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v3.24.3

Segments | 6 Months Ended
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Oct. 26, 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. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended October 26, 2024
​ |  | UxS |  | LMS |  | MW | ​ | Total
Revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product sales | ​ | $ | 79,147 | ​ | $ | 71,930 | ​ | $ | 154 | ​ | $ | 151,231
Contract services | ​ | ​ | 6,269 | ​ | ​ | 5,785 | ​ | ​ | 25,173 | ​ | ​ | 37,227
​ | ​ | $ | 85,416 | ​ | $ | 77,715 | ​ | $ | 25,327 | ​ | $ | 188,458
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment adjusted gross margin | ​ | $ | 41,363 | ​ | $ | 30,157 | ​ | $ | 5,838 | ​ | $ | 77,358
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization | ​ | $ | 6,910 | ​ | $ | 868 | ​ | $ | 1,224 | ​ | $ | 9,002
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended October 28, 2023
​ |  | UxS |  | LMS |  | MW | ​ | Total
Revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product sales | ​ | $ | 120,955 | ​ | $ | 23,982 | ​ | $ | 842 | ​ | $ | 145,779
Contract services | ​ | ​ | 11,818 | ​ | ​ | 6,267 | ​ | ​ | 16,952 | ​ | ​ | 35,037
​ | ​ | $ | 132,773 | ​ | $ | 30,249 | ​ | $ | 17,794 | ​ | $ | 180,816
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment adjusted gross margin | ​ | $ | 65,613 | ​ | $ | 9,345 | ​ | $ | 3,604 | ​ | $ | 78,562
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization | ​ | $ | 6,428 | ​ | $ | 617 | ​ | $ | 1,392 | ​ | $ | 8,437
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended October 26, 2024
​ |  | UxS |  | LMS |  | MW |  | Total
Revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product sales | ​ | $ | 191,448 | ​ | $ | 119,110 | ​ | $ | 177 | ​ | $ | 310,735
Contract services | ​ | ​ | 13,944 | ​ | ​ | 10,578 | ​ | ​ | 42,684 | ​ | ​ | 67,206
​ | ​ | $ | 205,392 | ​ | $ | 129,688 | ​ | $ | 42,861 | ​ | $ | 377,941
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment adjusted gross margin | ​ | $ | 108,596 | ​ | $ | 43,429 | ​ | $ | 10,513 | ​ | $ | 162,538
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization | ​ | $ | 13,810 | ​ | $ | 1,669 | ​ | $ | 2,375 | ​ | $ | 17,854
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended October 28, 2023
​ |  | UxS |  | LMS |  | MW |  | Total
Revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product sales | ​ | $ | 214,186 | ​ | $ | 49,307 | ​ | $ | 1,757 | ​ | $ | 265,250
Contract services | ​ | ​ | 16,794 | ​ | ​ | 11,859 | ​ | ​ | 39,260 | ​ | ​ | 67,913
​ | ​ | $ | 230,980 | ​ | $ | 61,166 | ​ | $ | 41,017 | ​ | $ | 333,163
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment adjusted gross margin | ​ | $ | 116,039 | ​ | $ | 21,668 | ​ | $ | 8,912 | ​ | $ | 146,619
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization | ​ | $ | 11,581 | ​ | $ | 1,176 | ​ | $ | 2,630 | ​ | $ | 15,387
​ ​ The following table (in thousands) provides a reconciliation from segment adjusted gross margin to income before income taxes:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Three Months Ended | ​ | Six Months Ended | ​ | Six Months Ended
​ | ​ | October 26, |  | October 28, | ​ | October 26, |  | October 28,
​ | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023
Segment adjusted gross margin | ​ | $ | 77,358 | ​ | $ | 78,562 | ​ | $ | 162,538 | ​ | $ | 146,619
Amortization in cost of sales | ​ | ​ | (3,720) | ​ | ​ | (3,212) | ​ | ​ | (7,433) | ​ | ​ | (5,609)
Selling, general and administrative | ​ | ​ | (37,916) | ​ | ​ | (28,147) | ​ | ​ | (71,711) | ​ | ​ | (51,974)
Research and development | ​ | ​ | (28,716) | ​ | ​ | (22,025) | ​ | ​ | (53,329) | ​ | ​ | (37,491)
Interest expense, net | ​ | ​ | (690) | ​ | ​ | (1,950) | ​ | ​ | (929) | ​ | ​ | (3,958)
Other expense, net | ​ | ​ | 16 | ​ | ​ | (2,858) | ​ | ​ | (218) | ​ | ​ | (3,987)
Income before income taxes | ​ | $ | 6,332 | ​ | $ | 20,370 | ​ | $ | 28,918 | ​ | $ | 43,600
​ 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. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | UxS |  | LMS |  | MW |  | Corporate | ​ | Total
As of October 26, 2024 | ​ | $ | 505,008 | ​ | $ | 238,316 | ​ | $ | 55,394 | ​ | $ | 220,367 | ​ | $ | 1,019,085
As of April 30, 2024 | ​ | $ | 590,619 | ​ | $ | 165,413 | ​ | $ | 50,767 | ​ | $ | 209,061 | ​ | $ | 1,015,860
​

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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