Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Nov. 02, 2019 | Nov. 25, 2019 | |
Entity Information [Line Items] | ||
Entity Registrant Name | DAKTRONICS INC /SD/ | |
Entity Central Index Key | 0000915779 | |
Current Fiscal Year End Date | --05-02 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 45,147,549 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Nov. 2, 2019 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Nov. 02, 2019 | Apr. 27, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 29,265 | $ 35,383 |
Restricted cash | 59 | 359 |
Marketable securities | 3,618 | 26,344 |
Accounts receivable, net | 103,417 | 65,487 |
Inventories | 79,237 | 78,832 |
Contract assets | 34,395 | 33,704 |
Current maturities of long-term receivables | 4,567 | 2,300 |
Prepaid expenses and other current assets | 9,943 | 8,319 |
Income tax receivables | 4,301 | 1,087 |
Property and equipment and other assets available for sale | 1,860 | 1,858 |
Total current assets | 270,662 | 253,673 |
Property and equipment, net | 67,163 | 65,314 |
Long-term receivables, less current maturities | 1,758 | 1,214 |
Goodwill | 7,974 | 7,889 |
Intangibles, net | 4,204 | 4,906 |
Investment in affiliates and other assets | 15,458 | 5,052 |
Deferred income taxes | 11,190 | 11,168 |
TOTAL ASSETS | 378,409 | 349,216 |
CURRENT LIABILITIES: | ||
Accounts payable | 48,432 | 44,873 |
Contract liabilities | 48,387 | 47,178 |
Accrued expenses | 36,817 | 32,061 |
Warranty obligations | 9,837 | 9,492 |
Income taxes payable | 638 | 468 |
Total current liabilities | 144,111 | 134,072 |
Long-term warranty obligations | 16,148 | 14,978 |
Long-term contract liabilities | 10,578 | 10,053 |
Other long-term obligations | 8,295 | 1,339 |
Long-term income taxes payable | 735 | 578 |
Deferred income taxes | 531 | 533 |
Total long-term liabilities | 36,287 | 27,481 |
SHAREHOLDERS' EQUITY: | ||
Common Stock, no par value, authorized 115,000,000 shares; 45,722,110 and 45,317,267 shares issued at November 2, 2019 and April 27, 2019, respectively | 59,276 | 57,699 |
Additional paid-in capital | 43,546 | 42,561 |
Retained earnings | 103,397 | 93,593 |
Treasury Stock, at cost, 573,775 and 303,957 shares at November 2, 2019 and April 27, 2019, respectively | (3,516) | (1,834) |
Accumulated other comprehensive loss | (4,692) | (4,356) |
TOTAL SHAREHOLDERS' EQUITY | 198,011 | 187,663 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 378,409 | $ 349,216 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Nov. 02, 2019 | Apr. 27, 2019 |
SHAREHOLDERS' EQUITY: | ||
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 115,000,000 | 115,000,000 |
Common stock, issued (in shares) | 45,722,110 | 45,317,267 |
Treasury stock, at cost (in shares) | 573,775 | 303,957 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Nov. 02, 2019 | Oct. 27, 2018 | Nov. 02, 2019 | Oct. 27, 2018 | |
Income Statement [Abstract] | ||||
Net sales | $ 174,911 | $ 172,692 | $ 355,167 | $ 326,880 |
Cost of sales | 134,824 | 129,935 | 269,575 | 245,876 |
Gross profit | 40,087 | 42,757 | 85,592 | 81,004 |
Operating expenses: | ||||
Selling | 16,177 | 16,125 | 34,474 | 32,503 |
General and administrative | 8,965 | 8,574 | 18,058 | 17,111 |
Product design and development | 10,121 | 9,039 | 20,621 | 18,331 |
Total operating expenses | 35,263 | 33,738 | 73,153 | 67,945 |
Operating income | 4,824 | 9,019 | 12,439 | 13,059 |
Nonoperating (expense) income: | ||||
Interest income | 162 | 188 | 431 | 385 |
Interest expense | (31) | (2) | (66) | (41) |
Other income (expense), net | (514) | (66) | (321) | (220) |
Income before income taxes | 4,441 | 9,139 | 12,483 | 13,183 |
Income tax (benefit) expense | (2,833) | 533 | (1,821) | 3 |
Net income | $ 7,274 | $ 8,606 | $ 14,304 | $ 13,180 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 45,115 | 44,780 | 45,114 | 44,717 |
Diluted (in shares) | 45,267 | 44,950 | 45,361 | 44,994 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.16 | $ 0.19 | $ 0.32 | $ 0.29 |
Diluted (in dollars per share) | $ 0.16 | $ 0.19 | $ 0.32 | $ 0.29 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Nov. 02, 2019 | Oct. 27, 2018 | Nov. 02, 2019 | Oct. 27, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 7,274 | $ 8,606 | $ 14,304 | $ 13,180 |
Other comprehensive income (loss): | ||||
Cumulative translation adjustments | 146 | (555) | (380) | (1,694) |
Unrealized gain (loss) on available-for-sale securities, net of tax | 3 | 6 | 44 | (7) |
Total other comprehensive income (loss), net of tax | 149 | (549) | (336) | (1,701) |
Comprehensive income | $ 7,423 | $ 8,057 | $ 13,968 | $ 11,479 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss |
Balance at Beginning of Period at Apr. 28, 2018 | $ 197,616 | $ 54,731 | $ 40,328 | $ 107,105 | $ (1,834) | $ (2,714) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 4,574 | 4,574 | ||||
Cumulative translation adjustments | (1,139) | (1,139) | ||||
Unrealized gain (loss) on available-for-sale securities, net of tax | (13) | (13) | ||||
Share-based compensation | 651 | 651 | ||||
Exercise of stock options | 57 | 57 | 0 | |||
Employee savings plan activity | 820 | 820 | ||||
Dividends paid | (3,121) | (3,121) | ||||
Balance at End of Period at Jul. 28, 2018 | 199,445 | 55,608 | 40,979 | 108,558 | (1,834) | (3,866) |
Balance at Beginning of Period at Apr. 28, 2018 | 197,616 | 54,731 | 40,328 | 107,105 | (1,834) | (2,714) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 13,180 | |||||
Cumulative translation adjustments | (1,694) | |||||
Unrealized gain (loss) on available-for-sale securities, net of tax | (7) | |||||
Balance at End of Period at Oct. 27, 2018 | 204,737 | 55,608 | 41,345 | 114,033 | (1,834) | (4,415) |
Balance at Beginning of Period at Jul. 28, 2018 | 199,445 | 55,608 | 40,979 | 108,558 | (1,834) | (3,866) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 8,606 | 8,606 | ||||
Cumulative translation adjustments | (555) | (555) | ||||
Unrealized gain (loss) on available-for-sale securities, net of tax | 6 | 6 | ||||
Share-based compensation | 612 | 612 | ||||
Tax payments related to RSU issuances | (246) | (246) | ||||
Dividends paid | (3,131) | (3,131) | ||||
Balance at End of Period at Oct. 27, 2018 | 204,737 | 55,608 | 41,345 | 114,033 | (1,834) | (4,415) |
Balance at Beginning of Period at Apr. 27, 2019 | 187,663 | 57,699 | 42,561 | 93,593 | (1,834) | (4,356) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 7,030 | 7,030 | ||||
Cumulative translation adjustments | (526) | (526) | ||||
Unrealized gain (loss) on available-for-sale securities, net of tax | 41 | 41 | ||||
Share-based compensation | 643 | 643 | ||||
Employee savings plan activity | 779 | 779 | ||||
Dividends paid | (2,250) | (2,250) | ||||
Treasury stock purchase | 1,187 | 1,187 | ||||
Balance at End of Period at Aug. 03, 2019 | 192,193 | 58,478 | 43,204 | 98,373 | (3,021) | (4,841) |
Balance at Beginning of Period at Apr. 27, 2019 | 187,663 | 57,699 | 42,561 | 93,593 | (1,834) | (4,356) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 14,304 | |||||
Cumulative translation adjustments | (380) | |||||
Unrealized gain (loss) on available-for-sale securities, net of tax | 44 | |||||
Balance at End of Period at Nov. 02, 2019 | 198,011 | 59,276 | 43,546 | 103,397 | (3,516) | (4,692) |
Balance at Beginning of Period at Aug. 03, 2019 | 192,193 | 58,478 | 43,204 | 98,373 | (3,021) | (4,841) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 7,274 | 7,274 | ||||
Cumulative translation adjustments | 146 | 146 | ||||
Unrealized gain (loss) on available-for-sale securities, net of tax | 3 | 3 | ||||
Share-based compensation | 541 | 541 | ||||
Tax payments related to RSU issuances | (199) | (199) | ||||
Employee savings plan activity | 798 | 798 | ||||
Dividends paid | (2,250) | (2,250) | ||||
Treasury stock purchase | 495 | 495 | ||||
Balance at End of Period at Nov. 02, 2019 | $ 198,011 | $ 59,276 | $ 43,546 | $ 103,397 | $ (3,516) | $ (4,692) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |||
Nov. 02, 2019 | Aug. 03, 2019 | Oct. 27, 2018 | Jul. 28, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends declared per share | $ 0.05 | $ 0.05 | $ 0.07 | $ 0.07 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Nov. 02, 2019 | Oct. 27, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 14,304 | $ 13,180 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 8,724 | 9,300 |
Gain (loss) on sale of property, equipment and other assets | 30 | (93) |
Share-based compensation | 1,184 | 1,263 |
Contingent consideration adjustment | 0 | (956) |
Equity in loss of affiliate | 241 | 265 |
Provision for doubtful accounts | (535) | 51 |
Deferred income taxes, net | (64) | (85) |
Change in operating assets and liabilities | (34,156) | (368) |
Net cash (used in) provided by operating activities | (10,272) | 22,557 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (9,768) | (9,833) |
Proceeds from sales of property, equipment and other assets | 149 | 182 |
Purchases of marketable securities | 0 | (9,209) |
Proceeds from sales or maturities of marketable securities | 22,775 | 12,034 |
Purchases of and loans to equity investment | (896) | (854) |
Acquisitions, net of cash acquired | 0 | 2,250 |
Net cash provided by (used in) investing activities | 12,260 | (9,930) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Principal payments on long-term obligations | (1,931) | (431) |
Dividends paid | (4,500) | (6,252) |
Proceeds from exercise of stock options | 0 | 57 |
Payments for common shares repurchased | 1,682 | 0 |
Tax payments related to RSU issuances | 199 | 246 |
Net cash used in financing activities | (8,312) | (6,872) |
EFFECT OF EXCHANGE RATE CHANGES | (94) | 73 |
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (6,418) | 5,828 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | ||
Beginning of period | 35,742 | 29,755 |
End of period | 29,324 | 35,583 |
Cash payments for: | ||
Interest | 117 | 84 |
Income taxes, net of refunds | 1,051 | 954 |
Supplemental schedule of non-cash investing and financing activities: | ||
Demonstration equipment transferred to inventory | 0 | 97 |
Purchases of property and equipment included in accounts payable | 1,469 | 2,348 |
