0000915779-22-000110 | 10-Q | XBRL Viewer

Cover - shares	6 Months Ended
Cover - shares	Oct. 29, 2022	Dec. 07, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 29, 2022
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		45,465,728
Entity Central Index Key	0000915779
Entity Registrant Name	DAKTRONICS INC
Amendment Flag	false
Current Fiscal Year End Date	--04-29
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, No Par Value
Trading Symbol	DAKT
Security Exchange Name	NASDAQ
Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
Trading Symbol	DAKT
Security Exchange Name	NASDAQ

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 29, 2022	Apr. 30, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 6,431	$ 17,143
Restricted cash	712	865
Marketable securities	525	4,020
Accounts receivable, net	114,720	101,099
Inventories	167,892	134,392
Contract assets	39,330	41,687
Current maturities of long-term receivables	1,744	2,798
Prepaid expenses and other current assets	11,063	14,963
Income tax receivables	3,215	603
Total current assets	345,632	317,570
Property and equipment, net	74,271	66,765
Long-term receivables, less current maturities	734	1,490
Goodwill	7,637	7,927
Intangibles, net	1,253	1,472
Investment in affiliates and other assets	34,341	32,321
Deferred income taxes	0	13,331
TOTAL ASSETS	463,868	440,876
CURRENT LIABILITIES:
Accounts payable	86,705	76,313
Contract liabilities	90,403	90,393
Accrued expenses	38,169	34,959
Warranty obligations	11,320	11,621
Income taxes payable	455	408
Total current liabilities	227,052	213,694
Long-term warranty obligations	18,434	17,257
Long-term contract liabilities	12,303	10,998
Other long-term obligations	7,131	7,076
Line of Credit	26,418	0
Deferred income taxes	0	287
Total long-term liabilities	64,286	35,618
SHAREHOLDERS' EQUITY:
Preferred Shares, no par value, authorized 50,000 shares; no shares issued and outstanding	0	0
Common Stock, no par value, authorized 115,000,000 shares; 47,158,442 and 46,733,544 shares issued at October 29, 2022 and April 30, 2022, respectively	62,388	61,794
Additional paid-in capital	49,217	48,372
Retained earnings	78,298	96,608
Treasury Stock, at cost, 1,907,445 shares at October 29, 2022 and April 30, 2022, respectively	(10,285)	(10,285)
Accumulated other comprehensive loss	(7,088)	(4,925)
TOTAL SHAREHOLDERS' EQUITY	172,530	191,564
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 463,868	$ 440,876

Condensed Consolidated Balance Sheets (Parentheticals) - shares	Oct. 29, 2022	Apr. 30, 2022
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	50,000	50,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, shares authorized (in shares)	115,000,000	115,000,000
Common stock, shares, issued (in shares)	47,158,442	46,733,544
Treasury stock, shares (in shares)	1,907,445	1,907,445

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Income Statement [Abstract]
Net sales	$ 187,439	$ 164,477	$ 359,359	$ 309,209
Cost of sales	155,735	132,213	301,861	244,757
Gross profit	31,704	32,264	57,498	64,452
Operating expenses:
Selling	14,525	12,482	28,958	24,277
General and administrative	8,687	8,201	18,128	15,772
Product design and development	6,966	7,196	14,405	14,358
Operating expenses	30,178	27,879	61,491	54,407
Operating income (loss)	1,526	4,385	(3,993)	10,045
Nonoperating (expense) income:
Interest (expense) income, net	(263)	(59)	(323)	78
Other expense, net	(208)	(952)	(955)	(1,820)
Income (loss) before income taxes	1,055	3,374	(5,271)	8,303
Income tax expense	14,039	1,000	13,039	2,244
Net (loss) income	$ (12,984)	$ 2,374	$ (18,310)	$ 6,059
Weighted average shares outstanding:
Basic (in shares)	45,317	45,350	45,258	45,271
Diluted (in shares)	45,317	45,499	45,258	45,490
Earnings (loss) per share:
Basic (in usd per share)	$ (0.29)	$ 0.05	$ (0.40)	$ 0.13
Diluted (in usd per share)	$ (0.29)	$ 0.05	$ (0.40)	$ 0.13

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (12,984)	$ 2,374	$ (18,310)	$ 6,059
Other comprehensive (loss):
Cumulative translation adjustments	(1,521)	(50)	(2,163)	(423)
Unrealized gain (loss) on available-for-sale securities, net of tax	(1)	0	0	0
Total other comprehensive (loss), net of tax	(1,522)	(50)	(2,163)	(423)
Comprehensive (loss) income	$ (14,506)	$ 2,324	$ (20,473)	$ 5,636

