024, the Company and the South Dakota Board of Regents entered into contracts for video display systems for Dakota State University. The amount of the contracts was $1,178. A member of the Company's Board of Directors is the President of Dakota State University. See "Note 2. Investments in Affiliates" for further details of related party transactions with our investments in the Affiliate Notes issued by our affiliates.
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Basis of Presentation (Policies) |
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Jan. 27, 2024 | |
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 of assets and liabilities, revenues and expenses, and the disclosure of contingent liabilities. Estimates used in the preparation of the unaudited consolidated financial statements include, among others, revenue recognition, future warranty expenses, the fair value of long-term debt, the fair value of investments in affiliates, income tax expenses, and stock-based compensation. Due to the inherent uncertainty involved in making estimates, actual results in future periods may differ from those estimates.
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Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Standards Adopted In August 2020, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). ASU 2020-06 simplified the accounting for certain financial instruments with characteristics of liabilities and equity. ASU 2020-06 (1) simplified the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in Accounting Standards Codification ("ASC") 470-20, Debt: Debt with Conversion and Other Options, that required entities to account for beneficial conversion features and cash conversion features in equity separately from the host convertible debt or preferred stock; (2) revised the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity by removing certain criteria required for equity classification; and (3) revised the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share ("EPS") for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. For SEC filers, excluding smaller reporting companies, ASU 2020-06 was effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption was permitted, but no earlier than fiscal years beginning after December 15, 2020. For all other entities, ASU 2020-06 was effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. In the first quarter of fiscal 2024, we adopted ASU 2020-06 with no material impact to the Condensed Consolidated Financial Statements. On May 11, 2023, we borrowed $25,000 in aggregate principal amount evidenced by a secured convertible note due May 11, 2027 (the "Convertible Note"). See "Note 7. Financing Agreements" of the Notes to our Condensed Consolidated Financial Statements included in this Form 10-Q for further information on the Convertible Note. Accounting Standards Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 requires enhanced disclosures about significant segment expenses. The Company is required to adopt ASU 2023-07 for its annual reporting in fiscal year 2025 and for interim period reporting beginning in the first quarter of fiscal year 2026 on a retrospective basis. Early adoption is permitted. We are currently evaluating the impact of ASU 2023-07 on our segment disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires the disclosure of specified additional information in its income tax rate reconciliation and to provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 will also require disaggregation of income taxes paid disclosure by federal, state and foreign taxes, with further disaggregation required for significant individual jurisdictions. The Company is required to adopt this guidance for its annual reporting in fiscal year 2025 on a prospective basis. Early adoption and retroactive application are permitted. We are currently evaluating the impact of ASU 2023-09 on our income tax disclosures.
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Basis of Presentation (Tables) |
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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 certain issuances of foreign bank guarantees.
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Restrictions on 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 certain issuances of foreign bank guarantees.
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Earnings Per Share ("EPS") (Tables) |
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Jan. 27, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 27, 2024 and January 28, 2023:
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Revenue Recognition (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 27, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 29, 2023 to January 27, 2024 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 immaterial impairments of contract assets for the nine months ended January 27, 2024. For service-type warranty contracts, we allocate revenue to this performance obligation, recognize the revenue over time, and recognize costs as incurred. Earned and unearned revenues for these contracts are included in the "Contract assets" and "Contract liabilities" line items of our Condensed Consolidated Balance Sheets. 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. 27, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. 27, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The changes in the carrying amount of goodwill related to each segment with a goodwill balance for the nine months ended January 27, 2024 were as follows:
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Financing Agreements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 27, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-Term Debt Instruments | Long-term debt consists of the following:
The changes in fair value of the Convertible Note during the nine months ended January 27, 2024 are as follows:
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Fair Value Measurement Inputs and Valuation Techniques | We determined the fair value by using the following key assumptions in the binomial lattice model:
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Schedule of Maturities of Long-Term Debt | Aggregate contractual maturities of debt in future fiscal years are as follows:
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Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
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Jan. 27, 2024 | |||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Schedule of Product Warranty Liability | Warranties: Changes in our warranty obligation for the nine months ended January 27, 2024 consisted of the following:
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Fair Value Measurement (Tables) |
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Jan. 27, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 as of January 27, 2024 and April 29, 2023 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.
