Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Oct. 31, 2018 | Dec. 04, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 31, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | AOBC | |
Entity Registrant Name | AMERICAN OUTDOOR BRANDS CORP | |
Entity Central Index Key | 1,092,796 | |
Current Fiscal Year End Date | --04-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 54,539,926 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 36,407 | $ 48,860 |
Accounts receivable, net of allowance for doubtful accounts of $1,276 on October 31, 2018 and $1,824 on April 30, 2018 | 63,899 | 56,676 |
Inventories | 175,217 | 153,353 |
Prepaid expenses and other current assets | 8,239 | 6,893 |
Income tax receivable | 1,120 | 4,582 |
Total current assets | 284,882 | 270,364 |
Property, plant, and equipment, net | 179,636 | 159,125 |
Intangibles, net | 101,964 | 112,760 |
Goodwill | 191,821 | 191,287 |
Other assets | 11,327 | 11,524 |
Assets, Total | 769,630 | 745,060 |
Current liabilities: | ||
Accounts payable | 38,425 | 33,617 |
Accrued expenses and deferred revenue | 33,889 | 41,632 |
Accrued payroll and incentives | 12,836 | 10,514 |
Accrued income taxes | 837 | 513 |
Accrued profit sharing | 914 | 1,283 |
Accrued warranty | 5,831 | 6,823 |
Current portion of notes and loans payable | 6,300 | 6,300 |
Total current liabilities | 99,032 | 100,682 |
Deferred income taxes | 11,335 | 12,895 |
Notes and loans payable, net of current portion | 177,369 | 180,304 |
Capital lease payable, net of current portion | 38,667 | 22,143 |
Other non-current liabilities | 6,985 | 6,888 |
Total liabilities | 333,388 | 322,912 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $.001 par value, 20,000,000 shares authorized, no shares issued or outstanding | ||
Common stock, $.001 par value, 100,000,000 shares authorized, 72,705,772 shares issued and 54,538,910 shares outstanding on October 31, 2018 and 72,433,705 shares issued and 54,266,843 shares outstanding on April 30, 2018 | 73 | 72 |
Additional paid-in capital | 258,126 | 253,616 |
Retained earnings | 398,846 | 389,146 |
Accumulated other comprehensive income | 1,572 | 1,689 |
Treasury stock, at cost (18,166,862 shares on October 31, 2018 and April 30, 2018) | (222,375) | (222,375) |
Total stockholders’ equity | 436,242 | 422,148 |
Liabilities and Equity, Total | $ 769,630 | $ 745,060 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 1,276 | $ 1,824 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 72,705,772 | 72,433,705 |
Common stock, shares outstanding | 54,538,910 | 54,266,843 |
Treasury stock, shares | 18,166,862 | 18,166,862 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | ||
Income Statement [Abstract] | |||||
Net sales | [1] | $ 161,703 | $ 148,427 | $ 300,536 | $ 277,448 |
Cost of sales | [1] | 105,317 | 97,628 | 191,728 | 186,017 |
Gross profit | [1] | 56,386 | 50,799 | 108,808 | 91,431 |
Operating expenses: | |||||
Research and development | 3,251 | 2,746 | 6,062 | 5,532 | |
Selling and marketing | 15,291 | 15,351 | 26,906 | 27,069 | |
General and administrative | 26,518 | 24,713 | 51,039 | 54,041 | |
Total operating expenses | 45,060 | 42,810 | 84,007 | 86,642 | |
Operating income | [1] | 11,326 | 7,989 | 24,801 | 4,789 |
Other (expense)/income, net: | |||||
Other income/(expense), net | 8 | (3) | (9) | 1,295 | |
Interest expense, net | (2,274) | (2,963) | (4,274) | (5,354) | |
Total other (expense)/income, net | (2,266) | (2,966) | (4,283) | (4,059) | |
Income from operations before income taxes | 9,060 | 5,023 | 20,518 | 730 | |
Income tax expense/(benefit) | [1] | 2,395 | 1,789 | 6,208 | (337) |
Net income | 6,665 | 3,234 | 14,310 | 1,067 | |
Comprehensive income/(loss): | |||||
Change in unrealized (loss)/income on interest rate swap | (54) | 356 | (158) | 236 | |
Other comprehensive (loss)/income, before income taxes | (54) | 356 | (158) | 236 | |
Income tax benefit/(expense) on other comprehensive loss | 14 | (128) | 41 | (87) | |
Other comprehensive (loss)/income, net of tax | (40) | 228 | (117) | 149 | |
Comprehensive income: | $ 6,625 | $ 3,462 | $ 14,193 | $ 1,216 | |
Net income per share: | |||||
Basic | $ 0.12 | $ 0.06 | $ 0.26 | $ 0.02 | |
Diluted | $ 0.12 | $ 0.06 | $ 0.26 | $ 0.02 | |
Weighted average number of common shares outstanding: | |||||
Basic | 54,444 | 54,044 | 54,395 | 53,975 | |
Diluted | 55,107 | 54,656 | 55,047 | 54,800 | |
[1] | We allocate all of corporate overhead expenses except for interest and income taxes, such as general and administrative expenses and other corporate-level expenses, to both our Firearms and Outdoor Products & Accessories segments. |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Changes in Stockholders' Equity - 6 months ended Oct. 31, 2018 - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Treasury Stock |
Balance at Apr. 30, 2018 | $ 422,148 | $ 72 | $ 253,616 | $ 389,146 | $ 1,689 | $ (222,375) |
Balance (in shares) at Apr. 30, 2018 | 54,266,843 | 72,434,000 | ||||
Treasury stock, shares at Apr. 30, 2018 | 18,166,862 | 18,167,000 | ||||
Proceeds from exercise of employee stock options | $ 215 | 215 | ||||
Proceeds from exercise of employee stock options (in shares) | 32,899 | 33,000 | ||||
Stock-based compensation | $ 3,952 | 3,952 | ||||
Shares issued under employee stock purchase plan | $ 943 | 943 | ||||
Shares issued under employee stock (in shares) | 107,525 | 108,000 | ||||
Change in unrealized loss on interest rate swap, net of tax effect | $ (117) | (117) | ||||
Impact of adoption of accounting standard updates | (4,610) | (4,610) | ||||
Issuance of common stock under restricted stock unit awards, net of shares surrendered | (599) | $ 1 | (600) | |||
Issuance of common stock under restricted stock unit awards, net of shares surrendered (in shares) | 131,000 | |||||
Net income | 14,310 | 14,310 | ||||
Balance at Oct. 31, 2018 | $ 436,242 | $ 73 | $ 258,126 | $ 398,846 | $ 1,572 | $ (222,375) |
Balance (in shares) at Oct. 31, 2018 | 54,538,910 | 72,706,000 | ||||
Treasury stock, shares at Oct. 31, 2018 | 18,166,862 | 18,167,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | Apr. 30, 2018 | |
Cash flows from operating activities: | |||||
Net income | $ 6,665 | $ 3,234 | $ 14,310 | $ 1,067 | |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | |||||
Depreciation and amortization | 25,994 | 26,317 | |||
(Loss)/gain on sale/disposition of assets | (1,038) | 34 | |||
Provision for losses on notes and accounts receivable | 146 | 354 | |||
Deferred income taxes | (1,519) | ||||
Change in fair value of contingent consideration | (1,300) | ||||
Stock-based compensation expense | 3,952 | 4,179 | |||
Changes in operating assets and liabilities: | |||||
Accounts receivable | (7,278) | 27,112 | |||
Inventories | (22,482) | (42,581) | |||
Prepaid expenses and other current assets | (1,352) | (1,362) | |||
Income taxes | 3,786 | (1,133) | |||
Accounts payable | 5,488 | (8,725) | |||
Accrued payroll and incentives | 2,322 | (11,640) | |||
Accrued profit sharing | (369) | (10,399) | |||
Accrued expenses and deferred revenue | (12,052) | (13,084) | |||
Accrued warranty | (992) | 262 | |||
Other assets | 40 | (362) | |||
Other non-current liabilities | 95 | 609 | |||
Net cash provided by/(used in) operating activities | 9,051 | (30,652) | |||
Cash flows from investing activities: | |||||
Acquisition of businesses, net of cash acquired | (23,016) | ||||
Payments to acquire patents and software | (207) | (254) | |||
Proceeds from sale of property and equipment | 1,223 | 6 | |||
Payments to acquire property and equipment | (19,605) | (9,863) | |||
Net cash used in investing activities | (18,589) | (33,127) | |||
Cash flows from financing activities: | |||||
Proceeds from loans and notes payable | 50,000 | 75,000 | |||
Payments on capital lease obligation | (323) | (323) | |||
Payments on notes and loans payable | (53,150) | (3,150) | |||
Proceeds from exercise of options to acquire common stock, including employee stock purchase plan | 1,158 | 1,058 | |||
Payment of employee withholding tax related to restricted stock units | (600) | (2,184) | |||
Net cash (used in)/provided by financing activities | (2,915) | 70,401 | |||
Net (decrease)/increase in cash and cash equivalents | (12,453) | 6,622 | |||
Cash and cash equivalents, beginning of period | 48,860 | 61,549 | $ 61,549 | ||
Cash and cash equivalents, end of period | $ 36,407 | $ 68,171 | 36,407 | 68,171 | $ 48,860 |
Supplemental disclosure of cash flow information Cash paid for: | |||||
Interest | 4,339 | 4,844 | |||
Income taxes | 3,065 | 1,257 | |||
Supplemental Disclosure of Non-cash Investing and Financing Activities: | |||||
Purchases of property and equipment included in accounts payable | 4,332 | $ 1,815 | |||
Purchases of property and equipment funded by capital lease | 16,547 | ||||
Capital lease obligation | $ 16,547 |
Organization
Organization | 6 Months Ended |
Oct. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | AMERICAN OUTDOORS BRANDS CORPORATION AND SUBSIDIARIES For the Three and Six Months Ended October 31, 2018 and 2017 (1) Organization: We are a leading manufacturer, designer, and provider of consumer products for the shooting, hunting, and rugged outdoor enthusiast. We are one of the largest manufacturers of handguns, modern sporting rifles, and handcuffs in the United States and an active participant in the hunting rifle and suppressor markets. We are also a leading provider of shooting, hunting, and rugged outdoor products and accessories, including knives and cutting tools, sighting lasers, shooting supplies, tree saws, and survival gear. We have two reporting segments: (1) Firearms (which includes the Firearms and Manufacturing Services divisions) and (2) Outdoor Products & Accessories (which includes the Outdoor Products & Accessories and Electro-Optics divisions). In our Firearms segment, we manufacture a wide array of handguns (including revolvers and pistols), long guns (including modern sporting rifles, bolt action rifles, and muzzleloaders), handcuffs, suppressors, and other firearm-related products for sale to a wide variety of customers, including gun enthusiasts, collectors, hunters, sportsmen, competitive shooters, individuals desiring home and personal protection, law enforcement and security agencies and officers, and military agencies in the United States and throughout the world. We sell our firearm products under the Smith & Wesson, M&P, Performance Center, Gemtech, and Thompson/Center Arms brands. We manufacture our firearm products at our facilities in Springfield, Massachusetts; Houlton, Maine; and Deep River, Connecticut. We perform research and development activities for our suppressors and accessories products at our facility in Meridian, Idaho. We also sell our manufacturing services to other businesses under our Smith & Wesson and Smith & Wesson Precision Components brands. In our Outdoor Products & Accessories segment, we design, source, distribute, and manufacture reloading, gunsmithing, and gun cleaning supplies; high-quality stainless steel cutting tools and accessories; flashlights; tree saws and related trimming accessories; shooting supplies, rests, and other related accessories; fishing accessories; apparel; vault accessories; laser grips and laser sights; and a full range of products for survival and emergency preparedness. We sell our products under the Caldwell, Wheeler, Tipton, Frankford Arsenal, Smith & Wesson, M&P, Thompson/Center, Lockdown, Hooyman, BOG-POD, Golden Rod, Non-Typical Wildlife Solutions, Crimson Trace, Imperial, Schrade, Old Timer, Uncle Henry, Bubba Blade, UST, and KeyGear brands. We develop and market our outdoor products and accessories at our facilities in Columbia, Missouri; Wilsonville, Oregon; and Jacksonville, Florida. During fiscal 2018, we acquired substantially all of the net assets of Gemini Technologies, Incorporated, or Gemtech, as well as Bubba Blade branded products and other assets from Fish Tales, LLC, in two separate transactions, which we refer to collectively as the 2018 Acquisitions. See Note 4 – Acquisitions |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Oct. