0001437749-21-027640 | 10-Q | XBRL Viewer

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Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Oct. 30, 2021	Nov. 23, 2021
Document Information [Line Items]
Entity Central Index Key	0000915779
Entity Registrant Name	DAKTRONICS INC
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 30, 2021
Document Transition Report	false
Entity File Number	0-23246
Entity Incorporation, State or Country Code	SD
Entity Tax Identification Number	46-0306862
Entity Address, Address Line One	201 Daktronics Drive
Entity Address, City or Town	Brookings
Entity Address, State or Province	SD
Entity Address, Postal Zip Code	57006
City Area Code	605
Local Phone Number	692-0200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		45,464,957
Preferred Share Purchase Right [Member]
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
Trading Symbol	DAKT
Security Exchange Name	NASDAQ
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, No Par Value
Trading Symbol	DAKT
Security Exchange Name	NASDAQ

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Oct. 30, 2021	May 01, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 59,727	$ 77,590
Restricted cash	1,877	2,812
Accounts receivable, net	95,156	67,808
Inventories	94,790	74,356
Contract assets	40,231	32,799
Current maturities of long-term receivables	2,167	1,462
Prepaid expenses and other current assets	10,897	7,445
Income tax receivables	322	731
Total current assets	305,167	265,003
Property and equipment, net	56,084	58,682
Long-term receivables, less current maturities	6,357	1,635
Goodwill	8,293	8,414
Intangibles, net	1,706	2,083
Investment in affiliates and other assets	28,259	27,403
Deferred income taxes	11,940	11,944
TOTAL ASSETS	417,806	375,164
CURRENT LIABILITIES:
Accounts payable	65,963	40,251
Contract liabilities	70,158	64,495
Accrued expenses	32,683	30,672
Warranty obligations	10,285	10,464
Income taxes payable	850	738
Total current liabilities	179,939	146,620
Long-term warranty obligations	15,493	15,496
Long-term contract liabilities	10,707	10,720
Other long-term obligations	9,809	7,816
Long-term income taxes payable	682	548
Deferred income taxes	373	410
Total long-term liabilities	37,064	34,990
SHAREHOLDERS' EQUITY:
Common Stock, no par value, authorized 115,000,000 shares; 46,602,035 and 46,264,576 shares issued at October 30, 2021 and May 1, 2021, respectively	61,175	60,575
Additional paid-in capital	47,412	46,595
Retained earnings	102,075	96,016
Treasury Stock, at cost, 1,266,401 and 1,297,409 shares at October 30, 2021 and May 1, 2021, respectively	(7,101)	(7,297)
Accumulated other comprehensive loss	(2,758)	(2,335)
TOTAL SHAREHOLDERS' EQUITY	200,803	193,554
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 417,806	$ 375,164

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands	Oct. 30, 2021	May 01, 2021
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, share authorized (in shares)	115,000,000	115,000,000
Common stock, share issued (in shares)	46,602,035	46,264,576
Treasury stock, shares (in shares)	1,266,401	1,297,409

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 30, 2021	Oct. 31, 2020	Oct. 30, 2021	Oct. 31, 2020
Net sales	$ 164,477	$ 127,367	$ 309,209	$ 271,011
Cost of sales	132,213	94,053	244,757	201,936
Gross profit	32,264	33,314	64,452	69,075
Operating expenses:
Selling	12,482	12,654	24,277	24,210
General and administrative	8,201	7,264	15,772	14,388
Product design and development	7,196	6,737	14,358	14,269
Operating Expenses, Total	27,879	26,655	54,407	52,867
Operating income	4,385	6,659	10,045	16,208
Nonoperating (expense) income:
Interest (expense) income, net	(59)	(18)	78	(6)
Other (expense) income, net	(952)	(837)	(1,820)	(1,464)
Income before income taxes	3,374	5,804	8,303	14,738
Income tax expense	1,000	2,388	2,244	3,855
Net income	$ 2,374	$ 3,416	$ 6,059	$ 10,883
Weighted average shares outstanding:
Basic (in shares)	45,350	44,893	45,271	44,808
Diluted (in shares)	45,499	44,977	45,490	44,947
Earnings per share:
Basic (in dollars per share)	$ 0.05	$ 0.08	$ 0.13	$ 0.24
Diluted (in dollars per share)	$ 0.05	$ 0.08	$ 0.13	$ 0.24

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 30, 2021	Oct. 31, 2020	Oct. 30, 2021	Oct. 31, 2020
Net income	$ 2,374	$ 3,416	$ 6,059	$ 10,883
Other comprehensive (loss) income:
Cumulative translation adjustments	(50)	384	(423)	1,421
Total other comprehensive (loss) income, net of tax	(50)	384	(423)	1,421
Comprehensive income	$ 2,324	$ 3,800	$ 5,636	$ 12,304

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Total
Balance at May. 02, 2020	$ 60,010	$ 44,627	$ 85,090	$ (7,470)	$ (5,277)	$ 176,980
Net income	0	0	7,467	0	0	7,467
Cumulative translation adjustments	0	0	0	0	1,037	1,037
Share-based compensation	0	539	0	0	0	539
Treasury stock reissued	0	26	0	173	0	199
Balance at Aug. 01, 2020	60,010	45,192	92,557	(7,297)	(4,240)	186,222
Balance at May. 02, 2020	60,010	44,627	85,090	(7,470)	(5,277)	176,980
Net income						10,883
Cumulative translation adjustments						1,421
Balance at Oct. 31, 2020	60,010	45,575	95,973	(7,297)	(3,856)	190,405
Balance at Aug. 01, 2020	60,010	45,192	92,557	(7,297)	(4,240)	186,222
Net income	0	0	3,416	0	0	3,416
Cumulative translation adjustments	0	0	0	0	384	384
Share-based compensation	0	508	0	0	0	508
Tax payments related to RSU issuances	0	(125)	0	0	0	(125)
Balance at Oct. 31, 2020	60,010	45,575	95,973	(7,297)	(3,856)	190,405
Balance at May. 01, 2021	60,575	46,595	96,016	(7,297)	(2,335)	193,554
Net income	0	0	3,685	0	0	3,685
Cumulative translation adjustments	0	0	0	0	(373)	(373)
Share-based compensation	0	518	0	0	0	518
Employee savings plan activity	597	0	0	0	0	597
Treasury stock reissued	0	4	0	196	0	200
Balance at Jul. 31, 2021	61,172	47,117	99,701	(7,101)	(2,708)	198,181
Balance at May. 01, 2021	60,575	46,595	96,016	(7,297)	(2,335)	193,554
Net income						6,059
Cumulative translation adjustments						(423)
Balance at Oct. 30, 2021	61,175	47,412	102,075	(7,101)	(2,758)	200,803
Balance at Jul. 31, 2021	61,172	47,117	99,701	(7,101)	(2,708)	198,181
Net income	0	0	2,374	0	0	2,374
Cumulative translation adjustments	0	0	0	0	(50)	(50)
Share-based compensation	0	494	0	0	0	494
Exercise of stock options	3	0	0	0	0	3
Tax payments related to RSU issuances	0	(199)	0	0	0	(199)
Balance at Oct. 30, 2021	$ 61,175	$ 47,412	$ 102,075	$ (7,101)	$ (2,758)	$ 200,803

