XML 29 R11.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Segment Reporting
 12 Months Ended
Apr. 27, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We organize and manage our business by the following five segments which meet the definition of reportable segments under ASC 280-10, Segment Reporting: Commercial, Live Events, High School Park and Recreation, Transportation, and International. These segments are based on the customer type or geography and are the same as our operating segments/business units.
Our chief operating decision-maker (CODM), who is our president and chief executive officer, regularly reviews the consolidated financial results in their entirety and the operating segment financials results to the GAAP measure of gross profit. The CODM has ultimate responsibility for enterprise decisions and making resource allocation decisions for our company and our segments. Management of each operating segment has the responsibility for operating decisions, allocating resources, and assessing performance within their segment.
•Our Commercial business unit primarily consists of sales of our integrated video display systems, digital billboards, Galaxy® and Fuelight™ product lines, and dynamic messaging systems to resellers (primarily sign companies), out-of-home ("OOH") companies, national retailers, quick-serve restaurants, casinos, shopping centers, cruise ships, commercial building owners, and petroleum retailers.
•Our Live Events business unit primarily consists of sales of integrated scoring and video display systems to college and professional sports facilities and convention centers and sales of our mobile display technology to video rental organizations and other live events type venues.
•Our High School Park and Recreation business unit primarily consists of sales of scoring systems, Galaxy® displays and video display systems to primary and secondary education facilities and resellers (primarily sign companies).
•Our Transportation business unit primarily consists of sales of intelligent transportation systems dynamic messaging signs for road management, mass transit, and aviation applications and other electronic signage for advertising and way-finding needs, which includes our Vanguard® and Galaxy® product lines and other intelligent transportation systems dynamic message signs, to governmental transportation departments, transportation industry contractors, airlines and other transportation related customers.
•Our International business unit consists of sales of all product lines outside the United States and Canada. In our International business unit, we focus on product lines related to integrated scoring and video display systems for sports and commercial applications, OOH advertising products, architectural lighting, and transportation related products for sale outside of the United States and Canada to the related type of company, including sports and commercial business facilities, OOH companies, and governmental transportation agencies.
Our segments follow the same accounting policies as those described in "Note 1. Nature of Business and Summary of Significant Accounting Policies." Some expenses or services are not directly allocable to a sale or segment or the resources and related expenses are shared across business segment areas. These expenses are allocated using estimates and allocation methodologies based on financial measures and professional judgment. Shared or unabsorbed manufacturing costs are allocated to the business unit benefiting most from that manufacturing location's production capabilities. Shared or unabsorbed costs of domestic field sales and services infrastructure, including most field administrative staff, are allocated to the Commercial, Live Events, High School Park and Recreation, and Transportation business units based on cost of sales. Shared manufacturing, buildings and utilities, and procurement costs are allocated based on payroll dollars, square footage and various other financial measures in the segment analysis. Assets are not allocated to the segments. Depreciation and amortization are allocated to each segment based on various financial measures; however, some depreciation and amortization are corporate in nature and remain unallocated
We do not maintain information on sales by products; therefore, disclosure of such information is not practical.
The following table sets forth certain financial information for each of our five reporting segments for the periods indicated:
Year Ended
April 27, 2024April 29, 2023April 30, 2022
Net sales:
Commercial$161,626 $170,590 $154,211 
Live Events338,508 284,900 199,106 
High School Park and Recreation170,349 141,748 111,816 
Transportation85,390 72,306 62,707 
International62,210 84,652 83,130 
818,083 754,196 610,970 
Gross profit:
Commercial34,233 31,155 31,851 
Live Events95,984 49,255 21,787 
High School Park and Recreation57,364 41,145 35,477 
Transportation26,021 19,825 18,172 
International8,841 9,975 9,410 
222,443 151,355 116,697 
Operating expenses
Selling56,954 56,655 51,075 
General and administrative42,632 38,747 32,563 
Product design and development35,742 29,989 29,013 
Goodwill impairment— 4,576 — 
135,328 129,967 112,651 
Operating income87,115 21,388 4,046 
Nonoperating income (expense):
Interest income (expense), net(3,418)(920)171 
Change in fair value of convertible note(16,550)— — 
Other expense and debt issuance costs write-off, net(13,096)(7,211)(3,109)
Income before income taxes$54,051 $13,257 $1,108 
Depreciation and amortization:
Commercial$4,497 $3,468 $2,677 
Live Events6,256 6,430 5,238 
High School Park and Recreation1,968 1,632 1,420 
Transportation715 584 551 
International2,255 2,307 2,796 
Unallocated corporate depreciation3,600 2,572 2,712 
$19,291 $16,993 $15,394 
No single geographic area comprises a material amount of our net sales or property and equipment, net of accumulated depreciation, other than the United States. The following table presents information about net sales and property and equipment, net of accumulated depreciation, in the United States and elsewhere:
Year Ended
April 27, 2024April 29, 2023April 30, 2022
Net sales:
United States$744,419 $661,312 $513,740 
Outside United States73,664 92,884 97,230 
$818,083 $754,196 $610,970 
Property and equipment, net of accumulated depreciation:
United States$64,332 $63,786 $58,643 
Outside United States7,420 8,361 8,122 
$71,752 $72,147 $66,765 
We have numerous customers worldwide for sales of our products and services, and no customer accounted for 10 percent or more of net sales; therefore, we are not economically dependent on a limited number of customers for the sale of our products and services.
We have numerous raw material and component suppliers, and no supplier accounts for 10% or more of our cost of sales; however, we have a complex global supply chain subject to geopolitical and transportation risks and a number of single-source suppliers that could limit our supply or cause delays in obtaining raw materials and components needed in manufacturing.