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | (2) Basis of Presentation: Interim Financial Information – The condensed consolidated balance sheet as of October 31, 2018, the condensed consolidated statements of income and comprehensive income for the three and six months ended October 31, 2018 and 2017, the condensed consolidated statement of changes in stockholders’ equity for the six months ended October 31, 2018, and the condensed consolidated statements of cash flows for the three and six months ended October 31, 2018 and 2017 have been prepared by us without audit. In our opinion, all adjustments, which include only normal recurring adjustments necessary to fairly present the financial position, results of operations, changes in stockholders’ equity, and cash flows at October 31, 2018 and for the periods presented, have been included. All intercompany transactions have been eliminated in consolidation. The consolidated balance sheet as of April 30, 2018 has been derived from our audited consolidated financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2018. The results of operations for the three and six months ended Revenue Recognition - We recognize revenue in accordance with the provisions of Accounting Standards Update, or ASU, (Topic 606), which became effective for us on May 1, 2018. Generally, all performance obligations are satisfied and revenue is recognized when the risks and rewards of ownership have transferred to the customer, which is generally upon shipment but could be delayed until the receipt of customer acceptance. In some instances, sales include multiple performance obligations. The most common of these instances relates to sales promotion programs under which customers are entitled to receive free goods based upon their purchase of our products. The fulfillment of these free goods are our responsibility. In such instances, we allocate the revenue of the promotional sales based on the estimated level of participation in the sales promotional program and the timing of the shipment of all of the products included in the promotional program, including the free goods. Revenue is recognized proportionally as each performance obligation is satisfied, based on the relative transaction price of each product. The net change in contract liabilities for a given period is reported as an increase or decrease to sales. Our product sales are generally sold free on board, or FOB, shipping point and provide payment terms to most commercial customers ranging from 20 to 90 days of product shipment with a discount available to some customers for early payment. For contracts with discounted terms, the transaction price is determined upon establishment of the contract that contains the final terms of the sale, including the description, quantity, and price of each product purchased. We estimate variable consideration relative to the amount of cash discounts to which customers are likely to be entitled. In some instances, we provide longer payment terms, particularly as it relates to our hunting dating programs, which represent payment terms due in the fall for certain orders of hunting products received in the spring and summer. We do not consider these extended terms to be a significant financing component of the contract because the payment terms are less than one year. In all cases, we consider our costs related to shipping and handling to be a cost of fulfilling the contract with the customer. Recently Issued Accounting Standards – In May 2014, the Financial Accounting Standards Board, or FASB, issued ASU 2014-09, (Topic 606), or ASU 2014-09. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We adopted the new standard on May 1, 2018 utilizing the modified retrospective approach. See Note 3 – below for more information. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), |
Revenue Recognition and Contrac
Revenue Recognition and Contracts with Customers | 6 Months Ended |
Oct. 31, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition and Contracts with Customers | (3) Revenue Recognition and Contracts with Customers: On May 1, 2018, we adopted ASU 2014-09 using the modified retrospective approach, and recorded a contract liability, included in accrued expenses in the condensed consolidated balance sheet, for outstanding performance obligations related to sales promotions. Under the modified retrospective approach, results for reporting periods after May 1, 2018 will be presented in accordance with ASU 2014-09, while prior period amounts will not be adjusted and will continue to be reported in accordance with the previous guidance, Accounting Standards Codification, or ASC, Topic 605, Revenue Recognition Segment Reporting. The following table outlines adjustments we recorded to our condensed consolidated balance sheet as a result of the adoption of ASU 2014-09 (in thousands): Balance at April 30, 2018 Accounting Standard Adjustments Opening Balance May 1, 2018 Accrued expenses and deferred revenue $ 41,632 $ (17,176 ) $ 24,456 Deferred revenue from contracts with customers — 23,305 23,305 Deferred income taxes 12,895 (1,519 ) 11,376 Retained earnings 389,146 (4,610 ) 384,536 At April 30, 2018, we had accrued $17.2 million of sales promotions, representing the cost of free goods earned but not yet shipped to our customers. On adoption of ASU 2014-09, we reversed this accrual and recorded deferred revenue of $23.3 million relating to these outstanding performance obligations, a deferred tax asset of $1.5 million, and a $4.6 million adjustment to reduce the opening balance of retained earnings at May 1, 2018. Deferred revenue is recorded in accrued expenses in the condensed consolidated balance sheet. The following table outlines the impact of the adoption of ASU 2014-09 on revenue recognized during the six month period ended October 31, 2018 (in thousands): Outstanding performance obligations with customers as of May 1, 2018 $ 23,305 Revenue recognized (13,998 ) Revenue deferred 4,314 Outstanding performance obligations with customers as of July 31, 2018 13,621 Revenue recognized (12,337 ) Revenue deferred 7,667 Outstanding performance obligations with customers as of October 31, 2018 $ 8,951 For the six months ended October 31, 2018, we recognized $26.3 million of revenue previously deferred as the performance obligation relating to sales promotions was satisfied. This recognition of revenue was partially offset by $12.0 million of additional deferred revenue for outstanding performance obligations relating to sales promotions that have not been satisfied, which was recorded to accrued expenses in the condensed consolidated balance sheet. This resulted in a $14.3 million net increase of revenue for the six months ended October 31, 2018. We estimate that revenue from the outstanding performance obligations as of October 31, 2018 will be recognized during fiscal 2019. As a result of the adoption of ASU 2014-09, for the three months ended October 31, 2018, gross margin was decreased by 1.0% and there was no impact to earnings per share and for the six months ended October 31, 2018, gross margin was decreased by 0.9% and earnings per share was increased by $0.05. |
Acquisitions
Acquisitions | 6 Months Ended |
Oct. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | (4) Acquisitions: 2018 Acquisitions In August 2017, in two separate transactions, we acquired (1) substantially all of the net assets of Gemtech and (2) Bubba Blade branded products and other assets from Fish Tales, LLC. The aggregate purchase price for the two acquisitions was $23.1 million, subject to certain adjustments, for which we utilized a combination of cash on hand and borrowings under our revolving line of credit. In connection with the Gemtech acquisition, additional consideration of up to a maximum of $17.1 million may be paid contingent upon the cumulative three year sales volume of Gemtech products. The valuation of this contingent consideration liability was established in accordance with ASC 805 — Business Combinations The following table summarizes the allocation of the purchase price for the 2018 Acquisitions (in thousands): 2018 Acquisitions Measurement (As Initially Period 2018 Acquisitions Reported) Adjustments (As Adjusted) Accounts receivable $ 846 (86 ) $ 760 Inventories 4,683 (601 ) 4,082 Other current assets 145 (56 ) 89 Property, plant, and equipment 506 13 519 Intangibles 6,400 — 6,400 Goodwill 11,846 708 12,554 Total assets acquired 24,426 (22 ) 24,404 Accounts payable 1,261 (25 ) 1,236 Accrued payroll 49 (1 ) 48 Other long-term liabilities 100 (100 ) — Total liabilities assumed 1,410 (126 ) 1,284 $ 23,016 104 $ 23,120 We amortize intangible assets in proportion to expected annual revenue generated from the intangibles that we acquire. The following are the identifiable intangible assets acquired (in thousands) in the 2018 Acquisitions and their respective weighted average lives: Weighted Average Amount Life (In years) Developed technology $ 1,700 5.9 Customer relationships 1,600 5.2 Trade names 3,100 5.6 $ 6,400 Pro forma results of operations assuming that the 2018 Acquisitions had occurred as of May 1, 2016 are not required because of the immaterial impact on our consolidated financial statements for all periods presented. |
Goodwill
Goodwill | 6 Months Ended |
Oct. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | ( 5) Goodwill: The changes in the carrying amount of goodwill for the three and six months ended October 31, 2018 by reporting segment are as follows: Outdoor Products & Firearms Segment Accessories Segment Total Goodwill Balance as of April 30, 2018 $ 18,490 $ 172,797 $ 191,287 Adjustments (84 ) — (84 ) Balance as of July 31, 2018 18,406 172,797 191,203 Adjustments 618 — 618 Balance as of October 31, 2018 $ 19,024 $ 172,797 $ 191,821 Refer to Note 13 — Segment Reporting |
Notes, Loans Payable, and Finan
Notes, Loans Payable, and Financing Arrangements | 6 Months Ended |
Oct. 31, 2018 | |
Debt Disclosure [Abstract] | |
Notes, Loans Payable, and Financing Arrangements | (6) Notes, Loans Payable, and Financing Arrangements: Credit Facilities – On June 15, 2015, we and certain of our domestic subsidiaries entered into an unsecured credit facility, or the Credit Agreement, with TD Bank, N.A. and other lenders, or the Lenders, which included a $175.0 million revolving line of credit, or the Revolving Line, and a $105.0 million term loan, or the Term Loan, of which $84.5 million remained outstanding as of October 31, 2018. The Revolving Line provides for availability for general corporate purposes, with borrowings to bear interest at a variable rate equal to LIBOR or prime plus an applicable margin based on our consolidated leverage ratio, at our election. On October 27, 2016, we entered into a second amendment to our Credit Agreement, or the Second Amendment, which, among other things, increased the Revolving Line to $350.0 million, increased the option to expand the credit commitment to an additional $150.0 million, and extended the maturity of the Revolving Line from June 15, 2020 to October 27, 2021. Other than the changes described in the Second Amendment, we otherwise remain subject to the terms of the Credit Agreement, as described below. We incurred $525,000 of debt issuance costs related to this amendment and have recorded these costs in notes and loans payable in the condensed consolidated balance sheet. As of October 31, 2018, we had $25.0 million of borrowings outstanding on the Revolving Line, which bore interest at 4.29%, equal to the LIBOR rate plus an applicable margin. The Term Loan, which bears interest at a variable rate, requires principal payments of $6.3 million per annum plus interest, payable quarterly. Any remaining outstanding amount under the Term Loan on the maturity date of June 15, 2020 will be due in full. We were required to obtain interest rate protection on the Term Loan covering not less than 75% of the aggregate outstanding principal balance of the Term Loan. Accordingly, on June 18, 2015, we entered into an interest rate swap agreement, which expires on June 15, 2020, that covered 100% of the $105.0 million of floating rate debt. On July 6, 2015, we executed an interest rate swap pursuant to such agreement, which requires us to pay interest at a defined rate of 1.56% while receiving interest at a defined variable rate equal to the one-month LIBOR rate. This swap, when combined with the applicable margin based on our consolidated leverage ratio, effectively fixed our interest rate on the Term Loan, which is subject to change based on changes in our consolidated leverage ratio. As of October 31, 2018, our interest rate on the Term Loan was 4.16%. As of October 31, 2018, the interest rate swap was considered effective and had no effect on earnings. The fair value of the interest rate swap on October 31, 2018 was an asset of $1.9 million, which was recorded in other assets on our condensed consolidated balance sheet. We do not expect the interest rate swap to have any material impact on earnings within the next 12 months. 2018 Senior Notes – During fiscal 2015, we issued an aggregate of $75.0 million of 5.000% Senior Notes due 2018, or the 2018 Senior Notes, to various institutional investors pursuant to the terms and conditions of an indenture and purchase agreements. The 2018 Senior Notes bore interest at a rate of 5.000% per annum payable on January 15 and July 15 of each year, beginning on January 15, 2015. We incurred $2.3 million of debt issuance costs related to the issuance of the 2018 Senior Notes. As discussed below, the 2018 Senior Notes were redeemed on March 8, 2018 with proceeds from the issuance of 5.000% Senior Notes due 2020, or the 2020 Senior Notes. As part of the redemption, in fiscal 2018, we wrote off $226,000 of debt issuance costs related to the 2018 Senior Notes. 