Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Feb. 01, 2020 | Feb. 24, 2020 | |
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 | 45,075,748 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Feb. 1, 2020 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Feb. 01, 2020 | Apr. 27, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 40,316 | $ 35,383 |
Restricted cash | 60 | 359 |
Marketable securities | 1,727 | 26,344 |
Accounts receivable, net | 80,143 | 65,487 |
Inventories | 80,206 | 78,832 |
Contract assets | 35,242 | 33,704 |
Current maturities of long-term receivables | 5,208 | 2,300 |
Prepaid expenses and other current assets | 8,093 | 8,319 |
Income tax receivables | 203 | 1,087 |
Property and equipment and other assets available for sale | 1,838 | 1,858 |
Total current assets | 253,036 | 253,673 |
Property and equipment, net | 66,368 | 65,314 |
Long-term receivables, less current maturities | 1,650 | 1,214 |
Goodwill | 7,934 | 7,889 |
Intangibles, net | 3,817 | 4,906 |
Investment in affiliates and other assets | 14,568 | 5,052 |
Deferred income taxes | 11,352 | 11,168 |
TOTAL ASSETS | 358,725 | 349,216 |
CURRENT LIABILITIES: | ||
Accounts payable | 44,846 | 44,873 |
Contract liabilities | 49,870 | 47,178 |
Accrued expenses | 34,588 | 32,061 |
Warranty obligations | 9,545 | 9,492 |
Income taxes payable | 949 | 468 |
Total current liabilities | 139,798 | 134,072 |
Long-term warranty obligations | 16,170 | 14,978 |
Long-term contract liabilities | 10,676 | 10,053 |
Other long-term obligations | 8,000 | 1,339 |
Long-term income taxes payable | 576 | 578 |
Deferred income taxes | 530 | 533 |
Total long-term liabilities | 35,952 | 27,481 |
SHAREHOLDERS' EQUITY: | ||
Common Stock, no par value, authorized 115,000,000 shares; 45,722,110 and 45,317,267 shares issued at February 1, 2020 and April 27, 2019, respectively | 59,276 | 57,699 |
Additional paid-in capital | 44,096 | 42,561 |
Retained earnings | 88,407 | 93,593 |
Treasury Stock, at cost, 681,776 and 303,957 shares at February 1, 2020 and April 27, 2019, respectively | (4,163) | (1,834) |
Accumulated other comprehensive loss | (4,641) | (4,356) |
TOTAL SHAREHOLDERS' EQUITY | 182,975 | 187,663 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 358,725 | $ 349,216 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Feb. 01, 2020 | 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) | 681,776 | 303,957 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Feb. 01, 2020 | Jan. 26, 2019 | Feb. 01, 2020 | Jan. 26, 2019 | |
Income Statement [Abstract] | ||||
Net sales | $ 127,657 | $ 115,069 | $ 482,824 | $ 441,949 |
Cost of sales | 103,175 | 90,200 | 372,750 | 336,076 |
Gross profit | 24,482 | 24,869 | 110,074 | 105,873 |
Operating expenses: | ||||
Selling | 16,552 | 15,537 | 51,026 | 48,040 |
General and administrative | 8,640 | 8,574 | 26,698 | 25,685 |
Product design and development | 8,442 | 8,280 | 29,063 | 26,611 |
Total operating expenses | 33,634 | 32,391 | 106,787 | 100,336 |
Operating (loss) income | (9,152) | (7,522) | 3,287 | 5,537 |
Nonoperating (expense) income: | ||||
Interest income | 233 | 328 | 664 | 713 |
Interest expense | 13 | (45) | (53) | (86) |
Other income (expense), net | (331) | (203) | (652) | (423) |
(Loss) income before income taxes | (9,237) | (7,442) | 3,246 | 5,741 |
Income tax expense (benefit) | 3,497 | (4,123) | 1,676 | (4,120) |
Net (loss) income | $ (12,734) | $ (3,319) | $ 1,570 | $ 9,861 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 45,189 | 45,018 | 45,139 | 44,834 |
Diluted (in shares) | 45,189 | 45,018 | 45,412 | 45,139 |
(Loss) earnings per share: | ||||
Basic (in dollars per share) | $ (0.28) | $ (0.07) | $ 0.03 | $ 0.22 |
Diluted (in dollars per share) | $ (0.28) | $ (0.07) | $ 0.03 | $ 0.22 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Feb. 01, 2020 | Jan. 26, 2019 | Feb. 01, 2020 | Jan. 26, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ (12,734) | $ (3,319) | $ 1,570 | $ 9,861 |
Other comprehensive income (loss): | ||||
Cumulative translation adjustments | 51 | 134 | (329) | (1,560) |
Unrealized gain (loss) on available-for-sale securities, net of tax | 0 | 55 | 44 | 48 |
Total other comprehensive income (loss), net of tax | 51 | 189 | (285) | (1,512) |
Comprehensive (loss) income | $ (12,683) | $ (3,130) | $ 1,285 | $ 8,349 |
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 | 9,861 | |||||
Cumulative translation adjustments | (1,560) | |||||
Unrealized gain (loss) on available-for-sale securities, net of tax | 48 | |||||
Balance at End of Period at Jan. 26, 2019 | 201,151 | 57,699 | 41,949 | 107,563 | (1,834) | (4,226) |
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) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | (3,319) | (3,319) | ||||
Cumulative translation adjustments | 134 | 134 | ||||
Unrealized gain (loss) on available-for-sale securities, net of tax | 55 | 55 | ||||
Share-based compensation | 604 | 604 | ||||
Exercise of stock options | 1,261 | 1,261 | 0 | |||
Employee savings plan activity | 830 | 830 | ||||
Dividends paid | (3,151) | (3,151) | ||||
Balance at End of Period at Jan. 26, 2019 | 201,151 | 57,699 | 41,949 | 107,563 | (1,834) | (4,226) |
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 | 1,570 | |||||
Cumulative translation adjustments | (329) | |||||
Unrealized gain (loss) on available-for-sale securities, net of tax | 44 | |||||
Balance at End of Period at Feb. 01, 2020 | 182,975 | 59,276 | 44,096 | 88,407 | (4,163) | (4,641) |
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) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | (12,734) | (12,734) | ||||
Cumulative translation adjustments | 51 | 51 | ||||
Unrealized gain (loss) on available-for-sale securities, net of tax | 0 | |||||
Share-based compensation | 550 | 550 | ||||
Dividends paid | (2,256) | (2,256) | ||||
Treasury stock purchase | 647 | 647 | ||||
Balance at End of Period at Feb. 01, 2020 | $ 182,975 | $ 59,276 | $ 44,096 | $ 88,407 | $ (4,163) | $ (4,641) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |||||
Feb. 01, 2020 | Nov. 02, 2019 | Aug. 03, 2019 | Jan. 26, 2019 | Oct. 27, 2018 | Jul. 28, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Cash dividends declared per share | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.07 | $ 0.07 | $ 0.07 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Feb. 01, 2020 | Jan. 26, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 1,570 | $ 9,861 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 13,197 | 14,054 |
Loss on sale of property, equipment and other assets | (6) | (130) |
Share-based compensation | 1,734 | 1,867 |
Contingent consideration adjustment | 0 | (956) |
Equity in loss of affiliate | 430 | 392 |
Provision for doubtful accounts | (477) | 180 |
Deferred income taxes, net | (223) | (445) |
Change in operating assets and liabilities | (10,035) | 7,364 |
Net cash provided by operating activities | 6,190 | 32,187 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (13,646) | (14,081) |
Proceeds from sales of property, equipment and other assets | 244 | 255 |
Purchases of marketable securities | 0 | (25,337) |
Proceeds from sales or maturities of marketable securities | 24,665 | 22,341 |
Purchases of and loans to equity investment | (1,229) | (854) |
Acquisitions, net of cash acquired | 0 | 2,250 |
Net cash provided by (used in) investing activities | 10,034 | (19,926) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Principal payments on long-term obligations | (2,140) | (440) |
