Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jul. 29, 2017 | Aug. 28, 2017 | |
Entity Information [Line Items] | ||
Entity Registrant Name | DAKTRONICS INC /SD/ | |
Entity Central Index Key | 915,779 | |
Current Fiscal Year End Date | --04-28 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 44,287,875 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 29, 2017 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jul. 29, 2017 | Apr. 29, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 26,868 | $ 32,623 |
Restricted cash | 222 | 216 |
Marketable securities | 25,020 | 32,713 |
Accounts receivable, net | 100,867 | 78,846 |
Inventories, net | 74,412 | 66,486 |
Costs and estimated earnings in excess of billings | 46,355 | 36,403 |
Current maturities of long-term receivables | 2,011 | 2,274 |
Prepaid expenses and other assets | 6,857 | 7,553 |
Income tax receivables | 316 | 611 |
Total current assets | 282,928 | 257,725 |
Long-term receivables, less current maturities | 2,392 | 2,616 |
Goodwill | 8,271 | 7,812 |
Intangibles, net | 4,778 | 4,705 |
Investments in affiliates and other assets | 4,951 | 4,534 |
Deferred income taxes | 11,283 | 11,292 |
Total noncurrent assets | 31,675 | 30,959 |
PROPERTY AND EQUIPMENT: | ||
Land | 2,132 | 2,099 |
Buildings | 66,427 | 65,935 |
Machinery and equipment | 85,198 | 84,189 |
Office furniture and equipment | 5,621 | 5,604 |
Computer software and hardware | 52,067 | 51,523 |
Equipment held for rental | 374 | 374 |
Demonstration equipment | 7,136 | 7,109 |
Transportation equipment | 7,398 | 7,108 |
Property and equipment, gross | 226,353 | 223,941 |
Less accumulated depreciation | 161,060 | 157,192 |
Property and equipment, net | 65,293 | 66,749 |
TOTAL ASSETS | 379,896 | 355,433 |
CURRENT LIABILITIES: | ||
Accounts payable | 54,505 | 51,499 |
Accrued expenses | 26,555 | 25,033 |
Warranty obligations | 14,085 | 13,578 |
Billings in excess of costs and estimated earnings | 14,636 | 10,897 |
Customer deposits (billed or collected) | 18,402 | 14,498 |
Deferred revenue (billed or collected) | 13,739 | 12,137 |
Current portion of other long-term obligations | 764 | 1,409 |
Income taxes payable | 3,036 | 1,544 |
Total current liabilities | 145,722 | 130,595 |
Long-term warranty obligations | 15,668 | 14,321 |
Long-term deferred revenue (billed or collected) | 5,365 | 5,434 |
Other long-term obligations | 2,563 | 2,848 |
Long-term income tax payable | 3,265 | 3,113 |
Deferred income taxes | 914 | 836 |
Total long-term liabilities | 27,775 | 26,552 |
TOTAL LIABILITIES | 173,497 | 157,147 |
SHAREHOLDERS' EQUITY: | ||
Common Stock, no par value, authorized 120,000,000 shares; 44,511,290 and 44,372,357 shares issued and outstanding at July 29, 2017 and April 29, 2017, respectively | 53,561 | 52,530 |
Additional paid-in capital | 38,677 | 38,004 |
Retained earnings | 119,302 | 113,967 |
Treasury Stock, at cost, 303,957 shares at July 29, 2017 and April 29, 2017, respectively | (1,834) | (1,834) |
Accumulated other comprehensive loss | (3,307) | (4,381) |
TOTAL SHAREHOLDERS' EQUITY | 206,399 | 198,286 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 379,896 | $ 355,433 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jul. 29, 2017 | Apr. 29, 2017 |
SHAREHOLDERS' EQUITY: | ||
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, issued (in shares) | 44,511,290 | 44,372,357 |
Treasury stock, at cost (in shares) | 303,957 | 303,957 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jul. 29, 2017 | Jul. 30, 2016 | |
Income Statement [Abstract] | ||
Net sales | $ 172,728 | $ 157,146 |
Cost of goods sold | 128,082 | 118,079 |
Gross profit | 44,646 | 39,067 |
Operating expenses: | ||
Selling expense | 14,939 | 15,259 |
General and administrative | 8,935 | 8,783 |
Product design and development | 9,047 | 7,043 |
Total operating expenses | 32,921 | 31,085 |
Operating income | 11,725 | 7,982 |
Nonoperating income (expense): | ||
Interest income | 211 | 205 |
Interest expense | (86) | (42) |
Other income (expense), net | 145 | (94) |
Income before income taxes | 11,995 | 8,051 |
Income tax expense | 3,566 | 2,512 |
Net income | $ 8,429 | $ 5,539 |
Weighted average shares outstanding: | ||
Basic (in shares) | 44,244 | 44,079 |
Diluted (in shares) | 44,461 | 44,141 |
Earnings per share: | ||
Basic (in dollars per share) | $ 0.19 | $ 0.13 |
Diluted (in dollars per share) | 0.19 | 0.13 |
Cash dividend declared per share (in dollars per share) | $ 0.07 | $ 0.10 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 29, 2017 | Jul. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 8,429 | $ 5,539 |
Other comprehensive income (loss): | ||
Cumulative translation adjustments | 1,081 | (931) |
Unrealized loss on available-for-sale securities, net of tax | (7) | (2) |
Total other comprehensive income (loss), net of tax | 1,074 | (933) |
Comprehensive income | $ 9,503 | $ 4,606 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 29, 2017 | Jul. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 8,429 | $ 5,539 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 4,460 | 4,600 |
(Gain) loss on sale of property, equipment and other assets | (17) | 31 |
Share-based compensation | 672 | 709 |
Equity in loss of affiliate | 85 | 0 |
Provision for doubtful accounts | 14 | 7 |
Deferred income taxes, net | 30 | 3 |
Change in operating assets and liabilities | (18,586) | (4,291) |
Net cash (used in) provided by operating activities | (4,913) | 6,598 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (4,092) | (2,157) |
Proceeds from sale of property, equipment and other assets | 63 | 64 |
Purchases of marketable securities | 0 | (2,394) |
Proceeds from sales or maturities of marketable securities | 7,643 | 6,856 |
Purchases of equity investment | (607) | 0 |
Net cash provided by investing activities | 3,007 | 2,369 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments on notes payable | 0 | (4) |
Proceeds from exercise of stock options | 211 | 0 |
Principal payments on long-term obligations | (1,018) | (896) |
Dividends paid | (3,094) | (4,409) |
Payments for common shares repurchased | 0 | (1,825) |
Net cash used in financing activities | (3,901) | (7,134) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 52 | (383) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (5,755) | 1,450 |
CASH AND CASH EQUIVALENTS: | ||
Beginning of period | 32,623 | 28,328 |
End of period | 26,868 | 29,778 |
Cash payments for: | ||
Interest | 103 | 104 |
Income taxes, net of refunds | 1,586 | 50 |
Supplemental schedule of non-cash investing and financing activities: | ||
Demonstration equipment transferred to inventory | 48 | 73 |
Purchase of property and equipment included in accounts payable | 797 | 209 |
Contributions of common stock under the ESPP | $ 820 | $ 0 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Critical Accounting Policies | 3 Months Ended |
Jul. 29, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Critical Accounting Policies | Note 1. Basis of Presentation and Summary of Critical Accounting Policies In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to fairly present our financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions affecting the reported amounts therein. Due to the inherent uncertainty involved in making estimates, actual results in future periods may differ from those estimates. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The balance sheet at April 29, 2017 has been derived from the audited financial statements at that date, but it does not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements should be read in conjunction with our financial statements and notes thereto for the year ended April 29, 2017 , which are contained in our Annual Report on Form 10-K previously filed with the Securities and Exchange Commission. The results of operations for the interim periods presented are not necessarily indicative of results that may be expected for any other interim period or for the full fiscal year. Daktronics, Inc. operates on a 52- to 53-week fiscal year, with our fiscal year ending on the Saturday closest to April 30 of each year. When April 30 falls on a Wednesday, the fiscal year ends on the preceding Saturday. Within each fiscal year, each quarter is comprised of 13-week periods following the beginning of each fiscal year. In each 53-week year, an additional week is added to the first quarter, and each of the last three quarters is comprised of a 13-week period. The three months ended July 29, 2017 and July 30, 2016 contained operating results for 13-weeks, respectively. Investments in affiliates over which we have significant influence are accounted for under the equity method of accounting. Investments in affiliates over which we do not have the ability to exert significant influence over the affiliate's operating and financing activities are accounted for under the cost method of accounting. We have evaluated our relationships with our affiliates and have determined that these entities are not variable interest entities. The