2020 Senior Notes – On February 28, 2018, we issued an aggregate of $75.0 million of the 2020 Senior Notes to various institutional investors pursuant to the terms and conditions of an indenture, or the 2020 Senior Notes Indenture, and purchase agreements. The 2020 Senior Notes bear interest at a rate of 5.000% per annum payable on February 28 and August 28 of each year, beginning on August 28, 2018. We incurred $158,000 of debt issuance costs related to the issuance of the 2020 Senior Notes. At any time prior to February 28, 2019, we may, at our option, upon not less than 30 nor more than 60 days’ prior notice, redeem all or a portion of the 2020 Senior Notes at a redemption price of 102.500% of the principal amount of the 2020 Senior Notes to be redeemed plus accrued and unpaid interest as of the applicable redemption date. On or after February 28, 2019, we may, at our option, upon not less than 30 nor more than 60 days’ prior notice, redeem all or a portion of the 2020 Senior Notes at a redemption price of 100.000% of the principal amount of the 2020 Senior Notes to be redeemed plus accrued and unpaid interest as of the applicable redemption date. Subject to certain restrictions and conditions, we may be required to make an offer to repurchase the 2020 Senior Notes from the holders of the 2020 Senior Notes in connection with a change of control or disposition of assets. If not redeemed by us or repaid pursuant to the holders’ right to require repurchase, the 2020 Senior Notes mature on August 28, 2020. The 2020 Senior Notes are general, unsecured obligations of our company. The 2020 Senior Notes Indenture contains certain affirmative and negative covenants, including limitations on restricted payments (such as share repurchases, dividends, and early payment of indebtedness), limitations on indebtedness, limitations on the sale of assets, and limitations on liens. Payments that would otherwise be characterized as restricted payments are permitted under the 2020 Senior Notes Indenture in an amount not to exceed 50% of our consolidated net income for the period from the issue date to the date of the restricted payment, provided that at the time of making such payments, (a) no default has occurred or would result from the making of such payments, and (b) we are able to satisfy the debt incurrence test under the 2020 Senior Notes Indenture, or the 2020 Senior Notes Lifetime Aggregate Limit. In addition, the 2020 Senior Notes Indenture provides for other exceptions to the restricted payments covenant, each of which are independent of the 2020 Senior Notes Lifetime Aggregate Limit. Among such exceptions are (i) the ability to make share repurchases each fiscal year in an amount not to exceed the lesser of (A) $50.0 million in any fiscal year or (B) 75.0% of our consolidated net income for the previous four consecutive published fiscal quarters prior to the date of the determination of such consolidated net income, and (ii) share repurchases over the life of the 2020 Senior Notes in an aggregate amount not to exceed $75.0 million. The limitation on indebtedness in the 2020 Senior Notes Indenture is only applicable at such time that the consolidated coverage ratio (as set forth in the 2020 Senior Notes Indenture) for us and our restricted subsidiaries is less than 3.00 to 1.00. In general, as set forth in the 2020 Senior Notes Indenture, the consolidated coverage ratio is determined by comparing our prior four quarters’ consolidated EBITDA (earnings before interest, taxes, depreciation, and amortization) to our consolidated interest expense. The Credit Agreement for our credit facility contains financial covenants relating to maintaining maximum leverage and minimum debt service coverage. The 2020 Senior Notes Indenture contains a financial covenant relating to times interest earned. Letters of Credit – At October 31, 2018, we had outstanding letters of credit aggregating $1.0 million. |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Oct. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | (7) Fair Value Measurement: We follow the provisions of ASC 820-10, Fair Value Measurements and Disclosures Topic Financial assets and liabilities recorded on the accompanying condensed consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: Level 1 — Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that we have the ability to access at the measurement date (examples include active exchange-traded equity securities, listed derivatives, and most U.S. Government and agency securities). Our cash and cash equivalents, which are measured at fair value on a recurring basis, totaled $36.4 million and $48.9 million as of October 31, 2018 and April 30, 2018, respectively. We utilized Level 1 of the value hierarchy to determine the fair values of these assets. Level 2 — Financial assets and liabilities whose values are based on quoted prices in markets in which trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets. Level 2 inputs include the following: • quoted prices for identical or similar assets or liabilities in non-active markets (such as corporate and municipal bonds which trade infrequently); • inputs other than quoted prices that are observable for substantially the full term of the asset or liability (such as interest rate and currency swaps); and • inputs that are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability (such as certain securities and derivatives). The carrying value of our Term Loan approximated the fair value as of October 31, 2018 in considering Level 2 inputs within the hierarchy. The carrying value of our 2020 Senior Notes as of October 31, 2018 approximated the fair value in considering Level 2 inputs within the hierarchy as our 2020 Senior Notes are not frequently traded. The fair value of our interest rate swap was estimated by a third party using inputs that are observable or that can be corroborated by observable market data, such as interest rate yield curves, and, therefore, is classified within Level 2 of the valuation hierarchy. For more information regarding the interest rate swap, refer to Note 6 — Notes, Loans Payable, and Financing Arrangements Level 3 — Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect our assumptions about the assumptions a market participant would use in pricing the asset or liability. The acquisition-related contingent consideration liability represents the estimated fair value of additional future earn-outs payable for acquisitions of businesses that included earn-out clauses. The valuation of the contingent consideration will be evaluated on an ongoing basis and is based on management estimates and entity-specific assumptions, which are considered Level 3 inputs. In connection with our acquisition of substantially all the net assets of Ultimate Survival Technologies, Inc. in fiscal 2017, up to an additional $2.0 million may be paid by us over a period of two years, contingent upon the financial performance of the acquired business. The valuation of this contingent consideration liability was established in accordance with ASC 805 — Business Combinations In connection with the Gemtech acquisition, up to a maximum of $17.1 million may be paid contingent upon the cumulative three year sales volume of Gemtech products. The valuation of this contingent consideration liability was established in accordance with ASC 805 — Business Combinations |
Inventories
Inventories | 6 Months Ended |
Oct. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | (8) Inventories: The following table sets forth a summary of inventories, net of reserves, stated at lower of cost or net realizable value, as of October 31, 2018 and April 30, 2018 (in thousands): October 31, 2018 April 30, 2018 Finished goods $ 115,015 $ 91,480 Finished parts 38,452 42,075 Work in process 7,511 7,657 Raw material 14,239 12,141 Total inventories $ 175,217 $ 153,353 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Oct. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | (9) Intangible Assets: The following table presents a summary of intangible assets as of October 31, 2018 and April 30, 2018 (in thousands): October 31, 2018 April 30, 2018 Gross Gross Carrying Accumulated Net Carrying Carrying Accumulated Net Carrying Amount Amortization Amount Amount Amortization Amount Customer relationships $ 92,360 $ (33,311 ) $ 59,049 $ 92,360 $ (28,252 ) $ 64,108 Developed technology 21,130 (10,827 ) 10,303 21,130 (8,178 ) 12,952 Patents, trademarks, and trade names 57,125 (25,379 ) 31,746 56,718 (22,099 ) 34,619 Backlog 1,150 (1,150 ) — 1,150 (1,150 ) — 171,765 (70,667 ) 101,098 171,358 (59,679 ) 111,679 Patents in progress 640 — 640 855 — 855 Total definite-lived intangible assets 172,405 (70,667 ) 101,738 172,213 (59,679 ) 112,534 Indefinite-lived intangible assets 226 — 226 226 — 226 Total intangible assets $ 172,631 $ (70,667 ) $ 101,964 $ 172,439 $ (59,679 ) $ 112,760 We amortize intangible assets with determinable lives over a weighted-average period of approximately five years. The weighted-average periods of amortization by intangible asset class is approximately five years for customer relationships, six years for developed technology, and five years for patents, trademarks, and trade names. Amortization expense, excluding amortization of deferred financing costs, amounted to $5.5 million and $4.3 million for the three months ended October 31, 2018 and 2017, respectively. Amortization expense, excluding amortization of deferred financing costs, amounted to $11.0 million and $10.1 for the six months ended October 31, 2018 and 2017, respectively. Estimated amortization expense of intangible assets for the remainder of fiscal 2019 and succeeding fiscal years is as follows: Fiscal Amount 2019 $ 11,003 2020 19,124 2021 16,516 2022 14,136 2023 11,773 Thereafter 28,546 Total $ 101,098 On an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired, we evaluate the fair value of the definite and indefinite-lived intangible assets to determine if an impairment charge is required. We performed our most recent annual impairment review as of February 1, 2018. There were no events or changes in circumstances that would indicate the fair value of intangible assets was reduced below its carrying value during the six months ended October 31, 2018, and, therefore, intangible assets were not tested for impairment. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Oct. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | (10) Stockholders’ Equity: Treasury Stock During fiscal 2017, our board of directors authorized the repurchase of up to $50.0 million of our common stock, subject to certain conditions, in the open market or in privately negotiated transactions until March 28, 2019. As of October 31, 2018, there were no share repurchases under this stock repurchase program. Earnings per Share The following table provides a reconciliation of the net income amounts and weighted average number of common and common equivalent shares used to determine basic and diluted earnings per share for the three and six months ended October 31, 2018 and 2017 (in thousands, except per share data): For the Three Months Ended October 31, 2018 2017 Net Per Share Net Per Share Income Shares Amount Income Shares Amount Basic earnings $ 6,665 54,444 $ 0.12 $ 3,234 54,044 $ 0.06 Effect of dilutive stock awards — 663 — — 612 — Diluted earnings $ 6,665 55,107 $ 0.12 $ 3,234 54,656 $ 0.06 For the Six Months Ended October 31, 2018 2017 Net Per Share Net Per Share Income Shares Amount Income Shares Amount Basic earnings $ 14,310 54,395 $ 0.26 $ 1,067 53,975 $ 0.02 Effect of dilutive stock awards — 652 — — 825 — Diluted earnings $ 14,310 55,047 $ 0.26 $ 1,067 54,800 $ 0.02 All of our outstanding stock options and restricted stock units, or RSUs, were included in the computation of diluted earnings per share for the three and six months ended October 31, 2018 and 2017. Incentive Stock and Employee Stock Purchase Plans We have two incentive stock plans: the 2004 Incentive Stock Plan and the 2013 Incentive Stock Plan. New grants under the 2004 Incentive Stock Plan have not been made since the approval of the 2013 Incentive Stock Plan at our September 23, 2013 annual meeting of stockholders. All new grants covering all participants are issued under the 2013 Incentive Stock Plan. Except in specific circumstances, grants vest over a period of three or four years and stock options are exercisable for a period of 10 years from the date of grant. The plan also permits the grant of awards to non-employees, which our board of directors has authorized in the past. The number of shares and weighted average exercise prices of stock options for the six months ended October 31, 2018 and 2017 were as follows: For the Six Months Ended October 31, 2018 2017 Weighted Weighted Average Average Shares Exercise Price Shares Exercise Price Options outstanding, beginning of year 316,160 $ 6.69 