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Basis of Presentation - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands |
Jan. 27, 2024 |
Apr. 29, 2023 |
Jan. 28, 2023 |
Apr. 30, 2022 |
---|---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 76,764 | $ 23,982 | $ 10,022 | |
Restricted cash | 429 | 708 | 708 | |
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows | $ 77,193 | $ 24,690 | $ 10,730 | $ 18,008 |
Basis of Presentation (Details Textual) - USD ($) $ in Thousands |
Jan. 27, 2024 |
Apr. 29, 2023 |
Jan. 28, 2023 |
---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Cash and cash equivalents | $ 76,764 | $ 23,982 | $ 10,022 |
Cash and cash equivalents denominated in U.S. dollars | 63,179 | ||
Cash and cash equivalents held by foreign subsidiaries | 1,568 | ||
Additional cash balances denominated in foreign currencies | 13,585 | ||
Additional cash balances denominated in foreign currencies, maintained by foreign subsidiaries | $ 9,761 |
Investments in Affiliates (Details Textual) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jan. 27, 2024 |
Jan. 28, 2023 |
Jan. 27, 2024 |
Jan. 28, 2023 |
Apr. 29, 2023 |
|
Schedule of Investments [Line Items] | |||||
Equity method investments | $ 8,513 | $ 8,513 | $ 11,934 | ||
Equity in loss of affiliates | 869 | $ 895 | 2,330 | $ 2,596 | |
Accounts payable | 2 | 2 | |||
Amount invested | 4,084 | 3,240 | |||
Purchase of convertible notes | $ 13,134 | 13,134 | |||
Convertible note and investment in affiliates, amount | $ 21,647 | 24,836 | |||
Miortech | |||||
Schedule of Investments [Line Items] | |||||
Ownership percentage | 55.90% | 55.90% | |||
XdisplayTM | |||||
Schedule of Investments [Line Items] | |||||
Ownership percentage | 16.40% | 16.40% | |||
Convertible note | |||||
Schedule of Investments [Line Items] | |||||
Amount invested | $ 3,000 | ||||
Promissory Notes | |||||
Schedule of Investments [Line Items] | |||||
Amount invested | 1,084 | ||||
Product Design and Development | |||||
Schedule of Investments [Line Items] | |||||
Related party transaction, amounts of transaction | $ 162 | $ 672 |
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. 27, 2024 |
Oct. 28, 2023 |
Jul. 29, 2023 |
Jan. 28, 2023 |
Oct. 29, 2022 |
Jul. 30, 2022 |
Jan. 27, 2024 |
Jan. 28, 2023 |
|
Earnings per share - basic | ||||||||
Net income (loss) | $ 10,742 | $ 2,165 | $ 19,196 | $ 3,713 | $ (12,984) | $ (5,326) | $ 32,103 | $ (14,597) |
Change in fair value of convertible note | $ (6,340) | $ 0 | $ 0 | $ 0 | ||||
Weighted average shares outstanding (in shares) | 46,173 | 45,387 | 45,975 | 45,320 | ||||
Basic earnings (loss) per share (in usd per share) | $ 0.23 | $ 0.08 | $ 0.70 | $ (0.32) | ||||
Earnings per share - diluted | ||||||||
Net income (loss) | $ 10,742 | $ 2,165 | $ 19,196 | $ 3,713 | $ (12,984) | $ (5,326) | $ 32,103 | $ (14,597) |
Diluted net income (loss) | $ 4,806 | $ 3,713 | $ 32,103 | $ (14,597) | ||||
Weighted average shares outstanding (in shares) | 46,173 | 45,387 | 45,975 | 45,320 | ||||
Dilution associated with stock compensation plans (in shares) | 627 | 61 | 633 | 0 | ||||
Dilution associated with convertible notes (in shares) | 4,037 | 0 | 0 | 0 | ||||
Weighted average common shares outstanding, assuming dilution (in shares) | 50,837 | 45,448 | 46,608 | 45,320 | ||||
Diluted earnings (loss) per share (in usd per share) | $ 0.09 | $ 0.08 | $ 0.69 | $ (0.32) | ||||
Interest expense on convertible note, net of tax | $ 404 | $ 0 | $ 0 |
Earnings Per Share ("EPS") (Details Textual) - $ / shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 27, 2024 |
Jan. 28, 2023 |
Jan. 27, 2024 |
Jan. 28, 2023 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 484 | 2,102 | 695 | 2,089 |
Antidilutive securities excluded from computation of earnings per share, weighted average exercise price (in usd per share) | $ 10.73 | $ 7.13 | $ 10.30 | $ 7.59 |
Convertible note | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 3,875 |
Revenue Recognition - Contract with Customer, Contract Asset, Contract Liability, and Receivable (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Jan. 27, 2024 |
Apr. 29, 2023 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Contract assets | $ 47,857 | $ 46,789 |
Contract liabilities - current | 68,936 | 91,549 |
Contract liabilities - noncurrent | 16,347 | $ 13,096 |
Dollar Change | ||
Contract assets | 1,068 | |
Contract liabilities - current | (22,613) | |
Contract liabilities - noncurrent | $ 3,251 | |
Percent Change | ||
Contract assets | 2.30% | |
Contract liabilities - current | (24.70%) | |
Contract liabilities - noncurrent | 24.80% | |
Service-type Warranty Contracts | ||
Changes in Unearned Service-Type Warranty Contract [Roll Forward] | ||
Balance at beginning of period | $ 28,338 | |
New contracts sold | 38,943 | |
Less: reductions for revenue recognized | (31,748) | |
Foreign currency translation and other | (2,651) | |
Balance at ending of period | $ 32,882 |
Segment Reporting (Details Textual) |
9 Months Ended |
---|---|
Jan. 27, 2024
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 5 |
Segment Reporting - Schedule of Revenue From External Customers, By Geographical Areas (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 27, 2024 |
