Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2024 | Jun. 24, 2024 | Oct. 31, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Apr. 30, 2024 | ||
Document Fiscal Year Focus | 2024 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | American Outdoor Brands, Inc. | ||
Entity Central Index Key | 0001808997 | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity Shell Company | false | ||
Entity File Number | 001-39366 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 84-4630928 | ||
Entity Address, Address Line One | 1800 North Route Z | ||
Entity Address, City or Town | Columbia | ||
Entity Address, State or Province | MO | ||
Entity Address, Postal Zip Code | 65202 | ||
City Area Code | 800 | ||
Local Phone Number | 338-9585 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Common Stock Shares Outstanding | 12,894,558 | ||
Entity Public Float | $ 123,495,323 | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Trading Symbol | AOUT | ||
Security Exchange Name | NASDAQ | ||
ICFR Auditor Attestation Flag | false | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement for the 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of the Form 10-K. | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | Hartford, Connecticut | ||
Auditor Firm ID | 248 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 30, 2024 | Apr. 30, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 29,698 | $ 21,950 |
Accounts receivable, net of allowance for credit losses of $133 on April 30, 2024 and $125 on April 30, 2023 | 25,728 | 26,846 |
Inventories | 93,315 | 99,734 |
Prepaid expenses and other current assets | 6,410 | 7,839 |
Income tax receivable | 223 | 1,251 |
Total current assets | 155,374 | 157,620 |
Property, plant, and equipment, net | 11,038 | 9,488 |
Intangible assets, net | 40,217 | 52,021 |
Right-of-use assets | 33,564 | 24,198 |
Other assets | 404 | 260 |
Total assets | 240,597 | 243,587 |
Current liabilities: | ||
Accounts payable | 14,198 | 11,544 |
Accrued expenses | 9,687 | 8,741 |
Accrued payroll and incentives | 4,167 | 1,813 |
Lease liabilities, current | 1,331 | 904 |
Total current liabilities | 29,383 | 23,002 |
Notes and loans payable | 4,623 | |
Lease liabilities, net of current portion | 33,289 | 24,064 |
Other non-current liabilities | 34 | |
Total liabilities | 62,672 | 51,723 |
Commitments and contingencies (Note 15) | ||
Equity: | ||
Preferred stock, $0.001 par value, 20,000,000 shares authorized, no shares issued or outstanding on April 30, 2024 and 2023 | ||
Common stock, $0.001 par value, 100,000,000 shares authorized, 14,701,280 shares issued and 12,797,865 shares outstanding on April 30, 2024 and 14,447,149 shares issued and 13,233,151 shares outstanding on April 30, 2023 | 15 | 14 |
Additional paid in capital | 277,107 | 272,784 |
Retained deficit | (74,623) | (62,375) |
Treasury stock, at cost (1,903,415 shares on April 30, 2024 and 1,213,998 shares on April 30, 2023) | (24,574) | (18,559) |
Total equity | 177,925 | 191,864 |
Total liabilities and equity | $ 240,597 | $ 243,587 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Apr. 30, 2024 | Apr. 30, 2023 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses | $ 133 | $ 125 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, authorized | 20,000,000 | 20,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common stock, issued | 14,701,280 | 14,447,149 |
Common stock, outstanding | 12,797,865 | 13,233,151 |
Treasury stock, shares | 1,903,415 | 1,213,998 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Income Statement [Abstract] | |||
Net sales | $ 201,099 | $ 191,209 | $ 247,526 |
Cost of sales | 112,673 | 103,145 | 133,287 |
Gross profit | 88,426 | 88,064 | 114,239 |
Operating expenses: | |||
Research and development | 6,851 | 6,361 | 5,501 |
Selling, marketing, and distribution | 55,050 | 51,791 | 56,168 |
General and administrative | 39,022 | 42,612 | 41,244 |
Goodwill impairment | 67,849 | ||
Total operating expenses | 100,923 | 100,764 | 170,762 |
Operating loss | (12,497) | (12,700) | (56,523) |
Other (expense)/income, net: | |||
Other income, net | 140 | 1,188 | 1,311 |
Interest income/(expense), net | 39 | (761) | (324) |
Total other (expense)/income, net | 179 | 427 | 987 |
Loss from operations before income taxes | (12,318) | (12,273) | (55,536) |
Income tax (benefit)/expense | (70) | (249) | 9,344 |
Net loss | $ (12,248) | $ (12,024) | $ (64,880) |
Net loss per share: | |||
Basic | $ (0.94) | $ (0.9) | $ (4.66) |
Diluted | $ (0.94) | $ (0.9) | $ (4.66) |
Weighted average number of common shares outstanding: | |||
Basic | 12,967 | 13,372 | 13,930 |
Diluted | 12,967 | 13,372 | 13,930 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained (Deficit)/Earnings | Treasury Stock |
Balance at Apr. 30, 2021 | $ 279,905 | $ 14 | $ 265,362 | $ 14,529 | |
Balance, shares at Apr. 30, 2021 | 14,059,000 | ||||
Net loss | (64,880) | (64,880) | |||
Stock-based compensation | 2,812 | 2,812 | |||
Shares issued under employee stock purchase plan | 870 | 870 | |||
Shares issued under employee stock purchase plan, shares | 77,000 | ||||
Proceeds from exercise of stock options | 5 | 5 | |||
Proceeds from exercise of stock options, shares | 3,000 | ||||
Issuance of common stock under restricted stock unit awards, net of tax | (656) | (656) | |||
Issuance of common stock under restricted stock unit awards, net of tax, shares | 101,000 | ||||
Repurchase of treasury stock | (15,025) | $ (15,025) | |||
Repurchase of treasury stock, shares | 837,000 | ||||
Balance at Apr. 30, 2022 | 203,031 | $ 14 | 268,393 | (50,351) | $ (15,025) |
Balance, shares at Apr. 30, 2022 | 14,240,000 | 837,000 | |||
Net loss | (12,024) | (12,024) | |||
Stock-based compensation | 4,050 | 4,050 | |||
Shares issued under employee stock purchase plan | 656 | 656 | |||
Shares issued under employee stock purchase plan, shares | 90,000 | ||||
Issuance of common stock under restricted stock unit awards, net of tax | (315) | (315) | |||
Issuance of common stock under restricted stock unit awards, net of tax, shares | 117,000 | ||||
Repurchase of treasury stock | (3,534) | $ (3,534) | |||
Repurchase of treasury stock, shares | 377,000 | ||||
Balance at Apr. 30, 2023 | $ 191,864 | $ 14 | 272,784 | (62,375) | $ (18,559) |
Balance, shares at Apr. 30, 2023 | 13,233,151 | 14,447,000 | 1,214,000 | ||
Net loss | $ (12,248) | (12,248) | |||
Stock-based compensation | 4,075 | 4,075 | |||
Shares issued under employee stock purchase plan | 672 | $ 1 | 671 | ||
Shares issued under employee stock purchase plan, shares | 92,000 | ||||
Issuance of common stock under restricted stock unit awards, net of tax | (423) | (423) | |||
Issuance of common stock under restricted stock unit awards, net of tax, shares | 162,000 | ||||
Repurchase of treasury stock | (6,015) | $ (6,015) | |||
Repurchase of treasury stock, shares | 689 | ||||
Balance at Apr. 30, 2024 | $ 177,925 | $ 15 | $ 277,107 | $ (74,623) | $ (24,574) |
Balance, shares at Apr. 30, 2024 | 12,797,865 | 14,701 | 1,903 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Apr. 30, 2022 | Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | |
Cash flows from operating activities: | |||||
Net loss | $ (12,248) | $ (12,024) | $ (64,880) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||
Depreciation and amortization | 16,101 | 16,511 | 16,967 | ||
Loss on sale/disposition of assets | 7 | 94 | 161 | ||
Provision for credit losses on accounts receivable | 8 | (11) | 17 | ||
Goodwill impairment | $ 67,800 | 67,849 | |||
Deferred income taxes | 6,683 | ||||
Stock-based compensation expense | 4,075 | 4,050 | 2,812 | ||
Changes in operating assets and liabilities: | |||||
Accounts receivable | 1,110 | 2,044 | 8,591 | ||
Inventories | 6,419 | 21,949 | (41,431) | ||
Prepaid expenses and other current assets | 1,429 | 652 | (1,393) | ||
Income tax receivable | 1,028 | (20) | (1,082) | ||
Accounts payable | 2,873 | (1,308) | (4,521) | ||
Accrued payroll and incentives | 2,354 | (1,973) | (4,921) | ||
Right of use assets | 1,335 | 1,645 | 1,650 | ||
Accrued expenses | 946 | 888 | (2,140) | ||
Other assets | 137 | 76 | (279) | ||
Lease liabilities | (1,049) | (1,870) | (1,831) | ||
Other non-current liabilities | (34) | 3 | (205) | ||
Net cash provided by/ (used in) operating activities | 24,491 | 30,706 | (17,953) | ||
Cash flows from investing activities: | |||||
Payments to acquire patents and software | (1,340) | (3,555) | (3,191) | ||
Proceeds from sale of property and equipment | 131 | 30 | |||
Payments to acquire property and equipment | (4,767) | (1,301) | (3,397) | ||
Net cash used in investing activities | (5,976) | (4,826) | (33,588) | ||
Cash flows from financing activities: | |||||
Proceeds from loans and notes payable | 25,170 | ||||
Payments on notes and loans payable | (5,000) | (20,170) | |||
Payments to acquire treasury stock | (6,015) | (3,534) | (15,025) | ||
Cash paid for debt issuance costs | (88) | (103) | |||
Proceeds from exercise of options to acquire common stock, including employee stock purchase plan | 671 | 656 | 875 | ||
Payment of employee withholding tax related to restricted stock units | (423) | (315) | (656) | ||
Net cash used in financing activities | (10,767) | (23,451) | 10,261 | ||
Net increase/(decrease) in cash and cash equivalents | 7,748 | 2,429 | (41,280) | ||
Cash and cash equivalents, beginning of period | 21,950 | 19,521 | 60,801 | ||
Cash and cash equivalents, end of period | $ 19,521 | 29,698 | 21,950 | 19,521 | $ 60,801 |
Supplemental disclosure of cash flow information Cash paid for: | |||||
Interest | 307 | 761 | 125 | ||
Income taxes (net of refunds) | (978) | (73) | 3,819 | ||
Supplemental Disclosure of Non-cash Investing and Financing Activities: | |||||
Purchases of property and equipment and intangibles included in accounts payable | 192 | 411 | 1,277 | ||
Changes in right of use assets for operating lease obligations | 10,701 | 1,959 | 158 | ||
Changes in lease liabilities for operating lease obligations | $ 10,701 | $ 1,959 | 158 | ||
Charges of debt issuance costs included in accrued expenses | $ 89 | ||||
Grilla Grills Acquisition | |||||
Cash flows from investing activities: | |||||
Acquisition of business | $ (27,000) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ (12,248) | $ (12,024) | $ (64,880) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Apr. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Organization
Organization | 12 Months Ended |
Apr. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization American Outdoor Brands, Inc. and its wholly owned Subsidiaries (our "company," "we," "us," or "our") is a leading provider of outdoor lifestyle products and shooting sports accessories encompassing hunting, fishing, outdoor cooking, camping, shooting, and personal security and defense products for rugged outdoor enthusiasts. We conceive, design, source, and sell our outdoor lifestyle products, including premium sportsman knives and tools for fishing and hunting; land management tools for hunting preparedness; harvesting products for post-hunt or post-fishing activities; outdoor cooking products; and camping, survival, and emergency preparedness products. We conceive, design, produce or source, and sell our shooting sports accessories, such as rests, vaults, and other related accessories; electro-optical devices, including hunting optics, firearm aiming devices, flashlights, and laser grips; and reloading, gunsmithing, and firearm cleaning supplies. We develop and market all our products as well as manufacture some of our electro-optics products at our facility in Columbia, Missouri. We also contract for the manufacture and assembly of most of our products with third parties located in Asia. We focus on our brands and the establishment of product categories in which we believe our brands will resonate strongly with the activities and passions of consumers and enable us to capture an increasing share of our overall addressable markets. Our owned brands include BOG, BUBBA, Caldwell, Crimson Trace, Frankford Arsenal, Grilla Grills, or Grilla, Hooyman, Imperial, LaserLyte, Lockdown, MEAT! Your Maker, Old Timer, Schrade, Tipton, Uncle Henry, ust, and Wheeler, and we license additional brands for use in association with certain products we sell, including M&P, Smith & Wesson, Performance Center by Smith & Wesson, and Thompson/Center. In focusing on the growth of our brands, our marketing, product development, and e-commerce teams focus on supporting our four brand lanes, each of which focuses on one of four distinct consumer verticals – Adventurer, Harvester, Marksman, and Defender – with each of our brands included in one of the brand lanes. • Our Adventurer brands include products that help enhance consumers’ fishing, outdoor cooking, and camping experiences. • Our Harvester brands focus on the activities hunters typically engage in, including the activities to prepare for the hunt, the hunt itself, and the activities that follow a hunt, such as meat processing. • Our Marksman brands address product needs arising from consumer activities that take place primarily at the shooting range and where firearms are cleaned, maintained, and worked on. • Our Defender brands focus on protection and include products that are used by consumers in situations that require self-defense, for training, and for securing high value or high consequence possessions. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of our company and our wholly owned subsidiaries, including AOB Products Company, or AOBPC, BTI Tools LLC, Crimson Trace Corporation, Ultimate Survival Technologies, LLC, or ust, and AOB Consulting (Shenzhen), Co., LTD. In our opinion, all adjustments, which include only normal recurring adjustments necessary to fairly present the statements of financial position and equity as of April 30, 2024 and 2023, and the statements of operations and cash flows at April 30, 2024, 2023, and 2022, have been included. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates In preparing our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, or GAAP, we make estimates and assumptions that affect amounts reported in our consolidated financial statements and accompanying notes. Our significant estimates include various sales adjustments for discounts, returns, allowances, and other customer incentives; provisions for excess and obsolete inventory; accruals for freight, duty, and tariff costs on international inventory purchases; valuation of goodwill and long-lived intangible assets; and realization of deferred tax assets. Actual results may differ from those estimates. Fair Value of Financial Instruments Unless otherwise indicated, the fair values of all reported assets and liabilities, which represent financial instruments not held for trading purposes, approximate the carrying values of such amounts because of their short-term nature or market rates of interest. Cash and Cash Equivalents We consider all highly liquid investments purchased with original maturities of three months or less at the date of acquisition to be cash equivalents. We maintain our cash in bank deposit accounts that, at times, may exceed federally insured limits. We have not experienced any losses in such accounts. As of April 30, 2024, all of our accounts exceeded federally insured limits. Accounts Receivable and Allowance for Estimated Credit Losses We record trade accounts receivable at net realizable value that include estimated allowances for trade terms, sales incentive programs, discounts, markdowns, chargebacks, and returns as discussed under Revenue Recognition below. We extend credit to our domestic customers and some foreign distributors based on their creditworthiness. We sometimes offer discounts for early payment on invoices. When we believe the extension of credit is not advisable, we rely on either a prepayment or a letter of credit. We write off balances deemed uncollectible by us against our allowance for credit loss accounts. We maintain an allowance for credit losses related to trade accounts receivable for future expected credit losses resulting from the inability or unwillingness of our customers to make required payments. We estimate our allowance for credit losses based on relevant information such as historical experience, current conditions, and future expectation and in relation to a representative pool of assets consisting of a large number of customers with similar risk characteristics and similar financial assets. We adjust the allowance as appropriate to reflect differences in current conditions as well as changes in forecasted macroeconomic conditions. In November 2020, we entered into a factoring arrangement with a financial institution specifically designed to factor trade receivables with a certain customer that has extended payment terms, which are traditional to the customer’s industry. Under this factoring arrangement, from time to time, we sell this customer’s trade receivables at a discount on a non-recourse basis. We account for these transactions as sales and cash proceeds are included in cash provided by operating activities in the statement of cash flows. During the fiscal year ended April 30, 2024, 2023, and 2022, we recorded an immaterial amount of factoring fees related to factoring transactions, which are included in other (expense)/income, net on our consolidated statements of operations. Inventories We state inventories at the lower of cost or net realizable value. We determine cost on the first-in, first-out method and net of discounts or rebates received from vendors. Provisions for potential non-saleable inventory due to excess stock or obsolescence are based upon a detailed review of inventory, past history, and expected future usage. We evaluate quantities that make up our current inventory against past and future demand and market conditions to determine excess or slow-moving inventory that may be sold below cost. For each product category, we estimate the market value of the inventory comprising that category based on current and projected selling prices. If the projected market value is less than cost, we will record a provision adjustment to reflect the lower value of the inventory. This methodology recognizes projected inventory losses at the time such losses are evident rather than at the time goods are actually sold. The projected market value of the inventory may decrease because of consumer preferences or loss of key contracts, among other events. Property, Plant, and Equipment We record property, plant, and equipment, consisting of leasehold improvements, machinery, equipment, hardware, furniture, and fixtures at cost and depreciate them using the straight-line method over their estimated useful lives. We recognize depreciation expense for leasehold improvements over the shorter of their estimated useful lives or the lease terms, and include them in depreciation and amortization expense. We charge expenditures for maintenance and repairs to earnings as incurred, and we capitalize additions, renewals, and betterments. Upon the retirement, or other disposition of property and equipment, we remove the related cost and accumulated depreciation from the respective accounts and include any gain or loss in operations. A summary of the estimated useful lives is as follows: Description Useful Life Machinery and equipment 2 to 10 years Computer and other equipment 2 to 7 years Leasehold improvements 10 to 20 years We include tooling, dies, furniture, and fixtures as part of machinery and equipment and depreciate them over a period generally not exceeding 10 years. Intangible Assets We record intangible assets at cost or based on the fair value of the assets acquired. Intangible assets consist of developed software and technology, customer relationships, trademarks, trade names, and patents. We amortize intangible assets over their estimated useful lives or in proportion to expected yearly revenue generated from the intangibles that were acquired. Valuation of Goodwill and Long-lived Assets As of April 30, 2024 and 2023, we had no goodwill recorded on our consolidated balance sheet. In the instance we have recorded goodwill, we test goodwill for impairment, in accordance with ASC 350, Intangibles Goodwill and Other , on an annual basis on February 1 and between annual tests if indicators of potential impairment exist. As of our valuation date in fiscal 2022, we had $ 64.3 million of goodwill. During the annual impairment review process, we performed a step one analysis to assess the recoverability of our goodwill. The step one analysis estimates the fair value of our reporting unit and compares it to the carrying value of the reporting unit, including goodwill, to assess whether impairment is present. We estimated the fair value of our operating unit using an equal weighting of the fair values derived from the income approach and the market approach because we believe a market participant