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Segments | 6 Months Ended
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Oct. 28, 2023
Segments |
Segments | 18. Segments ​ Effective May 1, 2023, the Company reorganized its segments. Due to the Company’s growth as an organization, the reorganization was implemented to drive additional operational improvements, foster synergies and provide leaders with greater autonomy over their product lines. The Company’s reportable segments are as follows: ​ Unmanned Systems—The UMS segment, which consists of the former SUAS, MUAS and UGV segments and the recently acquired Tomahawk, focuses primarily on small UAS products designed to operate reliably at lower 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 including training, spare and accessory parts, product repair, product replacement, maintenance and upgrades; medium UAS products designed to operate reliably at medium altitudes with longer range while carrying larger payloads including airborne platforms, payloads and payload integration, and ground support equipment and other items and services related generally to unmanned aircraft systems historically including ISR services; UGV products designed to help responders remove, contain or neutralize these hazards in situations where improvised explosive devices, caustic chemicals, nuclear, radiological or biological hazards or violent individuals represent significant danger to humans; and AI-enabled common control and communication solutions that allow any unmanned system to be controlled from a common user interface while aggregating data from multiple platforms to provide real time intelligence. ​ Loitering Munitions Systems—The LMS segment, which consists of the former Tactical Missile Systems segment, focuses primarily on 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 LMS segment also includes customer-funded research and development programs. ​ MacCready Works—The MW segment, which consists of the former MacCready Works and High Altitude Pseudo-Satellite systems (“HAPS”) segments, focuses on customer-funded research and development in the areas of HAPS, robotics, sensors, software analytics, data intelligence and connectivity. This segment contains the Company’s center of excellence for the development of machine learning, object identification and autonomy solutions and also seeks to identify new products, services and businesses for the Company. ​ 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, income (loss) from operations and adjusted income (loss) from operations for the periods indicated. Adjusted income (loss) from operations is defined as income (loss) from operations before intangible amortization, amortization of purchase accounting adjustment related to increasing the carrying value of certain assets to fair value, and acquisition related expenses. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended October 28, 2023
​ |  | UMS |  | LMS |  | MW |  | Total
Revenue | ​ | $ | 132,773 | ​ | $ | 30,249 | ​ | $ | 17,794 | ​ | $ | 180,816
Gross margin | ​ | ​ | 62,742 | ​ | ​ | 9,343 | ​ | ​ | 3,265 | ​ | ​ | 75,350
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from operations | ​ | ​ | 33,859 | ​ | ​ | (1,189) | ​ | ​ | (7,492) | ​ | ​ | 25,178
Acquisition-related expenses | ​ | ​ | 1,000 | ​ | ​ | 67 | ​ | ​ | 26 | ​ | ​ | 1,093
Amortization of acquired intangible assets and other purchase accounting adjustments | ​ | ​ | 3,744 | ​ | ​ | — | ​ | ​ | 669 | ​ | ​ | 4,413
Adjusted income (loss) from operations | ​ | $ | 38,603 | ​ | $ | (1,122) | ​ | $ | (6,797) | ​ | $ | 30,684
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended October 29, 2022
​ |  | UMS |  | LMS |  | MW |  | Total
Revenue | ​ | $ | 61,634 | ​ | $ | 31,101 | ​ | $ | 18,849 | ​ | $ | 111,584
Gross margin | ​ | ​ | 7,903 | ​ | ​ | 12,636 | ​ | ​ | 5,351 | ​ | ​ | 25,890
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Loss) income from operations | ​ | ​ | (17,347) | ​ | ​ | 2,004 | ​ | ​ | 1,029 | ​ | ​ | (14,314)
Acquisition-related expenses | ​ | ​ | 569 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 569
Amortization of acquired intangible assets and other purchase accounting adjustments | ​ | ​ | 7,250 | ​ | ​ | — | ​ | ​ | 592 | ​ | ​ | 7,842
Adjusted (loss) income from operations | ​ | $ | (9,528) | ​ | $ | 2,004 | ​ | $ | 1,621 | ​ | $ | (5,903)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended October 28, 2023
​ |  | UMS |  | LMS |  | MW |  | Total
Revenue | ​ | $ | 230,980 | ​ | $ | 61,166 | ​ | $ | 41,017 | ​ | $ | 333,163
Gross margin | ​ | ​ | 111,111 | ​ | ​ | 21,666 | ​ | ​ | 8,233 | ​ | ​ | 141,010
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from operations | ​ | ​ | 55,608 | ​ | ​ | 3,721 | ​ | ​ | (7,784) | ​ | ​ | 51,545
Acquisition-related expenses | ​ | ​ | 1,674 | ​ | ​ | 67 | ​ | ​ | 26 | ​ | ​ | 1,767
Amortization of acquired intangible assets and other purchase accounting adjustments | ​ | ​ | 6,345 | ​ | ​ | — | ​ | ​ | 1,233 | ​ | ​ | 7,578
Adjusted income (loss) from operations | ​ | $ | 63,627 | ​ | $ | 3,788 | ​ | $ | (6,525) | ​ | $ | 60,890
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended October 29, 2022
​ |  | UMS |  | LMS |  | MW |  | Total
Revenue | ​ | $ | 129,408 | ​ | $ | 54,113 | ​ | $ | 36,579 | ​ | $ | 220,100
Gross margin | ​ | ​ | 29,406 | ​ | ​ | 20,383 | ​ | ​ | 9,815 | ​ | ​ | 59,604
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Loss) income from operations | ​ | ​ | (21,045) | ​ | ​ | 973 | ​ | ​ | 2,484 | ​ | ​ | (17,588)
Acquisition-related expenses | ​ | ​ | 873 | ​ | ​ | — | ​ | ​ | 31 | ​ | ​ | 904
Amortization of acquired intangible assets and other purchase accounting adjustments | ​ | ​ | 13,595 | ​ | ​ | — | ​ | ​ | 1,208 | ​ | ​ | 14,803
Adjusted (loss) income from operations | ​ | $ | (6,577) | ​ | $ | 973 | ​ | $ | 3,723 | ​ | $ | (1,881)
​ ​ Segment assets are summarized in the table below. Corporate assets primarily consist of cash and cash equivalents, 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. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | October 28, 2023
​ |  | UMS |  | LMS |  | MW |  | Corporate | ​ | Total
Identifiable assets | ​ | $ | 571,786 | ​ | $ | 138,596 | ​ | $ | 47,693 | ​ | $ | 248,625 | ​ | $ | 1,006,700
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | April 30, 2023
​ |  | UMS |  | LMS |  | MW |  | Corporate | ​ | Total
Identifiable assets | ​ | $ | 474,417 | ​ | $ | 103,375 | ​ | $ | 39,650 | ​ | $ | 207,135 | ​ | $ | 824,577
​

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