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Segments (Tables)

6 Months Ended

Nov. 01, 2025

Segments

Schedule of segment results

Prior period segment information has been revised to align with the new segment measure of profitability.

​

​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended November 1, 2025
​		AxS			SCDE		​	Total
Revenue:	​	​	​	​	​	​	​	​	​
Product sales	​	$	249,502	​	$	75,535	​	$	325,037
Contract services	​	​	52,071	​	​	95,400	​	​	147,471
​	​	​	301,573	​	​	170,935	​	​	472,508
Less:	​	​	​	​	​	​	​	​	​
Cost of sales less intangible amortization and other purchase accounting adjustments	​	​	190,647	​	​	153,510	​	​	344,157
Intangible amortization included in cost of sales	​	​	11,053	​	​	13,193	​	​	24,246
SG&A less intangible amortization	​	​	43,507	​	​	30,877	​	​	74,384
Intangible amortization included in SG&A	​	​	9,719	​	​	14,233	​	​	23,952
Research and development	​	​	32,123	​	​	3,870	​	​	35,993
Add:	​	​	​	​	​	​	​	​	​
Depreciation	​	​	6,703	​	​	3,172	​	​	9,875
Amortization	​	​	20,772	​	​	27,426	​	​	48,198
Acquisition-related expenses	​	​	3,199	​	​	5,057	​	​	8,256
Amortization of cloud computing arrangement implementation	​	​	1,482	​	​	2	​	​	1,484
Other income (expense)	​	​	(900)	​	​	(297)	​	​	(1,197)
Stock-based compensation	​	​	5,658	​	​	2,908	​	​	8,566
Segment adjusted EBITDA	​	$	51,438	​	$	(6,480)	​	$	44,958

​

​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended October 26, 2024
​		AxS			SCDE		​	Total
Revenue:	​	​	​	​	​	​	​	​	​
Product sales	​	$	151,231	​	$	—	​	$	151,231
Contract services	​	​	37,227	​	​	—	​	​	37,227
​	​	​	188,458	​	​	—	​	​	188,458
Less:	​	​	​	​	​	​	​	​	​
Cost of sales less intangible amortization and other purchase accounting adjustments	​	​	111,099	​	​	—	​	​	111,099
Intangible amortization included in cost of sales	​	​	3,720	​	​	—	​	​	3,720
SG&A less intangible amortization	​	​	36,842	​	​	—	​	​	36,842
Intangible amortization included in SG&A	​	​	1,075	​	​	—	​	​	1,075
Research and development	​	​	28,716	​	​	—	​	​	28,716
Add:	​	​	​	​	​	​	​	​	​
Depreciation	​	​	4,207	​	​	—	​	​	4,207
Amortization	​	​	4,795	​	​	—	​	​	4,795
Acquisition-related expenses	​	​	3,684	​	​	—	​	​	3,684
Amortization of cloud computing arrangement implementation	​	​	606	​	​	—	​	​	606
Other income (expense)	​	​	(37)	​	​	—	​	​	(37)
Stock-based compensation	​	​	5,601	​	​	—	​	​	5,601
Segment adjusted EBITDA	​	$	25,862	​	$	—	​	$	25,862

​

​	​	​	​	​	​	​	​	​	​
​	​	Six Months Ended November 1, 2025
​		AxS			SCDE			Total
Revenue:	​	​	​	​	​	​	​	​	​
Product sales	​	$	490,247	​	$	148,323	​	$	638,570
Contract services	​	​	96,651	​	​	191,963	​	​	288,614
​	​	​	586,898	​	​	340,286	​	​	927,184
Less:	​	​	​	​	​	​	​	​	​
Cost of sales less intangible amortization and other purchase accounting adjustments	​	​	365,694	​	​	300,642	​	​	666,336
Intangible amortization included in cost of sales	​	​	33,035	​	​	28,590	​	​	61,625
SG&A less intangible amortization	​	​	103,249	​	​	60,107	​	​	163,356
Intangible amortization included in SG&A	​	​	20,844	​	​	45,412	​	​	66,256
Research and development	​	​	61,886	​	​	7,221	​	​	69,107
Add:	​	​	​	​	​	​	​	​	​
Depreciation	​	​	14,473	​	​	5,973	​	​	20,446
Amortization	​	​	53,879	​	​	74,002	​	​	127,881
Acquisition-related expenses	​	​	18,752	​	​	13,233	​	​	31,985
Amortization of cloud computing arrangement implementation	​	​	2,229	​	​	11	​	​	2,240
Other income (expense)	​	​	(2,125)	​	​	587	​	​	(1,538)
Stock-based compensation	​	​	14,433	​	​	5,562	​	​	19,995
Segment adjusted EBITDA	​	$	103,831	​	$	(2,318)	​	$	101,513