Jan. 28, 2023 |
Jan. 27, 2024 |
Jan. 28, 2023 |
|
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 170,303 | $ 184,975 | $ 602,203 | $ 544,334 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 152,962 | 161,467 | 545,699 | 474,048 |
Outside United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 17,341 | $ 23,508 | $ 56,504 | $ 70,286 |
Segment Reporting - Schedule of Revenue From Long-lived Assets, By Geographic Areas (Details) - USD ($) $ in Thousands |
Jan. 27, 2024 |
Apr. 29, 2023 |
---|---|---|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net of accumulated depreciation: | $ 72,406 | $ 72,147 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net of accumulated depreciation: | 64,496 | 63,786 |
Outside United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net of accumulated depreciation: | $ 7,910 | $ 8,361 |
Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Oct. 29, 2023 |
Jan. 27, 2024 |
Jan. 28, 2023 |
Jan. 27, 2024 |
Jan. 28, 2023 |
|
Goodwill [Roll Forward] | |||||
Beginning balance | $ 3,239 | ||||
Foreign currency translation | 24 | ||||
Goodwill impairment | $ 0 | $ 0 | $ 4,576 | 0 | $ 4,576 |
Ending balance | 3,263 | 3,263 | |||
Commercial | |||||
Goodwill [Roll Forward] | |||||
Beginning balance | 3,198 | ||||
Foreign currency translation | 19 | ||||
Ending balance | 3,217 | 3,217 | |||
Transportation | |||||
Goodwill [Roll Forward] | |||||
Beginning balance | 41 | ||||
Foreign currency translation | 5 | ||||
Ending balance | $ 46 | $ 46 |
Goodwill (Details Textual) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Oct. 29, 2023 |
Jan. 27, 2024 |
Jan. 28, 2023 |
Jan. 27, 2024 |
Jan. 28, 2023 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Goodwill impairment | $ 0 | $ 0 | $ 4,576 | $ 0 | $ 4,576 |
Financing Agreements - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Thousands |
Jan. 27, 2024 |
Apr. 29, 2023 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term debt, net | $ 39,250 | |
Debt issuance costs, net | (854) | $ 0 |
Change in fair value of convertible note | 11,570 | 0 |
Current portion | (1,500) | 0 |
Long-term debt, net | 48,466 | 17,750 |
ABL credit facility/prior line of credit | ABL credit facility/prior line of credit | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 0 | 17,750 |
Mortgage | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 14,250 | 0 |
Convertible note | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | $ 25,000 | $ 0 |
Financing Agreements - Schedule of Long-Term Debt Instruments Fair Value Disclosure (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | ||
---|---|---|---|---|---|
Jan. 27, 2024 |
Jan. 28, 2023 |
Oct. 28, 2023 |
Jan. 27, 2024 |
Jan. 28, 2023 |
|
Debt Instrument Fair Value Disclosure [Roll Forward] | |||||
Beginning balance | $ 25,000 | ||||
Redemption of convertible promissory note | 0 | ||||
Fair value change recognized | $ 6,340 | $ 0 | $ 11,570 | $ (11,570) | $ 0 |
Ending balance | $ 36,570 | $ 36,570 |
Financing Agreements - Fair Value Measurement Inputs and Valuation Techniques (Details) - Convertible note |
Jan. 27, 2024 |
---|---|
Risk-Free Rate (Annual) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Debt instrument, measurement input | 0.0409 |
Implied Yield | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Debt instrument, measurement input | 0.1724 |
Volatility (Annual) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Debt instrument, measurement input | 0.6000 |
Dividend Yield (Annual) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Debt instrument, measurement input | 0 |
Financing Agreements - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands |
Jan. 27, 2024
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
Remainder of 2024 | $ 375 |
2025 | 1,500 |
2026 | 1,500 |
2027 | 10,875 |
2028 | 25,000 |
2029 and beyond | 0 |
Long-term debt, net | $ 39,250 |
Commitments and Contingencies - Schedule of Product Warranty Liability (Details) $ in Thousands |
9 Months Ended |
---|---|
Jan. 27, 2024
USD ($)
| |
Movement in Standard Product Warranty Accrual [Roll Forward] | |
Beginning accrued warranty obligations | $ 32,541 |
Warranties issued during the period | 10,518 |
Settlements made during the period | (9,323) |
Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations | 954 |
Ending accrued warranty obligations | $ 34,690 |
Commitments and Contingencies (Details Textual) $ in Thousands |
Jan. 27, 2024
USD ($)
|
---|---|
Loss Contingencies [Line Items] | |
Guarantor obligations, term | one year |
Credit Agreements | ABL credit facility/prior line of credit | |
Loss Contingencies [Line Items] | |
Letters of credit outstanding | $ 5,426 |
Guarantee of Business Revenue | |
Loss Contingencies [Line Items] | |
Loss contingency accrual | 163 |
Surety Bond | |
Loss Contingencies [Line Items] | |
Loss contingency accrual | $ 45,746 |
Income Taxes (Details Textual) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Jan. 27, 2024 |
Jan. 28, 2023 |
Jan. 27, 2024 |
|
Income Tax Disclosure [Abstract] | |||
Effective tax rate | 15.00% | 30.50% | 31.50% |
Unrecognized tax benefits | $ 352 | $ 352 |
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