0000915779-23-000046 | 10-K | XBRL Viewer

Goodwill and Intangible Assets (Tables)

12 Months Ended

Apr. 29, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill related to each reportable segment for the fiscal year ended April 29, 2023 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	(15)		(151)		(27)		81		(112)
Goodwill impairment	(2,281)		—		—		(2,295)		(4,576)
Balance as of April 29, 2023:	$	—	$	3,198	$	41	$	—	$	3,239

Schedule of Finite-Lived Intangible Assets

The following table summarizes intangible assets, net, as of April 29, 2023 and April 30, 2022:


	April 29, 2023
	Weighted Average Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Registered trademarks	20.0	$	650	$	270	$	380

Customer relationships	10.3	2,563		1,807		756

Total	12.2	$	3,213	$	2,077	$	1,136


	April 30, 2022
	Weighted Average Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Registered trademarks	20.0	$	639	$	233	$	406

Customer relationships	10.0	2,853		1,787		1,066

Total	11.8	$	3,492	$	2,020	$	1,472

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of April 29, 2023, amortization expenses for future periods were estimated to be as follows:


Fiscal years ending	Amount
2024	$	285
2025	285
2026	254
2027	37
2028	37
Thereafter	238
Total expected amortization expense	$	1,136

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Audit Information	12 Months Ended
Audit Information	Apr. 29, 2023
Auditor Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Minneapolis, Minnesota
Auditor Firm ID	34

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022
Income Tax Disclosure [Abstract]
Accrued warranty obligations	$ 8,088	$ 7,117
Vacation accrual	1,732	1,618
Deferred maintenance revenue	484	272
Allowance for excess and obsolete inventory	2,779	2,316
Equity compensation	255	276
Allowance for credit losses accounts	928	528
Inventory capitalization	1,339	1,278
Accrued compensation and benefits	395	1,019
Unrealized loss on foreign currency exchange	206	0
Net operating loss carry forwards	1,024	729
Outside basis difference in equity method investments	3,819	1,861
Section 174 Capitalization	5,225	0
Research and development tax credit carry forwards	210	396
Lease accounting - lease liability	1,426	1,918
Other	929	435
Total deferred tax assets	28,839	19,763
Valuation allowance	(4,900)	(2,452)
Net deferred tax assets	23,939	17,311
Property and equipment	(5,292)	(1,693)
Lease accounting - right of use asset	(1,411)	(1,907)
Prepaid expenses	(471)	(428)
Unrealized gain on foreign currency exchange	0	(180)
Other	(93)	(59)
Total deferred tax liabilities	(7,267)	(4,267)
Net deferred tax asset	16,672	13,044
Non-current assets	16,867	13,331
Non-current liabilities	$ (195)	$ (287)

Cover page - USD ($)	12 Months Ended
Cover page - USD ($)	Apr. 29, 2023	Jun. 30, 2023	Oct. 29, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--04-29
Document Period End Date	Apr. 29, 2023
Document Transition Report	false
Entity File Number	0-23246
Entity Registrant Name	Daktronics, Inc.
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 159,867,118
Entity Common Stock, Shares Outstanding		45,703,283
Entity Central Index Key	0000915779
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
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

Cash Flow Information - Schedule of Other Significant Noncash Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	May 01, 2021
Supplemental Cash Flow Information [Abstract]
Demonstration equipment transferred to inventory	$ 0	$ 53	$ 56
Purchases of property and equipment included in accounts payable	1,057	4,177	667
Contributions of common stock under the ESPP	1,207	1,211	565
Debt Issuance costs	$ 2,875	$ 0	$ 0

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($)		12 Months Ended
	Oct. 30, 2022	Apr. 29, 2023	Apr. 30, 2022	May 01, 2021
Goodwill [Roll Forward]
Beginning Balance		$ 7,927,000
Foreign currency translation		(112,000)
Goodwill impairment	$ (4,576,000)	(4,576,000)	$ 0	$ 0
Ending Balance		3,239,000	7,927,000
Live Events
Goodwill [Roll Forward]
Beginning Balance		2,296,000
Foreign currency translation		(15,000)
Goodwill impairment		(2,281,000)
Ending Balance		0	2,296,000
Commercial
Goodwill [Roll Forward]
Beginning Balance		3,349,000
Foreign currency translation		(151,000)
Goodwill impairment		0
Ending Balance		3,198,000	3,349,000
Transportation
Goodwill [Roll Forward]
Beginning Balance		68,000
Foreign currency translation		(27,000)
Goodwill impairment		0
Ending Balance		41,000	68,000
International
Goodwill [Roll Forward]
Beginning Balance		2,214,000
Foreign currency translation		81,000
Goodwill impairment		(2,295,000)
Ending Balance		$ 0	$ 2,214,000

- 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

Nature of Business and Summary of Significant Accounting Policies

12 Months Ended

Apr. 29, 2023

Accounting Policies [Abstract]

Nature of Business and Summary of Significant Accounting Policies

Nature of business: Daktronics, Inc. and its subsidiaries are engaged principally in the design, market, and manufacture of a wide range of integrated electronic display systems and related products which are sold in a variety of markets throughout the world and the rendering of related maintenance and professional services. Our products are designed primarily to inform and entertain people through the communication of content.

Fiscal year: We operate 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 fiscal years ended April 29, 2023, April 30, 2022 and May 1, 2021 contained operating results for 52 weeks.

We have an arrangement we concluded was a variable interest entity and accounted for it under the proportional consolidation method. This arrangement had an aggregate amount of contract assets and gross profit of $5,223 and $2,748 respectively, as of and for the year ended April 29, 2023.

Investments in affiliates: We consolidate entities in which we have a controlling financial interest by first considering if an entity meets the definition of a variable interest entity ("VIE") for which we are deemed to be the primary beneficiary, or if we have the power to control an entity through a majority of voting interest or through other arrangements.

Variable Interest Entities: A VIE is an entity (i) that lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; and/or (iii) that is established with non-substantive voting rights. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) the power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the VIE. This assessment may involve subjectivity in the determination of which activities most significantly affect the VIE’s performance and making estimates about current and future fair value of the assets held by the VIE and financial performance of the VIE. In assessing the Company's interests in the VIE, we also consider interests held by its related parties, including de facto agents. Additionally, we assess whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether we are most closely associated with the VIE. In performing the related party analysis, we consider both qualitative and quantitative factors including, but not limited to: the characteristics and size of its investment relative to the related party; our and the related party's ability to control or significantly influence key decisions of the VIE, including consideration of involvement by de facto agents; the obligation or likelihood for us or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of us and the related party. The determination of whether an entity is a VIE and whether we are the primary beneficiary may involve significant judgment and depends upon facts and circumstances specific to an entity at the time of the assessment.

At the end of each reporting period, we reassess whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in our consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case the assets, liabilities and noncontrolling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by us in the entity prior to us obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. However, if the consolidation represents an asset acquisition of a voting interest entity, our existing interest in the acquired assets, if any, is not remeasured to fair value but continues to be carried at historical cost. We may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained.

We evaluated the nature of our investment in affiliates of XdisplayTM company, which is developing micro-LED mass transfer expertise and technologies, and Miortech (dba Etulipa), which is developing low power outdoor electrowetting technology. We determined that Miortech is a VIE, and based on management's analysis, we determined that Daktronics is not the primary beneficiary; therefore, the investment in Miortech is accounted for under the equity method.

The aggregate amount of our investments accounted for under the equity method was $11,934 and $16,916 as of April 29, 2023 and April 30, 2022, respectively. Our proportional share of the respective affiliates' earnings or losses is included in the "Other (expense) income, net" line item in our consolidated statements of operations. For the fiscal years 2023, 2022 and 2021, our share of the losses of our affiliates was $3,332, $2,970 and $2,370, respectively. In fiscal year 2023, we concluded there was an other-than-temporary impairment of our investment in Miortech and recorded an impairment loss of $4,473 to reflect the investment at fair market value (level 3). The impairment loss is included in the "Other (expense) income, net" line item in our consolidated statements of operations.

We purchased services for research and development activities from our equity method investees. The total of these related party transactions for fiscal years 2023, 2022 and 2021 was $672, $1,520, and $460, respectively, which is included in the "Product design and development" line item in our consolidated statement of operations, and for fiscal 2023, $52 remains unpaid and is included in the "Accounts payable " line item in our consolidated balance sheet. Fiscal 2022 had $296 unpaid and included in the "Accounts payable" line item in our consolidated balance sheet.

During fiscal 2023, we invested in $3,000 of convertible notes and in $1,315 of promissory notes (collectively, "Notes") in our affiliates, which is included in the “Investment in affiliates and other assets" line item in our consolidated balance sheets. During fiscal 2023, we converted $2,823 of Notes to stock ownership. After this conversion of Notes to stock ownership, our ownership increased to 55.9 percent in Miortech. Our ownership in XdisplayTM company is 16.4 percent as of April 29, 2023. The total amount of Notes as of April 29, 2023 was $8,789 and is included in the "Investments in affiliates and other assets" line item in our consolidated balance sheets. The Notes balance combined with the investment in affiliates balance totaled $20,723 and $24,404 as of April 29, 2023 and April 30, 2022, respectively.

Summarized financial information for equity method investments consist of the following:


	Year Ended
	April 29, 2023		April 30, 2022		May 1, 2021
Balance sheet data:
Current assets	$	5,504	$	6,672	$	7,534
Non-current assets	3,312		4,491		4,637
Current liabilities	25,298		13,938		2,807
Non-current liabilities	721		1,738		1,793
Income statement data:
Net loss	$	(16,932)	$	(11,928)	$	(13,436)

Use of estimates: 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 of assets and liabilities; the disclosure of contingent assets and liabilities at the date of the financial statements; the reported amounts of revenues and expenses during the reporting period; and our ability to continue as a going concern. Due to the inherent uncertainty involved in making estimates, actual results in future periods may differ from those estimates.

Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the estimated total costs on uniquely configured contracts and estimated costs to be incurred for product warranties and income taxes. Estimation processes are also used in inventory valuation and determining, the allowance for credit losses, share-based compensation, goodwill impairment, investment in affiliates impairment, value of long-term assets, and extended warranty and product maintenance agreements.

Changes in estimates are reflected in the periods in which they become known.

market accounts that are carried at cost, which approximates fair value. We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We have not experienced any losses in such accounts.

Restricted cash: Restricted cash consists of cash and cash equivalents held in bank deposit accounts to secure issuances of foreign bank guarantees.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the totals of the same amounts shown in the 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.


	April 29, 2023		April 30, 2022		May 1, 2021
Cash and cash equivalents	$	23,982	$	17,143	$	77,590
Restricted cash	708		865		2,812
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	24,690	$	18,008	$	80,402

We have foreign currency cash accounts to operate our global business. These accounts are impacted by changes in foreign currency rates. Of our $23,982 in cash and cash equivalents balances as of April 29, 2023, $15,895 were denominated in United States dollars, of which $1,300 were held by our foreign subsidiaries. As of April 29, 2023, we had an additional $8,087 in cash balances denominated in foreign currencies, of which $7,651 were maintained in accounts of our foreign subsidiaries.

Inventories: In accordance with ASC 330, Inventory, our inventories are stated at the lower of cost (first-in, first-out method) and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Cost is measured as the price of the components and allocated expenses for production or betterment of the inventory item are applied to the purchase cost of the raw materials. When we estimate net realizable value to be lower than cost, any necessary adjustments are charged to cost of sales in that period. In determining net realizable value, we review various factors such as current inventory levels, forecasted demand, costs of completion, and technological obsolescence.

Allowance for credit losses: We make estimates regarding the collectability of our accounts receivable, long-term receivables, contract assets and other receivables. In evaluating the adequacy of our allowance for credit losses, we analyze specific balances, customer creditworthiness, changes in customer payment cycles, and current economic trends. If the financial condition of any customer were to deteriorate, resulting in an impairment of its ability to make payments, additional allowances may be required. In addition, in accordance with ASC 326, Financial Instruments - Credit Losses, an allowance is maintained for estimated forward-looking losses resulting from the possible inability of customers to make required payments (current expected losses). The amount of the allowance is determined principally on the basis of past collection experience and known financial factors regarding specific customers. We charge off receivables at such time it is determined collection will not occur against the allowance for credit losses.

Revenue recognition: Our accounting policies and estimates are in accordance with ASC 606, Revenue from Contracts with Customers, and are as follows:

Contracts are identified and follow the revenue recognition policies when all of the following occur: we have evidence that all parties to the contract have approved the contract and are committed to perform their respective obligations, we can identify each party’s rights regarding the goods or services to be transferred, we can identify the payment terms for the goods or services to be transferred, the contract has commercial substance, and it is probable we will collect substantially all of the consideration to which we would be entitled in exchange for the goods or services.

Pre-contract costs are generally expensed as incurred, unless they are directly associated with an anticipated contract and recoverability from that contract is probable. Pre-contract costs directly associated with anticipated contracts expected to be recoverable include $860 and $117 as of April 29, 2023 and April 30, 2022, respectively. These are included in the "Inventories" line item in our consolidated balance sheets.

At contract inception, we identify performance obligations by reviewing the agreement for material distinct goods and services. Goods and services are distinct when the customer can benefit from them on its own and our promises to transfer

these items are identifiable from other promises within the contract. When we are contracted to provide a single promise (an integrated system), we often treat it as a single performance obligation if we are providing goods and services with the same pattern of transfer that are highly integrated or interdependent, that are modified or customized by other goods or services promised, or that provide a combined outcome for which the customer has contracted. When less interdependency or integration is necessary, or when the customer can benefit from distinct items, we separate the contract into multiple performance obligations. We account for extended warranties and other services ("service-type warranties") that represent a distinct service as a separate performance obligation.

Our contracts can contain multiple components of transaction price. We evaluate each contract for these components and include fixed consideration, variable consideration, financing components, and non-cash consideration and exclude consideration payable to a customer and sales taxes in the transaction price. When we are responsible for site installations which include subcontracted work, we maintain the contractual responsibilities and risks and include the consideration for these services in the transaction price. When our contract contains variable consideration, including return rights, discounts, claims, unpriced change orders, and liquidated damages, we estimate the transaction price using the expected value (i.e., the sum of the probability-weighted amount) or the most likely amount method, whichever is expected to better predict revenue for that contract situation. We also constrain the revenue to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. We consider the following factors in determining revenue associated with variable consideration: (a) the contract or other evidence providing the legal basis, (b) additional costs caused by unforeseen circumstances, (c) evidence supporting the claim, and (d) historical evidence and patterns of customers. We adjust the contract price for the effects of a significant financing component if we expect, at contract inception, that the period between when we transfer goods and services to a customer will exceed one year from the time the customer pays and represents financing. If the payment structures exceed a year but are structured to account for risks with a contract or correspond to payments on milestones or are scheduled for performance, we do not adjust the contract price for a financing component. See "Note 6. Receivables" for amounts recorded in long-term receivables.

When separate performance obligations are identified, we allocate the transaction price to the individual performance obligation based on the best method we judge as a faithful depiction of the value of the performance obligation. Many of our contracts are bundled, and we do not have separate selling prices for each performance obligation; therefore, for these contracts, we primarily use the cost plus a margin approach to allocate the relative transaction price to identified performance obligations, as it is the best representative of our pricing methods.

