Exhibit 99.1
Summary of Reportable Business Segments Under the New Segment Structure
The following tables present our segment operating results for our fiscal years ended April 30, 2023 and 2022 and the quarters ended therein under the new segment structure (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended July 30, 2022 | | Three Months Ended July 31, 2021 | ||||||||||||||||||||
|
| UMS |
| LMS |
| MW |
| Total |
| UMS |
| LMS |
| MW |
| Total | ||||||||
Revenue | | $ | 67,775 | | $ | 23,011 | | $ | 17,730 | | $ | 108,516 | | $ | 67,056 | | $ | 19,176 | | $ | 14,777 | | $ | 101,009 |
Gross margin | | | 21,504 | | | 7,746 | | | 4,464 | | | 33,714 | | | 20,699 | | | 5,989 | | | 2,035 | | | 28,723 |
| | | | | | | | | | | | | | | | | | | | | | | | |
(Loss) income from operations | | | (3,698) | | | (1,031) | | | 1,455 | | | (3,274) | | | (9,064) | | | (463) | | | (2,586) | | | (12,113) |
Acquisition-related expenses | | | 304 | | | — | | | 31 | | | 335 | | | 2,248 | | | 251 | | | 755 | | | 3,254 |
Amortization of intangibles (1) | | | 6,231 | | | — | | | 616 | | | 6,847 | | | 8,512 | | | — | | | 612 | | | 9,124 |
Adjusted income (loss) from operations | | $ | 2,837 | | $ | (1,031) | | $ | 2,102 | | $ | 3,908 | | $ | 1,696 | | $ | (212) | | $ | (1,219) | | $ | 265 |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended October 29, 2022 | | Three Months Ended October 30, 2021 | ||||||||||||||||||||
|
| UMS |
| LMS |
| MW |
| Total |
| UMS |
| LMS |
| MW |
| Total | ||||||||
Revenue | | $ | 61,634 | | $ | 31,101 | | $ | 18,849 | | $ | 111,584 | | $ | 87,840 | | $ | 18,418 | | $ | 15,750 | | $ | 122,008 |
Gross margin | | | 7,903 | | | 12,636 | | | 5,351 | | | 25,890 | | | 31,648 | | | 6,222 | | | 4,585 | | | 42,455 |
| | | | | | | | | | | | | | | | | | | | | | | | |
(Loss) income from operations | | | (17,347) | | | 2,004 | | | 1,029 | | | (14,314) | | | 2,759 | | | 47 | | | 533 | | | 3,339 |
Acquisition-related expenses | | | 569 | | | — | | | — | | | 569 | | | 542 | | | 163 | | | 143 | | | 848 |
Amortization of intangibles (1) | | | 7,250 | | | — | | | 592 | | | 7,842 | | | 9,650 | | | — | | | 672 | | | 10,322 |
Adjusted (loss) income from operations | | $ | (9,528) | | $ | 2,004 | | $ | 1,621 | | $ | (5,903) | | $ | 12,951 | | $ | 210 | | $ | 1,348 | | $ | 14,509 |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended January 28, 2023 | | Three Months Ended January 29, 2022 | ||||||||||||||||||||
|
| UMS |
| LMS |
| MW |
| Total |
| UMS |
| LMS |
| MW |
| Total | ||||||||
Revenue | | $ | 92,329 | | $ | 24,015 | | $ | 18,051 | | $ | 134,395 | | $ | 55,091 | | $ | 18,603 | | $ | 16,399 | | $ | 90,093 |
Gross margin | | | 33,432 | | | 7,841 | | | 4,237 | | | 45,510 | | | 11,177 | | | 5,209 | | | 5,050 | | | 21,436 |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from operations | | | 4,902 | | | (129) | | | (166) | | | 4,607 | | | (14,182) | | | (1,289) | | | 1,345 | | | (14,126) |
Acquisition-related expenses | | | 286 | | | — | | | — | | | 286 | | | 253 | | | 54 | | | 61 | | | 368 |
Amortization of intangibles (1) | | | 6,604 | | | — | | | 542 | | | 7,146 | | | 8,763 | | | — | | | 620 | | | 9,383 |
Adjusted income (loss) from operations | | $ | 11,792 | | $ | (129) | | $ | 376 | | $ | 12,039 | | $ | (5,166) | | $ | (1,235) | | $ | 2,026 | | $ | (4,375) |
Exhibit 99.1