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Oct. 30, 2021	Oct. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 6,059	$ 10,883
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	7,789	8,564
Gain on sale of property, equipment and other assets	(676)	(162)
Share-based compensation	1,012	1,047
Equity in loss of investees	1,565	1,145
Provision for doubtful accounts	(588)	153
Deferred income taxes, net	(41)	2
Change in operating assets and liabilities	(23,654)	18,343
Net cash (used in) provided by operating activities	(8,534)	39,975
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(4,507)	(5,776)
Proceeds from sales of property, equipment and other assets	760	341
Proceeds from sales or maturities of marketable securities	0	247
Purchases of and loans to equity investees	(6,129)	(903)
Net cash used in investing activities	(9,876)	(6,091)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term obligations	(200)	(220)
Proceed from exercise of stock options	3	0
Tax payments related to RSU issuances	(199)	(125)
Net cash used in financing activities	(396)	(345)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	8	(498)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(18,798)	33,041
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period	80,402	40,412
End of period	61,604	73,453
Supplemental disclosures of cash flow information:
Interest	0	113
Income taxes, net of refunds	1,270	1,171
Supplemental schedule of non-cash investing and financing activities:
Demonstration equipment transferred to inventory	53	0
Purchases of property and equipment included in accounts payable	1,283	660
Contributions of common stock under the ESPP	$ 597	$ 0

Note 1 - Basis of Presentation

6 Months Ended

Oct. 30, 2021

Notes to Financial Statements

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

Note 1. Basis of Presentation

Daktronics, Inc. and its subsidiaries (the “Company”, “Daktronics”, “we”, “our”, or “us”) are the world's industry leader in designing and manufacturing electronic scoreboards, programmable display systems and large screen video displays for sporting, commercial and transportation applications.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to fairly present our financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions affecting the reported amounts therein. Due to the inherent uncertainty involved in making estimates, actual results in future periods may differ from those estimates.

Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. The balance sheet at May 1, 2021, has been derived from the audited financial statements at that date, but it does not include all the information and disclosures required by GAAP for complete financial statements. These financial statements should be read in conjunction with our financial statements and notes thereto for the year ended May 1, 2021, which are contained in our Annual Report on Form 10-K previously filed with the Securities and Exchange Commission ("SEC"). The results of operations for the interim periods presented are not necessarily indicative of results that may be expected for any other interim period or for the full fiscal year.

Daktronics, Inc. operates on a 52- or 53-week fiscal year, with our fiscal year ending on the Saturday closest to April 30 of each year. When April 30 falls on a Wednesday, the fiscal year ends on the preceding Saturday. Within each fiscal year, each quarter is comprised of 13-week periods following the beginning of each fiscal year. In each 53-week year, an additional week is added to the first quarter, and each of the last three quarters is comprised of a 13-week period. The six months ended October 30, 2021 and October 31, 2020, contained operating results for 26 weeks.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the totals of the same amounts shown in the condensed consolidated statements of cash flows. Restricted cash consists of cash and cash equivalents held in bank deposit accounts to secure issuances of foreign bank guarantees.

	*October 30,*		*October 31,*
	*2021*		*2020*
Cash and cash equivalents	$	59,727	$	69,836
Restricted cash		1,877		3,617
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows	$	61,604	$	73,453

Other Business Developments - Coronavirus Pandemic

During fiscal 2021, the global spread of the coronavirus pandemic ("COVID-19") and resulting restrictions negatively impacted our business and created significant volatility, uncertainty and global economic disruption. We took proactive steps to solidify our financial position and mitigate any adverse consequences. Our orders and sales decline in fiscal 2021 are largely the result of the impacts of the pandemic. To align our expenses to the change in the market, we reduced investments in capital assets, reduced executive pay and board member compensation for fiscal 2021 and instituted initiatives to reduce other costs in the business. On April 1, 2020, our board of directors voted to suspend stock repurchases under our share repurchase program and to suspend dividends. In addition, throughout fiscal 2021, we temporarily furloughed employees to manage our cost structure to align with decreased demand.

A special voluntary retirement and voluntary exit incentive program ("Offering") and two reductions in force ("RIFs") were instituted during the first six months of fiscal 2021 to adjust our capacity and reduce on-going expenses in response to the reduced revenue and uncertainties created by the COVID-19 pandemic. During the first quarter of fiscal 2021, 60 employees agreed to participate in the Offering and completed employment. The approximate cost of this Offering was $931 during the first quarter of fiscal 2021. Under the RIFs, employment was terminated with 108 employees with severance totaling $1,426 during the first quarter of fiscal 2021 and 150 employees with severance totaling $2,742 during the second quarter of fiscal 2021.

We received governmental wage subsidies from various governmental programs related to COVID implications of $280 and $1,378 during the six months ended October 30, 2021 and October 31, 2020, respectively and recorded the subsidies as a reduction of compensation expense, most of is included in the "Costs of sales" line item in our condensed consolidated statements of operations. We also have elected to defer payments of the employer portion of social security taxes during the payroll tax deferral period, which ended on December 31, 2020. As of October 30, 2021, the total amount of such deferral was $5,122, which is included in the "Accrued expenses" in the current liabilities and in the "Other long-term obligations" line items in long-term liabilities in our condensed consolidated balance sheet. Per the terms of the deferral program, 50 percent of the deferred amount is due on December 31, 2021, with the remaining 50 percent due on December 31, 2022.

The pandemic continues to evolve, as evidenced by the recent Omicron variant reports, impacting economic and business conditions. We continue to monitor guidance from international and domestic authorities regarding the COVID-19 pandemic and may take additional actions based on their requirements and recommendations. Since late fiscal 2021, our order and quoting activities have increased, creating a strong backlog and positive outlook; however, there is no assurance that this trend will continue in future quarters. Supply chain disruptions continue as a result of several factors including the pandemic, shipping container shortages, labor shortages, and the changes in global demand. Specifically, we are impacted by the global shortage of semiconductors and related electronic components, labor and other materials needed for production, and freight availability. We have experienced increased input costs including material, freight, and tariff costs and increased personal spend through the first half of the fiscal year. We expect continued disruptions in obtaining material, labor, and freight availability and an increase in inflation as the world economies react to and recover from the pandemic, which may cause volatility in our pricing, order and revenue cycles and production costs. In addition, regulatory requirements like those proposed by the US Occupational Safety and Health Administration ("OSHA"), may increase on-going compliance costs.

Recent Accounting Pronouncements

There have been no material changes to our significant accounting policies and estimates as described in our Annual Report on Form 10-K for the fiscal year ended May 1, 2021.

Accounting Standards Adopted

There are no significant Accounting Standard Updates ("ASUs") issued that we adopted in the six months ended October 30, 2021.

Accounting Standards Not Yet Adopted

There are no significant ASU's issued but not yet adopted as of October 30, 2021.