Contributions of common stock under the ESPP | $ 1,577 | $ 820 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Nov. 02, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Critical Accounting Policies | Note 1. Basis of Presentation Daktronics, Inc. and its subsidiaries (the “Company”, “Daktronics”, “we”, “our”, or “us”) are the world's industry leader in designing and manufacturing electronic scoreboards, programmable display systems and large screen video displays for sporting, commercial and transportation applications. In the opinion of management, the accompanying unaudited condensed 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 generally accepted accounting principles in the United States ("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 GAAP have been condensed or omitted. The balance sheet at April 27, 2019 , has been derived from the audited financial statements at that date, but it does not include all 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 27, 2019 , which are contained in our Annual Report on Form 10-K previously filed with the Securities and Exchange Commission ("SEC"). 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- or 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 fiscal year ended April 27, 2019 consisted of 52 weeks. Fiscal 2020 will be a 53-week year; therefore, the six months ended November 2, 2019 contains operating results for 27 weeks while the six months ended October 27, 2018 contains operating results for 26 weeks. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the totals of the same amounts shown in the condensed consolidated statement of cash flows: November 2, October 27, Cash and cash equivalents $ 29,265 $ 35,557 Restricted cash 59 26 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows $ 29,324 $ 35,583 Recent Accounting Pronouncements There have been no material changes to our significant accounting policies and estimates as described in our Annual Report on Form 10-K for the fiscal year ended April 27, 2019 , other than described in the Accounting Standards Adopted section below. Accounting Standards Adopted In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 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. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842 (Leases) and ASU 2018-11, Leases (Topic 842), Targeted Improvements , which provide (i) narrow amendments to clarify how to apply certain aspects of the new lease standard, (ii) entities with an additional transition method to adopt the new standard, and (iii) lessors with a practical expedient for separating components of a contract. We adopted ASU 2016-02 and its related guidance during the first quarter of fiscal 2020 for all agreements existing as of April 28, 2019. We elected the "comparatives under Accounting Standards Codification ("ASC") 840 option" as a transitional method, which allows us to initially apply the new lease requirements at the effective date. Comparative periods were not adjusted and will continue to be reported in accordance with prior lease guidance under ASC 840. We elected the package of practical expedients, which permits us not to reassess our prior conclusions about lease identification, lease classification and initial direct costs. In addition, we have elected the short-term lease recognition whereby we will not recognize operating leases related assets or liabilities for leases with a lease term of less than one year. We have also elected the practical expedient to not separate lease and non-lease components in the lease payments for all asset classes. This adoption did not have an impact on our condensed consolidated statements of operations, shareholders' equity and cash flows, and there was no adjustment to retained earnings. As of April 28, 2019, we recognized a right of use asset for operating leases of $11,101 and a current and non-current lease liability for operating leases of $2,745 and $8,356 , respectively. The right of use operating assets are included in the " Investment in affiliates and other assets " line item, the current lease liabilities are included in the " Accrued expenses " line item, and the non-current lease liabilities are included in the " Other long-term obligations " line item in our condensed consolidated balance sheet. See " Note 12. Leases " for more information. Accounting Standards Not Yet Adopted In January 2017, the FASB issued 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. We are currently evaluating the effect that adopting ASU 2017-04 will have on our condensed 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, and will require adoption on a modified retrospective basis. We are currently evaluating the effect that adopting ASU 2016-13, including all subsequent amendments and improvements to ASC Topic 326 issued by FASB, will have on our condensed consolidated financial statements and related disclosures. |
Investments in Affiliates Inves
Investments in Affiliates Investment in Affiliates | 6 Months Ended |
Nov. 02, 2019 | |
Equity and Cost Method Investments [Abstract] | |
Cost and Equity Method Investments Disclosure [Text Block] | Note 2. Investments in Affiliates Investments in affiliates over which we have significant influence are accounted for under the equity method of accounting in accordance with the provisions of ASC 323, Investments – Equity Method and Joint Ventures . 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 in accordance with the provisions of ASC 321, Investments – Equity Securities . 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 $3,415 and $3,657 at November 2, 2019 and April 27, 2019 , respectively. The equity method requires us to report our share of losses up to our equity investment amount. Cash paid for investments in affiliates and loans to affiliates are included in the "Purchases of and loans to equity investment" line item in our condensed consolidated statements of cash flows. Our proportional share of the respective affiliates' earnings or losses is included in the " Other income (expense), net " line item in our condensed consolidated statements of operations. For the six months ended November 2, 2019 and October 27, 2018 , our share of the losses of our affiliates was $241 and $265 , respectively. The aggregate amount of investments without readily determinable fair values was $ 42 at November 2, 2019 and April 27, 2019 . 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. We record equity investments without readily determinable fair values at cost, less any impairment, adjusted for observable price changes. During the six months ended November 2, 2019 , we did not record any changes in the measurement of such investments. |
Earnings Per Share EPS
Earnings Per Share EPS | 6 Months Ended |
Nov. 02, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share EPS | Note 3. Earnings Per Share ("EPS") We follow the provisions of ASC 260, Earnings Per Share , where 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 and six months ended November 2, 2019 and October 27, 2018 : Net income Shares Per share income For the three months ended November 2, 2019 Basic earnings per share $ 7,274 45,115 $ 0.16 Dilution associated with stock compensation plans — 152 — Diluted earnings per share $ 7,274 45,267 $ 0.16 For the three months ended October 27, 2018 Basic earnings per share $ 8,606 44,780 $ 0.19 Dilution associated with stock compensation plans — 170 — Diluted earnings per share $ 8,606 44,950 $ 0.19 For the six months ended November 2, 2019 Basic earnings per share $ 14,304 45,114 $ 0.32 Dilution associated with stock compensation plans — 247 — Diluted earnings per share $ 14,304 45,361 $ 0.32 For the six months ended October 27, 2018 Basic earnings per share $ 13,180 44,717 $ 0.29 Dilution associated with stock compensation plans — 277 — Diluted earnings per share $ 13,180 44,994 $ 0.29 Options outstanding to purchase 2,282 shares of common stock with a weighted average exercise price of $9.90 for the three months ended November 2, 2019 and 2,377 shares of common stock with a weighted average exercise price of $9.94 for the three months ended October 27, 2018 were not included in the computation of diluted earnings per share because the effects would be anti-dilutive. Options outstanding to purchase 2,238 shares of common stock with a weighted average exercise price of $9.97 for the six months ended November 2, 2019 and 2,129 shares of common stock with a weighted average exercise price of $10.15 for the six months ended October 27, 2018 were not included in the computation of diluted earnings per share because the effects would be anti-dilutive. |
Revenue Recognition Revenue Rec
Revenue Recognition Revenue Recognition | 6 Months Ended |
Nov. 02, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 4. Revenue Recognition Disaggregation of revenue In accordance with ASC 606-10-50, we disaggregate revenue from contracts with customers by the type of performance obligation and the timing of revenue recognition. We determine that disaggregating revenue in these categories achieves the disclosure objective to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors and to enable users of financial statements to understand the relationship to each reportable segment. The following table presents our disaggregation of revenue by segments: Three Months Ended November 2, 2019 Commercial Live Events High School Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 9,007 $ 41,413 $ 5,186 $ 12,419 $ 10,542 $ 78,567 Limited configuration 26,654 11,513 24,127 7,383 13,124 82,801 Service and other 3,990 6,393 880 528 1,752 13,543 $ 39,651 $ 59,319 $ 30,193 $ 20,330 $ 25,418 $ 174,911 Timing of revenue recognition Goods/services transferred at a point in time $ 27,304 $ 13,169 $ 22,112 $ 7,521 $ 13,500 $ 83,606 Goods/services transferred over time 12,347 46,150 8,081 12,809 11,918 91,305 $ 39,651 $ 59,319 $ 30,193 $ 20,330 $ 25,418 $ 174,911 Six Months Ended November 2, 2019 Commercial Live Events High School Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 21,972 $ 87,000 $ 11,216 $ 24,316 $ 26,220 $ 170,724 Limited configuration 53,889 19,226 47,927 13,970 23,054 158,066 Service and other 7,825 12,399 1,515 1,062 3,576 26,377 $ 83,686 $ 118,625 $ 60,658 $ 39,348 $ 52,850 $ 355,167 Timing of revenue recognition Goods/services transferred at a point in time $ 55,007 $ 22,289 $ 44,711 $ 14,218 $ 23,688 $ 159,913 Goods/services transferred over time 28,679 96,336 15,947 25,130 29,162 195,254 $ 83,686 $ 118,625 $ 60,658 $ 39,348 $ 52,850 $ 355,167 Three Months Ended October 27, 2018 Commercial Live Events High School Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 11,426 $ 38,283 $ 6,671 $ 10,427 $ 10,776 $ 77,583 Limited configuration 31,385 11,467 24,381 7,195 9,851 84,279 Service and other 3,258 5,349 528 455 1,240 10,830 $ 46,069 $ 55,099 $ 31,580 $ 18,077 $ 21,867 $ 172,692 Timing of revenue recognition Goods/services transferred at a point in time $ 31,896 $ 12,558 $ 22,060 $ 7,267 $ 10,126 $ 83,907 Goods/services transferred over time 14,173 42,541 9,520 10,810 11,741 88,785 $ 46,069 $ 55,099 $ 31,580 $ 18,077 $ 21,867 $ 172,692 Six Months Ended October 27, 2018 Commercial Live Events High School Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 14,475 $ 77,204 $ 15,614 $ 20,045 $ 26,992 $ 154,330 Limited configuration 55,252 17,285 42,928 14,278 20,629 150,372 Service and other 6,911 10,082 1,158 911 3,116 22,178 $ 76,638 $ 104,571 $ 59,700 $ 35,234 $ 50,737 $ 326,880 