- 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 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss
Balance beginning at May. 01, 2021	$ 193,554	$ 60,575	$ 46,595	$ 96,016	$ (7,297)	$ (2,335)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	3,685			3,685
Cumulative translation adjustments	(373)					(373)
Share-based compensation	518		518
Employee savings plan activity	597	597
Treasury stock reissued	200		4		196
Balance ending at Jul. 31, 2021	198,181	61,172	47,117	99,701	(7,101)	(2,708)
Balance beginning at May. 01, 2021	193,554	60,575	46,595	96,016	(7,297)	(2,335)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	6,059
Cumulative translation adjustments	(423)
Unrealized gain (loss) on available-for-sale securities, net of tax	0
Balance ending at Oct. 30, 2021	200,803	61,175	47,412	102,075	(7,101)	(2,758)
Balance beginning at Jul. 31, 2021	198,181	61,172	47,117	99,701	(7,101)	(2,708)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	2,374			2,374
Cumulative translation adjustments	(50)					(50)
Unrealized gain (loss) on available-for-sale securities, net of tax	0
Share-based compensation	494		494
Exercise of stock options	3	3
Tax payments related to RSU issuances	(199)		(199)
Balance ending at Oct. 30, 2021	200,803	61,175	47,412	102,075	(7,101)	(2,758)
Balance beginning at Apr. 30, 2022	191,564	61,794	48,372	96,608	(10,285)	(4,925)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(5,326)			(5,326)
Cumulative translation adjustments	(642)					(642)
Unrealized gain (loss) on available-for-sale securities, net of tax	1					1
Share-based compensation	511		511
Employee savings plan activity	594	594
Balance ending at Jul. 30, 2022	186,702	62,388	48,883	91,282	(10,285)	(5,566)
Balance beginning at Apr. 30, 2022	191,564	61,794	48,372	96,608	(10,285)	(4,925)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(18,310)
Cumulative translation adjustments	(2,163)
Unrealized gain (loss) on available-for-sale securities, net of tax	0
Balance ending at Oct. 29, 2022	172,530	62,388	49,217	78,298	(10,285)	(7,088)
Balance beginning at Jul. 30, 2022	186,702	62,388	48,883	91,282	(10,285)	(5,566)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(12,984)			(12,984)
Cumulative translation adjustments	(1,521)					(1,521)
Unrealized gain (loss) on available-for-sale securities, net of tax	(1)					(1)
Share-based compensation	474		474
Tax payments related to RSU issuances	(140)		(140)
Balance ending at Oct. 29, 2022	$ 172,530	$ 62,388	$ 49,217	$ 78,298	$ (10,285)	$ (7,088)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Oct. 29, 2022	Oct. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (18,310)	$ 6,059
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization	8,225	7,789
Gain on sale of property, equipment and other assets	(412)	(676)
Share-based compensation	985	1,012
Equity in loss of affiliates	1,701	1,565
Provision for doubtful accounts, net of recovery	573	(588)
Deferred income taxes, net	13,037	(41)
Change in operating assets and liabilities	(27,737)	(23,654)
Net cash (used in) operating activities	(21,938)	(8,534)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(16,237)	(4,507)
Proceeds from sales of property, equipment and other assets	432	760
Proceeds from sales or maturities of marketable securities	3,495	0
Purchases of equity and loans to equity investees	(2,882)	(6,129)
Net cash (used in) investing activities	(15,192)	(9,876)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on notes payable	190,608	0
Payments on notes payable	(164,190)	0
Principal payments on long-term obligations	0	(200)
Proceed from exercise of stock options	0	3
Tax payments related to RSU issuances	(140)	(199)
Net cash provided by (used in) financing activities	26,278	(396)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(13)	8
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(10,865)	(18,798)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period	18,008	80,402
End of period	7,143	61,604
Cash paid for:
Interest	337	0
Income taxes, net of refunds	2,471	1,270
Supplemental schedule of non-cash investing and financing activities:
Demonstration equipment transferred to inventory	0	53
Purchases of property and equipment included in accounts payable	4,093	1,283
Contributions of common stock under the ESPP	$ 594	$ 597

Basis of Presentation

6 Months Ended

Oct. 29, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Daktronics, Inc. and its subsidiaries (the “Company”, “Daktronics”, “we”, “our”, or “us”) are an 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 April 30, 2022 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 fiscal year ended April 30, 2022, 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 fiscal 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 29, 2022 and October 30, 2021 contained operating results for 26 weeks.

Cash and cash equivalents and restricted cash

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 29, 2022		October 30, 2021
Cash and cash equivalents	$	6,431	$	59,727
Restricted cash	712		1,877
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	7,143	$	61,604

Liquidity and Going Concern

The accompanying condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

We continue to experience volatility in our business driven by global economic conditions and supply chain disruptions. All of these conditions have caused volatility in our cash flow, pricing, order volumes, lead-times, competitiveness, revenue cycles, and production costs. We believe it is likely these conditions will continue to have negative impacts in fiscal 2023. To improve operations and cash flows, we have increased prices of our goods and services. We have also increased investment in inventory levels to add production stability. To adapt, we used cash and line of credit borrowings to source inventory to add stability to our production processes to fulfill backlog. We also continue to invest in property

and equipment to expand our capacity and add automation. Our ability to fund inventory levels, operations and capital expenditures in the future will be dependent on our ability to generate cash flow from operations in these conditions, to maintain or improve margins, and to use funds from our credit facility. Our credit facility expires in April 2025, and it requires us to comply with certain covenants.

Although supply chain disruptions have started to ease and we expect our inventory levels to decline, we cannot be certain we will not experience future disruptions or need additional liquidity to fund inventory levels, operations, and capital expenditures. We will need additional liquidity to meet our obligations as they come due in the 12 months following the date of this Report and we cannot be assured that such liquidity will be available or the form of such liquidity, such as equity raises or debt financing. These conditions raise substantial doubt about our ability to continue as a going concern. In response to these conditions, we are pursuing additional liquidity through various means, including but not limited to obtaining financing secured by a mortgage on our facilities, a sales-leaseback transaction, leasing property and equipment, and continued focus on reducing working capital. Since these plans are not finalized and are subject to market conditions and restrictions from our existing financing agreements that are not within our control, they cannot be deemed probable. As a result, we have concluded that our plans do not alleviate substantial doubt about our ability to continue as a going concern.

Refer to Note 7 for additional considerations related to our financing agreements.

The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.

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 April 30, 2022.

Accounting Standards Adopted

There were no standards adopted since the last quarterly report.

Accounting Standards Not Yet Adopted

There are no significant ASUs issued that the Company has not yet adopted as of October 29, 2022.

Investments in Affiliates	6 Months Ended
Investments in Affiliates	Oct. 29, 2022
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Investments in Affiliates	Investments in AffiliatesThe aggregate amount of our investments accounted for under the equity method was $18,040 and $16,916 as of October 29, 2022 and April 30, 2022, respectively. Our proportional share of the respective affiliates' earnings or losses is included in the "Other expense, net" line item in our condensed consolidated statements of operations. For the three and six months ended October 29, 2022, our share of the losses of our affiliates was $811 and $1,701 as compared to $819 and $1,565 for the three and six months ended October 30, 2021. We purchased services for research and development activities from our equity method investees. The total of these related party transactions for the six months ended October 29, 2022 and October 30, 2021 was $672 and $898, respectively, which is included in the "Product design and development" line item in our condensed consolidated statements of operations, and for the six months ended October 29, 2022, $52 remains unpaid and is included in the "Accounts payable" line item in our condensed consolidated balance sheets. During the six months ended October 29, 2022, we invested $2,882 of convertible notes ("Notes"), which are included in the "Investment in affiliates and other assets" line item in our condensed consolidated balance sheets. During the six months ended October 29, 2022, we converted $2,824 from Notes to stock ownership.