Revenue is recognized when we satisfy a performance obligation. We receive payments from customers based on a billing schedule as established in our contracts. Billing schedules include down payments and progress billings over time; set milestone payments that are specific to the project are scheduled for performance-based payments or are set time-based payment(s). Variability in contract assets and contract liabilities relates to the timing of billings and revenue recognition, which can vary significantly depending on contractual payment terms, build and installation schedules and the related timing differences in transfer of control. Balances are also impacted by the seasonality in our business.

Significant judgments and estimates are used in our revenue policies. In order to assure appropriate and consistent revenue recognition, we regularly evaluate available project related information and update estimates accordingly. We maintain internal policies and procedures to provide guidance for those involved in recording revenue. We monitor for changes in our business sales practices and customer interactions to capture the appropriate types of performance obligations and adjust for any change in control terms and conditions.

Our material performance obligation types include:

Unique configuration contracts: audio-visual communication systems uniquely configured (custom) or integrated for a customer's particular location and system configuration may include all or a combination of the following: engineering services, project management services, video display(s), control solution(s), installation and integration services, scoring and messaging equipment, training, other on-site services, spare parts, software licenses, and assurance-type warranties.

We may have multiple performance obligations in these types of contracts; however, a majority are treated as a combined single performance obligation. In our judgment, this accounting treatment is most appropriate because the substantial part of our promise to customers is to provide significant integration services and incorporate individual goods and services into a combined output or system. Often times, the system is customized or

significantly modified to the customer's desired configurations and location, and the interrelated goods and services provide utility to the customer as a package.

Revenue for uniquely configured (custom) or integrated systems is recognized over time using the cost-to-cost input method. Over time revenue recognition is appropriate because we have no alternative use for the uniquely configured system and have an enforceable right to payment for work performed. The cost-to-cost input method measures costs incurred to date compared to estimated total costs for each contract. This method is the most faithful depiction of our performance because it measures the value of the contract transferred to the customer. Costs to perform include direct and indirect costs for contract design, production, integration, installation, and assurance-type warranty reserve. Direct costs include materials and components; manufacturing, project management and engineering labor; and subcontracting expenses. Indirect costs include allocated charges for such items as facilities and equipment depreciation and general overhead. Provisions of estimated losses on uncompleted contracts are made in the period when such losses are capable of being estimated.

Contract modifications to existing contracts with customers are evaluated in accordance with the five-step revenue model. We treat contract modifications as a separate contract and new performance obligations when the additional goods or services are distinct and do not add to the unique configuration or are outside the integrated system and when the consideration reflects standalone selling prices. If the additional goods or services offered under the modification enhance the uniquely configured or integrated systems, revenue is allocated to the existing contracts' performance obligation. Modifications may cause changes in the timing of revenue recognition depending on the allocation to various performance obligations.

The time between contract order and project completion is typically less than 12 months but may extend longer depending on the amount of custom work and customers’ delivery needs.

Limited configuration (standard systems) and after-sale parts contracts: Limited configuration (standard systems) or after-sale parts contracts with limited or no configuration or limited integration are recognized as distinct individual performance obligations when material. When not distinct, we combine into one performance obligation the goods and/or services with each other until the bundle of goods or services is distinct. For standard display purchases made in large quantities, we account for each piece of equipment separately as a distinct performance obligation from which a customer derives benefit. Immaterial goods or services in the context of the contract are included with the display system performance obligation. Standard systems and equipment with limited configurations or integrations may include all or a combination (when immaterial) of the following performance obligations: engineering services, project management services, video display(s), control solution(s), installation and integration services, scoring, messaging and audio equipment, training, spare parts, software licenses, assurance-type warranties, and after-sale parts.

Revenue is recognized at a point in time when control passes, or over time as services are performed. When fulfilling limited configuration performance obligations, we are typically able to redirect the video displays or scoring, messaging, or audio equipment to another customer without incurring significant economic losses. Therefore, we have an alternative use for the performance obligation and recognize revenue upon our substantial completion and at the point in time we estimate control has transferred to the customer. When limited configured single performance obligations are more service-type (i.e., installation and integration services), we recognize revenue over time using the cost-to-cost input method, by comparing cumulative costs incurred to the total estimated costs and applying that percentage of completion to the transaction price to recognize revenue.We believe the cost-to-cost input method is the most faithful depiction of the customer obtaining control and benefits from the work performed.

Services and other: Services sold on a stand-alone basis or after the initial system sale include performance obligations such as event support, control room design, on-site training, equipment service, service-type warranties, technical support, software sold as a service, and other immaterial revenue streams. These are contracted with a customer generally per service event or service type on a stand-alone basis. Services, service type warranties, and other are recognized as net sales when the services are performed, and control is transferred to the customer at a point in time when title or control passes or over time as services are performed and for time-based "stand ready to perform" type obligations. We use professional judgment to determine control transfer. If we have the right to consideration from a customer that directly corresponds with the value of our performance (where we bill a fixed amount for each hour of service provided), we recognize revenue related to the work completed.

Software: Revenues from software license fees on sales, other than uniquely configured type contracts, are recognized when delivery of the product has occurred. Subscription-based licenses include the right for a customer to use our licenses and receive related support for a specified term, and revenue is recognized pro-rata over the term of the engagement.

Shipping and handling costs: Shipping and handling costs collected from our customers in connection with our sales are recorded as revenue. We record shipping and handling costs as a component of cost of sales at the time the product is shipped.

Warranty: We offer a standard parts coverage warranty for periods varying from one to five years for most of our products. We also offer additional types of warranties to include on-site labor, routine maintenance and event support. In addition, the terms of warranties on some installations can vary from one to 10 years. The specific terms and conditions of these warranties vary primarily depending on the type of product sold. We estimate the costs which may be incurred under the contractual warranty obligations (assurance type warranty) and record a liability in the amount of such estimated costs at the time the revenue is recognized. Factors affecting our estimate of the cost of our warranty obligations include historical experience and expectations of future conditions. We continually assess the adequacy of our recorded warranty accruals and, to the extent we experience any changes in warranty claim activity or costs associated with servicing those claims, our accrued warranty obligation is adjusted accordingly. For service-type warranty contracts, we allocate revenue to this performance obligation, recognize the revenue over time, and recognize costs as incurred.

Property and equipment: In accordance with ASC 360, Property, Plant, and Equipment, property and equipment are stated at cost and depreciated principally on the straight-line method over the following estimated useful lives:


			Years
Buildings and improvements			5 - 40
Machinery and equipment			5 - 7
Office furniture and equipment			3 - 5
Computer software and hardware			3 - 5
Equipment held for rental			2 - 7
Demonstration equipment			3 - 5
Transportation equipment			5 - 7

Leasehold improvements are depreciated over the lesser of the useful life of the asset or the term of the lease.

Impairment of Long-Lived Assets: In accordance with ASC 360, Property, Plant, and Equipment, we assess long-lived tangible assets and definite-lived intangible assets for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable.

When evaluating long-lived assets for potential impairment, we first compare the carrying value of the asset to the asset's estimated future cash flows (undiscounted and without interest charges). If the estimated future cash flows are less than the carrying value of the asset, we calculate an impairment loss. The impairment loss calculation compares the carrying value of the asset to the asset's estimated fair value. We recognize an impairment loss if the amount of the asset's carrying value exceeds the asset's estimated fair value. If we recognize an impairment loss, the adjusted carrying amount of the asset becomes its new cost basis. For a depreciable long-lived asset, the new cost basis will be depreciated (amortized) over the remaining useful life of that asset.

Our impairment loss calculations contain uncertainties because they require management to make assumptions and to apply judgment to estimate future cash flows and asset fair values, including forecasting useful lives of the assets and selecting the discount rate that reflects the risk inherent in future cash flows.

A qualitative assessment may be used to first determine whether it is "more likely than not" that the fair value of a reporting unit is less its carrying value. Based on this assessment, if it is determined that is more likely than not that impairment has occurred, a quantitative analysis will be performed. The quantitative assessment uses an income approach to estimate the fair value of each reporting unit. The income approach is based on the projected cash flows, which are discounted to their present value using discount rates which consider the timing and risk of the forecasted cash flows. Fair value is estimated using internally developed forecasts and assumptions and takes into account management plans, business trends, and market and economic conditions. If the quantitative assessment of goodwill impairment fails, an impairment loss equal to the amount that a reporting unit's carrying value exceeds its fair value will be recognized.

Foreign currency translation: We follow the provisions of ASC 830, Foreign Currency Matters. Our foreign subsidiaries use the local currency of their respective countries as their functional currency. The assets and liabilities of foreign operations are translated at the exchange rates in effect at the balance sheet date. The operating results of foreign operations are translated at weighted average exchange rates. The related translation gains or losses are reported as a separate component of shareholders’ equity in accumulated other comprehensive loss.

Income taxes: We account for income taxes in accordance with ASC 740, Income Taxes. We record a tax provision for anticipated tax consequences of the reported results of operations. Deferred tax assets and liabilities are measured using currently enacted tax rates and statutory tax rates applicable to the years in which we expect these temporary differences will affect taxable income. These assets and liabilities are analyzed regularly, and we assess the likelihood that deferred tax assets will be recoverable from future taxable income. When necessary, a valuation allowance is established if it is more likely than not the deferred tax asset will not be realized. We report the net deferred tax asset and liability as a long-term asset or liability. Net deferred assets or liabilities are calculated by combining them based on their jurisdiction.

In addition, because we operate in multiple income tax jurisdictions both within the United States and internationally, the calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of complex tax laws. Resolution of these uncertainties in a manner inconsistent with our expectations could have a material impact on our financial condition and operating results. See "Note 12. Income Taxes" for further information.

Comprehensive income (loss): We follow the provisions of ASC 220, Reporting Comprehensive Income, which establishes standards for reporting and displaying comprehensive income and its components, and disclose these components in the consolidated statements of comprehensive income. Comprehensive income (loss) reflects the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. For us, comprehensive income represents net income adjusted for cumulative foreign currency translation adjustments and unrealized gains and losses on available-for-sale securities. The foreign currency translation adjustment included in the comprehensive income (loss) calculation has not been tax affected, as the investments in foreign affiliates are deemed to be permanent.

Product design and development: We follow the provisions of ASC 730, Research and Development, which states all expenses related to product design and development are charged to operations as incurred. Our product design and development activities include the enhancement of existing products and technologies and the development of new products and technologies.

Earnings per share (“EPS”): We follow the provisions of ASC 260, Earnings Per Share, where basic EPS is computed by dividing income attributable to common shareholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution which may occur if securities or other obligations to issue common stock were exercised or converted into shares of common stock or resulted in the issuance of shares of common stock which share in our earnings.

The following is a reconciliation of the net income and common share amounts used in the calculation of basic and diluted EPS for the fiscal years ended April 29, 2023, April 30, 2022 and May 1, 2021:


	Net income		Shares	Per share income
For the year ended April 29, 2023:
Basic earnings per share	$	6,802	45,404	$	0.15
Dilution associated with stock compensation plans	—		117	—
Diluted earnings per share	$	6,802	45,521	$	0.15
For the year ended April 30, 2022:
Basic earnings per share	$	592	45,188	$	0.01
Dilution associated with stock compensation plans	—		138	—
Diluted earnings per share	$	592	45,326	$	0.01
For the year ended May 1, 2021:
Basic earnings per share	$	10,926	44,989	$	0.24
Dilution associated with stock compensation plans	—		213	—
Diluted earnings per share	$	10,926	45,202	$	0.24

Options outstanding to purchase 2,084, 1,846 and 2,262 shares of common stock with a weighted average exercise price of $7.47, $9.15 and $9.11 for the fiscal years ended April 29, 2023, April 30, 2022 and May 1, 2021, respectively, were not included in the computation of diluted earnings per share because the effects would be anti-dilutive.

Share-based compensation: We account for share-based compensation in accordance with ASC 718, Compensation-Stock Compensation. Under the fair value recognition provisions of ASC 718, we measure share-based compensation cost at the grant date based on the fair value of the award and recognize the compensation expense over the requisite service period, which is the vesting period. See "Note 10. Shareholders' Equity and Share-Based Compensation" for additional information and the assumptions we use to calculate the fair value of share-based employee compensation.

Liquidity and Going Concern: The accompanying Consolidated Financial Statements are prepared in accordance with GAAP applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

We previously disclosed in our second and third quarter fiscal 2023 Form 10-Q Quarterly Reports that we had experienced volatility in our business driven by global economic conditions and supply chain disruptions. Although supply chain disruptions had started to ease, we could not be certain at that time we wouldn't experience future disruptions or need additional liquidity to fund operations. We also reported our financing plans were not deemed probable. Those conditions raised substantial doubt about the Company’s ability to continue as a going concern for the twelve months from the date of issuance of the second and third quarter fiscal 2023 Form 10-Q Quarterly Reports.

We adapted to the business environment by raising prices, increased inventory levels and added capacity to improve stability of operations, and instituted a liquidity enhancement program to focus our teams on improving cash flows. On May 11, 2023, we secured long-term financing to enhance our liquidity. During fiscal 2023, we recognized operating income of $21,388 and generated $15,024 in cash flows provided by operating activities. We project we will have sufficient cash on hand and available under these financing agreements to fund future operations.

Therefore, the events and conditions that gave rise to substantial doubt about our ability to continue as a going concern were resolved.

Refer to "Note 17. Subsequent Events" for additional considerations related to our financing agreements.

Recent Accounting Pronouncements

Accounting Standards Adopted

There were no standards adopted since our last Annual Report on Form 10-K.

Accounting Standards Not Yet Adopted

There are no significant new Accounting Standards Updates issued that the Company had not yet adopted as of April 29, 2023.

Selected Financial Statement Data (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	May 01, 2021
Inventory Disclosure [Abstract]
Depreciation, total	$ 16,703	$ 14,890	$ 15,575

Accounts Receivables, Net	12 Months Ended
Accounts Receivables, Net	Apr. 29, 2023
Receivables [Abstract]
Accounts Receivables, Net	Receivables, Net We invoice customers based on a billing schedule as established in our contracts. We sometimes have the ability to file a contractor’s lien against the product installed as collateral and to file claims against surety bonds to protect our interest in receivables. Foreign sales are at times secured by irrevocable letters of credit or bank guarantees. Accounts receivable are reported net of an allowance for credit losses of $4,182 and $2,754 as of April 29, 2023 and April 30, 2022, respectively. Included in accounts receivable as of April 29, 2023 and April 30, 2022 was $1,416 and $1,834, respectively, of retainage on construction-type contracts, all of which is expected to be collected within one year. In some contracts with customers, we agree to installment payments exceeding 12 months. The present value of these contracts is recorded as a receivable as the revenue is recognized in accordance with GAAP, and profit is recognized to the extent the present value is in excess of cost. We generally retain a security interest in the equipment or in the cash flow generated by the equipment until the contract is paid. The present value of long-term contracts, including accrued interest and current maturities, was $1,473 and $4,288 as of April 29, 2023 and April 30, 2022, respectively. Contract receivables bearing annual interest rates of 4.5 to 9.0 percent are due in varying annual installments through November 2026. The face value of long-term receivables was $1,512 and $4,364 as of April 29, 2023 and April 30, 2022, respectively.

