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Segments
 12 Months Ended
Apr. 30, 2023
Segments  
Segments

23.          Segments

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The Company’s reportable segments are as follows:

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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.

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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 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.

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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 High Altitude Pseudo-Satellite Unmanned Aircraft Systems (“HAPS”), MacCready Works and UGV.

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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.

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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 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.

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Year Ended April 30, 2023

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SUAS

    

TMS

    

MUAS

    

All other

    

Total

Revenue

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$

233,908

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$

120,624

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$

70,327

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$

115,677

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$

540,536

Gross margin

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​

121,332

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​

42,736

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(24,355)

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​

33,801

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​

173,514

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

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Income (loss) from operations

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​

64,650

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​

8,074

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(252,568)

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​

1,181

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​

(178,663)

Impairment of goodwill and accelerated amortization

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​

-

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-

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​

190,166

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-

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​

190,166

Acquisition-related expenses

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​

-

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-

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​

604

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​

781

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​

1,385

Amortization of acquired intangible assets and other purchase accounting adjustments

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​

2,688

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-

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​

21,573

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​

5,157

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​

29,418

Adjusted income (loss) from operations

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$

67,338

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$

8,074

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$

(40,225)

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$

7,119

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$

42,306

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Year Ended April 30, 2022

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​

SUAS

    

TMS

    

MUAS

    

All other

    

Total

Revenue

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$

178,201

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$

76,415

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$

93,156

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$

97,960

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$

445,732

Gross margin

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​

83,759

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​

24,486

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​

6,155

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​

26,836

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​

141,236

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Income (loss) from operations

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28,980

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(3,120)

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(27,715)

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(8,032)

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(9,887)

Acquisition-related expenses

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​

502

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297

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​

1,994

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​

2,061

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​

4,854

Amortization of acquired intangible assets and other purchase accounting adjustments

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​

2,828

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-

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​

22,170

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​

11,709

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​

36,707

Adjusted income (loss) from operations

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$

32,310

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$

(2,823)

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$

(3,551)

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$

5,738

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$

31,674

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Year Ended April 30, 2021

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​

SUAS

    

TMS

    

MUAS

    

All other

    

Total

Revenue

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$

235,854

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$

87,268

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$

15,837

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$

55,953

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$

394,912

Gross margin

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​

119,062

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​

26,675

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​

2,965

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​

15,856

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164,558

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Income (loss) from continuing operations

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58,194

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(3,131)

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(1,869)

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(9,881)

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​

43,313

Acquisition-related expenses

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​

3,026

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1,661

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​

1,682

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​

1,612

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​

7,981

Amortization of acquired intangible assets and other purchase accounting adjustments

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​

2,649

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-

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​

4,356

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​

453

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​

7,458

Adjusted income (loss) from operations

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$

63,869

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$

(1,470)

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$

4,169

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$

(7,816)

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$

58,752

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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, 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.

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April 30, 2023

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SUAS

    

TMS

    

MUAS

    

All other

    

Corporate

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Total

Identifiable assets

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$

181,300

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$

103,375

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$

224,572

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$

108,195

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$

207,135

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$

824,577

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April 30, 2022

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SUAS

    

TMS

    

MUAS

    

All other

    

Corporate

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Total

Identifiable assets

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$

110,286

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$

91,862

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$

388,058

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$

94,765

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$

229,229

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$

914,200

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