Timing of revenue recognition Goods/services transferred at a point in time $ 56,479 $ 19,360 $ 39,058 $ 14,499 $ 21,662 $ 151,058 Goods/services transferred over time 20,159 85,211 20,642 20,735 29,075 175,822 $ 76,638 $ 104,571 $ 59,700 $ 35,234 $ 50,737 $ 326,880 See " Note 5. Segment Reporting " for a disaggregation of revenue by geography. Contract balances Contract assets represent revenue recognized in excess of amounts billed and include unbilled receivables. Unbilled receivables, which represent an unconditional right to payment subject only to the passage of time, are reclassified to accounts receivable when they are billed according to the contract terms. Contract liabilities represent amounts billed to the clients in excess of revenue recognized to date. The following table reflects the changes in our contract assets and liabilities: November 2, 2019 April 27, 2019 Dollar Change Percent Change Contract assets $ 34,395 $ 33,704 $ 691 2.1 % Contract liabilities - current 48,387 47,178 1,209 2.6 Contract liabilities - noncurrent 10,578 10,053 525 5.2 The changes in our contract assets and contract liabilities from April 27, 2019 to November 2, 2019 were due to the timing of billing schedules and revenue recognition, which can vary significantly depending on the contractual payment terms and the seasonality of the sports markets. We had no material impairments of contract assets for the six months ended November 2, 2019 . As of April 27, 2019 , we had six contracts in progress that were identified as loss contracts, for which we recorded a provision for losses of $2,353 and two remaining contracts with loss estimates of $360 as of November 2, 2019 . These were included in the "Accrued expenses" line item in our condensed consolidated balance sheets. During the six months ended November 2, 2019 , we recognized revenue of $39,352 related to our contract liabilities as of April 27, 2019 . Remaining performance obligations As of November 2, 2019 , the aggregate amount of the transaction price allocated to the remaining performance obligations was $239,902 . We expect approximately $202,745 of our remaining performance obligations to be recognized over the next 12 months with the remainder recognized thereafter. Remaining performance obligations related to product and service agreements are $182,050 and $57,852 , respectively. Although remaining performance obligations reflect business that is considered to be legally binding, cancellations, deferrals or scope adjustments may occur. Any known project cancellations, revisions to project scope and cost, foreign currency exchange fluctuations and project deferrals are reflected or excluded in the remaining performance obligation balance, as appropriate. |
Segment Disclosure
Segment Disclosure | 6 Months Ended |
Nov. 02, 2019 | |
Segment Reporting [Abstract] | |
Segment Disclosure | Note 5. Segment Reporting We organize and manage our business by the following five segments which meet the definition of reportable segments under ASC 280-10, Segment Reporting : Commercial, Live Events, High School Park and Recreation, Transportation, and International. These segments are based on the customer type or geography and are the same as our business units. We evaluate segment performance based on operating results through contribution margin, which is comprised of gross profit less selling expense. We exclude general and administration expense, product design and development expense, non-operating income and expense, and income tax expense in the segment analysis. Separate financial information is available and regularly evaluated by our chief operating decision-maker (CODM), who is our president and chief executive officer, in making resource allocation decisions for our segments. The following table sets forth certain financial information for each of our five reporting segments for the periods indicated: Three Months Ended Six Months Ended November 2, October 27, November 2, October 27, Net sales: Commercial $ 39,651 $ 46,069 $ 83,686 $ 76,638 Live Events 59,319 55,099 118,625 104,571 High School Park and Recreation 30,193 31,580 60,658 59,700 Transportation 20,330 18,077 39,348 35,234 International 25,418 21,867 52,850 50,737 174,911 172,692 355,167 326,880 Gross profit: Commercial 7,862 11,757 17,080 18,651 Live Events 11,934 12,312 24,671 22,545 High School Park and Recreation 9,224 9,759 19,411 19,261 Transportation 7,003 6,140 13,757 11,591 International 4,064 2,789 10,673 8,956 40,087 42,757 85,592 81,004 Contribution margin: (1) Commercial 2,853 7,050 6,937 9,524 Live Events 8,362 8,918 17,234 15,903 High School Park and Recreation 5,988 6,706 12,580 13,258 Transportation 5,895 4,991 11,347 9,286 International 812 (1,033 ) 3,020 530 23,910 26,632 51,118 48,501 Non-allocated operating expenses: General and administrative 8,965 8,574 18,058 17,111 Product design and development 10,121 9,039 20,621 18,331 Operating income 4,824 9,019 12,439 13,059 Nonoperating income (expense): Interest income 162 188 431 385 Interest expense (31 ) (2 ) (66 ) (41 ) Other income (expense), net (514 ) (66 ) (321 ) (220 ) Income before income taxes 4,441 9,139 12,483 13,183 Income tax (benefit) expense (2,833 ) 533 (1,821 ) 3 Net income $ 7,274 $ 8,606 $ 14,304 $ 13,180 Depreciation and amortization: Commercial $ 895 $ 1,236 $ 1,869 $ 2,414 Live Events 1,394 1,334 2,792 2,506 High School Park and Recreation 507 517 1,019 960 Transportation 252 277 516 551 International 563 723 1,087 1,423 Unallocated corporate depreciation 730 725 1,441 1,446 $ 4,341 $ 4,812 $ 8,724 $ 9,300 (1) Contribution margin consists of gross profit less selling expense. 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 Six Months Ended November 2, October 27, November 2, October 27, Net sales: United States $ 147,106 $ 145,936 $ 296,566 $ 267,261 Outside United States 27,805 26,756 58,601 59,619 $ 174,911 $ 172,692 $ 355,167 $ 326,880 November 2, April 27, Property and equipment, net of accumulated depreciation: United States $ 59,655 $ 59,192 Outside United States 7,508 6,122 $ 67,163 $ 65,314 We have numerous customers worldwide for sales of our products and services, and no customer accounted for 10% or more of net sales; therefore, we are not economically dependent on a limited number of customers for the sale of our products and services. We have numerous raw material and component suppliers, and no supplier accounts for 10% or more of our cost of sales; however, we have a number of single-source suppliers that could limit our supply or cause delays in obtaining raw material and components needed in manufacturing. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Nov. 02, 2019 | |
Marketable Securities [Abstract] | |
Marketable Securities | Note 6. 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 in the condensed consolidated balance sheets. 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 November 2, 2019 , 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 November 2, 2019 and April 27, 2019 , our available-for-sale securities consisted of the following: Amortized Cost Unrealized Losses Fair Value Balance as of November 2, 2019 Certificates of deposit $ 2,717 $ — $ 2,717 U.S. Government sponsored entities 745 — 745 Municipal bonds 156 — 156 $ 3,618 $ — $ 3,618 Balance as of April 27, 2019 Certificates of deposit $ 3,464 $ — $ 3,464 U.S. Government securities 10,779 (5 ) 10,774 U.S. Government sponsored entities 10,510 (28 ) 10,482 Municipal bonds 1,626 (2 ) 1,624 $ 26,379 $ (35 ) $ 26,344 Realized gains or losses on investments are recorded in our condensed 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 six months ended November 2, 2019 and October 27, 2018 , the reclassifications from accumulated other comprehensive loss to net 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 November 2, 2019 were as follows: Less than 12 months 1-5 Years Total Certificates of deposit $ 1,734 $ 983 $ 2,717 U.S. Government sponsored entities 745 — 745 Municipal bonds 156 — 156 $ 2,635 $ 983 $ 3,618 |
Business Combination
Business Combination | 6 Months Ended |
Nov. 02, 2019 | |
Business Combinations [Abstract] | |
Business Combination | Note 7. Business Combinations AJT Systems, Inc. Acquisition We acquired the net assets of AJT Systems, Inc. ("AJT"), a Florida-based company, on June 21, 2018. The results of its operations have been included in our condensed consolidated financial statements since the date of acquisition. We have not made pro forma disclosures about our acquisition of AJT because the results of its operations are not material to our condensed consolidated financial statements. AJT is a developer of real-time live to air graphics rendering and video server systems for the broadcast TV industry. This acquisition will allow our organization to grow and strengthen our solution offerings to the market. This acquisition was primarily funded with cash on hand and with payments made over a three-year period. |
Goodwill
Goodwill | 6 Months Ended |
Nov. 02, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Note 8. Goodwill The changes in the carrying amount of goodwill related to each reportable segment for the six months ended November 2, 2019 were as follows: Live Events Commercial Transportation International Total Balance as of April 27, 2019 $ 2,276 $ 3,218 $ 49 $ 2,346 $ 7,889 Foreign currency translation 9 64 9 3 85 Balance as of November 2, 2019 $ 2,285 $ 3,282 $ 58 $ 2,349 $ 7,974 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 perform our 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. In conducting our impairment testing, we compare the fair value of each of our business units to the related carrying value of the allocated assets. We utilize the income approach based on discounted projected cash flows to estimate the fair value of each unit. The projected cash flows use many estimates including market conditions and expected market demand; our ability to grow or maintain market share and gross profit; and our expected expenditures for capital and operating expenses. Assets shared or not directly attributed to a reportable segment's activities are allocated to the reportable segment based on sales and other measures. We performed our annual impairment test for our third quarter in fiscal 2019, which began on October 29, 2018 and concluded no goodwill impairment existed. We are currently in the process of completing our annual analysis as of the first business day of our third quarter of fiscal 2020, which began on November 4, 2019. |
Selected Financial Statement Da
Selected Financial Statement Data | 6 Months Ended |
Nov. 02, 2019 | |
Selected Financial Statement Data [Abstract] | |
