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Segments
 9 Months Ended
Jan. 29, 2022
Segments  
Segments

20. Segments

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The Company’s reportable segments are as follows:

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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.

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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.

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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.

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All other—All other segments include HAPS, MacCready Works and the recently acquired ISG and Telerob businesses.

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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

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Small UAS

    

TMS

    

MUAS

    

All other

    

Total

Revenue

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$

24,366

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$

18,603

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$

21,168

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$

25,956

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$

90,093

Gross margin

​

​

8,656

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​

5,209

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​

335

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​

7,236

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​

21,436

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

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Income (loss) from operations

​

​

(3,606)

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​

(1,289)

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​

(8,623)

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​

(608)

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​

(14,126)

Acquisition-related expenses

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​

99

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​

54

​

​

41

​

​

174

​

​

368

Amortization of acquired intangible assets and other purchase accounting adjustments

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​

707

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​

-

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​

5,641

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​

3,035

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​

9,383

Adjusted income (loss) from operations

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$

(2,800)

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$

(1,235)

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$

(2,941)

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$

2,601

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$

(4,375)

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Three Months Ended January 30, 2021

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​

Small UAS

    

TMS

    

MUAS

    

All other

    

Total

Revenue

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$

50,536

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$

19,598

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$

-

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$

8,648

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$

78,782

Gross margin

​

​

22,017

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​

4,889

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​

-

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​

1,735

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​

28,641

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​

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​

​

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​

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Income (loss) from operations

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​

6,702

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​

(2,314)

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​

-

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(5,030)

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​

(642)

Acquisition-related expenses

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​

1,408

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​

773

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​

477

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​

750

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​

3,408

Amortization of acquired intangible assets and other purchase accounting adjustments

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​

661

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​

-

​

​

-

​

​

1

​

​

662

Adjusted income (loss) from operations

​

$

8,771

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$

(1,541)

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$

477

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$

(4,279)

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$

3,428

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Nine Months Ended January 29, 2022

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Small UAS

    

TMS

    

MUAS

    

All other

    

Total

Revenue

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$

119,004

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$

56,197

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$

70,072

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$

67,837

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$

313,110

Gross margin

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​

53,330

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​

17,420

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​

5,739

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​

16,125

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​

92,614

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Income (loss) from operations

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​

11,729

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(1,705)

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(22,004)

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(10,920)

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​

(22,900)

Acquisition-related expenses

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​

819

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​

468

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1,533

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1,649

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​

4,469

Amortization of acquired intangible assets and other purchase accounting adjustments

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​

2,121

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​

-

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​

17,190

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​

9,526

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​

28,837

Adjusted income (loss) from operations

​

$

14,669

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$

(1,237)

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$

(3,281)

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$

255

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$

10,406

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Nine Months Ended January 30, 2021

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​

Small UAS

    

TMS

    

MUAS

    

All other

    

Total

Revenue

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$

165,003

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$

48,093

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$

-

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$

45,801

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$

258,897

Gross margin

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​

79,195

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​

12,752

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​

-

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​

12,956

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​

104,903

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​

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​

​

​

​

​

​

​

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Income (loss) from operations

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​

37,285

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​

(7,454)

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​

-

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​

(4,278)

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​

25,553

Acquisition-related expenses

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​

1,579

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​

867

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​

535

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​

841

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​

3,822

Amortization of acquired intangible assets and other purchase accounting adjustments

​

​

2,037

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​

-

​

​

-

​

​

-

​

​

2,037

Adjusted income (loss) from operations

​

$

40,901

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$

(6,587)

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$

535

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$

(3,437)

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$

31,412

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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

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Small UAS

    

TMS

    

MUAS

    

All other

    

Corporate

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Total

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Identifiable assets

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$

85,119

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$

89,497

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$

388,833

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$

104,889

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$

236,925

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$

905,263

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​

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​

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April 30, 2021

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Small UAS

    

TMS

    

MUAS

    

All other

    

Corporate

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Total

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Identifiable assets

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$

113,072

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$

71,707

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$

402,037

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$

39,581

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$

302,169

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$

928,566

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