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Segments | 12 Months Ended
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Apr. 30, 2023
Segments |
Segments | 23. Segments ​ The Company’s reportable segments are as follows: ​ Small Unmanned Aircraft Systems —The SUAS 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 SUAS 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 R&D 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 High Altitude Pseudo-Satellite Unmanned Aircraft Systems (“HAPS”), MacCready Works and UGV. ​ Effective May 1, 2023, the Company reorganized its product lines into the following segments: Unmanned Systems segment consisting of SUAS, MUAS and UGV product lines; Loitering Munition Systems segment, the renamed TMS segment; and the MacCready Works segment, consisting of the HAPS and the MacCready Works 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 income (loss) and adjusted operating income (loss) from operations for the periods indicated. Adjusted operating income (loss) is defined as operating income (loss) before impairment of goodwill and accelerated amortization, intangible amortization, amortization of purchase accounting adjustments related to increasing the carrying value of certain assets to fair value, and acquisition related expenses. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended April 30, 2023
​ |  | SUAS |  | TMS |  | MUAS |  | All other |  | Total
Revenue | ​ | $ | 233,908 | ​ | $ | 120,624 | ​ | $ | 70,327 | ​ | $ | 115,677 | ​ | $ | 540,536
Gross margin | ​ | ​ | 121,332 | ​ | ​ | 42,736 | ​ | ​ | (24,355) | ​ | ​ | 33,801 | ​ | ​ | 173,514
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from operations | ​ | ​ | 64,650 | ​ | ​ | 8,074 | ​ | ​ | (252,568) | ​ | ​ | 1,181 | ​ | ​ | (178,663)
Impairment of goodwill and accelerated amortization | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 190,166 | ​ | ​ | - | ​ | ​ | 190,166
Acquisition-related expenses | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 604 | ​ | ​ | 781 | ​ | ​ | 1,385
Amortization of acquired intangible assets and other purchase accounting adjustments | ​ | ​ | 2,688 | ​ | ​ | - | ​ | ​ | 21,573 | ​ | ​ | 5,157 | ​ | ​ | 29,418
Adjusted income (loss) from operations | ​ | $ | 67,338 | ​ | $ | 8,074 | ​ | $ | (40,225) | ​ | $ | 7,119 | ​ | $ | 42,306
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended April 30, 2022
​ | ​ | SUAS |  | TMS |  | MUAS |  | All other |  | Total
Revenue | ​ | $ | 178,201 | ​ | $ | 76,415 | ​ | $ | 93,156 | ​ | $ | 97,960 | ​ | $ | 445,732
Gross margin | ​ | ​ | 83,759 | ​ | ​ | 24,486 | ​ | ​ | 6,155 | ​ | ​ | 26,836 | ​ | ​ | 141,236
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from operations | ​ | ​ | 28,980 | ​ | ​ | (3,120) | ​ | ​ | (27,715) | ​ | ​ | (8,032) | ​ | ​ | (9,887)
Acquisition-related expenses | ​ | ​ | 502 | ​ | ​ | 297 | ​ | ​ | 1,994 | ​ | ​ | 2,061 | ​ | ​ | 4,854
Amortization of acquired intangible assets and other purchase accounting adjustments | ​ | ​ | 2,828 | ​ | ​ | - | ​ | ​ | 22,170 | ​ | ​ | 11,709 | ​ | ​ | 36,707
Adjusted income (loss) from operations | ​ | $ | 32,310 | ​ | $ | (2,823) | ​ | $ | (3,551) | ​ | $ | 5,738 | ​ | $ | 31,674
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended April 30, 2021
​ | ​ | SUAS |  | TMS |  | MUAS |  | All other |  | Total
Revenue | ​ | $ | 235,854 | ​ | $ | 87,268 | ​ | $ | 15,837 | ​ | $ | 55,953 | ​ | $ | 394,912
Gross margin | ​ | ​ | 119,062 | ​ | ​ | 26,675 | ​ | ​ | 2,965 | ​ | ​ | 15,856 | ​ | ​ | 164,558
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from continuing operations | ​ | ​ | 58,194 | ​ | ​ | (3,131) | ​ | ​ | (1,869) | ​ | ​ | (9,881) | ​ | ​ | 43,313
Acquisition-related expenses | ​ | ​ | 3,026 | ​ | ​ | 1,661 | ​ | ​ | 1,682 | ​ | ​ | 1,612 | ​ | ​ | 7,981
Amortization of acquired intangible assets and other purchase accounting adjustments | ​ | ​ | 2,649 | ​ | ​ | - | ​ | ​ | 4,356 | ​ | ​ | 453 | ​ | ​ | 7,458
Adjusted income (loss) from operations | ​ | $ | 63,869 | ​ | $ | (1,470) | ​ | $ | 4,169 | ​ | $ | (7,816) | ​ | $ | 58,752
​ 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, certain property and equipment, net, certain operating lease right-of-use assets, deferred income taxes and other assets managed centrally on behalf of the business segments. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | April 30, 2023
​ |  | SUAS |  | TMS |  | MUAS |  | All other |  | Corporate | ​ | Total
Identifiable assets | ​ | $ | 181,300 | ​ | $ | 103,375 | ​ | $ | 224,572 | ​ | $ | 108,195 | ​ | $ | 207,135 | ​ | $ | 824,577
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | April 30, 2022
​ |  | SUAS |  | TMS |  | MUAS |  | All other |  | Corporate | ​ | Total
Identifiable assets | ​ | $ | 110,286 | ​ | $ | 91,862 | ​ | $ | 388,058 | ​ | $ | 94,765 | ​ | $ | 229,229 | ​ | $ | 914,200
​

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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