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended April 30, 2023 | | Three Months Ended April 30, 2022 | ||||||||||||||||||||
|
| UMS |
| LMS |
| MW |
| Total |
| UMS |
| LMS |
| MW |
| Total | ||||||||
Revenue | | $ | 122,172 | | $ | 42,497 | | $ | 21,372 | | $ | 186,041 | | $ | 90,757 | | $ | 20,217 | | $ | 21,648 | | $ | 132,622 |
Gross margin | | | 49,111 | | | 14,513 | | | 4,776 | | | 68,400 | | | 33,944 | | | 7,065 | | | 7,613 | | | 48,622 |
| | | | | | | | | | | | | | | | | | | | | | | | |
(Loss) income from operations | | | (171,933) | | | 7,230 | | | (979) | | | (165,682) | | | 11,461 | | | (1,414) | | | 2,966 | | | 13,013 |
Goodwill impairment (2) | | | 190,166 | | | — | | | — | | | 190,166 | | | — | | | — | | | — | | | — |
Acquisition-related expenses | | | 196 | | | — | | | — | | | 196 | | | 333 | | | — | | | 36 | | | 369 |
Amortization of intangibles (1) | | | 6,925 | | | — | | | 544 | | | 7,469 | | | 7,267 | | | — | | | 637 | | | 7,904 |
Adjusted income (loss) from operations | | $ | 25,354 | | $ | 7,230 | | $ | (435) | | $ | 32,149 | | $ | 19,061 | | $ | (1,414) | | $ | 3,639 | | $ | 21,286 |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Year Ended April 30, 2023 | | Year Ended April 30, 2022 | ||||||||||||||||||||
|
| UMS |
| LMS |
| MW |
| Total |
| UMS |
| LMS |
| MW |
| Total | ||||||||
Revenue | | $ | 343,910 | | $ | 120,624 | | $ | 76,002 | | $ | 540,536 | | $ | 300,743 | | $ | 76,415 | | $ | 68,574 | | $ | 445,732 |
Gross margin | | | 111,950 | | | 42,736 | | | 18,828 | | | 173,514 | | | 97,467 | | | 24,486 | | | 19,283 | | | 141,236 |
| | | | | | | | | | | | | | | | | | | | | | | | |
(Loss) income from continuing operations | | | (188,076) | | | 8,074 | | | 1,339 | | | (178,663) | | | (9,025) | | | (3,120) | | | 2,258 | | | (9,887) |
Goodwill impairment (2) | | | 190,166 | | | — | | | — | | | 190,166 | | | — | | | — | | | — | | | — |
Acquisition-related expenses | | | 1,354 | | | — | | | 31 | | | 1,385 | | | 3,562 | | | 297 | | | 995 | | | 4,854 |
Amortization of intangibles (1) | | | 27,124 | | | — | | | 2,294 | | | 29,418 | | | 34,166 | | | — | | | 2,541 | | | 36,707 |
Adjusted income (loss) from operations | | $ | 30,568 | | $ | 8,074 | | $ | 3,664 | | $ | 42,306 | | $ | 28,703 | | $ | (2,823) | | $ | 5,794 | | $ | 31,674 |
(1) | Amortization of intangibles includes amortization of acquired intangible assets and other purchase accounting adjustments. |
(2) | Goodwill impairment includes impairment of goodwill and accelerated amortization. |
Statement Regarding Non-GAAP Measures
The non-GAAP measures set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measures, and may not be comparable to similarly titled measures reported by other companies. Management believes that these measures provide useful information to investors by offering additional ways of viewing our results that, when reconciled to the corresponding GAAP measures, help our investors to understand the long-term profitability trends of our business and compare our profitability to prior and future periods and to our peers. In addition, management uses these non-GAAP measures to evaluate our operating and financial performance.
Exhibit 99.1
Non-GAAP Adjusted Operating Income
Adjusted operating income is defined as operating income before intangible amortization, amortization of non-cash purchase accounting adjustments, and acquisition related expenses.