Selected Financial Statement Data - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 265,488	$ 252,285
Less accumulated depreciation	193,341	185,520
Property, Plant and Equipment, Net	72,147	66,765
Land
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,996	1,899
Buildings
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	71,222	69,170
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	126,164	110,079
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	4,112	4,098
Computer software and hardware
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	44,700	46,922
Construction in Process
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	2,805	5,792
Demonstration equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	7,432	7,260
Transportation equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 7,057	$ 7,065

Leases - Lessee, Operating Lease, Disclosure (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 2,692	$ 2,680

Leases (Details Textual) - USD ($) $ in Thousands	12 Months Ended
Leases (Details Textual) - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022	May 01, 2021
Lessor, Lease, Description [Line Items]
Operating lease, weighted average remaining lease term	2 years 10 months 24 days	3 years 7 months 6 days
Operating lease, weighted average discount rate, percent	2.70%	2.40%
Cost of sales
Lessor, Lease, Description [Line Items]
Operating lease, cost	$ 2,560	$ 2,425	$ 2,241
Operating expense
Lessor, Lease, Description [Line Items]
Operating lease, cost	$ 906	$ 870	$ 977
Minimum
Lessor, Lease, Description [Line Items]
Lessee, operating lease, term of contract	1 year
Maximum
Lessor, Lease, Description [Line Items]
Lessee, operating lease, term of contract	5 years

Commitments and Contingencies - Schedule of Product Warranty Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning accrued warranty obligations	$ 28,878	$ 25,960
Warranties issued during the period	13,429	9,748
Settlements made during the period	(11,044)	(7,503)
Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations	1,278	673
Ending accrued warranty obligations	$ 32,541	$ 28,878

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	May 01, 2021
Income Tax Disclosure [Abstract]
Computed income tax expense at federal statutory rates	$ 2,784	$ 233	$ 2,953
Change in uncertain tax positions	(86)	(71)	(34)
Research and development tax credit	(684)	(382)	(1,047)
Other, net	288	(179)	579
Change in valuation allowances	2,078	609	402
GILTI	6	(14)	(156)
Base Erosion Anti-Abuse Tax (BEAT)	87	12	(285)
Foreign-Derived Intangible Income (FDII)	(128)	(5)	(84)
Stock compensation	262	150	355
Meals and entertainment	149	67	49
Goodwill Impairment	551	0	0
State taxes, net of federal benefit	731	139	494
Effect of Foreign Tax Rates different than Statutory	417	(43)	(92)
Effective income tax rate reconciliation	$ 6,455	$ 516	$ 3,134

Leases - Lessee, Operating Lease, Liability, Maturity (Details)	Apr. 29, 2023 USD ($)
Fiscal years ending
2024	$ 2,383,000
2025	1,675,000
2026	897,000
2027	757,000
2028	23,000
Thereafter	0
Total lease payments	5,735,000
Less imputed interest	(261,000)
Total lease liabilities	$ 5,474,000
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities

Subsequent Events (Details) - USD ($)	Jul. 07, 2023	May 11, 2023	Apr. 29, 2023	Apr. 30, 2022
Subsequent Event [Line Items]
Debt issuance costs			$ 3,866,000	$ 0
Subsequent Event
Subsequent Event [Line Items]
Line of credit facility, remaining borrowing capacity		$ 47,459,000
Long-term line of credit		$ 0
Subsequent Event \| Minimum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Subsequent Event [Line Items]
Line of credit facility, commitment fee percentage		2.50%
Subsequent Event \| Maximum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Subsequent Event [Line Items]
Line of credit facility, commitment fee percentage		3.50%
Subsequent Event \| Convertible Debt
Subsequent Event [Line Items]
Proceeds from convertible debt		$ 25,000,000
Convertible debt		$ 25,000,000
Debt instrument, convertible, conversion price (in usd per share)		$ 6.31
Debt instrument, interest rate, stated percentage		9.00%
Subsequent Event \| Convertible Debt \| Minimum
Subsequent Event [Line Items]
Debt instrument, interest rate, stated percentage		10.00%
Subsequent Event \| Convertible Debt \| Maximum
Subsequent Event [Line Items]
Debt instrument, interest rate, stated percentage		12.00%
JPMorgan Chase Bank, N.A. \| Subsequent Event \| Delayed Draw Term Loan
Subsequent Event [Line Items]
Debt instrument, face amount	$ 15,000,000
Debt Instrument, term	10 years
JPMorgan Chase Bank, N.A. \| Subsequent Event \| Delayed Draw Term Loan \| Minimum
Subsequent Event [Line Items]
Debt instrument, mortgage interest rate	3.50%
JPMorgan Chase Bank, N.A. \| Subsequent Event \| Delayed Draw Term Loan \| Maximum
Subsequent Event [Line Items]
Debt instrument, mortgage interest rate	4.50%
Revolving Credit Facility \| JPMorgan Chase Bank, N.A. \| Subsequent Event
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity		$ 60,000,000

Income Taxes (Tables)

12 Months Ended

Apr. 29, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The following tables reflect the significant components of our income tax provision. The pretax income attributable to domestic and foreign operations was as follows:


	Year Ended
	April 29, 2023		April 30, 2022		May 1, 2021
Domestic	$	10,125	$	(2,696)	$	10,413
Foreign	3,132		3,804		3,647
Income before income taxes	$	13,257	$	1,108	$	14,060

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) consisted of the following:


	Year Ended
	April 29, 2023		April 30, 2022		May 1, 2021
Current:
Federal	$	6,321	$	644	$	507
State	1,381		452		422
Foreign	2,273		975		891
Deferred:
Federal	(3,025)		(1,020)		1,216
State	(456)		(476)		59
Foreign	(39)		(59)		39
	$	6,455	$	516	$	3,134

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of the provision (benefit) for income taxes and the amount computed by applying the federal statutory rate to income before income taxes is as follows:


	Year Ended
	April 29, 2023		April 30, 2022		May 1, 2021
Computed income tax expense at federal statutory rates	$	2,784	$	233	$	2,953
Change in uncertain tax positions	(86)		(71)		(34)
Research and development tax credit	(684)		(382)		(1,047)
Other, net	288		(179)		579
Change in valuation allowances	2,078		609		402
GILTI	6		(14)		(156)
Base Erosion Anti-Abuse Tax (BEAT)	87		12		(285)
Foreign-Derived Intangible Income (FDII)	(128)		(5)		(84)
Stock compensation	262		150		355
Meals and entertainment	149		67		49
Goodwill Impairment	551		—		—

State taxes, net of federal benefit	731		139		494
Effect of Foreign Tax Rates different than Statutory	417		(43)		(92)
	$	6,455	$	516	$	3,134

Schedule of Deferred Tax Assets and Liabilities

The components of the net deferred tax assets were as follows:


	April 29, 2023		April 30, 2022
Deferred tax assets:
Accrued warranty obligations	$	8,088	$	7,117
Vacation accrual	1,732		1,618
Deferred maintenance revenue	484		272
Allowance for excess and obsolete inventory	2,779		2,316

Equity compensation	255		276
Allowance for credit losses accounts	928		528
Inventory capitalization	1,339		1,278
Accrued compensation and benefits	395		1,019

Unrealized loss on foreign currency exchange	206		—
Net operating loss carry forwards	1,024		729
Outside basis difference in equity method investments	3,819		1,861
Section 174 Capitalization	5,225		—
Research and development tax credit carry forwards	210		396
Lease accounting - lease liability	1,426		1,918
Other	929		435
Total deferred tax assets	28,839		19,763
Valuation allowance	(4,900)		(2,452)
Net deferred tax assets	23,939		17,311

Deferred tax liabilities:
Property and equipment	(5,292)		(1,693)
Lease accounting - right of use asset	(1,411)		(1,907)
Prepaid expenses	(471)		(428)

Unrealized gain on foreign currency exchange	—		(180)
Other	(93)		(59)
Total deferred tax liabilities	(7,267)		(4,267)
Net deferred tax asset	$	16,672	$	13,044

The classification of the net deferred tax assets in the accompanying consolidated balance sheets is:


	April 29, 2023		April 30, 2022
Non-current assets	$	16,867	$	13,331
Non-current liabilities	(195)		(287)
	$	16,672	$	13,044

Schedule of Unrecognized Tax Benefits Roll Forward

The summary of changes in the amounts related to unrecognized uncertain tax benefits are:


	April 29, 2023		April 30, 2022
Balance at beginning of year	$	477	$	548
Gross increases related to prior period tax positions	12		17
Gross decreases related to prior period tax positions	(56)		(54)
Gross increases related to current period tax positions	124		116
Lapse of statute of limitations	(165)		(150)
Balance at end of year	$	392	$	477

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss
Beginning Balance at May. 02, 2020	$ 176,980	$ 60,010	$ 44,627	$ 85,090	$ (7,470)	$ (5,277)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	10,926			10,926
Cumulative translation adjustments	2,942					2,942
Unrealized gain (loss) on available-for-sale securities, net of tax	0
Share-based compensation	2,067		2,067
Tax payments related to RSU issuances	(125)		(125)
Employee savings plan activity	565	565
Treasury stock reissued	199		26		173
Ending Balance at May. 01, 2021	193,554	60,575	46,595	96,016	(7,297)	(2,335)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	592			592
Cumulative translation adjustments	(2,556)					(2,556)
Unrealized gain (loss) on available-for-sale securities, net of tax	(34)					(34)
Share-based compensation	1,973		1,973
Exercise of stock options	8	8
Tax payments related to RSU issuances	(200)		(200)
Employee savings plan activity	1,211	1,211
Treasury stock purchase	(3,184)				(3,184)
Treasury stock reissued	200		4		196
Ending Balance at Apr. 30, 2022	191,564	61,794	48,372	96,608	(10,285)	(4,925)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,802			6,802
Cumulative translation adjustments	(616)					(616)
Unrealized gain (loss) on available-for-sale securities, net of tax	12					12
Share-based compensation	2,027		2,027
Exercise of stock options	21	21
Tax payments related to RSU issuances	(140)		(140)
Employee savings plan activity	1,208	1,208
Ending Balance at Apr. 29, 2023	$ 200,878	$ 63,023	$ 50,259	$ 103,410	$ (10,285)	$ (5,529)

Commitments and Contingencies - Long-term Purchase Commitment (Details) $ in Thousands	Apr. 29, 2023 USD ($)
Fiscal years ending [Abstract]
2024	$ 4,908
2025	2,374
2026	194
2027	50
2028	38
Purchase Obligation, Total	$ 7,564

Segment Reporting (Details Textual)	12 Months Ended
Segment Reporting (Details Textual)	Apr. 29, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	5

Nature of Business and Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022	May 01, 2021	May 02, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 23,982	$ 17,143	$ 77,590
Restricted cash	708	865	2,812
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$ 24,690	$ 18,008	$ 80,402	$ 40,412

Accounts Receivables, Net (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, allowance for doubtful account, net	$ 4,182	$ 2,754
Accounts receivable	109,979	101,099
Financing receivable	1,473	4,288
Retainage on construction-type contracts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	1,416	1,834
Financing receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Long-term receivables	$ 1,512	$ 4,364
Financing receivable \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract receivables, annual interest rates	4.50%
Financing receivable \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract receivables, annual interest rates	9.00%

Segment Reporting (Tables)

12 Months Ended

Apr. 29, 2023

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:


	Year Ended
	April 29, 2023			April 30, 2022			May 1, 2021
Net sales:
Commercial	$	170,590		$	154,211		$	127,300
Live Events	284,900			199,106			143,049
High School Park and Recreation	141,748			111,816			91,557
Transportation	72,306			62,707			58,284
International	84,652			83,130			61,843
	754,196			610,970			482,033

Gross profit:
Commercial	31,155			31,851			33,072
Live Events	49,255			21,787			24,397
High School Park and Recreation	41,145			35,477			31,472
Transportation	19,825			18,172			20,329
International	9,975			9,410			11,313
	151,355			116,697			120,583

Operating expenses
Selling	56,655			51,075			48,649
General and administrative	38,747			32,563			27,980
Product design and development	29,989			29,013			26,846
Goodwill impairment	4,576			—			—
	129,967			112,651			103,475
Operating income	21,388			4,046			17,108

Nonoperating income (expense):
Interest income (expense), net	(920)			171			(65)

Other expense, net	(7,211)		—	(3,109)		—	(2,983)
Income before income taxes	$	13,257		$	1,108		$	14,060

Depreciation and amortization:
Commercial	$	3,468		$	2,677		$	3,037
Live Events	6,430			5,238			5,798
High School Park and Recreation	1,632			1,420			1,942
Transportation	584			551			979
International	2,307			2,796			2,887
Unallocated corporate depreciation	2,572			2,712			2,434
	$	16,993		$	15,394		$	17,077

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:


	Year Ended
	April 29, 2023		April 30, 2022		May 1, 2021
Net sales:
United States	$	661,312	$	513,740	$	413,211
Outside United States	92,884		97,230		68,822
	$	754,196	$	610,970	$	482,033
Property and equipment, net of accumulated depreciation:
United States	$	63,786	$	58,643	$	50,130
Outside United States	8,361		8,122		8,552
	$	72,147	$	66,765	$	58,682

Selected Financial Statement Data (Tables)

12 Months Ended

Apr. 29, 2023

Inventory Disclosure [Abstract]

Schedule of inventory, current

Inventories consisted of the following:


	April 29, 2023		April 30, 2022
Raw materials	$	81,627	$	71,410
Work-in-process	14,155		14,238
Finished goods	53,666		48,744
	$	149,448	$	134,392

Property, plant and equipment

Property and equipment, net consisted of the following:


	April 29, 2023		April 30, 2022
Land	$	1,996	$	1,899
Buildings	71,222		69,170
Machinery and equipment	126,164		110,079
Office furniture and equipment	4,112		4,098
Computer software and hardware	44,700		46,922
Construction in Process	2,805		5,792

Demonstration equipment	7,432		7,260
Transportation equipment	7,057		7,065
	265,488		252,285
Less accumulated depreciation	193,341		185,520
	$	72,147	$	66,765

Schedule of accrued liabilities

Accrued expenses consisted of the following:


	April 29, 2023		April 30, 2022
Compensation	$	17,466	$	15,944
Taxes, other than income taxes	3,390		6,741
Accrued employee benefits	3,953		3,227
Operating lease liabilities	2,253		2,309
Short-term accrued expenses	8,943		6,738

	$	36,005	$	34,959

Schedule of other nonoperating income (expense)

Other (expense) income, net consisted of the following:


	Year Ended
	April 29, 2023		April 30, 2022		May 1, 2021
Foreign currency transaction gains (losses)	$	479	$	(227)	$	(675)
Equity in losses of affiliates	(3,332)		(2,970)		(2,370)
Impairment of equity method investee	(4,473)		—		—
Other	115		88		62
	$	(7,211)	$	(3,109)	$	(2,983)