Note 2 - Investments in Affiliates

6 Months Ended

Oct. 30, 2021

Notes to Financial Statements

Investment [Text Block]

Note 2. Investments in Affiliates

The aggregate amount of our investments in affiliates accounted for under the equity method was $18,322 and $19,887 at October 30, 2021 and May 1, 2021, respectively. Our proportional share of the respective affiliates' earnings or losses is included in the "Other (expense) income, net" line item in our condensed consolidated statements of operations. For the three and six months ended October 30, 2021, our share of the losses of our affiliates was $819 and $1,565 as compared to $616 and $1,145 for the three and six months ended October 31, 2020. We purchased services for research and development activities from our equity method investments. The total of these related party transactions was $898 for the six months ended October 30, 2021, which is included in the "Product design and development" line item in our condensed consolidated statement of operations, and $584 of this remains unpaid and is included in the "Accounts payable " line item in our condensed consolidated balance sheet. The total of these related party transactions was $560 for the six months ended October 31, 2020. During the second quarter of fiscal 2022, we loaned an investment in affiliate $5,000, which is evidenced by a convertible note, which is included in the "Long-term receivables, less current maturities" line item in our condensed consolidated balance sheet.

Note 3 - Earnings Per Share ("EPS")

6 Months Ended

Oct. 30, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 3. Earnings Per Share ("EPS")

The following is a reconciliation of the net income and common share amounts used in the calculation of basic and diluted EPS for the three and six months ended October 30, 2021 and October 31, 2020:

	*Net income*		*Shares*		*Per share income*
For the three months ended October 30, 2021
Basic earnings per share	$	2,374		45,350	$	0.05
Dilution associated with stock compensation plans		—		149		—
Diluted earnings per share	$	2,374		45,499	$	0.05
For the three months ended October 31, 2020
Basic earnings per share	$	3,416		44,893	$	0.08
Dilution associated with stock compensation plans		—		84		—
Diluted earnings per share	$	3,416		44,977	$	0.08
For the six months ended October 30, 2021
Basic earnings per share	$	6,059		45,271	$	0.13
Dilution associated with stock compensation plans		—		219		—
Diluted earnings per share	$	6,059		45,490	$	0.13
For the six months ended October 31, 2020
Basic earnings per share	$	10,883		44,808	$	0.24
Dilution associated with stock compensation plans		—		139		—
Diluted earnings per share	$	10,883		44,947	$	0.24

Options outstanding to purchase 1,943 shares of common stock with a weighted average exercise price of $9.22 for the three months ended October 30, 2021 and 2,348 shares of common stock with a weighted average exercise price of $9.28 for the three months ended October 31, 2020 were not included in the computation of diluted earnings per share because the effects would be anti-dilutive.

Options outstanding to purchase 1,877 shares of common stock with a weighted average exercise price of $9.37 for the six months ended October 30, 2021 and 2,233 shares of common stock with a weighted average exercise price of $9.61 for the six months ended October 31, 2020 were not included in the computation of diluted earnings per share because the effects would be anti-dilutive.

Note 4 - Revenue Recognition

6 Months Ended

Oct. 30, 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 October 30, 2021*
					*High School*
	*Commercial*		*Live Events*		*Park and Recreation*		*Transportation*		*International*		*Total*
Type of performance obligation
Unique configuration	$	4,559	$	43,528	$	6,908	$	8,976	$	11,562	$	75,533
Limited configuration		25,977		8,825		24,916		4,552		10,466		74,736
Service and other		3,927		7,043		923		525		1,790		14,208
	$	34,463	$	59,396	$	32,747	$	14,053	$	23,818	$	164,477
Timing of revenue recognition
Goods/services transferred at a point in time	$	26,362	$	11,508	$	23,115	$	4,634	$	10,815	$	76,434
Goods/services transferred over time		8,101		47,888		9,632		9,419		13,003		88,043
	$	34,463	$	59,396	$	32,747	$	14,053	$	23,818	$	164,477

	*Six Months Ended October 30, 2021*
					*High School*
	*Commercial*		*Live Events*		*Park and Recreation*		*Transportation*		*International*		*Total*
Type of performance obligation
Unique configuration	$	8,146	$	85,036	$	11,074	$	15,517	$	17,445	$	137,218
Limited configuration		51,884		14,667		47,873		9,904		22,011		146,339
Service and other		7,214		12,080		1,694		1,190		3,474		25,652
	$	67,244	$	111,783	$	60,641	$	26,611	$	42,930	$	309,209
Timing of revenue recognition
Goods/services transferred at a point in time	$	52,741	$	18,337	$	45,056	$	10,205	$	22,834	$	149,173
Goods/services transferred over time		14,503		93,446		15,585		16,406		20,096		160,036
	$	67,244	$	111,783	$	60,641	$	26,611	$	42,930	$	309,209

	*Three Months Ended October 31, 2020*
					*High School*
	*Commercial*		*Live Events*		*Park and Recreation*		*Transportation*		*International*		*Total*
Type of performance obligation
Unique configuration	$	3,508	$	27,302	$	5,091	$	8,975	$	6,367	$	51,243
Limited configuration		22,611		4,611		21,696		5,825		8,224		62,967
Service and other		4,237		5,909		791		523		1,697		13,157
	$	30,356	$	37,822	$	27,578	$	15,323	$	16,288	$	127,367
Timing of revenue recognition
Goods/services transferred at a point in time	$	23,226	$	6,736	$	19,718	$	5,930	$	8,468	$	64,078
Goods/services transferred over time		7,130		31,086		7,860		9,393		7,820		63,289
	$	30,356	$	37,822	$	27,578	$	15,323	$	16,288	$	127,367

	*Six Months Ended October 31, 2020*
					*High School*
	*Commercial*		*Live Events*		*Park and Recreation*		*Transportation*		*International*		*Total*
Type of performance obligation
Unique configuration	$	12,235	$	69,277	$	12,759	$	16,699	$	10,379	$	121,349
Limited configuration		45,166		10,030		42,384		12,091		16,877		126,548
Service and other		7,461		9,989		1,378		1,031		3,255		23,114
	$	64,862	$	89,296	$	56,521	$	29,821	$	30,511	$	271,011
Timing of revenue recognition
Goods/services transferred at a point in time	$	46,118	$	12,950	$	39,086	$	12,304	$	17,647	$	128,105
Goods/services transferred over time		18,744		76,346		17,435		17,517		12,864		142,906
	$	64,862	$	89,296	$	56,521	$	29,821	$	30,511	$	271,011

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:

	*October 30,*		*May 1,*		*Dollar*			*Percent*
	*2021*		*2021*		*Change*			*Change*
Contract assets	$	40,231	$	32,799	$	7,432			22.7	%
Contract liabilities - current		70,158		64,495		5,663			8.8	%
Contract liabilities - noncurrent		10,707		10,720		(13	)		(0.1	)%

The changes in our contract assets and contract liabilities from May 1, 2021 to October 30, 2021 were due to the timing of billing schedules and revenue recognition, which can vary significantly depending on the contractual payment terms and the construction and sports market seasonality. We had no impairments of contract assets for the six months ended October 30, 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:

	*October 30,*
	*2021*
Balance at beginning of period	$	24,590
New contracts sold		22,764
Less: reductions for revenue recognized		(19,955	)
Foreign currency translation and other		260
Balance at end of period	$	27,659

As of October 30, 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 six months ended October 30, 2021, we recognized revenue of $42,300 related to our contract liabilities as of May 1, 2021.