would equally weight both approaches when valuing the operating unit. The income approach is based on the projected cash flows that are discounted to their present value using discount rates that consider the timing and risk of the forecasted cash flows. Fair value is estimated using internally developed forecasts and assumptions. The discount rate used is the average estimated value of a market participant’s cost of capital and debt, derived using customary market metrics. Other significant assumptions include revenue growth rates, profitability projections, and terminal value growth rates. The market approach estimates fair values based on the determination of appropriate publicly traded market comparison companies and market multiples of revenue and earnings derived from those companies with similar operating and investment characteristics as the operating unit being valued. Finally, we compare and reconcile our overall fair value to our market capitalization in order to assess the reasonableness of the calculated fair values of our operating units. We recognize an impairment loss for goodwill if the implied fair value of goodwill is less than the carrying value. We completed a step one analysis as of February 1, 2022, and concluded there were no indicators of impairment. On April 30, 2022, the decline in our stock price and market capitalization indicated a reduction of the fair value of our reporting unit. We determined this decline to be a triggering event, which indicated it was more likely than not that the fair values of these reporting units were less than the respective book values and required us to complete an additional step one analysis. Given the volatility in the financial markets, we believed a market participant would determine that the income approach would be a more prominent metric for determining the fair value of our operating unit and thus we used a 75 % weighting on the income approach and a 25 % weighting on the market approach when valuing our operating unit. As of our interim valuation date in fiscal 2022, we had $ 67.8 million of goodwill. Based on the results of the evaluation, we recorded a non-cash impairment charge of our entire $ 67.8 million goodwill balance during our fourth quarter of fiscal 2022. We have reviewed the provisions of Accounting Standards Codification, or ASC, 350-20, with respect to the criteria necessary to evaluate the number of reporting units that exist. Based on our review of ASC 350-20, we have determined that we have one operating unit. We have significant long-lived assets, which are susceptible to valuation adjustments as a result of changes in various factors or conditions. The most significant long-lived assets are property, plant, and equipment; right-of-use assets; developed technology; customer relationships; patents; trademarks; and trade names, which is our asset group. Our long-lived assets are primarily located in the United States with some tooling and equipment located in Asia. We amortize all finite-lived assets either on a straight-line basis or based upon patterns in which we expect to utilize the economic benefits of such assets. We initially determine the values of assets by a risk-adjusted, discounted cash flow approach. We assess the potential impairment of our asset group whenever events or changes in circumstances indicate that the carrying values may not be recoverable and at least annually. There was no indication of impairment of our long-lived asset group in fiscal 2024 or fiscal 2023. We evaluate the recoverability of long-lived assets on an annual basis or whenever events or changes in circumstances indicate that carrying amounts may not be recoverable in accordance with ASC 360, Property, Plant, and Equipment . When such evaluations indicate that the related future undiscounted cash flows are not sufficient to recover the carrying values of the asset group, such carrying values are reduced to fair value and this adjusted carrying value becomes the asset’s new cost basis. We determine the initial fair value of our long-lived assets, primarily using future anticipated cash flows that are directly associated with and are expected to arise as a direct result of the use and eventual disposition of the asset, or asset group, discounted using an interest rate commensurate with the risk involved. Based on the results of this evaluation, on an undiscounted cash flow basis, there was no indications of impairment of our long-lived asset group. Future adverse changes in these or other unforeseeable factors could result in an impairment charge that could materially impact future results of operations and financial position in the reporting period identified. Business Combinations We allocate the purchase price, including any contingent consideration, of our acquisitions to the assets and liabilities acquired, including identifiable intangible assets, based on their fair values at the date of acquisition. The fair values are primarily based on third-party valuations using our own assumptions that require significant judgments and estimates. The purchase price allocated to intangibles is based on unobservable factors, including projected revenues, expenses, customer attrition rates, royalty rates, a weighted average cost of capital, among others. The weighted average cost of capital uses a market participant’s cost of equity and after-tax cost of debt and reflects the risks inherent in the cash flows. The unobservable factors we use are based upon assumptions believed to be reasonable, but are also uncertain and unpredictable. As a result, these estimates and assumptions may require adjustment in the future if actual results differ from our estimates. Revenue Recognition We recognize revenue for the sale of our products at the point in time when the control of ownership has transferred to the customer. The transfer of control typically occurs at a point in time based on consideration of when the customer has (i) a payment obligation, (ii) physical possession of goods has been received, (iii) legal title to goods has passed, (iv) risks and rewards of ownership of goods has passed to the customer, and (v) the customer has accepted the goods. The timing of revenue recognition occurs either on shipment or delivery of goods based on contractual terms with the customer, as this is when transfer of control occurs and the customer accepts the product, has title and significant risks and rewards of ownership of the product, and physical possession of the product has been transferred. Revenue recorded excludes sales tax charged to retail customers as we are considered a pass-through conduit for collecting and remitting sales taxes. The duration of contractual arrangements with customers in our wholesale channels is typically less than one year. Payment terms with customers are typically between 20 and 90 days, with a discount available in certain cases for early payment. For contracts with discounted terms, we determine the transaction price 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. We have elected to treat all shipping and handling activities as fulfillment costs and recognize the costs as distribution expenses at the time we recognize the related revenue. Shipping and handling costs billed to customers are included in net sales. We sponsor direct to consumer customer loyalty programs customers earn rewards from qualifying purchases or activities. We defer revenue for a portion of the transaction price from product sales to customers that earn loyalty points. The amount of revenue we recognize reflects the expected consideration to be received for providing the goods or services to customers, which includes estimates for variable consideration. Variable consideration includes allowances for trade term discounts, volume incentives, chargebacks, and product returns. Estimates of variable consideration are determined at contract inception and are constrained to the extent that the inclusion of such variable consideration could result in a significant reversal of cumulative revenue in future periods. We apply the portfolio approach as a practical expedient and utilize the expected value method in determining estimates of variable consideration, based on evaluations of specific product and customer circumstances, historical and anticipated trends, and current economic conditions. We have co-op advertising program expense, which we record within advertising expense, in recognition of a distinct service that we receive from our customers at the retail level. Disaggregation of Revenue The following table sets forth certain information regarding trade channel net sales for the fiscal years ended April 30, 2024, 2023, and 2022 (dollars in thousands): 2024 2023 $ Change % Change 2022 e-commerce channels net sales $ 84,313 $ 87,219 $ ( 2,906 ) - 3.3 % $ 97,418 Traditional channels net sales 116,786 103,990 12,796 12.3 % 150,108 Total net sales $ 201,099 $ 191,209 $ 9,890 5.2 % $ 247,526 Our e-commerce channels include net sales from customers that do not traditionally operate a physical brick-and-mortar store, but generate the majority of their revenue from consumer purchases at their retail websites. Our e-commerce channels also include our direct-to-consumer sales. Our traditional channels include customers that operate primarily out of physical brick and mortar stores and generate the large majority of their revenue from consumer purchases at their brick-and-mortar locations. We sell our products worldwide. The following table sets forth certain information regarding geographic makeup of net sales included in the above table for the fiscal years ended April 30, 2024, 2023, and 2022 (dollars in thousands): 2024 2023 $ Change % Change 2022 Domestic net sales $ 189,027 $ 182,299 $ 6,728 3.7 % $ 234,803 International net sales 12,072 8,910 3,162 35.5 % 12,723 Total net sales $ 201,099 $ 191,209 $ 9,890 5.2 % $ 247,526 The following table sets forth the breakdown of international net sales included in the above table by region. Our international sales accounted for approximately 6 %, 5 %, and 5 % of total net sales for the fiscal years ended April 30, 2024, 2023, and 2022, respectively (dollars in thousands): 2024 2023 $ Change % Change 2022 Canada $ 5,111 $ 4,091 $ 1,020 24.9 % $ 5,207 Europe 4,337 2,936 1,401 47.7 % 4,846 All others international 2,624 1,883 741 39.4 % 2,670 Total international net sales $ 12,072 $ 8,910 $ 3,162 35.5 % $ 12,723 The following table sets forth certain information regarding net sales in our shooting sports and outdoor lifestyle categories for the fiscal years ended April 30, 2024, 2023, and 2022 (dollars in thousands): 2024 2023 $ Change % Change 2022 Shooting sports net sales $ 91,716 $ 88,885 $ 2,831 3.2 % $ 128,180 Outdoor lifestyle net sales 109,383 102,324 7,059 6.9 % 119,346 Total net sales $ 201,099 $ 191,209 $ 9,890 5.2 % $ 247,526 Our shooting sports category includes net sales of shooting accessories and our products used for personal protection. Our outdoor lifestyle category includes net sales of our products used in hunting, fishing, camping, rugged outdoor activities, and outdoor cooking. Cost of Goods Sold Cost of goods sold for our purchased finished goods includes the purchase costs and related overhead. We source most of our purchased finished goods from manufacturers in Asia. Cost of goods sold for our manufactured goods includes all materials, labor, and overhead costs incurred in the production process. Overhead includes all costs related to manufacturing or purchasing finished goods, including costs of planning, purchasing, quality control, depreciation, freight, duties, royalties, and shrinkage. Research and Development We engage in both internal and external research and development, or R&D, in order to remain competitive and to exploit potential untapped market opportunities. We approve prospective R&D projects after analysis of the costs and benefits associated with the potential product. Costs in R&D expense include salaries, materials, utilities, and administrative costs. Advertising We expense advertising costs, primarily consisting of digital, printed, or television advertisements, either as incurred or upon the first occurrence of the advertising. Advertising expense, included in selling, marketing, and distribution expenses, totaled $ 11.1 million, $ 11.9 million, and $ 13.3 million in fiscal 2024, 2023, and 2022, respectively. We have co-op advertising program expense, which we record within advertising expense, in recognition of a distinct service that we receive from our customers at the retail level. Warranty We generally provide either a limited lifetime, four-year, three-year, two-year, or one-year warranty program to the original purchaser of most of our products. We will also repair or replace certain products or parts found to be defective under normal use and service with an item of equivalent value, at our option, without charge during the warranty period. We provide for estimated warranty obligations in the period in which we recognize the related revenue. We quantify and record an estimate for warranty-related costs based on our actual historical claims experience and current repair costs. We make adjustments to accruals as warranty claims data and historical experience warrant. The following table sets forth the change in accrued warranties, a portion of which is recorded as a non-current liability, in the fiscal years ended April 30, 2024, 2023, and 2022 (in thousands): April 30, 2024 April 30, 2023 April 30, 2022 Beginning balance 966 786 717 Warranties issued and adjustments to provisions 1,569 1,419 399 Warranties assumed in acquisition — — 150 Warranty claims ( 1,292 ) ( 1,239 ) ( 480 ) Ending balance 1,243 966 786 Leases We occasionally enter into non-cancelable operating leases for office space, distribution facilities, and equipment. Our leases for real estate have initial terms ranging from one to 18 years , generally with renewal options. Leases for equipment typically have initial terms ranging from one to 10 years . Most leases have fixed rentals, with many of the real estate leases requiring additional payments for real estate taxes and occupancy-related costs. See Note 4 – Leases for more information. Self-Insurance We record our liability for estimated incurred losses, related to our self-insured group health insurance program, based on historical claim data in the accompanying consolidated financial statements on an undiscounted basis. While we believe these reserves to be adequate, it is possible that the ultimate liabilities will exceed such estimates. See Note 11 - Self-Insurance Reserves for more information. Earnings/(Loss) Per Shar e We calculate basic and diluted earnings/(loss) per share in accordance with the provisions of ASC 260-10, Earnings Per Share . Basic earnings per common share equals earnings/(loss) divided by the weighted average number of common shares outstanding during the periods presented. Diluted earnings per common share equals earnings/(loss) divided by the weighted average number of common shares outstanding during the periods presented, giving effect to all potentially dilutive stock awards that are outstanding, if their effect is dilutive. The following table sets forth the computation of our basic and diluted earnings per share attributed to common stockholders for the fiscal years ended April 30, 2024, 2023, and 2022 (in thousands, except per share amounts): For the Years Ended April 30, 2024 2023 2022 Net Per Share Net Per Share Net Per Share Loss Shares Amount Loss Shares Amount Income Shares Amount Basic loss $ ( 12,248 ) 12,967 $ ( 0.94 ) $ ( 12,024 ) 13,372 $ ( 0.90 ) $ ( 64,880 ) 13,930 $ ( 4.66 ) Effect of dilutive stock awards — — — — — — — — — Diluted loss $ ( 12,248 ) 12,967 $ ( 0.94 ) $ ( 12,024 ) 13,372 $ ( 0.90 ) $ ( 64,880 ) 13,930 $ ( 4.66 ) Due to the loss from operations for the fiscal years ended April 30, 2024, 2023, and 2022, there are no common shares added to calculate dilutive EPS because the effect would be anti-dilutive. Had there been income from operations for the fiscal years ended April 30, 2024, 2023, and 2022, all of our outstanding stock options and restricted stock units, or RSUs, further described in Note 12 - Equity , would have been included in the computation of diluted earnings per share and could potentially dilute earnings per share in the future. Stock-Based Compensation Our stock-based compensation awards consist of stock options, performance-based restricted stock units, or PSUs, and RSUs, all of which are based on our common shares. Compensation costs for all awards expected to vest are recognized over the vesting period using the simplified method in accordance with SAB 107 and ASC 718 as we believe the simplified method is the best method to calculate our stock compensation expense. In addition, we estimate an expected forfeiture rate and only recognize expense for those shares expected to vest. The awards granted generally vest annually in three or four-year tranches, and are included in costs of goods sold; research and development; selling, marketing, and distribution; and general and administrative expenses in the consolidated statements of operations. See Note 12 – Equity for additional information. Income Taxes We account for income taxes in accordance with ASC 740, Income Taxes (ASC 740). The provision for income taxes is based upon income reported in the accompanying consolidated financial statements as required by ASC 740-10. We determine deferred tax assets and liabilities based on temporary differences between financial reporting and tax bases in assets and liabilities and measure them by applying enacted rates and laws expected to be in place when the deferred items become subject to income tax or deductible for income tax purposes. We recognize the effect on deferred taxes and liabilities of a change in tax rates in the period that includes the enactment date. In assessing the realization of our deferred income tax assets, we consider whether it is more likely than not that the deferred income tax assets will be realized. The ultimate realization of our deferred income tax assets depends upon generating future taxable income during the periods in which our temporary differences become deductible and before our net operating loss carryforwards expire. We periodically evaluate the recoverability of our deferred income tax assets by assessing the need for a valuation allowance. If we determine that it is more likely than not that our deferred income tax assets will not be recovered, we establish a valuation allowance against some or all of our deferred income tax assets. Recording a valuation allowance could have a significant effect on our future results of operations and financial position. We determine unrecognized income tax benefits in accordance with ASC 740 on the basis of a two-step process in which first we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and second for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. Accrued income taxes in the consolidated balance sheet includes unrecognized income tax benefits along with related interest and penalties, appropriately classified as current or noncurrent. We recognize interest and penalties related to unrecognized tax benefits as interest income/(expense) and other income/(expense), respectively, in the accompanying consolidated statement of operations. All deferred tax assets and liabilities are classified as noncurrent in the consolidated balance sheet. We periodically assess whether it is more likely than not that we will generate sufficient taxable income to realize our deferred income tax assets. The ultimate realization of net deferred tax assets is dependent on the generation of future taxable income during the periods in which those temporary differences become deductible. We establish valuation allowances if it is more likely than not that we will be unable to realize our deferred income tax assets. In making this determination, we consider available positive and negative evidence and make certain assumptions. We consider, among other things, projected future taxable income, scheduled reversals of deferred tax liabilities, the overall business environment, our historical financial results, and tax planning strategies. Significant judgment is required in this analysis. We determined in fiscal 2022 that it is more likely than not that the benefit from the Company’s net deferred tax assets will not be realized and accordingly we established a full valuation allowance recorded as an increase to income tax expense. This assessment of the realizability of our net deferred tax assets remains unchanged for the current fiscal year. Our assessment involved estimates and assumptions about matters that are inherently uncertain, and unanticipated events or circumstances could cause actual results to differ from these estimates. Estimates may change as new events occur, estimates of future taxable income may increase during the expected reversal period of our deferred tax assets, or additional information becomes available. Should we change our estimate of the amount of deferred tax assets that we would be able to realize, a full or partial reversal of the valuation allowance could occur resulting in a decrease to the provision for income taxes in the period such a change in estimate is made. We will continue to assess the adequacy of the valuation allowance on a quarterly basis. Concentration of Credit Risk Financial instruments that potentially subject us to concentration of credit risk consist primarily of cash, cash equivalents, and trade receivables. We place our cash and cash equivalents in overnight U.S. government securities. Concentrations of credit risk with respect to trade receivables are limited by the large number of customers comprising our customer base and their geographic and business dispersion. We perform ongoing credit evaluations of our customers’ financial condition and generally do not require collateral. For the fiscal year ended April 30, 2024, 2023, and 2022, respectively, one of our customers accounted for more than 10% of our net sales, accounting for $ 44.3 million, or 22.1 %, $ 48.4 million, or 25.4 %, and $ 68.7 million, or 27.8 %, of our fiscal 2024, 2023, and 2022 net sales, respectively. As of April 30, 2024 and 2023, respectively, that same customer exceeded 10% or more of our accounts receivable, accounting for $ 7.0 million, or 27.3 %, and $ 10.4 million, or 39.2 %, of our fiscal 2024 and 2023 accounts receivable, respectively. We are not aware of any issues with respect to relationships with any of our top customers. We source a majority of our purchased finished goods from Asia. As of April 30, 2024, we had two inventory suppliers that exceeded 10% or more of our total inventory purchases. As of April 30, 2023, we had one inventory supplier that exceeded 10% or more of our total inventory purchases. We have alternative options at our discretion that would mitigate a concentration risk in the future related to our inventory suppliers. Shipping and Handling In the accompanying consolidated financial statements, we included amounts billed to customers for shipping and handling in net sales. We include costs relating to shipping and handling charges, including inbound freight charges and internal transfer costs, in cost of goods sold; however, costs incurred to distribute products to customers is included in distribution expenses. Legal and Other Contingencies We periodically assess liabilities and contingencies in connection with legal proceedings and other claims that may arise from time to time. When we believe it is probable that a loss has been or will be incurred, we record an estimate of the loss in the consolidated financial statements. We adjust estimates of losses when additional information becomes available or circumstances change. We disclose a contingent liability when we beli |