Derivative Financial Instruments - Schedule of Notional Amounts of Outstanding Derivative Positions (Details) € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands	Apr. 29, 2023 USD ($)	Apr. 29, 2023 CAD ($)	Apr. 29, 2023 GBP (£)	Apr. 29, 2023 EUR (€)	Apr. 30, 2022 USD ($)	Apr. 30, 2022 CAD ($)	Apr. 30, 2022 GBP (£)	Apr. 30, 2022 EUR (€)
United States Dollars/Canadian Dollars
Derivatives, Fair Value [Line Items]
Derivative, notional amount	$ 0	$ 0			$ 942	$ 1,189
United States Dollars/British Pounds
Derivatives, Fair Value [Line Items]
Derivative, notional amount	0		£ 0		1,774		£ 1,345
United States Dollars/Euros
Derivatives, Fair Value [Line Items]
Derivative, notional amount	$ 7,758			€ 7,513	$ 8,575			€ 7,513

Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	May 01, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 6,802	$ 592	$ 10,926
Other comprehensive income (loss):
Cumulative translation adjustments	(616)	(2,556)	2,942
Unrealized gain (loss) on available-for-sale securities, net of tax	12	(34)	0
Total other comprehensive (loss) income, net of tax	(604)	(2,590)	2,942
Comprehensive income (loss)	$ 6,198	$ (1,998)	$ 13,868

- Definition

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

+ References

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

Goodwill and Intangible Assets

12 Months Ended

Apr. 29, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The changes in the carrying amount of goodwill related to each reportable segment for the fiscal year ended April 29, 2023 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	(15)		(151)		(27)		81		(112)
Goodwill impairment	(2,281)		—		—		(2,295)		(4,576)
Balance as of April 29, 2023:	$	—	$	3,198	$	41	$	—	$	3,239

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 30, 2022 and concluded that the carrying value of the Live Events and International reporting units exceeded their respective fair values and consequently recorded an impairment charge as noted in the above table. We determined the fair value of the reporting units based on an income approach, using the present value of future discounted cash flows. Significant estimates used to determine fair value include the weighted average cost of capital and financial forecasts. The recognized impairment was primarily a result of our weighted average cost of capital being notably higher, which was driven by strains on our liquidity caused by disrupted supply chains and geopolitical conditions. As a result, the present value of our future cash flows was lower, which caused the $4,576 impairment charge. Based on our annual impairment test, we concluded that the fair value of the Commercial and Transportation reporting units exceeded their respective carrying values and concluded no goodwill impairment existed for those reporting units. The annual impairment test for fiscal years 2022 and 2021 concluded no goodwill impairment existed.

Intangible Assets

The following table summarizes intangible assets, net, as of April 29, 2023 and April 30, 2022:


	April 29, 2023
	Weighted Average Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Registered trademarks	20.0	$	650	$	270	$	380

Customer relationships	10.3	2,563		1,807		756

Total	12.2	$	3,213	$	2,077	$	1,136


	April 30, 2022
	Weighted Average Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Registered trademarks	20.0	$	639	$	233	$	406

Customer relationships	10.0	2,853		1,787		1,066

Total	11.8	$	3,492	$	2,020	$	1,472

In the fiscal years 2023, 2022, and 2021, amortization expense was $290, $504, and $1,502, respectively. Amortization expenses are included primarily in product design and development and selling expense in the consolidated statements of operations. Intangible assets are written off when fully amortized.

As of April 29, 2023, amortization expenses for future periods were estimated to be as follows:


Fiscal years ending	Amount
2024	$	285
2025	285
2026	254
2027	37
2028	37
Thereafter	238
Total expected amortization expense	$	1,136

Revenue Recognition (Tables)

12 Months Ended

Apr. 29, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents our disaggregation of revenue by segments:


	Fiscal Year 2023
	Commercial		Live Events		High School Park and Recreation		Transportation		International		Total
Type of performance obligation
Unique configuration	$	25,821	$	223,560	$	22,730	$	45,286	$	33,623	$	351,020
Limited configuration	128,346		36,259		114,951		23,946		43,007		346,509
Service and other	16,423		25,081		4,067		3,074		8,022		56,667
	$	170,590	$	284,900	$	141,748	$	72,306	$	84,652	$	754,196
Timing of revenue recognition
Goods/services transferred at a point in time	$	132,728	$	43,761	$	109,323	$	24,950	$	45,687	$	356,449
Goods/services transferred over time	37,862		241,139		32,425		47,356		38,965		397,747
	$	170,590	$	284,900	$	141,748	$	72,306	$	84,652	$	754,196


	Fiscal Year 2022
	Commercial		Live Events		High School Park and Recreation		Transportation		International		Total
Type of performance obligation
Unique configuration	$	20,849	$	144,095	$	20,175	$	38,843	$	32,658	$	256,620
Limited configuration	118,308		30,181		88,162		21,370		43,029		301,050
Service and other	15,054		24,830		3,479		2,494		7,443		53,300
	$	154,211	$	199,106	$	111,816	$	62,707	$	83,130	$	610,970
Timing of revenue recognition
Goods/services transferred at a point in time	$	120,776	$	37,229	$	82,678	$	22,088	$	45,036	$	307,807
Goods/services transferred over time	33,435		161,877		29,138		40,619		38,094		303,163
	$	154,211	$	199,106	$	111,816	$	62,707	$	83,130	$	610,970


	Fiscal Year 2021
	Commercial		Live Events		High School Park and Recreation		Transportation		International		Total
Type of performance obligation
Unique configuration	$	16,535	$	104,682	$	22,258	$	36,398	$	22,266	$	202,139
Limited configuration	96,420		18,679		66,697		19,690		32,583		234,069
Service and other	14,345		19,688		2,602		2,196		6,994		45,825
	$	127,300	$	143,049	$	91,557	$	58,284	$	61,843	$	482,033
Timing of revenue recognition
Goods/services transferred at a point in time	$	98,243	$	23,906	$	60,859	$	20,180	$	34,388	$	237,576
Goods/services transferred over time	29,057		119,143		30,698		38,104		27,455		244,457
	$	127,300	$	143,049	$	91,557	$	58,284	$	61,843	$	482,033

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

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


	April 29, 2023		April 30, 2022		Dollar Change		Percent Change
Contract assets	$	46,789	$	41,687	$	5,102	12.2	%
Contract liabilities - current	91,549		90,393		1,156		1.3
Contract liabilities - non-current	13,096		10,998		2,098		19.1

The changes in our contract assets and contract liabilities from April 30, 2022 to April 29, 2023 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 fiscal 2023 and 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:


	April 29, 2023		April 30, 2022
Balance at beginning of year	$	26,346	$	24,590
New contracts sold	44,216		42,619
Less: reductions for revenue recognized	(42,132)		(40,614)
Foreign currency translation and other	(92)		(249)
Balance at end of year	$	28,338	$	26,346

Retirement Benefits (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	May 01, 2021
Retirement Benefits [Abstract]
Defined contribution plan, employer matching contribution, percent of employees' gross pay	50.00%
Defined contribution plan, maximum annual contributions per employee, percent	6.00%
Defined contribution plan, award requisite service period	30 days
Defined contribution plan, attained age (year)	21 years
Defined contribution plan, cost	$ 2,969	$ 2,573	$ 0

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	May 01, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 754,196	$ 610,970	$ 482,033
Goods/services transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	356,449	307,807	237,576
Goods/services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	397,747	303,163	244,457
Unique configuration
Disaggregation of Revenue [Line Items]
Net sales	351,020	256,620	202,139
Limited configuration
Disaggregation of Revenue [Line Items]
Net sales	346,509	301,050	234,069
Service and other
Disaggregation of Revenue [Line Items]
Net sales	56,667	53,300	45,825
Commercial
Disaggregation of Revenue [Line Items]
Net sales	170,590	154,211	127,300
Commercial \| Goods/services transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	132,728	120,776	98,243
Commercial \| Goods/services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	37,862	33,435	29,057
Commercial \| Unique configuration
Disaggregation of Revenue [Line Items]
Net sales	25,821	20,849	16,535
Commercial \| Limited configuration
Disaggregation of Revenue [Line Items]
Net sales	128,346	118,308	96,420
Commercial \| Service and other
Disaggregation of Revenue [Line Items]
Net sales	16,423	15,054	14,345
Live Events
Disaggregation of Revenue [Line Items]
Net sales	284,900	199,106	143,049
Live Events \| Goods/services transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	43,761	37,229	23,906
Live Events \| Goods/services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	241,139	161,877	119,143
Live Events \| Unique configuration
Disaggregation of Revenue [Line Items]
Net sales	223,560	144,095	104,682
Live Events \| Limited configuration
Disaggregation of Revenue [Line Items]
Net sales	36,259	30,181	18,679
Live Events \| Service and other
Disaggregation of Revenue [Line Items]
Net sales	25,081	24,830	19,688
High School Park and Recreation
Disaggregation of Revenue [Line Items]
Net sales	141,748	111,816	91,557
High School Park and Recreation \| Goods/services transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	109,323	82,678	60,859
High School Park and Recreation \| Goods/services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	32,425	29,138	30,698
High School Park and Recreation \| Unique configuration
Disaggregation of Revenue [Line Items]
Net sales	22,730	20,175	22,258
High School Park and Recreation \| Limited configuration
Disaggregation of Revenue [Line Items]
Net sales	114,951	88,162	66,697
High School Park and Recreation \| Service and other
Disaggregation of Revenue [Line Items]
Net sales	4,067	3,479	2,602
Transportation
Disaggregation of Revenue [Line Items]
Net sales	72,306	62,707	58,284
Transportation \| Goods/services transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	24,950	22,088	20,180
Transportation \| Goods/services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	47,356	40,619	38,104
Transportation \| Unique configuration
Disaggregation of Revenue [Line Items]
Net sales	45,286	38,843	36,398
Transportation \| Limited configuration
Disaggregation of Revenue [Line Items]
Net sales	23,946	21,370	19,690
Transportation \| Service and other
Disaggregation of Revenue [Line Items]
Net sales	3,074	2,494	2,196
International
Disaggregation of Revenue [Line Items]
Net sales	84,652	83,130	61,843
International \| Goods/services transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	45,687	45,036	34,388
International \| Goods/services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	38,965	38,094	27,455
International \| Unique configuration
Disaggregation of Revenue [Line Items]
Net sales	33,623	32,658	22,266
International \| Limited configuration
Disaggregation of Revenue [Line Items]
Net sales	43,007	43,029	32,583
International \| Service and other
Disaggregation of Revenue [Line Items]
Net sales	$ 8,022	$ 7,443	$ 6,994

Cash Flow Information - Schedule of Cash Flow, Supplemental Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	May 01, 2021
Cash payments for:
Interest	$ 1,075	$ 16	$ 264
Income taxes, net of refunds	$ 7,489	$ 1,951	$ 2,557

Selected Financial Statement Data - Schedule of Inventory, Current (Details) - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 81,627	$ 71,410
Work-in-process	14,155	14,238
Finished goods	53,666	48,744
Inventory, Net, Total	$ 149,448	$ 134,392

Financing Agreements	12 Months Ended
Financing Agreements	Apr. 29, 2023
Debt Disclosure [Abstract]
Financing Agreements	Financing Agreements As of April 29, 2023, we had a credit agreement with a bank which provided for a $45,000 line of credit and allowed up to $20,000 for commercial and standby letters of credit. As of April 29, 2023, $17,750 had been advanced under the loan portion of our line of credit, and the balance of letters of credit outstanding was approximately $7,783. As of April 29, 2023, $19,467 of the credit facility was available for borrowing. Subsequent to April 29, 2023 we secured new financing agreements. For information on the new financing agreements, see "Note 17. Subsequent Events." As of April 29, 2023, 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Weighted Average Life (in years)	12 years 2 months 12 days	11 years 9 months 18 days
Gross Carrying Amount	$ 3,213	$ 3,492
Accumulated Amortization	2,077	2,020
Total expected amortization expense	$ 1,136	$ 1,472
Registered trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted Average Life (in years)	20 years	20 years
Gross Carrying Amount	$ 650	$ 639
Accumulated Amortization	270	233
Total expected amortization expense	$ 380	$ 406
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Life (in years)	10 years 3 months 18 days	10 years
Gross Carrying Amount	$ 2,563	$ 2,853
Accumulated Amortization	1,807	1,787
Total expected amortization expense	$ 756	$ 1,066

Fair Value Measurement

12 Months Ended

Apr. 29, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement

Fair Value MeasurementASC 820, Fair Value Measurement, defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. It also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of

unobservable inputs when measuring fair value. The fair value hierarchy within ASC 820 distinguishes between the following three levels of inputs which may be utilized when measuring fair value:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Observable inputs other than quoted prices included within level 1 for the assets or liabilities, either directly or indirectly (for example, quoted market prices for similar assets and liabilities in active markets or quoted market prices for identical assets or liabilities in markets not considered to be active, inputs other than quoted prices that are observable for the asset or liability, or market-corroborated input).

Level 3 - Unobservable inputs supported by little or no market activity based on our own assumptions used to measure assets and liabilities.

The fair values for fixed-rate long-term receivables are estimated using a discounted cash flow analysis based on interest rates currently being offered for contracts with similar terms to customers with similar credit quality. The carrying amounts reported in our consolidated balance sheets for long-term receivables approximate fair value and have been categorized as a level 2 fair value measurement.

Fair values for fixed-rate long-term marketing obligations are estimated using a discounted cash flow calculation applying interest rates currently being offered for debt with similar terms and underlying collateral. The total carrying value of long-term marketing obligations as reported in our consolidated balance sheets within other long-term obligations approximates fair value and has been categorized as a level 2 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 as of April 29, 2023 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 April 29, 2023:
Cash and cash equivalents	$	23,982	$	—	$	—	$	23,982
Restricted cash	708		—		—		708
Available-for-sale securities:

US Government Sponsored entities	—		534		—		534

Derivatives - liability position	—		(579)		—		(579)

	$	24,690	$	(45)	$	—	$	24,645
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

The following methods and assumptions were used to estimate the fair value of each class of financial instrument. There have been no changes in the valuation techniques used by us to value our financial instruments during fiscal year 2023.

Cash and cash equivalents: Consists of cash on hand in bank deposits and highly liquid investments, primarily money market accounts. The fair value was measured using quoted market prices in active markets. The carrying amount approximates fair value.

Restricted cash: Consists of cash and cash equivalents held in bank deposit accounts to secure issuances of foreign bank guarantees. The fair value of restricted cash was measured using quoted market prices in active markets. The carrying amount approximates fair value.

Derivatives – currency forward contracts: Consists of currency forward contracts trading with sufficient frequency and volume to enable us to obtain pricing information on an ongoing basis. The fair value of these securities was measured based on a valuation from a third-party bank. See "Note 15. Derivative Financial Instruments" for more information regarding our derivatives.

Non-recurring measurements: The fair value measurement standard also applies to certain non-financial assets and liabilities measured at fair value on a nonrecurring basis. Certain long-lived assets such as goodwill, intangible assets and property and equipment are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment.