Remaining performance obligations

As of October 30, 2021, the aggregate amount of the transaction price allocated to the remaining performance obligations was $338,935. We expect approximately $303,959 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 October 30, 2021 are $281,568 and $57,367, 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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Note 5 - Segment Reporting

6 Months Ended

Oct. 30, 2021

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

Note 5. Segment Reporting

The following table sets forth certain financial information for each of our five reporting segments for the periods indicated:

	*Three Months Ended*						*Six Months Ended*
	*October 30,*			*October 31,*			*October 30,*			*October 31,*
	*2021*			*2020*			*2021*			*2020*
Net sales:
Commercial	$	34,463		$	30,356		$	67,244		$	64,862
Live Events		59,396			37,822			111,783			89,296
High School Park and Recreation		32,747			27,578			60,641			56,521
Transportation		14,053			15,323			26,611			29,821
International		23,818			16,288			42,930			30,511
		164,477			127,367			309,209			271,011

Gross profit:
Commercial		7,445			8,578			14,623			16,320
Live Events		5,585			7,300			14,167			16,654
High School Park and Recreation		10,749			8,497			20,258			18,973
Transportation		4,404			5,312			8,155			10,455
International		4,081			3,627			7,249			6,673
		32,264			33,314			64,452			69,075

Operating expenses:
Selling		12,482			12,654			24,277			24,210
General and administrative		8,201			7,264			15,772			14,388
Product design and development		7,196			6,737			14,358			14,269
		27,879			26,655			54,407			52,867
Operating income		4,385			6,659			10,045			16,208

Nonoperating income (expense):
Interest (expense) income, net		(59	)		(18	)		78			(6	)
Other (expense) income, net		(952	)		(837	)		(1,820	)		(1,464	)
Income before income taxes	$	3,374		$	5,804		$	8,303		$	14,738

Depreciation and amortization:
Commercial	$	601		$	721		$	1,303		$	1,493
Live Events		1,248			1,424			2,585			2,875
High School Park and Recreation		340			492			778			988
Transportation		127			234			266			471
International		752			701			1,478			1,394
Unallocated corporate depreciation		669			655			1,379			1,343
	$	3,737		$	4,227		$	7,789		$	8,564

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:

	*Three Months Ended*				*Six Months Ended*
	*October 30,*		*October 31,*		*October 30,*		*October 31,*
	*2021*		*2020*		*2021*		*2020*
Net sales:
United States	$	138,821	$	108,453	$	262,303	$	236,522
Outside United States		25,656		18,914		46,906		34,489
	$	164,477	$	127,367	$	309,209	$	271,011

	*October 30,*		*May 1,*
	*2021*		*2021*
Property and equipment, net of accumulated depreciation:
United States	$	48,609	$	50,130
Outside United States		7,475		8,552
	$	56,084	$	58,682

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 percent or more of our cost of sales; however, we have a number of single-source suppliers that could limit our supply or cause delays in obtaining raw material and components needed in manufacturing.

- 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.

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+ Details

Note 6 - Goodwill

6 Months Ended

Oct. 30, 2021

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

Note 6. Goodwill

The changes in the carrying amount of goodwill related to each reportable segment for the six months ended October 30, 2021 were as follows:

	*Live Events*			*Commercial*			*Transportation*			*International*			*Total*
Balance as of May 1, 2021	$	2,313		$	3,464		$	84		$	2,553		$	8,414
Foreign currency translation		(2	)		(14	)		(2	)		(103	)		(121	)
Balance as of October 30, 2021	$	2,311		$	3,450		$	82		$	2,450		$	8,293

We perform an analysis of goodwill on an annual basis, and it is tested for impairment more frequently if events or changes in circumstances indicate that an asset might be impaired. Our annual analysis is performed during our third quarter of each fiscal year based on the goodwill amount as of the first business day of our third fiscal quarter. We performed our annual impairment test on November 2, 2020 and concluded no goodwill impairment existed. We are currently in the process of completing our annual analysis as of the first business day of our third quarter of fiscal 2022, which began on October 31, 2021.

Note 7 - Financing Agreements

6 Months Ended

Oct. 30, 2021

Notes to Financial Statements

Debt Disclosure [Text Block]

Note 7. Financing Agreements

As of October 30, 2021, there were no advances under the loan portion of our line of credit, and the balance of letters of credit outstanding was approximately $8,255. As of October 30, 2021, $26,745 of the credit facility remains in place and available.

We are sometimes required to obtain bank guarantees or other financial instruments for display installations. If we are unable to meet the terms of the arrangement, our customer would draw on the banking arrangement, and the bank would subrogate its loss to Daktronics. As of October 30, 2021, we had $715 of such instruments outstanding.

As of October 30, 2021, we were in compliance with all applicable bank loan covenants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Note 8 - Commitments and Contingencies

6 Months Ended

Oct. 30, 2021

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

Note 8. Commitments and Contingencies

Litigation: We are a party to legal proceedings and claims which arise during the ordinary course of business. For unresolved legal proceedings or claims, we do not believe there is a reasonable probability that any material loss will be incurred. Accordingly, no material accrual or disclosure of a potential range of loss has been made related to these matters. We do not expect the ultimate liability of these unresolved legal proceedings or claims to have a material effect on our financial position, liquidity or capital resources.

Warranties: Changes in our warranty obligation for the six months ended October 30, 2021 consisted of the following:

	*October 30,*
	*2021*
Beginning accrued warranty obligations	$	25,960
Warranties issued during the period		4,926
Settlements made during the period		(3,501	)
Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations		(1,607	)
Ending accrued warranty obligations	$	25,778

Performance guarantees: We have entered into standby letters of credit, bank guarantees and surety bonds with financial institutions relating to the guarantee of our future performance on contracts, primarily construction-type contracts. As of October 30, 2021, we had outstanding letters of credit, bank guarantees and surety bonds in the amount of $8,255, $715 and $52,219, respectively. Performance guarantees are issued to certain customers to guarantee the operation and installation of the equipment and our ability to complete a contract. These performance guarantees have various terms but are generally one year. We enter into written agreements with our customers, and those agreements often contain indemnification provisions that require us to make the customer whole if certain acts or omissions by us cause the customer financial loss. We make efforts to negotiate reasonable caps and limitations on the recovery of such damages. As of October 30, 2021, we were not aware of any indemnification claim from a customer.

Note 9 - Income Taxes

6 Months Ended

Oct. 30, 2021

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Note 9. Income Taxes

The provision for income taxes during interim reporting periods is calculated by applying an estimate of the annual effective tax rate to “ordinary” income or loss for the reporting period, adjusted for discrete items. Due to various factors, including our estimate of annual income, our effective tax rate is subject to fluctuation.

Our effective tax rate for the three and six months ended October 30, 2021 was 29.6 and 27.0 percent, respectively, as compared to an effective rate of 41.1 and 26.2 percent for the three and six months ended October 31, 2020. The difference in tax rates is primarily driven by a decrease in estimated tax credits proportionate to an increase in estimated pre-tax earnings in the second quarter of fiscal 2021 compared to the second quarter of fiscal 2022.

