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Segments | 9 Months Ended
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Jan. 29, 2022
Segments |
Segments | 20. Segments ​ The Company’s reportable segments are as follows: ​ Small Unmanned Aircraft Systems —The Small UAS segment focuses primarily on products designed to operate reliably at very low altitudes in a wide range of environmental conditions, providing a vantage point from which to collect and deliver valuable information as well as related support services including training, spare parts, product repair, product replacement, and the customer contracted operation. ​ Tactical Missile Systems – The TMS segment focuses primarily on TMS products, which are tube-launched aircraft that deploy with the push of a button, fly at higher speeds than small UAS products, and perform either effects delivery or reconnaissance missions, and related support services including training, spare parts, product repair, and product replacement. The TMS segment also includes customer-funded research and development programs. ​ Medium Unmanned Aircraft Systems—The MUAS segment, which originates with the acquisition of Arcturus, focuses on designs, engineers, tools, and manufactures unmanned aerial and aircraft systems including airborne platforms, payloads and payload integration, ground control systems, and ground support equipment and other items and services related generally to unmanned aircraft systems including ISR services. ​ All other—All other segments include HAPS, MacCready Works and the recently acquired ISG and Telerob businesses. ​ The accounting policies of the segments are the same as those described in Note 1, “Organization and Significant Accounting Policies.” The operating segments do not make sales to each other. The following table (in thousands) sets forth segment revenue, gross margin, operating (loss) income and adjusted operating (loss) income from operations for the periods indicated. Adjusted operating (loss) income is defined as operating (loss) income before intangible amortization, amortization of purchase accounting adjustment related to increasing the carrying value of certain assets to fair value, and acquisition related expenses. ​
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​ | ​ | Three Months Ended January 29, 2022
​ |  | Small UAS |  | TMS |  | MUAS |  | All other |  | Total
Revenue | ​ | $ | 24,366 | ​ | $ | 18,603 | ​ | $ | 21,168 | ​ | $ | 25,956 | ​ | $ | 90,093
Gross margin | ​ | ​ | 8,656 | ​ | ​ | 5,209 | ​ | ​ | 335 | ​ | ​ | 7,236 | ​ | ​ | 21,436
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from operations | ​ | ​ | (3,606) | ​ | ​ | (1,289) | ​ | ​ | (8,623) | ​ | ​ | (608) | ​ | ​ | (14,126)
Acquisition-related expenses | ​ | ​ | 99 | ​ | ​ | 54 | ​ | ​ | 41 | ​ | ​ | 174 | ​ | ​ | 368
Amortization of acquired intangible assets and other purchase accounting adjustments | ​ | ​ | 707 | ​ | ​ | - | ​ | ​ | 5,641 | ​ | ​ | 3,035 | ​ | ​ | 9,383
Adjusted income (loss) from operations | ​ | $ | (2,800) | ​ | $ | (1,235) | ​ | $ | (2,941) | ​ | $ | 2,601 | ​ | $ | (4,375)
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​ | ​ | Three Months Ended January 30, 2021
​ | ​ | Small UAS |  | TMS |  | MUAS |  | All other |  | Total
Revenue | ​ | $ | 50,536 | ​ | $ | 19,598 | ​ | $ | - | ​ | $ | 8,648 | ​ | $ | 78,782
Gross margin | ​ | ​ | 22,017 | ​ | ​ | 4,889 | ​ | ​ | - | ​ | ​ | 1,735 | ​ | ​ | 28,641
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from operations | ​ | ​ | 6,702 | ​ | ​ | (2,314) | ​ | ​ | - | ​ | ​ | (5,030) | ​ | ​ | (642)
Acquisition-related expenses | ​ | ​ | 1,408 | ​ | ​ | 773 | ​ | ​ | 477 | ​ | ​ | 750 | ​ | ​ | 3,408
Amortization of acquired intangible assets and other purchase accounting adjustments | ​ | ​ | 661 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 1 | ​ | ​ | 662
Adjusted income (loss) from operations | ​ | $ | 8,771 | ​ | $ | (1,541) | ​ | $ | 477 | ​ | $ | (4,279) | ​ | $ | 3,428
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended January 29, 2022
​ |  | Small UAS |  | TMS |  | MUAS |  | All other |  | Total
Revenue | ​ | $ | 119,004 | ​ | $ | 56,197 | ​ | $ | 70,072 | ​ | $ | 67,837 | ​ | $ | 313,110
Gross margin | ​ | ​ | 53,330 | ​ | ​ | 17,420 | ​ | ​ | 5,739 | ​ | ​ | 16,125 | ​ | ​ | 92,614
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from operations | ​ | ​ | 11,729 | ​ | ​ | (1,705) | ​ | ​ | (22,004) | ​ | ​ | (10,920) | ​ | ​ | (22,900)
Acquisition-related expenses | ​ | ​ | 819 | ​ | ​ | 468 | ​ | ​ | 1,533 | ​ | ​ | 1,649 | ​ | ​ | 4,469
Amortization of acquired intangible assets and other purchase accounting adjustments | ​ | ​ | 2,121 | ​ | ​ | - | ​ | ​ | 17,190 | ​ | ​ | 9,526 | ​ | ​ | 28,837
Adjusted income (loss) from operations | ​ | $ | 14,669 | ​ | $ | (1,237) | ​ | $ | (3,281) | ​ | $ | 255 | ​ | $ | 10,406
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended January 30, 2021
​ | ​ | Small UAS |  | TMS |  | MUAS |  | All other |  | Total
Revenue | ​ | $ | 165,003 | ​ | $ | 48,093 | ​ | $ | - | ​ | $ | 45,801 | ​ | $ | 258,897
Gross margin | ​ | ​ | 79,195 | ​ | ​ | 12,752 | ​ | ​ | - | ​ | ​ | 12,956 | ​ | ​ | 104,903
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from operations | ​ | ​ | 37,285 | ​ | ​ | (7,454) | ​ | ​ | - | ​ | ​ | (4,278) | ​ | ​ | 25,553
Acquisition-related expenses | ​ | ​ | 1,579 | ​ | ​ | 867 | ​ | ​ | 535 | ​ | ​ | 841 | ​ | ​ | 3,822
Amortization of acquired intangible assets and other purchase accounting adjustments | ​ | ​ | 2,037 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 2,037
Adjusted income (loss) from operations | ​ | $ | 40,901 | ​ | $ | (6,587) | ​ | $ | 535 | ​ | $ | (3,437) | ​ | $ | 31,412
​ Segment assets are summarized in the table below. Corporate assets primarily consist of cash and cash equivalents, short-term investments, prepaid expenses and other current assets, long-term investments, property and equipment, net, operating lease right-of-use assets, deferred income taxes and other assets managed centrally on behalf of the business segments. ​
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​ | ​ | January 29, 2022 | ​
​ |  | Small UAS |  | TMS |  | MUAS |  | All other |  | Corporate | ​ | Total | ​
Identifiable assets | ​ | $ | 85,119 | ​ | $ | 89,497 | ​ | $ | 388,833 | ​ | $ | 104,889 | ​ | $ | 236,925 | ​ | $ | 905,263 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | April 30, 2021 | ​
​ |  | Small UAS |  | TMS |  | MUAS |  | All other |  | Corporate | ​ | Total | ​
Identifiable assets | ​ | $ | 113,072 | ​ | $ | 71,707 | ​ | $ | 402,037 | ​ | $ | 39,581 | ​ | $ | 302,169 | ​ | $ | 928,566 | ​
​

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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