See "Note 1. Nature of Business and Summary of Significant Accounting Policies" for further details of impairment loss of $4,473 for our investment in Miortech.

Other measurements using fair value: Some of our financial instruments, such as accounts receivable, long-term receivables, prepaid expense and other assets, contract assets and liabilities, accounts payable, warranty obligations, and other long-term obligations are reflected in the consolidated balance sheets at carrying value, which approximates fair value due to their short-term nature.

- 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

Share Repurchase Program (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	May 01, 2021	Jun. 17, 2016
Equity [Abstract]
Number of shares authorized to be repurchased				40,000,000
Stock repurchased during period (in shares)	0	641,000	0
Payments for repurchase of common stock	$ 0	$ 3,184	$ 0
Stock repurchase program, remaining authorized repurchase amount	$ 29,355

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Revenue Recognition - Contract with Customer, Contract Asset, Contract Liability, and Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract assets	$ 46,789	$ 41,687
Contract liabilities - current	91,549	90,393
Contract liabilities - non-current	13,096	10,998
Dollar Change
Contract assets	5,102
Contract liabilities - current	1,156
Contract liabilities - non-current	$ 2,098
Percent Change
Contract assets	12.20%
Contract liabilities - current	1.30%
Contract liabilities - non-current	19.10%
Service-type Warranty Contracts
Changes in Unearned Service-Type Warranty Contract [Roll Forward]
Balance at beginning of year	$ 26,346	24,590
New contracts sold	44,216	42,619
Less: reductions for revenue recognized	(42,132)	(40,614)
Foreign currency translation and other	(92)	(249)
Balance at end of year	$ 28,338	$ 26,346

Consolidated Balance Sheets (Parentheticals) - shares	Apr. 29, 2023	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)	45,488,595	44,826,099
Treasury stock, shares (in shares)	1,907,445	1,907,445

Derivative Financial Instruments (Details Textual) - Fair value, recurring - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivatives - asset position	$ 0	$ 934
Foreign currency contracts, liability, fair value disclosure	$ (579)	$ (311)

Shareholders' Equity and Share-Based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	May 01, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense	$ 2,027	$ 1,973	$ 2,067
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense	441	434	472
Selling
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense	424	472	484
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense	735	656	678
Product design and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense	427	411	433
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense	453	458	450
Restricted stock and stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense	1,153	1,159	1,203
Employee stock purchase plans
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense	$ 421	$ 356	$ 414

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	May 01, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 6,802	$ 592	$ 10,926
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Depreciation and amortization	16,993	15,394	17,077
Gain on sale of property, equipment and other assets	(691)	(743)	(572)
Share-based compensation	2,027	1,973	2,067
Equity in loss of affiliates	3,332	2,970	2,370
Provision (recovery) for credit losses accounts, net	1,009	(286)	1,299
Deferred income taxes, net	(3,633)	(1,555)	1,314
Goodwill impairment	9,049	0	0
Change in operating assets and liabilities	(19,864)	(45,380)	31,731
Net cash provided by (used in) operating activities	15,024	(27,035)	66,212
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(25,385)	(20,376)	(7,891)
Proceeds from sales of property, equipment and other assets	822	885	3,184
Purchases of marketable securities	0	(4,045)	0
Proceeds from sales or maturities of marketable securities	3,490	0	1,230
Purchases of equity and loans to equity investees	(4,315)	(7,848)	(6,744)
Net cash used in investing activities	(25,388)	(31,384)	(10,221)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on notes payable	378,694	46,801	0
Payments on notes payable	(360,944)	(46,801)	(15,000)
Debt issuance costs	991	0	0
Borrowings on long-term obligations	1,233	0	0
Principal payments on long-term obligations	(305)	(200)	(460)
Payments for common shares repurchased	0	(3,184)	0
Proceeds from exercise of stock options	21	8	0
Tax payments related to RSU issuances	(140)	(200)	(125)
Net cash provided by (used in) financing activities	17,568	(3,576)	(15,585)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(522)	(399)	(416)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	6,682	(62,394)	39,990
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period	18,008	80,402	40,412
End of period	$ 24,690	$ 18,008	$ 80,402

Fair Value Measurement (Tables)

12 Months Ended

Apr. 29, 2023

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 April 29, 2023:
Cash and cash equivalents	$	23,982	$	—	$	—	$	23,982
Restricted cash	708		—		—		708
Available-for-sale securities:

US Government Sponsored entities	—		534		—		534

Derivatives - liability position	—		(579)		—		(579)

	$	24,690	$	(45)	$	—	$	24,645
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

Revenue Recognition

12 Months Ended

Apr. 29, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Disaggregation of revenue

In accordance with ASC 606-10-50, we disaggregate revenue from contracts with customers by the type of performance obligation and the timing of revenue recognition. We determine that disaggregating revenue in these categories achieves the disclosure objective to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors and to enable users of financial statements to understand the relationship to each reportable segment.

The following table presents our disaggregation of revenue by segments:


	Fiscal Year 2023
	Commercial		Live Events		High School Park and Recreation		Transportation		International		Total
Type of performance obligation
Unique configuration	$	25,821	$	223,560	$	22,730	$	45,286	$	33,623	$	351,020
Limited configuration	128,346		36,259		114,951		23,946		43,007		346,509
Service and other	16,423		25,081		4,067		3,074		8,022		56,667
	$	170,590	$	284,900	$	141,748	$	72,306	$	84,652	$	754,196
Timing of revenue recognition
Goods/services transferred at a point in time	$	132,728	$	43,761	$	109,323	$	24,950	$	45,687	$	356,449
Goods/services transferred over time	37,862		241,139		32,425		47,356		38,965		397,747
	$	170,590	$	284,900	$	141,748	$	72,306	$	84,652	$	754,196


	Fiscal Year 2022
	Commercial		Live Events		High School Park and Recreation		Transportation		International		Total
Type of performance obligation
Unique configuration	$	20,849	$	144,095	$	20,175	$	38,843	$	32,658	$	256,620
Limited configuration	118,308		30,181		88,162		21,370		43,029		301,050
Service and other	15,054		24,830		3,479		2,494		7,443		53,300
	$	154,211	$	199,106	$	111,816	$	62,707	$	83,130	$	610,970
Timing of revenue recognition
Goods/services transferred at a point in time	$	120,776	$	37,229	$	82,678	$	22,088	$	45,036	$	307,807
Goods/services transferred over time	33,435		161,877		29,138		40,619		38,094		303,163
	$	154,211	$	199,106	$	111,816	$	62,707	$	83,130	$	610,970


	Fiscal Year 2021
	Commercial		Live Events		High School Park and Recreation		Transportation		International		Total
Type of performance obligation
Unique configuration	$	16,535	$	104,682	$	22,258	$	36,398	$	22,266	$	202,139
Limited configuration	96,420		18,679		66,697		19,690		32,583		234,069
Service and other	14,345		19,688		2,602		2,196		6,994		45,825
	$	127,300	$	143,049	$	91,557	$	58,284	$	61,843	$	482,033
Timing of revenue recognition
Goods/services transferred at a point in time	$	98,243	$	23,906	$	60,859	$	20,180	$	34,388	$	237,576
Goods/services transferred over time	29,057		119,143		30,698		38,104		27,455		244,457
	$	127,300	$	143,049	$	91,557	$	58,284	$	61,843	$	482,033

See "Note 3. 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 clients in excess of revenue recognized to date.

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


	April 29, 2023		April 30, 2022		Dollar Change		Percent Change
Contract assets	$	46,789	$	41,687	$	5,102	12.2	%
Contract liabilities - current	91,549		90,393		1,156		1.3
Contract liabilities - non-current	13,096		10,998		2,098		19.1


	April 29, 2023		April 30, 2022
Balance at beginning of year	$	26,346	$	24,590
New contracts sold	44,216		42,619
Less: reductions for revenue recognized	(42,132)		(40,614)
Foreign currency translation and other	(92)		(249)
Balance at end of year	$	28,338	$	26,346

Contracts in process identified as loss contracts as of April 29, 2023 and April 30, 2022 were immaterial. Loss provisions are recorded in "Accrued expenses" line item in our consolidated balance sheets.

During fiscal 2023, we recognized revenue of $84,972 related to our contract liabilities as of April 30, 2022.

Remaining performance obligations and revenue recognized from past performance obligations

As of April 29, 2023, the aggregate amount of the transaction price allocated to the remaining performance obligations was $462,035. Remaining performance obligations related to product and service agreements as of April 29, 2023 are $400,737 and $61,298, respectively. We expect approximately $385,359 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. The amount of revenue recognized associated with performance obligations satisfied in prior years during the years ended April 29, 2023 and April 30, 2022 was immaterial.

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Nature of Business and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Apr. 29, 2023

Accounting Policies [Abstract]

Nature of business

Fiscal year

Principles of consolidation

Principles of consolidation: The consolidated financial statements include Daktronics, Inc. and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. We have a variable interest in a business where we have elected to follow the proportional consolidation method because certain criteria were met under Accounting Standards Codification ("ASC") 810, Consolidations. We have an arrangement we concluded was a variable interest entity and accounted for it under the proportional consolidation method. This arrangement had an aggregate amount of contract assets and gross profit of $5,223 and $2,748 respectively, as of and for the year ended April 29, 2023.

Investment in affiliates

Summarized financial information for equity method investments consist of the following:


	Year Ended
	April 29, 2023		April 30, 2022		May 1, 2021
Balance sheet data:
Current assets	$	5,504	$	6,672	$	7,534
Non-current assets	3,312		4,491		4,637
Current liabilities	25,298		13,938		2,807
Non-current liabilities	721		1,738		1,793
Income statement data:
Net loss	$	(16,932)	$	(11,928)	$	(13,436)

Use of estimates

Changes in estimates are reflected in the periods in which they become known.

Cash and cash equivalents

Cash and cash equivalents: All highly liquid investments with maturities of three months or less at the date of purchase are considered to be cash equivalents and consist primarily of government repurchase agreements, savings accounts and money market accounts that are carried at cost, which approximates fair value. We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We have not experienced any losses in such accounts.

Restricted cash

Restricted cash: Restricted cash consists of cash and cash equivalents held in bank deposit accounts to secure issuances of foreign bank guarantees.


	April 29, 2023		April 30, 2022		May 1, 2021
Cash and cash equivalents	$	23,982	$	17,143	$	77,590
Restricted cash	708		865		2,812
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	24,690	$	18,008	$	80,402

Inventories

Allowance for doubtful accounts

Revenue recognition

Revenue recognition: Our accounting policies and estimates are in accordance with ASC 606, Revenue from Contracts with Customers, and are as follows:

Our material performance obligation types include:

significantly modified to the customer's desired configurations and location, and the interrelated goods and services provide utility to the customer as a package.

The time between contract order and project completion is typically less than 12 months but may extend longer depending on the amount of custom work and customers’ delivery needs.

Property and equipment


			Years
Buildings and improvements			5 - 40
Machinery and equipment			5 - 7
Office furniture and equipment			3 - 5
Computer software and hardware			3 - 5
Equipment held for rental			2 - 7
Demonstration equipment			3 - 5
Transportation equipment			5 - 7

Impairment of Long-Lived Assets

Goodwill and other intangible assets

Goodwill and Other Intangible Assets: We account for goodwill and other intangible assets with indefinite lives in accordance with ASC 350, Goodwill and Other. Under these provisions, goodwill is not amortized but is tested for impairment on at least an annual basis. Impairment testing is required more often than annually if an event or circumstance indicates an impairment or a decline in value may have occurred. A qualitative assessment may be used to first determine whether it is "more likely than not" that the fair value of a reporting unit is less its carrying value. Based on this assessment, if it is determined that is more likely than not that impairment has occurred, a quantitative analysis will be performed. The quantitative assessment uses an income approach to estimate the fair value of each reporting unit. The income approach is based on the projected cash flows, which are discounted to their present value using discount rates which consider the timing and risk of the forecasted cash flows. Fair value is estimated using internally developed forecasts and assumptions and takes into account management plans, business trends, and market and economic conditions. If the quantitative assessment of goodwill impairment fails, an impairment loss equal to the amount that a reporting unit's carrying value exceeds its fair value will be recognized.

Foreign currency translation

Income taxes

Comprehensive income (loss)

Product design and development

Earnings per share ("EPS")


	Net income		Shares	Per share income
For the year ended April 29, 2023:
Basic earnings per share	$	6,802	45,404	$	0.15
Dilution associated with stock compensation plans	—		117	—
Diluted earnings per share	$	6,802	45,521	$	0.15
For the year ended April 30, 2022:
Basic earnings per share	$	592	45,188	$	0.01
Dilution associated with stock compensation plans	—		138	—
Diluted earnings per share	$	592	45,326	$	0.01
For the year ended May 1, 2021:
Basic earnings per share	$	10,926	44,989	$	0.24
Dilution associated with stock compensation plans	—		213	—
Diluted earnings per share	$	10,926	45,202	$	0.24

Share-based compensation

Recent accounting pronouncements

Recent Accounting Pronouncements

Accounting Standards Adopted

There were no standards adopted since our last Annual Report on Form 10-K.

Accounting Standards Not Yet Adopted

There are no significant new Accounting Standards Updates issued that the Company had not yet adopted as of April 29, 2023.

Fair value measurement

See "Note 1. Nature of Business and Summary of Significant Accounting Policies" for further details of impairment loss of $4,473 for our investment in Miortech.

Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 285
2025	285
2026	254
2027	37
2028	37
Thereafter	238
Total expected amortization expense	$ 1,136	$ 1,472

Leases

12 Months Ended

Apr. 29, 2023

Leases [Abstract]

Leases

eases

We lease facilities and various equipment to manufacture products and provide employee collaboration space and tools. These are all classified as operating leases and have initial lease terms ranging from 1 year to 5 years. These operating leases do not contain material residual value guarantees or material restrictive covenants. Our lease for our facility in Sioux Falls, South Dakota has a purchase option. We do not have any financing leases.

We determine if an arrangement is a lease at the inception of the lease. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Right-of-use assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As we are generally not able to determine the rate implicit in our leases, we use the incremental borrowing rate based on the information available at the commencement date in determining the present value of future lease payments. The operating lease right-of-use asset includes any prepaid lease payments and initial direct costs and excludes any lease incentives and impairments. Some of our leases include options to extend the term, which is only included in the right-of-use assets and lease liability calculation when it is reasonably certain that we will exercise that option. We have lease agreements with lease and non-lease components, and we have elected to account for all asset classes as a single lease component. Our operating leases also typically require payment of real estate taxes, insurance, and common area maintenance. These components comprise the majority of our variable lease cost and are excluded from the present value of our lease obligations. In instances where they are fixed, they are included due to our election to combine lease and non-lease components. Our total variable lease costs are immaterial.

Operating lease cost is recognized on a straight-line basis over the lease term, and short-term lease cost is recognized when paid. During fiscal 2023, the amount of the operating lease cost included in cost of sales and operating expenses in the consolidated statements of operations was $2,560 and $906, respectively; as compared to $2,425 and $870, respectively, in fiscal year 2022; and $2,241 and $977, respectively, in fiscal year 2021. Operating lease cost includes short-term leases, which are immaterial.

