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Segments

3 Months Ended

Jul. 27, 2024

Segments

Segments

18. Segments

​

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. Effective May 1, 2024, segment adjusted gross margin is the measure of profitability used by the CODM for purposes of making decisions about allocating resources to the segments and assessing performance. Segment adjusted gross margin is defined as gross margin before intangible amortization expense including amortization of purchase accounting adjustments. Prior period segment information has been revised to align with the new segment measure of profitability.

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Three Months Ended July 27, 2024

​

UxS

LMS

MW

​

Total

Revenue:

​

​

​

​

​

​

​

​

​

​

​

​

Product sales

​

$

112,301

​

$

47,180

​

$

23

​

$

159,504

Contract services

​

​

7,675

​

​

4,793

​

​

17,511

​

​

29,979

​

​

$

119,976

​

$

51,973

​

$

17,534

​

$

189,483

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​

​

​

​

​

​

​

​

​

​

​

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Segment adjusted gross margin

​

$

67,252

​

$

13,272

​

$

4,657

​

$

85,181

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

$

6,901

​

$

800

​

$

1,151

​

$

8,852

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended July 29, 2023

​

UxS

LMS

MW

​

Total

Revenue:

​

​

​

​

​

​

​

​

​

​

​

​

Product sales

​

$

93,231

​

$

25,325

​

$

915

​

$

119,471

Contract services

​

​

4,976

​

​

5,592

​

​

22,308

​

​

32,876

​

​

$

98,207

​

$

30,917

​

$

23,223

​

$

152,347

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​

​

​

​

​

​

​

​

​

​

​

​

Segment adjusted gross margin

​

$

50,426

​

$

12,323

​

$

5,308

​

$

68,057

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

$

5,153

​

$

559

​

$

1,239

​

$

6,951

​

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

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​	​	​	​	​	​	​
​	​	Three Months Ended		​	Three Months Ended
​	​	July 27,			July 29,
​	​	2024		​	2023
Segment adjusted gross margin	​	$	85,181	​	$	68,057
Amortization in cost of sales	​	​	(3,714)	​	​	(2,397)
Selling, general and administrative	​	​	(33,795)	​	​	(23,827)
Research and development	​	​	(24,613)	​	​	(15,466)
Interest expense, net	​	​	(239)	​	​	(2,008)
Other expense, net	​	​	(234)	​	​	(1,129)
Income before income taxes	​	$	22,586	​	$	23,230

​

Identifiable 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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UxS

LMS

MW

Corporate

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Total

As of July 27, 2024

​

$

535,001

​

$

197,738

​

$

49,874

​

$

216,556

​

$

999,169

As of April 30, 2024

​

$

590,619

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$

165,413

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$

50,767

​

$

209,061

​

$

1,015,860

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Capital expenditures are summarized in the table below (in thousands):
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​

​

​

​

​

​

​

​

​

​

​

​

​

​

UxS

LMS

MW

Corporate

​

Total

Three Months Ended July 27, 2024

​

$

2,151

​

$

1,069

​

$

1,353

​

$

857

​

$

5,430

Three Months Ended July 29, 2023

​

$

2,054

​

$

642

​

$

638

​

$

298

​

$

3,632

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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.

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