Selected Financial Statement Data | Note 9. Selected Financial Statement Data Inventories consisted of the following: November 2, April 27, Raw materials $ 33,203 $ 30,789 Work-in-process 9,104 8,239 Finished goods 36,930 39,804 $ 79,237 $ 78,832 Property and equipment, net consisted of the following: November 2, April 27, Land $ 2,176 $ 1,738 Buildings 67,561 66,403 Machinery and equipment 99,811 96,486 Office furniture and equipment 6,157 6,195 Computer software and hardware 52,735 55,460 Equipment held for rental 287 287 Demonstration equipment 7,547 7,422 Transportation equipment 7,993 7,715 244,267 241,706 Less accumulated depreciation 177,104 176,392 $ 67,163 $ 65,314 |
Receivables
Receivables | 6 Months Ended |
Nov. 02, 2019 | |
Receivables [Abstract] | |
Receivables | Note 10. Receivables We invoice customers based on a billing schedule as established in our contracts. We sometimes have the ability to file a contractor’s lien against the product installed as collateral and to file claims against surety bonds to protect our interest in receivables. Foreign sales are at times secured by irrevocable letters of credit or bank guarantees. Accounts receivable are reported net of an allowance for doubtful accounts of $2,516 and $2,208 at November 2, 2019 and April 27, 2019 , respectively. Included in accounts receivable as of November 2, 2019 and April 27, 2019 was $717 and $440 , respectively, of retainage on construction-type contracts, all of which is expected to be collected within one year. In some contracts with customers, we agree to installment payments exceeding 12 months. The present value of these contracts and leases are recorded as a receivable as the revenue is recognized in accordance with 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 $6,325 and $3,514 as of November 2, 2019 and April 27, 2019 , respectively. Contract and lease receivables bearing annual interest rates of 5.0 to 9.0 percent are due in varying annual installments through 2024 . The face value of long-term receivables was $5,234 as of November 2, 2019 and $3,271 as of April 27, 2019 . |
Share Repurchase Program Share
Share Repurchase Program Share Repurchase Program | 6 Months Ended |
Nov. 02, 2019 | |
Class of Stock Disclosures [Abstract] | |
Treasury Stock [Text Block] | Note 11. Share Repurchase Program On June 17, 2016, our Board of Directors approved a stock repurchase program under which we may purchase up to $40,000 of the Company's 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 six months ended October 27, 2018 , we had no repurchases of shares of our outstanding common stock. During the six months ended November 2, 2019 , we repurchased 270 shares of common stock at a total cost of $1,682 . As of November 2, 2019 , we had $36,493 of remaining capacity under our current share repurchase program. |
Leases Leases
Leases Leases | 6 Months Ended |
Nov. 02, 2019 | |
Leases [Abstract] | |
Leases | Note 12. Leases We lease facilities and various equipment to manufacture products and provide employee collaboration space and tools. These are all classified as operating leases and have initial lease terms ranging from one to five years. These operating leases do not contain material residual value guarantees or material restrictive covenants. Our lease in Sioux Falls, SD has a purchase option. We do not have any financing leases. We determine if an arrangement is a lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Right-of-use assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use the incremental borrowing rate based on the information available at commencement date in determining the present value of future lease payments. The operating lease right-of-use asset includes any prepaid lease payments and initial direct costs and excludes any lease incentives and impairments. Some of our leases include options to extend the term, which is only included in the right-of-use assets and lease liability calculation when it is reasonably certain that we will exercise that option. We have lease agreements with lease and non-lease components, and we have elected to account for all asset classes as a single lease component. Our operating leases also typically require payment of real estate taxes, insurance, and common area maintenance. These components comprise the majority of our variable lease cost and are excluded from the present value of our lease obligations. In instances where they are fixed, they are included due to our election to combine lease and non-lease components. Our total variable lease costs are immaterial. Operating lease cost is recognized on a straight-line basis over the lease term, and short-term lease cost is recognized when paid. Both are recognized in cost of sales and operating expenses in the condensed consolidated statements of operations. The lease cost was as follows: Three Months Ended November 2, 2019 Six Months Ended November 2, 2019 Operating lease cost (1) $ 1,010 $ 1,862 (1) Includes short-term leases, which are immaterial. The weighted average remaining lease term and discount rate related to operating leases include: November 2, 2019 Weighted average remaining lease term 5.3 years Weighted average discount rate 3.5 % Supplemental unaudited cash flow information related to operating leases include: Three Months Ended November 2, 2019 Six Months Ended November 2, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 787 $ 1,603 Future minimum operating lease payments as of, and subsequent to, November 2, 2019 under ASC 842 are as follows: Operating Leases (1) Fiscal years ending 2020 $ 1,536 2021 2,711 2022 1,993 2023 1,206 2024 1,085 Thereafter 2,398 Total lease payments 10,929 Less imputed interest (944 ) Total lease liabilities $ 9,985 (1) Includes $3,879 to extend the term of our Sioux Falls, South Dakota manufacturing facility. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Nov. 02, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13. Commitments and Contingencies Litigation: We are a party to legal proceedings and claims which arise during the ordinary course of business. As of April 27, 2019 and November 2, 2019 , $1,072 and $1,981 , respectively, were included in the "Accrued expenses" line item in our condensed consolidated balance sheets for a probable and reasonably estimated cost to settle a patent litigation claim. The costs are included in cost of sales in the High School Park and Recreation business unit. For other unresolved legal proceedings or claims, we do not believe there is a reasonable probability that any material loss will be incurred. Accordingly, no material accrual or disclosure of a potential range of loss has been made related to these matters. We do not expect the ultimate liability of these unresolved legal proceedings or claims to have a material effect on our financial position, liquidity or capital resources. Warranties: Changes in our warranty obligation for the six months ended November 2, 2019 consisted of the following: November 2, 2019 Beginning accrued warranty obligations $ 24,470 Warranties issued during the period 6,425 Settlements made during the period (5,355 ) Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations 445 Ending accrued warranty obligations $ 25,985 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 November 2, 2019 , we had outstanding letters of credit and surety bonds in the amount of $15,184 and $8,372 , 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 but are generally one year. We enter into written agreements with our customers, and those agreements often contain indemnification provisions that require us to make the customer whole if certain acts or omissions by us cause the customer financial loss. We make efforts to negotiate reasonable caps and limitations on the recovery of such damages. As of November 2, 2019 , we were not aware of any indemnification claim from a customer. 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 November 2, 2019 , we were obligated under the following unconditional purchase commitments: Fiscal years ending Amount 2020 $ 3,161 2021 4,644 2022 2,692 2023 1,820 2024 113 Thereafter 153 $ 12,583 |
Income Taxes
Income Taxes | 6 Months Ended |
Nov. 02, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 14. Income Taxes We calculate the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full fiscal year to “ordinary” income or loss (pre-tax income or loss excluding unusual or infrequently occurring discrete items) for the reporting period. Due to various factors and operating in multiple state and foreign jurisdictions, our effective tax rate is subject to fluctuation. We recorded an effective tax rate benefit of 63.8 percent and 14.6 percent for the three and six months ended November 2, 2019 , respectively, and an effective tax rate expense of 5.8 percent and 0.0 percent for the three and six months ended October 27, 2018 . The changes in the effective tax rates are primarily driven by differences in estimated tax credits proportionate to estimated pre-tax book income for each period. We are subject to U.S. federal income tax as well as income taxes of multiple state and foreign jurisdictions. Fiscal years 2016, 2017, 2018 and 2019 remain open to federal tax examinations, and fiscal years 2015, 2016, 2017, 2018 and 2019 remain open for various state income tax examinations. Certain subsidiaries are also subject to income tax in several foreign jurisdictions which have open tax years varying by jurisdiction beginning in fiscal 2009. In the event of any future tax assessments, we have elected to record the income taxes and any related interest and penalties as income tax expense in our condensed consolidated statement of operations. As of November 2, 2019 , undistributed earnings of our foreign subsidiaries were considered to be reinvested indefinitely. Additionally, we had $735 of unrecognized tax benefits which would reduce our effective tax rate if recognized. |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Nov. 02, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Note 15. Fair Value Measurement 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 November 2, 2019 and April 27, 2019 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 November 2, 2019 Cash and cash equivalents $ 29,265 $ — $ — $ 29,265 Restricted cash 59 — — 59 Available-for-sale securities: Certificates of deposit — 2,717 — 2,717 U.S. Government sponsored entities — 745 — 745 Municipal bonds — 156 — 156 Derivatives - asset position — 70 — 70 Derivatives - liability position — (233 ) — (233 ) Acquisition-related contingency consideration — — (895 ) (895 ) $ 29,324 $ 3,455 $ (895 ) $ 31,884 Balance as of April 27, 2019 Cash and cash equivalents $ 35,383 $ — $ — $ 35,383 Restricted cash 359 — — 359 Available-for-sale securities: Certificates of deposit — 3,464 — 3,464 U.S. Government securities 10,774 — — 10,774 U.S. Government sponsored entities — 10,482 — 10,482 Municipal bonds — 1,624 — 1,624 Derivatives - asset position — 91 — 91 Derivatives - liability position — (4 ) — (4 ) Acquisition-related contingency consideration — — (3,065 ) (3,065 ) $ 46,516 $ 15,657 $ (3,065 ) $ 59,108 A roll forward of the Level 3 contingent liabilities, both short- and long-term, for the six months ended November 2, 2019 is as follows: Acquisition-related contingency consideration as of April 27, 2019 $ 3,065 Additions 50 Settlements (2,291 ) Interest 34 Foreign currency translation 37 Acquisition-related contingency consideration as of November 2, 2019 $ 895 There have been no changes in the valuation techniques used by us to value our financial instruments since the end of fiscal 2019 . For additional information, see our Annual Report on Form 10-K for the fiscal year ended April 27, 2019 for the methods and assumptions used to estimate the fair value of each class of financial instrument. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Nov. 02, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 16. 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 in the condensed consolidated balance sheets 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 November 2, 2019 and April 27, 2019 , we had not designated any of our derivative instruments as accounting hedges, and thus we recorded the changes in fair value in the " Other income (expense), net " line item in the condensed consolidated statements of operations. The foreign currency exchange contracts in aggregated notional amounts in place to exchange U.S. dollars at November 2, 2019 and April 27, 2019 were as follows: November 2, 2019 April 27, 2019 U.S. Dollars Foreign U.S. Foreign Foreign Currency Exchange Forward Contracts: U.S. Dollars/Australian Dollars 1,611 2,322 2,688 3,772 U.S. Dollars/Canadian Dollars 750 998 625 821 U.S. Dollars/British Pounds 5,874 4,585 3,547 2,680 U.S. Dollars/Euros 3,755 3,377 — — U.S. Dollars/Swiss Franc — — 927 925 U.S. Dollars/Malaysian Ringgit — — 60 246 As of November 2, 2019 , there was an asset and liability of $70 and $233 , respectively; and as of April 27, 2019 , there was an asset and liability of $91 and $4 , respectively, representing the fair value of foreign currency exchange forward contracts, which were determined using Level 2 inputs from a third-party bank. As of November 2, 2019 , all contracts mature within 16 months. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 6 Months Ended |
Nov. 02, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 17. Subsequent Events On November 15, 2019, we entered into an amendment to extend the maturity date of our credit agreement and a related revolving bank note from November 15, 2019 to November 15, 2022 and to modify certain other terms and financial covenants. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Nov. 02, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recently Issued Accounting Pronouncements | Recent Accounting Pronouncements There have been no material changes to our significant accounting policies and estimates as described in our Annual Report on Form 10-K for the fiscal year ended April 27, 2019 , other than described in the Accounting Standards Adopted section below. Accounting Standards Adopted In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 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. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842 (Leases) and ASU 2018-11, Leases (Topic 842), Targeted Improvements , which provide (i) narrow amendments to clarify how to apply certain aspects of the new lease standard, (ii) entities with an additional transition method to adopt the new standard, and (iii) lessors with a practical expedient for separating components of a contract. We adopted ASU 2016-02 and its related guidance during the first quarter of fiscal 2020 for all agreements existing as of April 28, 2019. We elected the "comparatives under Accounting Standards Codification ("ASC") 840 option" as a transitional method, which allows us to initially apply the new lease requirements at the effective date. Comparative periods were not adjusted and will continue to be reported in accordance with prior lease guidance under ASC 840. We elected the package of practical expedients, which permits us not to reassess our prior conclusions about lease identification, lease classification and initial direct costs. In addition, we have elected the short-term lease recognition whereby we will not recognize operating leases related assets or liabilities for leases with a lease term of less than one year. We have also elected the practical expedient to not separate lease and non-lease components in the lease payments for all asset classes. This adoption did not have an impact on our condensed consolidated statements of operations, shareholders' equity and cash flows, and there was no adjustment to retained earnings. As of April 28, 2019, we recognized a right of use asset for operating leases of $11,101 and a current and non-current lease liability for operating leases of $2,745 and $8,356 , respectively. The right of use operating assets are included in the " Investment in affiliates and other assets " line item, the current lease liabilities are included in the " Accrued expenses " line item, and the non-current lease liabilities are included in the " Other long-term obligations " line item in our condensed consolidated balance sheet. See " Note 12. Leases " for more information. Accounting Standards Not Yet Adopted In January 2017, the FASB issued 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. We are currently evaluating the effect that adopting ASU 2017-04 will have on our condensed 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, and will require adoption on a modified retrospective basis. We are currently evaluating the effect that adopting ASU 2016-13, including all subsequent amendments and improvements to ASC Topic 326 issued by FASB, will have on our condensed consolidated financial statements and related disclosures. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 6 Months Ended |
Nov. 02, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash and Cash Equivalents [Table Text Block] | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the totals of the same amounts shown in the condensed consolidated statement of cash flows: November 2, October 27, Cash and cash equivalents $ 29,265 $ 35,557 Restricted cash 59 26 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows $ 29,324 $ 35,583 |
Earnings Per Share EPS (Tables)
Earnings Per Share EPS (Tables) | 6 Months Ended |
Nov. 02, 2019 | |
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 and six months ended November 2, 2019 and October 27, 2018 : Net income Shares Per share income For the three months ended November 2, 2019 Basic earnings per share $ 7,274 45,115 $ 0.16 Dilution associated with stock compensation plans — 152 — Diluted earnings per share $ 7,274 45,267 $ 0.16 For the three months ended October 27, 2018 Basic earnings per share $ 8,606 44,780 $ 0.19 Dilution associated with stock compensation plans — 170 — Diluted earnings per share $ 8,606 44,950 $ 0.19 For the six months ended November 2, 2019 Basic earnings per share $ 14,304 45,114 $ 0.32 Dilution associated with stock compensation plans — 247 — Diluted earnings per share $ 14,304 45,361 $ 0.32 For the six months ended October 27, 2018 Basic earnings per share $ 13,180 44,717 $ 0.29 Dilution associated with stock compensation plans — 277 — Diluted earnings per share $ 13,180 44,994 $ 0.29 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Nov. 02, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents our disaggregation of revenue by segments: Three Months Ended November 2, 2019 Commercial Live Events High School Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 9,007 $ 41,413 $ 5,186 $ 12,419 $ 10,542 $ 78,567 Limited configuration 26,654 11,513 24,127 7,383 13,124 82,801 Service and other 3,990 6,393 880 528 1,752 13,543 $ 39,651 $ 59,319 $ 30,193 $ 20,330 $ 25,418 $ 174,911 Timing of revenue recognition Goods/services transferred at a point in time $ 27,304 $ 13,169 $ 22,112 $ 7,521 $ 13,500 $ 83,606 Goods/services transferred over time 12,347 46,150 8,081 12,809 11,918 91,305 $ 39,651 $ 59,319 $ 30,193 $ 20,330 $ 25,418 $ 174,911 Six Months Ended November 2, 2019 Commercial Live Events High School Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 21,972 $ 87,000 $ 11,216 $ 24,316 $ 26,220 $ 170,724 Limited configuration 53,889 19,226 47,927 13,970 23,054 158,066 Service and other 7,825 12,399 1,515 1,062 3,576 26,377 $ 83,686 $ 118,625 $ 60,658 $ 39,348 $ 52,850 $ 355,167 Timing of revenue recognition Goods/services transferred at a point in time $ 55,007 $ 22,289 $ 44,711 $ 14,218 $ 23,688 $ 159,913 Goods/services transferred over time 28,679 96,336 15,947 25,130 29,162 195,254 $ 83,686 $ 118,625 $ 60,658 $ 39,348 $ 52,850 $ 355,167 Three Months Ended October 27, 2018 Commercial Live Events High School Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 11,426 $ 38,283 $ 6,671 $ 10,427 $ 10,776 $ 77,583 Limited configuration 31,385 11,467 24,381 7,195 9,851 84,279 Service and other 3,258 5,349 528 455 1,240 10,830 $ 46,069 $ 55,099 $ 31,580 $ 18,077 $ 21,867 $ 172,692 Timing of revenue recognition Goods/services transferred at a point in time $ 31,896 $ 12,558 $ 22,060 $ 7,267 $ 10,126 $ 83,907 Goods/services transferred over time 14,173 42,541 9,520 10,810 11,741 88,785 $ 46,069 $ 55,099 $ 31,580 $ 18,077 $ 21,867 $ 172,692 Six Months Ended October 27, 2018 Commercial Live Events High School Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 14,475 $ 77,204 $ 15,614 $ 20,045 $ 26,992 $ 154,330 Limited configuration 55,252 17,285 42,928 14,278 20,629 150,372 Service and other 6,911 10,082 1,158 911 3,116 22,178 $ 76,638 $ 104,571 $ 59,700 $ 35,234 $ 50,737 $ 326,880 Timing of revenue recognition Goods/services transferred at a point in time $ 56,479 $ 19,360 $ 39,058 $ 14,499 $ 21,662 $ 151,058 Goods/services transferred over time 20,159 85,211 20,642 20,735 29,075 175,822 $ 76,638 $ 104,571 $ 59,700 $ 35,234 $ 50,737 $ 326,880 |
Contract with Customer, Asset and Liability | The following table reflects the changes in our contract assets and liabilities: November 2, 2019 April 27, 2019 Dollar Change Percent Change Contract assets $ 34,395 $ 33,704 $ 691 2.1 % Contract liabilities - current 48,387 47,178 1,209 2.6 Contract liabilities - noncurrent 10,578 10,053 525 5.2 |
Segment Disclosure (Tables)
Segment Disclosure (Tables) | 6 Months Ended |