We operate both domestically and internationally and, as of October 30, 2021, undistributed earnings of our foreign subsidiaries were considered to be reinvested indefinitely. Additionally, as of October 30, 2021, we had $682 of unrecognized tax benefits which would reduce our effective tax rate if recognized.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Note 10 - Fair Value Measurement

6 Months Ended

Oct. 30, 2021

Notes to Financial Statements

Fair Value Disclosures [Text Block]

Note 10. Fair Value Measurement

The following table sets forth by Level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis at October 30, 2021 and May 1, 2021 according to the valuation techniques we used to determine their fair values. There have been no transfers of assets or liabilities among the fair value hierarchies presented.

	*Fair Value Measurements*
	*Level 1*		*Level 2*			*Level 3*			*Total*
Balance as of October 30, 2021
Cash and cash equivalents	$	59,727	$	—		$	—		$	59,727
Restricted cash		1,877		—			—			1,877
Derivatives - asset position		—		20			—			20
Derivatives - liability position		—		(196	)		—			(196	)
	$	61,604	$	(176	)	$	—		$	61,428
Balance as of May 1, 2021
Cash and cash equivalents	$	77,590	$	—		$	—		$	77,590
Restricted cash		2,812		—			—			2,812
Derivatives - asset position		—		4			—			4
Derivatives - liability position		—		(261	)		—			(261	)
Acquisition-related contingent consideration		—		—			(363	)		(363	)
	$	80,402	$	(257	)	$	(363	)	$	79,782

A roll forward of the Level 3 contingent liabilities, both short- and long-term, for the six months ended October 30, 2021 is as follows:

Acquisition-related contingent consideration as of May 1, 2021	$	363
Additions		33
Settlements		(400	)
Interest		4
Acquisition-related contingent consideration as of October 30, 2021	$	—

There have been no changes in the valuation techniques used by us to value our financial instruments since the end of fiscal 2021. For additional information, see our Annual Report on Form 10-K for the fiscal year ended May 1, 2021 for the methods and assumptions used to estimate the fair value of each class of financial instrument.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 11 - Subsequent Events

6 Months Ended

Oct. 30, 2021

Notes to Financial Statements

Subsequent Events [Text Block]

Note 11. Subsequent Events

Effective on November 19, 2021, the Board approved a First Amendment to Rights Agreement, dated as of November 19, 2021 (the "First Amendment "). The First Amendment amends the Rights Agreements dated as of November 16, 2018 (the "Original Rights Agreement") between the Company and the Rights Agent. The First Amendment extends the expiration date of the rights (the "Rights") under the Original Rights Agreement from the close of business on November 19, 2021 to the close of business on November 19, 2024 and changes the initial exercise price to $20.00 per Right, subject to certain adjustments.

The terms of the Rights are more fully described in Item 1.01 of the Company's Current Report 8-K filed with the Securities and Exchange Commission on November 19, 2021, including the First Amendment filed as Exhibit 4.2 to such Current Report on Form 8-K.  

Significant Accounting Policies (Policies)

6 Months Ended

Oct. 30, 2021

Accounting Policies [Abstract]

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

There have been no material changes to our significant accounting policies and estimates as described in our Annual Report on Form 10-K for the fiscal year ended May 1, 2021.

Accounting Standards Adopted

There are no significant Accounting Standard Updates ("ASUs") issued that we adopted in the six months ended October 30, 2021.

Accounting Standards Not Yet Adopted

There are no significant ASU's issued but not yet adopted as of October 30, 2021.

Note 1 - Basis of Presentation (Tables)

6 Months Ended

Oct. 30, 2021

Notes Tables

Schedule of Cash and Cash Equivalents [Table Text Block]

	*October 30,*		*October 31,*
	*2021*		*2020*
Cash and cash equivalents	$	59,727	$	69,836
Restricted cash		1,877		3,617
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows	$	61,604	$	73,453

Note 3 - Earnings Per Share ("EPS") (Tables)

6 Months Ended

Oct. 30, 2021

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Net income*		*Shares*		*Per share income*
For the three months ended October 30, 2021
Basic earnings per share	$	2,374		45,350	$	0.05
Dilution associated with stock compensation plans		—		149		—
Diluted earnings per share	$	2,374		45,499	$	0.05
For the three months ended October 31, 2020
Basic earnings per share	$	3,416		44,893	$	0.08
Dilution associated with stock compensation plans		—		84		—
Diluted earnings per share	$	3,416		44,977	$	0.08
For the six months ended October 30, 2021
Basic earnings per share	$	6,059		45,271	$	0.13
Dilution associated with stock compensation plans		—		219		—
Diluted earnings per share	$	6,059		45,490	$	0.13
For the six months ended October 31, 2020
Basic earnings per share	$	10,883		44,808	$	0.24
Dilution associated with stock compensation plans		—		139		—
Diluted earnings per share	$	10,883		44,947	$	0.24

Note 4 - Revenue Recognition (Tables)

6 Months Ended

Oct. 30, 2021

Notes Tables

Disaggregation of Revenue [Table Text Block]

	*Three Months Ended October 30, 2021*
					*High School*
	*Commercial*		*Live Events*		*Park and Recreation*		*Transportation*		*International*		*Total*
Type of performance obligation
Unique configuration	$	4,559	$	43,528	$	6,908	$	8,976	$	11,562	$	75,533
Limited configuration		25,977		8,825		24,916		4,552		10,466		74,736
Service and other		3,927		7,043		923		525		1,790		14,208
	$	34,463	$	59,396	$	32,747	$	14,053	$	23,818	$	164,477
Timing of revenue recognition
Goods/services transferred at a point in time	$	26,362	$	11,508	$	23,115	$	4,634	$	10,815	$	76,434
Goods/services transferred over time		8,101		47,888		9,632		9,419		13,003		88,043
	$	34,463	$	59,396	$	32,747	$	14,053	$	23,818	$	164,477

	*Six Months Ended October 30, 2021*
					*High School*
	*Commercial*		*Live Events*		*Park and Recreation*		*Transportation*		*International*		*Total*
Type of performance obligation
Unique configuration	$	8,146	$	85,036	$	11,074	$	15,517	$	17,445	$	137,218
Limited configuration		51,884		14,667		47,873		9,904		22,011		146,339
Service and other		7,214		12,080		1,694		1,190		3,474		25,652
	$	67,244	$	111,783	$	60,641	$	26,611	$	42,930	$	309,209
Timing of revenue recognition
Goods/services transferred at a point in time	$	52,741	$	18,337	$	45,056	$	10,205	$	22,834	$	149,173
Goods/services transferred over time		14,503		93,446		15,585		16,406		20,096		160,036
	$	67,244	$	111,783	$	60,641	$	26,611	$	42,930	$	309,209

	*Three Months Ended October 31, 2020*
					*High School*
	*Commercial*		*Live Events*		*Park and Recreation*		*Transportation*		*International*		*Total*
Type of performance obligation
Unique configuration	$	3,508	$	27,302	$	5,091	$	8,975	$	6,367	$	51,243
Limited configuration		22,611		4,611		21,696		5,825		8,224		62,967
Service and other		4,237		5,909		791		523		1,697		13,157
	$	30,356	$	37,822	$	27,578	$	15,323	$	16,288	$	127,367
Timing of revenue recognition
Goods/services transferred at a point in time	$	23,226	$	6,736	$	19,718	$	5,930	$	8,468	$	64,078
Goods/services transferred over time		7,130		31,086		7,860		9,393		7,820		63,289
	$	30,356	$	37,822	$	27,578	$	15,323	$	16,288	$	127,367