Dividends paid | (6,756) | (9,403) |
Proceeds from exercise of stock options | 0 | 1,318 |
Payments for common shares repurchased | 2,329 | 0 |
Tax payments related to RSU issuances | 199 | 246 |
Net cash used in financing activities | (11,424) | (8,771) |
EFFECT OF EXCHANGE RATE CHANGES | (166) | 62 |
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 4,634 | 3,552 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | ||
Beginning of period | 35,742 | 29,755 |
End of period | 40,376 | 33,307 |
Cash paid (received) for: | ||
Interest | 3 | 114 |
Income taxes, net of refunds | 460 | (1,868) |
Supplemental schedule of non-cash investing and financing activities: | ||
Demonstration equipment transferred to inventory | 10 | 97 |
Purchases of property and equipment included in accounts payable | 954 | 454 |
Contributions of common stock under the ESPP | $ 1,577 | $ 1,650 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Feb. 01, 2020 | |
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 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 disclosures 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 nine months ended February 1, 2020 contains operating results for 40 weeks while the nine months ended January 26, 2019 contains operating results for 39 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: February 1, January 26, Cash and cash equivalents $ 40,316 $ 33,281 Restricted cash 60 26 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows $ 40,376 $ 33,307 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 | 9 Months Ended |
Feb. 01, 2020 | |
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 $3,268 and $3,657 at February 1, 2020 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 nine months ended February 1, 2020 and January 26, 2019 , our share of the losses of our affiliates was $430 and $392 , respectively. |
Earnings Per Share EPS
Earnings Per Share EPS | 9 Months Ended |
Feb. 01, 2020 | |
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 (loss) income and common share amounts used in the calculation of basic and diluted EPS for the three and nine months ended February 1, 2020 and January 26, 2019 : Net (loss) income Shares Per share (loss) income For the three months ended February 1, 2020 Basic (loss) earnings per share $ (12,734 ) 45,189 $ (0.28 ) Dilution associated with stock compensation plans — — — Diluted (loss) earnings per share $ (12,734 ) 45,189 $ (0.28 ) For the three months ended January 26, 2019 Basic (loss) earnings per share $ (3,319 ) 45,018 $ (0.07 ) Dilution associated with stock compensation plans — — — Diluted (loss) earnings per share $ (3,319 ) 45,018 $ (0.07 ) For the nine months ended February 1, 2020 Basic earnings per share $ 1,570 45,139 $ 0.03 Dilution associated with stock compensation plans — 273 — Diluted earnings per share $ 1,570 45,412 $ 0.03 For the nine months ended January 26, 2019 Basic earnings per share $ 9,861 44,834 $ 0.22 Dilution associated with stock compensation plans — 305 — Diluted earnings per share $ 9,861 45,139 $ 0.22 Options outstanding to purchase 2,193 shares of common stock with a weighted average exercise price of $9.92 for the three months ended February 1, 2020 and 2,308 shares of common stock with a weighted average exercise price of $9.98 for the three months ended January 26, 2019 were not included in the computation of diluted (loss) earnings per share because the effects would be anti-dilutive. Options outstanding to purchase 2,223 shares of common stock with a weighted average exercise price of $9.95 for the nine months ended February 1, 2020 and 2,328 shares of common stock with a weighted average exercise price of $9.98 for the nine months ended January 26, 2019 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 | 9 Months Ended |
Feb. 01, 2020 | |
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 February 1, 2020 Commercial Live Events High School Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 7,209 $ 27,459 $ 1,511 $ 7,857 $ 9,195 $ 53,231 Limited configuration 26,304 6,436 12,422 5,580 10,609 61,351 Service and other 3,367 6,676 842 479 1,711 13,075 $ 36,880 $ 40,571 $ 14,775 $ 13,916 $ 21,515 $ 127,657 Timing of revenue recognition Goods/services transferred at a point in time $ 26,555 $ 8,614 $ 11,080 $ 5,683 $ 11,008 $ 62,940 Goods/services transferred over time 10,325 31,957 3,695 8,233 10,507 64,717 $ 36,880 $ 40,571 $ 14,775 $ 13,916 $ 21,515 $ 127,657 Nine Months Ended February 1, 2020 Commercial Live Events High School Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 29,181 $ 114,459 $ 12,727 $ 32,173 $ 35,415 $ 223,955 Limited configuration 80,193 25,662 60,349 19,550 33,663 219,417 Service and other 11,192 19,075 2,357 1,541 5,287 39,452 $ 120,566 $ 159,196 $ 75,433 $ 53,264 $ 74,365 $ 482,824 Timing of revenue recognition Goods/services transferred at a point in time $ 81,562 $ 30,903 $ 55,791 $ 19,901 $ 34,696 $ 222,853 Goods/services transferred over time 39,004 128,293 19,642 33,363 39,669 259,971 $ 120,566 $ 159,196 $ 75,433 $ 53,264 $ 74,365 $ 482,824 Three Months Ended January 26, 2019 Commercial Live Events High School Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 5,942 $ 18,491 $ 3,053 $ 10,095 $ 6,798 $ 44,379 Limited configuration 27,353 5,958 11,036 4,692 8,649 57,688 Service and other 3,864 5,546 709 603 2,280 13,002 $ 37,159 $ 29,995 $ 14,798 $ 15,390 $ 17,727 $ 115,069 Timing of revenue recognition Goods/services transferred at a point in time $ 28,105 $ 7,436 $ 9,874 $ 4,911 $ 9,702 $ 60,028 Goods/services transferred over time 9,054 22,559 4,924 10,479 8,025 55,041 $ 37,159 $ 29,995 $ 14,798 $ 15,390 $ 17,727 $ 115,069 Nine Months Ended January 26, 2019 Commercial Live Events High School Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 20,417 $ 95,695 $ 18,667 $ 30,140 $ 33,790 $ 198,709 Limited configuration 82,605 23,243 53,964 18,970 29,278 208,060 Service and other 10,775 15,628 1,867 1,514 5,396 35,180 $ 113,797 $ 134,566 $ 74,498 $ 50,624 $ 68,464 $ 441,949 Timing of revenue recognition Goods/services transferred at a point in time $ 84,584 $ 26,796 $ 48,932 $ 19,410 $ 31,364 $ 211,086 Goods/services transferred over time 29,213 107,770 25,566 31,214 37,100 230,863 $ 113,797 $ 134,566 $ 74,498 $ 50,624 $ 68,464 $ 441,949 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: February 1, 2020 April 27, 2019 Dollar Change Percent Change Contract assets $ 35,242 $ 33,704 $ 1,538 4.6 % Contract liabilities - current 49,870 47,178 2,692 5.7 Contract liabilities - noncurrent 10,676 10,053 623 6.2 The changes in our contract assets and contract liabilities from April 27, 2019 to February 1, 2020 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 nine months ended February 1, 2020 . 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 $44 as of February 1, 2020 . These were included in the "Accrued expenses" line item in our condensed consolidated balance sheets. During the nine months ended February 1, 2020 , we recognized revenue of $43,394 related to our contract liabilities as of April 27, 2019 . Remaining performance obligations As of February 1, 2020 , the aggregate amount of the transaction price allocated to the remaining performance obligations was $247,332 . We expect approximately $209,949 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 $187,423 and $59,909 , 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 | 9 Months Ended |