335,160 $ 6.58 Exercised during the period (32,899 ) 6.52 — — Options outstanding, end of period 283,261 $ 6.71 335,160 $ 6.58 Weighted average remaining contractual life 2.74 years 3.51 years Options exercisable, end of period 283,261 $ 6.71 335,160 $ 6.58 Weighted average remaining contractual life 2.74 years 3.51 years The aggregate intrinsic value of outstanding and exercisable stock options as of October 31, 2018 and 2017 was $2.0 million and $2.6 million, respectively. The aggregate intrinsic value of the stock options exercised in the three and six months ended October 31, 2018 was $154,000 and $230,000, respectively. There were no stock options exercised in the three and six months ended October 31, 2017. At October 31, 2018, there were no unrecognized compensation expense of outstanding stock options. We have an Employee Stock Purchase Plan, or ESPP, in which each participant is granted an option to purchase our common stock on each subsequent exercise date during the offering period (as such terms are defined in the ESPP) in accordance with the terms of the ESPP. During the six months ended October 31, 2018 and 2017, 107,525 and 81,643 shares were purchased under our ESPP, respectively. The total stock-based compensation expense, including stock options, purchases under our ESPP, RSUs, and performance-based RSUs, or PSUs, was $4.0 million and $4.2 million for the six months ended October 31, 2018 and 2017, respectively. Stock-based compensation expense is included in cost of sales, sales and marketing, research and development, and general and administrative expenses. We grant service-based RSUs to employees and directors. The awards are made at no cost to the recipient. An RSU represents the right to receive one share of our common stock and does not carry voting or dividend rights. Except in specific circumstances, RSU grants to employees vest over a period of four years with one-fourth of the units vesting on each anniversary of the grant date. The aggregate fair value of our RSU grants is amortized to compensation expense over the vesting period. We grant PSUs to our executive officers and certain management employees who are not executive officers. The PSUs vest, and the fair value of such PSUs will be recognized, over the corresponding three-year performance period. During the six months ended October 31, 2018, we granted an aggregate of 191,085 service-based RSUs, including 141,576 to non-executive officer employees and 49,509 RSUs to our directors. Compensation expense recognized related to grants of RSUs and PSUs was $3.6 million for the six months ended October 31, 2018. During the six months ended October 31, 2018, we cancelled 112,000 PSUs as a result of the performance metric not being met and 16,363 service-based RSUs as a result of the service condition not being met. In connection with the vesting of RSUs, during the six months ended October 31, 2018, we delivered common stock to our employees and directors, including our executive officers, with a total market value of $2.2 million. During the six months ended October 31, 2017, we granted an aggregate of 220,872 service-based RSUs, including 177,560 to non-executive officer employees and 43,312 to our directors. In addition, in connection with a 2014 grant of 105,500 PSUs (i.e., the target amount granted), which achieved 115.2% of the targeted award, or the maximum award possible, we vested and delivered awards totaling 121,504 shares to certain of our executive officers. Compensation expense recognized related to grants of RSUs and PSUs was $3.8 million for the six months ended October 31, 2017. We delivered common stock to our employees, including our executive officers, during the six months ended October 31, 2017 under vested RSUs and PSUs with a total market value of $5.9 million. A summary of activity for unvested RSUs and PSUs for the six months ended October 31, 2018 and 2017 is as follows: For the Six Months Ended October 31, 2018 2017 Weighted Weighted Total # of Average Total # of Average Restricted Grant Date Restricted Grant Date Stock Units Fair Value Stock Units Fair Value RSUs and PSUs outstanding, beginning of period 1,442,316 $ 17.80 1,428,848 $ 18.46 Awarded 191,085 12.61 236,876 20.84 Vested (182,536 ) 19.83 (281,263 ) 16.91 Forfeited (128,363 ) 15.91 (122,473 ) 14.53 RSUs and PSUs outstanding, end of period 1,322,502 $ 16.99 1,261,988 $ 19.33 As of October 31, 2018, there was $8.3 million of unrecognized compensation expense related to unvested RSUs and PSUs. This expense is expected to be recognized over a weighted average remaining contractual term of 1.5 years. |
Income Taxes
Income Taxes | 6 Months Ended |
Oct. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (11) Income Taxes: Income tax provisions for interim periods are based on estimated effective annual income tax rates and include federal and state income taxes. On December 22, 2017, the U.S. federal government enacted comprehensive tax legislation with the Tax Cuts and Jobs Act, or Tax Reform, which makes broad and complex changes to the U.S. tax code. Tax Reform significantly revised the corporate federal income tax by, among other things, lowering the corporate federal income tax rate, limiting various deductions, and repealing the domestic manufacturing deduction. We expect to see net benefits from the lower federal tax rate, although there are offsetting effects from other components of Tax Reform. Tax Reform reduced the U.S. federal statutory income tax rate from 35% to 21% generally effective for tax years beginning on or after January 1, 2018. Our U.S. federal statutory tax rate will be 21.0% in fiscal 2019. On December 22, 2017, the SEC issued Staff Accounting Bulletin 118, or SAB118, that provides additional guidance allowing companies to use a measurement period, similar to that used in business combinations, to account for the impacts of Tax Reform in their financial statements. In accordance with SAB 118, to the extent that a company’s accounting for certain income tax effects of the Tax Reform is incomplete, but the company is able to determine a reasonable estimate, it must record a provisional estimate in its financial statements. We have accounted for the impacts of Tax Reform to the extent a reasonable estimate could be made during the fiscal year ending April 30, 2019. We will continue to refine our estimates throughout the measurement period or until the accounting is complete. We estimated the impact of Tax Reform, based on currently available information and interpretations of the law, to be a benefit to us of $8.7 million, which was included in our fiscal 2018 tax benefit. The majority of the tax benefit is due to remeasurement of deferred tax assets and liabilities at lower enacted corporate federal tax rates, which did not have a cash impact on fiscal 2018. The actual impact of Tax Reform may differ from this estimate, possibly materially, because of, among other things, changes in interpretations and assumptions we have made, guidance that may be issued, and actions we may take as a result of Tax Reform. The income tax provisions represented effective tax rates of 26.4% and 35.6% for the three months ended October 31, 2018 and 2017, respectively. The income tax provisions represented effective tax rates of 30.3% and -46.2% for the six months ended October 31, 2018 and 2017, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Oct. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (12) Commitments and Contingencies: Litigation In January 2018, Gemini Technologies, Incorporated, or Gemini, commenced an action against us and Smith & Wesson Corp. in the United States District Court for the District of Idaho, or District Court. The complaint alleges, among other things, that the defendants breached the earn-out and other provisions of the Asset Purchase Agreement and ancillary agreements between the parties in connection with Smith & Wesson Corp.’s acquisition of the Gemtech business from Gemini. The complaint seeks a declaratory judgment interpreting various terms of the Asset Purchase Agreement and damages in the sum of $18.6 million. In May 2018, the District Court dismissed the complaint on the grounds of forum non conveniens. We are a defendant in seven product liability cases and are aware of seven other product liability claims, primarily alleging defective product design, defective manufacturing, or failure to provide adequate warnings. In addition, we are a co-defendant in a case filed on August 27, 1999 by the city of Gary, Indiana against numerous firearm manufacturers, distributors, and dealers seeking to recover monetary damages, as well as injunctive relief, allegedly arising out of the misuse of firearms by third parties. In January 2018, the trial court granted defendants’ Motion for Judgement on the Pleadings, dismissing the case in its entirety. In February 2018, plaintiffs appealed the dismissal to the Indiana Court of Appeals. In May 2018, we were named in an action related to the Parkland, Florida shooting, filed in the Circuit Court, Broward County, Florida, seeking a declaratory judgement that a Florida statute that provides firearm manufacturers and dealers immunity from liability when their legally manufactured and lawfully sold firearms are later used in criminal acts only applies to civil actions commenced by governmental agencies not private litigants. In August 2018, we moved to dismiss the complaint on the grounds that it seeks an impermissible advisory opinion. We believe that the various allegations as described above are unfounded, and, in addition, that any incident and any results from them were due to negligence or misuse of the firearm by the claimant or a third party. In addition, from time to time, we are involved in lawsuits, claims, investigations, and proceedings, including commercial, environmental, and employment matters, which arise in the ordinary course of business. The relief sought in individual cases primarily includes compensatory and, sometimes, punitive damages. Certain of the cases and claims seek unspecified compensatory or punitive damages. In others, compensatory damages sought may range from less than $75,000 to approximately $350,000. In our experience, initial demands do not generally bear a reasonable relationship to the facts and circumstances of a particular matter. We believe that our accruals for product liability cases and claims, as described below, are a reasonable quantitative measure of the cost to us of product liability cases and claims. We are vigorously defending ourselves in the lawsuits to which we are subject. An unfavorable outcome or prolonged litigation could harm our business. Litigation of this nature also is expensive, time consuming, and diverts the time and attention of our management. We monitor the status of known claims and the related product liability accrual, which includes amounts for defense costs for asserted and unasserted claims. After consultation with litigation counsel and a review of the merit of each claim, we have concluded that we are unable to reasonably estimate the probability or the estimated range of reasonably possible losses related to material adverse judgments related to such claims and, therefore, we have not accrued for any such judgments. In the future, should we determine that a loss (or an additional loss in excess of our accrual) is at least reasonably possible and material, we would then disclose an estimate of the possible loss or range of loss, if such estimate could be made, or disclose that an estimate could not be made. We believe that we have provided adequate accruals for defense costs. We have recorded our liability for defense costs before consideration for reimbursement from insurance carriers. We have also recorded the amount due as reimbursement under existing policies from the insurance carriers as a receivable shown in other current assets and other assets. At this time, an estimated range of reasonably possible additional losses relating to unfavorable outcomes cannot be made. Leases In fiscal 2017, we announced a plan to establish a national logistics facility in Boone County, Missouri. We ultimately plan to rely on this logistics facility for substantially all of our product distribution. In fiscal 2018, we broke ground on our new 633,000 square foot facility, which was completed in November 2018 and will become operational over the course of the remainder of the fiscal year. The building for our national logistics facility will be treated as a capital lease and will be recorded in construction in progress, offset by a capital lease payable throughout building construction and will have no impact on cash flow. The total cost of the building is approximately $46.0 million, of which we expect approximately $44.0 million will be recorded as a right of use asset on our condensed consolidated balance sheet when construction is complete. In addition, we expect to spend between $25.0 million and $30.0 million related to material handling equipment, information technology systems, and other capital projects in support of our national logistics facility. As of October 31, 2018, we have recorded $38.5 million in construction in progress, which is included in property, plant, and equipment in our condensed consolidated balance sheet, for costs incurred by the builder relating to the purchase of land and costs related to the design and construction of the building, offset by a $38.5 million capital lease payable, which is included in capital lease payable, net of current portion, in our condensed consolidated balance sheet. UST Transition In August 2018, we announced a plan to transition our Ultimate Survival Technologies, LLC, or UST, business and operations into our Columbia, Missouri facility. That plan includes (i) closing our Jacksonville, Florida facility as part of our previously announced strategy to consolidate warehousing and logistics operations into the national logistics facility that we are constructing in Missouri and (ii) relocating our Jacksonville-based UST sales, marketing, and research and development activities to Columbia, Missouri. In connection with the integration, we expect to incur restructuring charges of approximately $1.5 million to $2.5 million relating to tangible asset impairment, severance, retention, and relocation beginning in our second quarter of fiscal 2019 and concluding in our first quarter of fiscal 2020, with cash outlays primarily being incurred in our first quarter of fiscal 2020. As of October 31, 2018, there have not any material costs associated with this transition. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Oct. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | (13) Segment Reporting: We report our results of operations in two segments: (1) Firearms (which includes Firearms and Manufacturing Services divisions) and (2) Outdoor Products & Accessories (which includes the Outdoor Products & Accessories and Electro-Optics divisions) & Accessories segment represents two operating segments that have been aggregated into a reportable segment, which are evaluated b The Firearms segment includes our firearms, services, and other components, which we manufacture or provide at our facilities in Springfield, Massachusetts; Houlton, Maine; Meridian, Idaho; and Deep River, Connecticut, and our firearm products, which we develop, assemble, and market in our Springfield, Massachusetts facility. The Outdoor Products & Accessories Segment assets are those directly used in or clearly allocable to a reportable segment’s operations. Assets by business segment are presented in the following table as of October 31, 2018 and April 30, 2018 (in thousands As of October 31, 2018 As of April 30, 2018 Firearms Outdoor Products Accessories Total Firearms Outdoor Products & Accessories Total Total assets $ 372,193 $ 397,437 $ 769,630 $ 346,517 $ 398,543 $ 745,060 Property, plant, and equipment, net 166,916 12,720 179,636 146,154 12,971 159,125 Intangibles, net 4,746 97,218 101,964 4,944 107,816 112,760 Goodwill 19,024 172,797 191,821 18,490 172,797 191,287 Results by business segment are presented in the following tables for the three months ended October 31, 2018 and 2017 (in thousands): For the Three Months Ended October 31, 2018 (a) Firearms Outdoor Products & Accessories Corporate Intersegment Eliminations Total Revenue from external customers $ 110,994 $ 50,709 $ — $ — $ 161,703 Intersegment revenue 762 5,242 — (6,004 ) — Total net sales 111,756 55,951 — (6,004 ) 161,703 Cost of sales 79,912 30,536 — (5,131 ) 105,317 Gross margin 31,844 25,415 — (873 ) 56,386 Operating income/(loss) 10,371 397 (11,189 ) 11,747 11,326 Income tax expense/(benefit) 2,709 418 (732 ) — 2,395 For the Three Months Ended October 31, 2017 (a) Firearms Outdoor Products & Accessories Corporate Intersegment Eliminations Total Revenue from external customers $ 100,305 $ 48,122 $ — $ — $ 148,427 Intersegment revenue 1,112 2,670 — (3,782 ) — Total net sales 101,417 50,792 — (3,782 ) 148,427 Cost of sales 72,164 28,383 — (2,919 ) 97,628 Gross margin 29,253 22,409 — (863 ) 50,799 Operating income/(loss) 2,264 2,584 (10,744 ) 13,885 7,989 Income tax expense/(benefit) 3,666 1,069 (2,946 ) — 1,789 Results by business segment are presented in the following tables for the six months ended October 31, 2018 and 2017 (in thousands): For the Six Months Ended October 31, 2018 (a) Firearms Outdoor Products & Accessories Corporate Intersegment Eliminations Total Revenue from external customers $ 215,468 $ 85,068 $ — $ — $ 300,536 Intersegment revenue 1,546 8,139 — (9,685 ) — Total net sales 217,014 93,207 — (9,685 ) 300,536 Cost of sales 150,377 50,910 — (9,559 ) 191,728 Gross margin 66,637 42,297 — (126 ) 108,808 Operating income/(loss) 24,461 (2,021 ) (21,740 ) 24,101 24,801 Income tax expense/(benefit) 6,834 (7 ) (619 ) — 6,208 For the Six Months Ended October 31, 2017 (a) Firearms Outdoor Products & Accessories Corporate Intersegment Eliminations Total Revenue from external customers $ 198,662 $ 78,786 $ — $ — $ 277,448 Intersegment revenue 2,193 4,541 — (6,734 ) — Total net sales 200,855 83,327 — (6,734 ) 277,448 Cost of sales 144,922 46,815 — (5,720 ) 186,017 Gross margin 55,933 36,512 — (1,014 ) 91,431 Operating income/(loss) 2,932 (2,309 ) (22,513 ) 26,679 4,789 Income tax expense/(benefit) 6,063 (567 ) (5,833 ) — (337 ) (a) We allocate all of corporate overhead expenses except for interest and income taxes, such as general and administrative expenses and other corporate-level expenses, to both our Firearms and Outdoor Products & Accessories segments. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Oct. 31, 2018 | |
Accounting Policies [Abstract] | |
Interim Financial Information | Interim Financial Information – The condensed consolidated balance sheet as of October 31, 2018, the condensed consolidated statements of income and comprehensive income for the three and six months ended October 31, 2018 and 2017, the condensed consolidated statement of changes in stockholders’ equity for the six months ended October 31, 2018, and the condensed consolidated statements of cash flows for the three and six months ended October 31, 2018 and 2017 have been prepared by us without audit. In our opinion, all adjustments, which include only normal recurring adjustments necessary to fairly present the financial position, results of operations, changes in stockholders’ equity, and cash flows at October 31, 2018 and for the periods presented, have been included. All intercompany transactions have been eliminated in consolidation. The consolidated balance sheet as of April 30, 2018 has been derived from our audited consolidated financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2018. The results of operations for the three and six months ended |
Revenue Recognition | Revenue Recognition - We recognize revenue in accordance with the provisions of Accounting Standards Update, or ASU, (Topic 606), which became effective for us on May 1, 2018. Generally, all performance obligations are satisfied and revenue is recognized when the risks and rewards of ownership have transferred to the customer, which is generally upon shipment but could be delayed until the receipt of customer acceptance. In some instances, sales include multiple performance obligations. The most common of these instances relates to sales promotion programs under which customers are entitled to receive free goods based upon their purchase of our products. The fulfillment of these free goods are our responsibility. In such instances, we allocate the revenue of the promotional sales based on the estimated level of participation in the sales promotional program and the timing of the shipment of all of the products included in the promotional program, including the free goods. Revenue is recognized proportionally as each performance obligation is satisfied, based on the relative transaction price of each product. The net change in contract liabilities for a given period is reported as an increase or decrease to sales. Our product sales are generally sold free on board, or FOB, shipping point and provide payment terms to most commercial customers ranging from 20 to 90 days of product shipment with a discount available to some customers for early payment. For contracts with discounted terms, the transaction price is determined upon establishment of the contract that contains the final terms of the sale, including the description, quantity, and price of each product purchased. We estimate variable consideration relative to the amount of cash discounts to which customers are likely to be entitled. In some instances, we provide longer payment terms, particularly as it relates to our hunting dating programs, which represent payment terms due in the fall for certain orders of hunting products received in the spring and summer. We do not consider these extended terms to be a significant financing component of the contract because the payment terms are less than one year. In all cases, we consider our costs related to shipping and handling to be a cost of fulfilling the contract with the customer. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards – In May 2014, the Financial Accounting Standards Board, or FASB, issued ASU 2014-09, (Topic 606), or ASU 2014-09. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We adopted the new standard on May 1, 2018 utilizing the modified retrospective approach. See Note 3 – below for more information. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), |
Revenue Recognition and Contr_2
Revenue Recognition and Contracts with Customers (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Schedule of Impact of Adoption of ASU 2014-09 on Revenue Recognized | The following table outlines the impact of the adoption of ASU 2014-09 on revenue recognized during the six month period ended October 31, 2018 (in thousands): Outstanding performance obligations with customers as of May 1, 2018 $ 23,305 Revenue recognized (13,998 ) Revenue deferred 4,314 Outstanding performance obligations with customers as of July 31, 2018 13,621 Revenue recognized (12,337 ) Revenue deferred 7,667 Outstanding performance obligations with customers as of October 31, 2018 $ 8,951 |
ASU 2014-09 | |
Schedule of Adjustments to Condensed Consolidated Balance Sheet on Adoption of ASU 2014-09 | The following table outlines adjustments we recorded to our condensed consolidated balance sheet as a result of the adoption of ASU 2014-09 (in thousands): Balance at April 30, 2018 Accounting Standard Adjustments Opening Balance May 1, 2018 Accrued expenses and deferred revenue $ 41,632 $ (17,176 ) $ 24,456 Deferred revenue from contracts with customers — 23,305 23,305 Deferred income taxes 12,895 (1,519 ) 11,376 Retained earnings 389,146 (4,610 ) 384,536 |
Acquisitions (Tables)
Acquisitions (Tables) - Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC | 6 Months Ended |
Oct. 31, 2018 | |
Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the allocation of the purchase price for the 2018 Acquisitions (in thousands): 2018 Acquisitions Measurement (As Initially Period 2018 Acquisitions Reported) Adjustments (As Adjusted) Accounts receivable $ 846 (86 ) $ 760 Inventories 4,683 (601 ) 4,082 Other current assets 145 (56 ) 89 Property, plant, and equipment 506 13 519 Intangibles 6,400 — 6,400 Goodwill 11,846 708 12,554 Total assets acquired 24,426 (22 ) 24,404 Accounts payable 1,261 (25 ) 1,236 Accrued payroll 49 (1 ) 48 Other long-term liabilities 100 (100 ) — Total liabilities assumed 1,410 (126 ) 1,284 $ 23,016 104 $ 23,120 |
Identifiable Intangible Assets Acquired and Respective Weighted Average Lives | The following are the identifiable intangible assets acquired (in thousands) in the 2018 Acquisitions and their respective weighted average lives: Weighted Average Amount Life (In years) Developed technology $ 1,700 5.9 Customer relationships 1,600 5.2 Trade names 3,100 5.6 $ 6,400 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the three and six months ended October 31, 2018 by reporting segment are as follows: Outdoor Products & Firearms Segment Accessories Segment Total Goodwill Balance as of April 30, 2018 $ 18,490 $ 172,797 $ 191,287 Adjustments (84 ) — (84 ) Balance as of July 31, 2018 18,406 172,797 191,203 Adjustments 618 — 618 Balance as of October 31, 2018 $ 19,024 $ 172,797 $ 191,821 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | The following table sets forth a summary of inventories, net of reserves, stated at lower of cost or net realizable value, as of October 31, 2018 and April 30, 2018 (in thousands): October 31, 2018 April 30, 2018 Finished goods $ 115,015 $ 91,480 Finished parts 38,452 42,075 Work in process 7,511 7,657 Raw material 14,239 12,141 Total inventories $ 175,217 $ 153,353 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | The following table presents a summary of intangible assets as of October 31, 2018 and April 30, 2018 (in thousands): October 31, 2018 April 30, 2018 Gross Gross Carrying Accumulated Net Carrying Carrying Accumulated Net Carrying Amount Amortization Amount Amount Amortization Amount Customer relationships $ 92,360 $ (33,311 ) $ 59,049 $ 92,360 $ (28,252 ) $ 64,108 Developed technology 21,130 (10,827 ) 10,303 21,130 (8,178 ) 12,952 Patents, trademarks, and trade names 57,125 (25,379 ) 31,746 56,718 (22,099 ) 34,619 Backlog 1,150 (1,150 ) — 1,150 (1,150 ) — 171,765 (70,667 ) 101,098 171,358 (59,679 ) 111,679 Patents in progress 640 — 640 855 — 855 Total definite-lived intangible assets 172,405 (70,667 ) 101,738 172,213 (59,679 ) 112,534 Indefinite-lived intangible assets 226 — 226 226 — 226 Total intangible assets $ 172,631 $ (70,667 ) $ 101,964 $ 172,439 $ (59,679 ) $ 112,760 |