Earnings Per Share ("EPS")

6 Months Ended

Oct. 29, 2022

Earnings Per Share [Abstract]

Earnings Per Share ("EPS")

The following is a reconciliation of the net (loss) income and common share amounts used in the calculation of basic and diluted EPS for the three and six months ended October 29, 2022 and October 30, 2021:


	Net (loss) income		Shares	Per share (loss) income
For the three months ended October 29, 2022
Basic and diluted (loss) earnings per share	$	(12,984)	45,317	$	(0.29)

Diluted (loss) earnings per share	$	(12,984)	45,317	$	(0.29)
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 six months ended October 29, 2022
Basic and diluted (loss) earnings per share	$	(18,310)	45,258	$	(0.40)

Diluted (loss) earnings per share	$	(18,310)	45,258	$	(0.40)
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

Options outstanding to purchase 2,063 shares of common stock with a weighted average exercise price of $7.51 for the three months ended October 29, 2022 and 1,943 shares of common stock with a weighted average exercise price of $9.22 for the three months ended October 30, 2021 were not included in the computation of diluted earnings per share because the effects would be anti-dilutive.

Options outstanding to purchase 2,082 shares of common stock with a weighted average exercise price of $7.82 for the six months ended October 29, 2022 and 1,877 shares of common stock with a weighted average exercise price of $9.37 for the six months ended October 30, 2021 were not included in the computation of diluted earnings per share because the effects would be anti-dilutive.

Revenue Recognition

6 Months Ended

Oct. 29, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Disaggregation of revenue

The following table presents our disaggregation of revenue by segments:


	Three Months Ended October 29, 2022
	Commercial		Live Events		High School Park and Recreation		Transportation		International		Total
Type of performance obligation
Unique configuration	$	5,582	$	52,862	$	7,856	$	11,398	$	6,123	$	83,821
Limited configuration	26,768		9,675		32,975		4,542		14,285		88,245
Service and other	4,697		6,702		1,175		739		2,060		15,373
	$	37,047	$	69,239	$	42,006	$	16,679	$	22,468	$	187,439
Timing of revenue recognition
Goods/services transferred at a point in time	$	28,078	$	11,682	$	31,129	$	4,749	$	15,019	$	90,657
Goods/services transferred over time	8,969		57,557		10,877		11,930		7,449		96,782
	$	37,047	$	69,239	$	42,006	$	16,679	$	22,468	$	187,439


	Six Months Ended October 29, 2022
	Commercial		Live Events		High School Park and Recreation		Transportation		International		Total
Type of performance obligation
Unique configuration	$	10,269	$	95,030	$	14,448	$	23,884	$	12,624	$	156,255
Limited configuration	58,544		18,155		61,258		10,641		25,786		174,384
Service and other	8,352		12,437		2,109		1,694		4,128		28,720
	$	77,165	$	125,622	$	77,815	$	36,219	$	42,538	$	359,359
Timing of revenue recognition
Goods/services transferred at a point in time	$	60,635	$	20,904	$	58,219	$	11,131	$	26,895	$	177,784
Goods/services transferred over time	16,530		104,718		19,596		25,088		15,643		181,575
	$	77,165	$	125,622	$	77,815	$	36,219	$	42,538	$	359,359


	Three Months Ended October 30, 2021
	Commercial		Live Events		High School 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
	Commercial		Live Events		High School 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

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 29, 2022		April 30, 2022		Dollar Change		Percent Change
Contract assets	$	39,330	$	41,687	$	(2,357)	(5.7)	%
Contract liabilities - current	90,403		90,393		10		—
Contract liabilities - noncurrent	12,303		10,998		1,305		11.9

The changes in our contract assets and contract liabilities from April 30, 2022 to October 29, 2022 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 impairments of contract assets for the six months ended October 29, 2022.

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". Changes in unearned service-type warranty contracts, net were as follows:


	October 29, 2022
Balance at beginning of period	$	26,346
New contracts sold	25,860
Less: reductions for revenue recognized	(21,381)
Foreign currency translation and other	(270)
Balance at end of period	$	30,555

Contracts in progress identified as loss contracts as of October 29, 2022 were $482 and as of April 30, 2022 were immaterial. Loss provisions are recorded in the "Accrued expenses" line item in our condensed consolidated balance sheets.

During the six months ended October 29, 2022, we recognized revenue of $65,533 related to our contract liabilities as of April 30, 2022.

Remaining performance obligations

As of October 29, 2022, the aggregate amount of the transaction price allocated to the remaining performance obligations was $524,251. Remaining performance obligations related to product and service agreements at October 29, 2022 were $463,084 and $61,167, respectively. We expect approximately $467,498 of our remaining performance obligations to be recognized over the next 12 months, with the remainder recognized thereafter. 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Segment Reporting

6 Months Ended

Oct. 29, 2022

Segment Reporting [Abstract]

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 29, 2022		October 30, 2021		October 29, 2022		October 30, 2021
Net sales:
Commercial	$	37,047	$	34,463	$	77,165	$	67,244
Live Events	69,239		59,396		125,622		111,783
High School Park and Recreation	42,006		32,747		77,815		60,641
Transportation	16,679		14,053		36,219		26,611
International	22,468		23,818		42,538		42,930
	187,439		164,477		359,359		309,209

Gross profit:
Commercial	6,197		7,445		11,018		14,623
Live Events	7,983		5,585		11,769		14,167
High School Park and Recreation	11,811		10,749		21,788		20,258
Transportation	4,084		4,404		9,922		8,155
International	1,629		4,081		3,001		7,249
	31,704		32,264		57,498		64,452