Feb. 01, 2020 | |
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 Nine Months Ended February 1, January 26, February 1, January 26, Net sales: Commercial $ 36,880 $ 37,159 $ 120,566 $ 113,797 Live Events 40,571 29,995 159,196 134,566 High School Park and Recreation 14,775 14,798 75,433 74,498 Transportation 13,916 15,390 53,264 50,624 International 21,515 17,727 74,365 68,464 127,657 115,069 482,824 441,949 Gross profit: Commercial 5,399 8,942 22,479 27,593 Live Events 7,815 3,950 32,486 26,495 High School Park and Recreation 3,184 2,736 22,595 21,997 Transportation 4,316 5,880 18,073 17,471 International 3,768 3,361 14,441 12,317 24,482 24,869 110,074 105,873 Contribution margin: (1) Commercial 820 4,460 7,757 13,984 Live Events 4,055 347 21,289 16,250 High School Park and Recreation (277 ) (384 ) 12,303 12,874 Transportation 3,258 4,959 14,605 14,245 International 74 (50 ) 3,094 480 7,930 9,332 59,048 57,833 Non-allocated operating expenses: General and administrative 8,640 8,574 26,698 25,685 Product design and development 8,442 8,280 29,063 26,611 Operating (loss) income (9,152 ) (7,522 ) 3,287 5,537 Nonoperating income (expense): Interest income 233 328 664 713 Interest expense 13 (45 ) (53 ) (86 ) Other income (expense), net (331 ) (203 ) (652 ) (423 ) (Loss) income before income taxes (9,237 ) (7,442 ) 3,246 5,741 Income tax expense (benefit) 3,497 (4,123 ) 1,676 (4,120 ) Net (loss) income $ (12,734 ) $ (3,319 ) $ 1,570 $ 9,861 Depreciation and amortization: Commercial $ 930 $ 1,206 $ 2,799 $ 3,620 Live Events 1,395 1,332 4,187 3,838 High School Park and Recreation 501 503 1,520 1,463 Transportation 255 279 771 830 International 646 766 1,733 2,189 Unallocated corporate depreciation 746 668 2,187 2,114 $ 4,473 $ 4,754 $ 13,197 $ 14,054 (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 Nine Months Ended February 1, January 26, February 1, January 26, Net sales: United States $ 103,347 $ 94,418 $ 399,913 $ 361,679 Outside United States 24,310 20,651 82,911 80,270 $ 127,657 $ 115,069 $ 482,824 $ 441,949 February 1, April 27, Property and equipment, net of accumulated depreciation: United States $ 58,414 $ 59,192 Outside United States 7,954 6,122 $ 66,368 $ 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 | 9 Months Ended |
Feb. 01, 2020 | |
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 February 1, 2020 , 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 February 1, 2020 and April 27, 2019 , our available-for-sale securities consisted of the following: Amortized Cost Unrealized Losses Fair Value Balance as of February 1, 2020 Certificates of deposit $ 1,727 $ — $ 1,727 $ 1,727 $ — $ 1,727 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 nine months ended February 1, 2020 and January 26, 2019 , 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 February 1, 2020 were as follows: Less than 12 months Total Certificates of deposit $ 1,727 $ 1,727 $ 1,727 $ 1,727 |
Business Combination
Business Combination | 9 Months Ended |
Feb. 01, 2020 | |
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 | 9 Months Ended |
Feb. 01, 2020 | |
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 nine months ended February 1, 2020 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 8 54 8 (25 ) 45 Balance as of February 1, 2020 $ 2,284 $ 3,272 $ 57 $ 2,321 $ 7,934 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. Our annual analysis is performed during our third quarter of each fiscal year, based on the goodwill amount as of the first business day of our third fiscal quarter. We performed our annual impairment test on November 4, 2019 and concluded no goodwill impairment existed. |
Selected Financial Statement Da
Selected Financial Statement Data | 9 Months Ended |
Feb. 01, 2020 | |
Selected Financial Statement Data [Abstract] | |
Selected Financial Statement Data | Note 9. Selected Financial Statement Data Inventories consisted of the following: February 1, April 27, Raw materials $ 32,081 $ 30,789 Work-in-process 11,468 8,239 Finished goods 36,657 39,804 $ 80,206 $ 78,832 Property and equipment, net consisted of the following: February 1, April 27, Land $ 2,183 $ 1,738 Buildings 68,208 66,403 Machinery and equipment 100,627 96,486 Office furniture and equipment 6,160 6,195 Computer software and hardware 53,067 55,460 Equipment held for rental 287 287 Demonstration equipment 8,076 7,422 Transportation equipment 8,060 7,715 246,668 241,706 Less accumulated depreciation 180,300 176,392 $ 66,368 $ 65,314 |
Receivables
Receivables | 9 Months Ended |
Feb. 01, 2020 | |
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 $2,466 and $2,208 at February 1, 2020 and April 27, 2019 , respectively. Included in accounts receivable as of February 1, 2020 and April 27, 2019 was $265 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 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, including accrued interest and current maturities, was $6,858 and $3,514 as of February 1, 2020 and April 27, 2019 , respectively. Contract 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 $7,990 as of February 1, 2020 and $3,271 as of April 27, 2019 . |
Share Repurchase Program Share
Share Repurchase Program Share Repurchase Program | 9 Months Ended |
Feb. 01, 2020 | |
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 nine months ended January 26, 2019 , we had no repurchases of shares of our outstanding common stock. During the nine months ended February 1, 2020 , we repurchased 378 shares of common stock at a total cost of $2,329 . As of February 1, 2020 , we had $35,846 of remaining capacity under our current share repurchase program. |
Leases Leases
Leases Leases | 9 Months Ended |
Feb. 01, 2020 | |
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. During the three and nine months ended February 1, 2020 , the operating lease cost was $886 and $2,748 , respectively, which includes immaterial short-term leases. Both are recognized in cost of sales and operating expenses in the condensed consolidated statements of operations. As of February 1, 2020 , the weighted average remaining lease term and discount rate related to operating leases was 5.1 years and 3.5% . Supplemental unaudited cash flow information related to operating leases include: Three Months Ended February 1, 2020 Nine Months Ended February 1, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 823 $ 2,426 Future minimum operating lease payments as of, and subsequent to, February 1, 2020 under ASC 842 are as follows: Operating Leases (1) Fiscal years ending 2020 $ 745 2021 2,768 2022 2,018 2023 1,213 2024 1,089 Thereafter 2,398 Total lease payments 10,231 Less imputed interest (863 ) Total lease liabilities $ 9,368 (1) Includes $3,879 to extend the term of our Sioux Falls, South Dakota manufacturing facility. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Feb. 01, 2020 | |
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 February 1, 2020 and April 27, 2019 , $2,025 and $1,072 , 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 nine months ended February 1, 2020 consisted of the following: February 1, 2020 Beginning accrued warranty obligations $ 24,470 Warranties issued during the period 8,623 Settlements made during the period (7,466 ) Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations 88 Ending accrued warranty obligations $ 25,715 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 February 1, 2020 , we had outstanding letters of credit and surety bonds in the amount of $14,760 and $5,335 , 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 February 1, 2020 , 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 February 1, 2020 , we were obligated under the following unconditional purchase commitments: Fiscal years ending Amount 2020 $ 1,343 2021 4,704 2022 2,752 2023 1,757 2024 150 Thereafter 153 $ 10,859 |