aggregate amount of investments accounted for under the equity method was $3,200 and $2,678 at July 29, 2017 and April 29, 2017 , respectively. The equity method requires us to report our share of losses up to our equity investment amount. Cash paid for investments in affiliates is included in the "Purchases of equity investment" line item in our consolidated statements of cash flows. Our proportional share of the respective affiliate’s earnings or losses is included in the " Other income (expense), net " line item in our consolidated statements of operations. As of the three months ended July 29, 2017 , our share of the losses of our affiliates was $85 . The aggregate amount of investments accounted for under the cost method was $ 42 at July 29, 2017 and April 29, 2017 , respectively. There have not been any identified events or changes in circumstances that may have a significant adverse effect on their fair value, and it is not practical to estimate their fair value. Recent Accounting Pronouncements New Accounting Standards Not Yet Adopted In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-04, Intangibles-Goodwill and Other (Topic 350), which simplifies the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The amendment requires an entity to perform its annual, or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. A goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for interim and annual periods beginning after December 15, 2019, and will require adoption on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We are currently evaluating the effect that adopting ASU 2017-04 will have on our consolidated results of operations, cash flows, and financial position. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740) Intra-Entity Transfers of Assets Other than Inventory , which is intended to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Current U.S. GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party, which is an exception to the principle of comprehensive recognition of current and deferred income taxes in U.S. GAAP. This update eliminates the exception by requiring entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. ASU 2016-16 is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted. We are currently evaluating the effect that adopting ASU 2016-16 will have on our consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which provides guidance regarding the measurement and recognition of credit impairment for certain financial assets. ASU 2016-13 is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the effect that adopting ASU 2016-13 will have on our consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (that is, lessees and lessors). ASU 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. ASU 2016-02 requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the effect that adopting ASU 2016-02 will have on our consolidated results of operations, cash flows, and financial position. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive revenue recognition model that requires a company to recognize revenue from the transfer of goods or services to customers in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. The FASB has also issued ASUs 2016-08, 2016-10, 2016-12, and 2016-20 to clarify guidance with respect to principal versus agent considerations and the identification of performance obligations and licensing, to issue guidance on certain narrow areas, and to add practical expedients. We will adopt ASU 2014-09 and related guidance during the first quarter of fiscal 2019. We have commenced a process to evaluate the impact of ASU 2014-09 on our contracts, including identifying potential differences that would result from applying the requirements of ASU 2014-09. In fiscal 2017, we made progress in reviewing our various types of revenue arrangements. We have also started drafting accounting policies and evaluating the disclosure requirements of ASU 2014-09 on our business processes, controls and systems. We plan to finalize this work during fiscal 2018 and provide training to those impacted in the organization. As a result of the review performed to date, we do not anticipate that the adoption will significantly change the timing or amount of revenue recognized. Therefore, we do not anticipate that the adoption of the standard will materially impact our consolidated results of operations and financial statements, other than the additional disclosure requirements. |
Earnings Per Share EPS
Earnings Per Share EPS | 3 Months Ended |
Jul. 29, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share EPS | Note 2. Earnings Per Share ("EPS") Basic EPS is computed by dividing income attributable to common shareholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution which may occur if securities or other obligations to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock which share in our earnings. The following is a reconciliation of the net income and common share amounts used in the calculation of basic and diluted EPS for the three months ended July 29, 2017 and July 30, 2016 : Net income Shares Per share income For the three months ended July 29, 2017 Basic earnings per share $ 8,429 44,244 $ 0.19 Dilution associated with stock compensation plans — 217 — Diluted earnings per share $ 8,429 44,461 $ 0.19 For the three months ended July 30, 2016 Basic earnings per share $ 5,539 44,079 $ 0.13 Dilution associated with stock compensation plans — 62 — Diluted earnings per share $ 5,539 44,141 $ 0.13 Options outstanding to purchase 1,580 shares of common stock with a weighted average exercise price of $12.48 for the three months ended July 29, 2017 and 2,603 shares of common stock with a weighted average exercise price of $13.50 for the three months ended July 30, 2016 were not included in the computation of diluted (loss) earnings per share because the effects would be anti-dilutive. |
Share Repurchase Program (Notes
Share Repurchase Program (Notes) | 3 Months Ended |
Jul. 29, 2017 | |
Class of Stock Disclosures [Abstract] | |
Treasury Stock [Text Block] | Note 3. Share Repurchase Program On June 17, 2016 , our Board of Directors approved a stock repurchase program under which Daktronics, Inc. may purchase up to $40,000 of its outstanding shares of common stock. Under this program, we may repurchase shares from time to time in open market transactions and in privately negotiated transactions based on business, market, applicable legal requirements and other considerations. The repurchase program does not require the repurchase of a specific number of shares and may be terminated at any time. During the three months ended July 29, 2017 , we had no repurchases of shares of our outstanding common stock. During the three months ended July 30, 2016 , we repurchased 284 shares of common stock at a total cost of $1,825 . As of July 29, 2017 , we had $38,175 of remaining capacity under our current share repurchase program. |
Segment Disclosure
Segment Disclosure | 3 Months Ended |
Jul. 29, 2017 | |
Segment Reporting [Abstract] | |
Segment Disclosure | Note 4. Segment Disclosure We have organized our business into five segments which meet the definition of reportable segments under Accounting Standards Codification ("ASC") 280-10, Segment Reporting : Commercial, Live Events, High School Park and Recreation, Transportation, and International. These segments are based on the type of customer or geography and are the same as our business units. Our Commercial business unit primarily consists of sales of our video display systems, digital billboards, Galaxy ® and Fuelight ™ product lines to resellers (primarily sign companies), Out-of-Home ("OOH") companies, national retailers, quick-serve restaurants, casinos and petroleum retailers. Our Live Events business unit primarily consists of sales of integrated scoring and video display systems to college and professional sports facilities and convention centers and sales of our mobile display technology to video rental organizations and other live events type venues. Our High School Park and Recreation business unit primarily consists of sales of scoring systems, Galaxy ® displays and video display systems to primary and secondary education facilities. Our Transportation business unit primarily consists of sales of our Vanguard ® and Galaxy ® product lines to governmental transportation departments, airlines and other transportation related customers. Our International business unit consists of sales of all product lines outside the United States and Canada. In our International business unit, we focus on product lines related to integrated scoring and video display systems for sports and commercial applications, OOH advertising products, and European transportation related products. Our segment reporting presents results through contribution margin, which is comprised of gross profit less selling costs. Segment profit excludes general and administration expense, product development expense, interest income and expense, non-operating