Operating expenses:
Selling	14,525		12,482		28,958		24,277
General and administrative	8,687		8,201		18,128		15,772
Product design and development	6,966		7,196		14,405		14,358
	30,178		27,879		61,491		54,407
Operating income (loss)	1,526		4,385		(3,993)		10,045

Nonoperating (expense) income:
Interest (expense) income, net	(263)		(59)		(323)		78
Other expense, net	(208)		(952)		(955)		(1,820)
Income (loss) before income taxes	$	1,055	$	3,374	$	(5,271)	$	8,303

Depreciation and amortization:
Commercial	$	834	$	601	$	1,637	$	1,303
Live Events	1,627		1,248		3,193		2,585
High School Park and Recreation	383		340		722		778
Transportation	128		127		253		266
International	566		752		1,111		1,478
Unallocated corporate depreciation	662		669		1,309		1,379
	$	4,200	$	3,737	$	8,225	$	7,789

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 29, 2022		October 30, 2021		October 29, 2022		October 30, 2021
Net sales:
United States	$	163,142	$	138,821	$	312,580	$	262,303
Outside United States	24,297		25,656		46,779		46,906
	$	187,439	$	164,477	$	359,359	$	309,209


	October 29, 2022		April 30, 2022
Property and equipment, net of accumulated depreciation:
United States	$	66,150	$	58,643
Outside United States	8,121		8,122
	$	74,271	$	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 for the three and six months ended October 29, 2022 and October 30, 2021; 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 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.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Goodwill

6 Months Ended

Oct. 29, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The changes in the carrying amount of goodwill related to each reportable segment for the six months ended October 29, 2022 were as follows:


	Live Events		Commercial		Transportation		International		Total
Balance as of April 30, 2022	$	2,296	$	3,349	$	68	$	2,214	$	7,927
Foreign currency translation	(20)		(146)		(20)		(104)		(290)
Balance as of October 29, 2022	$	2,276	$	3,203	$	48	$	2,110	$	7,637

We perform an analysis of goodwill on an annual basis and test 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 October 31, 2021 and concluded no goodwill impairment existed. Our market capitalization has decreased since the completion of the October 31, 2021 evaluation which caused a trigger analysis to test goodwill impairment due to supply chain and labor supply uncertainty. After evaluating our results, events and circumstances, we determined no goodwill impairment was necessary.

Financing Agreements	6 Months Ended
Financing Agreements	Oct. 29, 2022
Debt Disclosure [Abstract]
Financing Agreements	Financing AgreementsAs of October 29, 2022, $26,418 had been advanced under the loan portion of our line of credit, and the balance of letters of credit outstanding was approximately $6,917. As of October 29, 2022, $11,665 of the credit facility was available for borrowing. On October 31, 2022, we entered into an agreement to temporarily expand the line of credit by $10,000 through January 31, 2023. As of October 29, 2022, we were in compliance with our financial covenants. On December 9, 2022, we entered into the sixth amendment to our credit agreement. The Amendment clarifies certain definitions related to the deferred tax asset valuation allowance and adds additional financial reporting requirements and negative covenants. It also requires Daktronics to obtain the current lender’s approval of any additional indebtedness and receive an audit report on our fiscal 2023 financial statements that does not express substantial doubt about the Company’s ability to continue as a going concern. As of October 29, 2022, we had $616 of bank guarantees or other financial instruments for display installations issued by another bank and secured by a restricted cash deposit. If we are unable to meet the terms of the arrangement, the bank would subrogate its loss by drawing on the secured cash deposit.

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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+ Details

Commitments and Contingencies

6 Months Ended

Oct. 29, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Litigation: We are a party to legal proceedings and claims which arise during the ordinary course of business. We review our legal proceedings and claims, regulatory reviews and inspections, and other legal matters on an ongoing basis and follow appropriate accounting guidance when making accrual and disclosure decisions. 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 29, 2022 consisted of the following:


	October 29, 2022
Beginning accrued warranty obligations	$	28,878
Warranties issued during the period	5,951
Settlements made during the period	(3,923)
Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations	(1,152)
Ending accrued warranty obligations	$	29,754

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 29, 2022, we had outstanding letters of credit, bank guarantees and surety bonds in the amount of $6,917, $616 and $72,777, 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 29, 2022, we were not aware of any indemnification claim from a customer.

Income Taxes	6 Months Ended
Income Taxes	Oct. 29, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes during interim reporting periods is calculated by applying an estimate of the annual effective tax rate. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and assumptions including, but not limited to, the expected operating income (or loss) for the year, projections of the proportion of income (or loss) earned and taxed in foreign jurisdictions, and permanent and temporary differences and the likelihood of recovering deferred tax assets, then adjusted for any discrete items. The accounting estimates used to compute the provision for income taxes may change as new events occur, assumptions change, or additional information is obtained. Under GAAP we are required to evaluate the recoverability of our deferred tax assets and establish a valuation allowance if necessary to reduce our deferred tax assets to an amount that is more likely than not to be realized. Significant judgment is required in determining whether valuation allowances should be established, as well as the amount of such allowances. We establish or adjust valuation allowances for deferred tax assets when we estimate that it is more likely than not that we will be able to realize the value of the deferred tax assets. We evaluate all significant available positive and negative evidence as part of our analysis, including our past operating results, tax planning strategies, current and cumulative losses, and forecasts of future taxable income. The underlying assumptions we use in forecasting future taxable income requires significant judgment and takes into account our recent performance. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the periods in which temporary differences are deductible or creditable. If actual experience differs from these estimates and assumptions, the recognized deferred tax asset value may not be fully realized, resulting in an increase to income tax expense in our results of operations. Due to various factors, including our estimated of annual income, our effective tax rate is subject to fluctuation. Our effective tax rate for the three and six months ended October 29, 2022 was a tax rate of 1330.7 and a tax rate of (247.3) percent, as compared to an effective tax rate of 29.6 and 27.0 percent tax for the three and six months ended October 30, 2021. The increase in tax rate is primarily driven by the requirement to record a full valuation allowance on deferred tax assets during the second quarter of fiscal 2023 related to GAAP accounting for income taxes and related information. See "Note 1. Basis of Presentation - Liquidity and Going Concern" of the Notes to our Condensed Consolidated Financial Statements included in this Report. If, in the future, we determine we can support the recoverability of all or a portion of the deferred tax assets under the guidance, the tax benefits relating to any reversal of the valuation allowance on net deferred tax assets will be accounted for as a reduction of income tax expense and result in an increase in equity. Changes in tax laws and rates may affect recorded deferred tax assets and liabilities and our effective tax rate in the future. We operate both domestically and internationally and, as of October 29, 2022, undistributed earnings of our foreign subsidiaries were considered to be reinvested indefinitely. Additionally, as of October 29, 2022, we had $593 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