Income Taxes
Income Taxes | 9 Months Ended |
Feb. 01, 2020 | |
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. Our effective tax rate for the nine months ended February 1, 2020 increased to 51.6 percent as compared to a negative 71.8 percent for the nine months ended January 26, 2019 . The quarterly change in the effective tax rate was caused by discrete one-time impacts of $3,255 recognized in the third quarter of fiscal 2019 due to the release of a tax reserve for a lapse of the statute and a valuation allowance reversal related to foreign net operating loss carryforwards. The estimated effective tax rate for fiscal 2020 of 51.6 percent is the result of the expected net taxes and credits being higher as a proportion of expected pre-tax earnings. We are subject to U.S. federal income tax as well as income taxes of multiple state and foreign jurisdictions. Fiscal years 2017, 2018 and 2019 remain open to federal tax examinations, and fiscal years 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 February 1, 2020 , undistributed earnings of our foreign subsidiaries are considered to be reinvested indefinitely. Additionally, we had $576 of unrecognized tax benefits which would reduce our effective tax rate if recognized. |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Feb. 01, 2020 | |
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 February 1, 2020 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 February 1, 2020 Cash and cash equivalents $ 40,316 $ — $ — $ 40,316 Restricted cash 60 — — 60 Available-for-sale securities: Certificates of deposit — 1,727 — 1,727 Derivatives - asset position — 50 — 50 Derivatives - liability position — (227 ) — (227 ) Acquisition-related contingent consideration — — (729 ) (729 ) $ 40,376 $ 1,550 $ (729 ) $ 41,197 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 contingent 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 nine months ended February 1, 2020 is as follows: Acquisition-related contingent consideration as of April 27, 2019 $ 3,065 Additions 75 Settlements (2,491 ) Interest 43 Foreign currency translation 37 Acquisition-related contingent consideration as of February 1, 2020 $ 729 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 | 9 Months Ended |
Feb. 01, 2020 | |
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 February 1, 2020 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 February 1, 2020 and April 27, 2019 were as follows: February 1, 2020 April 27, 2019 U.S. Dollars Foreign U.S. Foreign Foreign Currency Exchange Forward Contracts: U.S. Dollars/Australian Dollars 2,555 3,753 2,688 3,772 U.S. Dollars/Canadian Dollars 750 998 625 821 U.S. Dollars/British Pounds 5,618 4,386 3,547 2,680 U.S. Dollars/Euros 3,755 3,377 — — U.S. Dollars/Swiss Franc 207 204 927 925 U.S. Dollars/Malaysian Ringgit — — 60 246 As of February 1, 2020 , there was an asset and liability of $50 and $227 , 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 February 1, 2020 , all contracts mature within 13 months . |
Subsequent Events (Notes)
Subsequent Events (Notes) | 9 Months Ended |
Feb. 01, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 17. Subsequent Events On February 25, 2020 , our Board of Directors declared a dividend of $0.05 per share payable on March 19, 2020 to shareholders of record of our common stock on March 9, 2020 . |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Feb. 01, 2020 | |
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) | 9 Months Ended |
Feb. 01, 2020 | |
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: February 1, January 26, Cash and cash equivalents $ 40,316 $ 33,281 Restricted cash 60 26 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows $ 40,376 $ 33,307 |
Earnings Per Share EPS (Tables)
Earnings Per Share EPS (Tables) | 9 Months Ended |
Feb. 01, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Reconciliation | The following is a reconciliation of the net (loss) income and common share amounts used in the calculation of basic and diluted EPS for the three and nine months ended February 1, 2020 and January 26, 2019 : Net (loss) income Shares Per share (loss) income For the three months ended February 1, 2020 Basic (loss) earnings per share $ (12,734 ) 45,189 $ (0.28 ) Dilution associated with stock compensation plans — — — Diluted (loss) earnings per share $ (12,734 ) 45,189 $ (0.28 ) For the three months ended January 26, 2019 Basic (loss) earnings per share $ (3,319 ) 45,018 $ (0.07 ) Dilution associated with stock compensation plans — — — Diluted (loss) earnings per share $ (3,319 ) 45,018 $ (0.07 ) For the nine months ended February 1, 2020 Basic earnings per share $ 1,570 45,139 $ 0.03 Dilution associated with stock compensation plans — 273 — Diluted earnings per share $ 1,570 45,412 $ 0.03 For the nine months ended January 26, 2019 Basic earnings per share $ 9,861 44,834 $ 0.22 Dilution associated with stock compensation plans — 305 — Diluted earnings per share $ 9,861 45,139 $ 0.22 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Feb. 01, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents our disaggregation of revenue by segments: Three Months Ended February 1, 2020 Commercial Live Events High School Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 7,209 $ 27,459 $ 1,511 $ 7,857 $ 9,195 $ 53,231 Limited configuration 26,304 6,436 12,422 5,580 10,609 61,351 Service and other 3,367 6,676 842 479 1,711 13,075 $ 36,880 $ 40,571 $ 14,775 $ 13,916 $ 21,515 $ 127,657 Timing of revenue recognition Goods/services transferred at a point in time $ 26,555 $ 8,614 $ 11,080 $ 5,683 $ 11,008 $ 62,940 Goods/services transferred over time 10,325 31,957 3,695 8,233 10,507 64,717 $ 36,880 $ 40,571 $ 14,775 $ 13,916 $ 21,515 $ 127,657 Nine Months Ended February 1, 2020 Commercial Live Events High School Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 29,181 $ 114,459 $ 12,727 $ 32,173 $ 35,415 $ 223,955 Limited configuration 80,193 25,662 60,349 19,550 33,663 219,417 Service and other 11,192 19,075 2,357 1,541 5,287 39,452 $ 120,566 $ 159,196 $ 75,433 $ 53,264 $ 74,365 $ 482,824 Timing of revenue recognition Goods/services transferred at a point in time $ 81,562 $ 30,903 $ 55,791 $ 19,901 $ 34,696 $ 222,853 Goods/services transferred over time 39,004 128,293 19,642 33,363 39,669 259,971 $ 120,566 $ 159,196 $ 75,433 $ 53,264 $ 74,365 $ 482,824 Three Months Ended January 26, 2019 Commercial Live Events High School Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 5,942 $ 18,491 $ 3,053 $ 10,095 $ 6,798 $ 44,379 Limited configuration 27,353 5,958 11,036 4,692 8,649 57,688 Service and other 3,864 5,546 709 603 2,280 13,002 $ 37,159 $ 29,995 $ 14,798 $ 15,390 $ 17,727 $ 115,069 Timing of revenue recognition Goods/services transferred at a point in time $ 28,105 $ 7,436 $ 9,874 $ 4,911 $ 9,702 $ 60,028 Goods/services transferred over time 9,054 22,559 4,924 10,479 8,025 55,041 $ 37,159 $ 29,995 $ 14,798 $ 15,390 $ 17,727 $ 115,069 Nine Months Ended January 26, 2019 Commercial Live Events High School Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 20,417 $ 95,695 $ 18,667 $ 30,140 $ 33,790 $ 198,709 Limited configuration 82,605 23,243 53,964 18,970 29,278 208,060 Service and other 10,775 15,628 1,867 1,514 5,396 35,180 $ 113,797 $ 134,566 $ 74,498 $ 50,624 $ 68,464 $ 441,949 Timing of revenue recognition Goods/services transferred at a point in time $ 84,584 $ 26,796 $ 48,932 $ 19,410 $ 31,364 $ 211,086 Goods/services transferred over time 29,213 107,770 25,566 31,214 37,100 230,863 $ 113,797 $ 134,566 $ 74,498 $ 50,624 $ 68,464 $ 441,949 |
