Revenue Recognition

9 Months Ended

Jan. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

Disaggregation of revenue

In accordance with ASC 606-10-50, Revenue from Contracts with Customers, we disaggregate revenue based on the nature of the performance obligations and the timing of revenue recognition. This approach is intended to meet the disclosure objective of depicting how the nature, amount, timing, and uncertainty of revenue and cash flows are influenced by

economic factors. It also enables users of the financial statements to understand the relationship between revenue streams and each of our reportable segments.

The following table presents our disaggregated revenue by segment:

	Three Months Ended January 31, 2026
	Commercial		Live Events		High School Park and Recreation		Transportation		International		Total
Type of performance obligation
Unique configuration	$	4,631	$	60,254	$	7,140	$	7,132	$	4,333	$	83,490
Limited configuration	33,089		6,677		21,704		6,094		9,983		77,547
Service and other	5,786		7,980		2,805		2,047		2,216		20,834
	$	43,506	$	74,911	$	31,649	$	15,273	$	16,532	$	181,871
Timing of revenue recognition
Goods/services transferred at a point in time	$	35,918	$	9,918	$	21,470	$	7,535	$	10,928	$	85,769
Goods/services transferred over time	7,588		64,993		10,179		7,738		5,604		96,102
	$	43,506	$	74,911	$	31,649	$	15,273	$	16,532	$	181,871

	Nine Months Ended January 31, 2026
	Commercial		Live Events		High School Park and Recreation		Transportation		International		Total
Type of performance obligation
Unique configuration	$	19,513	$	186,012	$	26,668	$	24,769	$	20,660	$	277,622
Limited configuration	103,527		26,233		101,229		21,552		36,016		288,557
Service and other	17,385		23,947		9,066		6,801		6,718		63,917
	$	140,425	$	236,192	$	136,963	$	53,122	$	63,394	$	630,096
Timing of revenue recognition
Goods/services transferred at a point in time	$	111,923	$	35,625	$	101,122	$	26,062	$	38,456	$	313,188
Goods/services transferred over time	28,502		200,567		35,841		27,060		24,938		316,908
	$	140,425	$	236,192	$	136,963	$	53,122	$	63,394	$	630,096

	Three Months Ended January 25, 2025
	Commercial		Live Events		High School Park and Recreation		Transportation		International		Total
Type of performance obligation
Unique configuration	$	7,361	$	29,934	$	5,970	$	11,228	$	7,494	$	61,987
Limited configuration	24,997		8,227		20,534		5,974		7,909		67,641
Service and other	5,618		7,911		2,863		1,587		1,900		19,879
	$	37,976	$	46,072	$	29,367	$	18,789	$	17,303	$	149,507
Timing of revenue recognition
Goods/services transferred at a point in time	$	27,229	$	11,184	$	20,384	$	6,921	$	8,599	$	74,317
Goods/services transferred over time	10,747		34,888		8,983		11,868		8,704		75,190
	$	37,976	$	46,072	$	29,367	$	18,789	$	17,303	$	149,507

	Nine Months Ended January 25, 2025
	Commercial		Live Events		High School Park and Recreation		Transportation		International		Total
Type of performance obligation
Unique configuration	$	19,129	$	181,541	$	24,888	$	38,810	$	14,500	$	278,868
Limited configuration	79,135		28,161		91,928		19,507		27,436		246,167
Service and other	17,350		22,185		8,628		4,440		6,288		58,891
	$	115,614	$	231,887	$	125,444	$	62,757	$	48,224	$	583,926
Timing of revenue recognition
Goods/services transferred at a point in time	$	87,470	$	37,101	$	92,286	$	22,302	$	30,659	$	269,818
Goods/services transferred over time	28,144		194,786		33,158		40,455		17,565		314,108
	$	115,614	$	231,887	$	125,444	$	62,757	$	48,224	$	583,926

See "Note 5. Segment Reporting" for a disaggregation of revenue by geography.

Contract balances

Contract assets represent revenue recognized for performance obligations satisfied but not yet billed and include unbilled receivables. Unbilled receivables reflect an unconditional right to payment that is subject only to the passage of time and are reclassified to accounts receivable once billed in accordance with contractual terms.

Contract liabilities represent amounts billed to customers in excess of revenue recognized to date and are recognized as revenue when the related performance obligations are satisfied.

The following table summarizes the changes in our contract assets and contract liabilities for the periods presented:

	January 31, 2026		April 26, 2025		Dollar Change		Percent Change
Contract assets	$	48,314	$	41,169	$	7,145	17.4	%
Contract liabilities - current	65,847		69,050		(3,203)		(4.6)
Contract liabilities - noncurrent	19,985		18,421		1,564		8.5

The changes in our contract assets and contract liabilities from April 26, 2025 to January 31, 2026 were primarily driven by the timing of billing schedules and revenue recognition. These fluctuations are influenced by the contractual payment terms and the seasonal nature of the sports markets.

No significant impairments of contract assets were identified during the three months ended January 31, 2026.

For service-type warranty contracts, revenue is allocated to the related performance obligation and recognized over time, while associated costs are recognized as incurred. Earned and unearned revenues related to these contracts are reported within the “Contract assets” and “Contract liabilities” line items in our Condensed Consolidated Balance Sheets.

The following table summarizes the changes in unearned service-type warranty contracts, net, for the nine months ended January 31, 2026:

	January 31, 2026
Balance as of April 26, 2025	$	35,129
New contracts sold	41,342
Less: reductions for revenue recognized	(38,362)
Foreign currency translation and other	(77)
Balance as of January 31, 2026	$	38,032

Contracts in progress identified as loss contracts as of January 31, 2026 and April 26, 2025 were immaterial. Provisions for such losses are recorded in the “Accrued expenses” line item in our Condensed Consolidated Balance Sheets.

During the nine months ended January 31, 2026, we recognized $61,213 of revenue that was previously recorded as contract liabilities as of April 26, 2025.

Remaining performance obligations

As of January 31, 2026, the aggregate amount of the transaction price allocated to the remaining performance obligations was $412,511. This consists of $342,338 related to product agreements and $70,173 related to service agreements. We expect approximately $355,718 of these obligations to be recognized as revenue within the next 12 months, with the remainder recognized thereafter.

While remaining performance obligations represent legally binding business commitments, they are subject to change due to cancellations, deferrals, or scope adjustments. Known changes—including project cancellations, scope revisions, foreign currency exchange fluctuations, and deferrals—are reflected or excluded from the reported balance, as appropriate.

Revenue recognized during the nine months ended January 31, 2026 and January 25, 2025 related to performance obligations satisfied in prior periods was immaterial.