Schedule of Future Expected Amortization Expense | Estimated amortization expense of intangible assets for the remainder of fiscal 2019 and succeeding fiscal years is as follows: Fiscal Amount 2019 $ 11,003 2020 19,124 2021 16,516 2022 14,136 2023 11,773 Thereafter 28,546 Total $ 101,098 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Equity [Abstract] | |
Reconciliation of Net Income Amounts and Weighted Average Number of Common and Common Equivalent Shares Used to Determine Basic and Diluted Earnings per Share | The following table provides a reconciliation of the net income amounts and weighted average number of common and common equivalent shares used to determine basic and diluted earnings per share for the three and six months ended October 31, 2018 and 2017 (in thousands, except per share data): For the Three Months Ended October 31, 2018 2017 Net Per Share Net Per Share Income Shares Amount Income Shares Amount Basic earnings $ 6,665 54,444 $ 0.12 $ 3,234 54,044 $ 0.06 Effect of dilutive stock awards — 663 — — 612 — Diluted earnings $ 6,665 55,107 $ 0.12 $ 3,234 54,656 $ 0.06 For the Six Months Ended October 31, 2018 2017 Net Per Share Net Per Share Income Shares Amount Income Shares Amount Basic earnings $ 14,310 54,395 $ 0.26 $ 1,067 53,975 $ 0.02 Effect of dilutive stock awards — 652 — — 825 — Diluted earnings $ 14,310 55,047 $ 0.26 $ 1,067 54,800 $ 0.02 |
Share Based Compensation Stock Options Activity | The number of shares and weighted average exercise prices of stock options for the six months ended October 31, 2018 and 2017 were as follows: For the Six Months Ended October 31, 2018 2017 Weighted Weighted Average Average Shares Exercise Price Shares Exercise Price Options outstanding, beginning of year 316,160 $ 6.69 335,160 $ 6.58 Exercised during the period (32,899 ) 6.52 — — Options outstanding, end of period 283,261 $ 6.71 335,160 $ 6.58 Weighted average remaining contractual life 2.74 years 3.51 years Options exercisable, end of period 283,261 $ 6.71 335,160 $ 6.58 Weighted average remaining contractual life 2.74 years 3.51 years |
Summary of Activity for Unvested RSUs and PSUs | A summary of activity for unvested RSUs and PSUs for the six months ended October 31, 2018 and 2017 is as follows: For the Six Months Ended October 31, 2018 2017 Weighted Weighted Total # of Average Total # of Average Restricted Grant Date Restricted Grant Date Stock Units Fair Value Stock Units Fair Value RSUs and PSUs outstanding, beginning of period 1,442,316 $ 17.80 1,428,848 $ 18.46 Awarded 191,085 12.61 236,876 20.84 Vested (182,536 ) 19.83 (281,263 ) 16.91 Forfeited (128,363 ) 15.91 (122,473 ) 14.53 RSUs and PSUs outstanding, end of period 1,322,502 $ 16.99 1,261,988 $ 19.33 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Assets by Business Segment | Assets by business segment are presented in the following table as of October 31, 2018 and April 30, 2018 (in thousands As of October 31, 2018 As of April 30, 2018 Firearms Outdoor Products Accessories Total Firearms Outdoor Products & Accessories Total Total assets $ 372,193 $ 397,437 $ 769,630 $ 346,517 $ 398,543 $ 745,060 Property, plant, and equipment, net 166,916 12,720 179,636 146,154 12,971 159,125 Intangibles, net 4,746 97,218 101,964 4,944 107,816 112,760 Goodwill 19,024 172,797 191,821 18,490 172,797 191,287 |
Schedule of Results by Business Segment | Results by business segment are presented in the following tables for the three months ended October 31, 2018 and 2017 (in thousands): For the Three Months Ended October 31, 2018 (a) Firearms Outdoor Products & Accessories Corporate Intersegment Eliminations Total Revenue from external customers $ 110,994 $ 50,709 $ — $ — $ 161,703 Intersegment revenue 762 5,242 — (6,004 ) — Total net sales 111,756 55,951 — (6,004 ) 161,703 Cost of sales 79,912 30,536 — (5,131 ) 105,317 Gross margin 31,844 25,415 — (873 ) 56,386 Operating income/(loss) 10,371 397 (11,189 ) 11,747 11,326 Income tax expense/(benefit) 2,709 418 (732 ) — 2,395 For the Three Months Ended October 31, 2017 (a) Firearms Outdoor Products & Accessories Corporate Intersegment Eliminations Total Revenue from external customers $ 100,305 $ 48,122 $ — $ — $ 148,427 Intersegment revenue 1,112 2,670 — (3,782 ) — Total net sales 101,417 50,792 — (3,782 ) 148,427 Cost of sales 72,164 28,383 — (2,919 ) 97,628 Gross margin 29,253 22,409 — (863 ) 50,799 Operating income/(loss) 2,264 2,584 (10,744 ) 13,885 7,989 Income tax expense/(benefit) 3,666 1,069 (2,946 ) — 1,789 Results by business segment are presented in the following tables for the six months ended October 31, 2018 and 2017 (in thousands): For the Six Months Ended October 31, 2018 (a) Firearms Outdoor Products & Accessories Corporate Intersegment Eliminations Total Revenue from external customers $ 215,468 $ 85,068 $ — $ — $ 300,536 Intersegment revenue 1,546 8,139 — (9,685 ) — Total net sales 217,014 93,207 — (9,685 ) 300,536 Cost of sales 150,377 50,910 — (9,559 ) 191,728 Gross margin 66,637 42,297 — (126 ) 108,808 Operating income/(loss) 24,461 (2,021 ) (21,740 ) 24,101 24,801 Income tax expense/(benefit) 6,834 (7 ) (619 ) — 6,208 For the Six Months Ended October 31, 2017 (a) Firearms Outdoor Products & Accessories Corporate Intersegment Eliminations Total Revenue from external customers $ 198,662 $ 78,786 $ — $ — $ 277,448 Intersegment revenue 2,193 4,541 — (6,734 ) — Total net sales 200,855 83,327 — (6,734 ) 277,448 Cost of sales 144,922 46,815 — (5,720 ) 186,017 Gross margin 55,933 36,512 — (1,014 ) 91,431 Operating income/(loss) 2,932 (2,309 ) (22,513 ) 26,679 4,789 Income tax expense/(benefit) 6,063 (567 ) (5,833 ) — (337 ) (a) We allocate all of corporate overhead expenses except for interest and income taxes, such as general and administrative expenses and other corporate-level expenses, to both our Firearms and Outdoor Products & Accessories segments. |
Organization - Additional Infor
Organization - Additional Information (Detail) | 1 Months Ended | 6 Months Ended | 12 Months Ended |
Aug. 31, 2017Transaction | Oct. 31, 2018Segment | Apr. 30, 2018Transaction | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of reporting segments | 2 | ||
Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of transactions for acquisition | Transaction | 2 | 2 | |
Firearms Segment | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of reporting segments | 1 | ||
Outdoor Products & Accessories Segment | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of reporting segments | 1 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - ASU 2014-09 | 6 Months Ended |
Oct. 31, 2018 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Description of payment terms | Our product sales are generally sold free on board, or FOB, shipping point and provide payment terms to most commercial customers ranging from 20 to 90 days of product shipment with a discount available to some customers for early payment. For contracts with discounted terms, the transaction price is determined upon establishment of the contract that contains the final terms of the sale, including the description, quantity, and price of each product purchased. We estimate variable consideration relative to the amount of cash discounts to which customers are likely to be entitled. In some instances, we provide longer payment terms, particularly as it relates to our hunting dating programs, which represent payment terms due in the fall for certain orders of hunting products received in the spring and summer. We do not consider these extended terms to be a significant financing component of the contract because the payment terms are less than one year. |
Minimum | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Payment term | 1 year |
Minimum | Commercial Customers | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Payment term | 20 days |
Maximum | Commercial Customers | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Payment term | 90 days |
Revenue Recognition and Contr_3
Revenue Recognition and Contracts with Customers - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2018 | Jul. 31, 2018 | Oct. 31, 2018 | May 01, 2018 | Apr. 30, 2018 | |
Disaggregation Of Revenue [Line Items] | |||||
Accrued sales promotions | $ 17,200 | ||||
Deferred revenue relating to outstanding performance obligations | $ 8,951 | $ 13,621 | $ 8,951 | 23,305 | |
Reduction to beginning retained earnings | (398,846) | (398,846) | $ (389,146) | ||
Revenue recognized | 12,337 | 13,998 | 26,300 | ||
Revenue deferred | $ 7,667 | $ 4,314 | 12,000 | ||
Net increase of revenue | $ 14,300 | ||||
ASU 2014-09 | |||||
Disaggregation Of Revenue [Line Items] | |||||
Deferred revenue relating to outstanding performance obligations | $ 23,305 | ||||
Reduction to beginning retained earnings | (384,536) | ||||
ASU 2014-09 | Accounting Standard Adjustments | |||||
Disaggregation Of Revenue [Line Items] | |||||
Deferred revenue relating to outstanding performance obligations | 23,305 | ||||
Deferred tax asset | 1,500 | ||||
Reduction to beginning retained earnings | $ 4,610 | ||||
Percentage of decrease in gross margin | 1.00% | 0.90% | |||
Increase in earnings per share basic | $ 0.05 | ||||
Increase in earnings per share diluted | $ 0.05 | ||||
Total Net Sales | ASU 2014-09 | Domestic | |||||
Disaggregation Of Revenue [Line Items] | |||||
Concentration risk percentage | 95.00% |
Revenue Recognition and Contr_4
Revenue Recognition and Contracts with Customers - Schedule of Adjustments to Condensed Consolidated Balance Sheet on Adoption of ASU 2014-09 (Detail) - USD ($) $ in Thousands | Oct. 31, 2018 | Jul. 31, 2018 | May 01, 2018 | Apr. 30, 2018 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Accrued expenses and deferred revenue | $ 33,889 | $ 41,632 | ||
Deferred revenue from contracts with customers | 8,951 | $ 13,621 | 23,305 | |
Deferred income taxes | 11,335 | 12,895 | ||
Retained earnings | $ 398,846 | $ 389,146 | ||
ASU 2014-09 | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Accrued expenses and deferred revenue | $ 24,456 | |||
Deferred revenue from contracts with customers | 23,305 | |||
Deferred income taxes | 11,376 | |||
Retained earnings | 384,536 | |||
ASU 2014-09 | Accounting Standard Adjustments | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Accrued expenses and deferred revenue | (17,176) | |||
Deferred revenue from contracts with customers | 23,305 | |||
Deferred income taxes | (1,519) | |||
Retained earnings | $ (4,610) |
Revenue Recognition and Contr_5
Revenue Recognition and Contracts with Customers - Schedule of Impact of Adoption of ASU 2014-09 on Revenue Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Oct. 31, 2018 | Jul. 31, 2018 | Oct. 31, 2018 | |
Contract With Customer Liability [Abstract] | |||
Outstanding performance obligations with customers, beginning balance | $ 13,621 | $ 23,305 | $ 23,305 |
Revenue recognized | (12,337) | (13,998) | (26,300) |
Revenue deferred | 7,667 | 4,314 | 12,000 |
Outstanding performance obligations with customers, ending balance | $ 8,951 | $ 13,621 | $ 8,951 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Aug. 31, 2017USD ($)Transaction | Oct. 31, 2018USD ($) | Oct. 31, 2017USD ($) | Apr. 30, 2018Transaction | |
Business Acquisition [Line Items] | ||||
Payments to acquire business, net of cash acquired | $ 23,016,000 | |||
Business combination increased in goodwill due to inventory valuation adjustments | $ 618,000 | |||
Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire business, net of cash acquired | $ 23,100,000 | |||
Number of transactions for acquisition | Transaction | 2 | 2 | ||
Gemini Technologies, Incorporated | ||||
Business Acquisition [Line Items] | ||||
Contingent consideration maximum payout | $ 17,100,000 | |||
Business combination, contingent consideration payable performance period | 3 years | |||
Business combination contingent consideration liability non-current | $ 100,000 |
Acquisitions - Fair Values of A
Acquisitions - Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 |
Business Acquisition [Line Items] | |||
Goodwill | $ 191,821 | $ 191,203 | $ 191,287 |
Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 760 | ||
Inventories | 4,082 | ||
Other current assets | 89 | ||
Property, plant, and equipment | 519 | ||
Intangibles | 6,400 | ||
Goodwill | 12,554 | ||
Total assets acquired | 24,404 | ||
Accounts payable | 1,236 | ||
Accrued payroll | 48 | ||
Total liabilities assumed | 1,284 | ||
Net assets acquired | 23,120 | ||
Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC | As Initially Reported | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 846 | ||
Inventories | 4,683 | ||
Other current assets | 145 | ||
Property, plant, and equipment | 506 | ||
Intangibles | 6,400 | ||
Goodwill | 11,846 | ||
Total assets acquired | 24,426 | ||
Accounts payable | 1,261 | ||
Accrued payroll | 49 | ||
Other long-term liabilities | 100 | ||
Total liabilities assumed | 1,410 | ||
Net assets acquired | 23,016 | ||
Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC | Measurement Period Adjustments | |||
Business Acquisition [Line Items] | |||
Accounts receivable | (86) | ||
Inventories | (601) | ||
Other current assets | (56) | ||
Property, plant, and equipment | 13 | ||
Goodwill | 708 | ||
Total assets acquired | (22) | ||
Accounts payable | (25) | ||
Accrued payroll | (1) | ||
Other long-term liabilities | (100) | ||
Total liabilities assumed | (126) | ||
Net assets acquired | $ 104 |
Acquisitions - Identifiable Int
Acquisitions - Identifiable Intangible Assets Acquired and Respective Weighted Average Lives (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2018 | Apr. 30, 2018 | |
Acquired Finite Lived Intangible Assets [Line Items] | |||
Total intangible assets, gross | $ 172,405 | $ 172,405 | $ 172,213 |
Weighted Average Life (In years) | 5 years | ||
Developed technology | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Total intangible assets, gross | $ 21,130 | 21,130 | 21,130 |
Weighted Average Life (In years) | 6 years | ||
Customer relationships | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Total intangible assets, gross | $ 92,360 | 92,360 | $ 92,360 |
Weighted Average Life (In years) | 5 years | ||
Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Total intangible assets, gross | $ 6,400 | 6,400 | |
Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC | Developed technology | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Total intangible assets, gross | 1,700 | $ 1,700 | |
Weighted Average Life (In years) | 5 years 10 months 24 days | ||
Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC | Customer relationships | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Total intangible assets, gross | 1,600 | $ 1,600 | |
Weighted Average Life (In years) | 5 years 2 months 12 days | ||
Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC | Trade names | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Total intangible assets, gross | $ 3,100 | $ 3,100 | |
Weighted Average Life (In years) | 5 years 7 months 6 days |
Goodwill - Schedule of Changes
Goodwill - Schedule of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2018 | Jul. 31, 2018 | |
Goodwill [Line Items] | ||
Beginning Balance | $ 191,203 | $ 191,287 |
Adjustments | 618 | (84) |
Ending Balance | 191,821 | 191,203 |
Firearms Segment | ||
Goodwill [Line Items] | ||
Beginning Balance | 18,406 | 18,490 |
Adjustments | 618 | (84) |
Ending Balance | 19,024 | 18,406 |
Outdoor Products & Accessories Segment | ||
Goodwill [Line Items] | ||
Beginning Balance | 172,797 | 172,797 |
Ending Balance | $ 172,797 | $ 172,797 |
Notes, Loans Payable, and Fin_2
Notes, Loans Payable, and Financing Arrangements - Additional Information (Detail) - USD ($) | Mar. 08, 2018 | Oct. 31, 2018 | Apr. 30, 2018 | Feb. 28, 2018 | Apr. 30, 2017 | Oct. 27, 2016 | Jul. 06, 2015 | Jun. 18, 2015 | Jun. 15, 2015 | Apr. 30, 2015 |
Debt Instrument [Line Items] | ||||||||||
Interest description of revolving line of credit | The Revolving Line provides for availability for general corporate purposes, with borrowings to bear interest at a variable rate equal to LIBOR or prime plus an applicable margin based on our consolidated leverage ratio, at our election. | |||||||||
Credit facility, maturity | Jun. 15, 2020 | |||||||||
Percentage of interest rate protection on term loan | 75.00% | |||||||||
Fair value of the interest rate swap asset | $ 1,900,000 | |||||||||
Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior notes indenture, number of shares allowed for repurchase | $ 50,000,000 | |||||||||
Interest Rate Swap | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of floating rate debt covered | 100.00% | |||||||||
Derivative, notional amount | $ 105,000,000 | |||||||||
Derivative, maturity date | Jun. 15, 2020 | |||||||||
Derivative, fixed interest rate | 1.56% | |||||||||
Unsecured Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, borrowing capacity | $ 175,000,000 | |||||||||
Credit Facilities | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowings outstanding | $ 25,000,000 | |||||||||
Outstanding letters of credit | $ 1,000,000 | |||||||||
Credit Facilities | LIBOR Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate on borrowings | 4.29% | |||||||||
Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding debt | $ 84,500,000 | $ 105,000,000 | ||||||||
Principal payments per annum | $ 6,300,000 | |||||||||
Debt instrument, interest rate, effective percentage | 4.16% | |||||||||
5.000% Senior Notes due 2018 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt issuance cost | $ 2,300,000 | |||||||||
Notes issued | $ 75,000,000 | |||||||||
Debt instrument, interest rate | 5.00% | |||||||||
Debt instrument, redemption date | Mar. 8, 2018 | |||||||||
Debt issuance write-off costs | $ 226,000 | |||||||||
5.000% Senior Notes due 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt issuance cost | $ 158,000 | |||||||||
Notes issued | $ 75,000,000 | |||||||||
Description of redemption for senior notes | upon not less than 30 nor more than 60 days’ prior notice, redeem all or a portion of the 2020 Senior Notes at a redemption price of 102.500% of the principal amount of the 2020 Senior Notes to be redeemed plus accrued and unpaid interest as of the applicable redemption date. On or after February 28, 2019, we may, at our option, upon not less than 30 nor more than 60 days’ prior notice, redeem all or a portion of the 2020 Senior Notes at a redemption price of 100.000% of the principal amount of the 2020 Senior Notes to be redeemed plus accrued and unpaid interest as of the applicable redemption date. | |||||||||
Debt instrument maturity date | Aug. 28, 2020 | |||||||||
Senior notes indenture, maximum number of shares allowed for repurchase as a percentage of consolidated net income for previous four consecutive published fiscal quarters | 75.00% | |||||||||
Maximum consolidated coverage ratio | 300.00% | |||||||||
Minimum consolidated coverage ratio | 100.00% | |||||||||
5.000% Senior Notes due 2020 | Debt Instrument Redemption Scenario One | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redemption price of senior notes | 102.50% | |||||||||
5.000% Senior Notes due 2020 | Debt Instrument Redemption Scenario Two | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redemption price of senior notes | 100.00% | |||||||||
5.000% Senior Notes due 2020 | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior notes indenture, number of shares allowed for repurchase | $ 50,000,000 | |||||||||
5.000% Senior Notes due 2020 | Minimum | Debt Instrument Redemption Scenario One | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Notice period of senior notes | 30 days | |||||||||
5.000% Senior Notes due 2020 | Minimum | Debt Instrument Redemption Scenario Two | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Notice period of senior notes | 30 days | |||||||||
5.000% Senior Notes due 2020 | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior notes indenture, number of shares allowed for repurchase | $ 75,000,000 | |||||||||
5.000% Senior Notes due 2020 | Maximum | Debt Instrument Redemption Scenario One | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Notice period of senior notes | 60 days | |||||||||
5.000% Senior Notes due 2020 | Maximum | Debt Instrument Redemption Scenario Two | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Notice period of senior notes | 60 days | |||||||||
Second Amendment | Unsecured Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, borrowing capacity | $ 350,000,000 | |||||||||
Credit facility additional borrowing capacity option to increase maximum borrowing capacity | 150,000,000 | |||||||||
Credit facility, maturity | Oct. 27, 2021 | |||||||||
Debt issuance cost | $ 525,000 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||
Aug. 31, 2017 | Oct. 31, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | Oct. 31, 2018 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Reduction in fair value of contingent consideration liability | $ 1,300,000 | ||||
Ultimate Survival Technologies, Inc. | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Contingent consideration payable upon financial performance of acquired business | $ 1,700,000 | ||||
Business combination, contingent consideration payable performance period | 2 years | ||||
Reduction in fair value of contingent consideration liability | $ 1,600,000 | ||||
Business combination contingent consideration liability non-current | $ 60,000 | ||||
Ultimate Survival Technologies, Inc. | Maximum | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Contingent consideration payable upon financial performance of acquired business | $ 2,000,000 | ||||
Gemini Technologies, Incorporated | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Business combination, contingent consideration payable performance period | 3 years | ||||
Business combination contingent consideration liability non-current | 100,000 | ||||
Contingent consideration maximum payout | $ 17,100,000 | ||||
(Level 1) | Fair Value on Recurring Basis | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Cash and cash equivalents | $ 48,900,000 | $ 36,400,000 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 115,015 | $ 91,480 |
Finished parts | 38,452 | 42,075 |
Work in process | 7,511 | 7,657 |
Raw material | 14,239 | 12,141 |
Total inventories | $ 175,217 | $ 153,353 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Total definite-lived intangible assets, Gross Carrying Amount | $ 172,405 | $ 172,213 |
Total definite-lived intangible assets, Accumulated Amortization | (70,667) | (59,679) |
Total definite-lived intangible assets, Net Carrying Amount | 101,738 | 112,534 |
Indefinite-lived intangible assets, Net Carrying Amount | 226 | 226 |
Total Intangible assets, Gross Carrying Amount | 172,631 | 172,439 |
Total Intangible assets, Net Carrying Amount | 101,964 | 112,760 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total definite-lived intangible assets, Gross Carrying Amount | 92,360 | 92,360 |
Total definite-lived intangible assets, Accumulated Amortization | (33,311) | (28,252) |
Total definite-lived intangible assets, Net Carrying Amount | 59,049 | 64,108 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total definite-lived intangible assets, Gross Carrying Amount | 21,130 | 21,130 |
Total definite-lived intangible assets, Accumulated Amortization | (10,827) | (8,178) |
Total definite-lived intangible assets, Net Carrying Amount | 10,303 | 12,952 |
Patents, trademarks, and trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total definite-lived intangible assets, Gross Carrying Amount | 57,125 | 56,718 |
Total definite-lived intangible assets, Accumulated Amortization | (25,379) | (22,099) |
Total definite-lived intangible assets, Net Carrying Amount | 31,746 | 34,619 |
Backlog | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total definite-lived intangible assets, Gross Carrying Amount | 1,150 | 1,150 |
Total definite-lived intangible assets, Accumulated Amortization | (1,150) | (1,150) |
Definite-lived intangible assets excluding patents in progress | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total definite-lived intangible assets, Gross Carrying Amount | 171,765 | 171,358 |
Total definite-lived intangible assets, Accumulated Amortization | (70,667) | (59,679) |
Total definite-lived intangible assets, Net Carrying Amount | 101,098 | 111,679 |
Patents in progress | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total definite-lived intangible assets, Gross Carrying Amount | 640 | 855 |
Total definite-lived intangible assets, Net Carrying Amount | $ 640 | $ 855 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense of intangible assets | $ 5.5 | $ 4.3 | $ 11 | $ 10.1 |
Weighted-average period for amortization of intangible assets | 5 years | |||
Customer relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Weighted-average period for amortization of intangible assets | 5 years | |||
Developed technology | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Weighted-average period for amortization of intangible assets | 6 years | |||