As of April 29, 2023, the weighted average remaining lease term and discount rate related to operating leases was 2.9 years and 2.7 percent as compared to 3.6 years and 2.4 percent as of April 30, 2022.

Supplemental unaudited cash flow information related to operating leases were as follows:


	Year Ended
	April 29, 2023		April 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	2,692	$	2,680

Future minimum operating lease payments as of, and subsequent to, April 29, 2023 under ASC 842 are as follows:


	Operating Leases
Fiscal years ending
2024	$	2,383
2025	1,675
2026	897
2027	757
2028	23
Thereafter	—
Total lease payments	5,735
Less imputed interest	(261)
Total lease liabilities	$	5,474

The current and long term portions of the lease liabilities are included in the "Accrued expenses" and "Other long-term obligations" line items in our consolidated balance sheet, respectively.

Selected Financial Statement Data

12 Months Ended

Apr. 29, 2023

Inventory Disclosure [Abstract]

Selected Financial Statement Data

Inventories consisted of the following:


	April 29, 2023		April 30, 2022
Raw materials	$	81,627	$	71,410
Work-in-process	14,155		14,238
Finished goods	53,666		48,744
	$	149,448	$	134,392

Property and equipment, net consisted of the following:


	April 29, 2023		April 30, 2022
Land	$	1,996	$	1,899
Buildings	71,222		69,170
Machinery and equipment	126,164		110,079
Office furniture and equipment	4,112		4,098
Computer software and hardware	44,700		46,922
Construction in Process	2,805		5,792

Demonstration equipment	7,432		7,260
Transportation equipment	7,057		7,065
	265,488		252,285
Less accumulated depreciation	193,341		185,520
	$	72,147	$	66,765

Our depreciation expense was $16,703, $14,890, and $15,575 for the fiscal years 2023, 2022, and 2021, respectively.

Accrued expenses consisted of the following:


	April 29, 2023		April 30, 2022
Compensation	$	17,466	$	15,944
Taxes, other than income taxes	3,390		6,741
Accrued employee benefits	3,953		3,227
Operating lease liabilities	2,253		2,309
Short-term accrued expenses	8,943		6,738

	$	36,005	$	34,959

Other (expense) income, net consisted of the following:


	Year Ended
	April 29, 2023		April 30, 2022		May 1, 2021
Foreign currency transaction gains (losses)	$	479	$	(227)	$	(675)
Equity in losses of affiliates	(3,332)		(2,970)		(2,370)
Impairment of equity method investee	(4,473)		—		—
Other	115		88		62
	$	(7,211)	$	(3,109)	$	(2,983)

Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 23,982	$ 17,143
Restricted cash	708	865
Marketable securities	534	4,020
Accounts receivable, net	109,979	101,099
Inventories	149,448	134,392
Contract assets	46,789	41,687
Current maturities of long-term receivables	1,215	2,798
Prepaid expenses and other current assets	9,676	14,963
Income tax receivables	326	603
Total current assets	342,657	317,570
Property and equipment, net	72,147	66,765
Long-term receivables, less current maturities	264	1,490
Goodwill	3,239	7,927
Intangibles, net	1,136	1,472
Debt issuance costs	3,866	0
Investment in affiliates and other assets	27,928	32,321
Deferred income taxes	16,867	13,331
TOTAL ASSETS	468,104	440,876
CURRENT LIABILITIES:
Accounts payable	67,522	76,313
Contract liabilities	91,549	90,393
Accrued expenses	36,005	34,959
Warranty obligations	12,228	11,621
Income taxes payable	2,859	408
Total current liabilities	210,163	213,694
Long-term warranty obligations	20,313	17,257
Long-term contract liabilities	13,096	10,998
Other long-term obligations	5,709	7,076
Line of credit	17,750	0
Deferred income taxes	195	287
Total long-term liabilities	57,063	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; 45,488,595 and 44,826,099 shares issued as of April 29, 2023 and April 30, 2022, respectively	63,023	61,794
Additional paid-in capital	50,259	48,372
Retained earnings	103,410	96,608
Treasury stock, at cost, 1,907,445 shares as of April 29, 2023 and April 30, 2022, respectively	(10,285)	(10,285)
Accumulated other comprehensive loss	(5,529)	(4,925)
TOTAL SHAREHOLDERS' EQUITY	200,878	191,564
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 468,104	$ 440,876

Derivative Financial Instruments

12 Months Ended

Apr. 29, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

We utilize derivative financial instruments to manage the economic impact of fluctuations in currency exchange rates on those transactions denominated in currencies other than our functional currency, which is the United States dollar. We enter into currency forward contracts to manage these economic risks. We account for all derivatives in the consolidated balance sheets within accounts receivable or accounts payable measured at fair value, and changes in fair values are recognized in earnings unless specific hedge accounting criteria are met for cash flow or net investment hedges. As of April 29, 2023 and April 30, 2022, we had not designated any of our derivative instruments as accounting hedges, and thus we recorded the changes in fair value in the "Other (expense) income, net" line item in the consolidated statements of operations.

The foreign currency exchange contracts in aggregated notional amounts in place to exchange United States dollars as of April 29, 2023 and April 30, 2022 were as follows:


	April 29, 2023		April 30, 2022
	United States Dollars	Foreign Currency	United States Dollars	Foreign Currency
Foreign Currency Exchange Forward Contracts:

United States Dollars/Canadian Dollars	—	—	942	1,189
United States Dollars/British Pounds	—	—	1,774	1,345
United States Dollars/Euros	7,758	7,513	8,575	7,513

As of April 29, 2023, there was an asset and liability of $0 and $579, respectively, and, as of April 30, 2022, there was an asset and liability of $934 and $311, respectively, representing the fair value of foreign currency exchange forward contracts, which were determined using level 2 inputs from a third-party bank. As of April 29, 2023, all contracts mature within six months.

Income Taxes - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	May 01, 2021
Income Tax Disclosure [Abstract]
Domestic	$ 10,125	$ (2,696)	$ 10,413
Foreign	3,132	3,804	3,647
Income before income taxes	13,257	1,108	$ 14,060
Deferred Tax Assets, Valuation Allowance	$ (4,900)	$ (2,452)

Shareholders' Equity and Share-Based Compensation -Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - $ / shares	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	May 01, 2021
Equity [Abstract]
Fair value of options granted	$ 1.34	$ 2.43	$ 1.71
Risk-free interest rate	3.37%	1.07%	0.43%
Expected volatility	41.10%	40.60%	40.53%
Expected life of option (in years)	6 years 11 months 4 days	6 years 11 months 8 days	6 years 11 months 8 days

Nature of Business and Summary of Significant Accounting Policies - Equity Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	May 01, 2021
Balance sheet data:
Current assets	$ 342,657	$ 317,570
Current liabilities	210,163	213,694
Non-current liabilities	57,063	35,618
Income statement data:
Net income	6,802	592	$ 10,926
Impairment	(4,473)	0	0
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Balance sheet data:
Current assets	5,504	6,672	7,534
Non-current assets	3,312	4,491	4,637
Current liabilities	25,298	13,938	2,807
Non-current liabilities	721	1,738	1,793
Income statement data:
Net income	$ (16,932)	$ (11,928)	$ (13,436)

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Segment Reporting

12 Months Ended

Apr. 29, 2023

Segment Reporting [Abstract]

Segment Reporting

We organize and manage our business by the following five segments which meet the definition of reportable segments under ASC 280-10, Segment Reporting: Commercial, Live Events, High School Park and Recreation, Transportation, and International. These segments are based on the customer type or geography and are the same as our business units. Separate financial information is available and regularly evaluated by our chief operating decision-maker (CODM), who is our president and chief executive officer, in making resource allocation decisions for our segments. Our CODM evaluates segment performance according to the GAAP measure of gross profit.

Our Commercial business unit primarily consists of sales of our integrated video display systems, digital billboards, Galaxy® and Fuelight™ product lines, and dynamic messaging systems to resellers (primarily sign companies), out-of-home ("OOH") companies, national retailers, quick-serve restaurants, casinos, shopping centers, cruise ships, commercial building owners, and petroleum retailers. Our Live Events business unit primarily consists of sales of integrated scoring and video display systems to college and professional sports facilities and convention centers and sales of our mobile

display technology to video rental organizations and other live events type venues. Our High School Park and Recreation business unit primarily consists of sales of scoring systems, Galaxy® displays and video display systems to primary and secondary education facilities and resellers (primarily sign companies). Our Transportation business unit primarily consists of sales of intelligent transportation systems dynamic messaging signs for road management, mass transit, and aviation applications and other electronic signage for advertising and way-finding needs, which includes our Vanguard® and Galaxy® product lines and other intelligent transportation systems dynamic message signs, to governmental transportation departments, transportation industry contractors, airlines and other transportation related customers. Our International business unit consists of sales of all product lines outside the United States and Canada. In our International business unit, we focus on product lines related to integrated scoring and video display systems for sports and commercial applications, OOH advertising products, architectural lighting, and transportation related products for sale outside of the United States and Canada to the related type of company, including sports and commercial business facilities, OOH companies, and governmental transportation agencies.

Assets are not allocated to the segments. Depreciation and amortization are allocated to each segment based on various financial measures; however, some depreciation and amortization are corporate in nature and remain unallocated. Our segments follow the same accounting policies as those described in "Note 1. Nature of Business and Summary of Significant Accounting Policies." Some expenses or services are not directly allocable to a sale or segment or the resources and related expenses are shared across business segment areas. These expenses are allocated using estimates and allocation methodologies based on financial measures and professional judgment. Shared or unabsorbed manufacturing costs are allocated to the business unit benefiting most from that manufacturing location's production capabilities. Shared or unabsorbed costs of domestic field sales and services infrastructure, including most field administrative staff, are allocated to the Commercial, Live Events, High School Park and Recreation, and Transportation business units based on cost of sales. Shared manufacturing, buildings and utilities, and procurement costs are allocated based on payroll dollars, square footage and various other financial measures in the segment analysis.

We do not maintain information on sales by products; therefore, disclosure of such information is not practical.

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


	Year Ended
	April 29, 2023			April 30, 2022			May 1, 2021
Net sales:
Commercial	$	170,590		$	154,211		$	127,300
Live Events	284,900			199,106			143,049
High School Park and Recreation	141,748			111,816			91,557
Transportation	72,306			62,707			58,284
International	84,652			83,130			61,843
	754,196			610,970			482,033

Gross profit:
Commercial	31,155			31,851			33,072
Live Events	49,255			21,787			24,397
High School Park and Recreation	41,145			35,477			31,472
Transportation	19,825			18,172			20,329
International	9,975			9,410			11,313
	151,355			116,697			120,583

Operating expenses
Selling	56,655			51,075			48,649
General and administrative	38,747			32,563			27,980
Product design and development	29,989			29,013			26,846
Goodwill impairment	4,576			—			—
	129,967			112,651			103,475
Operating income	21,388			4,046			17,108

Nonoperating income (expense):
Interest income (expense), net	(920)			171			(65)

Other expense, net	(7,211)		—	(3,109)		—	(2,983)
Income before income taxes	$	13,257		$	1,108		$	14,060

Depreciation and amortization:
Commercial	$	3,468		$	2,677		$	3,037
Live Events	6,430			5,238			5,798
High School Park and Recreation	1,632			1,420			1,942
Transportation	584			551			979
International	2,307			2,796			2,887
Unallocated corporate depreciation	2,572			2,712			2,434
	$	16,993		$	15,394		$	17,077

No single geographic area comprises a material amount of our net sales or property and equipment, net of accumulated depreciation, other than the United States. The following table presents information about net sales and property and equipment, net of accumulated depreciation, in the United States and elsewhere:


	Year Ended
	April 29, 2023		April 30, 2022		May 1, 2021
Net sales:
United States	$	661,312	$	513,740	$	413,211
Outside United States	92,884		97,230		68,822
	$	754,196	$	610,970	$	482,033
Property and equipment, net of accumulated depreciation:
United States	$	63,786	$	58,643	$	50,130
Outside United States	8,361		8,122		8,552
	$	72,147	$	66,765	$	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% 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-Subparagraph (b)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Retirement Benefits	12 Months Ended
Retirement Benefits	Apr. 29, 2023
Retirement Benefits [Abstract]
Retirement Benefits	Retirement BenefitsWe sponsor a 401(k) savings plan providing benefits for substantially all United States-based employees of Daktronics, Inc. and its subsidiaries, subject to certain Internal Revenue Service ("IRS") limits. We made matching cash contributions equal to 50 percent of the employee's qualifying contribution up to six percent of such employee's compensation; however, we eliminated our matching contribution as one of our cost savings initiatives for fiscal 2021. These benefits were reinstated for fiscal 2022. Employees are eligible to participate in the 401(k) savings plan the first day of the calendar month following completion of 30 days of continuous service if they have attained the age of 21. We contributed $2,969, $2,573 and $0 for matches to the plan for fiscal years 2023, 2022, and 2021, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
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-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Apr. 29, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On May 11, 2023, the Company entered into a Credit Agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A.. The Credit Agreement provides for a $60,000 senior secured asset-based revolving credit facility ("ABL") maturing on May 11, 2026 and a delayed draw loan (the "Mortgage") term loan commitment. Under the ABL, certain factors can impact our borrowing capacity. As of May 11, 2023, our borrowing capacity was $47,459, and there were no borrowings outstanding. The interest rate on the senior credit facility is set on a sliding scale based on the trailing twelve-month fixed charge coverage and ranges from 2.5 percent to 3.5 percent over the standard overnight financing rate (SOFR). The ABL is secured by a first priority lien on the Company's assets described in the Credit Agreement and the JPMorgan Pledge and Security Agreement dated as of May 11, 2023 by and between the Company and JPMorgan Chase Bank, N.A. (the “JPMorgan Security Agreement”). The $15,000 delayed draw on the Mortgage closed on July 7, 2023, is secured by a mortgage on the Company's Brookings, South Dakota real estate, amortizes over 10 years and is payable monthly. The Mortgage is subject to the terms of the Credit Agreement and matures on May 11, 2026. The Mortgage interest rate is set on a sliding scale based on the trailing twelve month fixed charge coverage ratio and ranges between 3.5 percent to 4.5 percent. On May 11, 2023, the Company entered into a Securities Purchase Agreement (the "Securities Purchase Agreement") with Alta Fox Opportunities Fund, LP (the “Investor”) under which the Company agreed to sell and issue to the Investor its senior secured convertible note (the “Convertible Note”) in exchange for the payment by the Investor to the Company of $25,000. The Convertible Notes allow the Investor to convert shares of the Company’s common stock, subject to certain conditions and limitations, at the initial conversion price of $6.31 per share, subject to adjustments in accordance with the terms of the Convertible Note. The Company also has a forced conversion right, which is exercisable on the occurrence of certain conditions. The Convertible Note incurs interest at an annual rate of 9.0 percent when interest is paid in cash or an annual rate of 10.0 percent if interest is capitalized. Upon an event of default under the Convertible Note, the annual interest rate will increase to 12.0 percent. Under the Pledge and Security Agreement dated as of May 11, 2023 between the Company and the Investor (the “Alta Fox Security Agreement”), the Convertible Note is secured by a second priority lien on assets securing the ABL facility and a first priority lien on substantially all of the other assets of the Company, excluding all real property, subject to the Intercreditor Agreement dated as of May 11, 2023 by and among the Company, JPMorgan Chase Bank, N.A., and the Investor (the “Intercreditor Agreement”). The Convertible Note has a maturity date of May 11, 2027 (the “Maturity Date”). On the Maturity Date, the Company must pay to the Investor an amount in cash representing all outstanding principal, any accrued and unpaid interest, and any accrued and unpaid late charges on such principal and interest. Effective on May 11, 2023, in connection with the Company’s entry into the Securities Purchase Agreement, the Company also entered into a Registration Rights Agreement with the Investor (the “Registration Rights Agreement”). Pursuant to the Registration Rights Agreement, the Company agreed to file with the SEC by the dates set forth in the Registration Rights Agreement a registration statement covering the resale of the shares of common stock issuable upon conversion of the Convertible Note. Pursuant to the Registration Rights Agreement, the Company is required to use reasonable best efforts to have such registration statement declared effective by the SEC by the dates set forth in the Registration Rights Agreement. If the registration statement is not filed with the SEC or declared effective by the SEC on a timely basis, certain penalties would be applicable to the Company. The Credit Agreement and the Convertible Note require a fixed charged coverage ratio of greater than 1.1 and include other customary non-financial covenants. In fiscal year 2023, we incurred $3,866 in debt issuance costs, which is included in the "Debt issuance costs" line item in our consolidated balance sheet.

