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Note 4 - Revenue Recognition
 3 Months Ended
Jul. 31, 2021
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

Note 4. Revenue Recognition

 

Disaggregation of revenue

The following table presents our disaggregation of revenue by segments:

 

  

Three Months Ended July 31, 2021

 
          

High School

             
  

Commercial

  

Live Events

  

Park and Recreation

  

Transportation

  

International

  

Total

 

Type of performance obligation

                        

Unique configuration

 $3,587  $41,508  $4,166  $6,541  $5,883  $61,685 

Limited configuration

  25,907   5,842   22,957   5,352   11,545   71,603 

Service and other

  3,287   5,037   771   665   1,684   11,444 
  $32,781  $52,387  $27,894  $12,558  $19,112  $144,732 

Timing of revenue recognition

                        

Goods/services transferred at a point in time

 $26,379  $6,829  $21,941  $5,571  $12,019  $72,739 

Goods/services transferred over time

  6,402   45,558   5,953   6,987   7,093   71,993 
  $32,781  $52,387  $27,894  $12,558  $19,112  $144,732 

 

  

Three Months Ended August 1, 2020

 
          

High School

             
  

Commercial

  

Live Events

  

Park and Recreation

  

Transportation

  

International

  

Total

 

Type of performance obligation

                        

Unique configuration

 $8,727  $41,975  $7,668  $7,724  $4,012  $70,106 

Limited configuration

  22,555   5,419   20,688   6,266   8,653   63,581 

Service and other

  3,224   4,080   587   508   1,558   9,957 
  $34,506  $51,474  $28,943  $14,498  $14,223  $143,644 

Timing of revenue recognition

                        

Goods/services transferred at a point in time

 $22,892  $6,214  $19,368  $6,374  $9,179  $64,027 

Goods/services transferred over time

  11,614   45,260   9,575   8,124   5,044   79,617 
  $34,506  $51,474  $28,943  $14,498  $14,223  $143,644 

 

See "Note 5. Segment Reporting" for a disaggregation of revenue by geography.

 

Contract balances

Contract assets represent revenue recognized in excess of amounts billed and include unbilled receivables. Unbilled receivables, which represent an unconditional right to payment subject only to the passage of time, are reclassified to accounts receivable when they are billed according to the contract terms. Contract liabilities represent amounts billed to the customers in excess of revenue recognized to date.

 

The following table reflects the changes in our contract assets and liabilities:

 

  

July 31,

  

May 1,

  

Dollar

  

Percent

 
  

2021

  

2021

  

Change

  

Change

 

Contract assets

 $38,133  $32,799  $5,334   16.3%

Contract liabilities - current

  67,507   64,495   3,012   4.7%

Contract liabilities - noncurrent

  10,586   10,720   (134)  (1.3)%

 

The changes in our contract assets and contract liabilities from May 1, 2021 to July 31, 2021 were due to the timing of billing schedules and revenue recognition, which can vary significantly depending on the contractual payment terms and the seasonality of the sports markets. We had no material impairments of contract assets for the three months ended July 31, 2021.

 

For service-type warranty contracts, we allocate revenue to this performance obligation, recognize the revenue over time, and recognize costs as incurred. Earned and unearned revenues for these contracts are included in the "Contract assets" and "Contract liabilities" line items in our condensed consolidated balance sheets. Changes in unearned service-type warranty contracts, net were as follows:

 

  

July 31,

 
  

2021

 

Balance at beginning of period

 $24,590 

New contracts sold

  10,165 

Less: reductions for revenue recognized

  (8,669)

Foreign currency translation and other

  (86)

Balance at end of period

 $26,000 

 

As of July 31, 2021 and May 1, 2021, our contracts in progress that were identified as loss contracts were immaterial. For these contracts, the provision for losses is included in the "Accrued expenses" line item in our condensed consolidated balance sheets.

 

During the three months ended July 31, 2021, we recognized revenue of $31,587 related to our contract liabilities as of May 1, 2021.

 

Remaining performance obligations

As of July 31, 2021, the aggregate amount of the transaction price allocated to the remaining performance obligations was $339,192. We expect approximately $297,849 of our remaining performance obligations to be recognized over the next 12 months, with the remainder recognized thereafter. Remaining performance obligations related to product and service agreements at July 31, 2021 are $285,322 and $53,870, respectively. Although remaining performance obligations reflect business that is considered to be legally binding, cancellations, deferrals or scope adjustments may occur. Any known project cancellations, revisions to project scope and cost, foreign currency exchange fluctuations and project deferrals are reflected or excluded in the remaining performance obligation balance, as appropriate.