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-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Fair Value Measurement

6 Months Ended

Oct. 29, 2022

Fair Value Disclosures [Abstract]

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 29, 2022 and April 30, 2022 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 29, 2022
Cash and cash equivalents	$	6,431	$	—	$	—	$	6,431
Restricted cash	712		—		—		712
Available-for-sale securities:
US Government securities	—		—		—		—
US Government sponsored entities	—		525		—		525
Derivatives - asset position	—		1,175		—		1,175


	$	7,143	$	1,700	$	—	$	8,843
Balance as of April 30, 2022
Cash and cash equivalents	$	17,143	$	—	$	—	$	17,143
Restricted cash	865		—		—		865
Available-for-sale securities:
US Government securities	3,486		—		—		3,486
US Government sponsored entities	—		534		—		534

Derivatives - asset position	—		934		—		934
Derivatives - liability position	—		(311)		—		(311)

	$	21,494	$	1,157	$	—	$	22,651

There have been no changes in the valuation techniques used by us to value our financial instruments since the end of fiscal 2022. For additional information, see our Annual Report on Form 10-K for the fiscal year ended April 30, 2022 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

Subsequent Events	6 Months Ended
Subsequent Events	Oct. 29, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn December 9, 2022, we entered into the sixth amendment to our credit agreement as described in Note 7. T

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Oct. 29, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	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.
Recent Accounting Pronouncements	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 April 30, 2022. Accounting Standards Adopted There were no standards adopted since the last quarterly report. Accounting Standards Not Yet Adopted There are no significant ASUs issued that the Company has not yet adopted as of October 29, 2022.

Basis of Presentation (Tables)

6 Months Ended

Oct. 29, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash and Cash Equivalents


	October 29, 2022		October 30, 2021
Cash and cash equivalents	$	6,431	$	59,727
Restricted cash	712		1,877
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	7,143	$	61,604

Earnings Per Share ("EPS") (Tables)

6 Months Ended

Oct. 29, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	Net (loss) income		Shares	Per share (loss) income
For the three months ended October 29, 2022
Basic and diluted (loss) earnings per share	$	(12,984)	45,317	$	(0.29)

Diluted (loss) earnings per share	$	(12,984)	45,317	$	(0.29)
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 six months ended October 29, 2022
Basic and diluted (loss) earnings per share	$	(18,310)	45,258	$	(0.40)

Diluted (loss) earnings per share	$	(18,310)	45,258	$	(0.40)
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

Revenue Recognition (Tables)

6 Months Ended

Oct. 29, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents our disaggregation of revenue by segments:


	Three Months Ended October 29, 2022
	Commercial		Live Events		High School Park and Recreation		Transportation		International		Total
Type of performance obligation
Unique configuration	$	5,582	$	52,862	$	7,856	$	11,398	$	6,123	$	83,821
Limited configuration	26,768		9,675		32,975		4,542		14,285		88,245
Service and other	4,697		6,702		1,175		739		2,060		15,373
	$	37,047	$	69,239	$	42,006	$	16,679	$	22,468	$	187,439
Timing of revenue recognition
Goods/services transferred at a point in time	$	28,078	$	11,682	$	31,129	$	4,749	$	15,019	$	90,657
Goods/services transferred over time	8,969		57,557		10,877		11,930		7,449		96,782
	$	37,047	$	69,239	$	42,006	$	16,679	$	22,468	$	187,439


	Six Months Ended October 29, 2022
	Commercial		Live Events		High School Park and Recreation		Transportation		International		Total
Type of performance obligation
Unique configuration	$	10,269	$	95,030	$	14,448	$	23,884	$	12,624	$	156,255
Limited configuration	58,544		18,155		61,258		10,641		25,786		174,384
Service and other	8,352		12,437		2,109		1,694		4,128		28,720
	$	77,165	$	125,622	$	77,815	$	36,219	$	42,538	$	359,359
Timing of revenue recognition
Goods/services transferred at a point in time	$	60,635	$	20,904	$	58,219	$	11,131	$	26,895	$	177,784
Goods/services transferred over time	16,530		104,718		19,596		25,088		15,643		181,575
	$	77,165	$	125,622	$	77,815	$	36,219	$	42,538	$	359,359


	Three Months Ended October 30, 2021
	Commercial		Live Events		High School 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
	Commercial		Live Events		High School 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

Contract with Customer, Contract Asset, Contract Liability, and Receivable

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


	October 29, 2022		April 30, 2022		Dollar Change		Percent Change
Contract assets	$	39,330	$	41,687	$	(2,357)	(5.7)	%
Contract liabilities - current	90,403		90,393		10		—
Contract liabilities - noncurrent	12,303		10,998		1,305		11.9


	October 29, 2022
Balance at beginning of period	$	26,346
New contracts sold	25,860
Less: reductions for revenue recognized	(21,381)
Foreign currency translation and other	(270)
Balance at end of period	$	30,555

Segment Reporting (Tables)

6 Months Ended

Oct. 29, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, By Segment

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 29, 2022		October 30, 2021		October 29, 2022		October 30, 2021
Net sales:
Commercial	$	37,047	$	34,463	$	77,165	$	67,244
Live Events	69,239		59,396		125,622		111,783
High School Park and Recreation	42,006		32,747		77,815		60,641
Transportation	16,679		14,053		36,219		26,611
International	22,468		23,818		42,538		42,930
	187,439		164,477		359,359		309,209