Patents, trademarks, and trade names | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Weighted-average period for amortization of intangible assets | 5 years |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Future Expected Amortization Expense (Detail) - USD ($) $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Total definite-lived intangible assets, Net Carrying Amount | $ 101,738 | $ 112,534 |
Outdoor Products & Accessories Segment | ||
Finite-Lived Intangible Assets [Line Items] | ||
2,019 | 11,003 | |
2,020 | 19,124 | |
2,021 | 16,516 | |
2,022 | 14,136 | |
2,023 | 11,773 | |
Thereafter | 28,546 | |
Total definite-lived intangible assets, Net Carrying Amount | $ 101,098 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2018USD ($) | Oct. 31, 2017USD ($)shares | Oct. 31, 2018USD ($)OptionPlanshares | Oct. 31, 2017USD ($)shares | Apr. 30, 2017USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Repurchase of common stock | 0 | ||||
Number of incentive stock option plans | OptionPlan | 2 | ||||
Intrinsic value of stock outstanding | $ | $ 2,000,000 | $ 2,600,000 | $ 2,000,000 | $ 2,600,000 | |
Intrinsic value of stock exercisable | $ | 2,000,000 | $ 2,600,000 | 2,000,000 | $ 2,600,000 | |
Intrinsic value of stock exercised | $ | 154,000 | $ 230,000 | |||
Proceeds from exercise of employee stock options (in shares) | 0 | 32,899 | 0 | ||
Unrecognized compensation expense of outstanding stock options | $ | 0 | $ 0 | |||
Shares issued under employee stock (in shares) | 107,525 | 81,643 | |||
Stock-based compensation expense | $ | $ 4,000,000 | $ 4,200,000 | |||
Performance period | 3 years | ||||
RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock units, awarded | 191,085 | 220,872 | |||
Grant date fair value of vested RSUs and PSUs | $ | $ 2,200,000 | ||||
Stock units, forfeited | 16,363 | ||||
PSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock units, awarded | 105,500 | ||||
Stock units, forfeited | 112,000 | ||||
Share based payment award percentage of award achieved | 115.20% | ||||
RSUs and PSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ | $ 3,600,000 | $ 3,800,000 | |||
Stock units, awarded | 191,085 | 236,876 | |||
Grant date fair value of vested RSUs and PSUs | $ | $ 5,900,000 | ||||
Stock units, forfeited | 128,363 | 122,473 | |||
Stock units, vested | 182,536 | 281,263 | |||
Unrecognized compensation expense related to unvested RSUs and PSUs | $ | $ 8,300,000 | $ 8,300,000 | |||
Weighted average remaining contractual term | 1 year 6 months | ||||
Non-Executive Employees | RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock units, awarded | 141,576 | 177,560 | |||
Director | RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock units, awarded | 49,509 | 43,312 | |||
Executive Officer | PSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock units, vested | 121,504 | ||||
2013 Incentive Stock Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option, exercisable period | 10 years | ||||
Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock repurchase authorization | $ | $ 50,000,000 | ||||
Maximum | 2013 Incentive Stock Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period to award vested and calculate volatility rate | 4 years | ||||
Minimum | 2013 Incentive Stock Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period to award vested and calculate volatility rate | 3 years |
Stockholders' Equity - Reconcil
Stockholders' Equity - Reconciliation of Net Income Amounts and Weighted Average Number of Common and Common Equivalent Shares Used to Determine Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 6,665 | $ 3,234 | $ 14,310 | $ 1,067 |
Basic earnings, Shares | 54,444 | 54,044 | 54,395 | 53,975 |
Effect of dilutive stock awards, Shares | 663 | 612 | 652 | 825 |
Diluted earnings, Shares | 55,107 | 54,656 | 55,047 | 54,800 |
Basic earnings, Per Share Amount | $ 0.12 | $ 0.06 | $ 0.26 | $ 0.02 |
Diluted earnings, Per Share Amount | $ 0.12 | $ 0.06 | $ 0.26 | $ 0.02 |
Stockholders' Equity - Share Ba
Stockholders' Equity - Share Based Compensation Stock Options Activity (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Shares | |||
Options outstanding, beginning of year, Shares | 316,160 | 335,160 | |
Exercised during the period, Shares | 0 | (32,899) | 0 |
Options outstanding, end of period, Shares | 335,160 | 283,261 | 335,160 |
Weighted average remaining contractual life | 2 years 8 months 26 days | 3 years 6 months 3 days | |
Options exercisable, end of period, Shares | 335,160 | 283,261 | 335,160 |
Weighted average remaining contractual life | 2 years 8 months 26 days | 3 years 6 months 3 days | |
Weighted-Average Exercise Price | |||
Options outstanding, beginning of year, Weighted-Average Exercise Price | $ 6.69 | $ 6.58 | |
Exercised during period, Weighted-Average Exercise Price | 6.52 | ||
Options outstanding, end of period, Weighted-Average Exercise Price | $ 6.58 | 6.71 | 6.58 |
Options exercisable, end of period, Weighted-Average Exercise Price | $ 6.58 | $ 6.71 | $ 6.58 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Activity for Unvested RSUs and PSUs (Detail) - RSUs and PSUs - $ / shares | 6 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Summary of activity in unvested restricted stock units and performance share units | ||
Restricted Stock Units, RSUs and PSUs outstanding, beginning of period | 1,442,316 | 1,428,848 |
Restricted Stock Units, Awarded | 191,085 | 236,876 |
Restricted Stock Units, Vested | (182,536) | (281,263) |
Restricted Stock Units, Forfeited | (128,363) | (122,473) |
Restricted Stock Units, RSUs and PSUs outstanding, end of period | 1,322,502 | 1,261,988 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | ||
Weighted Average Grant Date Fair Value, RSUs and PSUs outstanding, beginning of period | $ 17.80 | $ 18.46 |
Weighted Average Grant Date Fair Value, Awarded | 12.61 | 20.84 |
Weighted Average Grant Date Fair Value, Vested | 19.83 | 16.91 |
Weighted Average Grant Date Fair Value, Forfeited | 15.91 | 14.53 |
Weighted Average Grant Date Fair Value, RSUs and PSUs outstanding, end of period | $ 16.99 | $ 19.33 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Dec. 22, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | Dec. 31, 2017 | Oct. 31, 2018 | Apr. 30, 2019 | Apr. 30, 2018 |
Income Tax Contingency [Line Items] | |||||||||
U.S federal income tax rate | 35.00% | 21.00% | |||||||
Tax reform, accounting complete | false | ||||||||
Income tax benefit by effect of tax reform | $ 8,700,000 | ||||||||
Deferred tax assets and liabilities enacted corporate federal tax rates, cash | $ 0 | ||||||||
Effective income tax rate, provisions (benefit) | 26.40% | 35.60% | 30.30% | (46.20%) | |||||
Scenario, Forecast | |||||||||
Income Tax Contingency [Line Items] | |||||||||
U.S federal income tax rate | 21.00% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 6 Months Ended | ||
Jan. 31, 2018USD ($) | Oct. 31, 2018USD ($)CaseClaim | Aug. 31, 2018USD ($) | Apr. 30, 2018USD ($)ft² | |
Schedule Of Commitments And Contingencies [Line Items] | ||||
Number of Product liability cases | Case | 7 | |||
Number of Other product liability claims | Claim | 7 | |||
Capital lease payable | $ 38,667,000 | $ 22,143,000 | ||
Logistics Facility | Boone County, Missouri | ||||
Schedule Of Commitments And Contingencies [Line Items] | ||||
Area of leased property | ft² | 633,000 | |||
Estimated total cost of the building | $ 46,000,000 | |||
Estimated project cost to be recorded as right of use asset | 44,000,000 | |||
Capital lease payable | 38,500,000 | |||
Logistics Facility | Boone County, Missouri | Property, Plant, and Equipment | ||||
Schedule Of Commitments And Contingencies [Line Items] | ||||
Construction in progress | 38,500,000 | |||
Minimum | ||||
Schedule Of Commitments And Contingencies [Line Items] | ||||
Compensatory damages sought | 75,000 | |||
Minimum | Boone County, Missouri | Ultimate Survival Technologies, Inc. | ||||
Schedule Of Commitments And Contingencies [Line Items] | ||||
Expected restructuring charges | $ 1,500,000 | |||
Minimum | Logistics Facility | Boone County, Missouri | ||||
Schedule Of Commitments And Contingencies [Line Items] | ||||
Estimated expenses related to material handling equipment, information technology systems and other capital projects | 25,000,000 | |||
Maximum | ||||
Schedule Of Commitments And Contingencies [Line Items] | ||||
Compensatory damages sought | $ 350,000 | |||
Maximum | Boone County, Missouri | Ultimate Survival Technologies, Inc. | ||||
Schedule Of Commitments And Contingencies [Line Items] | ||||
Expected restructuring charges | $ 2,500,000 | |||
Maximum | Logistics Facility | Boone County, Missouri | ||||
Schedule Of Commitments And Contingencies [Line Items] | ||||
Estimated expenses related to material handling equipment, information technology systems and other capital projects | $ 30,000,000 | |||
Gemini Technologies, Incorporated | Smith & Wesson Corp | ||||
Schedule Of Commitments And Contingencies [Line Items] | ||||
Compensatory damages sought | $ 18,600,000 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 6 Months Ended |
Oct. 31, 2018Segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 2 |
Firearms Segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
Outdoor Products & Accessories Segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Assets by Business Segment (Detail) - USD ($) $ in Thousands | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 |
Segment Reporting Information [Line Items] | |||
Total assets | $ 769,630 | $ 745,060 | |
Property, plant, and equipment, net | 179,636 | 159,125 | |
Intangibles, net | 101,964 | 112,760 | |
Goodwill | 191,821 | $ 191,203 | 191,287 |
Firearms Segment | |||
Segment Reporting Information [Line Items] | |||
Total assets | 372,193 | 346,517 | |
Property, plant, and equipment, net | 166,916 | 146,154 | |
Intangibles, net | 4,746 | 4,944 | |
Goodwill | 19,024 | 18,406 | 18,490 |
Outdoor Products & Accessories Segment | |||
Segment Reporting Information [Line Items] | |||
Total assets | 397,437 | 398,543 | |
Property, plant, and equipment, net | 12,720 | 12,971 | |
Intangibles, net | 97,218 | 107,816 | |
Goodwill | $ 172,797 | $ 172,797 | $ 172,797 |
Segment Reporting - Schedule _2
Segment Reporting - Schedule of Results by Business Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | ||
Segment Reporting Information [Line Items] | |||||
Total net sales | [1] | $ 161,703 | $ 148,427 | $ 300,536 | $ 277,448 |
Cost of sales | [1] | 105,317 | 97,628 | 191,728 | 186,017 |
Gross margin | [1] | 56,386 | 50,799 | 108,808 | 91,431 |
Operating income/(loss) | [1] | 11,326 | 7,989 | 24,801 | 4,789 |
Income tax expense/(benefit) | [1] | 2,395 | 1,789 | 6,208 | (337) |
Firearms Segment | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | [1] | 110,994 | 100,305 | 215,468 | 198,662 |
Outdoor Products & Accessories Segment | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | [1] | 50,709 | 48,122 | 85,068 | 78,786 |
Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | [1] | (6,004) | (3,782) | (9,685) | (6,734) |
Cost of sales | [1] | (5,131) | (2,919) | (9,559) | (5,720) |
Gross margin | [1] | (873) | (863) | (126) | (1,014) |
Operating income/(loss) | [1] | 11,747 | 13,885 | 24,101 | 26,679 |
Intersegment Eliminations | Firearms Segment | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | [1] | 762 | 1,112 | 1,546 | 2,193 |
Intersegment Eliminations | Outdoor Products & Accessories Segment | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | [1] | 5,242 | 2,670 | 8,139 | 4,541 |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | [1] | 161,703 | 148,427 | 300,536 | 277,448 |
Operating Segments | Firearms Segment | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | [1] | 111,756 | 101,417 | 217,014 | 200,855 |
Cost of sales | [1] | 79,912 | 72,164 | 150,377 | 144,922 |
Gross margin | [1] | 31,844 | 29,253 | 66,637 | 55,933 |
Operating income/(loss) | [1] | 10,371 | 2,264 | 24,461 | 2,932 |
Income tax expense/(benefit) | [1] | 2,709 | 3,666 | 6,834 | 6,063 |
Operating Segments | Outdoor Products & Accessories Segment | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | [1] | 55,951 | 50,792 | 93,207 | 83,327 |
Cost of sales | [1] | 30,536 | 28,383 | 50,910 | 46,815 |
Gross margin | [1] | 25,415 | 22,409 | 42,297 | 36,512 |
Operating income/(loss) | [1] | 397 | 2,584 | (2,021) | (2,309) |
Income tax expense/(benefit) | [1] | 418 | 1,069 | (7) | (567) |
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Operating income/(loss) | [1] | (11,189) | (10,744) | (21,740) | (22,513) |
Income tax expense/(benefit) | [1] | $ (732) | $ (2,946) | $ (619) | $ (5,833) |
[1] | We allocate all of corporate overhead expenses except for interest and income taxes, such as general and administrative expenses and other corporate-level expenses, to both our Firearms and Outdoor Products & Accessories segments. |