income and income tax expense. Assets are not allocated to the segments. Depreciation and amortization are allocated to each segment based on various financial measures; however, some depreciation and amortization are corporate in nature and remain unallocated. In general, our segments follow the same accounting policies as those described in Note 1 of our Annual Report on Form 10-K for the fiscal year ended April 29, 2017 . Unabsorbed costs of domestic field sales and services infrastructure, including most field administrative staff, are allocated to the Commercial, Live Events, High School Park and Recreation, and Transportation business units based on cost of sales. Shared manufacturing, buildings and utilities, and procurement costs are allocated based on payroll dollars, square footage and various other financial measures. We do not maintain information on sales by products; therefore, disclosure of such information is not practical. The following table sets forth certain financial information for each of our five operating segments for the periods indicated: Three Months Ended July 29, July 30, Net sales: Commercial $ 32,863 $ 36,254 Live Events 77,612 60,633 High School Park and Recreation 28,479 27,617 Transportation 18,912 14,286 International 14,862 18,356 172,728 157,146 Contribution margin: Commercial 3,573 4,496 Live Events 13,737 8,875 High School Park and Recreation 7,747 6,999 Transportation 5,908 3,601 International (1,258 ) (163 ) 29,707 23,808 Non-allocated operating expenses: General and administrative 8,935 8,783 Product design and development 9,047 7,043 Operating income 11,725 7,982 Nonoperating income (expense): Interest income 211 205 Interest expense (86 ) (42 ) Other income (expense), net 145 (94 ) Income before income taxes 11,995 8,051 Income tax expense 3,566 2,512 Net income $ 8,429 $ 5,539 Depreciation and amortization: Commercial $ 1,534 $ 1,567 Live Events 1,238 1,280 High School Park and Recreation 422 438 Transportation 294 322 International 281 329 Unallocated corporate depreciation 691 664 $ 4,460 $ 4,600 No single geographic area comprises a material amount of our net sales or property and equipment, net of accumulated depreciation, other than the United States. The following table presents information about net sales and property and equipment, net of accumulated depreciation, in the United States and elsewhere: Three Months Ended July 29, July 30, Net sales: United States $ 154,002 $ 135,018 Outside U.S. 18,726 22,128 $ 172,728 $ 157,146 July 29, April 29, Property and equipment, net of accumulated depreciation: United States $ 60,248 $ 62,425 Outside U.S. 5,045 4,324 $ 65,293 $ 66,749 We have numerous customers worldwide for sales of our products and services; therefore, we are not economically dependent on a limited number of customers for the sale of our products and services except with respect to our dependence on two major digital billboard customers in our Commercial business unit. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Jul. 29, 2017 | |
Marketable Securities [Abstract] | |
Marketable Securities | Note 5. Marketable Securities We have a cash management program which provides for the investment of cash balances not used in current operations. We classify our investments in marketable securities as available-for-sale in accordance with the provisions of ASC 320, Investments – Debt and Equity Securities. Marketable securities classified as available-for-sale are reported at fair value with unrealized gains or losses, net of tax, reported in accumulated other comprehensive loss . As it relates to fixed income marketable securities, it is not likely we will be required to sell any of these investments before recovery of the entire amortized cost basis. In addition, as of July 29, 2017 , we anticipate we will recover the entire amortized cost basis of such fixed income securities, and we have determined no other-than-temporary impairments associated with credit losses were required to be recognized. The cost of securities sold is based on the specific identification method. Where quoted market prices are not available, we use the market price of similar types of securities traded in the market to estimate fair value. As of July 29, 2017 and April 29, 2017 , our available-for-sale securities consisted of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value Balance as of July 29, 2017 Certificates of deposit $ 11,028 $ — $ — $ 11,028 U.S. Government sponsored entities 7,667 — (24 ) 7,643 Municipal bonds 6,333 16 — 6,349 $ 25,028 $ 16 $ (24 ) $ 25,020 Balance as of April 29, 2017 Certificates of deposit $ 12,487 $ — $ — $ 12,487 U.S. Government securities 400 — — 400 U.S. Government sponsored entities 12,260 — (22 ) 12,238 Municipal bonds 7,574 14 — 7,588 $ 32,721 $ 14 $ (22 ) $ 32,713 Realized gains or losses on investments are recorded in our consolidated statements of operations as other income (expense), net. Upon the sale of a security classified as available-for-sale, the security’s specific unrealized gain (loss) is reclassified out of " accumulated other comprehensive loss ” into earnings based on the specific identification method. In the three months ended July 29, 2017 and July 30, 2016 , the reclassifications from accumulated other comprehensive loss to earnings were immaterial. All available-for-sale securities are classified as current assets, as they are readily available to support our current operating needs. The contractual maturities of available-for-sale debt securities as of July 29, 2017 were as follows: Less than 12 months 1-5 Years Total Certificates of deposit $ 6,810 $ 4,218 $ 11,028 U.S. Government sponsored entities 998 6,645 7,643 Municipal bonds 2,406 3,943 6,349 $ 10,214 $ 14,806 $ 25,020 |
Business Combination
Business Combination | 3 Months Ended |
Jul. 29, 2017 | |
Business Combinations [Abstract] | |
Business Combination | Note 6. Business Combinations ADFLOW Acquisition We have a contingent liability related to a prior year acquisition of ADFLOW Networks, Inc. ("ADFLOW"), on March 15, 2016. For more information related to the ADFLOW acquisition, see Note 4. Business Combinations of our Annual Report on Form 10-K for the fiscal year ended April 30, 2016. The fair value of such contingent consideration is estimated as of the acquisition date, and subsequently at the end of each reporting period, using forecasted cash flows. Projecting future cash flows requires us to make significant estimates and assumptions regarding future events, conditions, or revenues being achieved under the subject contingent agreement as well as the appropriate discount rate. Such valuation techniques include one or more significant inputs that are not observable. See Note 12. Fair Value Measurement for more information. |
Goodwill
Goodwill | 3 Months Ended |
Jul. 29, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Note 7. Goodwill The changes in the carrying amount of goodwill related to each reportable segment for the three months ended July 29, 2017 were as follows: Live Events Commercial Transportation International Total Balance as of April 29, 2017 $ 2,274 $ 3,199 $ 45 $ 2,294 $ 7,812 Foreign currency translation 33 223 32 171 459 Balance as of July 29, 2017 $ 2,307 $ 3,422 $ 77 $ 2,465 $ 8,271 We perform an analysis of goodwill on an annual basis, and it is tested for impairment more frequently if events or changes in circumstances indicate that an asset might be impaired. We complete this annual analysis during our third quarter of each fiscal year, based on the goodwill amount as of the first business day of our third fiscal quarter. The result of our analysis indicated no goodwill impairment existed for our third quarter in fiscal 2017, which began on October 30, 2016. |
Inventories
Inventories | 3 Months Ended |
Jul. 29, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 8. Inventories Inventories consisted of the following: July 29, April 29, Raw materials $ 28,525 $ 24,801 Work-in-process 10,479 7,366 Finished goods 35,408 34,319 $ 74,412 $ 66,486 |
Receivables
Receivables | 3 Months Ended |
Jul. 29, 2017 | |
Receivables [Abstract] | |