Gross profit:
Commercial	6,197		7,445		11,018		14,623
Live Events	7,983		5,585		11,769		14,167
High School Park and Recreation	11,811		10,749		21,788		20,258
Transportation	4,084		4,404		9,922		8,155
International	1,629		4,081		3,001		7,249
	31,704		32,264		57,498		64,452

Operating expenses:
Selling	14,525		12,482		28,958		24,277
General and administrative	8,687		8,201		18,128		15,772
Product design and development	6,966		7,196		14,405		14,358
	30,178		27,879		61,491		54,407
Operating income (loss)	1,526		4,385		(3,993)		10,045

Nonoperating (expense) income:
Interest (expense) income, net	(263)		(59)		(323)		78
Other expense, net	(208)		(952)		(955)		(1,820)
Income (loss) before income taxes	$	1,055	$	3,374	$	(5,271)	$	8,303

Depreciation and amortization:
Commercial	$	834	$	601	$	1,637	$	1,303
Live Events	1,627		1,248		3,193		2,585
High School Park and Recreation	383		340		722		778
Transportation	128		127		253		266
International	566		752		1,111		1,478
Unallocated corporate depreciation	662		669		1,309		1,379
	$	4,200	$	3,737	$	8,225	$	7,789

Schedule of Revenue From External Customers and Long-lived Assets, By Geographical Areas

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 29, 2022		October 30, 2021		October 29, 2022		October 30, 2021
Net sales:
United States	$	163,142	$	138,821	$	312,580	$	262,303
Outside United States	24,297		25,656		46,779		46,906
	$	187,439	$	164,477	$	359,359	$	309,209


	October 29, 2022		April 30, 2022
Property and equipment, net of accumulated depreciation:
United States	$	66,150	$	58,643
Outside United States	8,121		8,122
	$	74,271	$	66,765

Goodwill (Tables)

6 Months Ended

Oct. 29, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amount of goodwill related to each reportable segment for the six months ended October 29, 2022 were as follows:


	Live Events		Commercial		Transportation		International		Total
Balance as of April 30, 2022	$	2,296	$	3,349	$	68	$	2,214	$	7,927
Foreign currency translation	(20)		(146)		(20)		(104)		(290)
Balance as of October 29, 2022	$	2,276	$	3,203	$	48	$	2,110	$	7,637

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
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-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Commitments and Contingencies (Tables)

6 Months Ended

Oct. 29, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Product Warranty Liability

Warranties: Changes in our warranty obligation for the six months ended October 29, 2022 consisted of the following:


	October 29, 2022
Beginning accrued warranty obligations	$	28,878
Warranties issued during the period	5,951
Settlements made during the period	(3,923)
Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations	(1,152)
Ending accrued warranty obligations	$	29,754

Fair Value Measurement (Tables)

6 Months Ended

Oct. 29, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis


	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
Balance as of October 29, 2022
Cash and cash equivalents	$	6,431	$	—	$	—	$	6,431
Restricted cash	712		—		—		712
Available-for-sale securities:
US Government securities	—		—		—		—
US Government sponsored entities	—		525		—		525
Derivatives - asset position	—		1,175		—		1,175


	$	7,143	$	1,700	$	—	$	8,843
Balance as of April 30, 2022
Cash and cash equivalents	$	17,143	$	—	$	—	$	17,143
Restricted cash	865		—		—		865
Available-for-sale securities:
US Government securities	3,486		—		—		3,486
US Government sponsored entities	—		534		—		534

Derivatives - asset position	—		934		—		934
Derivatives - liability position	—		(311)		—		(311)

	$	21,494	$	1,157	$	—	$	22,651

Basis of Presentation - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Oct. 29, 2022	Apr. 30, 2022	Oct. 30, 2021	May 01, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 6,431	$ 17,143	$ 59,727
Restricted cash	712	865	1,877
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$ 7,143	$ 18,008	$ 61,604	$ 80,402

Investments in Affiliates (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021	Apr. 30, 2022
Schedule of Investments [Line Items]
Equity method investments	$ 18,040		$ 18,040		$ 16,916
Equity in loss of affiliate	811	$ 819	1,701	$ 1,565
Accounts payable	52		52
Debt conversion, converted instrument, amount			2,824
Long-term Receivables, Less Current Maturities
Schedule of Investments [Line Items]
Purchase of convertible notes	2,882		$ 2,882
Product Design and Development
Schedule of Investments [Line Items]
Related party transaction, amounts of transaction	$ 672	$ 898

Earnings Per Share ("EPS") - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Oct. 29, 2022	Jul. 30, 2022	Oct. 30, 2021	Jul. 31, 2021	Oct. 29, 2022	Oct. 30, 2021
Net (loss) income
Basic earnings per share, net income	$ (12,984)	$ (5,326)	$ 2,374	$ 3,685	$ (18,310)	$ 6,059
Dilution associated with stock compensation plans, net income			0			0
Diluted earnings per share, net income	$ (12,984)		$ 2,374		$ (18,310)	$ 6,059
Shares
Basic earnings per share, shares (in shares)	45,317		45,350		45,258	45,271
Dilution associated with stock compensation plans, shares (in shares)			149			219
Diluted earnings per share, shares (in shares)	45,317		45,499		45,258	45,490
Per share (loss) income
Basic earnings per share, per share income (in usd per share)	$ (0.29)		$ 0.05		$ (0.40)	$ 0.13
Dilution associated with stock compensation plans (in usd per share)			0			0
Diluted earnings per share, per share income (in usd per share)	$ (0.29)		$ 0.05		$ (0.40)	$ 0.13

Earnings Per Share ("EPS") (Details Textual) - $ / shares	3 Months Ended		6 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,063,000	1,943,000	2,082,000	1,877,000
Antidilutive securities excluded from computation of earnings per share, weighted average exercise price (in usd per share)	$ 7.51	$ 9.22	$ 7.82	$ 9.37