Acquisitions
Acquisitions | 12 Months Ended |
Apr. 30, 2024 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisitions: Grilla Grills Acquisition In fiscal 2022, we acquired substantially all of the assets of the Grilla Grills business of Fahrenheit Technologies, Inc. for $ 27 million, financed using a combination of existing cash balances and cash from a $ 25 million draw on our revolving line of credit. Grilla is a provider of high-quality, barbecue grills; Wi-Fi-enabled wood pellet grills; smokers; accessories; and modular outdoor kitchens. We determined the fair market value of the intangible assets acquired in accordance with ASC 805 - Business Combinations and ASC 820 - Fair Value Measurement and assigned a fair market value of $ 18.5 million to tradenames at the acquisition date. We amortize assets in proportion to expected yearly revenue generated from the intangibles that we acquire. The weighted average life of tradenames acquired is 6.5 years. Additionally, the following table reflects the unaudited pro forma results of operations assuming that the Grilla Grills acquisition had occurred on May 1, 2021 (in thousands, except per share data): For the Year Ended Net sales $ 259,647 Loss from operations ( 56,586 ) Net loss per share - diluted ( 4.66 ) The unaudited pro forma income from operations for the years ended April 30, 2022 has been adjusted to reflect increased cost of goods sold from the fair value step-up in inventory, which is expensed over the first inventory cycle, and the amortization of intangibles as if the Grilla Grills acquisition had occurred on May 1, 2021. The unaudited pro forma information is presented for informational purposes only and is not necessarily indicative of the actual results that would have been achieved had the Grilla Grills acquisition occurred as of May 1, 2021, or the results that may be achieved in future periods. |
Leases
Leases | 12 Months Ended |
Apr. 30, 2024 | |
Leases [Abstract] | |
Leases | 4. Leases We lease real estate, as well as other equipment, under non-cancelable operating lease agreements. We recognize expenses under our operating lease assets and liabilities at the commencement date based on the present value of lease payments over the lease terms. Our leases do not provide an implicit interest rate. We use our incremental borrowing rate consistent with our revolving line of credit and based on the information available at the lease commencement date in determining the discount rate for the present value of lease payments. Our lease agreements do not require material variable lease payments, residual value guarantees, or restrictive covenants. For operating leases, we recognize expense on a straight-line basis over the lease term. We record tenant improvement allowances as an offsetting adjustment included in our calculation of the respective right-of-use asset. Many of our leases include renewal options that can extend the lease term. These renewal options are at our sole discretion and are reflected in the lease term when they are reasonably certain to be exercised. The depreciable life of assets and leasehold improvements are limited by the expected lease term. The amounts of assets and liabilities related to our operating leases as of April 30, 2024 and 2023 are as follows (in thousands): April 30, 2024 April 30, 2023 Operating Leases Right-of-use assets $ 37,540 $ 26,999 Accumulated amortization ( 3,976 ) ( 2,801 ) Right-of-use assets, net $ 33,564 $ 24,198 Lease liabilities, current portion $ 1,331 $ 904 Lease liabilities, net of current portion 33,289 24,064 Total operating lease liabilities $ 34,620 $ 24,968 During the fiscal year ended April 30, 2024, we recorded $ 3.6 million of operating lease costs, of which $ 22,000 related to short-term leases. During the fiscal year ended April 30, 2023, we recorded $ 4.0 million of operating lease costs, of which $ 132,000 related to short-term leases. During the fiscal year ended April 30, 2022, we recorded $ 3.9 million of operating lease costs, of which $ 218,000 related to short-term leases. As of April 30, 2024, our weighted average lease term and weighted average discount rate for our operating leases was 14.6 years and 6.0 %, respectively. As of April 30, 2023, our weighted average lease term and weighted average discount rate for our operating leases was 15.6 years and 5.4 %, respectively. The operating lease costs, weighted average lease term, and weighted average discount rate are primarily driven by the sublease of our corporate office and warehouse facility in Columbia, Missouri through fiscal 2039. During the fiscal year ended April 30, 2023, we amended the existing operating lease for our corporate office and warehouse facility in Columbia, Missouri to expand our usable square footage in our warehouse. The term of the lease remains unchanged, through fiscal 2039. During the fiscal year ended April 30, 2023, we recorded a right-of-use asset and lease liability of $ 1.9 million. During the fiscal year ended April 30, 2024, we entered an Assignment Agreement to assign us the rights to the entire building and surrounding property at our corporate office and warehouse facility in Columbia, Missouri. The assignment was effective on January 1, 2024. The operating lease covers approximately 632,000 square feet, where we formerly subleased approximately 361,000 square feet. The lease provides us with an option to expand the building by up to 491,000 additional square feet. The terms of the lease are consistent with the terms of our former sublease agreement prior to the Assignment Agreement. The lease term ends on November 26, 2038 and, pursuant to the Assignment Agreement, does not provide for an extension of the term of the lease . We will receive tax and other incentives from federal, state, and local governmental authorities. The former sublessor will guarantee the lease through the end of the term. During fiscal year ended April 30, 2024, we recorded a right-of-use asset and lease liability of $ 10.6 million for the additional space provided under the Assignment Agreement. Future lease payments for all our operating leases as of April 30, 2024, and for succeeding fiscal years, are as follows (in thousands): Operating 2025 $ 3,372 2026 3,270 2027 3,299 2028 3,348 Thereafter 39,322 Total future lease payments 52,611 Less amounts representing interest ( 17,991 ) Present value of lease payments 34,620 Less current maturities of lease liabilities ( 1,331 ) Long-term maturities of lease liabilities $ 33,289 During the fiscal year ended April 30, 2024, the cash paid for amounts included in the measurement of the liabilities was $ 1.0 million and included in our operating cash flows. During the fiscal year ended April 30, 2023, the cash paid for amounts included in the measurement of the liabilities was $ 1.9 million and included in our operating cash flows. |
Inventory
Inventory | 12 Months Ended |
Apr. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Inventory | 5. Inventory The following table sets forth a summary of inventories stated at lower of cost or net realizable value, as of April 30, 2024 and 2023 (in thousands): April 30, 2024 April 30, 2023 Finished goods $ 83,879 $ 90,906 Finished parts 2,402 2,818 Work in process 75 66 Raw material 6,959 5,944 Total inventories $ 93,315 $ 99,734 Certain of our suppliers in Asia require deposits to procure our inventory products prior to beginning the manufacturing process. These deposits on our inventory varies by supplier and range from 30 % to 100 %. For the fiscal years ended April 30, 2024 and 2023, we have recorded $ 4.3 million, respectively, in prepaid expenses and other current assets on our consolidated balance sheet. |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Apr. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | 6. Property, Plant, and Equipment The following table summarizes property, plant, and equipment as of April 30, 2024 and 2023 (in thousands): April 30, 2024 April 30, 2023 Machinery and equipment $ 20,852 $ 17,678 Computer and other equipment 1,988 1,865 Leasehold improvements 762 316 23,602 19,859 Less: Accumulated depreciation and amortization ( 13,599 ) ( 11,229 ) 10,003 8,630 Construction in progress 1,035 858 Total property, plant, and equipment, net $ 11,038 $ 9,488 Depreciation expense for the fiscal years ended April 30, 2024, 2023, and 2022 was $ 3.0 milli on, $ 2.7 million, and $ 2.3 million, respectively. The following table summarizes depreciation and amortization expense, which includes amortization of intangibles, by line item for the fiscal years ended April 30, 2024, 2023, and 2022 (in thousands): For the Years Ended April 30, 2024 2023 2022 Cost of sales $ 1,313 $ 1,429 $ 1,299 Research and development 615 415 203 Selling, marketing, and distribution 836 362 510 General and administrative (a) 13,337 14,305 14,955 Total depreciation and amortization $ 16,101 $ 16,511 $ 16,967 (a) General and administrative expenses included $ 12.8 million, $ 13.6 million, a nd $ 14.4 million of amortization for the fiscal years ended April 30, 2024, 2023, and 2022, respectively, which were recorded as a result of our acquisitions. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Apr. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | 7. Intangible Assets and Goodwill The following table summarizes intangible assets as of April 30, 2024 and 2023 (in thousands): April 30, 2024 April 30, 2023 Gross Gross Carrying Accumulated Net Carrying Carrying Accumulated Net Carrying Amount Amortization Amount Amount Amortization Amount Customer relationships $ 89,980 $ ( 78,877 ) $ 11,103 $ 89,980 $ ( 74,035 ) $ 15,945 Developed software and technology 27,762 ( 20,250 ) 7,512 31,022 ( 21,978 ) 9,044 Patents, trademarks, and trade names 69,497 ( 50,046 ) 19,451 68,943 ( 44,042 ) 24,901 187,239 ( 149,173 ) 38,066 189,945 ( 140,055 ) 49,890 Patents and software in development 1,721 — 1,721 1,701 — 1,701 Total definite-lived intangible assets 188,960 ( 149,173 ) 39,787 191,646 ( 140,055 ) 51,591 Indefinite-lived intangible assets 430 — 430 430 — 430 Total intangible assets $ 189,390 $ ( 149,173 ) $ 40,217 $ 192,076 $ ( 140,055 ) $ 52,021 We amortize definite-lived 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 software and technology, and six years for patents, trademarks, and trade names. Amortization expense amounted to $ 13.1 million, $ 13.7 million, a nd $ 14.5 million for the fiscal years ended April 30, 2024, 2023, and 2022, respectively. The following table represents future expected amortization expense as of April 30, 2024 (in thousands): Fiscal Amount 2025 $ 9,670 2026 8,321 2027 5,916 2028 4,497 2029 2,936 Thereafter 6,726 Total $ 38,066 We did no t record any impairment charges for long-lived intangible assets in the fiscal years ended April 30, 2024, 2023, and 2022, respectively. As of April 30, 2024 and 2023, we had no goodwill recorded on our consolidated balance sheet. Refer to Note 2 – Summary of Significant Accounting Policies for more details relating to our impairments for all periods presented. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Apr. 30, 2024 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 8. Accrued Expenses The following table sets forth other accrued expenses as of April 30, 2024 and 2023 (in thousands): April 30, 2024 April 30, 2023 Accrued freight $ 2,829 $ 1,962 Accrued sales allowances 1,891 2,453 Accrued warranty 1,243 966 Accrued commissions 1,191 1,072 Accrued professional fees 1,049 1,106 Accrued employee benefits 499 568 Accrued taxes other than income 321 346 Accrued other 664 268 Total accrued expenses $ 9,687 $ 8,741 |
Debt
Debt | 12 Months Ended |
Apr. 30, 2024 | |
Debt Disclosure [Abstract] | |
Debt | 9. Debt On August 24, 2020, we entered into a financing arrangement consisting of a $ 50.0 million revolving line of credit secured by substantially all our assets, maturing five years from the closing date, with available borrowings determined by a borrowing base calculation. The revolving line included an option to increase the credit commitment by an additional $ 15 million. On March 25, 2022, we amended our secured loan and security agreement, or the Amended Loan and Security Agreement, increasing the revolving line of credit to $ 75 million, secured by substantially all our assets, maturing in March 2027 , with available borrowings determined by a borrowing base calculation. The amendment also includes an option to increase the credit commitment by an additional $ 15 million. The amended revolving line bears interest at a fluctuating rate equal to the Base Rate or Secured Overnight Financing Rate, or SOFR, as applicable, plus the applicable margin. The applicable margin can range from a minimum of 0.25 % to a maximum of 1.75 % based on certain conditions as defined in the Amended Loan and Security Agreement. The financing arrangement contains covenants relating to minimum debt service coverage. As of April 30, 2024, we had no borrowings outstanding on the revolving line of credit. If we would have had borrowings on the revolving line of credit, the interest rate would have been 5.34 % at April 30, 2024, equal to SOFR plus the applicable margin. As of April 30, 2023, we had $ 5.0 million of borrowings outstanding on the revolving line of credit, which bore interest at 6.05 %, equal to SOFR plus the applicable margin. During the year ended April 30, 2024, we paid the outstanding balance on the revolving line of credit. As of April 30, 2024 and 2023, we had executed irrevocable standby letters of credit totaling $ 3.3 and $ 1.7 million, respectively, to collateralize duty drawback bonds. During the fiscal years ended April 30, 2024 and 2023, no amounts have been drawn on the letter of credit. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Apr. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 10. Fair Value Measurement We follow the provisions of ASC 820-10, Fair Value Measurements and Disclosures Topic, or ASC 820-10, for our financial assets and liabilities. ASC 820-10 provides a framework for measuring fair value under GAAP and requires expanded disclosures regarding fair value measurements. ASC 820-10 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820-10 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value. Financial assets and liabilities recorded on the accompanying 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 $ 29.7 million as of April 30, 2024 and $ 22.0 million as of April 30, 2023 which would be the maximum amount of loss subject to credit risk. Cash and cash equivalents are reported at fair value based on market prices for identical assets in active markets, and therefore classified as Level 1 of the value hierarchy. 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). 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. We do no t have any Level 3 financial assets or liabilities as of April 30, 2024 and 2023. |
Self-Insurance Reserves
Self-Insurance Reserves | 12 Months Ended |
Apr. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Self-Insurance Reserves | 11. Self-Insurance Reserves In the prior fiscal year, we transitioned to a self-insured group health insurance program. Prior to this transition, we had fully guaranteed cost group health insurance programs. We are now self-insured through retentions or deductibles with stop-loss insurance for medical claims that reach a certain limit per claim. We record our liability for estimated incurred losses based on historical claim data in the accompanying consolidated financial statements on an undiscounted basis. While we believe these reserves to be adequate, it is possible that the ultimate liabilities will exceed such estimates. The following table summarizes the activity related to self-insurance reserves in the fiscal years ended April 30, 2024 and 2023 (in thousands): For the years ended April 30, 2024 2023 Beginning balance $ 396 $ 29 Additional provisions charged to expense 2,525 2,094 Payments ( 2,562 ) ( 1,727 ) Ending balance $ 359 $ 396 |
Equity
Equity | 12 Months Ended |
Apr. 30, 2024 | |
Equity [Abstract] | |
