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Segments
 9 Months Ended
Jan. 27, 2024
Segments  
Segments

18. Segments

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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:

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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. Segment adjusted income (loss) from operations is the measure of profitability used by the CODM for purposes of making decisions about allocating resources to the segments and assessing performance.

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​

​

​

​

​

​

​

​

​

​

​

​

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Three Months Ended January 27, 2024

​

    

UMS

    

LMS

    

MW

​

Total

Revenue:

​

​

​

​

​

​

​

​

​

​

​

​

Product sales

​

$

104,522

​

$

51,338

​

$

63

​

$

155,923

Contract services

​

​

8,768

​

​

6,320

​

​

15,567

​

​

30,655

​

​

$

113,290

​

$

57,658

​

$

15,630

​

$

186,578

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment adjusted income (loss) from operations

​

$

20,417

​

$

7,562

​

$

(8,103)

​

$

19,876

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

$

7,523

​

$

672

​

$

1,387

​

$

9,582

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended January 28, 2023

​

    

UMS

    

LMS

    

MW

​

Total

Revenue:

​

​

​

​

​

​

​

​

​

​

​

​

Product sales

​

$

74,966

​

$

16,203

​

$

47

​

$

91,216

Contract services

​

​

17,363

​

​

7,812

​

​

18,004

​

​

43,179

​

​

$

92,329

​

$

24,015

​

$

18,051

​

$

134,395

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment adjusted income (loss) from operations

​

$

11,792

​

$

(129)

​

$

376

​

$

12,039

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

$

14,763

​

$

455

​

$

616

​

$

15,834

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended January 27, 2024

​

    

UMS

    

LMS

    

MW

    

Total

Revenue:

​

​

​

​

​

​

​

​

​

​

​

​

Product sales

​

$

318,708

​

$

100,645

​

$

1,820

​

$

421,173

Contract services

​

​

25,562

​

​

18,179

​

​

54,827

​

​

98,568

​

​

$

344,270

​

$

118,824

​

$

56,647

​

$

519,741

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment adjusted income (loss) from operations

​

$

84,048

​

$

11,345

​

$

(14,627)

​

$

80,766

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

$

19,104

​

$

1,848

​

$

4,017

​

$

24,969

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended January 28, 2023

​

    

UMS

    

LMS

    

MW

    

Total

Revenue:

​

​

​

​

​

​

​

​

​

​

​

​

Product sales

​

$

160,450

​

$

50,775

​

$

308

​

$

211,533

Contract services

​

​

61,288

​

​

27,352

​

​

54,322

​

​

142,962

​

​

$

221,738

​

$

78,127

​

$

54,630

​

$

354,495

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment adjusted income from operations

​

$

5,214

​

$

845

​

$

4,099

​

$

10,158

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

$

44,835

​

$

1,314

​

$

1,960

​

$

48,109

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The following table (in thousands) provides a reconciliation from segment adjusted income from operations to income (loss) before taxes:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

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Three Months Ended

​

Nine Months Ended

​

​

January 27,

​

January 28,

​

January 27,

​

January 28,

​

​

2024

​

2023

​

2024

​

2023

Segment adjusted income from operations

​

$

19,876

​

$

12,039

​

$

80,766

​

$

10,158

Amortization of acquired intangible assets and other purchase accounting adjustments

​

​

(5,596)

​

​

(7,146)

​

​

(13,175)

​

​

(21,949)

Acquisition-related expenses

​

​

54

​

​

(286)

​

​

(1,712)

​

​

(1,190)

Other income (expense), net

​

​

1,004

​

​

(2,587)

​

​

(2,983)

​

​

(2,183)

Interest expense, net

​

​

(114)

​

​

(2,810)

​

​

(4,072)

​

​

(6,722)

Income (loss) before income taxes

​

$

15,224

​

$

(790)

​

$

58,824

​

$

(21,886)

​

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.

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​

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​

​

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January 27, 2024

​

    

UMS

    

LMS

    

MW

    

Corporate

​

Total

Identifiable assets

​

$

525,817

​

$

148,598

​

$

45,201

​

$

260,683

​

$

980,299

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

April 30, 2023

​

    

UMS

    

LMS

    

MW

    

Corporate

​

Total

Identifiable assets

​

$

474,417

​

$

103,375

​

$

39,650

​

$

207,135

​

$

824,577

​