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 187,439	$ 164,477	$ 359,359	$ 309,209
Goods/services transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	90,657	76,434	177,784	149,173
Goods/services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	96,782	88,043	181,575	160,036
Unique configuration
Disaggregation of Revenue [Line Items]
Net sales	83,821	75,533	156,255	137,218
Limited configuration
Disaggregation of Revenue [Line Items]
Net sales	88,245	74,736	174,384	146,339
Service and other
Disaggregation of Revenue [Line Items]
Net sales	15,373	14,208	28,720	25,652
Commercial
Disaggregation of Revenue [Line Items]
Net sales	37,047	34,463	77,165	67,244
Commercial \| Goods/services transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	28,078	26,362	60,635	52,741
Commercial \| Goods/services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	8,969	8,101	16,530	14,503
Commercial \| Unique configuration
Disaggregation of Revenue [Line Items]
Net sales	5,582	4,559	10,269	8,146
Commercial \| Limited configuration
Disaggregation of Revenue [Line Items]
Net sales	26,768	25,977	58,544	51,884
Commercial \| Service and other
Disaggregation of Revenue [Line Items]
Net sales	4,697	3,927	8,352	7,214
Live Events
Disaggregation of Revenue [Line Items]
Net sales	69,239	59,396	125,622	111,783
Live Events \| Goods/services transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	11,682	11,508	20,904	18,337
Live Events \| Goods/services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	57,557	47,888	104,718	93,446
Live Events \| Unique configuration
Disaggregation of Revenue [Line Items]
Net sales	52,862	43,528	95,030	85,036
Live Events \| Limited configuration
Disaggregation of Revenue [Line Items]
Net sales	9,675	8,825	18,155	14,667
Live Events \| Service and other
Disaggregation of Revenue [Line Items]
Net sales	6,702	7,043	12,437	12,080
High School Park and Recreation
Disaggregation of Revenue [Line Items]
Net sales	42,006	32,747	77,815	60,641
High School Park and Recreation \| Goods/services transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	31,129	23,115	58,219	45,056
High School Park and Recreation \| Goods/services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	10,877	9,632	19,596	15,585
High School Park and Recreation \| Unique configuration
Disaggregation of Revenue [Line Items]
Net sales	7,856	6,908	14,448	11,074
High School Park and Recreation \| Limited configuration
Disaggregation of Revenue [Line Items]
Net sales	32,975	24,916	61,258	47,873
High School Park and Recreation \| Service and other
Disaggregation of Revenue [Line Items]
Net sales	1,175	923	2,109	1,694
Transportation
Disaggregation of Revenue [Line Items]
Net sales	16,679	14,053	36,219	26,611
Transportation \| Goods/services transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	4,749	4,634	11,131	10,205
Transportation \| Goods/services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	11,930	9,419	25,088	16,406
Transportation \| Unique configuration
Disaggregation of Revenue [Line Items]
Net sales	11,398	8,976	23,884	15,517
Transportation \| Limited configuration
Disaggregation of Revenue [Line Items]
Net sales	4,542	4,552	10,641	9,904
Transportation \| Service and other
Disaggregation of Revenue [Line Items]
Net sales	739	525	1,694	1,190
International
Disaggregation of Revenue [Line Items]
Net sales	22,468	23,818	42,538	42,930
International \| Goods/services transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	15,019	10,815	26,895	22,834
International \| Goods/services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	7,449	13,003	15,643	20,096
International \| Unique configuration
Disaggregation of Revenue [Line Items]
Net sales	6,123	11,562	12,624	17,445
International \| Limited configuration
Disaggregation of Revenue [Line Items]
Net sales	14,285	10,466	25,786	22,011
International \| Service and other
Disaggregation of Revenue [Line Items]
Net sales	$ 2,060	$ 1,790	$ 4,128	$ 3,474

Revenue Recognition - Contract with Customer, Contract Asset, Contract Liability, and Receivable (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 29, 2022	Apr. 30, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract assets	$ 39,330	$ 41,687
Contract liabilities - current	90,403	90,393
Contract liabilities - noncurrent	12,303	$ 10,998
Dollar Change
Contract assets	(2,357)
Contract liabilities - current	10
Contract liabilities - noncurrent	$ 1,305
Percent Change
Contract assets	(5.70%)
Contract liabilities - current	0.00%
Contract liabilities - noncurrent	11.90%
Service-type Warranty Contracts
Changes in Unearned Service-Type Warranty Contract [Roll Forward]
Balance at beginning of period	$ 26,346
New contracts sold	25,860
Less: reductions for revenue recognized	(21,381)
Foreign currency translation and other	(270)
Balance at end of period	$ 30,555

Revenue Recognition (Details Textual) $ in Thousands	6 Months Ended
Revenue Recognition (Details Textual) $ in Thousands	Oct. 29, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Identified loss contract	$ 482
Recognized revenue	65,533
Revenue, remaining performance obligation	524,251
Product
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	463,084
Service
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	61,167
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 467,498
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months

Segment Reporting (Details Textual)	6 Months Ended
Segment Reporting (Details Textual)	Oct. 29, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	5

Segment Reporting - Schedule of Segment Reporting Information, By Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 187,439	$ 164,477	$ 359,359	$ 309,209
Gross profit:	31,704	32,264	57,498	64,452
Selling	14,525	12,482	28,958	24,277
General and administrative	8,687	8,201	18,128	15,772
Product design and development	6,966	7,196	14,405	14,358
Operating expenses:	30,178	27,879	61,491	54,407
Operating income (loss)	1,526	4,385	(3,993)	10,045
Interest (expense) income, net	(263)	(59)	(323)	78
Other expense, net	(208)	(952)	(955)	(1,820)
Income (loss) before income taxes	1,055	3,374	(5,271)	8,303
Depreciation and amortization:	4,200	3,737	8,225	7,789
Corporate, non-segment
Disaggregation of Revenue [Line Items]
Depreciation and amortization:	662	669	1,309	1,379
Commercial
Disaggregation of Revenue [Line Items]
Net sales	37,047	34,463	77,165	67,244
Gross profit:	6,197	7,445
Commercial \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales			77,165	67,244
Gross profit:			11,018	14,623
Depreciation and amortization:	834	601	1,637	1,303
Live Events
Disaggregation of Revenue [Line Items]
Net sales	69,239	59,396	125,622	111,783
Gross profit:	7,983	5,585
Live Events \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales			125,622	111,783
Gross profit:			11,769	14,167
Depreciation and amortization:	1,627	1,248	3,193	2,585
High School Park and Recreation
Disaggregation of Revenue [Line Items]
Net sales	42,006	32,747	77,815	60,641
Gross profit:	11,811	10,749
High School Park and Recreation \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales			77,815	60,641
Gross profit:			21,788	20,258
Depreciation and amortization:	383	340	722	778
Transportation
Disaggregation of Revenue [Line Items]
Net sales	16,679	14,053	36,219	26,611
Gross profit:	4,084	4,404
Transportation \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales			36,219	26,611
Gross profit:			9,922	8,155
Depreciation and amortization:	128	127	253	266
International
Disaggregation of Revenue [Line Items]
Net sales	22,468	23,818	42,538	42,930
Gross profit:	1,629	4,081
International \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales			42,538	42,930
Gross profit:			3,001	7,249
Depreciation and amortization:	$ 566	$ 752	$ 1,111	$ 1,478