Equity | 12. Equity Treasury Stock On September 30, 2022, our Board of Directors authorized the repurchase of up to $ 10.0 million of our common stock, subject to certain conditions, in the open market, in block purchases, or in privately negotiated transactions, executable through September 29, 2023 . This authorization expired on September 29, 2023. During the fiscal year ended April 30, 2023, under this authorization, we repurchased 377,034 shares of our common stock, in the open market, for $ 3.5 million, utilizing cash on hand. During the fiscal year ended April 30, 2024, under this authorization, we repurchased 375,556 shares of our common stock, in the open market, for $ 3.3 million, utilizing cash on hand. On October 2, 2023, our Board of Directors authorized the repurchase of up to $ 10.0 million of our common stock, subject to certain conditions, in the open market, in block purchases, or in privately negotiated transactions, executable through September 30, 2024 . During the fiscal year ended April 30, 2024, under this authorization, we repurchased 313,861 shares of our common stock, in the open market, for $ 2.7 million utilizing cash on hand. As of April 30, 2024, we have $ 7.3 million remaining authorized to repurchase our common stock. During the fiscal year ended April 30, 2024, under both this authorization and the expired authorization above, we repurchased 689,417 shares of our common stock, in the open market, for $ 6.0 million utilizing cash on hand. We have recorded the shares we purchased, at cost, as a reduction of stockholders’ equity on the consolidated balance sheet. Incentive Stock and Employee Stock Purchase Plans We have a stock incentive plan, or 2020 Incentive Compensation Plan, under which we can grant new awards to our employees and directors. Our 2020 Incentive Compensation Plan authorizes the issuance of awards covering up to 1,397,510 shares of newly issued common stock. The plan permits the grant of options to acquire common stock, restricted stock awards, restricted stock units, or RSUs, stock appreciation rights, bonus stock and awards in lieu of obligations, performance awards, and dividend equivalents. Our Board of Directors, or a committee established by our Board of Directors, administers the plan, selects recipients to whom awards are granted, and determines the grants to be awarded. Stock options granted under the plan are exercisable at a price determined by our Board of Directors or a committee thereof at the time of grant, but in no event, less than fair market value of our common stock on the date granted. Grants of options may be made to employees and directors without regard to any performance measures. All options issued pursuant to the plan are generally nontransferable and subject to forfeiture. Unless terminated earlier by our Board of Directors, our 2020 Incentive Compensation Plan will terminate at the earliest of (1) the tenth anniversary of the effective date of our 2020 Incentive Compensation Plan, or (2) such time as no shares of common stock remain available for issuance under the plan and we have no further rights or obligations with respect to outstanding awards under the plan. The date of grant of an award is deemed to be the date upon which our Board of Directors or a committee thereof authorizes the granting of such award. Except in specific circumstances, grants generally vest over a period of three or four years and grants of stock options are exercisable for a period of 10 years . Our 2020 Incentive Compensation Plan also permits the grant of awards to non-employees. We recognized $ 4.1 million, $ 4.1 million, and $ 2.8 million, respectively, of stock-based compensation expense for the fiscal years ended April 30, 2024, 2023, and 2022. We grant 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 generally vest over a period of four years with one-fourth of the units vesting on each anniversary of the grant date. We amortize the aggregate fair value of our RSU grants to compensation expense over the vesting period. Awards that do not vest are forfeited. We grant performance stock units, or PSUs, to our executive officers and certain other employees from time to time. At the time of grant, we calculate the fair value of our PSUs using the Monte-Carlo simulation. We incorporate the following variables into the valuation model: For the years ended April 30, 2024 2023 2022 Grant date fair market value American Outdoor Brands, Inc. $ 8.79 $ 12.70 $ 26.44 Russell 2000 Index $ 1,769.21 $ 1,882.91 $ 2,277.45 Volatility (a) American Outdoor Brands, Inc. 45.53 % 49.04 % 47.78 % Russell 2000 Index 27.08 % 31.75 % 30.69 % Correlation coefficient (b) 0.48 0.50 0.46 Risk-free interest rate (c) 3.81 % 2.91 % 0.33 % Dividend yield (d) 0 % 0 % 0 % (a) Expected volatility is calculated based on a peer group over the most recent period that represents the remaining term of the performance period as of the valuation date, or three years . (b) The correlation coefficient utilizes the same historical price data used to develop the volatility assumptions. (c) The risk-free interest rate is based on the yield of a zero-coupon U.S. Treasury bill, commensurate with the three-year performance period. (d) We do not expect to pay dividends in the foreseeable future. The PSUs vest, and the fair value of such PSUs will be recognized, over the corresponding three-year performance period. Our PSUs have a maximum aggregate award equal to 200 % of the target unit amount granted. Generally, the number of PSUs that may be earned depends upon the total stockholder return, or TSR, of our common stock compared with the TSR of the Russell 2000 Index, or the RUT, over the three-year performance period. For PSUs, our stock must outperform the RUT by 5 % in order for the target award to vest. In addition, there is a cap on the number of shares that can be earned under our PSUs, which is equal to six times the grant-date value of each award. During the fiscal year ended April 30, 2024, we granted an aggregate 319,847 service based RSUs, including 103,475 RSUs to executive officers and 216,372 to non-executive officer employees and directors under our 2020 Incentive Compensation Plan. We granted an aggregate of 76,251 PSUs to our executive officers during fiscal 2024, which have a maximum aggregate award value of 152,502 shares. During the fiscal year ended April 30, 2024, 94,354 PSUs were cancelled, at target, as a result of the performance condition not being met, and 25,594 RSUs were cancelled as a result of the service condition not being met. In connection with the vesting of RSUs, during the fiscal year ended April 30, 2024, we delivered common stock to our employees, including our executive officers and directors with a total market value of $ 1.6 million. During the fiscal year ended April 30, 2023, we granted an aggregate of 311,676 service based RSUs, including 52,277 RSUs to executive officers and 259,399 RSUs to non-executive officer employees and directors under our 2020 Incentive Compensation Plan. We granted an aggregate of 52,277 PSUs to our executive officers during fiscal 2023, which have a maximum aggregate award value of 104,554 shares. In addition, in connection with a 2019 grant, we vested 7,200 PSUs (i.e., the target amount granted), which achieved 200 % of the maximum aggregate award possible, resulting in awards totaling 14,400 shares to certain of our executive officers and employees of our former parent. During the fiscal year ended April 30, 2023, we cancelled 14,390 RSUs as a result of the service condition not being met. In connection with the vesting RSUs, during the fiscal year ended April 30, 2023, we delivered common stock to our employees, including executive officers and directors, with a total market value of $ 1.5 million. During the fiscal year ended April 30, 2022, we granted an aggregate of 77,251 service based RSUs, including 28,948 RSUs to executive officers and 48,303 RSUs to non-executive officer employees and directors under our 2020 Incentive Compensation Plan. We granted an aggregate of 26,809 PSUs to our executive officers during fiscal 2022, which have a maximum aggregate award value of 53,618 shares. In addition, in connection with a 2018 grant, we vested 10,800 PSUs (i.e., the target amount granted), which achieved 200 % of the maximum aggregate award possible, resulting in awards totaling 21,600 shares to certain of our executive officers and employees of our former parent that were granted as part of the Separation. During the fiscal year ended April 30, 2022, we cancelled 40,929 RSUs, and 24,565 PSUs, as a result of the service condition not being met. In connection with the vesting RSUs, during the fiscal year ended April 30, 2022, we delivered common stock to our employees, including executive officers and directors, with a total market value of $ 3.3 million. A summary of activity for unvested RSUs and PSUs under our 2020 Incentive Compensation Plan for the fiscal years ended April 30, 2024, 2023, and 2022 is as follows: For the years ended April 30, 2024 2023 2022 Weighted Weighted Weighted Total # of Average Total # of Average Total # of Average Restricted Grant Date Restricted Grant Date Restricted Grant Date Stock Units Fair Value Stock Units Fair Value Stock Units Fair Value RSUs and PSUs outstanding, beginning of period 560,579 $ 13.36 349,774 $ 15.93 427,519 $ 11.67 Awarded 396,098 8.69 371,153 10.68 114,860 26.92 Vested ( 212,636 ) 11.31 ( 145,958 ) 12.62 ( 127,111 ) 11.57 Forfeited ( 119,948 ) 12.46 ( 14,390 ) 14.20 ( 65,494 ) 15.86 RSUs and PSUs outstanding, end of period 624,093 $ 11.27 560,579 $ 13.36 349,774 $ 15.93 As of April 30, 2024, there was $ 1.9 million of unrecognized compensation expense related to unvested RSUs and PSUs. We expect to recognize this expense over a weighted average remaining contractual term of 1.1 years. We have an employee stock purchase plan, or ESPP, which authorizes the sale of up to 419,253 shares of our common stock to employees. All options and rights to participate in our ESPP are nontransferable and subject to forfeiture in accordance with our ESPP guidelines. Our current ESPP will be implemented in a series of successive offering periods, each with a maximum duration of 12 months. If the fair market value per share of our common stock on any purchase date is less than the fair market value per share on the start date of a 12-month offering period, then that offering period will automatically terminate, and a new 12-month offering period will begin on the next business day. Each offering period will begin on April 1 or October 1, as applicable, immediately following the end of the previous offering period. Payroll deductions will be on an after-tax basis, in an amount of not less than 1 % and not more than 20 % (or such greater percentage as the committee appointed to administer our ESPP may establish from time to time before the first day of an offering period) of a participant’s compensation on each payroll date. The option exercise price per share will equal 85 % of the lower of the fair market value on the first day of the offering period or the fair market value on the exercise date. The maximum number of shares that a participant may purchase during any purchase period is the greater of 2,500 shares, or a total of $ 25,000 in shares, based on the fair market value on the first day of the offering period. Our ESPP will remain in effect until the earliest of (a) the exercise date that participants become entitled to purchase a number of shares greater than the number of reserved shares available for purchase under our ESPP, (b) such date as is determined by our Board of Directors in its discretion, or (c) the tenth anniversary of the effective date. In the event of certain corporate transactions, each option outstanding under our ESPP will be assumed or an equivalent option will be substituted by the successor corporation or a parent or subsidiary of such successor corporation. During fiscal years ended April 30, 2024 and 2023, 91,940 shares and 89,860 shares, respectively, were purchased by our employees under our ESPP. We measure the cost of employee services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. We amortize the fair value of the award over the vesting period of the option. Under the ESPP, fair value is determined at the beginning of the purchase period and amortized over the term of each exercise period. The following assumptions were used in valuing ESPP purchases under our ESPP during the years ended April 30, 2024, 2023, and 2022: For the years ended April 30, 2024 2023 2022 Risk-free interest rate 5.46 % - 5.53 % 3.97 % - 4.01 % 0.05 % - 0.09 % Expected term 6 months - 12 months 6 months - 12 months 6 months - 12 months Expected volatility 43.2 % - 48.9 % 51.9 % - 58.4 % 54.7 % - 56.7 % Dividend yield 0 % 0 % 0 % We estimate expected volatility using historical volatility for the expected term. The weighted average expected volatility was approximately 46 %. The fair value of each stock option or ESPP purchase was estimated on the date of the grant using the Black-Scholes option pricing model (using the risk-free interest rate, expected term, expected volatility, and dividend yield variables, as noted in the above table). |
Employer Sponsored Benefit Plan
Employer Sponsored Benefit Plans | 12 Months Ended |
Apr. 30, 2024 | |
Retirement Benefits [Abstract] | |
Employer Sponsored Benefit Plans | 13. Employer Sponsored Benefit Plans Contributory Defined Investment Plan — Our employees participate in a contributory defined investment plan, subject to service requirements. Under the terms of the plan, employees may contribute from 1 % to 30 % of their annual pay and we generally make discretionary matching contributions of up to 50 % of the first 6 % of employee contributions to the plan. We contributed $ 438,000 , $ 500,000 , and $ 592,000 for the fiscal years ended April 30, 2024, 2023, and 2022, respectively. Non-Contributory Profit-Sharing Plan — Our employees participate in our non-contributory profit-sharing plan upon meeting certain eligibility requirements. Employees become eligible on May 1 following the completion of a full fiscal year of continuous service. Our contributions to the plan are discretionary. We did no t contribute to the plan for the fiscal years 2024 and 2023. For fiscal year 2022, we contributed $ 984,000 , which has been recorded in general and administrative costs. Contributions are funded after the fiscal year-end. |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes Income tax expense/(benefit) from operations consists of the following (in thousands): For the Years Ended April 30, 2024 2023 2022 Current: Federal $ 5 $ ( 126 ) $ 2,356 State ( 79 ) ( 123 ) 302 Foreign 4 — 3 Total current ( 70 ) ( 249 ) 2,661 Deferred: Deferred federal — — 5,958 Deferred state — — 725 Total deferred — — 6,683 Total income tax (benefit)/expense $ ( 70 ) $ ( 249 ) $ 9,344 The following table presents a reconciliation of the provision for income taxes from operations at statutory rates to the provision (benefit) in the consolidated financial statements (in thousands): For the Years Ended April 30, 2024 2023 2022 Federal income taxes expected at the statutory rate (a) $ ( 2,587 ) $ ( 2,577 ) $ ( 11,663 ) State income taxes, less federal income tax benefit ( 132 ) ( 303 ) ( 633 ) Stock compensation 436 96 ( 276 ) Research and development tax credit ( 203 ) ( 200 ) ( 291 ) Goodwill impairment — — 7,633 Change in deferred tax valuation allowance 2,257 2,600 14,200 Other 159 135 374 Total income tax (benefit)/expense $ ( 70 ) $ ( 249 ) $ 9,344 (a) We had a federal statutory rate of 21 % in fiscal 2024, 2023, and 2022. Deferred tax assets (liabilities) related to temporary differences are the following (in thousands): April 30, 2024 April 30, 2023 Non-current tax assets (liabilities): Inventories $ 1,100 $ 1,574 Accrued expenses, including compensation 1,589 1,446 Product liability — 28 Workers' compensation 10 8 Warranty reserve 286 222 Stock-based compensation 1,066 1,172 State bonus depreciation 110 150 Property, plant, and equipment ( 2,619 ) ( 2,577 ) Intangible assets 11,777 11,877 Right-of Use assets ( 7,740 ) ( 5,640 ) Right-of Use lease liabilities 7,985 5,820 Capitalized R&D 2,136 1,340 Other ( 83 ) ( 15 ) Loss and credit carryforwards 3,681 1,636 Less valuation allowance ( 19,298 ) ( 17,041 ) Net deferred tax asset/(liability) — total $ — $ — As of April 30, 2024, federal and state net operating loss, or NOL, carryforwards were $ 13.9 million and $ 7.1 million, respectively, and $ 403,000 of federal research & development tax credits. The tax-effected deferred tax assets recorded for federal and state NOL carryforwards were $ 2.9 million and $ 355,000 , respectively. Under legislation enacted in 2017, informally titled the Tax Cuts and Jobs Act, or Tax Act, federal NOLs incurred in taxable years ending after December 31, 2017, may be carried forward indefinitely. The federal research and development credits of $ 403,000 , which, if unused, will expire between April 30, 2043 and 2044 . State NOL carryforwards of $ 5.7 million, which, if unused, will expire in years April 30, 2033 through April 30, 2044 . The remaining $ 1.4 million of the state NOL carryforwards may also be carried forward indefinitely. As of April 30, 2024, we continued to maintain a full valuation allowance of $ 19.3 million against our net deferred income tax assets based on management's assessment that it was more likely than not that our deferred income tax assets will not be recovered. We will continue to evaluate the need for a valuation allowance on our deferred tax assets until there is sufficient positive evidence to support the reversal of all or some portion of these allowances. As of April 30, 2023, we maintained a full valuation allowance of $ 17.0 million against our net deferred income tax assets based on management's assessment that it was more likely than not that our deferred income tax assets will not be recovered. The income tax provisions (benefit) represent effective tax rates of 0.6 %, 2.0 %, and ( 16.8 %) for the fiscal years ended April 30, 2024, 2023, and 2022, respectively. Excluding the impact of the non-cash goodwill impairment charges and establishing the full valuation allowance against our deferred taxes, our effective tax rate for the fiscal year ended April 30, 2022 was 19.6 %. U.S. income taxes have not been provided on $ 375,000 of undistributed earnings of our foreign subsidiary since it is our intention to permanently reinvest such earnings offshore. If the earnings were distributed in the form of dividends, we would not be subject to U.S. tax as a result of the Tax Act but could be subject to foreign income and withholding taxes. Determination of the amount of this unrecognized deferred income tax liability is not practical. As of April 30, 2024 and 2023, we did no t have any gross tax-effected unrecognized tax benefits. With limited exception, we are subject to U.S. federal, state, and local, or non-U.S. income tax audits by tax authorities for fiscal years subsequent to April 30, 2020. On March 7, 2023, the Internal Revenue Service (“IRS”) initiated an examination of our Federal income tax return filed for the tax period ended April 30, 2021. On January 10, 2024, we were notified from the IRS that they had concluded their examination. As a result of their examination procedures, our tax liability was unchanged for the tax period under examination, and there was no impact to our consolidated financial statements. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Apr. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. Commitments and Contingencies Litigation From time to time, we are involved in lawsuits, claims, investigations, and proceedings, including those relating to product liability, intellectual property, commercial relationships, employment issues, and governmental matters, which arise in the ordinary course of business. For the fiscal years ended April 30, 2024, 2023, and 2022, we did not incur any material expenses in defense and administrative costs relative to product liability litigation. In addition, we did not incur any settlement fees related to product liability cases in those fiscal years. Contracts Employment Agreements — We have employment, severance, and change of control agreements with certain officers and managers. Other Agreements — We have distribution agreements with various third parties in the ordinary course of business. Leases The following summarizes our operating leases for office and/or manufacturing space: Location of Lease Expiration Date Yangjiang, China July 15, 2024 Shenzhen, China August 31, 2025 Chicopee, Massachusetts May 31, 2025 Phoenix, Arizona April 30, 2025 Columbia, Missouri November 26, 2038 Other Commitments As of April 30, 2024, we have known purchase commitments of $ 32.7 million, which represent binding commitments to purchase raw materials, contract production, and finished products that are payable upon delivery of the inventory. This obligation excludes the amount included in accounts payable at April 30, 2024 related to inventory purchases and will be payable within one year. Other obligations represent other binding commitments for the expenditure of funds, including (i) amounts related to contracts not involving the purchase of inventories, such as the noncancelable portion of service or maintenance agreements for management information systems, (ii) capital spending, and (iii) advertising. Gain Contingency In 2018, the United States imposed additional section 301 tariffs of up to 25 %, on certain goods imported from China. These additional section 301 tariffs apply to our sourced products from China and have added additional cost to us. We are utilizing the duty drawback mechanism to offset some of the direct impact of these tariffs, specifically on goods that we sold internationally. We are accounting for duty drawbacks as a gain contingency and may record any such gain from a reimbursement in future periods if and when the contingency is resolved. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Apr. 30, 2024 | |
Segment Reporting [Abstract] | |