	*Six Months Ended October 31, 2020*
					*High School*
	*Commercial*		*Live Events*		*Park and Recreation*		*Transportation*		*International*		*Total*
Type of performance obligation
Unique configuration	$	12,235	$	69,277	$	12,759	$	16,699	$	10,379	$	121,349
Limited configuration		45,166		10,030		42,384		12,091		16,877		126,548
Service and other		7,461		9,989		1,378		1,031		3,255		23,114
	$	64,862	$	89,296	$	56,521	$	29,821	$	30,511	$	271,011
Timing of revenue recognition
Goods/services transferred at a point in time	$	46,118	$	12,950	$	39,086	$	12,304	$	17,647	$	128,105
Goods/services transferred over time		18,744		76,346		17,435		17,517		12,864		142,906
	$	64,862	$	89,296	$	56,521	$	29,821	$	30,511	$	271,011

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

	*October 30,*		*May 1,*		*Dollar*			*Percent*
	*2021*		*2021*		*Change*			*Change*
Contract assets	$	40,231	$	32,799	$	7,432			22.7	%
Contract liabilities - current		70,158		64,495		5,663			8.8	%
Contract liabilities - noncurrent		10,707		10,720		(13	)		(0.1	)%

	*October 30,*
	*2021*
Balance at beginning of period	$	24,590
New contracts sold		22,764
Less: reductions for revenue recognized		(19,955	)
Foreign currency translation and other		260
Balance at end of period	$	27,659

Note 5 - Segment Reporting (Tables)

6 Months Ended

Oct. 30, 2021

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	*Three Months Ended*						*Six Months Ended*
	*October 30,*			*October 31,*			*October 30,*			*October 31,*
	*2021*			*2020*			*2021*			*2020*
Net sales:
Commercial	$	34,463		$	30,356		$	67,244		$	64,862
Live Events		59,396			37,822			111,783			89,296
High School Park and Recreation		32,747			27,578			60,641			56,521
Transportation		14,053			15,323			26,611			29,821
International		23,818			16,288			42,930			30,511
		164,477			127,367			309,209			271,011

Gross profit:
Commercial		7,445			8,578			14,623			16,320
Live Events		5,585			7,300			14,167			16,654
High School Park and Recreation		10,749			8,497			20,258			18,973
Transportation		4,404			5,312			8,155			10,455
International		4,081			3,627			7,249			6,673
		32,264			33,314			64,452			69,075

Operating expenses:
Selling		12,482			12,654			24,277			24,210
General and administrative		8,201			7,264			15,772			14,388
Product design and development		7,196			6,737			14,358			14,269
		27,879			26,655			54,407			52,867
Operating income		4,385			6,659			10,045			16,208

Nonoperating income (expense):
Interest (expense) income, net		(59	)		(18	)		78			(6	)
Other (expense) income, net		(952	)		(837	)		(1,820	)		(1,464	)
Income before income taxes	$	3,374		$	5,804		$	8,303		$	14,738

Depreciation and amortization:
Commercial	$	601		$	721		$	1,303		$	1,493
Live Events		1,248			1,424			2,585			2,875
High School Park and Recreation		340			492			778			988
Transportation		127			234			266			471
International		752			701			1,478			1,394
Unallocated corporate depreciation		669			655			1,379			1,343
	$	3,737		$	4,227		$	7,789		$	8,564

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]

	*Three Months Ended*				*Six Months Ended*
	*October 30,*		*October 31,*		*October 30,*		*October 31,*
	*2021*		*2020*		*2021*		*2020*
Net sales:
United States	$	138,821	$	108,453	$	262,303	$	236,522
Outside United States		25,656		18,914		46,906		34,489
	$	164,477	$	127,367	$	309,209	$	271,011

	*October 30,*		*May 1,*
	*2021*		*2021*
Property and equipment, net of accumulated depreciation:
United States	$	48,609	$	50,130
Outside United States		7,475		8,552
	$	56,084	$	58,682

Note 6 - Goodwill (Tables)

6 Months Ended

Oct. 30, 2021

Notes Tables

Schedule of Goodwill [Table Text Block]

	*Live Events*			*Commercial*			*Transportation*			*International*			*Total*
Balance as of May 1, 2021	$	2,313		$	3,464		$	84		$	2,553		$	8,414
Foreign currency translation		(2	)		(14	)		(2	)		(103	)		(121	)
Balance as of October 30, 2021	$	2,311		$	3,450		$	82		$	2,450		$	8,293

Note 8 - Commitments and Contingencies (Tables)

6 Months Ended

Oct. 30, 2021

Notes Tables

Schedule of Product Warranty Liability [Table Text Block]

	*October 30,*
	*2021*
Beginning accrued warranty obligations	$	25,960
Warranties issued during the period		4,926
Settlements made during the period		(3,501	)
Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations		(1,607	)
Ending accrued warranty obligations	$	25,778

Note 10 - Fair Value Measurement (Tables)

6 Months Ended

Oct. 30, 2021

Notes Tables

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

	*Fair Value Measurements*
	*Level 1*		*Level 2*			*Level 3*			*Total*
Balance as of October 30, 2021
Cash and cash equivalents	$	59,727	$	—		$	—		$	59,727
Restricted cash		1,877		—			—			1,877
Derivatives - asset position		—		20			—			20
Derivatives - liability position		—		(196	)		—			(196	)
	$	61,604	$	(176	)	$	—		$	61,428
Balance as of May 1, 2021
Cash and cash equivalents	$	77,590	$	—		$	—		$	77,590
Restricted cash		2,812		—			—			2,812
Derivatives - asset position		—		4			—			4
Derivatives - liability position		—		(261	)		—			(261	)
Acquisition-related contingent consideration		—		—			(363	)		(363	)
	$	80,402	$	(257	)	$	(363	)	$	79,782

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

Acquisition-related contingent consideration as of May 1, 2021	$	363
Additions		33
Settlements		(400	)
Interest		4
Acquisition-related contingent consideration as of October 30, 2021	$	—

Note 1 - Basis of Presentation (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2020 USD ($)	Aug. 01, 2020 USD ($)	Oct. 31, 2021 USD ($)	Oct. 31, 2020 USD ($)
Number of Employees, Voluntary Retirement		60
Voluntary Retirement Cost		$ 931
Number of Employees, Reduction in Force	150	108
Severance Costs	$ 2,742	$ 1,426
Government Wage Subsidy			$ 280	$ 1,378
Payroll Tax, Employer, Deferral under the CARES Act			$ 5,122

Note 1 - Basis of Presentation - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Oct. 30, 2021	May 01, 2021	Oct. 31, 2020	May 02, 2020
Cash and cash equivalents	$ 59,727	$ 77,590	$ 69,836
Restricted cash	1,877	2,812	3,617
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows	$ 61,604	$ 80,402	$ 73,453	$ 40,412

Note 2 - Investments in Affiliates (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 30, 2021	Oct. 30, 2020	Oct. 30, 2021	Oct. 31, 2020	May 01, 2021
Equity Method Investments	$ 18,322		$ 18,322		$ 19,887
Income (Loss) from Equity Method Investments, Total	(819)	$ (616)	(1,565)	$ (1,145)
Related Party Transaction, Amounts of Transaction			898	$ 560
Accounts Payable [Member]
Due to Related Parties, Total	584		584
Long-term Receivables, Less Current Maturities [Member]
Equity Method Investments	$ 5,000		$ 5,000

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties.