Contract with Customer, Asset and Liability | The following table reflects the changes in our contract assets and liabilities: February 1, 2020 April 27, 2019 Dollar Change Percent Change Contract assets $ 35,242 $ 33,704 $ 1,538 4.6 % Contract liabilities - current 49,870 47,178 2,692 5.7 Contract liabilities - noncurrent 10,676 10,053 623 6.2 |
Segment Disclosure (Tables)
Segment Disclosure (Tables) | 9 Months Ended |
Feb. 01, 2020 | |
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 Nine Months Ended February 1, January 26, February 1, January 26, Net sales: Commercial $ 36,880 $ 37,159 $ 120,566 $ 113,797 Live Events 40,571 29,995 159,196 134,566 High School Park and Recreation 14,775 14,798 75,433 74,498 Transportation 13,916 15,390 53,264 50,624 International 21,515 17,727 74,365 68,464 127,657 115,069 482,824 441,949 Gross profit: Commercial 5,399 8,942 22,479 27,593 Live Events 7,815 3,950 32,486 26,495 High School Park and Recreation 3,184 2,736 22,595 21,997 Transportation 4,316 5,880 18,073 17,471 International 3,768 3,361 14,441 12,317 24,482 24,869 110,074 105,873 Contribution margin: (1) Commercial 820 4,460 7,757 13,984 Live Events 4,055 347 21,289 16,250 High School Park and Recreation (277 ) (384 ) 12,303 12,874 Transportation 3,258 4,959 14,605 14,245 International 74 (50 ) 3,094 480 7,930 9,332 59,048 57,833 Non-allocated operating expenses: General and administrative 8,640 8,574 26,698 25,685 Product design and development 8,442 8,280 29,063 26,611 Operating (loss) income (9,152 ) (7,522 ) 3,287 5,537 Nonoperating income (expense): Interest income 233 328 664 713 Interest expense 13 (45 ) (53 ) (86 ) Other income (expense), net (331 ) (203 ) (652 ) (423 ) (Loss) income before income taxes (9,237 ) (7,442 ) 3,246 5,741 Income tax expense (benefit) 3,497 (4,123 ) 1,676 (4,120 ) Net (loss) income $ (12,734 ) $ (3,319 ) $ 1,570 $ 9,861 Depreciation and amortization: Commercial $ 930 $ 1,206 $ 2,799 $ 3,620 Live Events 1,395 1,332 4,187 3,838 High School Park and Recreation 501 503 1,520 1,463 Transportation 255 279 771 830 International 646 766 1,733 2,189 Unallocated corporate depreciation 746 668 2,187 2,114 $ 4,473 $ 4,754 $ 13,197 $ 14,054 (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 Nine Months Ended February 1, January 26, February 1, January 26, Net sales: United States $ 103,347 $ 94,418 $ 399,913 $ 361,679 Outside United States 24,310 20,651 82,911 80,270 $ 127,657 $ 115,069 $ 482,824 $ 441,949 February 1, April 27, Property and equipment, net of accumulated depreciation: United States $ 58,414 $ 59,192 Outside United States 7,954 6,122 $ 66,368 $ 65,314 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Feb. 01, 2020 | |
Marketable Securities [Abstract] | |
Available-for-sale Securities | As of February 1, 2020 and April 27, 2019 , our available-for-sale securities consisted of the following: Amortized Cost Unrealized Losses Fair Value Balance as of February 1, 2020 Certificates of deposit $ 1,727 $ — $ 1,727 $ 1,727 $ — $ 1,727 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 February 1, 2020 were as follows: Less than 12 months Total Certificates of deposit $ 1,727 $ 1,727 $ 1,727 $ 1,727 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Feb. 01, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill related to each reportable segment for the nine months ended February 1, 2020 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 8 54 8 (25 ) 45 Balance as of February 1, 2020 $ 2,284 $ 3,272 $ 57 $ 2,321 $ 7,934 |
Selected Financial Statement _2
Selected Financial Statement Data (Tables) | 9 Months Ended |
Feb. 01, 2020 | |
Selected Financial Statement Data [Abstract] | |
Schedule of Inventory | Inventories consisted of the following: February 1, April 27, Raw materials $ 32,081 $ 30,789 Work-in-process 11,468 8,239 Finished goods 36,657 39,804 $ 80,206 $ 78,832 |
Schedule of Property and Equipment | Property and equipment, net consisted of the following: February 1, April 27, Land $ 2,183 $ 1,738 Buildings 68,208 66,403 Machinery and equipment 100,627 96,486 Office furniture and equipment 6,160 6,195 Computer software and hardware 53,067 55,460 Equipment held for rental 287 287 Demonstration equipment 8,076 7,422 Transportation equipment 8,060 7,715 246,668 241,706 Less accumulated depreciation 180,300 176,392 $ 66,368 $ 65,314 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Feb. 01, 2020 | |
Leases [Abstract] | |
Supplemental Cash Flow Information | Supplemental unaudited cash flow information related to operating leases include: Three Months Ended February 1, 2020 Nine Months Ended February 1, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 823 $ 2,426 |
Lease Liability Schedule | Future minimum operating lease payments as of, and subsequent to, February 1, 2020 under ASC 842 are as follows: Operating Leases (1) Fiscal years ending 2020 $ 745 2021 2,768 2022 2,018 2023 1,213 2024 1,089 Thereafter 2,398 Total lease payments 10,231 Less imputed interest (863 ) Total lease liabilities $ 9,368 (1) Includes $3,879 to extend the term of our Sioux Falls, South Dakota manufacturing facility. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Feb. 01, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Product Warranty Liability | Changes in our warranty obligation for the nine months ended February 1, 2020 consisted of the following: February 1, 2020 Beginning accrued warranty obligations $ 24,470 Warranties issued during the period 8,623 Settlements made during the period (7,466 ) Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations 88 Ending accrued warranty obligations $ 25,715 |
Long-term Purchase Commitment | As of February 1, 2020 , we were obligated under the following unconditional purchase commitments: Fiscal years ending Amount 2020 $ 1,343 2021 4,704 2022 2,752 2023 1,757 2024 150 Thereafter 153 $ 10,859 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Feb. 01, 2020 | |
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 February 1, 2020 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 February 1, 2020 Cash and cash equivalents $ 40,316 $ — $ — $ 40,316 Restricted cash 60 — — 60 Available-for-sale securities: Certificates of deposit — 1,727 — 1,727 Derivatives - asset position — 50 — 50 Derivatives - liability position — (227 ) — (227 ) Acquisition-related contingent consideration — — (729 ) (729 ) $ 40,376 $ 1,550 $ (729 ) $ 41,197 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 contingent 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 nine months ended February 1, 2020 is as follows: Acquisition-related contingent consideration as of April 27, 2019 $ 3,065 Additions 75 Settlements (2,491 ) Interest 43 Foreign currency translation 37 Acquisition-related contingent consideration as of February 1, 2020 $ 729 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Feb. 01, 2020 | |