Cash Flow Information

12 Months Ended

Apr. 29, 2023

Supplemental Cash Flow Information [Abstract]

Cash Flow Information

The changes in operating assets and liabilities consisted of the following:


	Year Ended
	April 29, 2023		April 30, 2022		May 1, 2021
(Increase) decrease:
Account receivable	$	(10,422)	$	(33,876)	$	4,864
Long-term receivables	1,950		(440)		1,737
Inventories	(15,064)		(61,159)		13,900
Contract assets	(4,879)		(9,545)		3,080
Prepaid expenses and other current assets	5,267		(7,661)		2,450
Income taxes receivables	268		121		(148)

Investment in affiliates and other assets	(261)		(357)		744
Increase (decrease):
Accounts payable	(5,344)		33,002		(7,081)
Contract liabilities	3,468		27,398		12,628
Accrued expenses	(967)		6,354		(2,936)
Warranty obligations	607		1,160		696
Long-term warranty obligations	3,055		1,764		(367)
Income taxes payable	2,354		(379)		(173)
Long-term marketing obligations and other payables	104		(1,762)		2,337
	$	(19,864)	$	(45,380)	$	31,731

Supplemental disclosures of cash flow information consisted of the following:


	Year Ended
	April 29, 2023		April 30, 2022		May 1, 2021
Cash payments for:
Interest	$	1,075	$	16	$	264
Income taxes, net of refunds	7,489		1,951		2,557

Supplemental schedule of non-cash investing and financing activities consisted of the following:


	Year Ended
	April 29, 2023		April 30, 2022		May 1, 2021
Demonstration equipment transferred to inventory	$	—	$	53	$	56
Purchases of property and equipment included in accounts payable	1,057		4,177		667
Contributions of common stock under the ESPP	1,207		1,211		565
Debt Issuance costs	2,875		—		—

Commitments and Contingencies (Tables)

12 Months Ended

Apr. 29, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Product Warranty Liability

Changes in our warranty obligation for the fiscal years ended April 29, 2023 and April 30, 2022 consisted of the following:


	April 29, 2023		April 30, 2022
Beginning accrued warranty obligations	$	28,878	$	25,960
Warranties issued during the period	13,429		9,748
Settlements made during the period	(11,044)		(7,503)
Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations	1,278		673
Ending accrued warranty obligations	$	32,541	$	28,878

Long-term Purchase Commitment

As of April 29, 2023, we were obligated under the following unconditional purchase commitments:


Fiscal years ending	Amount
2024	$	4,908
2025	2,374
2026	194
2027	50
2028	38
	$	7,564

Leases (Tables)

12 Months Ended

Apr. 29, 2023

Leases [Abstract]

Lease, cost

Supplemental unaudited cash flow information related to operating leases were as follows:


	Year Ended
	April 29, 2023		April 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	2,692	$	2,680

Lessee, operating lease, liability, maturity

Future minimum operating lease payments as of, and subsequent to, April 29, 2023 under ASC 842 are as follows:


	Operating Leases
Fiscal years ending
2024	$	2,383
2025	1,675
2026	897
2027	757
2028	23
Thereafter	—
Total lease payments	5,735
Less imputed interest	(261)
Total lease liabilities	$	5,474

Derivative Financial Instruments (Tables)

12 Months Ended

Apr. 29, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

The foreign currency exchange contracts in aggregated notional amounts in place to exchange United States dollars as of April 29, 2023 and April 30, 2022 were as follows:


	April 29, 2023		April 30, 2022
	United States Dollars	Foreign Currency	United States Dollars	Foreign Currency
Foreign Currency Exchange Forward Contracts:

United States Dollars/Canadian Dollars	—	—	942	1,189
United States Dollars/British Pounds	—	—	1,774	1,345
United States Dollars/Euros	7,758	7,513	8,575	7,513

Nature of Business and Summary of Significant Accounting Policies - Property, Plant and Equipment, Estimated Useful Life (Details)	Apr. 29, 2023
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	40 years
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	7 years
Office furniture and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Office furniture and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Computer software and hardware \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Computer software and hardware \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Equipment held for rental \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	2 years
Equipment held for rental \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	7 years
Demonstration equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Demonstration equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Transportation equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Transportation equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	7 years

Shareholders' Equity and Share-Based Compensation

12 Months Ended

Apr. 29, 2023

Equity [Abstract]

Shareholders' Equity and Share-Based Compensation

Authorized share types and shareholder rights plan: Our 120,000 authorized shares consist of 115,000 shares of common stock, 50 shares of Series A Junior Participating Preferred Stock, and 4,950 shares of “undesignated stock.” Our Board of Directors has the power to authorize and issue any or all of the shares of undesignated stock without shareholder approval, including the authority to establish the rights and preferences of the undesignated stock.

Each outstanding share of our common stock includes one preferred share purchase right. Each right entitles the registered holder of our common stock to purchase from us one one-thousandth of one share of our Series A Junior Participating Preferred Stock at an initial exercise price of $20 per right, subject to adjustment under the terms of the shareholder rights agreement under which the dividend was declared and paid. The rights become exercisable immediately after the earlier of (i) 10 business days following a public announcement that a person or group has acquired beneficial ownership of 20 percent or more of our outstanding common shares (subject to certain exceptions) or (ii) 10 business days following the commencement or announcement of an intention to make a tender offer or exchange offer for our common shares, the consummation of which would result in the beneficial ownership by a person or group of 20 percent or more of our outstanding common shares. The rights expire on November 19, 2024, which date may be extended by our Board of Directors subject to certain additional conditions.

Stock incentive plans: During fiscal 2021, we established the Daktronics, Inc. 2020 Stock Incentive Plan (“2020 Plan”) and ceased granting options under the 2015 Stock Incentive Plan ("2015 Plan"). The 2020 Plan provides for the issuance of stock-based awards, including stock options, restricted stock, restricted stock units and deferred stock to employees, directors and consultants. Stock options issued to employees under the 2015 Plan and 2020 Plan generally have a 10-year life, an exercise price equal to the closing market value on the grant date and a five-year annual vesting period. Stock options granted to independent directors under these plans have a seven-year life and an exercise price equal to the closing market value on the date of grant. Stock options granted to independent directors vest in one year, provided that the directors remain on the Board. The restricted stock granted to independent directors vests in one year, provided that the directors remain on the Board. Restricted stock units are granted to employees and have a five-year annual vesting period. As with stock options, restricted stock and restricted stock unit ownership cannot be transferred during the vesting period.

As of April 29, 2023, the aggregate number of shares available for future grants under the 2020 Plan for stock options and restricted stock awards was 1,801 shares. Shares of common stock subject to all stock awards granted under the 2020 Plan are counted as one share of stock for each share of stock subject to the award. Although the 2015 Plan remains in effect for options outstanding that were granted under the 2015 Plan until the earlier of the exercise of the options or their expiration or termination without being exercised, no new options can be granted under the 2015 Plan.

Restricted stock and restricted stock units: We issue restricted stock to our non-employee directors and restricted stock units to employees. Restricted stock issued to non-employee directors are participating securities and receive dividends prior to vesting. Unvested restricted stock will terminate and be forfeited upon termination of employment or service. The fair value of restricted stock and our restricted stock unit awards are measured on the grant date based on the market value of our common stock. The related compensation expense as calculated under ASC 718, net of estimated forfeitures, is recognized over the applicable vesting period. Unrecognized compensation expense related to the restricted stock and restricted stock unit awards was approximately $1,666 as of April 29, 2023, which is expected to be recognized over a weighted-average period of 2.62 years. The total fair value of restricted stock vested was $1,160, $1,203, and $1,293 in fiscal years 2023, 2022, and 2021, respectively.

A summary of non-vested restricted stock and restricted stock units for fiscal years 2023, 2022, and 2021 is as follows:


	Year Ended
	April 29, 2023			April 30, 2022			May 1, 2021
	Number of Nonvested Shares	Weighted Average Grant Date Fair Value Per Share		Number of Nonvested Shares	Weighted Average Grant Date Fair Value Per Share		Number of Nonvested Shares	Weighted Average Grant Date Fair Value Per Share
Outstanding at beginning of year	469	$	5.65	480	$	5.62	449	$	7.16
Granted	360	3.15		214	5.66		223	3.92
Vested	(192)	5.98		(213)	5.58		(176)	7.27
Forfeited	(20)	4.98		(12)	5.64		(16)	7.00
Outstanding at end of year	617	$	4.11	469	$	5.65	480	$	5.62

Stock Options: We issue incentive stock options to our employees and non-qualified stock options to our independent directors. A summary of stock option activity under our 2015 Plan and 2020 Plan during the fiscal year ended April 29, 2023 is as follows:


	Stock Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding as of April 30, 2022	2,107	$	8.13	4.98	$	—
Granted	336	3.02		—	—
Canceled or forfeited	(393)	9.08		—	—
Exercised	(5)	4.11		—	7
Outstanding as of April 29, 2023	2,045	$	7.11	5.52	$	858

Shares vested and expected to vest	2,010	$	7.17	5.46	$	819
Exercisable as of April 29, 2023	1,222	$	8.95	3.70	$	103

The aggregate intrinsic value of stock options represents the difference between the exercise price of stock options and the fair market value of the underlying common stock for all in-the-money options. We define in-the-money options as of April 29, 2023 as options having exercise prices lower than the $4.81 per share market price of our common stock on that date. There were 147 shares exercisable that were in-the-money options as of April 29, 2023. The total intrinsic value of options exercised during fiscal years 2023, 2022, and 2021 was $7, $2, and $0, respectively. The total fair value of stock options vested was $467, $465, and $451 for fiscal years 2023, 2022, and 2021, respectively.

We estimate the fair value of stock options granted using the Black-Scholes option valuation model. We recognize the fair value of the stock options on a straight-line basis as compensation expense. All options are recognized over the requisite service periods of the awards, which are generally the vesting periods.

The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions, including the expected stock price volatility. ASC 718 requires us to estimate forfeitures at the time of grant and revise those estimates in subsequent periods if actual forfeitures differ from those estimates. We use historical data to estimate pre-vesting option forfeitures and record share-based compensation expense only for those awards expected to vest. The following factors are the significant assumptions used in the computation of the fair value of options:

Expected life. The expected life of options granted represents the period of time they are expected to be outstanding. We estimate the expected life of options granted based on historical exercise patterns, which we believe are representative of future behavior. We have examined our historical pattern of option exercises in an effort to determine if there were any discernible patterns of activity based on certain demographic characteristics. Demographic characteristics tested included age, salary level, job level and geographic location. We have determined there were no meaningful differences in option exercise activity based on the demographic characteristics tested.

Expected volatility. We estimate the volatility of our common stock at the date of grant based on historical volatility consistent with ASC 718 and SEC Staff Accounting Bulletin No. 107, Share-Based Payments.

Risk-free interest rate. The rate is based on the United States Treasury zero-coupon yield curve on the grant date for a term similar to the expected life of the options.

Dividend yield. We use an expected dividend yield consistent with our historical dividend yield pattern.

The following table provides the weighted-average fair value of options granted and the related assumptions used in the Black-Scholes model:


	Year Ended
	April 29, 2023			April 30, 2022			May 1, 2021
Fair value of options granted	$	1.34		$	2.43		$	1.71
Risk-free interest rate	3.37		%	1.07		%	0.43		%

Expected volatility	41.10		%	40.60		%	40.53		%
Expected life of option (in years)	6.93			6.94			6.94

Employee stock purchase plan: We have an employee stock purchase plan (“ESPP”), which enables employees after six months of continuous employment to elect, in advance and semi-annually, to contribute up to 15 percent of their compensation, subject to certain limitations, toward the purchase of our common stock at a purchase price equal to 85 percent of the lower of the fair market value of the common stock on the first or last day of the participation period. The ESPP requires participants to hold any shares purchased under the ESPP for a minimum period of one year after the date of purchase. Compensation expense recognized on shares issued under our ESPP is based on the value of a traded option to purchase shares of our stock at a 15 percent discount to the stock price. The total number of shares reserved under the ESPP is 5,500. The number of shares of common stock issued under the ESPP totaled 424, 310, and 170 shares in fiscal 2023, 2022, and 2021, respectively. The number of shares of common stock reserved for future employee purchases under the ESPP totaled 1,575 shares as of April 29, 2023. The ESPP is intended to qualify under Section 423 of the Internal Revenue Code of 1986 (the "Code").

Total share-based compensation expense: As of April 29, 2023, there was $2,746 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under all equity compensation plans. Total unrecognized compensation cost will be adjusted for future changes in estimated forfeitures. We expect to recognize the cost over a weighted-average period of 2.94 years.

The following table presents a summary of the share-based compensation expense by equity type as follows:


	Year Ended
	April 29, 2023		April 30, 2022		May 1, 2021
Stock options	$	453	$	458	$	450
Restricted stock and stock units	1,153		1,159		1,203
Employee stock purchase plans	421		356		414
	$	2,027	$	1,973	$	2,067

A summary of the share-based compensation expense for stock options, restricted stock, restricted stock units and shares issued under the ESPP for fiscal years 2023, 2022, and 2021 is as follows:


	Year Ended
	April 29, 2023		April 30, 2022		May 1, 2021
Cost of sales	$	441	$	434	$	472
Selling	424		472		484
General and administrative	735		656		678
Product design and development	427		411		433
	$	2,027	$	1,973	$	2,067

We received $21 in cash from option exercises under all share-based payment arrangements for the fiscal year ended April 29, 2023. The tax expense related to non-qualified options and restricted stock units under all share-based payment arrangements totaled $23, $47, and $70 for fiscal years 2023, 2022, and 2021, respectively.