+ References

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Note 3 - Earnings Per Share ("EPS") (Details Textual) - $ / shares	3 Months Ended		6 Months Ended
	Oct. 30, 2021	Oct. 31, 2020	Oct. 30, 2021	Oct. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	1,943	2,348	1,877	2,233
Antidilutive Securities Excluded from Computation of Earnings Per Share, Weighted Average Exercise Price (in dollars per share)	$ 9.22	$ 9.28	$ 9.37	$ 9.61

Note 3 - Earnings Per Share ("EPS") - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Oct. 30, 2021	Jul. 31, 2021	Oct. 31, 2020	Aug. 01, 2020	Oct. 31, 2021	Oct. 30, 2021	Oct. 31, 2020	Oct. 31, 2020
Basic earnings per share, net income	$ 2,374	$ 3,685	$ 3,416	$ 7,467	$ 6,059	$ 6,059	$ 10,883	$ 10,883
Basic earnings per share, shares (in shares)	45,350		44,893		45,271	45,271	44,808	44,808
Basic earnings per share, per share income (in dollars per share)	$ 0.05		$ 0.08		$ 0.13	$ 0.13	$ 0.24	$ 0.24
Dilution associated with stock compensation plans, shares (in shares)	149		84		219		139
Diluted earnings per share, net income	$ 2,374		$ 3,416		$ 6,059		$ 10,883
Diluted earnings per share, shares (in shares)	45,499		44,977		45,490	45,490	44,947	44,947
Diluted earnings per share, per share income (in dollars per share)	$ 0.05		$ 0.08		$ 0.13	$ 0.13	$ 0.24	$ 0.24

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Note 4 - Revenue Recognition 1 (Details Textual)	6 Months Ended
Note 4 - Revenue Recognition 1 (Details Textual)	Oct. 30, 2021 USD ($)
Contract With Customer, Liability, Revenue Recognized During Period	$ 42,300
Revenue, Remaining Performance Obligation, Amount	338,935
Product [Member]
Revenue, Remaining Performance Obligation, Amount	281,568
Service [Member]
Revenue, Remaining Performance Obligation, Amount	$ 57,367

Note 4 - Revenue Recognition 2 (Details Textual)	Oct. 30, 2021 USD ($)
Revenue, Remaining Performance Obligation, Amount	$ 338,935
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-11-01
Revenue, Remaining Performance Obligation, Amount	$ 303,959
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month)	12 months

Note 4 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 30, 2021	Oct. 31, 2020	Oct. 30, 2021	Oct. 31, 2020
Net sales	$ 164,477	$ 127,367	$ 309,209	$ 271,011
Transferred at Point in Time [Member]
Net sales	76,434	64,078	149,173	128,105
Transferred over Time [Member]
Net sales	88,043	63,289	160,036	142,906
Unique Configuration [Member]
Net sales	75,533	51,243	137,218	121,349
Limited Configuration [Member]
Net sales	74,736	62,967	146,339	126,548
Service and Other [Member]
Net sales	14,208	13,157	25,652	23,114
Commercial [Member]
Net sales	34,463	30,356	67,244	64,862
Commercial [Member] \| Transferred at Point in Time [Member]
Net sales	26,362	23,226	52,741	46,118
Commercial [Member] \| Transferred over Time [Member]
Net sales	8,101	7,130	14,503	18,744
Commercial [Member] \| Unique Configuration [Member]
Net sales	4,559	3,508	8,146	12,235
Commercial [Member] \| Limited Configuration [Member]
Net sales	25,977	22,611	51,884	45,166
Commercial [Member] \| Service and Other [Member]
Net sales	3,927	4,237	7,214	7,461
Live Events [Member]
Net sales	59,396	37,822	111,783	89,296
Live Events [Member] \| Transferred at Point in Time [Member]
Net sales	11,508	6,736	18,337	12,950
Live Events [Member] \| Transferred over Time [Member]
Net sales	47,888	31,086	93,446	76,346
Live Events [Member] \| Unique Configuration [Member]
Net sales	43,528	27,302	85,036	69,277
Live Events [Member] \| Limited Configuration [Member]
Net sales	8,825	4,611	14,667	10,030
Live Events [Member] \| Service and Other [Member]
Net sales	7,043	5,909	12,080	9,989
High School Park and Recreation [Member]
Net sales	32,747	27,578	60,641	56,521
High School Park and Recreation [Member] \| Transferred at Point in Time [Member]
Net sales	23,115	19,718	45,056	39,086
High School Park and Recreation [Member] \| Transferred over Time [Member]
Net sales	9,632	7,860	15,585	17,435
High School Park and Recreation [Member] \| Unique Configuration [Member]
Net sales	6,908	5,091	11,074	12,759
High School Park and Recreation [Member] \| Limited Configuration [Member]
Net sales	24,916	21,696	47,873	42,384
High School Park and Recreation [Member] \| Service and Other [Member]
Net sales	923	791	1,694	1,378
Transportation [Member]
Net sales	14,053	15,323	26,611	29,821
Transportation [Member] \| Transferred at Point in Time [Member]
Net sales	4,634	5,930	10,205	12,304
Transportation [Member] \| Transferred over Time [Member]
Net sales	9,419	9,393	16,406	17,517
Transportation [Member] \| Unique Configuration [Member]
Net sales	8,976	8,975	15,517	16,699
Transportation [Member] \| Limited Configuration [Member]
Net sales	4,552	5,825	9,904	12,091
Transportation [Member] \| Service and Other [Member]
Net sales	525	523	1,190	1,031
International [Member]
Net sales	23,818	16,288	42,930	30,511
International [Member] \| Transferred at Point in Time [Member]
Net sales	10,815	8,468	22,834	17,647
International [Member] \| Transferred over Time [Member]
Net sales	13,003	7,820	20,096	12,864
International [Member] \| Unique Configuration [Member]
Net sales	11,562	6,367	17,445	10,379
International [Member] \| Limited Configuration [Member]
Net sales	10,466	8,224	22,011	16,877
International [Member] \| Service and Other [Member]
Net sales	$ 1,790	$ 1,697	$ 3,474	$ 3,255

Note 4 - Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($)	6 Months Ended
	Oct. 30, 2021	May 01, 2021
Contract assets	$ 40,231,000	$ 32,799,000
Contract assets	$ 7,432,000
Contract assets	22.70%
Contract liabilities - current	$ 70,158,000	64,495,000
Contract liabilities - current	$ 5,663,000
Contract liabilities - current	8.80%
Contract liabilities - noncurrent	$ 10,707,000	$ 10,720,000
Contract liabilities - noncurrent	$ (13,000)
Contract liabilities - noncurrent	(0.10%)
Less: reductions for revenue recognized	$ (42,300)
Service-type Warranty Contracts [Member]
Balance at beginning of period	24,590,000
New contracts sold	22,764,000
Less: reductions for revenue recognized	(19,955,000)
Foreign currency translation and other	260,000
Balance at end of period	$ 27,659,000