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 February 1, 2020 and April 27, 2019 were as follows: February 1, 2020 April 27, 2019 U.S. Dollars Foreign U.S. Foreign Foreign Currency Exchange Forward Contracts: U.S. Dollars/Australian Dollars 2,555 3,753 2,688 3,772 U.S. Dollars/Canadian Dollars 750 998 625 821 U.S. Dollars/British Pounds 5,618 4,386 3,547 2,680 U.S. Dollars/Euros 3,755 3,377 — — U.S. Dollars/Swiss Franc 207 204 927 925 U.S. Dollars/Malaysian Ringgit — — 60 246 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Thousands | Feb. 01, 2020 | Apr. 28, 2019 | Apr. 27, 2019 | Jan. 26, 2019 | Apr. 28, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Cash and cash equivalents | $ 40,316 | $ 35,383 | $ 33,281 | ||
Restricted cash | 60 | 359 | 26 | ||
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows | $ 40,376 | $ 35,742 | $ 33,307 | $ 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 | 9 Months Ended | ||
Feb. 01, 2020 | Jan. 26, 2019 | Apr. 27, 2019 | |
Equity and Cost Method Investments [Abstract] | |||
Equity Method Investments | $ 3,268 | $ 3,657 | |
Equity in loss of affiliate | $ (430) | $ (392) |
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 | 9 Months Ended | ||||||
Feb. 01, 2020 | Nov. 02, 2019 | Aug. 03, 2019 | Jan. 26, 2019 | Oct. 27, 2018 | Jul. 28, 2018 | Feb. 01, 2020 | Jan. 26, 2019 | |
Net (loss) income | ||||||||
Basic (loss) earnings per share | $ (12,734) | $ 7,274 | $ 7,030 | $ (3,319) | $ 8,606 | $ 4,574 | $ 1,570 | $ 9,861 |
Dilution associated with stock compensation plans | 0 | 0 | 0 | 0 | ||||
Diluted (loss) earnings per share | $ (12,734) | $ (3,319) | $ 1,570 | $ 9,861 | ||||
Shares | ||||||||
Basic earnings per share (in shares) | 45,189 | 45,018 | 45,139 | 44,834 | ||||
Dilution associated with stock compensation plans (in shares) | 0 | 0 | 273 | 305 | ||||
Diluted earnings per share (in shares) | 45,189 | 45,018 | 45,412 | 45,139 | ||||
Per share (loss) income | ||||||||
Basic earnings per share (in dollars per share) | $ (0.28) | $ (0.07) | $ 0.03 | $ 0.22 | ||||
Dilution associated with stock compensation plans (in dollars per share) | 0 | 0 | 0 | 0 | ||||
Diluted earnings per share (in dollars per share) | $ (0.28) | $ (0.07) | $ 0.03 | $ 0.22 |
Earnings Per Share EPS - Antidi
Earnings Per Share EPS - Antidilutive Shares Excluded (Details) - Stock Options - $ / shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Feb. 01, 2020 | Jan. 26, 2019 | Feb. 01, 2020 | Jan. 26, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 2,193 | 2,308 | 2,223 | 2,328 |
Antidilutive securities excluded from computation of earnings per share, weighted average exercise price (dollars per share) | $ 9.92 | $ 9.98 | $ 9.95 | $ 9.98 |
Revenue Recognition Disaggregat
Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Feb. 01, 2020 | Jan. 26, 2019 | Feb. 01, 2020 | Jan. 26, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | $ 127,657 | $ 115,069 | $ 482,824 | $ 441,949 |
Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 62,940 | 60,028 | 222,853 | 211,086 |
Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 64,717 | 55,041 | 259,971 | 230,863 |
Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 36,880 | 37,159 | 120,566 | 113,797 |
Commercial | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 26,555 | 28,105 | 81,562 | 84,584 |
Commercial | Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 10,325 | 9,054 | 39,004 | 29,213 |
Live Events | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 40,571 | 29,995 | 159,196 | 134,566 |
Live Events | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 8,614 | 7,436 | 30,903 | 26,796 |
Live Events | Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 31,957 | 22,559 | 128,293 | 107,770 |
High School Park and Recreation | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 14,775 | 14,798 | 75,433 | 74,498 |
High School Park and Recreation | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 11,080 | 9,874 | 55,791 | 48,932 |
High School Park and Recreation | Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 3,695 | 4,924 | 19,642 | 25,566 |
Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 13,916 | 15,390 | 53,264 | 50,624 |
Transportation | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 5,683 | 4,911 | 19,901 | 19,410 |
Transportation | Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 8,233 | 10,479 | 33,363 | 31,214 |
International | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 21,515 | 17,727 | 74,365 | 68,464 |
International | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 11,008 | 9,702 | 34,696 | 31,364 |
International | Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 10,507 | 8,025 | 39,669 | 37,100 |
Unique Configuration | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 53,231 | 44,379 | 223,955 | 198,709 |
Unique Configuration | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 7,209 | 5,942 | 29,181 | 20,417 |
Unique Configuration | Live Events | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 27,459 | 18,491 | 114,459 | 95,695 |
Unique Configuration | High School Park and Recreation | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 1,511 | 3,053 | 12,727 | 18,667 |
Unique Configuration | Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 7,857 | 10,095 | 32,173 | 30,140 |
Unique Configuration | International | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 9,195 | 6,798 | 35,415 | 33,790 |
Limited Configuration | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 61,351 | 57,688 | 219,417 | 208,060 |
Limited Configuration | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 26,304 | 27,353 | 80,193 | 82,605 |
Limited Configuration | Live Events | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 6,436 | 5,958 | 25,662 | 23,243 |
Limited Configuration | High School Park and Recreation | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 12,422 | 11,036 | 60,349 | 53,964 |
Limited Configuration | Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 5,580 | 4,692 | 19,550 | 18,970 |
Limited Configuration | International | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 10,609 | 8,649 | 33,663 | 29,278 |
Service and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 13,075 | 13,002 | 39,452 | 35,180 |
Service and Other | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 3,367 | 3,864 | 11,192 | 10,775 |
Service and Other | Live Events | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 6,676 | 5,546 | 19,075 | 15,628 |
Service and Other | High School Park and Recreation | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 842 | 709 | 2,357 | 1,867 |
Service and Other | Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 479 | 603 | 1,541 | 1,514 |
Service and Other | International | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | $ 1,711 | $ 2,280 | $ 5,287 | $ 5,396 |
Revenue Recognition Contract wi
Revenue Recognition Contract with Customer, Asset and Liability (Details) $ in Thousands | 3 Months Ended | |
Feb. 01, 2020USD ($) | Apr. 27, 2019USD ($) | |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 35,242 | $ 33,704 |
Contract liabilities - current | 49,870 | 47,178 |
Contract liabilities - noncurrent | 10,676 | $ 10,053 |
Dollar Change | ||
Contract assets | 1,538 | |
Contract liabilities - current | 2,692 | |
Contract liabilities - noncurrent | $ 623 | |
Change in Contract with Customer, Asset and Liability, Percentage [Abstract] | ||
Contract assets percent change | 4.60% | |