Receivables | Note 9. Receivables Accounts receivable are reported net of an allowance for doubtful accounts of $2,612 and $2,610 at July 29, 2017 and April 29, 2017 , respectively. Included in accounts receivable as of July 29, 2017 and April 29, 2017 was $1,724 and $1,857 , respectively, of retainage on construction-type contracts, all of which is expected to be collected within one year. In connection with certain sales transactions, we have entered into sales contracts with installment payments exceeding six months and sales-type leases. The present value of these contracts and leases is recorded as a receivable as the revenue is recognized in accordance with U.S. GAAP, and profit is recognized to the extent the present value is in excess of cost. We generally retain a security interest in the equipment or in the cash flow generated by the equipment until the contract is paid. The present value of long-term contracts and lease receivables, including accrued interest and current maturities, was $4,403 and $4,890 as of July 29, 2017 and April 29, 2017 , respectively. Contract and lease receivables bearing annual interest rates of 4.8 to 10.0 percent are due in varying annual installments through August 2024 . The face amount of long-term receivables was $4,753 and $5,201 as of July 29, 2017 and April 29, 2017 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jul. 29, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10. Commitments and Contingencies Litigation: We are a party to legal proceedings and claims which arise during the ordinary course of business. We review our legal proceedings and claims, regulatory reviews and inspections, and other legal matters on an ongoing basis and follow appropriate accounting guidance when making accrual and disclosure decisions. We establish accruals for those contingencies when the incurrence of a loss is probable and can be reasonably estimated, and we disclose the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for our financial statements to not be misleading. We do not record an accrual when the likelihood of loss being incurred is probable, but the amount cannot be reasonably estimated, or when the loss is believed to be only reasonably possible or remote, although disclosures will be made for material matters as required by ASC 450-20, Contingencies - Loss Contingencies . Our assessment of whether a loss is reasonably possible or probable is based on our assessment and consultation with legal counsel regarding the ultimate outcome of the matter following all appeals. As of July 29, 2017 and April 29, 2017 , we did not believe there was a reasonable probability that any material loss for these various claims or legal actions, including reviews, inspections or other legal proceedings, if any, would be incurred. Accordingly, no material accrual or disclosure of a potential range of loss has been made related to these matters. In the opinion of management, the ultimate liability of all unresolved legal proceedings is not expected to have a material effect on our financial position, liquidity or capital resources. Warranties: We offer a standard parts coverage warranty for periods varying from one to five years for most of our products. We also offer additional types of warranties to include on-site labor, routine maintenance and event support. In addition, the terms of warranties on some installations can vary from one to 10 years. The specific terms and conditions of these warranties vary primarily depending on the type of the product sold. We estimate the costs which may be incurred under the contractual warranty obligations and record a liability in the amount of such estimated costs at the time the revenue is recognized. Factors affecting our estimate of the cost of our warranty obligations include historical experience and expectations of future conditions. We continually assess the adequacy of our recorded warranty accruals and, to the extent we experience any changes in warranty claim activity or costs associated with servicing those claims, our accrued warranty obligation is adjusted accordingly. During fiscal 2016, we discovered a warranty issue caused by a mechanical device failure within a module for displays primarily in our OOH applications built prior to fiscal 2013. The device failure causes a visual defect in the display. Over the past three years, we have deployed preventative maintenance to sites impacted and repaired the defective devices in our repair center. When certain site locations have exceeded an acceptable failure rate, we have refurbished the display to meet customers’ expectations under contractual obligations. We increased our accrued warranty obligations by $783 during the three months ended July 29, 2017 , $1,766 during fiscal 2017, $9,174 during fiscal 2016, and $1,168 during fiscal 2015 for probable and reasonably estimable costs to remediate this issue. As of July 29, 2017 , we had $2,776 remaining in accrued warranty obligations for the estimate of probable future claims related to this issue. Although many of our contractual warranty arrangements are nearing expiration for products with this issue, we may incur additional discretionary costs to maintain customer relationships or for higher than expected failure rates. Accordingly, it is possible that the ultimate cost to resolve this matter may increase and be materially different from the amount of the current estimate and accrual. Changes in our warranty obligation for the three months ended July 29, 2017 consisted of the following: Amount Beginning accrued warranty obligations $ 27,899 Warranties issued during the period 4,128 Settlements made during the period (3,493 ) Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations 1,219 Ending accrued warranty obligations $ 29,753 Performance guarantees: We have entered into standby letters of credit and surety bonds with financial institutions relating to the guarantee of our future performance on contracts, primarily construction type contracts. As of July 29, 2017 , we had outstanding letters of credit and surety bonds in the amount of $8,914 and $21,590 , respectively. Performance guarantees are issued to certain customers to guarantee the operation and installation of the equipment and our ability to complete a contract. These performance guarantees have various terms, which are generally one year. Leases: We lease vehicles, office space and equipment for various global sales and service locations, including manufacturing space in the United States and China. Some of these leases, including the lease for manufacturing facilities in Sioux Falls, South Dakota, include provisions for extensions or purchase. The lease for the facilities in Sioux Falls, South Dakota, can be extended for an additional five years past its current term, which ends March 31, 2022, and it contains an option to purchase the property subject to the lease from March 31, 2017 to March 31, 2022 for $9,000 , which approximates fair value. If the lease is extended, the purchase option increases to $9,090 for the year ending March 31, 2023 and $9,180 for the year ending March 31, 2024. Rental expense for operating leases was $853 and $849 for the three months ended July 29, 2017 and July 30, 2016 , respectively. Future minimum payments under noncancelable operating leases, excluding executory costs such as management and maintenance fees, with initial or remaining terms of one year or more consisted of the following at July 29, 2017 : Fiscal years ending Amount 2018 $ 2,065 2019 2,222 2020 1,884 2021 1,627 2022 1,325 Thereafter 404 $ 9,527 Purchase commitments: From time to time, we commit to purchase inventory, advertising, cloud-based information systems, information technology maintenance and support services, and various other products and services over periods that extend beyond one year. As of July 29, 2017 , we were obligated under the following conditional and unconditional purchase commitments, which included $375 in conditional purchase commitments: Fiscal years ending Amount 2018 $ 1,589 2019 1,030 2020 253 2021 253 2022 143 Thereafter 380 $ 3,648 |
Income Taxes
Income Taxes | 3 Months Ended |
Jul. 29, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 11. Income Taxes We are subject to U.S. Federal income tax as well as income taxes of multiple state jurisdictions. As a result of the completion of examinations by the Internal Revenue Service on prior years and the expiration of statutes of limitations, our fiscal years 2014, 2015, and 2016 are the remaining years open under statutes of limitations. Certain subsidiaries are also subject to income tax in several foreign jurisdictions which have open tax years varying by jurisdiction beginning in fiscal 2007. As of July 29, 2017 , we had $3,265 of unrecognized tax benefits which would reduce our effective tax rate if recognized. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Jul. 29, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Note 12. Fair Value Measurement ASC 820, Fair Value Measurement, defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. It also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy within ASC 820 distinguishes between the following three levels of inputs which may be utilized when measuring fair value. Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices included within Level 1 for the assets or liabilities, either directly or indirectly (for example, quoted market prices for similar assets and liabilities in active markets or quoted market prices for identical assets or liabilities in markets not considered to be active, inputs other than quoted prices that are observable for the asset or liability, or market-corroborated input). Level 3 - Unobservable inputs supported by little or no market activity based on our own assumptions used to measure assets and liabilities. The following table sets forth by Level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis at July 29, 2017 and April 29, 2017 according to the valuation techniques we used to determine their fair values. There have been no transfers of assets or liabilities among the fair value hierarchies presented. Fair Value Measurements Level 1 Level 2 Level 3 Total Balance as of July 29, 2017 Cash and cash equivalents $ 26,868 $ — $ — $ 26,868 Restricted cash 222 — — 222 Available-for-sale securities: Certificates of deposit — 11,028 — 11,028 U.S. Government sponsored entities — 7,643 — 7,643 Municipal bonds — 6,349 — 6,349 Derivatives - asset position — 31 — 31 Derivatives - liability position — (602 ) — (602 ) Contingent liability — — (1,004 ) (1,004 ) $ 27,090 $ 24,449 $ (1,004 ) $ 50,535 Balance as of April 29, 2017 Cash and cash equivalents $ 32,623 $ — $ — $ 32,623 Restricted cash 216 — — 216 Available-for-sale securities: Certificates of deposit — 12,487 — 12,487 U.S. Government securities 400 — — 400 U.S. Government sponsored entities — 12,238 — 12,238 Municipal bonds — 7,588 — 7,588 Derivatives - asset position — 64 — 64 Derivatives - liability position — (277 ) — (277 ) Contingent liability — — (1,891 ) (1,891 ) $ 33,239 $ 32,100 $ (1,891 ) $ 63,448 A roll forward of the Level 3 contingent liability, both short- and long-term, for the three months ended July 29, 2017 is as follows: Contingent liability as of April 29, 2017 $ 1,891 Settlements (1,009 ) Interest 13 Foreign currency translation 109 Contingent liability as of July 29, 2017 $ 1,004 The following methods and assumptions were used to estimate the fair value of each class of financial instrument. There have been no changes in the valuation techniques used by us to value our financial instruments. Cash and cash equivalents : Consists of cash on hand in bank deposits and highly liquid investments, primarily money market accounts. The fair value was measured using quoted market prices in active markets. The carrying amount approximates fair value. Restricted cash : Consists of cash and cash equivalents held in bank deposit accounts to secure issuances of foreign bank guarantees. The fair value of restricted cash was measured using quoted market prices in active markets. The carrying amount approximates fair value. Certificates of deposit : Consists of time deposit accounts with original maturities of less than three years and various yields. The fair value of these securities was measured based on valuations observed in less active markets than Level 1 investments from a third-party financial institution. The carrying amount approximates fair value. U.S. Government securities : Consists of U.S. Government treasury bills, notes, and bonds with original maturities of less than three years and various yields. The fair value of these securities was measured using quoted market prices in active markets. U.S. Government sponsored entities : Consists of Fannie Mae and Federal Home Loan Bank investment grade debt securities trading with sufficient frequency and volume to enable us to obtain pricing information on an ongoing basis. The fair value of these securities was measured based on valuations observed in less active markets than Level 1 investments. The contractual maturities of these investments vary from one month to three years. Municipal bonds : Consist of investment grade municipal bonds trading with sufficient frequency and volume to enable us to obtain pricing information on an ongoing basis. The contractual maturities of these investments vary from two to three years. The fair value of these bonds was measured based on valuations observed in less active markets than Level 1 investments. Derivatives – currency forward contracts : Consists of currency forward contracts trading with sufficient frequency and volume to enable us to obtain pricing information on an ongoing basis. The fair value of these securities was measured based on a valuation from a third-party bank. See " Note 13. Derivative Financial Instruments " for more information regarding our derivatives. Contingent liability : Consists of the fair value of a liability measured on expected future payments relating to a business acquisition if future financial performance measures are achieved. The contingent liability was calculated by estimating the discounted present value of expected future payments for estimated performance measure attainment. To estimate future performance measure attainment, we utilized significant unobservable inputs as of July 29, 2017 and April 29, 2017 . The unobservable inputs included management expectations and forecasts for business performance and an estimated discount rate based on current borrowing interest rates. To the extent that these assumptions changed or actual results differed from these estimates, the fair value of the contingent consideration liabilities could change. The contingent liability is presented in other long-term obligations in our consolidated balance sheets. Non-recurring measurements: The fair value measurement standard also applies to certain non-financial assets and liabilities measured at fair value on a nonrecurring basis. Certain long-lived assets such as goodwill, intangible assets and property, plant and equipment are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. Other measurements using fair value : Some of our financial instruments, such as accounts receivable, long-term receivables, prepaid expense and other assets, costs and earnings in excess of billings and billings in excess of costs, accounts payable, warranty obligations, customer deposits, deferred revenue, and other long-term obligations, are reflected in the balance sheet at carrying value, which approximates fair value due to their short-term nature. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Jul. 29, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 13. Derivative Financial Instruments We utilize derivative financial instruments to manage the economic impact of fluctuations in currency exchange rates on those transactions denominated in currencies other than our functional currency, which is the U.S. dollar. We enter into currency forward contracts to manage these economic risks. We account for all derivatives on the balance sheet within accounts receivable or accounts payable measured at fair value, and changes in fair values are recognized in earnings unless specific hedge accounting criteria are met for cash flow or net investment hedges. As of July 29, 2017 and April 29, 2017 , we had not designated any of our derivative instruments as accounting hedges, and thus we recorded the changes in fair value in other income (expense), net. The foreign currency exchange contracts in aggregated notional amounts in place to exchange U.S. dollars at July 29, 2017 and April 29, 2017 were as follows: July 29, 2017 April 29, 2017 U.S. Dollars Foreign U.S. Foreign Foreign Currency Exchange Forward Contracts: U.S. Dollars/Australian Dollars 3,632 4,842 7,984 10,669 U.S. Dollars/Canadian Dollars 998 1,319 256 345 U.S. Dollars/British Pounds 3,283 2,633 4,936 3,959 U.S. Dollars/Singapore Dollars — — 605 844 U.S. Dollars/Euros 1,688 1,498 528 491 As of July 29, 2017 , there was an asset and liability of $31 and $602 , respectively, and as of April 29, 2017 , there was an asset and liability of $64 and $277 , respectively, representing the fair value of foreign currency exchange forward contracts, which were determined using Level 2 inputs from a third-party bank. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jul. 29, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 14. Subsequent Events On August 31, 2017 , our Board of Directors declared a regular quarterly dividend of $0.07 per share on our common stock payable on September 21, 2017 to holders of record of our common stock on September 11, 2017 . |
Basis of Presentation and Sum21
Basis of Presentation and Summary of Critical Accounting Policies (Policies) | 3 Months Ended |