Note 5 - Segment Reporting (Details Textual)	6 Months Ended
Note 5 - Segment Reporting (Details Textual)	Oct. 30, 2021
Number of Reportable Segments	5

Note 5 - Segment Reporting - Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 30, 2021	Oct. 31, 2020	Oct. 30, 2021	Oct. 31, 2020
Net sales	$ 164,477	$ 127,367	$ 309,209	$ 271,011
Gross profit	32,264	33,314	64,452	69,075
Selling	12,482	12,654	24,277	24,210
General and administrative	8,201	7,264	15,772	14,388
Product design and development	7,196	6,737	14,358	14,269
Operating Expenses, Total	27,879	26,655	54,407	52,867
Operating income	4,385	6,659	10,045	16,208
Interest (expense) income, net	(59)	(18)	78	(6)
Other (expense) income, net	(952)	(837)	(1,820)	(1,464)
Income before income taxes	3,374	5,804	8,303	14,738
Depreciation and amortization	3,737	4,227	7,789	8,564
Corporate, Non-Segment [Member]
Depreciation and amortization	669	655	1,379	1,343
Commercial [Member]
Net sales	34,463	30,356	67,244	64,862
Commercial [Member] \| Operating Segments [Member]
Net sales	34,463	30,356	67,244	64,862
Gross profit	7,445	8,578	14,623	16,320
Depreciation and amortization	601	721	1,303	1,493
Live Events [Member]
Net sales	59,396	37,822	111,783	89,296
Live Events [Member] \| Operating Segments [Member]
Net sales	59,396	37,822	111,783	89,296
Gross profit	5,585	7,300	14,167	16,654
Depreciation and amortization	1,248	1,424	2,585	2,875
High School Park and Recreation [Member]
Net sales	32,747	27,578	60,641	56,521
High School Park and Recreation [Member] \| Operating Segments [Member]
Net sales	32,747	27,578	60,641	56,521
Gross profit	10,749	8,497	20,258	18,973
Depreciation and amortization	340	492	778	988
Transportation [Member]
Net sales	14,053	15,323	26,611	29,821
Transportation [Member] \| Operating Segments [Member]
Net sales	14,053	15,323	26,611	29,821
Gross profit	4,404	5,312	8,155	10,455
Depreciation and amortization	127	234	266	471
International [Member]
Net sales	23,818	16,288	42,930	30,511
International [Member] \| Operating Segments [Member]
Net sales	23,818	16,288	42,930	30,511
Gross profit	4,081	3,627	7,249	6,673
Depreciation and amortization	$ 752	$ 701	$ 1,478	$ 1,394

Note 5 - Segment Reporting - Net Sales and Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 30, 2021	Oct. 31, 2020	Oct. 30, 2021	Oct. 31, 2020	May 01, 2021
Net sales	$ 164,477	$ 127,367	$ 309,209	$ 271,011
Property and equipment, net of accumulated depreciation	56,084		56,084		$ 58,682
UNITED STATES
Net sales	138,821	108,453	262,303	236,522
Property and equipment, net of accumulated depreciation	48,609		48,609		50,130
Non-US [Member]
Net sales	25,656	$ 18,914	46,906	$ 34,489
Property and equipment, net of accumulated depreciation	$ 7,475		$ 7,475		$ 8,552

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Note 6 - Goodwill (Details Textual) $ in Thousands	Nov. 02, 2020 USD ($)
Goodwill, Impairment Loss	$ 0

Note 6 - Goodwill - Goodwill (Details) $ in Thousands	6 Months Ended
Note 6 - Goodwill - Goodwill (Details) $ in Thousands	Oct. 30, 2021 USD ($)
Balance	$ 8,414
Foreign currency translation	(121)
Balance	8,293
Live Events [Member]
Balance	2,313
Foreign currency translation	(2)
Balance	2,311
Commercial [Member]
Balance	3,464
Foreign currency translation	(14)
Balance	3,450
Transportation [Member]
Balance	84
Foreign currency translation	(2)
Balance	82
International [Member]
Balance	2,553
Foreign currency translation	(103)
Balance	$ 2,450

Note 7 - Financing Agreements (Details Textual) $ in Thousands	6 Months Ended
	Oct. 30, 2021 USD ($)
Long-term Line of Credit, Total	$ 715
Letter of Credit [Member]
Line of Credit Facility, Expiration Period (Year)	7 years
Line of Credit Facility, Remaining Borrowing Capacity	$ 26,745
Line of Credit [Member]
Long-term Line of Credit, Total	$ 8,255

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Note 8 - Commitments and Contingencies (Details Textual) $ in Thousands	Oct. 30, 2021 USD ($)
Financial Standby Letter of Credit [Member]
Loss Contingency Accrual, Ending Balance	$ 8,255
Guarantee of Business Revenue [Member]
Loss Contingency Accrual, Ending Balance	715
Surety Bond [Member]
Loss Contingency Accrual, Ending Balance	$ 52,219

Note 8 - Commitments and Contingencies - Change in Warranty Obligation (Details) $ in Thousands	6 Months Ended
	Oct. 31, 2021 USD ($)
Beginning accrued warranty obligations	$ 25,960
Warranties issued during the period	4,926
Settlements made during the period	(3,501)
Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations	(1,607)
Ending accrued warranty obligations	$ 25,778

Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 30, 2021	Oct. 31, 2020	Oct. 30, 2021	Oct. 31, 2020
Effective Income Tax Rate Reconciliation, Percent, Total	29.60%	41.10%	27.00%	26.20%
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 682		$ 682

Note 10 - Fair Value Measurement - Fair Value Hierarchy (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Oct. 30, 2021	May 01, 2021
Cash and cash equivalents	$ 59,727	$ 77,590
Restricted cash	1,877	2,812
Derivatives - asset position	20	4
Derivatives - liability position	(196)	(261)
Fair Value, Net Asset (Liability), Total	61,428	79,782
Acquisition-related contingent consideration		(363)
Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	59,727	77,590
Restricted cash	1,877	2,812
Derivatives - asset position	0	0
Derivatives - liability position	0	0
Fair Value, Net Asset (Liability), Total	61,604	80,402
Acquisition-related contingent consideration		0
Fair Value, Inputs, Level 2 [Member]
Cash and cash equivalents	0	0
Restricted cash	0	0
Derivatives - asset position	20	4
Derivatives - liability position	(196)	(261)
Fair Value, Net Asset (Liability), Total	(176)	(257)
Acquisition-related contingent consideration		0
Fair Value, Inputs, Level 3 [Member]
Cash and cash equivalents	0	0
Restricted cash	0	0
Derivatives - asset position	0	0
Derivatives - liability position	0	0
Fair Value, Net Asset (Liability), Total	$ 0	(363)
Acquisition-related contingent consideration		$ (363)

Note 10 - Fair Value Measurement - Contingent Liabilities (Details) - Contingent Consideration Liability [Member] $ in Thousands	6 Months Ended
	Oct. 30, 2021 USD ($)
Acquisition-related contingent consideration as of May 1, 2021	$ 363
Additions	33
Settlements	(400)
Interest	4
Acquisition-related contingent consideration as of October 30, 2021	$ 0

Note 11 - Subsequent Events (Details Textual)	Nov. 19, 2021 $ / shares
Subsequent Event [Member] \| Preferred Share Purchase Right [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 20.00