Contract liabilities, current, percent change | 5.70% | |
Contract liabilities, noncurrent, percent change | 6.20% | |
Number of Loss on Contracts | 2 | 6 |
Provision for Loss on Contracts | $ 44 | $ 2,353 |
Revenue recognized related to contract liability | $ 43,394 |
Revenue Recognition Remaining P
Revenue Recognition Remaining Performance Obligations (Details) $ in Thousands | Feb. 01, 2020USD ($) |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 247,332 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, service agreements | 59,909 |
Remaining performance obligation, products | 187,423 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-02-02 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 209,949 |
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 | 9 Months Ended | ||||||
Feb. 01, 2020USD ($) | Nov. 02, 2019USD ($) | Aug. 03, 2019USD ($) | Jan. 26, 2019USD ($) | Oct. 27, 2018USD ($) | Jul. 28, 2018USD ($) | Feb. 01, 2020USD ($)segment | Jan. 26, 2019USD ($) | |
Segment Reporting Information | ||||||||
Number of business units | segment | 5 | |||||||
Net sales | $ 127,657 | $ 115,069 | $ 482,824 | $ 441,949 | ||||
Gross profit | 24,482 | 24,869 | 110,074 | 105,873 | ||||
Non-allocated operating expenses: | ||||||||
General and administrative | 8,640 | 8,574 | 26,698 | 25,685 | ||||
Product design and development | 8,442 | 8,280 | 29,063 | 26,611 | ||||
Operating income | (9,152) | (7,522) | 3,287 | 5,537 | ||||
Nonoperating (expense) income: | ||||||||
Interest income | 233 | 328 | 664 | 713 | ||||
Interest expense | 13 | (45) | (53) | (86) | ||||
Other income (expense), net | (331) | (203) | (652) | (423) | ||||
(Loss) income before income taxes | (9,237) | (7,442) | 3,246 | 5,741 | ||||
Income tax expense (benefit) | 3,497 | (4,123) | 1,676 | (4,120) | ||||
Net (loss) income | (12,734) | $ 7,274 | $ 7,030 | (3,319) | $ 8,606 | $ 4,574 | 1,570 | 9,861 |
Operating Segments | ||||||||
Segment Reporting Information | ||||||||
Net sales | 127,657 | 115,069 | 482,824 | 441,949 | ||||
Gross profit | 24,482 | 24,869 | 110,074 | 105,873 | ||||
Contribution Margin | 7,930 | 9,332 | 59,048 | 57,833 | ||||
Depreciation and amortization | ||||||||
Depreciation, amortization, and impairment | 4,473 | 4,754 | 13,197 | 14,054 | ||||
Operating Segments | Commercial | ||||||||
Segment Reporting Information | ||||||||
Net sales | 36,880 | 37,159 | 120,566 | 113,797 | ||||
Gross profit | 5,399 | 8,942 | 22,479 | 27,593 | ||||
Contribution Margin | 820 | 4,460 | 7,757 | 13,984 | ||||
Depreciation and amortization | ||||||||
Depreciation, amortization, and impairment | 930 | 1,206 | 2,799 | 3,620 | ||||
Operating Segments | Live Events | ||||||||
Segment Reporting Information | ||||||||
Net sales | 40,571 | 29,995 | 159,196 | 134,566 | ||||
Gross profit | 7,815 | 3,950 | 32,486 | 26,495 | ||||
Contribution Margin | 4,055 | 347 | 21,289 | 16,250 | ||||
Depreciation and amortization | ||||||||
Depreciation, amortization, and impairment | 1,395 | 1,332 | 4,187 | 3,838 | ||||
Operating Segments | High School Park and Recreation | ||||||||
Segment Reporting Information | ||||||||
Net sales | 14,775 | 14,798 | 75,433 | 74,498 | ||||
Gross profit | 3,184 | 2,736 | 22,595 | 21,997 | ||||
Contribution Margin | (277) | (384) | 12,303 | 12,874 | ||||
Depreciation and amortization | ||||||||
Depreciation, amortization, and impairment | 501 | 503 | 1,520 | 1,463 | ||||
Operating Segments | Transportation | ||||||||
Segment Reporting Information | ||||||||
Net sales | 13,916 | 15,390 | 53,264 | 50,624 | ||||
Gross profit | 4,316 | 5,880 | 18,073 | 17,471 | ||||
Contribution Margin | 3,258 | 4,959 | 14,605 | 14,245 | ||||
Depreciation and amortization | ||||||||
Depreciation, amortization, and impairment | 255 | 279 | 771 | 830 | ||||
Operating Segments | International | ||||||||
Segment Reporting Information | ||||||||
Net sales | 21,515 | 17,727 | 74,365 | 68,464 | ||||
Gross profit | 3,768 | 3,361 | 14,441 | 12,317 | ||||
Contribution Margin | 74 | (50) | 3,094 | 480 | ||||
Depreciation and amortization | ||||||||
Depreciation, amortization, and impairment | 646 | 766 | 1,733 | 2,189 | ||||
Operating Segments | Unallocated | ||||||||
Depreciation and amortization | ||||||||
Depreciation, amortization, and impairment | $ 746 | $ 668 | $ 2,187 | $ 2,114 |
Segment Disclosure - Net Sales
Segment Disclosure - Net Sales and Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Feb. 01, 2020 | Jan. 26, 2019 | Feb. 01, 2020 | Jan. 26, 2019 | Apr. 27, 2019 | |
Net sales: | |||||
Net sales | $ 127,657 | $ 115,069 | $ 482,824 | $ 441,949 | |
Long-lived assets: | |||||
Long-lived assets | 66,368 | 66,368 | $ 65,314 | ||
United States | |||||
Net sales: | |||||
Net sales | 103,347 | 94,418 | 399,913 | 361,679 | |
Long-lived assets: | |||||
Long-lived assets | 58,414 | 58,414 | 59,192 | ||
Outside United States | |||||
Net sales: | |||||
Net sales | 24,310 | $ 20,651 | 82,911 | $ 80,270 | |
Long-lived assets: | |||||
Long-lived assets | $ 7,954 | $ 7,954 | $ 6,122 |
Marketable Securities - Availab
Marketable Securities - Available-for-sale Securities (Details) - USD ($) $ in Thousands | Feb. 01, 2020 | Apr. 27, 2019 |
Schedule of Available-for-sale Securities | ||
Amortized Cost | $ 1,727 | $ 26,379 |
Unrealized Losses | 0 | (35) |
Fair Value | 1,727 | 26,344 |
Certificates of deposit | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 1,727 | 3,464 |
Unrealized Losses | 0 | 0 |
Fair Value | $ 1,727 | 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 | 10,510 | |
Unrealized Losses | (28) | |
Fair Value | 10,482 | |
Municipal bonds | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 1,626 | |
Unrealized Losses | (2) | |
Fair Value | $ 1,624 |
Marketable Securities - Avail_2
Marketable Securities - Available-for-sale by Maturity Date (Details) $ in Thousands | Feb. 01, 2020USD ($) |
Schedule of Available-for-sale Securities | |
Less than 12 months | $ 1,727 |
Total | 1,727 |
Certificates of deposit | |
Schedule of Available-for-sale Securities | |
Less than 12 months | 1,727 |
Total | $ 1,727 |
Goodwill (Details)
Goodwill (Details) $ in Thousands | 9 Months Ended |
Feb. 01, 2020USD ($) | |
Goodwill | |
Balance as of April 27, 2019 | $ 7,889 |
Foreign currency translation | 45 |
Balance as of February 1, 2020 | 7,934 |
Live Events | |
Goodwill | |
Balance as of April 27, 2019 | 2,276 |
Foreign currency translation | 8 |
Balance as of February 1, 2020 | 2,284 |
Commercial | |
Goodwill | |
Balance as of April 27, 2019 | 3,218 |
Foreign currency translation | 54 |
Balance as of February 1, 2020 | 3,272 |
Transportation | |
Goodwill | |
Balance as of April 27, 2019 | 49 |
Foreign currency translation | 8 |
Balance as of February 1, 2020 | 57 |
International | |
Goodwill | |
Balance as of April 27, 2019 | 2,346 |
Foreign currency translation | (25) |
Balance as of February 1, 2020 | $ 2,321 |
Selected Financial Statement _3
Selected Financial Statement Data Inventory (Details) - USD ($) $ in Thousands | Feb. 01, 2020 | Apr. 27, 2019 |
Selected Financial Statement Data [Abstract] | ||
Raw materials | $ 32,081 | $ 30,789 |
Work-in-process | 11,468 | 8,239 |
Finished goods | 36,657 | 39,804 |
Inventories | $ 80,206 | $ 78,832 |
Selected Financial Statement _4
Selected Financial Statement Data Property and Equipment (Details) - USD ($) $ in Thousands | Feb. 01, 2020 | Apr. 27, 2019 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 2,183 | $ 1,738 |