Segment Reporting | 16. Segment Reporting We have evaluated our operations under ASC 280-10-50-1 – Segment Reporting and have concluded that we are operating as one segment based on several key factors, including the reporting and review process used by the chief operating decision maker, our Chief Executive Officer, who reviews only consolidated financial information and makes decisions to allocate resources based on those financial statements. We analyze revenue streams in various ways, including customer group, brands, product categories, and customer channels. However, this information does not include a full set of discrete financial information. In addition, although we currently sell our products under 21 distinct brands that are organized into four brand lanes and include specific product sales that have identified revenue streams, these brand lanes are focused almost entirely on product development and marketing activities and do not qualify as separate reporting units under ASC 280-10-50-1. Other sales and customer focused activities, operating activities, and administrative activities are not divided by brand lane and, therefore, expenses related to each brand lane are not accumulated or reviewed individually. Our business is evaluated based upon a number of financial and operating measures, including sales, gross profit and gross margin, operating expenses, and operating margin. Our business includes our outdoor products and accessories products as well as our electro-optics products, which we develop, source, market, assemble, and distribute from our facility in Columbia, Missouri. We report operating costs based on the activities performed. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2024 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of our company and our wholly owned subsidiaries, including AOB Products Company, or AOBPC, BTI Tools LLC, Crimson Trace Corporation, Ultimate Survival Technologies, LLC, or ust, and AOB Consulting (Shenzhen), Co., LTD. In our opinion, all adjustments, which include only normal recurring adjustments necessary to fairly present the statements of financial position and equity as of April 30, 2024 and 2023, and the statements of operations and cash flows at April 30, 2024, 2023, and 2022, have been included. All intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates In preparing our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, or GAAP, we make estimates and assumptions that affect amounts reported in our consolidated financial statements and accompanying notes. Our significant estimates include various sales adjustments for discounts, returns, allowances, and other customer incentives; provisions for excess and obsolete inventory; accruals for freight, duty, and tariff costs on international inventory purchases; valuation of goodwill and long-lived intangible assets; and realization of deferred tax assets. Actual results may differ from those estimates. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Unless otherwise indicated, the fair values of all reported assets and liabilities, which represent financial instruments not held for trading purposes, approximate the carrying values of such amounts because of their short-term nature or market rates of interest. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments purchased with original maturities of three months or less at the date of acquisition to be cash equivalents. We maintain our cash in bank deposit accounts that, at times, may exceed federally insured limits. We have not experienced any losses in such accounts. As of April 30, 2024, all of our accounts exceeded federally insured limits. |
Accounts Receivable and Allowance for Estimated Credit Losses | Accounts Receivable and Allowance for Estimated Credit Losses We record trade accounts receivable at net realizable value that include estimated allowances for trade terms, sales incentive programs, discounts, markdowns, chargebacks, and returns as discussed under Revenue Recognition below. We extend credit to our domestic customers and some foreign distributors based on their creditworthiness. We sometimes offer discounts for early payment on invoices. When we believe the extension of credit is not advisable, we rely on either a prepayment or a letter of credit. We write off balances deemed uncollectible by us against our allowance for credit loss accounts. We maintain an allowance for credit losses related to trade accounts receivable for future expected credit losses resulting from the inability or unwillingness of our customers to make required payments. We estimate our allowance for credit losses based on relevant information such as historical experience, current conditions, and future expectation and in relation to a representative pool of assets consisting of a large number of customers with similar risk characteristics and similar financial assets. We adjust the allowance as appropriate to reflect differences in current conditions as well as changes in forecasted macroeconomic conditions. In November 2020, we entered into a factoring arrangement with a financial institution specifically designed to factor trade receivables with a certain customer that has extended payment terms, which are traditional to the customer’s industry. Under this factoring arrangement, from time to time, we sell this customer’s trade receivables at a discount on a non-recourse basis. We account for these transactions as sales and cash proceeds are included in cash provided by operating activities in the statement of cash flows. During the fiscal year ended April 30, 2024, 2023, and 2022, we recorded an immaterial amount of factoring fees related to factoring transactions, which are included in other (expense)/income, net on our consolidated statements of operations. |
Inventories | Inventories We state inventories at the lower of cost or net realizable value. We determine cost on the first-in, first-out method and net of discounts or rebates received from vendors. Provisions for potential non-saleable inventory due to excess stock or obsolescence are based upon a detailed review of inventory, past history, and expected future usage. We evaluate quantities that make up our current inventory against past and future demand and market conditions to determine excess or slow-moving inventory that may be sold below cost. For each product category, we estimate the market value of the inventory comprising that category based on current and projected selling prices. If the projected market value is less than cost, we will record a provision adjustment to reflect the lower value of the inventory. This methodology recognizes projected inventory losses at the time such losses are evident rather than at the time goods are actually sold. The projected market value of the inventory may decrease because of consumer preferences or loss of key contracts, among other events. |
Property, Plant, and Equipment | Property, Plant, and Equipment We record property, plant, and equipment, consisting of leasehold improvements, machinery, equipment, hardware, furniture, and fixtures at cost and depreciate them using the straight-line method over their estimated useful lives. We recognize depreciation expense for leasehold improvements over the shorter of their estimated useful lives or the lease terms, and include them in depreciation and amortization expense. We charge expenditures for maintenance and repairs to earnings as incurred, and we capitalize additions, renewals, and betterments. Upon the retirement, or other disposition of property and equipment, we remove the related cost and accumulated depreciation from the respective accounts and include any gain or loss in operations. A summary of the estimated useful lives is as follows: Description Useful Life Machinery and equipment 2 to 10 years Computer and other equipment 2 to 7 years Leasehold improvements 10 to 20 years We include tooling, dies, furniture, and fixtures as part of machinery and equipment and depreciate them over a period generally not exceeding 10 years. |
Intangible Assets | Intangible Assets We record intangible assets at cost or based on the fair value of the assets acquired. Intangible assets consist of developed software and technology, customer relationships, trademarks, trade names, and patents. We amortize intangible assets over their estimated useful lives or in proportion to expected yearly revenue generated from the intangibles that were acquired. |
Valuation of Goodwill and Long-lived Assets | Valuation of Goodwill and Long-lived Assets As of April 30, 2024 and 2023, we had no goodwill recorded on our consolidated balance sheet. In the instance we have recorded goodwill, we test goodwill for impairment, in accordance with ASC 350, Intangibles Goodwill and Other , on an annual basis on February 1 and between annual tests if indicators of potential impairment exist. As of our valuation date in fiscal 2022, we had $ 64.3 million of goodwill. During the annual impairment review process, we performed a step one analysis to assess the recoverability of our goodwill. The step one analysis estimates the fair value of our reporting unit and compares it to the carrying value of the reporting unit, including goodwill, to assess whether impairment is present. We estimated the fair value of our operating unit using an equal weighting of the fair values derived from the income approach and the market approach because we believe a market participant would equally weight both approaches when valuing the operating unit. The income approach is based on the projected cash flows that are discounted to their present value using discount rates that consider the timing and risk of the forecasted cash flows. Fair value is estimated using internally developed forecasts and assumptions. The discount rate used is the average estimated value of a market participant’s cost of capital and debt, derived using customary market metrics. Other significant assumptions include revenue growth rates, profitability projections, and terminal value growth rates. The market approach estimates fair values based on the determination of appropriate publicly traded market comparison companies and market multiples of revenue and earnings derived from those companies with similar operating and investment characteristics as the operating unit being valued. Finally, we compare and reconcile our overall fair value to our market capitalization in order to assess the reasonableness of the calculated fair values of our operating units. We recognize an impairment loss for goodwill if the implied fair value of goodwill is less than the carrying value. We completed a step one analysis as of February 1, 2022, and concluded there were no indicators of impairment. On April 30, 2022, the decline in our stock price and market capitalization indicated a reduction of the fair value of our reporting unit. We determined this decline to be a triggering event, which indicated it was more likely than not that the fair values of these reporting units were less than the respective book values and required us to complete an additional step one analysis. Given the volatility in the financial markets, we believed a market participant would determine that the income approach would be a more prominent metric for determining the fair value of our operating unit and thus we used a 75 % weighting on the income approach and a 25 % weighting on the market approach when valuing our operating unit. As of our interim valuation date in fiscal 2022, we had $ 67.8 million of goodwill. Based on the results of the evaluation, we recorded a non-cash impairment charge of our entire $ 67.8 million goodwill balance during our fourth quarter of fiscal 2022. We have reviewed the provisions of Accounting Standards Codification, or ASC, 350-20, with respect to the criteria necessary to evaluate the number of reporting units that exist. Based on our review of ASC 350-20, we have determined that we have one operating unit. We have significant long-lived assets, which are susceptible to valuation adjustments as a result of changes in various factors or conditions. The most significant long-lived assets are property, plant, and equipment; right-of-use assets; developed technology; customer relationships; patents; trademarks; and trade names, which is our asset group. Our long-lived assets are primarily located in the United States with some tooling and equipment located in Asia. We amortize all finite-lived assets either on a straight-line basis or based upon patterns in which we expect to utilize the economic benefits of such assets. We initially determine the values of assets by a risk-adjusted, discounted cash flow approach. We assess the potential impairment of our asset group whenever events or changes in circumstances indicate that the carrying values may not be recoverable and at least annually. There was no indication of impairment of our long-lived asset group in fiscal 2024 or fiscal 2023. We evaluate the recoverability of long-lived assets on an annual basis or whenever events or changes in circumstances indicate that carrying amounts may not be recoverable in accordance with ASC 360, Property, Plant, and Equipment . When such evaluations indicate that the related future undiscounted cash flows are not sufficient to recover the carrying values of the asset group, such carrying values are reduced to fair value and this adjusted carrying value becomes the asset’s new cost basis. We determine the initial fair value of our long-lived assets, primarily using future anticipated cash flows that are directly associated with and are expected to arise as a direct result of the use and eventual disposition of the asset, or asset group, discounted using an interest rate commensurate with the risk involved. Based on the results of this evaluation, on an undiscounted cash flow basis, there was no indications of impairment of our long-lived asset group. Future adverse changes in these or other unforeseeable factors could result in an impairment charge that could materially impact future results of operations and financial position in the reporting period identified. |
Business Combinations | Business Combinations We allocate the purchase price, including any contingent consideration, of our acquisitions to the assets and liabilities acquired, including identifiable intangible assets, based on their fair values at the date of acquisition. The fair values are primarily based on third-party valuations using our own assumptions that require significant judgments and estimates. The purchase price allocated to intangibles is based on unobservable factors, including projected revenues, expenses, customer attrition rates, royalty rates, a weighted average cost of capital, among others. The weighted average cost of capital uses a market participant’s cost of equity and after-tax cost of debt and reflects the risks inherent in the cash flows. The unobservable factors we use are based upon assumptions believed to be reasonable, but are also uncertain and unpredictable. As a result, these estimates and assumptions may require adjustment in the future if actual results differ from our estimates. |
Revenue Recognition | Revenue Recognition We recognize revenue for the sale of our products at the point in time when the control of ownership has transferred to the customer. The transfer of control typically occurs at a point in time based on consideration of when the customer has (i) a payment obligation, (ii) physical possession of goods has been received, (iii) legal title to goods has passed, (iv) risks and rewards of ownership of goods has passed to the customer, and (v) the customer has accepted the goods. The timing of revenue recognition occurs either on shipment or delivery of goods based on contractual terms with the customer, as this is when transfer of control occurs and the customer accepts the product, has title and significant risks and rewards of ownership of the product, and physical possession of the product has been transferred. Revenue recorded excludes sales tax charged to retail customers as we are considered a pass-through conduit for collecting and remitting sales taxes. The duration of contractual arrangements with customers in our wholesale channels is typically less than one year. Payment terms with customers are typically between 20 and 90 days, with a discount available in certain cases for early payment. For contracts with discounted terms, we determine the transaction price 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. We have elected to treat all shipping and handling activities as fulfillment costs and recognize the costs as distribution expenses at the time we recognize the related revenue. Shipping and handling costs billed to customers are included in net sales. We sponsor direct to consumer customer loyalty programs customers earn rewards from qualifying purchases or activities. We defer revenue for a portion of the transaction price from product sales to customers that earn loyalty points. The amount of revenue we recognize reflects the expected consideration to be received for providing the goods or services to customers, which includes estimates for variable consideration. Variable consideration includes allowances for trade term discounts, volume incentives, chargebacks, and product returns. Estimates of variable consideration are determined at contract inception and are constrained to the extent that the inclusion of such variable consideration could result in a significant reversal of cumulative revenue in future periods. We apply the portfolio approach as a practical expedient and utilize the expected value method in determining estimates of variable consideration, based on evaluations of specific product and customer circumstances, historical and anticipated trends, and current economic conditions. We have co-op advertising program expense, which we record within advertising expense, in recognition of a distinct service that we receive from our customers at the retail level. Disaggregation of Revenue The following table sets forth certain information regarding trade channel net sales for the fiscal years ended April 30, 2024, 2023, and 2022 (dollars in thousands): 2024 2023 $ Change % Change 2022 e-commerce channels net sales $ 84,313 $ 87,219 $ ( 2,906 ) - 3.3 % $ 97,418 Traditional channels net sales 116,786 103,990 12,796 12.3 % 150,108 Total net sales $ 201,099 $ 191,209 $ 9,890 5.2 % $ 247,526 Our e-commerce channels include net sales from customers that do not traditionally operate a physical brick-and-mortar store, but generate the majority of their revenue from consumer purchases at their retail websites. Our e-commerce channels also include our direct-to-consumer sales. Our traditional channels include customers that operate primarily out of physical brick and mortar stores and generate the large majority of their revenue from consumer purchases at their brick-and-mortar locations. We sell our products worldwide. The following table sets forth certain information regarding geographic makeup of net sales included in the above table for the fiscal years ended April 30, 2024, 2023, and 2022 (dollars in thousands): 2024 2023 $ Change % Change 2022 Domestic net sales $ 189,027 $ 182,299 $ 6,728 3.7 % $ 234,803 International net sales 12,072 8,910 3,162 35.5 % 12,723 Total net sales $ 201,099 $ 191,209 $ 9,890 5.2 % $ 247,526 The following table sets forth the breakdown of international net sales included in the above table by region. Our international sales accounted for approximately 6 %, 5 %, and 5 % of total net sales for the fiscal years ended April 30, 2024, 2023, and 2022, respectively (dollars in thousands): 2024 2023 $ Change % Change 2022 Canada $ 5,111 $ 4,091 $ 1,020 24.9 % $ 5,207 Europe 4,337 2,936 1,401 47.7 % 4,846 All others international 2,624 1,883 741 39.4 % 2,670 Total international net sales $ 12,072 $ 8,910 $ 3,162 35.5 % $ 12,723 The following table sets forth certain information regarding net sales in our shooting sports and outdoor lifestyle categories for the fiscal years ended April 30, 2024, 2023, and 2022 (dollars in thousands): 2024 2023 $ Change % Change 2022 Shooting sports net sales $ 91,716 $ 88,885 $ 2,831 3.2 % $ 128,180 Outdoor lifestyle net sales 109,383 102,324 7,059 6.9 % 119,346 Total net sales $ 201,099 $ 191,209 $ 9,890 5.2 % $ 247,526 Our shooting sports category includes net sales of shooting accessories and our products used for personal protection. Our outdoor lifestyle category includes net sales of our products used in hunting, fishing, camping, rugged outdoor activities, and outdoor cooking. Shipping and Handling In the accompanying consolidated financial statements, we included amounts billed to customers for shipping and handling in net sales. We include costs relating to shipping and handling charges, including inbound freight charges and internal transfer costs, in cost of goods sold; however, costs incurred to distribute products to customers is included in distribution expenses. |
Cost of Goods Sold | Cost of Goods Sold Cost of goods sold for our purchased finished goods includes the purchase costs and related overhead. We source most of our purchased finished goods from manufacturers in Asia. Cost of goods sold for our manufactured goods includes all materials, labor, and overhead costs incurred in the production process. Overhead includes all costs related to manufacturing or purchasing finished goods, including costs of planning, purchasing, quality control, depreciation, freight, duties, royalties, and shrinkage. |