Jul. 29, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recently Issued Accounting Pronouncements | Recent Accounting Pronouncements New Accounting Standards Not Yet Adopted In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-04, Intangibles-Goodwill and Other (Topic 350), which simplifies the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The amendment requires an entity to perform its annual, or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. A goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for interim and annual periods beginning after December 15, 2019, and will require adoption on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We are currently evaluating the effect that adopting ASU 2017-04 will have on our consolidated results of operations, cash flows, and financial position. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740) Intra-Entity Transfers of Assets Other than Inventory , which is intended to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Current U.S. GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party, which is an exception to the principle of comprehensive recognition of current and deferred income taxes in U.S. GAAP. This update eliminates the exception by requiring entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. ASU 2016-16 is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted. We are currently evaluating the effect that adopting ASU 2016-16 will have on our consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which provides guidance regarding the measurement and recognition of credit impairment for certain financial assets. ASU 2016-13 is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the effect that adopting ASU 2016-13 will have on our consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (that is, lessees and lessors). ASU 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. ASU 2016-02 requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the effect that adopting ASU 2016-02 will have on our consolidated results of operations, cash flows, and financial position. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive revenue recognition model that requires a company to recognize revenue from the transfer of goods or services to customers in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. The FASB has also issued ASUs 2016-08, 2016-10, 2016-12, and 2016-20 to clarify guidance with respect to principal versus agent considerations and the identification of performance obligations and licensing, to issue guidance on certain narrow areas, and to add practical expedients. We will adopt ASU 2014-09 and related guidance during the first quarter of fiscal 2019. We have commenced a process to evaluate the impact of ASU 2014-09 on our contracts, including identifying potential differences that would result from applying the requirements of ASU 2014-09. In fiscal 2017, we made progress in reviewing our various types of revenue arrangements. We have also started drafting accounting policies and evaluating the disclosure requirements of ASU 2014-09 on our business processes, controls and systems. We plan to finalize this work during fiscal 2018 and provide training to those impacted in the organization. As a result of the review performed to date, we do not anticipate that the adoption will significantly change the timing or amount of revenue recognized. Therefore, we do not anticipate that the adoption of the standard will materially impact our consolidated results of operations and financial statements, other than the additional disclosure requirements. |
Earnings Per Share EPS (Tables)
Earnings Per Share EPS (Tables) | 3 Months Ended |
Jul. 29, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Reconciliation | The following is a reconciliation of the net income and common share amounts used in the calculation of basic and diluted EPS for the three months ended July 29, 2017 and July 30, 2016 : Net income Shares Per share income For the three months ended July 29, 2017 Basic earnings per share $ 8,429 44,244 $ 0.19 Dilution associated with stock compensation plans — 217 — Diluted earnings per share $ 8,429 44,461 $ 0.19 For the three months ended July 30, 2016 Basic earnings per share $ 5,539 44,079 $ 0.13 Dilution associated with stock compensation plans — 62 — Diluted earnings per share $ 5,539 44,141 $ 0.13 |
Segment Disclosure (Tables)
Segment Disclosure (Tables) | 3 Months Ended |
Jul. 29, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table sets forth certain financial information for each of our five operating segments for the periods indicated: Three Months Ended July 29, July 30, Net sales: Commercial $ 32,863 $ 36,254 Live Events 77,612 60,633 High School Park and Recreation 28,479 27,617 Transportation 18,912 14,286 International 14,862 18,356 172,728 157,146 Contribution margin: Commercial 3,573 4,496 Live Events 13,737 8,875 High School Park and Recreation 7,747 6,999 Transportation 5,908 3,601 International (1,258 ) (163 ) 29,707 23,808 Non-allocated operating expenses: General and administrative 8,935 8,783 Product design and development 9,047 7,043 Operating income 11,725 7,982 Nonoperating income (expense): Interest income 211 205 Interest expense (86 ) (42 ) Other income (expense), net 145 (94 ) Income before income taxes 11,995 8,051 Income tax expense 3,566 2,512 Net income $ 8,429 $ 5,539 Depreciation and amortization: Commercial $ 1,534 $ 1,567 Live Events 1,238 1,280 High School Park and Recreation 422 438 Transportation 294 322 International 281 329 Unallocated corporate depreciation 691 664 $ 4,460 $ 4,600 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following table presents information about net sales and property and equipment, net of accumulated depreciation, in the United States and elsewhere: Three Months Ended July 29, July 30, Net sales: United States $ 154,002 $ 135,018 Outside U.S. 18,726 22,128 $ 172,728 $ 157,146 July 29, April 29, Property and equipment, net of accumulated depreciation: United States $ 60,248 $ 62,425 Outside U.S. 5,045 4,324 $ 65,293 $ 66,749 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Jul. 29, 2017 | |
Marketable Securities [Abstract] | |
Available-for-sale Securities | As of July 29, 2017 and April 29, 2017 , our available-for-sale securities consisted of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value Balance as of July 29, 2017 Certificates of deposit $ 11,028 $ — $ — $ 11,028 U.S. Government sponsored entities 7,667 — (24 ) 7,643 Municipal bonds 6,333 16 — 6,349 $ 25,028 $ 16 $ (24 ) $ 25,020 Balance as of April 29, 2017 Certificates of deposit $ 12,487 $ — $ — $ 12,487 U.S. Government securities 400 — — 400 U.S. Government sponsored entities 12,260 — (22 ) 12,238 Municipal bonds 7,574 14 — 7,588 $ 32,721 $ 14 $ (22 ) $ 32,713 |
Investments Classified by Contractual Maturity Date | All available-for-sale securities are classified as current assets, as they are readily available to support our current operating needs. The contractual maturities of available-for-sale debt securities as of July 29, 2017 were as follows: Less than 12 months 1-5 Years Total Certificates of deposit $ 6,810 $ 4,218 $ 11,028 U.S. Government sponsored entities 998 6,645 7,643 Municipal bonds 2,406 3,943 6,349 $ 10,214 $ 14,806 $ 25,020 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Jul. 29, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill related to each reportable segment for the three months ended July 29, 2017 were as follows: Live Events Commercial Transportation International Total Balance as of April 29, 2017 $ 2,274 $ 3,199 $ 45 $ 2,294 $ 7,812 Foreign currency translation 33 223 32 171 459 Balance as of July 29, 2017 $ 2,307 $ 3,422 $ 77 $ 2,465 $ 8,271 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Jul. 29, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following: July 29, April 29, Raw materials $ 28,525 $ 24,801 Work-in-process 10,479 7,366 Finished goods 35,408 34,319 $ 74,412 $ 66,486 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Jul. 29, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Product Warranty Liability | Changes in our warranty obligation for the three months ended July 29, 2017 consisted of the following: Amount Beginning accrued warranty obligations $ 27,899 Warranties issued during the period 4,128 Settlements made during the period (3,493 ) Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations 1,219 Ending accrued warranty obligations $ 29,753 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum payments under noncancelable operating leases, excluding executory costs such as management and maintenance fees, with initial or remaining terms of one year or more consisted of the following at July 29, 2017 : Fiscal years ending Amount 2018 $ 2,065 2019 2,222 2020 1,884 2021 1,627 2022 1,325 Thereafter 404 $ 9,527 |
Long-term Purchase Commitment | As of July 29, 2017 , we were obligated under the following conditional and unconditional purchase commitments, which included $375 in conditional purchase commitments: Fiscal years ending Amount 2018 $ 1,589 2019 1,030 2020 253 2021 253 2022 143 Thereafter 380 $ 3,648 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Jul. 29, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value | The following table sets forth by Level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis at July 29, 2017 and April 29, 2017 according to the valuation techniques we used to determine their fair values. There have been no transfers of assets or liabilities among the fair value hierarchies presented. Fair Value Measurements Level 1 Level 2 Level 3 Total Balance as of July 29, 2017 Cash and cash equivalents $ 26,868 $ — $ — $ 26,868 Restricted cash 222 — — 222 Available-for-sale securities: Certificates of deposit — 11,028 — 11,028 U.S. Government sponsored entities — 7,643 — 7,643 Municipal bonds — 6,349 — 6,349 Derivatives - asset position — 31 — 31 Derivatives - liability position — (602 ) — (602 ) Contingent liability — — (1,004 ) (1,004 ) $ 27,090 $ 24,449 $ (1,004 ) $ 50,535 Balance as of April 29, 2017 Cash and cash equivalents $ 32,623 $ — $ — $ 32,623 Restricted cash 216 — — 216 Available-for-sale securities: Certificates of deposit — 12,487 — 12,487 U.S. Government securities 400 — — 400 U.S. Government sponsored entities — 12,238 — 12,238 Municipal bonds — 7,588 — 7,588 Derivatives - asset position — 64 — 64 Derivatives - liability position — (277 ) — (277 ) Contingent liability — — (1,891 ) (1,891 ) $ 33,239 $ 32,100 $ (1,891 ) $ 63,448 |