Buildings | 68,208 | 66,403 |
Machinery and equipment | 100,627 | 96,486 |
Office furniture and equipment | 6,160 | 6,195 |
Computer software and hardware | 53,067 | 55,460 |
Equipment held for rental | 287 | 287 |
Demonstration equipment | 8,076 | 7,422 |
Transportation equipment | 8,060 | 7,715 |
Property, Plant and Equipment, Gross | 246,668 | 241,706 |
Less accumulated depreciation | 180,300 | 176,392 |
Property and equipment, net | $ 66,368 | $ 65,314 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Feb. 01, 2020 | Apr. 27, 2019 | |
Receivables | ||
Allowance for doubtful accounts | $ 2,466 | $ 2,208 |
Retainage on construction-type contracts, expected to be collected in one year | 265 | 440 |
Financing Receivable | ||
Receivables | ||
Long-term contracts and lease receivables, present value | 6,858 | 3,514 |
Long-term contracts and lease receivables, face amount | $ 7,990 | $ 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 | 9 Months Ended | |
Feb. 01, 2020 | Jun. 17, 2016 | |
Equity, Class of Treasury Stock [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $ 40,000 | |
Stock Repurchased During Period, Shares | 378 | |
Stock Repurchased During Period, Value | $ 2,329 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 35,846 |
Leases (Details)
Leases (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Feb. 01, 2020USD ($) | Feb. 01, 2020USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Operating lease cost | $ 886 | $ 2,748 |
Weighted average remaining lease term (years) | 5 years 1 month | 5 years 1 month |
Weighted average discount rate (percent) | 3.50% | 3.50% |
Operating lease payments | $ 823 | $ 2,426 |
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 | 9 Months Ended |
Feb. 01, 2020USD ($) | |
Leases [Abstract] | |
2020 | $ 745 |
2021 | 2,768 |
2022 | 2,018 |
2023 | 1,213 |
2024 | 1,089 |
Thereafter | 2,398 |
Total lease payments | 10,231 |
Less imputed interest | (863) |
Total lease liabilities | 9,368 |
Lessee, Operating Lease, Option To Extend, Payment | $ 3,879 |
Commitments and Contingencies -
Commitments and Contingencies - Litigation (Details) - USD ($) $ in Thousands | Feb. 01, 2020 | Apr. 27, 2019 |
Commitments and Contingencies Disclosure [Abstract] | ||
Loss Contingency, Estimate of Possible Loss | $ 2,025 | $ 1,072 |
Commitments and Contingencies_2
Commitments and Contingencies - Guarantees and Warranties (Details) $ in Thousands | 9 Months Ended |
Feb. 01, 2020USD ($) | |
Movement in Standard Product Warranty Accrual | |
Beginning accrued warranty obligations | $ 24,470 |
Warranties issued during the period | 8,623 |
Settlements made during the period | (7,466) |
Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations | 88 |
Ending accrued warranty obligations | 25,715 |
Performance guarantees | Letter of credit and bank guarantees agreements | |
Guarantees: | |
Performance guarantees outstanding | 14,760 |
Performance guarantees | Surety bonds | |
Guarantees: | |
Performance guarantees outstanding | $ 5,335 |
Commitments and Contingencies_3
Commitments and Contingencies - Purchase Commitments (Details) $ in Thousands | Feb. 01, 2020USD ($) |
Purchase Obligation, Fiscal Year Maturity | |
2020 | $ 1,343 |
2021 | 4,704 |
2022 | 2,752 |
2023 | 1,757 |
2024 | 150 |
Thereafter | 153 |
Total | $ 10,859 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Jan. 26, 2019 | Feb. 01, 2020 | Jan. 26, 2019 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, Percent | 51.60% | (71.80%) | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | $ 3,255 | ||
Unrecognized tax benefits that would affect our effective tax rate if recognized | $ 576 |
Fair Value Measurement (Details
Fair Value Measurement (Details) - USD ($) $ in Thousands | Feb. 01, 2020 | Apr. 27, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | $ 1,727 | $ 26,344 |
Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 1,727 | 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: | 10,482 | |
Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 1,624 | |
Reported Value Measurement [Member] | Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash and cash equivalents | 40,316 | 35,383 |
Restricted cash | 60 | 359 |
Derivatives - asset position | 50 | 91 |
Derivatives - liability position | (227) | (4) |
Acquisition-related contingent consideration | (729) | (3,065) |
Assets (Liabilities), net | 41,197 | 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: | 1,727 | 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: | 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: | 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 | 40,316 | 35,383 |
Restricted cash | 60 | 359 |
Derivatives - asset position | 0 | 0 |
Derivatives - liability position | 0 | 0 |
Acquisition-related contingent consideration | 0 | 0 |
Assets (Liabilities), net | 40,376 | 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 | |
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 | |
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 | 50 | 91 |
Derivatives - liability position | (227) | (4) |
Acquisition-related contingent consideration | 0 | 0 |
Assets (Liabilities), net | 1,550 | 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: | 1,727 | 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: | 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: | 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 contingent consideration | (729) | (3,065) |
Assets (Liabilities), net | (729) | (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 | |
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 |
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 | 9 Months Ended |
Feb. 01, 2020USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Acquisition-related contingent consideration as of April 27, 2019 | $ 3,065 |
Additions | 75 |
Settlements | (2,491) |
Interest | 43 |
Foreign currency translation | 37 |
Acquisition-related contingent consideration as of February 1, 2020 | $ 729 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) € in Thousands, £ in Thousands, SFr in Thousands, RM in Thousands, $ in Thousands, $ in Thousands, $ in Thousands | 9 Months Ended | |||||||||||||
Feb. 01, 2020USD ($) | Feb. 01, 2020CAD ($) | Feb. 01, 2020AUD ($) | Feb. 01, 2020MYR (RM) | Feb. 01, 2020EUR (€) | Feb. 01, 2020CHF (SFr) | Feb. 01, 2020GBP (£) | Apr. 27, 2019USD ($) | Apr. 27, 2019CAD ($) | Apr. 27, 2019AUD ($) | Apr. 27, 2019MYR (RM) | Apr. 27, 2019EUR (€) | Apr. 27, 2019CHF (SFr) | Apr. 27, 2019GBP (£) | |
Derivative | ||||||||||||||
Derivative term (months) | 13 months | |||||||||||||
U.S. Dollars/Australian Dollars | Not Designated as Hedging Instrument | ||||||||||||||
Derivative | ||||||||||||||
Foreign currency exchange forward contracts | $ 2,555 | $ 3,753 | $ 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 | 5,618 | £ 4,386 | 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 | 207 | SFr 204 | 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 | 50 | 91 | ||||||||||||
Derivatives - currency forward contracts, liability | $ (227) | $ (4) |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Feb. 25, 2020 | Feb. 01, 2020 | Nov. 02, 2019 | Aug. 03, 2019 | Jan. 26, 2019 | Oct. 27, 2018 | Jul. 28, 2018 |
Subsequent Event [Line Items] | |||||||
Cash dividends declared per share | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.07 | $ 0.07 | $ 0.07 | |
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Cash dividends declared per share | $ 0.05 |