Research and Development | Research and Development We engage in both internal and external research and development, or R&D, in order to remain competitive and to exploit potential untapped market opportunities. We approve prospective R&D projects after analysis of the costs and benefits associated with the potential product. Costs in R&D expense include salaries, materials, utilities, and administrative costs. |
Advertising | Advertising We expense advertising costs, primarily consisting of digital, printed, or television advertisements, either as incurred or upon the first occurrence of the advertising. Advertising expense, included in selling, marketing, and distribution expenses, totaled $ 11.1 million, $ 11.9 million, and $ 13.3 million in fiscal 2024, 2023, and 2022, respectively. We have co-op advertising program expense, which we record within advertising expense, in recognition of a distinct service that we receive from our customers at the retail level. |
Warranty | Warranty We generally provide either a limited lifetime, four-year, three-year, two-year, or one-year warranty program to the original purchaser of most of our products. We will also repair or replace certain products or parts found to be defective under normal use and service with an item of equivalent value, at our option, without charge during the warranty period. We provide for estimated warranty obligations in the period in which we recognize the related revenue. We quantify and record an estimate for warranty-related costs based on our actual historical claims experience and current repair costs. We make adjustments to accruals as warranty claims data and historical experience warrant. The following table sets forth the change in accrued warranties, a portion of which is recorded as a non-current liability, in the fiscal years ended April 30, 2024, 2023, and 2022 (in thousands): April 30, 2024 April 30, 2023 April 30, 2022 Beginning balance 966 786 717 Warranties issued and adjustments to provisions 1,569 1,419 399 Warranties assumed in acquisition — — 150 Warranty claims ( 1,292 ) ( 1,239 ) ( 480 ) Ending balance 1,243 966 786 |
Leases | Leases We occasionally enter into non-cancelable operating leases for office space, distribution facilities, and equipment. Our leases for real estate have initial terms ranging from one to 18 years , generally with renewal options. Leases for equipment typically have initial terms ranging from one to 10 years . Most leases have fixed rentals, with many of the real estate leases requiring additional payments for real estate taxes and occupancy-related costs. See Note 4 – Leases for more information. |
Self-Insurance | Self-Insurance We record our liability for estimated incurred losses, related to our self-insured group health insurance program, based on historical claim data in the accompanying consolidated financial statements on an undiscounted basis. While we believe these reserves to be adequate, it is possible that the ultimate liabilities will exceed such estimates. See Note 11 - Self-Insurance Reserves for more information. |
Earnings/(Loss) Per Share | Earnings/(Loss) Per Shar e We calculate basic and diluted earnings/(loss) per share in accordance with the provisions of ASC 260-10, Earnings Per Share . Basic earnings per common share equals earnings/(loss) divided by the weighted average number of common shares outstanding during the periods presented. Diluted earnings per common share equals earnings/(loss) divided by the weighted average number of common shares outstanding during the periods presented, giving effect to all potentially dilutive stock awards that are outstanding, if their effect is dilutive. The following table sets forth the computation of our basic and diluted earnings per share attributed to common stockholders for the fiscal years ended April 30, 2024, 2023, and 2022 (in thousands, except per share amounts): For the Years Ended April 30, 2024 2023 2022 Net Per Share Net Per Share Net Per Share Loss Shares Amount Loss Shares Amount Income Shares Amount Basic loss $ ( 12,248 ) 12,967 $ ( 0.94 ) $ ( 12,024 ) 13,372 $ ( 0.90 ) $ ( 64,880 ) 13,930 $ ( 4.66 ) Effect of dilutive stock awards — — — — — — — — — Diluted loss $ ( 12,248 ) 12,967 $ ( 0.94 ) $ ( 12,024 ) 13,372 $ ( 0.90 ) $ ( 64,880 ) 13,930 $ ( 4.66 ) Due to the loss from operations for the fiscal years ended April 30, 2024, 2023, and 2022, there are no common shares added to calculate dilutive EPS because the effect would be anti-dilutive. Had there been income from operations for the fiscal years ended April 30, 2024, 2023, and 2022, all of our outstanding stock options and restricted stock units, or RSUs, further described in Note 12 - Equity , would have been included in the computation of diluted earnings per share and could potentially dilute earnings per share in the future. |
Stock-Based Compensation | Stock-Based Compensation Our stock-based compensation awards consist of stock options, performance-based restricted stock units, or PSUs, and RSUs, all of which are based on our common shares. Compensation costs for all awards expected to vest are recognized over the vesting period using the simplified method in accordance with SAB 107 and ASC 718 as we believe the simplified method is the best method to calculate our stock compensation expense. In addition, we estimate an expected forfeiture rate and only recognize expense for those shares expected to vest. The awards granted generally vest annually in three or four-year tranches, and are included in costs of goods sold; research and development; selling, marketing, and distribution; and general and administrative expenses in the consolidated statements of operations. See Note 12 – Equity for additional information. |
Income Taxes | Income Taxes We account for income taxes in accordance with ASC 740, Income Taxes (ASC 740). The provision for income taxes is based upon income reported in the accompanying consolidated financial statements as required by ASC 740-10. We determine deferred tax assets and liabilities based on temporary differences between financial reporting and tax bases in assets and liabilities and measure them by applying enacted rates and laws expected to be in place when the deferred items become subject to income tax or deductible for income tax purposes. We recognize the effect on deferred taxes and liabilities of a change in tax rates in the period that includes the enactment date. In assessing the realization of our deferred income tax assets, we consider whether it is more likely than not that the deferred income tax assets will be realized. The ultimate realization of our deferred income tax assets depends upon generating future taxable income during the periods in which our temporary differences become deductible and before our net operating loss carryforwards expire. We periodically evaluate the recoverability of our deferred income tax assets by assessing the need for a valuation allowance. If we determine that it is more likely than not that our deferred income tax assets will not be recovered, we establish a valuation allowance against some or all of our deferred income tax assets. Recording a valuation allowance could have a significant effect on our future results of operations and financial position. We determine unrecognized income tax benefits in accordance with ASC 740 on the basis of a two-step process in which first we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and second for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. Accrued income taxes in the consolidated balance sheet includes unrecognized income tax benefits along with related interest and penalties, appropriately classified as current or noncurrent. We recognize interest and penalties related to unrecognized tax benefits as interest income/(expense) and other income/(expense), respectively, in the accompanying consolidated statement of operations. All deferred tax assets and liabilities are classified as noncurrent in the consolidated balance sheet. We periodically assess whether it is more likely than not that we will generate sufficient taxable income to realize our deferred income tax assets. The ultimate realization of net deferred tax assets is dependent on the generation of future taxable income during the periods in which those temporary differences become deductible. We establish valuation allowances if it is more likely than not that we will be unable to realize our deferred income tax assets. In making this determination, we consider available positive and negative evidence and make certain assumptions. We consider, among other things, projected future taxable income, scheduled reversals of deferred tax liabilities, the overall business environment, our historical financial results, and tax planning strategies. Significant judgment is required in this analysis. We determined in fiscal 2022 that it is more likely than not that the benefit from the Company’s net deferred tax assets will not be realized and accordingly we established a full valuation allowance recorded as an increase to income tax expense. This assessment of the realizability of our net deferred tax assets remains unchanged for the current fiscal year. Our assessment involved estimates and assumptions about matters that are inherently uncertain, and unanticipated events or circumstances could cause actual results to differ from these estimates. Estimates may change as new events occur, estimates of future taxable income may increase during the expected reversal period of our deferred tax assets, or additional information becomes available. Should we change our estimate of the amount of deferred tax assets that we would be able to realize, a full or partial reversal of the valuation allowance could occur resulting in a decrease to the provision for income taxes in the period such a change in estimate is made. We will continue to assess the adequacy of the valuation allowance on a quarterly basis. |
Concentrations of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject us to concentration of credit risk consist primarily of cash, cash equivalents, and trade receivables. We place our cash and cash equivalents in overnight U.S. government securities. Concentrations of credit risk with respect to trade receivables are limited by the large number of customers comprising our customer base and their geographic and business dispersion. We perform ongoing credit evaluations of our customers’ financial condition and generally do not require collateral. For the fiscal year ended April 30, 2024, 2023, and 2022, respectively, one of our customers accounted for more than 10% of our net sales, accounting for $ 44.3 million, or 22.1 %, $ 48.4 million, or 25.4 %, and $ 68.7 million, or 27.8 %, of our fiscal 2024, 2023, and 2022 net sales, respectively. As of April 30, 2024 and 2023, respectively, that same customer exceeded 10% or more of our accounts receivable, accounting for $ 7.0 million, or 27.3 %, and $ 10.4 million, or 39.2 %, of our fiscal 2024 and 2023 accounts receivable, respectively. We are not aware of any issues with respect to relationships with any of our top customers. We source a majority of our purchased finished goods from Asia. As of April 30, 2024, we had two inventory suppliers that exceeded 10% or more of our total inventory purchases. As of April 30, 2023, we had one inventory supplier that exceeded 10% or more of our total inventory purchases. We have alternative options at our discretion that would mitigate a concentration risk in the future related to our inventory suppliers. |
Legal and Other Contingencies | Legal and Other Contingencies We periodically assess liabilities and contingencies in connection with legal proceedings and other claims that may arise from time to time. When we believe it is probable that a loss has been or will be incurred, we record an estimate of the loss in the consolidated financial statements. We adjust estimates of losses when additional information becomes available or circumstances change. We disclose a contingent liability when we believe there is at least a reasonable possibility that a material loss may have been incurred. We record legal fees as incurred. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which improves the transparency of income tax disclosures by requiring companies to (1) disclose consistent categories and greater disaggregation of information in the effective rate reconciliation and (2) provide information on income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, although early adoption is permitted. The guidance should be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of adopting this ASU 2023-09 on our consolidated financial statements and disclosures. In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." This ASU improves financial reporting by requiring disclosure of incremental segment information. The new guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of adopting this ASU 2023-07 on our consolidated financial statements and disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Estimated Useful Lives | A summary of the estimated useful lives is as follows: Description Useful Life Machinery and equipment 2 to 10 years Computer and other equipment 2 to 7 years Leasehold improvements 10 to 20 years |
Schedule of Trade Channel Net Sales | The following table sets forth certain information regarding trade channel net sales for the fiscal years ended April 30, 2024, 2023, and 2022 (dollars in thousands): 2024 2023 $ Change % Change 2022 e-commerce channels net sales $ 84,313 $ 87,219 $ ( 2,906 ) - 3.3 % $ 97,418 Traditional channels net sales 116,786 103,990 12,796 12.3 % 150,108 Total net sales $ 201,099 $ 191,209 $ 9,890 5.2 % $ 247,526 |
Schedule of Geographic Makeup of Net Sales and Breakdown of International Net Sales by Region | The following table sets forth certain information regarding geographic makeup of net sales included in the above table for the fiscal years ended April 30, 2024, 2023, and 2022 (dollars in thousands): 2024 2023 $ Change % Change 2022 Domestic net sales $ 189,027 $ 182,299 $ 6,728 3.7 % $ 234,803 International net sales 12,072 8,910 3,162 35.5 % 12,723 Total net sales $ 201,099 $ 191,209 $ 9,890 5.2 % $ 247,526 The following table sets forth the breakdown of international net sales included in the above table by region. Our international sales accounted for approximately 6 %, 5 %, and 5 % of total net sales for the fiscal years ended April 30, 2024, 2023, and 2022, respectively (dollars in thousands): 2024 2023 $ Change % Change 2022 Canada $ 5,111 $ 4,091 $ 1,020 24.9 % $ 5,207 Europe 4,337 2,936 1,401 47.7 % 4,846 All others international 2,624 1,883 741 39.4 % 2,670 Total international net sales $ 12,072 $ 8,910 $ 3,162 35.5 % $ 12,723 |
Schedule of Net Sales in Product Categories | The following table sets forth certain information regarding net sales in our shooting sports and outdoor lifestyle categories for the fiscal years ended April 30, 2024, 2023, and 2022 (dollars in thousands): 2024 2023 $ Change % Change 2022 Shooting sports net sales $ 91,716 $ 88,885 $ 2,831 3.2 % $ 128,180 Outdoor lifestyle net sales 109,383 102,324 7,059 6.9 % 119,346 Total net sales $ 201,099 $ 191,209 $ 9,890 5.2 % $ 247,526 |
Change in Accrued Warranties Recorded as Non-Current Liability | The following table sets forth the change in accrued warranties, a portion of which is recorded as a non-current liability, in the fiscal years ended April 30, 2024, 2023, and 2022 (in thousands): April 30, 2024 April 30, 2023 April 30, 2022 Beginning balance 966 786 717 Warranties issued and adjustments to provisions 1,569 1,419 399 Warranties assumed in acquisition — — 150 Warranty claims ( 1,292 ) ( 1,239 ) ( 480 ) Ending balance 1,243 966 786 |
Computation of Basic and Diluted Earnings per Share Attributed to Common Stockholders | The following table sets forth the computation of our basic and diluted earnings per share attributed to common stockholders for the fiscal years ended April 30, 2024, 2023, and 2022 (in thousands, except per share amounts): For the Years Ended April 30, 2024 2023 2022 Net Per Share Net Per Share Net Per Share Loss Shares Amount Loss Shares Amount Income Shares Amount Basic loss $ ( 12,248 ) 12,967 $ ( 0.94 ) $ ( 12,024 ) 13,372 $ ( 0.90 ) $ ( 64,880 ) 13,930 $ ( 4.66 ) Effect of dilutive stock awards — — — — — — — — — Diluted loss $ ( 12,248 ) 12,967 $ ( 0.94 ) $ ( 12,024 ) 13,372 $ ( 0.90 ) $ ( 64,880 ) 13,930 $ ( 4.66 ) |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Apr. 30, 2024 | |
Business Combinations [Abstract] | |
Schedule of Unaudited Pro Forma Results of Operations Assumed | Additionally, the following table reflects the unaudited pro forma results of operations assuming that the Grilla Grills acquisition had occurred on May 1, 2021 (in thousands, except per share data): For the Year Ended Net sales $ 259,647 Loss from operations ( 56,586 ) Net loss per share - diluted ( 4.66 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Apr. 30, 2024 | |
Leases [Abstract] | |
Schedule of Assets and Liabilities Related to Operating Leases | The amounts of assets and liabilities related to our operating leases as of April 30, 2024 and 2023 are as follows (in thousands): April 30, 2024 April 30, 2023 Operating Leases Right-of-use assets $ 37,540 $ 26,999 Accumulated amortization ( 3,976 ) ( 2,801 ) Right-of-use assets, net $ 33,564 $ 24,198 Lease liabilities, current portion $ 1,331 $ 904 Lease liabilities, net of current portion 33,289 24,064 Total operating lease liabilities $ 34,620 $ 24,968 |
Schedule of Future Lease Payments for Operating Leases | Future lease payments for all our operating leases as of April 30, 2024, and for succeeding fiscal years, are as follows (in thousands): Operating 2025 $ 3,372 2026 3,270 2027 3,299 2028 3,348 Thereafter 39,322 Total future lease payments 52,611 Less amounts representing interest ( 17,991 ) Present value of lease payments 34,620 Less current maturities of lease liabilities ( 1,331 ) Long-term maturities of lease liabilities $ 33,289 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Apr. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | The following table sets forth a summary of inventories stated at lower of cost or net realizable value, as of April 30, 2024 and 2023 (in thousands): April 30, 2024 April 30, 2023 Finished goods $ 83,879 $ 90,906 Finished parts 2,402 2,818 Work in process 75 66 Raw material 6,959 5,944 Total inventories $ 93,315 $ 99,734 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Apr. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant, and Equipment | The following table summarizes property, plant, and equipment as of April 30, 2024 and 2023 (in thousands): April 30, 2024 April 30, 2023 Machinery and equipment $ 20,852 $ 17,678 Computer and other equipment 1,988 1,865 Leasehold improvements 762 316 23,602 19,859 Less: Accumulated depreciation and amortization ( 13,599 ) ( 11,229 ) 10,003 8,630 Construction in progress 1,035 858 Total property, plant, and equipment, net $ 11,038 $ 9,488 |
Summary of Depreciation and Amortization Expense | The following table summarizes depreciation and amortization expense, which includes amortization of intangibles, by line item for the fiscal years ended April 30, 2024, 2023, and 2022 (in thousands): For the Years Ended April 30, 2024 2023 2022 Cost of sales $ 1,313 $ 1,429 $ 1,299 Research and development 615 415 203 Selling, marketing, and distribution 836 362 510 General and administrative (a) 13,337 14,305 14,955 Total depreciation and amortization $ 16,101 $ 16,511 $ 16,967 (a) General and administrative expenses included $ 12.8 million, $ 13.6 million, a nd $ 14.4 million of amortization for the fiscal years ended April 30, 2024, 2023, and 2022, respectively, which were recorded as a result of our acquisitions. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Apr. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | The following table summarizes intangible assets as of April 30, 2024 and 2023 (in thousands): April 30, 2024 April 30, 2023 Gross Gross Carrying Accumulated Net Carrying Carrying Accumulated Net Carrying Amount Amortization Amount Amount Amortization Amount Customer relationships $ 89,980 $ ( 78,877 ) $ 11,103 $ 89,980 $ ( 74,035 ) $ 15,945 Developed software and technology 27,762 ( 20,250 ) 7,512 31,022 ( 21,978 ) 9,044 Patents, trademarks, and trade names 69,497 ( 50,046 ) 19,451 68,943 ( 44,042 ) 24,901 187,239 ( 149,173 ) 38,066 189,945 ( 140,055 ) 49,890 Patents and software in development 1,721 — 1,721 1,701 — 1,701 Total definite-lived intangible assets 188,960 ( 149,173 ) 39,787 191,646 ( 140,055 ) 51,591 Indefinite-lived intangible assets 430 — 430 430 — 430 Total intangible assets $ 189,390 $ ( 149,173 ) $ 40,217 $ 192,076 $ ( 140,055 ) $ 52,021 |