Rollforward of Level 3 Contingent Consideration Liabilities | A roll forward of the Level 3 contingent liability, both short- and long-term, for the three months ended July 29, 2017 is as follows: Contingent liability as of April 29, 2017 $ 1,891 Settlements (1,009 ) Interest 13 Foreign currency translation 109 Contingent liability as of July 29, 2017 $ 1,004 |
Derivative Financial Instrume29
Derivative Financial Instruments (Tables) | 3 Months Ended |
Jul. 29, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The foreign currency exchange contracts in aggregated notional amounts in place to exchange U.S. dollars at July 29, 2017 and April 29, 2017 were as follows: July 29, 2017 April 29, 2017 U.S. Dollars Foreign U.S. Foreign Foreign Currency Exchange Forward Contracts: U.S. Dollars/Australian Dollars 3,632 4,842 7,984 10,669 U.S. Dollars/Canadian Dollars 998 1,319 256 345 U.S. Dollars/British Pounds 3,283 2,633 4,936 3,959 U.S. Dollars/Singapore Dollars — — 605 844 U.S. Dollars/Euros 1,688 1,498 528 491 |
Basis of Presentation and Sum30
Basis of Presentation and Summary of Critical Accounting Policies Principles of Consolidation (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Apr. 29, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Equity Method Investments | $ 3,200 | $ 2,678 | |
Equity in loss of affiliate | 85 | $ 0 | |
Cost Method Investments | $ 42 | $ 42 |
Earnings Per Share EPS - Reconc
Earnings Per Share EPS - Reconciliation of Income (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Jul. 29, 2017 | Jul. 30, 2016 | |
Net income | ||
Basic earnings per share | $ 8,429 | $ 5,539 |
Dilution associated with stock compensation plans | 0 | 0 |
Diluted earnings per share | $ 8,429 | $ 5,539 |
Shares | ||
Basic earnings per share (in shares) | 44,244 | 44,079 |
Dilution associated with stock compensation plans (in shares) | 217 | 62 |
Diluted earnings per share (in shares) | 44,461 | 44,141 |
Per share income | ||
Basic earnings per share (in dollars per share) | $ 0.19 | $ 0.13 |
Dilution associated with stock compensation plans (in dollars per share) | 0 | 0 |
Diluted earnings per share (in dollars per share) | $ 0.19 | $ 0.13 |
Earnings Per Share EPS - Antidi
Earnings Per Share EPS - Antidilutive Shares Excluded (Details) - Stock Options - $ / shares shares in Thousands | 3 Months Ended | |
Jul. 29, 2017 | Jul. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,580 | 2,603 |
Antidilutive securities excluded from computation of earnings per share, weighted average exercise price (dollars per share) | $ 12.48 | $ 13.50 |
Share Repurchase Program (Detai
Share Repurchase Program (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jun. 17, 2016 | |
Equity, Class of Treasury Stock [Line Items] | |||
Stock Repurchase Program, Authorized Amount | $ 40,000 | ||
Stock Repurchased During Period, Shares | 0 | 284,000 | |
Stock Repurchased During Period, Value | $ 1,825 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 38,175 |
Segment Disclosure - Net Income
Segment Disclosure - Net Income by Segment (Details) $ in Thousands | 3 Months Ended | |
Jul. 29, 2017USD ($)segment | Jul. 30, 2016USD ($) | |
Segment Reporting Information | ||
Number of business units | segment | 5 | |
Net sales | $ 172,728 | $ 157,146 |
Contribution margin | 29,707 | 23,808 |
Depreciation and amortization | ||
Depreciation and amortization | 4,460 | 4,600 |
Non-allocated operating expenses: | ||
General and administrative | 8,935 | 8,783 |
Product design and development | 9,047 | 7,043 |
Operating income | 11,725 | 7,982 |
Nonoperating income (expense): | ||
Interest income | 211 | 205 |
Interest expense | (86) | (42) |
Other income (expense), net | 145 | (94) |
Income before income taxes | 11,995 | 8,051 |
Income tax expense | 3,566 | 2,512 |
Net income | 8,429 | 5,539 |
Commerical | ||
Segment Reporting Information | ||
Net sales | 32,863 | 36,254 |
Contribution margin | 3,573 | 4,496 |
Depreciation and amortization | ||
Depreciation and amortization | 1,534 | 1,567 |
Live Events | ||
Segment Reporting Information | ||
Net sales | 77,612 | 60,633 |
Contribution margin | 13,737 | 8,875 |
Depreciation and amortization | ||
Depreciation and amortization | 1,238 | 1,280 |
High School Park and Recreation | ||
Segment Reporting Information | ||
Net sales | 28,479 | 27,617 |
Contribution margin | 7,747 | 6,999 |
Depreciation and amortization | ||
Depreciation and amortization | 422 | 438 |
Transportation | ||
Segment Reporting Information | ||
Net sales | 18,912 | 14,286 |
Contribution margin | 5,908 | 3,601 |
Depreciation and amortization | ||
Depreciation and amortization | 294 | 322 |
International | ||
Segment Reporting Information | ||
Net sales | 14,862 | 18,356 |
Contribution margin | (1,258) | (163) |
Depreciation and amortization | ||
Depreciation and amortization | 281 | 329 |
Unallocated | ||
Depreciation and amortization | ||
Depreciation and amortization | $ 691 | $ 664 |
Segment Disclosure - Net Sales
Segment Disclosure - Net Sales and Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Apr. 29, 2017 | |
Net sales: | |||
Net sales | $ 172,728 | $ 157,146 | |
Long-lived assets: | |||
Long-lived assets | 65,293 | $ 66,749 | |
United States | |||
Net sales: | |||
Sales | 154,002 | 135,018 | |
Long-lived assets: | |||
Long-lived assets | 60,248 | 62,425 | |
Outside U.S. | |||
Net sales: | |||
Sales | 18,726 | $ 22,128 | |
Long-lived assets: | |||
Long-lived assets | $ 5,045 | $ 4,324 |
Marketable Securities - Availab
Marketable Securities - Available-for-sale Securities (Details) - USD ($) $ in Thousands | Jul. 29, 2017 | Apr. 29, 2017 |
Schedule of Available-for-sale Securities | ||
Amortized Cost | $ 25,028 | $ 32,721 |
Unrealized Gains | 16 | 14 |
Unrealized Losses | (24) | (22) |
Fair Value | 25,020 | 32,713 |
Certificates of deposit | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 11,028 | 12,487 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 11,028 | 12,487 |
U.S. Government securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 400 | |
Unrealized Gains | 0 | |
Unrealized Losses | 0 | |
Fair Value | 400 | |
U.S. Government sponsored entities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 7,667 | 12,260 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (24) | (22) |
Fair Value | 7,643 | 12,238 |
Municipal obligations | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 6,333 | 7,574 |
Unrealized Gains | 16 | 14 |
Unrealized Losses | 0 | 0 |
Fair Value | $ 6,349 | $ 7,588 |
Marketable Securities - Avail37
Marketable Securities - Available-for-sale by Maturity Date (Details) $ in Thousands | Jul. 29, 2017USD ($) |
Schedule of Available-for-sale Securities | |
Less than 12 months | $ 10,214 |
Greater than 12 months | 14,806 |
Total | 25,020 |
Certificates of deposit | |
Schedule of Available-for-sale Securities | |
Less than 12 months | 6,810 |
Greater than 12 months | 4,218 |
Total | 11,028 |
U.S. Government sponsored entities | |
Schedule of Available-for-sale Securities | |
Less than 12 months | 998 |
Greater than 12 months | 6,645 |
Total | 7,643 |
Municipal obligations | |
Schedule of Available-for-sale Securities | |
Less than 12 months | 2,406 |
Greater than 12 months | 3,943 |
Total | $ 6,349 |
Goodwill (Details)
Goodwill (Details) $ in Thousands | 3 Months Ended |
Jul. 29, 2017USD ($) | |
Goodwill | |
Balance as of April 29, 2017 | $ 7,812 |
Foreign currency translation | 459 |
Balance as of July 29, 2017 | 8,271 |
Live Events | |
Goodwill | |
Balance as of April 29, 2017 | 2,274 |
Foreign currency translation | 33 |
Balance as of July 29, 2017 | 2,307 |
Commerical | |
Goodwill | |
Balance as of April 29, 2017 | 3,199 |
Foreign currency translation | 223 |
Balance as of July 29, 2017 | 3,422 |
Transportation | |
Goodwill | |
Balance as of April 29, 2017 | 45 |
Foreign currency translation | 32 |
Balance as of July 29, 2017 | 77 |
International | |
Goodwill | |
Balance as of April 29, 2017 | 2,294 |
Foreign currency translation | 171 |
Balance as of July 29, 2017 | $ 2,465 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jul. 29, 2017 | Apr. 29, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 28,525 | $ 24,801 |
Work-in-process | 10,479 | 7,366 |
Finished goods | 35,408 | 34,319 |
Inventories | $ 74,412 | $ 66,486 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 29, 2017 | Apr. 29, 2017 | |
Receivables | ||
Allowance for doubtful accounts | $ 2,612 | $ 2,610 |
Retainage on construction-type contracts, expected to be collected in one year | 1,724 | 1,857 |
Financing Receivable | ||
Receivables | ||