Segment Reporting - Schedule of Revenue From External Customers and Long-lived Assets, By Geographical Areas (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021	Apr. 30, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 187,439	$ 164,477	$ 359,359	$ 309,209
Property and equipment, net of accumulated depreciation:	74,271		74,271		$ 66,765
United States
Disaggregation of Revenue [Line Items]
Net sales	163,142	138,821	312,580	262,303
Property and equipment, net of accumulated depreciation:	66,150		66,150		58,643
Outside United States
Disaggregation of Revenue [Line Items]
Net sales	24,297	$ 25,656	46,779	$ 46,906
Property and equipment, net of accumulated depreciation:	$ 8,121		$ 8,121		$ 8,122

- 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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Goodwill - Schedule of Goodwill (Details) $ in Thousands	6 Months Ended
Goodwill - Schedule of Goodwill (Details) $ in Thousands	Oct. 29, 2022 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 7,927
Foreign currency translation	(290)
Ending balance	7,637
Live Events
Goodwill [Roll Forward]
Beginning balance	2,296
Foreign currency translation	(20)
Ending balance	2,276
Commercial
Goodwill [Roll Forward]
Beginning balance	3,349
Foreign currency translation	(146)
Ending balance	3,203
Transportation
Goodwill [Roll Forward]
Beginning balance	68
Foreign currency translation	(20)
Ending balance	48
International
Goodwill [Roll Forward]
Beginning balance	2,214
Foreign currency translation	(104)
Ending balance	$ 2,110

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill (Details Textual) $ in Thousands	Oct. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, impairment loss	$ 0

Financing Agreements (Details) - USD ($) $ in Thousands	Oct. 31, 2022	Oct. 29, 2022
Letter of credit
Line of Credit Facility [Line Items]
Long-term line of credit		$ 26,418
Line of credit facility, maximum borrowing capacity		11,665
Standby letters of credit
Line of Credit Facility [Line Items]
Long-term line of credit		6,917
Line of credit facility, maximum borrowing capacity		$ 616
Line of Credit \| Subsequent Event
Line of Credit Facility [Line Items]
Line of credit, temporary expansion amount	$ 10,000

- 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

Commitments and Contingencies - Schedule of Product Warranty Liability (Details) $ in Thousands	6 Months Ended
	Oct. 29, 2022 USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning accrued warranty obligations	$ 28,878
Warranties issued during the period	5,951
Settlements made during the period	(3,923)
Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations	(1,152)
Ending accrued warranty obligations	$ 29,754

Commitments and Contingencies (Details Textual) $ in Thousands	Oct. 29, 2022 USD ($)
Financial Standby Letter of Credit
Loss Contingencies [Line Items]
Loss contingency accrual	$ 6,917
Guarantee of Business Revenue
Loss Contingencies [Line Items]
Loss contingency accrual	616
Surety Bond
Loss Contingencies [Line Items]
Loss contingency accrual	$ 72,777

Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details Textual) - USD ($) $ in Thousands	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Income Tax Disclosure [Abstract]
Tax rate	1330.70%	29.60%	(247.30%)	27.00%
Unrecognized tax benefits	$ 593		$ 593

Fair Value Measurement - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Oct. 29, 2022	Apr. 30, 2022
US Government securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities:		$ 3,486
US Government sponsored entities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities:		534
Level 1 \| US Government securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities:		3,486
Level 1 \| US Government sponsored entities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities:		0
Level 2 \| US Government securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities:		0
Level 2 \| US Government sponsored entities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities:		534
Level 3 \| US Government securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities:		0
Level 3 \| US Government sponsored entities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities:		0
Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 6,431	17,143
Restricted cash	712	865
Derivatives - asset position	1,175	934
Derivatives - liability position		(311)
Fair value, net asset (liability), total	8,843	22,651
Fair Value, Recurring \| US Government securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities:	0
Fair Value, Recurring \| US Government sponsored entities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities:	525
Fair Value, Recurring \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	6,431	17,143
Restricted cash	712	865
Derivatives - asset position	0	0
Derivatives - liability position		0
Fair value, net asset (liability), total	7,143	21,494
Fair Value, Recurring \| Level 1 \| US Government securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities:	0
Fair Value, Recurring \| Level 1 \| US Government sponsored entities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities:	0
Fair Value, Recurring \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Derivatives - asset position	1,175	934
Derivatives - liability position		(311)
Fair value, net asset (liability), total	1,700	1,157
Fair Value, Recurring \| Level 2 \| US Government securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities:	0
Fair Value, Recurring \| Level 2 \| US Government sponsored entities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities:	525
Fair Value, Recurring \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Derivatives - asset position	0	0
Derivatives - liability position		0
Fair value, net asset (liability), total	0	$ 0
Fair Value, Recurring \| Level 3 \| US Government securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities:	0
Fair Value, Recurring \| Level 3 \| US Government sponsored entities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities:	$ 0