​

​	​	​	​	​	​	​	​	​	​
​	​	Six Months Ended October 26, 2024
​		AxS			SCDE			Total
Revenue:	​	​	​	​	​	​	​	​	​
Product sales	​	$	310,735	​	$	—	​	$	310,735
Contract services	​	​	67,206	​	​	—	​	​	67,206
​	​	​	377,941	​	​	—	​	​	377,941
Less:	​	​	​	​	​	​	​	​	​
Cost of sales less intangible amortization and other purchase accounting adjustments	​	​	215,403	​	​	—	​	​	215,403
Intangible amortization included in cost of sales	​	​	7,433	​	​	—	​	​	7,433
SG&A less intangible amortization	​	​	69,575	​	​	—	​	​	69,575
Intangible amortization included in SG&A	​	​	2,136	​	​	—	​	​	2,136
Research and development	​	​	53,329	​	​	—	​	​	53,329
Add:	​	​	​	​	​	​	​	​	​
Depreciation	​	​	8,285	​	​	—	​	​	8,285
Amortization	​	​	9,569	​	​	—	​	​	9,569
Acquisition-related expenses	​	​	3,684	​	​	—	​	​	3,684
Amortization of cloud computing arrangement implementation	​	​	1,261	​	​	—	​	​	1,261
Other income (expense)	​	​	49	​	​	—	​	​	49
Stock-based compensation	​	​	10,137	​	​	—	​	​	10,137
Segment adjusted EBITDA	​	$	63,050	​	$	—	​	$	63,050

​

​

Schedule of reconciliation from segment adjusted income from operations to income (loss) before taxes

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Three Months Ended

​

Six Months Ended

​

Six Months Ended

​

​

November 1,

October 26,

​

November 1,

October 26,

​

​

2025

​

2024

​

2025

​

2024

Segment adjusted EBITDA

​

$

44,958

​

$

25,862

​

$

101,513

​

$

63,050

Depreciation and amortization

​

​

(58,075)

​

​

(9,003)

​

​

(148,327)

​

​

(17,854)

Acquisition-related expenses

​

​

(8,256)

​

​

(3,684)

​

​

(31,985)

​

​

(3,684)

Amortization of cloud computing arrangement implementation

​

​

(1,484)

​

​

(606)

​

​

(2,240)

​

​

(1,261)

Stock-based compensation

​

​

(8,566)

​

​

(5,601)

​

​

(19,995)

​

​

(10,137)

Equity securities investments activity, net

​

​

6,150

​

​

54

​

​

8,850

​

​

(267)

Interest expense

​

​

4,669

​

​

(690)

​

​

(12,746)

​

​

(929)

(Loss) income before income taxes

​

$

(20,604)

​

$

6,332

​

$

(104,930)

​

$

28,918

​

Schedule of segment assets and capital expenditures by segment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

AxS

SCDE

Corporate

​

Total

As of November 1, 2025

​

$

2,292,790

​

$

2,315,038

​

$

1,030,638

​

$

5,638,466

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

Six Months Ended November 1, 2025

​

$

20,749

​

$

19,636

​

$

6,418

​

$

46,803

Six Months Ended October 26, 2024

​

$

8,915

​

$

—

​

$

1,532

​

$

10,447

​

X

- Definition

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Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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