Long-term contracts and lease receivables, present value | 4,403 | 4,890 |
Long-term contracts and lease receivables, face amount | $ 4,753 | $ 5,201 |
Financing Receivable | Minimum | ||
Receivables | ||
Contract and lease receivables annual interest rates | 4.80% | |
Financing Receivable | Maximum | ||
Receivables | ||
Contract and lease receivables annual interest rates | 10.00% |
Commitments and Contingencies -
Commitments and Contingencies - Guarantees and Warranties (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jul. 29, 2017 | Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | Jul. 29, 2017 | |
Warranties: | |||||
Identified warranty obligations accrued | $ 1,219 | ||||
Remaining accrual | 27,899 | $ 27,899 | $ 29,753 | ||
Movement in Standard Product Warranty Accrual | |||||
Beginning accrued warranty costs | 27,899 | ||||
Warranties issued during the period | 4,128 | ||||
Settlements made during the period | (3,493) | ||||
Changes in accrued warranty costs for pre-existing warranties during the period, including expirations | 1,219 | ||||
Ending accrued warranty costs | $ 29,753 | 27,899 | |||
Minimum | |||||
Warranties: | |||||
Standard parts warranty period | 1 year | ||||
Installation warranty period | 1 year | ||||
Maximum | |||||
Warranties: | |||||
Standard parts warranty period | 5 years | ||||
Installation warranty period | 10 years | ||||
Performance guarantees | Letter of credit and bank guarantees agreements | |||||
Guarantees: | |||||
Performance guarantees outstanding | 8,914 | ||||
Performance guarantees | Surety bonds | |||||
Guarantees: | |||||
Performance guarantees outstanding | 21,590 | ||||
Out-of-Home Product Application | |||||
Warranties: | |||||
Identified warranty obligations accrued | $ 783 | 1,766 | $ 9,174 | $ 1,168 | |
Remaining accrual | 2,776 | $ 2,776 | |||
Movement in Standard Product Warranty Accrual | |||||
Changes in accrued warranty costs for pre-existing warranties during the period, including expirations | 783 | $ 1,766 | $ 9,174 | $ 1,168 | |
Ending accrued warranty costs | $ 2,776 |
Commitments and Contingencies42
Commitments and Contingencies - Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 29, 2017 | Jul. 30, 2016 | |
Operating Leased Assets | ||
Operating leases, rent expense | $ 853 | $ 849 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity | ||
2,018 | 2,065 | |
2,019 | 2,222 | |
2,020 | 1,884 | |
2,021 | 1,627 | |
2,022 | 1,325 | |
Thereafter | 404 | |
Total | 9,527 | |
March 31, 2017 to March 31, 2022 | ||
Operating Leased Assets | ||
Operating leases, purchase option price | 9,000 | |
April 1, 2022 to March 31, 2023 | ||
Operating Leased Assets | ||
Operating leases, purchase option price | 9,090 | |
April 1, 2023 to March 31, 2024 | ||
Operating Leased Assets | ||
Operating leases, purchase option price | $ 9,180 |
Commitments and Contingencies43
Commitments and Contingencies - Purchase Commitments (Details) $ in Thousands | Jul. 29, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Conditional purchase commitment | $ 375 |
Purchase Obligation, Fiscal Year Maturity | |
2,018 | 1,589 |
2,019 | 1,030 |
2,020 | 253 |
2,021 | 253 |
2,022 | 143 |
Thereafter | 380 |
Total | $ 3,648 |
Income Taxes (Details)
Income Taxes (Details) $ in Thousands | Jul. 29, 2017USD ($) |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits that would affect our effective tax rate if recognized | $ 3,265 |
Fair Value Measurement (Details
Fair Value Measurement (Details) - USD ($) $ in Thousands | Jul. 29, 2017 | Apr. 29, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | $ 25,020 | $ 32,713 |
Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 11,028 | 12,487 |
U.S. Government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 400 | |
U.S. Government sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 7,643 | 12,238 |
Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 6,349 | 7,588 |
Reported Value Measurement [Member] | Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash and cash equivalents | 26,868 | 32,623 |
Restricted cash | 222 | 216 |
Derivatives - currency forward contract, asset | 31 | 64 |
Derivatives - currency forward contracts, liability | (602) | (277) |
Contingent liability | (1,004) | (1,891) |
Assets (Liabilities), net | 50,535 | 63,448 |
Reported Value Measurement [Member] | Recurring Basis | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 11,028 | 12,487 |
Reported Value Measurement [Member] | Recurring Basis | U.S. Government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 400 | |
Reported Value Measurement [Member] | Recurring Basis | U.S. Government sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 7,643 | 12,238 |
Reported Value Measurement [Member] | Recurring Basis | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 6,349 | 7,588 |
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash and cash equivalents | 26,868 | 32,623 |
Restricted cash | 222 | 216 |
Derivatives - currency forward contract, asset | 0 | 0 |
Derivatives - currency forward contracts, liability | 0 | 0 |
Contingent liability | 0 | 0 |
Assets (Liabilities), net | 27,090 | 33,239 |
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 1 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 1 | U.S. Government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 400 | |
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 1 | U.S. Government sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 1 | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Derivatives - currency forward contract, asset | 31 | 64 |
Derivatives - currency forward contracts, liability | (602) | (277) |
Contingent liability | 0 | 0 |
Assets (Liabilities), net | 24,449 | 32,100 |
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 2 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 11,028 | 12,487 |
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 2 | U.S. Government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 0 | |
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 2 | U.S. Government sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 7,643 | 12,238 |
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 2 | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 6,349 | 7,588 |
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Derivatives - currency forward contract, asset | 0 | 0 |
Derivatives - currency forward contracts, liability | 0 | 0 |
Contingent liability | (1,004) | (1,891) |
Assets (Liabilities), net | (1,004) | (1,891) |
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 3 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 3 | U.S. Government sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 3 | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | $ 0 | $ 0 |
Fair Value Measurement - Roll F
Fair Value Measurement - Roll Forward of the Level 3 Contingent Consideration Liability (Details) - Estimate of Fair Value Measurement [Member] - Level 3 - Recurring Basis - Contingent Consideration Liability $ in Thousands | 3 Months Ended |
Jul. 29, 2017USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Contingent liability as of April 29, 2017 | $ 1,891 |
Settlements | (1,009) |
Interest | 13 |
Foreign currency translation | 109 |
Contingent liability as of July 29, 2017 | $ 1,004 |
Derivative Financial Instrume47
Derivative Financial Instruments (Details) € in Thousands, £ in Thousands, SGD in Thousands, CAD in Thousands, AUD in Thousands, $ in Thousands | Jul. 29, 2017CAD | Jul. 29, 2017AUD | Jul. 29, 2017USD ($) | Jul. 29, 2017EUR (€) | Jul. 29, 2017SGD | Jul. 29, 2017GBP (£) | Apr. 29, 2017CAD | Apr. 29, 2017AUD | Apr. 29, 2017USD ($) | Apr. 29, 2017EUR (€) | Apr. 29, 2017SGD | Apr. 29, 2017GBP (£) |
U.S. Dollars/Australian Dollars | ||||||||||||
Derivative | ||||||||||||
Foreign Currency Exchange Forward Contracts: | AUD 4,842 | $ 3,632 | AUD 10,669 | $ 7,984 | ||||||||
U.S. Dollars/Canadian Dollars | ||||||||||||
Derivative | ||||||||||||
Foreign Currency Exchange Forward Contracts: | CAD 1,319 | 998 | CAD 345 | 256 | ||||||||
U.S. Dollars/British Pounds | ||||||||||||
Derivative | ||||||||||||
Foreign Currency Exchange Forward Contracts: | 3,283 | £ 2,633 | 4,936 | £ 3,959 | ||||||||
U.S. Dollars/Singapore Dollars | ||||||||||||
Derivative | ||||||||||||
Foreign Currency Exchange Forward Contracts: | 0 | SGD 0 | 605 | SGD 844 | ||||||||
U.S. Dollars/Euros | ||||||||||||
Derivative | ||||||||||||
Foreign Currency Exchange Forward Contracts: | 1,688 | € 1,498 | 528 | € 491 | ||||||||
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 2 | ||||||||||||
Derivative | ||||||||||||
Derivatives - currency forward contract, asset | 31 | 64 | ||||||||||
Derivatives - currency forward contracts, liability | $ 602 | $ 277 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Aug. 31, 2017 | Jul. 29, 2017 | Jul. 30, 2016 |
Subsequent Event [Line Items] | |||
Cash dividend declared per share (in dollars per share) | $ 0.07 | $ 0.10 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Cash dividend declared per share (in dollars per share) | $ 0.07 |