Nov. 02, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table sets forth certain financial information for each of our five reporting segments for the periods indicated: Three Months Ended Six Months Ended November 2, October 27, November 2, October 27, Net sales: Commercial $ 39,651 $ 46,069 $ 83,686 $ 76,638 Live Events 59,319 55,099 118,625 104,571 High School Park and Recreation 30,193 31,580 60,658 59,700 Transportation 20,330 18,077 39,348 35,234 International 25,418 21,867 52,850 50,737 174,911 172,692 355,167 326,880 Gross profit: Commercial 7,862 11,757 17,080 18,651 Live Events 11,934 12,312 24,671 22,545 High School Park and Recreation 9,224 9,759 19,411 19,261 Transportation 7,003 6,140 13,757 11,591 International 4,064 2,789 10,673 8,956 40,087 42,757 85,592 81,004 Contribution margin: (1) Commercial 2,853 7,050 6,937 9,524 Live Events 8,362 8,918 17,234 15,903 High School Park and Recreation 5,988 6,706 12,580 13,258 Transportation 5,895 4,991 11,347 9,286 International 812 (1,033 ) 3,020 530 23,910 26,632 51,118 48,501 Non-allocated operating expenses: General and administrative 8,965 8,574 18,058 17,111 Product design and development 10,121 9,039 20,621 18,331 Operating income 4,824 9,019 12,439 13,059 Nonoperating income (expense): Interest income 162 188 431 385 Interest expense (31 ) (2 ) (66 ) (41 ) Other income (expense), net (514 ) (66 ) (321 ) (220 ) Income before income taxes 4,441 9,139 12,483 13,183 Income tax (benefit) expense (2,833 ) 533 (1,821 ) 3 Net income $ 7,274 $ 8,606 $ 14,304 $ 13,180 Depreciation and amortization: Commercial $ 895 $ 1,236 $ 1,869 $ 2,414 Live Events 1,394 1,334 2,792 2,506 High School Park and Recreation 507 517 1,019 960 Transportation 252 277 516 551 International 563 723 1,087 1,423 Unallocated corporate depreciation 730 725 1,441 1,446 $ 4,341 $ 4,812 $ 8,724 $ 9,300 (1) Contribution margin consists of gross profit less selling expense. |
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 Six Months Ended November 2, October 27, November 2, October 27, Net sales: United States $ 147,106 $ 145,936 $ 296,566 $ 267,261 Outside United States 27,805 26,756 58,601 59,619 $ 174,911 $ 172,692 $ 355,167 $ 326,880 November 2, April 27, Property and equipment, net of accumulated depreciation: United States $ 59,655 $ 59,192 Outside United States 7,508 6,122 $ 67,163 $ 65,314 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Nov. 02, 2019 | |
Marketable Securities [Abstract] | |
Available-for-sale Securities | As of November 2, 2019 and April 27, 2019 , our available-for-sale securities consisted of the following: Amortized Cost Unrealized Losses Fair Value Balance as of November 2, 2019 Certificates of deposit $ 2,717 $ — $ 2,717 U.S. Government sponsored entities 745 — 745 Municipal bonds 156 — 156 $ 3,618 $ — $ 3,618 Balance as of April 27, 2019 Certificates of deposit $ 3,464 $ — $ 3,464 U.S. Government securities 10,779 (5 ) 10,774 U.S. Government sponsored entities 10,510 (28 ) 10,482 Municipal bonds 1,626 (2 ) 1,624 $ 26,379 $ (35 ) $ 26,344 |
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 November 2, 2019 were as follows: Less than 12 months 1-5 Years Total Certificates of deposit $ 1,734 $ 983 $ 2,717 U.S. Government sponsored entities 745 — 745 Municipal bonds 156 — 156 $ 2,635 $ 983 $ 3,618 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Nov. 02, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill related to each reportable segment for the six months ended November 2, 2019 were as follows: Live Events Commercial Transportation International Total Balance as of April 27, 2019 $ 2,276 $ 3,218 $ 49 $ 2,346 $ 7,889 Foreign currency translation 9 64 9 3 85 Balance as of November 2, 2019 $ 2,285 $ 3,282 $ 58 $ 2,349 $ 7,974 |
Selected Financial Statement _2
Selected Financial Statement Data (Tables) | 6 Months Ended |
Nov. 02, 2019 | |
Selected Financial Statement Data [Abstract] | |
Schedule of Inventory | Inventories consisted of the following: November 2, April 27, Raw materials $ 33,203 $ 30,789 Work-in-process 9,104 8,239 Finished goods 36,930 39,804 $ 79,237 $ 78,832 |
Schedule of Property and Equipment | Property and equipment, net consisted of the following: November 2, April 27, Land $ 2,176 $ 1,738 Buildings 67,561 66,403 Machinery and equipment 99,811 96,486 Office furniture and equipment 6,157 6,195 Computer software and hardware 52,735 55,460 Equipment held for rental 287 287 Demonstration equipment 7,547 7,422 Transportation equipment 7,993 7,715 244,267 241,706 Less accumulated depreciation 177,104 176,392 $ 67,163 $ 65,314 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Nov. 02, 2019 | |
Leases [Abstract] | |
Components of Lease Cost | The lease cost was as follows: Three Months Ended November 2, 2019 Six Months Ended November 2, 2019 Operating lease cost (1) $ 1,010 $ 1,862 (1) Includes short-term leases, which are immaterial. |
Supplemental Cash Flow Information | The weighted average remaining lease term and discount rate related to operating leases include: November 2, 2019 Weighted average remaining lease term 5.3 years Weighted average discount rate 3.5 % Supplemental unaudited cash flow information related to operating leases include: Three Months Ended November 2, 2019 Six Months Ended November 2, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 787 $ 1,603 |
Lease Liability Schedule | Future minimum operating lease payments as of, and subsequent to, November 2, 2019 under ASC 842 are as follows: Operating Leases (1) Fiscal years ending 2020 $ 1,536 2021 2,711 2022 1,993 2023 1,206 2024 1,085 Thereafter 2,398 Total lease payments 10,929 Less imputed interest (944 ) Total lease liabilities $ 9,985 (1) Includes $3,879 to extend the term of our Sioux Falls, South Dakota manufacturing facility. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Nov. 02, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Product Warranty Liability | Changes in our warranty obligation for the six months ended November 2, 2019 consisted of the following: November 2, 2019 Beginning accrued warranty obligations $ 24,470 Warranties issued during the period 6,425 Settlements made during the period (5,355 ) Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations 445 Ending accrued warranty obligations $ 25,985 |
Long-term Purchase Commitment | As of November 2, 2019 , we were obligated under the following unconditional purchase commitments: Fiscal years ending Amount 2020 $ 3,161 2021 4,644 2022 2,692 2023 1,820 2024 113 Thereafter 153 $ 12,583 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Nov. 02, 2019 | |
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 November 2, 2019 and April 27, 2019 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 November 2, 2019 Cash and cash equivalents $ 29,265 $ — $ — $ 29,265 Restricted cash 59 — — 59 Available-for-sale securities: Certificates of deposit — 2,717 — 2,717 U.S. Government sponsored entities — 745 — 745 Municipal bonds — 156 — 156 Derivatives - asset position — 70 — 70 Derivatives - liability position — (233 ) — (233 ) Acquisition-related contingency consideration — — (895 ) (895 ) $ 29,324 $ 3,455 $ (895 ) $ 31,884 Balance as of April 27, 2019 Cash and cash equivalents $ 35,383 $ — $ — $ 35,383 Restricted cash 359 — — 359 Available-for-sale securities: Certificates of deposit — 3,464 — 3,464 U.S. Government securities 10,774 — — 10,774 U.S. Government sponsored entities — 10,482 — 10,482 Municipal bonds — 1,624 — 1,624 Derivatives - asset position — 91 — 91 Derivatives - liability position — (4 ) — (4 ) Acquisition-related contingency consideration — — (3,065 ) (3,065 ) $ 46,516 $ 15,657 $ (3,065 ) $ 59,108 |
Rollforward of Level 3 Contingent Consideration Liabilities | A roll forward of the Level 3 contingent liabilities, both short- and long-term, for the six months ended November 2, 2019 is as follows: Acquisition-related contingency consideration as of April 27, 2019 $ 3,065 Additions 50 Settlements (2,291 ) Interest 34 Foreign currency translation 37 Acquisition-related contingency consideration as of November 2, 2019 $ 895 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Nov. 02, 2019 | |
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 November 2, 2019 and April 27, 2019 were as follows: November 2, 2019 April 27, 2019 U.S. Dollars Foreign U.S. Foreign Foreign Currency Exchange Forward Contracts: U.S. Dollars/Australian Dollars 1,611 2,322 2,688 3,772 U.S. Dollars/Canadian Dollars 750 998 625 821 U.S. Dollars/British Pounds 5,874 4,585 3,547 2,680 U.S. Dollars/Euros 3,755 3,377 — — U.S. Dollars/Swiss Franc — — 927 925 U.S. Dollars/Malaysian Ringgit — — 60 246 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Thousands | Nov. 02, 2019 | Apr. 28, 2019 | Apr. 27, 2019 | Oct. 27, 2018 | Apr. 28, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Cash and cash equivalents | $ 29,265 | $ 35,383 | $ 35,557 | ||
Restricted cash | 59 | 359 | 26 | ||
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows | $ 29,324 | $ 35,742 | $ 35,583 | $ 29,755 | |
Operating Lease, Right-of-Use Asset | $ 11,101 | ||||
Operating Lease, Liability, Current | 2,745 | ||||
Operating Lease, Liability, Noncurrent | $ 8,356 |
Investments in Affiliates (Deta
Investments in Affiliates (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Nov. 02, 2019 | Oct. 27, 2018 | Apr. 27, 2019 | |
Equity and Cost Method Investments [Abstract] | |||
Equity Method Investments | $ 3,415 | $ 3,657 | |
Equity in loss of affiliate | (241) | $ (265) | |
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 | 6 Months Ended | ||||
Nov. 02, 2019 | Aug. 03, 2019 | Oct. 27, 2018 | Jul. 28, 2018 | Nov. 02, 2019 | Oct. 27, 2018 | |
Net income | ||||||
Basic earnings per share | $ 7,274 | $ 7,030 | $ 8,606 | $ 4,574 | $ 14,304 | $ 13,180 |
Dilution associated with stock compensation plans | 0 | 0 | 0 | 0 | ||
Diluted earnings per share | $ 7,274 | $ 8,606 | $ 14,304 | $ 13,180 | ||
Shares | ||||||
Basic earnings per share (in shares) | 45,115 | 44,780 | 45,114 | 44,717 | ||
Dilution associated with stock compensation plans (in shares) | 152 | 170 | 247 | 277 | ||
Diluted earnings per share (in shares) | 45,267 | 44,950 | 45,361 | 44,994 | ||
Per share income | ||||||
Basic earnings per share (in dollars per share) | $ 0.16 | $ 0.19 | $ 0.32 | $ 0.29 | ||
Dilution associated with stock compensation plans (in dollars per share) | 0 | 0 | 0 | 0 | ||
Diluted earnings per share (in dollars per share) | $ 0.16 | $ 0.19 | $ 0.32 | $ 0.29 |
Earnings Per Share EPS - Antidi
Earnings Per Share EPS - Antidilutive Shares Excluded (Details) - Stock Options - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Nov. 02, 2019 | Oct. 27, 2018 | Nov. 02, 2019 | Oct. 27, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 2,282 | 2,377 | 2,238 | 2,129 |
Antidilutive securities excluded from computation of earnings per share, weighted average exercise price (dollars per share) | $ 9.90 | $ 9.94 | $ 9.97 | $ 10.15 |
Revenue Recognition Disaggregat
Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Nov. 02, 2019 | Oct. 27, 2018 | Nov. 02, 2019 | Oct. 27, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | $ 174,911 | $ 172,692 | $ 355,167 | $ 326,880 |
Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 83,606 | 83,907 | 159,913 | 151,058 |
Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 91,305 | 88,785 | 195,254 | 175,822 |
Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 39,651 | 46,069 | 83,686 | 76,638 |
Commercial | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 27,304 | 31,896 | 55,007 | 56,479 |
Commercial | Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 12,347 | 14,173 | 28,679 | 20,159 |
Live Events | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 59,319 | 55,099 | 118,625 | 104,571 |
Live Events | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 13,169 | 12,558 | 22,289 | 19,360 |
Live Events | Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 46,150 | 42,541 | 96,336 | 85,211 |
High School Park and Recreation | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 30,193 | 31,580 | 60,658 | 59,700 |
High School Park and Recreation | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 22,112 | 22,060 | 44,711 | 39,058 |
High School Park and Recreation | Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 8,081 | 9,520 | 15,947 | 20,642 |
Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 20,330 | 18,077 | 39,348 | 35,234 |
Transportation | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 7,521 | 7,267 | 14,218 | 14,499 |
Transportation | Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 12,809 | 10,810 | 25,130 | 20,735 |
International | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 25,418 | 21,867 | 52,850 | 50,737 |
International | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 13,500 | 10,126 | 23,688 | 21,662 |
International | Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 11,918 | 11,741 | 29,162 | 29,075 |
Unique Configuration | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 78,567 | 77,583 | 170,724 | 154,330 |
Unique Configuration | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 9,007 | 11,426 | 21,972 | 14,475 |
Unique Configuration | Live Events | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 41,413 | 38,283 | 87,000 | 77,204 |
Unique Configuration | High School Park and Recreation | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 5,186 | 6,671 | 11,216 | 15,614 |
Unique Configuration | Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 12,419 | 10,427 | 24,316 | 20,045 |
Unique Configuration | International | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 10,542 | 10,776 | 26,220 | 26,992 |
Limited Configuration | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 82,801 | 84,279 | 158,066 | 150,372 |
Limited Configuration | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 26,654 | 31,385 | 53,889 | 55,252 |
Limited Configuration | Live Events | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 11,513 | 11,467 | 19,226 | 17,285 |
Limited Configuration | High School Park and Recreation | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 24,127 | 24,381 | 47,927 | 42,928 |
Limited Configuration | Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 7,383 | 7,195 | 13,970 | 14,278 |
Limited Configuration | International | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 13,124 | 9,851 | 23,054 | 20,629 |
Service and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 13,543 | 10,830 | 26,377 | 22,178 |
Service and Other | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 3,990 | 3,258 | 7,825 | 6,911 |
Service and Other | Live Events | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 6,393 | 5,349 | 12,399 | 10,082 |
Service and Other | High School Park and Recreation | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 880 | 528 | 1,515 | 1,158 |
Service and Other | Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 528 | 455 | 1,062 | 911 |
Service and Other | International | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | $ 1,752 | $ 1,240 | $ 3,576 | $ 3,116 |
Revenue Recognition Contract wi
Revenue Recognition Contract with Customer, Asset and Liability (Details) $ in Thousands | 3 Months Ended | |
Nov. 02, 2019USD ($) | Apr. 27, 2019USD ($) | |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 34,395 | $ 33,704 |
Contract liabilities - current | 48,387 | 47,178 |
Contract liabilities - noncurrent | 10,578 | $ 10,053 |
Dollar Change | ||
Contract assets | 691 | |
Contract liabilities - current | 1,209 | |
Contract liabilities - noncurrent | $ 525 | |
Change in Contract with Customer, Asset and Liability, Percentage [Abstract] | ||
Contract assets percent change | 2.10% | |
Contract liabilities, current, percent change | 2.60% | |
Contract liabilities, noncurrent, percent change | 5.20% | |
Number of Loss on Contracts | 2 | 6 |
Provision for Loss on Contracts | $ 360 | $ 2,353 |
Revenue recognized related to contract liability | $ 39,352 |
Revenue Recognition Remaining P
Revenue Recognition Remaining Performance Obligations (Details) $ in Thousands | Nov. 02, 2019USD ($) |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 239,902 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, service agreements | 57,852 |
Remaining performance obligation, products | 182,050 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-10-28 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 202,745 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-27 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation recognition period | 12 months |
Segment Disclosure - Net Income
Segment Disclosure - Net Income by Segment (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Nov. 02, 2019USD ($) | Aug. 03, 2019USD ($) | Oct. 27, 2018USD ($) | Jul. 28, 2018USD ($) | Nov. 02, 2019USD ($)segment | Oct. 27, 2018USD ($) | |
Segment Reporting Information | ||||||
Number of business units | segment | 5 | |||||
Net sales | $ 174,911 | $ 172,692 | $ 355,167 | $ 326,880 | ||
Gross profit | 40,087 | 42,757 | 85,592 | 81,004 | ||
Non-allocated operating expenses: | ||||||
General and administrative | 8,965 | 8,574 | 18,058 | 17,111 | ||
Product design and development | 10,121 | 9,039 | 20,621 | 18,331 | ||
Operating income | 4,824 | 9,019 | 12,439 | 13,059 | ||
Nonoperating (expense) income: | ||||||
Interest income | 162 | 188 | 431 | 385 | ||
Interest expense | (31) | (2) | (66) | (41) | ||
Other income (expense), net | (514) | (66) | (321) | (220) | ||
Income before income taxes | 4,441 | 9,139 | 12,483 | 13,183 | ||
Income tax (benefit) expense | (2,833) | 533 | (1,821) | 3 | ||
Net income | 7,274 | $ 7,030 | 8,606 | $ 4,574 | 14,304 | 13,180 |
Operating Segments | ||||||
Segment Reporting Information | ||||||
Net sales | 174,911 | 172,692 | 355,167 | 326,880 | ||
Gross profit | 40,087 | 42,757 | 85,592 | 81,004 | ||
Contribution Margin | 23,910 | 26,632 | 51,118 | 48,501 | ||
Depreciation and amortization | ||||||
Depreciation, amortization, and impairment | 4,341 | 4,812 | 8,724 | 9,300 | ||
Operating Segments | Commercial | ||||||
Segment Reporting Information | ||||||
Net sales | 39,651 | 46,069 | 83,686 | 76,638 | ||
Gross profit | 7,862 | 11,757 | 17,080 | 18,651 | ||
Contribution Margin | 2,853 | 7,050 | 6,937 | 9,524 | ||
Depreciation and amortization | ||||||
Depreciation, amortization, and impairment | 895 | 1,236 | 1,869 | 2,414 | ||
Operating Segments | Live Events | ||||||
Segment Reporting Information | ||||||
Net sales | 59,319 | 55,099 | 118,625 | 104,571 | ||
Gross profit | 11,934 | 12,312 | 24,671 | 22,545 | ||
Contribution Margin | 8,362 | 8,918 | 17,234 | 15,903 | ||
Depreciation and amortization | ||||||
Depreciation, amortization, and impairment | 1,394 | 1,334 | 2,792 | 2,506 | ||
Operating Segments | High School Park and Recreation | ||||||
Segment Reporting Information | ||||||
Net sales | 30,193 | 31,580 | 60,658 | 59,700 | ||
Gross profit | 9,224 | 9,759 | 19,411 | 19,261 | ||
Contribution Margin | 5,988 | 6,706 | 12,580 | 13,258 | ||
Depreciation and amortization | ||||||
Depreciation, amortization, and impairment | 507 | 517 | 1,019 | 960 | ||
Operating Segments | Transportation | ||||||
Segment Reporting Information | ||||||
Net sales | 20,330 | 18,077 | 39,348 | 35,234 | ||
Gross profit | 7,003 | 6,140 | 13,757 | 11,591 | ||
Contribution Margin | 5,895 | 4,991 | 11,347 | 9,286 | ||
Depreciation and amortization | ||||||
Depreciation, amortization, and impairment | 252 | 277 | 516 | 551 | ||
Operating Segments | International | ||||||
Segment Reporting Information | ||||||
Net sales | 25,418 | 21,867 | 52,850 | 50,737 | ||
Gross profit | 4,064 | 2,789 | 10,673 | 8,956 | ||
Contribution Margin | 812 | (1,033) | 3,020 | 530 | ||
Depreciation and amortization | ||||||
Depreciation, amortization, and impairment | 563 | 723 | 1,087 | 1,423 | ||
Operating Segments | Unallocated | ||||||
Depreciation and amortization | ||||||
Depreciation, amortization, and impairment | $ 730 | $ 725 | $ 1,441 | $ 1,446 |
Segment Disclosure - Net Sales
Segment Disclosure - Net Sales and Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Nov. 02, 2019 | Oct. 27, 2018 | Nov. 02, 2019 | Oct. 27, 2018 | Apr. 27, 2019 | |
Net sales: | |||||
Net sales | $ 174,911 | $ 172,692 | $ 355,167 | $ 326,880 | |
Long-lived assets: | |||||
Long-lived assets | 67,163 | 67,163 | $ 65,314 | ||
United States | |||||
Net sales: | |||||
Net sales | 147,106 | 145,936 | 296,566 | 267,261 | |
Long-lived assets: | |||||
Long-lived assets | 59,655 | 59,655 | 59,192 | ||
Outside United States | |||||
Net sales: | |||||
Net sales | 27,805 | $ 26,756 | 58,601 | $ 59,619 | |
Long-lived assets: | |||||
Long-lived assets | $ 7,508 | $ 7,508 | $ 6,122 |
Marketable Securities - Availab
Marketable Securities - Available-for-sale Securities (Details) - USD ($) $ in Thousands | Nov. 02, 2019 | Apr. 27, 2019 |
Schedule of Available-for-sale Securities | ||
Amortized Cost | $ 3,618 | $ 26,379 |
Unrealized Losses | 0 | (35) |
Fair Value | 3,618 | 26,344 |
Certificates of deposit | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 2,717 | 3,464 |
Unrealized Losses | 0 | 0 |
Fair Value | 2,717 | 3,464 |
U.S. Government securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 10,779 | |
Unrealized Losses | (5) | |
Fair Value | 10,774 | |
U.S. Government sponsored entities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 745 | 10,510 |
Unrealized Losses | 0 | (28) |
Fair Value | 745 | 10,482 |
Municipal bonds | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 156 | 1,626 |
Unrealized Losses | 0 | (2) |
Fair Value | $ 156 | $ 1,624 |
Marketable Securities - Avail_2
Marketable Securities - Available-for-sale by Maturity Date (Details) $ in Thousands | Nov. 02, 2019USD ($) |
Schedule of Available-for-sale Securities | |
Less than 12 months | $ 2,635 |
Greater than 12 months | 983 |
Total | 3,618 |
Certificates of deposit | |
Schedule of Available-for-sale Securities | |
Less than 12 months | 1,734 |