Schedule of Future Expected Amortization Expense | The following table represents future expected amortization expense as of April 30, 2024 (in thousands): Fiscal Amount 2025 $ 9,670 2026 8,321 2027 5,916 2028 4,497 2029 2,936 Thereafter 6,726 Total $ 38,066 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Apr. 30, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | The following table sets forth other accrued expenses as of April 30, 2024 and 2023 (in thousands): April 30, 2024 April 30, 2023 Accrued freight $ 2,829 $ 1,962 Accrued sales allowances 1,891 2,453 Accrued warranty 1,243 966 Accrued commissions 1,191 1,072 Accrued professional fees 1,049 1,106 Accrued employee benefits 499 568 Accrued taxes other than income 321 346 Accrued other 664 268 Total accrued expenses $ 9,687 $ 8,741 |
Self-Insurance Reserves (Tables
Self-Insurance Reserves (Tables) | 12 Months Ended |
Apr. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Activity Related to Self-Insurance Reserves | The following table summarizes the activity related to self-insurance reserves in the fiscal years ended April 30, 2024 and 2023 (in thousands): For the years ended April 30, 2024 2023 Beginning balance $ 396 $ 29 Additional provisions charged to expense 2,525 2,094 Payments ( 2,562 ) ( 1,727 ) Ending balance $ 359 $ 396 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Apr. 30, 2024 | |
Share Based Payment Award Performance Shares Valuation Assumptions | We incorporate the following variables into the valuation model: For the years ended April 30, 2024 2023 2022 Grant date fair market value American Outdoor Brands, Inc. $ 8.79 $ 12.70 $ 26.44 Russell 2000 Index $ 1,769.21 $ 1,882.91 $ 2,277.45 Volatility (a) American Outdoor Brands, Inc. 45.53 % 49.04 % 47.78 % Russell 2000 Index 27.08 % 31.75 % 30.69 % Correlation coefficient (b) 0.48 0.50 0.46 Risk-free interest rate (c) 3.81 % 2.91 % 0.33 % Dividend yield (d) 0 % 0 % 0 % (a) Expected volatility is calculated based on a peer group over the most recent period that represents the remaining term of the performance period as of the valuation date, or three years . (b) The correlation coefficient utilizes the same historical price data used to develop the volatility assumptions. (c) The risk-free interest rate is based on the yield of a zero-coupon U.S. Treasury bill, commensurate with the three-year performance period. (d) We do not expect to pay dividends in the foreseeable future. |
Summary of Assumptions Used In Valuing ESPP Purchase Under ESPP | The following assumptions were used in valuing ESPP purchases under our ESPP during the years ended April 30, 2024, 2023, and 2022: For the years ended April 30, 2024 2023 2022 Risk-free interest rate 5.46 % - 5.53 % 3.97 % - 4.01 % 0.05 % - 0.09 % Expected term 6 months - 12 months 6 months - 12 months 6 months - 12 months Expected volatility 43.2 % - 48.9 % 51.9 % - 58.4 % 54.7 % - 56.7 % Dividend yield 0 % 0 % 0 % |
RSUs and PSUs | 2020 Incentive Compensation Plan | |
Summary of Activity for Unvested RSUs and PSUs | A summary of activity for unvested RSUs and PSUs under our 2020 Incentive Compensation Plan for the fiscal years ended April 30, 2024, 2023, and 2022 is as follows: For the years ended April 30, 2024 2023 2022 Weighted Weighted Weighted Total # of Average Total # of Average Total # of Average Restricted Grant Date Restricted Grant Date Restricted Grant Date Stock Units Fair Value Stock Units Fair Value Stock Units Fair Value RSUs and PSUs outstanding, beginning of period 560,579 $ 13.36 349,774 $ 15.93 427,519 $ 11.67 Awarded 396,098 8.69 371,153 10.68 114,860 26.92 Vested ( 212,636 ) 11.31 ( 145,958 ) 12.62 ( 127,111 ) 11.57 Forfeited ( 119,948 ) 12.46 ( 14,390 ) 14.20 ( 65,494 ) 15.86 RSUs and PSUs outstanding, end of period 624,093 $ 11.27 560,579 $ 13.36 349,774 $ 15.93 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Expense/(Benefit) from Continuing Operations | Income tax expense/(benefit) from operations consists of the following (in thousands): For the Years Ended April 30, 2024 2023 2022 Current: Federal $ 5 $ ( 126 ) $ 2,356 State ( 79 ) ( 123 ) 302 Foreign 4 — 3 Total current ( 70 ) ( 249 ) 2,661 Deferred: Deferred federal — — 5,958 Deferred state — — 725 Total deferred — — 6,683 Total income tax (benefit)/expense $ ( 70 ) $ ( 249 ) $ 9,344 |
Summary of Reconciliation of Provision for Income Taxes from Continuing Operations | The following table presents a reconciliation of the provision for income taxes from operations at statutory rates to the provision (benefit) in the consolidated financial statements (in thousands): For the Years Ended April 30, 2024 2023 2022 Federal income taxes expected at the statutory rate (a) $ ( 2,587 ) $ ( 2,577 ) $ ( 11,663 ) State income taxes, less federal income tax benefit ( 132 ) ( 303 ) ( 633 ) Stock compensation 436 96 ( 276 ) Research and development tax credit ( 203 ) ( 200 ) ( 291 ) Goodwill impairment — — 7,633 Change in deferred tax valuation allowance 2,257 2,600 14,200 Other 159 135 374 Total income tax (benefit)/expense $ ( 70 ) $ ( 249 ) $ 9,344 (a) We had a federal statutory rate of 21 % in fiscal 2024, 2023, and 2022. |
Summary of Deferred Tax Assets (Liabilities) Related to Temporary Differences | Deferred tax assets (liabilities) related to temporary differences are the following (in thousands): April 30, 2024 April 30, 2023 Non-current tax assets (liabilities): Inventories $ 1,100 $ 1,574 Accrued expenses, including compensation 1,589 1,446 Product liability — 28 Workers' compensation 10 8 Warranty reserve 286 222 Stock-based compensation 1,066 1,172 State bonus depreciation 110 150 Property, plant, and equipment ( 2,619 ) ( 2,577 ) Intangible assets 11,777 11,877 Right-of Use assets ( 7,740 ) ( 5,640 ) Right-of Use lease liabilities 7,985 5,820 Capitalized R&D 2,136 1,340 Other ( 83 ) ( 15 ) Loss and credit carryforwards 3,681 1,636 Less valuation allowance ( 19,298 ) ( 17,041 ) Net deferred tax asset/(liability) — total $ — $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Apr. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Operating Leases Expiration Date for Office and/or Manufacturing Space | The following summarizes our operating leases for office and/or manufacturing space: Location of Lease Expiration Date Yangjiang, China July 15, 2024 Shenzhen, China August 31, 2025 Chicopee, Massachusetts May 31, 2025 Phoenix, Arizona April 30, 2025 Columbia, Missouri November 26, 2038 |
Organization - Additional Infor
Organization - Additional Information (Details) | 12 Months Ended |
Apr. 30, 2024 BrandLane | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of brand lanes | 4 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | 12 Months Ended | |||
Apr. 30, 2022 USD ($) | Apr. 30, 2024 USD ($) Segment Customer Supplier shares | Apr. 30, 2023 USD ($) Customer Supplier shares | Apr. 30, 2022 USD ($) Customer shares | Feb. 01, 2022 USD ($) | |
Product Information [Line Items] | |||||
Maximum maturity period of all highly liquid investments to be considered cash equivalents | 3 months | ||||
Goodwill | $ 0 | $ 0 | $ 64,300,000 | ||
Goodwill impairment | $ 67,800,000 | $ 67,849,000 | |||
Weighting percentage on income approach | 75% | ||||
Weighting percentage on market approach | 25% | ||||
Number of operating unit | Segment | 1 | ||||
Number of common shares added to calculate dilutive EPS because effect would be anti-dilutive | shares | 0 | 0 | 0 | ||
Net sales | $ 201,099,000 | $ 191,209,000 | $ 247,526,000 | ||
Accounts receivable | 25,728,000 | 26,846,000 | |||
International Net Sales | |||||
Product Information [Line Items] | |||||
Net sales | $ 12,072,000 | $ 8,910,000 | 12,723,000 | ||
Interim Valuation | |||||
Product Information [Line Items] | |||||
Goodwill | $ 67,800,000 | $ 67,800,000 | |||
Sales Revenue Net | Customer Concentration Risk | |||||
Product Information [Line Items] | |||||
Number of customer | Customer | 1 | 1 | 1 | ||
Sales Revenue Net | Customer Concentration Risk | International Net Sales | |||||
Product Information [Line Items] | |||||
Concentration risk, percentage | 6% | 5% | 5% | ||
Sales Revenue Net | Customer Concentration Risk | Customer One | |||||
Product Information [Line Items] | |||||
Net sales | $ 44,300,000 | $ 48,400,000 | $ 68,700,000 | ||
Concentration risk, percentage | 22.10% | 25.40% | 27.80% | ||
Accounts Receivable | Credit Concentration Risk | Customer One | |||||
Product Information [Line Items] | |||||
Concentration risk, percentage | 27.30% | 39.20% | |||
Accounts receivable | $ 7,000,000 | $ 10,400,000 | |||
Cost of Sales | Supplier Concentration Risk | |||||
Product Information [Line Items] | |||||
Number of suppliers | Supplier | 2 | 1 | |||
Selling, Marketing, and Distribution Expenses | |||||
Product Information [Line Items] | |||||
Advertising expense | $ 11,100,000 | $ 11,900,000 | $ 13,300,000 | ||
Maximum | |||||
Product Information [Line Items] | |||||
Product shipment days | 90 days | ||||
Vesting period | 4 years | ||||
Maximum | Real Estate Leases | |||||
Product Information [Line Items] | |||||
Leases initial terms | 18 years | ||||
Maximum | Equipment Leases | |||||
Product Information [Line Items] | |||||
Leases initial terms | 10 years | ||||
Minimum | |||||
Product Information [Line Items] | |||||
Product shipment days | 20 days | ||||
Vesting period | 3 years | ||||
Large amount of tax benefit realized percentage upon ultimate settlement with related tax authority | 50% | ||||
Minimum | Real Estate Leases | |||||
Product Information [Line Items] | |||||
Leases initial terms | 1 year | ||||
Minimum | Equipment Leases | |||||
Product Information [Line Items] | |||||
Leases initial terms | 1 year | ||||
Other Capitalized Property Plant and Equipment | Maximum | |||||
Product Information [Line Items] | |||||
Estimated useful life | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives (Details) | Apr. 30, 2024 |
Machinery and Equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 2 years |
Machinery and Equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 10 years |
Computer and Other Equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 2 years |
Computer and Other Equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 7 years |
Leasehold Improvements | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 10 years |
Leasehold Improvements | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 20 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Trade Channel Net Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Disaggregation Of Revenue [Line Items] | |||
Total net sales | $ 201,099 | $ 191,209 | $ 247,526 |
Change in Total net sales | $ 9,890 | ||
% Change in Total net sales | 5.20% | ||
E Commerce Channels Net Sales | |||
Disaggregation Of Revenue [Line Items] | |||
Total net sales | $ 84,313 | 87,219 | 97,418 |
Change in Total net sales | $ (2,906) | ||
% Change in Total net sales | (3.30%) | ||
Traditional Channels Net Sales | |||
Disaggregation Of Revenue [Line Items] | |||
Total net sales | $ 116,786 | $ 103,990 | $ 150,108 |
Change in Total net sales | $ 12,796 | ||
% Change in Total net sales | 12.30% |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Geographic Makeup of Net Sales and Breakdown of International Net Sales by Region (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Disaggregation Of Revenue [Line Items] | |||
Total net sales | $ 201,099 | $ 191,209 | $ 247,526 |
Change in Total net sales | $ 9,890 | ||
% Change in Total net sales | 5.20% | ||
Domestic Net Sales | |||
Disaggregation Of Revenue [Line Items] | |||
Total net sales | $ 189,027 | 182,299 | 234,803 |
Change in Total net sales | $ 6,728 | ||
% Change in Total net sales | 3.70% | ||
International Net Sales | |||
Disaggregation Of Revenue [Line Items] | |||
Total net sales | $ 12,072 | 8,910 | 12,723 |
Change in Total net sales | $ 3,162 | ||
% Change in Total net sales | 35.50% | ||
Canada | |||
Disaggregation Of Revenue [Line Items] | |||
Total net sales | $ 5,111 | 4,091 | 5,207 |
Change in Total net sales | $ 1,020 | ||
% Change in Total net sales | 24.90% | ||
Europe | |||
Disaggregation Of Revenue [Line Items] | |||
Total net sales | $ 4,337 | 2,936 | 4,846 |
Change in Total net sales | $ 1,401 | ||
% Change in Total net sales | 47.70% | ||
All Others International | |||
Disaggregation Of Revenue [Line Items] | |||
Total net sales | $ 2,624 | $ 1,883 | $ 2,670 |
Change in Total net sales | $ 741 | ||
% Change in Total net sales | 39.40% |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule of Net Sales in Product Categories (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Disaggregation of Revenue [Line Items] | |||
Total net sales | $ 201,099 | $ 191,209 | $ 247,526 |
Change in Total net sales | $ 9,890 | ||
% Change in Total net sales | 5.20% | ||
Shooting Sports Net Sales | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | $ 91,716 | 88,885 | 128,180 |
Change in Total net sales | $ 2,831 | ||
% Change in Total net sales | 3.20% | ||
Outdoor Lifestyle Net Sales | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | $ 109,383 | $ 102,324 | $ 119,346 |
Change in Total net sales | $ 7,059 | ||
% Change in Total net sales | 6.90% |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Change in Accrued Warranties Recorded as Non-Current Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Accounting Policies [Abstract] | |||
Beginning balance | $ 966 | $ 786 | $ 717 |
Warranties issued and adjustments to provisions | 1,569 | 1,419 | 399 |
Warranties assumed in acquisition | 150 | ||
Warranty claims | (1,292) | (1,239) | (480) |
Ending balance | $ 1,243 | $ 966 | $ 786 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Computation of Basic and Diluted Earnings per Share Attributed to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Earnings Per Share [Abstract] | |||
Basic loss | $ (12,248) | $ (12,024) | $ (64,880) |
Diluted loss | $ (12,248) | $ (12,024) | $ (64,880) |
Basic loss, Shares | 12,967 | 13,372 | 13,930 |
Diluted loss, Shares | 12,967 | 13,372 | 13,930 |
Basic loss, Per Share Amount | $ (0.94) | $ (0.9) | $ (4.66) |
Diluted loss, Per Share Amount | $ (0.94) | $ (0.9) | $ (4.66) |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2022 | Apr. 30, 2023 | |
Business Acquisition [Line Items] | |||
Weighted average life of intangible asset acquired | 5 years | ||
Revolving Line of Credit | |||
Business Acquisition [Line Items] | |||
Revolving line of credit | $ 0 | $ 5,000 | |
Grilla Grills Acquisition | |||
Business Acquisition [Line Items] | |||
Payments for assets acquired | $ 27,000 | ||
Grilla Grills Acquisition | Revolving Line of Credit | |||
Business Acquisition [Line Items] | |||
Revolving line of credit | 25,000 | ||
Grilla Grills Acquisition | Tradenames | |||
Business Acquisition [Line Items] | |||
Fair market value of assets acquired | $ 18,500 | ||
Weighted average life of intangible asset acquired | 6 years 6 months |
Acquisitions - Schedule of Unau
Acquisitions - Schedule of Unaudited Pro Forma Results of Operations Assumed (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Apr. 30, 2022 USD ($) $ / shares | |
Business Combinations [Abstract] | |
Net sales | $ 259,647 |
Loss from operations | $ (56,586) |
Net loss per share - diluted | $ / shares | $ (4.66) |
Leases - Schedule of Assets and
Leases - Schedule of Assets and Liabilities Related to Operating Leases (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Apr. 30, 2023 |
Operating Leases | ||
Right-of-use assets | $ 37,540 | $ 26,999 |
Accumulated amortization | (3,976) | (2,801) |
Right-of-use assets, net | 33,564 | 24,198 |
Lease liabilities, current portion | 1,331 | 904 |
Lease liabilities, net of current portion | 33,289 | 24,064 |
Total operating lease liabilities | $ 34,620 | $ 24,968 |
Leases - Additional Information
Leases - Additional Information (Details) | 12 Months Ended | |||
Jan. 01, 2024 ft² | Apr. 30, 2024 USD ($) | Apr. 30, 2023 USD ($) | Apr. 30, 2022 USD ($) | |
Lessee Lease Description [Line Items] | ||||
Operating lease cost | $ 3,600,000 | $ 4,000,000 | $ 3,900,000 | |
Short-term operating lease costs | $ 22,000 | $ 132,000 | $ 218,000 | |
Operating lease, weighted average lease term | 14 years 7 months 6 days | 15 years 7 months 6 days | ||
Operating lease, weighted average discount rate | 6% | 5.40% | ||
Operating right-of-use lease asset | $ 33,564,000 | $ 24,198,000 | ||
Operating lease, liability | $ 34,620,000 | 24,968,000 | ||
Description of lease | During the fiscal year ended April 30, 2024, we entered an Assignment Agreement to assign us the rights to the entire building and surrounding property at our corporate office and warehouse facility in Columbia, Missouri. The assignment was effective on January 1, 2024. | |||
Cash paid for amounts included in measurement of liabilities and operating cash flows | $ 1,000,000 | 1,900,000 | ||
Building | ||||
Lessee Lease Description [Line Items] | ||||
Operating right-of-use lease asset | 10,600,000 | 1,900,000 | ||
Operating lease, liability | $ 10,600,000 | $ 1,900,000 | ||
Number of square feet | ft² | 632,000 | |||
Sublease, number of square feet | ft² | 361,000 | |||
Additional number of Square feet | ft² | 491,000 | |||
Lease expiration date | Nov. 26, 2038 | |||
Option to extend lease | does not provide for an extension of the term of the lease |
Leases - Schedule of Future Lea
Leases - Schedule of Future Lease Payments for Operating Leases (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Apr. 30, 2023 |
Operating | ||
2025 | $ 3,372 | |
2026 | 3,270 | |
2027 | 3,299 | |
2028 | 3,348 | |
Thereafter | 39,322 | |
Total future lease payments | 52,611 | |
Less amounts representing interest | (17,991) | |
Total operating lease liabilities | 34,620 | $ 24,968 |
Less current maturities of lease liabilities | (1,331) | (904) |
Long-term maturities of lease liabilities | $ 33,289 | $ 24,064 |
Inventory - Summary of Inventor
Inventory - Summary of Inventories (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Apr. 30, 2023 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 83,879 | $ 90,906 |
Finished parts | 2,402 | 2,818 |
Work in process | 75 | 66 |
Raw material | 6,959 | 5,944 |
Total inventories | $ 93,315 | $ 99,734 |
Inventory - Additional Informat
Inventory - Additional Information (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Apr. 30, 2023 |
Inventory [Line Items] | ||
Prepaid expenses and other current assets | $ 6,410 | $ 7,839 |
Asia | ||
Inventory [Line Items] | ||
Prepaid expenses and other current assets | $ 4,300 | $ 4,300 |
Maximum | Asia | ||
Inventory [Line Items] | ||
Percentage of inventory deposits | 100% | |
Minimum | Asia | ||
Inventory [Line Items] | ||
Percentage of inventory deposits | 30% |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment - Summary of Property, Plant, and Equipment (Detail) - USD ($) $ in Thousands | Apr. 30, 2024 | Apr. 30, 2023 |
Property, Plant and Equipment [Abstract] | ||
Machinery and equipment | $ 20,852 | $ 17,678 |
Computer and other equipment | 1,988 | 1,865 |
Leasehold improvements | 762 | 316 |
Property plant and equipment gross | 23,602 | 19,859 |
Less: Accumulated depreciation and amortization | (13,599) | (11,229) |
Property plant and equipment before construction in progress | 10,003 | 8,630 |
Construction in progress | 1,035 | 858 |
Total property, plant, and equipment, net | $ 11,038 | $ 9,488 |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 3 | $ 2.7 | $ 2.3 |
Property, Plant, and Equipmen_4
Property, Plant, and Equipment - Summary of Depreciation and Amortization Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | ||
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization | $ 16,101 | $ 16,511 | $ 16,967 | |
Cost of Sales | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization | 1,313 | 1,429 | 1,299 | |
Research and Development | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization | 615 | 415 | 203 | |
Selling, Marketing, and Distribution Expenses | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization | 836 | 362 | 510 | |
General and Administrative | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization | [1] | $ 13,337 | $ 14,305 | $ 14,955 |
[1] General and administrative expenses included $ 12.8 million, $ 13.6 million, a nd $ 14.4 million of amortization for the fiscal years ended April 30, 2024, 2023, and 2022, respectively, which were recorded as a result of our acquisitions. |
Property, Plant, and Equipmen_5
Property, Plant, and Equipment - Summary of Depreciation and Amortization Expense (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Property, Plant and Equipment [Line Items] | |||
Amortization expenses recorded as a result of acquisition | $ 13.1 | $ 13.7 | $ 14.5 |
General and Administrative | |||
Property, Plant and Equipment [Line Items] | |||
