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Segments | 3 Months Ended
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Aug. 02, 2025
Segments |
Segments | 19. Segments ​ Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM, who is the Chief Executive Officer, makes operating decisions, assesses performance and makes resource allocation decisions, including the focus of R&D and other significant expenses, leading to decisions related to resource allocations in relation to profit and loss. Accordingly, the Company identifies two reportable segments. ​ Effective May 1, 2025, the Company reorganized its segments. In connection with the Company’s acquisition of BlueHalo, the reorganization was implemented to drive additional operational improvements, foster synergies and provide leaders with greater autonomy over their business units. The Company’s reportable segments are Autonomous Systems and Space, Cyber and Directed Energy. ​ The accounting policies of the segments are the same as those described in Note 1, “Organization and Significant Accounting Policies.” The operating segments sales to each other are eliminated. Effective May 1, 2025, segment adjusted EBITDA 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 EBITDA is defined as segment (loss) income from operations before depreciation and amortization, adjusted for the impact of certain other non-cash items, including amortization of implementation of cloud computing arrangements, stock-based compensation, and acquisition related expenses. Prior period segment information has been revised to align with the new segment measure of profitability. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended August 2, 2025
​ |  | AxS |  | SCDE | ​ | Total
Revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product sales | ​ | $ | 240,744 | ​ | $ | 72,789 | ​ | ​ | ​
Contract services | ​ | ​ | 44,580 | ​ | ​ | 96,563 | ​ | ​ | ​
​ | ​ | ​ | 285,324 | ​ | ​ | 169,352 | ​ | ​ | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of sales less intangible amortization and other purchase accounting adjustments | ​ | ​ | 175,047 | ​ | ​ | 147,132 | ​ | ​ | ​
Intangible amortization included in cost of sales | ​ | ​ | 21,982 | ​ | ​ | 15,397 | ​ | ​ | ​
Sales and marketing | ​ | ​ | 29,256 | ​ | ​ | 27,568 | ​ | ​ | ​
General and administrative less intangible amortization | ​ | ​ | 30,486 | ​ | ​ | 1,663 | ​ | ​ | ​
Intangible amortization included in SG&A | ​ | ​ | 11,125 | ​ | ​ | 31,178 | ​ | ​ | ​
Research and development | ​ | ​ | 29,763 | ​ | ​ | 3,351 | ​ | ​ | ​
Add: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation | ​ | ​ | 7,771 | ​ | ​ | 2,801 | ​ | ​ | ​
Amortization | ​ | ​ | 33,107 | ​ | ​ | 46,575 | ​ | ​ | ​
Acquisition-related expenses | ​ | ​ | 15,553 | ​ | ​ | 8,176 | ​ | ​ | ​
Amortization of cloud computing arrangement implementation | ​ | ​ | 747 | ​ | ​ | 9 | ​ | ​ | ​
Other income (expense) | ​ | ​ | (858) | ​ | ​ | 518 | ​ | ​ | ​
Stock-based compensation | ​ | ​ | 8,775 | ​ | ​ | 2,654 | ​ | ​ | ​
Segment adjusted EBITDA | ​ | $ | 52,760 | ​ | $ | 3,796 | ​ | $ | 56,556
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended July 27, 2024
​ |  | AxS |  | SCDE | ​ | Total
Revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product sales | ​ | $ | 159,504 | ​ | $ | — | ​ | ​ | ​
Contract services | ​ | ​ | 29,979 | ​ | ​ | — | ​ | ​ | ​
​ | ​ | ​ | 189,483 | ​ | ​ | — | ​ | ​ | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of sales less intangible amortization and other purchase accounting adjustments | ​ | ​ | 104,302 | ​ | ​ | — | ​ | ​ | ​
Intangible amortization included in cost of sales | ​ | ​ | 3,714 | ​ | ​ | — | ​ | ​ | ​
Sales and marketing | ​ | ​ | 18,504 | ​ | ​ | ​ | ​ | ​ | ​
General and administrative less intangible amortization | ​ | ​ | 14,231 | ​ | ​ | — | ​ | ​ | ​
Intangible amortization included in SG&A | ​ | ​ | 1,060 | ​ | ​ | — | ​ | ​ | ​
Research and development | ​ | ​ | 24,613 | ​ | ​ | — | ​ | ​ | ​
Add: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation | ​ | ​ | 4,078 | ​ | ​ | — | ​ | ​ | ​
Amortization | ​ | ​ | 4,774 | ​ | ​ | — | ​ | ​ | ​
Acquisition-related expenses | ​ | ​ | — | ​ | ​ | — | ​ | ​ | ​
Amortization of cloud computing arrangement implementation | ​ | ​ | 644 | ​ | ​ | — | ​ | ​ | ​
Other income (expense) | ​ | ​ | 87 | ​ | ​ | — | ​ | ​ | ​
Stock-based compensation | ​ | ​ | 4,536 | ​ | ​ | — | ​ | ​ | ​
Segment adjusted EBITDA | ​ | $ | 37,178 | ​ | $ | — | ​ | $ | 37,178
​ The following table (in thousands) provides a reconciliation from segment adjusted EBITDA to income before income taxes:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Three Months Ended
​ | ​ | August 2, |  | July 27,
​ | ​ | 2025 | ​ | 2024
Segment adjusted EBITDA | ​ | $ | 56,556 | ​ | $ | 37,178
Depreciation and amortization | ​ | ​ | (90,254) | ​ | ​ | (8,852)
Acquisition-related expenses | ​ | ​ | (23,729) | ​ | ​ | —
Amortization of cloud computing arrangement implementation | ​ | ​ | (756) | ​ | ​ | (644)
Stock-based compensation | ​ | ​ | (11,429) | ​ | ​ | (4,536)
Equity securities investments activity, net | ​ | ​ | 2,701 | ​ | ​ | (321)
Interest expense | ​ | ​ | (17,415) | ​ | ​ | (239)
(Loss) income before income taxes | ​ | $ | (84,326) | ​ | $ | 22,586
​ 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. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | AxS |  | SCDE |  | Corporate | ​ | Total
As of August 2, 2025 | ​ | $ | 2,219,426 | ​ | $ | 2,360,843 | ​ | $ | 1,043,768 | ​ | $ | 5,624,037
As of April 30, 2025 | ​ | $ | 872,530 | ​ | $ | — | ​ | $ | 248,037 | ​ | $ | 1,120,567
​ Capital expenditures are summarized in the table below (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | AxS |  | SCDE |  | Corporate | ​ | Total
Three Months Ended August 2, 2025 | ​ | $ | 15,178 | ​ | $ | 16,437 | ​ | $ | 453 | ​ | $ | 32,068
Three Months Ended July 27, 2024 | ​ | $ | 4,573 | ​ | $ | — | ​ | $ | 857 | ​ | $ | 5,430
​

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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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