Greater than 12 months | 983 |
Total | 2,717 |
U.S. Government sponsored entities | |
Schedule of Available-for-sale Securities | |
Less than 12 months | 745 |
Greater than 12 months | 0 |
Total | 745 |
Municipal bonds | |
Schedule of Available-for-sale Securities | |
Less than 12 months | 156 |
Greater than 12 months | 0 |
Total | $ 156 |
Goodwill (Details)
Goodwill (Details) $ in Thousands | 6 Months Ended |
Nov. 02, 2019USD ($) | |
Goodwill | |
Balance as of April 27, 2019 | $ 7,889 |
Foreign currency translation | 85 |
Balance as of November 2, 2019 | 7,974 |
Live Events | |
Goodwill | |
Balance as of April 27, 2019 | 2,276 |
Foreign currency translation | 9 |
Balance as of November 2, 2019 | 2,285 |
Commercial | |
Goodwill | |
Balance as of April 27, 2019 | 3,218 |
Foreign currency translation | 64 |
Balance as of November 2, 2019 | 3,282 |
Transportation | |
Goodwill | |
Balance as of April 27, 2019 | 49 |
Foreign currency translation | 9 |
Balance as of November 2, 2019 | 58 |
International | |
Goodwill | |
Balance as of April 27, 2019 | 2,346 |
Foreign currency translation | 3 |
Balance as of November 2, 2019 | $ 2,349 |
Selected Financial Statement _3
Selected Financial Statement Data Inventory (Details) - USD ($) $ in Thousands | Nov. 02, 2019 | Apr. 27, 2019 |
Selected Financial Statement Data [Abstract] | ||
Raw materials | $ 33,203 | $ 30,789 |
Work-in-process | 9,104 | 8,239 |
Finished goods | 36,930 | 39,804 |
Inventories | $ 79,237 | $ 78,832 |
Selected Financial Statement _4
Selected Financial Statement Data Property and Equipment (Details) - USD ($) $ in Thousands | Nov. 02, 2019 | Apr. 27, 2019 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 2,176 | $ 1,738 |
Buildings | 67,561 | 66,403 |
Machinery and equipment | 99,811 | 96,486 |
Office furniture and equipment | 6,157 | 6,195 |
Computer software and hardware | 52,735 | 55,460 |
Equipment held for rental | 287 | 287 |
Demonstration equipment | 7,547 | 7,422 |
Transportation equipment | 7,993 | 7,715 |
Property, Plant and Equipment, Gross | 244,267 | 241,706 |
Less accumulated depreciation | 177,104 | 176,392 |
Property and equipment, net | $ 67,163 | $ 65,314 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Nov. 02, 2019 | Apr. 27, 2019 | |
Receivables | ||
Allowance for doubtful accounts | $ 2,516 | $ 2,208 |
Retainage on construction-type contracts, expected to be collected in one year | 717 | 440 |
Financing Receivable | ||
Receivables | ||
Long-term contracts and lease receivables, present value | 6,325 | 3,514 |
Long-term contracts and lease receivables, face amount | $ 5,234 | $ 3,271 |
Financing Receivable | Minimum | ||
Receivables | ||
Contract and lease receivables annual interest rates | 5.00% | |
Financing Receivable | Maximum | ||
Receivables | ||
Contract and lease receivables annual interest rates | 9.00% |
Share Repurchase Program (Detai
Share Repurchase Program (Details) - USD ($) shares in Thousands, $ in Thousands | 6 Months Ended | |
Nov. 02, 2019 | Jun. 17, 2016 | |
Equity, Class of Treasury Stock [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $ 40,000 | |
Stock Repurchased During Period, Shares | 270 | |
Stock Repurchased During Period, Value | $ 1,682 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 36,493 |
Leases (Details)
Leases (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Nov. 02, 2019USD ($) | Nov. 02, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Operating lease cost | $ 1,010 | $ 1,862 |
Weighted average remaining lease term (years) | 5 years 3 months | 5 years 3 months |
Weighted average discount rate (percent) | 3.50% | 3.50% |
Operating lease payments | $ 787 | $ 1,603 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Term of lease (years) | 1 year | 1 year |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Term of lease (years) | 5 years | 5 years |
Leases - Lease Liability Maturi
Leases - Lease Liability Maturity Schedule (Details) $ in Thousands | 6 Months Ended |
Nov. 02, 2019USD ($) | |
Leases [Abstract] | |
2020 | $ 1,536 |
2021 | 2,711 |
2022 | 1,993 |
2023 | 1,206 |
2024 | 1,085 |
Thereafter | 2,398 |
Total lease payments | 10,929 |
Less imputed interest | (944) |
Total lease liabilities | 9,985 |
Lessee, Operating Lease, Option To Extend, Payment | $ 3,879 |
Commitments and Contingencies -
Commitments and Contingencies - Litigation (Details) - USD ($) $ in Thousands | Nov. 02, 2019 | Apr. 27, 2019 |
Commitments and Contingencies Disclosure [Abstract] | ||
Loss Contingency, Estimate of Possible Loss | $ 1,981 | $ 1,072 |
Commitments and Contingencies_2
Commitments and Contingencies - Guarantees and Warranties (Details) $ in Thousands | 6 Months Ended |
Nov. 02, 2019USD ($) | |
Movement in Standard Product Warranty Accrual | |
Beginning accrued warranty obligations | $ 24,470 |
Warranties issued during the period | 6,425 |
Settlements made during the period | (5,355) |
Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations | 445 |
Ending accrued warranty obligations | 25,985 |
Performance guarantees | Letter of credit and bank guarantees agreements | |
Guarantees: | |
Performance guarantees outstanding | 15,184 |
Performance guarantees | Surety bonds | |
Guarantees: | |
Performance guarantees outstanding | $ 8,372 |
Commitments and Contingencies_3
Commitments and Contingencies - Purchase Commitments (Details) $ in Thousands | Nov. 02, 2019USD ($) |
Purchase Obligation, Fiscal Year Maturity | |
2020 | $ 3,161 |
2021 | 4,644 |
2022 | 2,692 |
2023 | 1,820 |
2024 | 113 |
Thereafter | 153 |
Total | $ 12,583 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Nov. 02, 2019 | Oct. 27, 2018 | Nov. 02, 2019 | Oct. 27, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Percent | (63.80%) | 5.80% | (14.60%) | 0.00% |
Unrecognized tax benefits that would affect our effective tax rate if recognized | $ 735 | $ 735 |
Fair Value Measurement (Details
Fair Value Measurement (Details) - USD ($) $ in Thousands | Nov. 02, 2019 | Apr. 27, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | $ 3,618 | $ 26,344 |
Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 2,717 | 3,464 |
U.S. Government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 10,774 | |
U.S. Government sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 745 | 10,482 |
Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 156 | 1,624 |
Reported Value Measurement [Member] | Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash and cash equivalents | 29,265 | 35,383 |
Restricted cash | 59 | 359 |
Derivatives - asset position | 70 | 91 |
Derivatives - liability position | (233) | (4) |
Acquisition-related contingency consideration | (895) | (3,065) |
Assets (Liabilities), net | 31,884 | 59,108 |
Reported Value Measurement [Member] | Recurring Basis | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 2,717 | 3,464 |
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: | 10,774 | |
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: | 745 | 10,482 |
Reported Value Measurement [Member] | Recurring Basis | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 156 | 1,624 |
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 | 29,265 | 35,383 |
Restricted cash | 59 | 359 |
Derivatives - asset position | 0 | 0 |
Derivatives - liability position | 0 | 0 |
Acquisition-related contingency consideration | 0 | 0 |
Assets (Liabilities), net | 29,324 | 46,516 |
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: | 10,774 | |
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 bonds | ||
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 - asset position | 70 | 91 |
Derivatives - liability position | (233) | (4) |
Acquisition-related contingency consideration | 0 | 0 |
Assets (Liabilities), net | 3,455 | 15,657 |
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: | 2,717 | 3,464 |
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: | 745 | 10,482 |
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 2 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 156 | 1,624 |
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 - asset position | 0 | 0 |
Derivatives - liability position | 0 | 0 |
Acquisition-related contingency consideration | (895) | (3,065) |
Assets (Liabilities), net | (895) | (3,065) |
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 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 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 bonds | ||
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 | 6 Months Ended |
Nov. 02, 2019USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Acquisition-related contingency consideration as of April 27, 2019 | $ 3,065 |
Additions | 50 |
Settlements | (2,291) |
Interest | 34 |
Foreign currency translation | 37 |
Acquisition-related contingency consideration as of November 2, 2019 | $ 895 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) € in Thousands, £ in Thousands, SFr in Thousands, RM in Thousands, $ in Thousands, $ in Thousands, $ in Thousands | 6 Months Ended | |||||||||||||
Nov. 02, 2019USD ($) | Nov. 02, 2019CAD ($) | Nov. 02, 2019AUD ($) | Nov. 02, 2019MYR (RM) | Nov. 02, 2019EUR (€) | Nov. 02, 2019CHF (SFr) | Nov. 02, 2019GBP (£) | Apr. 27, 2019USD ($) | Apr. 27, 2019CAD ($) | Apr. 27, 2019AUD ($) | Apr. 27, 2019MYR (RM) | Apr. 27, 2019EUR (€) | Apr. 27, 2019CHF (SFr) | Apr. 27, 2019GBP (£) | |
Derivative | ||||||||||||||
Derivative term (months) | 16 months | |||||||||||||
U.S. Dollars/Australian Dollars | Not Designated as Hedging Instrument | ||||||||||||||
Derivative | ||||||||||||||
Foreign currency exchange forward contracts | $ 1,611 | $ 2,322 | $ 2,688 | $ 3,772 | ||||||||||
U.S. Dollars/Canadian Dollars | Not Designated as Hedging Instrument | ||||||||||||||
Derivative | ||||||||||||||
Foreign currency exchange forward contracts | 750 | $ 998 | 625 | $ 821 | ||||||||||
U.S. Dollars/British Pounds | Not Designated as Hedging Instrument | ||||||||||||||
Derivative | ||||||||||||||
Foreign currency exchange forward contracts | 5,874 | £ 4,585 | 3,547 | £ 2,680 | ||||||||||
U.S. Dollars/Euro | Not Designated as Hedging Instrument | ||||||||||||||
Derivative | ||||||||||||||
Foreign currency exchange forward contracts | 3,755 | € 3,377 | 0 | € 0 | ||||||||||
U.S. Dollars/Swiss Franc | Not Designated as Hedging Instrument | ||||||||||||||
Derivative | ||||||||||||||
Foreign currency exchange forward contracts | 0 | SFr 0 | 927 | SFr 925 | ||||||||||
U.S. Dollars/Malaysian Ringgit | Not Designated as Hedging Instrument | ||||||||||||||
Derivative | ||||||||||||||
Foreign currency exchange forward contracts | 0 | RM 0 | 60 | RM 246 | ||||||||||
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 2 | ||||||||||||||
Derivative | ||||||||||||||
Derivatives - currency forward contract, asset | 70 | 91 | ||||||||||||
Derivatives - currency forward contracts, liability | $ (233) | $ (4) |