Amortization expenses recorded as a result of acquisition | $ 12.8 | $ 13.6 | $ 14.4 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Apr. 30, 2023 |
Intangible Assets Excluding Goodwill [Line Items] | ||
Total definite-lived intangible assets, Gross Carrying Amount | $ 188,960 | $ 191,646 |
Total definite-lived intangible assets, Accumulated Amortization | (149,173) | (140,055) |
Total | 39,787 | 51,591 |
Indefinite-lived intangible assets, Net Carrying Amount | 430 | 430 |
Total Intangible assets, Gross Carrying Amount | 189,390 | 192,076 |
Total Intangible assets, Net Carrying Amount | 40,217 | 52,021 |
Customer Relationships | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Total definite-lived intangible assets, Gross Carrying Amount | 89,980 | 89,980 |
Total definite-lived intangible assets, Accumulated Amortization | (78,877) | (74,035) |
Total | 11,103 | 15,945 |
Developed Software and Technology | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Total definite-lived intangible assets, Gross Carrying Amount | 27,762 | 31,022 |
Total definite-lived intangible assets, Accumulated Amortization | (20,250) | (21,978) |
Total | 7,512 | 9,044 |
Patents, Trademarks, and Trade Names | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Total definite-lived intangible assets, Gross Carrying Amount | 69,497 | 68,943 |
Total definite-lived intangible assets, Accumulated Amortization | (50,046) | (44,042) |
Total | 19,451 | 24,901 |
Definite-lived Intangible Assets Excluding Patents and Software in Development | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Total definite-lived intangible assets, Gross Carrying Amount | 187,239 | 189,945 |
Total definite-lived intangible assets, Accumulated Amortization | (149,173) | (140,055) |
Total | 38,066 | 49,890 |
Patents and Software in Development | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Total definite-lived intangible assets, Gross Carrying Amount | 1,721 | 1,701 |
Total | $ 1,721 | $ 1,701 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | Feb. 01, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense of intangible assets | $ 13,100,000 | $ 13,700,000 | $ 14,500,000 | |
Weighted-average period for amortization of intangible assets | 5 years | |||
Impairment charges for long-lived intangible assets | $ 0 | 0 | $ 0 | |
Goodwill | $ 0 | $ 0 | $ 64,300,000 | |
Customer Relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Weighted-average period for amortization of intangible assets | 5 years | |||
Developed Software and 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 | 6 years |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Schedule of Future Expected Amortization Expense (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Apr. 30, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 39,787 | $ 51,591 |
Definite-lived Intangible Assets Excluding Patents in Progress | ||
Finite-Lived Intangible Assets [Line Items] | ||
2025 | 9,670 | |
2026 | 8,321 | |
2027 | 5,916 | |
2028 | 4,497 | |
2029 | 2,936 | |
Thereafter | 6,726 | |
Total | $ 38,066 | $ 49,890 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Apr. 30, 2023 |
Payables and Accruals [Abstract] | ||
Accrued freight | $ 2,829 | $ 1,962 |
Accrued sales allowances | 1,891 | 2,453 |
Accrued warranty | 1,243 | 966 |
Accrued commissions | 1,191 | 1,072 |
Accrued professional fees | 1,049 | 1,106 |
Accrued employee benefits | 499 | 568 |
Accrued taxes other than income | 321 | 346 |
Accrued other | 664 | 268 |
Total accrued expenses | $ 9,687 | $ 8,741 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Mar. 25, 2022 | Aug. 24, 2020 | Apr. 30, 2024 | Apr. 30, 2023 | |
Revolving Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Revolving line of credit, borrowing capacity | $ 75,000,000 | $ 50,000,000 | ||
Revolving line of credit maturing term | 5 years | |||
Additional increase in credit commitment | $ 15,000,000 | $ 15,000,000 | ||
Interest rate, description | The amendment also includes an option to increase the credit commitment by an additional $15 million. The amended revolving line bears interest at a fluctuating rate equal to the Base Rate or Secured Overnight Financing Rate, or SOFR, as applicable, plus the applicable margin. | |||
Revolving line of credit maturity date | Mar. 31, 2027 | |||
Revolving line of credit | $ 0 | $ 5,000,000 | ||
Revolving Line of Credit | Minimum | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, spread on variable rate | 0.25% | |||
Revolving Line of Credit | Maximum | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, spread on variable rate | 1.75% | |||
Revolving Line of Credit | SOFR | ||||
Debt Instrument [Line Items] | ||||
Borrowings interest rate | 5.34% | 6.05% | ||
Standby Letter of Credit | ||||
Debt Instrument [Line Items] | ||||
Revolving line of credit, borrowing capacity | $ 3,300,000 | $ 1,700,000 | ||
Revolving line of credit | $ 0 | $ 0 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - USD ($) | Apr. 30, 2024 | Apr. 30, 2023 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets | $ 0 | $ 0 |
Financial liabilities | 0 | 0 |
Fair Value, Recurring Basis | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 29,700,000 | $ 22,000,000 |
Self-Insurance Reserves - Summa
Self-Insurance Reserves - Summary of Activity Related to Self-Insurance Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Beginning balance | $ 396 | $ 29 |
Changes in provisions charged to expense | 2,525 | 2,094 |
Payments | (2,562) | (1,727) |
Ending balance | $ 359 | $ 396 |
Equity - Additional Information
Equity - Additional Information (Details) - USD ($) | 12 Months Ended | ||||
Oct. 02, 2023 | Sep. 30, 2022 | Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock repurchase program, expire period | Sep. 30, 2024 | Sep. 29, 2023 | |||
Stock repurchase program, repurchased shares | 689,417 | 377,034 | |||
Stock repurchased, shares | $ 6,015,000 | $ 3,534,000 | $ 15,025,000 | ||
Percentage of maximum aggregate award granted | 200% | ||||
Percentage of stock outperform in order for target award to vest | 5% | ||||
Weighted average expected volatility | 46% | ||||
Remaining authorized value to repurchase common stock | $ 7,300,000 | ||||
Authorization of Repurchase of Common Stock on September 30, 2022 | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock repurchase program, repurchased shares | 375,556 | ||||
Stock repurchased, shares | $ 3,300,000 | ||||
Authorization of Repurchase of Common Stock on October 2, 2023 | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock repurchase program, repurchased shares | 313,861 | ||||
Stock repurchased, shares | $ 2,700,000 | ||||
2020 Employee Stock Purchase Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Implementation of employee stock purchase plan duration | 12 months | ||||
Option exercise price per share as a percentage of fair market value | 85% | ||||
Number of shares an employee may purchase under the stock purchase plan | 2,500 | ||||
Shares issued under employee stock purchase plan | $ 25,000 | ||||
Shares purchased by employees under employee stock purchase plan | 91,940 | 89,860 | |||
PSUs | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards granted, vesting period | 3 years | ||||
Service-based RSUs and PSUs | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unvested awards, unrecognized compensation expense | $ 1,900,000 | ||||
Unvested awards, unrecognized compensation expense recognition period | 1 year 1 month 6 days | ||||
Employees and Directors | Restricted Stock Units | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards granted, description | We grant 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. | ||||
Awards granted, vesting period | 4 years | ||||
Awards granted, vesting description | RSU grants to employees generally vest over a period of four years with one-fourth of the units vesting on each anniversary of the grant date. | ||||
Cost of Sales, Sales and Marketing, Research and Development, and General and Administrative Expenses | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 4,100,000 | $ 4,100,000 | $ 2,800,000 | ||
Minimum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards granted, vesting period | 3 years | ||||
Minimum | 2020 Employee Stock Purchase Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Payroll deduction of participant's compensation | 1% | ||||
Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock repurchase program, authorized amount | $ 10,000,000 | $ 10,000,000 | |||
Awards granted, vesting period | 4 years | ||||
Maximum | 2020 Employee Stock Purchase Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Authorized sale of shares of common stock | 419,253 | ||||
Payroll deduction of participant's compensation | 20% | ||||
2020 Incentive Compensation Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares of common stock remain available for issuance | 0 | ||||
Stock options exercisable period | 10 years | ||||
2020 Incentive Compensation Plan | Restricted Stock Units | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards cancelled | 25,594 | 14,390 | 40,929 | ||
2020 Incentive Compensation Plan | PSUs | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards cancelled | 94,354 | 24,565 | |||
2020 Incentive Compensation Plan | Service-based RSUs and PSUs | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards granted | 396,098 | 371,153 | 114,860 | ||
Awards vested | 212,636 | 145,958 | 127,111 | ||
Awards cancelled | 119,948 | 14,390 | 65,494 | ||
2020 Incentive Compensation Plan | Executive Officers, Non-Executive Officer Employees and Directors [Member] | Service-based RSUs | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards granted | 319,847 | 311,676 | 77,251 | ||
2020 Incentive Compensation Plan | Executive Officers | Service-based RSUs | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards granted | 103,475 | 52,277 | 28,948 | ||
2020 Incentive Compensation Plan | Executive Officers | PSUs | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards granted | 76,251 | 52,277 | 26,809 | ||
Maximum aggregate award value of shares | 152,502 | 104,554 | 53,618 | ||
2020 Incentive Compensation Plan | Non-executive Officer Employees and Directors | Service-based RSUs | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards granted | 216,372 | 259,399 | 48,303 | ||
2020 Incentive Compensation Plan | Employees, Executive Officer and Directors | Restricted Stock Units | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Market value of awards delivered in connection with vesting of RSUs | $ 1,600,000 | $ 1,500,000 | $ 3,300,000 | ||
2020 Incentive Compensation Plan | Minimum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards granted, vesting period | 3 years | ||||
2020 Incentive Compensation Plan | Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares authorized to be newly issued | 1,397,510 | ||||
Awards granted, vesting period | 4 years | ||||
2018 Grant | PSUs | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards vested | 10,800 | ||||
Maximum aggregate award percentage achieved | 200% | ||||
2018 Grant | Executive Officers and Employees | PSUs | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards granted | 21,600 | ||||
2019 Grant | PSUs | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards vested | 7,200 | ||||
Maximum aggregate award percentage achieved | 200% | ||||
2019 Grant | Executive Officers and Employees | PSUs | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards granted | 14,400 |
Equity - Share Based Payment Aw
Equity - Share Based Payment Award Performance Shares Valuation Assumptions (Details) - PSUs | 12 Months Ended | |||
Apr. 30, 2024 CorrelationCoefficient $ / shares | Apr. 30, 2023 CorrelationCoefficient $ / shares | Apr. 30, 2022 CorrelationCoefficient $ / shares | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Correlation coefficient | CorrelationCoefficient | [1] | 0.48 | 0.5 | 0.46 |
Risk-free interest rate | [2] | 3.81% | 2.91% | 0.33% |
Dividend yield | [3] | 0% | 0% | 0% |
American Outdoor Brands, Inc. | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Grant date fair market value | $ 8.79 | $ 12.7 | $ 26.44 | |
Volatility | [4] | 45.53% | 49.04% | 47.78% |
Russell 2000 Index | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Grant date fair market value | $ 1,769.21 | $ 1,882.91 | $ 2,277.45 | |
Volatility | [4] | 27.08% | 31.75% | 30.69% |
[1] The correlation coefficient utilizes the same historical price data used to develop the volatility assumptions. The risk-free interest rate is based on the yield of a zero-coupon U.S. Treasury bill, commensurate with the three-year performance period. We do not expect to pay dividends in the foreseeable future. Expected volatility is calculated based on a peer group over the most recent period that represents the remaining term of the performance period as of the valuation date, or three years . |
Equity - Share Based Payment _2
Equity - Share Based Payment Award Performance Shares Valuation Assumptions (Parenthetical) (Details) - PSUs | 12 Months Ended |
Apr. 30, 2024 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Awards granted, vesting period | 3 years |
Volatility | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Awards granted, vesting period | 3 years |
Equity - Summary of Activity fo
Equity - Summary of Activity for Unvested RSUs and PSUs (Details) - 2020 Incentive Compensation Plan - Service-based RSUs and PSUs - $ / shares | 12 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
RSUs and PSUs outstanding, beginning of period, Total # of restricted stock units | 560,579 | 349,774 | 427,519 |
Awarded, Total # of restricted stock units | 396,098 | 371,153 | 114,860 |
Vested, Total # of restricted stock units | (212,636) | (145,958) | (127,111) |
Forfeited, Total # of restricted stock units | (119,948) | (14,390) | (65,494) |
RSUs and PSUs outstanding, end of period, Total # of restricted stock units | 624,093 | 560,579 | 349,774 |
Weighted average grant date fair value, beginning of period | $ 13.36 | $ 15.93 | $ 11.67 |
Weighted average grant date fair value, Awarded | 8.69 | 10.68 | 26.92 |
Weighted average grant date fair value, Vested | 11.31 | 12.62 | 11.57 |
Weighted average grant date fair value, Forfeited | 12.46 | 14.2 | 15.86 |
Weighted average grant date fair value, end of period | $ 11.27 | $ 13.36 | $ 15.93 |
Equity - Summary of Assumptions
Equity - Summary of Assumptions Used In Valuing ESPP Purchase Under ESPP (Details) - 2020 Employee Stock Purchase Plan | 12 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Risk-free interest rate, minimum | 5.46% | 3.97% | 0.05% |
Risk-free interest rate, maximum | 5.53% | 4.01% | 0.09% |
Expected volatility, minimum | 43.20% | 51.90% | 54.70% |
Expected volatility, maximum | 48.90% | 58.40% | 56.70% |
Dividend yield | 0% | 0% | 0% |
Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term | 6 months | 6 months | 6 months |
Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term | 12 months | 12 months | 12 months |
Employer Sponsored Benefit Pl_2
Employer Sponsored Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Contributory Defined Investment Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, matching contribution percentage | 6% | ||
Employer contribution to defined benefit plan | $ 438,000 | $ 500,000 | $ 592,000 |
Contributory Defined Investment Plan | Minimum | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, employee contribution percentage | 1% | ||
Contributory Defined Investment Plan | Maximum | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, employee contribution percentage | 30% | ||
Defined contribution plan, matching contribution percentage of match | 50% | ||
Non-Contributory Profit Sharing Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan service period, description | Employees become eligible on May 1 following the completion of a full fiscal year of continuous service. | ||
Defined contribution plan expected contribution | $ 0 | $ 0 | $ 984,000 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Expense/(Benefit) from Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Current: | |||
Federal | $ 5 | $ (126) | $ 2,356 |
State | (79) | (123) | 302 |
Foreign | 4 | 3 | |
Total current | (70) | (249) | 2,661 |
Deferred: | |||
Deferred federal | 5,958 | ||
Deferred state | 725 | ||
Total deferred | 6,683 | ||
Total income tax (benefit)/expense | $ (70) | $ (249) | $ 9,344 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Provision from Income Taxes from Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | |||
Federal income taxes expected at the statutory rate | $ (2,587) | $ (2,577) | $ (11,663) |
State income taxes, less federal income tax benefit | (132) | (303) | (633) |
Stock compensation | 436 | 96 | (276) |
Research and development tax credit | (203) | (200) | (291) |
Goodwill impairment | 7,633 | ||
Change in deferred tax valuation allowance | 2,257 | 2,600 | 14,200 |
Other | 159 | 135 | 374 |
Total income tax (benefit)/expense | $ (70) | $ (249) | $ 9,344 |
Income Taxes - Summary of Rec_2
Income Taxes - Summary of Reconciliation of Provision from Income Taxes from Operations (Parenthetical) (Details) | 12 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 21% | 21% | 21% |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets (Liabilities) Related to Temporary Differences (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Apr. 30, 2023 |
Non-current tax assets (liabilities): | ||
Less valuation allowance | $ (19,300) | $ (17,000) |
Non Current | ||
Non-current tax assets (liabilities): | ||
Inventories | 1,100 | 1,574 |
Accrued expenses, including compensation | 1,589 | 1,446 |
Product liability | 28 | |
Workers' compensation | 10 | 8 |
Warranty reserve | 286 | 222 |
Stock-based compensation | 1,066 | 1,172 |
State bonus depreciation | 110 | 150 |
Property, plant, and equipment | (2,619) | (2,577) |
Intangible assets | 11,777 | 11,877 |
Right-of Use assets | (7,740) | (5,640) |
Right-of Use lease liabilities | 7,985 | 5,820 |
Capitalized R&D | 2,136 | 1,340 |
Other | (83) | (15) |
Loss and credit carryforwards | 3,681 | 1,636 |
Less valuation allowance | $ (19,298) | $ (17,041) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2022 | |
Income Tax Contingency [Line Items] | |||
Deferred tax assets valuation allowance | $ 19,300,000 | $ 17,000,000 | |
Effective tax rate | 0.60% | 2% | (16.80%) |
Effective tax rate excluding impact of non-cash goodwill impairment charges | 19.60% | ||
Undistributed earnings of foreign subsidiary | $ 375,000 | ||
Gross tax-effected unrecognized tax benefits | 0 | $ 0 | |
Federal | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | 13,900,000 | ||
Deferred tax assets net operating loss carryforwards | 2,900,000 | ||
Federal | Research & Development Tax Credit | |||
Income Tax Contingency [Line Items] | |||
Credits | $ 403,000 | ||
Federal | Research & Development Tax Credit | Minimum | |||
Income Tax Contingency [Line Items] | |||
Tax credit expiration date | Apr. 30, 2043 | ||
Federal | Research & Development Tax Credit | Maximum | |||
Income Tax Contingency [Line Items] | |||
Tax credit expiration year | 2044 | ||
State | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 7,100,000 | ||
NOL carryforwards subject to expiration | 5,700,000 | ||
NOL carryforwards carried forward indefinitely | 1,400,000 | ||
Deferred tax assets net operating loss carryforwards | $ 355,000 | ||
State | Minimum | |||
Income Tax Contingency [Line Items] | |||
NOL carryforwards expiration date | Apr. 30, 2033 | ||
State | Maximum | |||
Income Tax Contingency [Line Items] | |||
NOL carryforwards expiration date | Apr. 30, 2044 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Operating Leases Expiration Date for Office and/or Manufacturing Space (Detail) | 12 Months Ended |
Apr. 30, 2024 | |
Shenzhen, China | July 15, 2024 | |
Schedule Of Commitments And Contingencies [Line Items] | |
Lease Expiration Date | Jul. 15, 2024 |
Shenzhen, China | August 31, 2025 | |
Schedule Of Commitments And Contingencies [Line Items] | |
Lease Expiration Date | Aug. 31, 2025 |
Chicopee, Massachusetts | May 31, 2025 | |
Schedule Of Commitments And Contingencies [Line Items] | |
Lease Expiration Date | May 31, 2025 |
Phoenix, Arizona | April 30, 2025 | |
Schedule Of Commitments And Contingencies [Line Items] | |
Lease Expiration Date | Apr. 30, 2025 |
Columbia, Missouri | November 26, 2038 | |
Schedule Of Commitments And Contingencies [Line Items] | |
Lease Expiration Date | Nov. 26, 2038 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2024 | |
Loss Contingencies [Line Items] | ||
Purchase commitments | $ 32.7 | |
Maximum percentage of additional section tariffs imposed on certain goods | 25% |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 12 Months Ended |
Apr. 30, 2024 BrandLane Brand Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | Segment | 1 |
Number of distinct brands | Brand | 21 |
Number of brand lanes | BrandLane | 4 |