Shareholders' Equity and Share-Based Compensation - Schedule of Nonvested Restricted Stock and Restricted Stock Units Activity (Details) - Restricted stock and stock units - $ / shares	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	May 01, 2021
Number of Nonvested Shares
Outstanding at beginning of year (in shares)	469,000	480,000	449,000
Granted (in shares)	360,000	214,000	223,000
Vested (in shares)	(192,000)	(213,000)	(176,000)
Forfeited (in shares)	(20,000)	(12,000)	(16,000)
Outstanding at end of year (in shares)	617,000	469,000	480,000
Weighted Average Grant Date Fair Value Per Share
Outstanding at beginning of the period (in dollars per share)	$ 5.65	$ 5.62	$ 7.16
Granted (in dollars per share)	3.15	5.66	3.92
Vested (in dollars per share)	5.98	5.58	7.27
Forfeited (in dollars per share)	4.98	5.64	7.00
Outstanding at ending of the period (in dollars per share)	$ 4.11	$ 5.65	$ 5.62

Selected Financial Statement Data - Schedule of Other Nonoperating Income (Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	May 01, 2021
Inventory Disclosure [Abstract]
Foreign currency transaction gains (losses)	$ 479	$ (227)	$ (675)
Equity in losses of affiliates	(3,332)	(2,970)	(2,370)
Impairment of equity method investee	(4,473)	0	0
Other	115	88	62
Other (Expense) Income, Total	$ (7,211)	$ (3,109)	$ (2,983)

Commitments and Contingencies (Details Textual) $ in Thousands	Apr. 29, 2023 USD ($)
Financial Standby Letter of Credit
Loss Contingencies [Line Items]
Loss contingency accrual	$ 7,783
Guarantee of Business Revenue
Loss Contingencies [Line Items]
Loss contingency accrual	616
Surety Bond
Loss Contingencies [Line Items]
Loss contingency accrual	$ 56,374

Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)		12 Months Ended
	Oct. 30, 2022	Apr. 29, 2023	Apr. 30, 2022	May 01, 2021
Disaggregation of Revenue [Line Items]
Net sales		$ 754,196,000	$ 610,970,000	$ 482,033,000
Gross profit		151,355,000	116,697,000	120,583,000
Selling		56,655,000	51,075,000	48,649,000
General and administrative		38,747,000	32,563,000	27,980,000
Product design and development		29,989,000	29,013,000	26,846,000
Goodwill impairment	$ 4,576,000	4,576,000	0	0
Operating expenses		129,967,000	112,651,000	103,475,000
Operating income		21,388,000	4,046,000	17,108,000
Interest income (expense), net		(920,000)	171,000	(65,000)
Other expense, net		(7,211,000)	(3,109,000)	(2,983,000)
Income (loss) before income taxes		13,257,000	1,108,000	14,060,000
Depreciation and amortization		16,993,000	15,394,000	17,077,000
Corporate, non-segment
Disaggregation of Revenue [Line Items]
Depreciation and amortization		2,572,000	2,712,000	2,434,000
Commercial
Disaggregation of Revenue [Line Items]
Net sales		170,590,000	154,211,000	127,300,000
Gross profit		31,155,000	31,851,000	33,072,000
Goodwill impairment		0
Commercial \| Operating segments
Disaggregation of Revenue [Line Items]
Depreciation and amortization		3,468,000	2,677,000	3,037,000
Live Events
Disaggregation of Revenue [Line Items]
Net sales		284,900,000	199,106,000	143,049,000
Gross profit		49,255,000	21,787,000	24,397,000
Goodwill impairment		2,281,000
Live Events \| Operating segments
Disaggregation of Revenue [Line Items]
Depreciation and amortization		6,430,000	5,238,000	5,798,000
High School Park and Recreation
Disaggregation of Revenue [Line Items]
Net sales		141,748,000	111,816,000	91,557,000
Gross profit		41,145,000	35,477,000	31,472,000
High School Park and Recreation \| Operating segments
Disaggregation of Revenue [Line Items]
Depreciation and amortization		1,632,000	1,420,000	1,942,000
Transportation
Disaggregation of Revenue [Line Items]
Net sales		72,306,000	62,707,000	58,284,000
Gross profit		19,825,000	18,172,000	20,329,000
Goodwill impairment		0
Transportation \| Operating segments
Disaggregation of Revenue [Line Items]
Depreciation and amortization		584,000	551,000	979,000
International
Disaggregation of Revenue [Line Items]
Net sales		84,652,000	83,130,000	61,843,000
Gross profit		9,975,000	9,410,000	11,313,000
Goodwill impairment		2,295,000
International \| Operating segments
Disaggregation of Revenue [Line Items]
Depreciation and amortization		$ 2,307,000	$ 2,796,000	$ 2,887,000

Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 477	$ 548
Gross increases related to prior period tax positions	12	17
Gross decreases related to prior period tax positions	(56)	(54)
Gross increases related to current period tax positions	124	116
Lapse of statute of limitations	(165)	(150)
Balance at end of year	$ 392	$ 477

Revenue Recognition (Details Textual) $ in Thousands	3 Months Ended
Revenue Recognition (Details Textual) $ in Thousands	Apr. 29, 2023 USD ($)
Revenue from External Customer [Line Items]
Less: reductions for revenue recognized	$ 84,972
Revenue, remaining performance obligation	462,035
Product
Revenue from External Customer [Line Items]
Revenue, remaining performance obligation	400,737
Service
Revenue from External Customer [Line Items]
Revenue, remaining performance obligation	$ 61,298

Financing Agreements (Details Textual) - USD ($) $ in Thousands	Apr. 29, 2023	Aug. 28, 2020
Line of credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 45,000
Line of credit facility, remaining borrowing capacity		$ 19,467
Standby letters of credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	20,000
Long-term line of credit		7,783
Letter of credit
Line of Credit Facility [Line Items]
Long-term line of credit	$ 17,750
Guarantees
Line of Credit Facility [Line Items]
Long-term line of credit		$ 616

- 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

Shareholders' Equity and Share-Based Compensation (Tables)

12 Months Ended

Apr. 29, 2023

Equity [Abstract]

Schedule of Nonvested Restricted Stock and Restricted Stock Units Activity

A summary of non-vested restricted stock and restricted stock units for fiscal years 2023, 2022, and 2021 is as follows:


	Year Ended
	April 29, 2023			April 30, 2022			May 1, 2021
	Number of Nonvested Shares	Weighted Average Grant Date Fair Value Per Share		Number of Nonvested Shares	Weighted Average Grant Date Fair Value Per Share		Number of Nonvested Shares	Weighted Average Grant Date Fair Value Per Share
Outstanding at beginning of year	469	$	5.65	480	$	5.62	449	$	7.16
Granted	360	3.15		214	5.66		223	3.92
Vested	(192)	5.98		(213)	5.58		(176)	7.27
Forfeited	(20)	4.98		(12)	5.64		(16)	7.00
Outstanding at end of year	617	$	4.11	469	$	5.65	480	$	5.62

Share-based Payment Arrangement, Option, Activity

A summary of stock option activity under our 2015 Plan and 2020 Plan during the fiscal year ended April 29, 2023 is as follows:


	Stock Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding as of April 30, 2022	2,107	$	8.13	4.98	$	—
Granted	336	3.02		—	—
Canceled or forfeited	(393)	9.08		—	—
Exercised	(5)	4.11		—	7
Outstanding as of April 29, 2023	2,045	$	7.11	5.52	$	858

Shares vested and expected to vest	2,010	$	7.17	5.46	$	819
Exercisable as of April 29, 2023	1,222	$	8.95	3.70	$	103

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following table provides the weighted-average fair value of options granted and the related assumptions used in the Black-Scholes model:


	Year Ended
	April 29, 2023			April 30, 2022			May 1, 2021
Fair value of options granted	$	1.34		$	2.43		$	1.71
Risk-free interest rate	3.37		%	1.07		%	0.43		%

Expected volatility	41.10		%	40.60		%	40.53		%
Expected life of option (in years)	6.93			6.94			6.94

Share-based Compensation Expense

The following table presents a summary of the share-based compensation expense by equity type as follows:


	Year Ended
	April 29, 2023		April 30, 2022		May 1, 2021
Stock options	$	453	$	458	$	450
Restricted stock and stock units	1,153		1,159		1,203
Employee stock purchase plans	421		356		414
	$	2,027	$	1,973	$	2,067

A summary of the share-based compensation expense for stock options, restricted stock, restricted stock units and shares issued under the ESPP for fiscal years 2023, 2022, and 2021 is as follows:


	Year Ended
	April 29, 2023		April 30, 2022		May 1, 2021
Cost of sales	$	441	$	434	$	472
Selling	424		472		484
General and administrative	735		656		678
Product design and development	427		411		433
	$	2,027	$	1,973	$	2,067

Shareholders' Equity and Share-Based Compensation (Details Textual) $ / shares in Units, $ in Thousands	12 Months Ended
	Apr. 29, 2023 USD ($) $ / shares shares	Apr. 30, 2022 USD ($) shares	May 01, 2021 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized and undesignated (in shares)	120,000,000
Common stock, shares authorized (in shares)	115,000,000	115,000,000
Preferred stock, shares authorized (in shares)	50,000	50,000
Common stock, shares undesignated (in shares)	4,950,000
Number of preferred share purchase right	1
Common share rights exercise, period	10 days
Sale of stock, percentage of ownership after transaction	20.00%
Common share rights exercise, period	10 years
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares)	1,801,000
Share-based payment arrangement, nonvested award, cost not yet recognized, amount \| $	$ 1,666
Share-based payment arrangement, nonvested award, cost not yet recognized	2 years 11 months 8 days
Exercisable shares (in shares)	1,222,000
Option, exercise price range, upper range limit (in dollars per share) \| $ / shares	$ 4.81
Exercised, aggregate intrinsic value \| $	$ 7	$ 2	$ 0
Fair value of stock potions vested \| $	$ 467	$ 465	$ 451
Stock issued during period, shares, employee stock purchase plans (in shares)	424,000	310,000	170,000
Share-based compensation expense \| $	$ 2,746
Proceeds from stock options exercised \| $	21	$ 8	$ 0
Share-based payment arrangement, expense, tax benefit \| $	$ (23)	(47)	$ (70)
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	1 year
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares)	5,500,000
Maximum employee subscription rate	15.00%
Discount from market price, offering date	85.00%
Common stock, capital shares reserved for future issuance (in shares)	1,575,000
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, expiration period			10 years
Share-based compensation arrangement by share-based payment award, award vesting period			5 years
Stock options \| Independent Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, expiration period			7 years
Share-based compensation arrangement by share-based payment award, award vesting period			1 year
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, cost not yet recognized	2 years 7 months 13 days
Fair value of restricted stock vested \| $	$ 1,160	$ 1,203	$ 1,293
Restricted stock \| Independent Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period			1 year
Restricted stock \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period			5 years
In money options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercisable shares (in shares)	147
Preferred Share Purchase Right
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of securities called by each warrant or right (in shares)	0.001
Initial exercise price (in dollars per share) \| $ / shares	$ 20

Cash Flow Information - Cash Flow, Operating Capital (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	May 01, 2021
(Increase) decrease:
Account receivable	$ (10,422)	$ (33,876)	$ 4,864
Long-term receivables	1,950	(440)	1,737
Inventories	(15,064)	(61,159)	13,900
Contract assets	(4,879)	(9,545)	3,080
Prepaid expenses and other current assets	5,267	(7,661)	2,450
Income taxes receivables	268	121	(148)
Investment in affiliates and other assets	(261)	(357)	744
(Increase) decrease:
Accounts payable	(5,344)	33,002	(7,081)
Contract liabilities	3,468	27,398	12,628
Accrued expenses	(967)	6,354	(2,936)
Warranty obligations	607	1,160	696
Long-term warranty obligations	3,055	1,764	(367)
Income taxes payable	2,354	(379)	(173)
Long-term marketing obligations and other payables	104	(1,762)	2,337
Change in operating assets and liabilities	$ (19,864)	$ (45,380)	$ 31,731

Commitments and Contingencies

12 Months Ended

Apr. 29, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and ContingenciesLitigation: 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. We establish accruals for those contingencies when the incurrence of a loss is probable and can be reasonably estimated, and we disclose the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued if such disclosure is necessary for our financial statements to not be misleading. We do not record an accrual when the likelihood of loss being incurred is probable, but the amount cannot be reasonably estimated, or when the loss is believed to be only reasonably possible or

remote, although disclosures will be made for material matters as required by ASC 450-20, Contingencies - Loss Contingencies. Our assessment of whether a loss is reasonably possible or probable is based on our assessment and consultation with legal counsel regarding the ultimate outcome of the matter following all appeals.

For other unresolved legal proceedings or claims, we do not believe there is a reasonable probability that any material loss would 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: See "Note 1. Nature of Business and Summary of Significant Accounting Policies" for more information regarding warranties.

Changes in our warranty obligation for the fiscal years ended April 29, 2023 and April 30, 2022 consisted of the following:


	April 29, 2023		April 30, 2022
Beginning accrued warranty obligations	$	28,878	$	25,960
Warranties issued during the period	13,429		9,748
Settlements made during the period	(11,044)		(7,503)
Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations	1,278		673
Ending accrued warranty obligations	$	32,541	$	28,878

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 April 29, 2023, we had outstanding letters of credit, bank guarantees and surety bonds in the amount of $7,783, $616 and $56,374, 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 April 29, 2023, we were not aware of any indemnification claim from a customer.

Purchase commitments: From time to time, we commit to purchase inventory, advertising, cloud-based information systems, information technology maintenance and support services, and various other products and services over periods that extend beyond one year. As of April 29, 2023, we were obligated under the following unconditional purchase commitments:


Fiscal years ending	Amount
2024	$	4,908
2025	2,374
2026	194
2027	50
2028	38
	$	7,564

Goodwill and Intangible Assets (Details Textual) - USD ($)		12 Months Ended
	Oct. 30, 2022	Apr. 29, 2023	Apr. 30, 2022	May 01, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment	$ 4,576,000	$ 4,576,000	$ 0	$ 0
Amortization of intangible assets, total		$ 290,000	$ 504,000	$ 1,502,000

Selected Financial Statement Data - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022
Inventory Disclosure [Abstract]
Compensation	$ 17,466	$ 15,944
Taxes, other than income taxes	3,390	6,741
Accrued employee benefits	$ 3,953	$ 3,227
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current, Total	Accrued Liabilities, Current, Total
Operating lease liabilities	$ 2,253	$ 2,309
Short-term accrued expenses	8,943	6,738
Accrued Liabilities, Current, Total	$ 36,005	$ 34,959

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	May 01, 2021
Current:
Federal	$ 6,321	$ 644	$ 507
State	1,381	452	422
Foreign	2,273	975	891
Deferred:
Federal	(3,025)	(1,020)	1,216
State	(456)	(476)	59
Foreign	(39)	(59)	39
Income Tax Expense (Benefit), Total	$ 6,455	$ 516	$ 3,134

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Shareholders' Equity and Share-Based Payment Arrangement, Option, Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	May 01, 2021
Stock Options
Outstanding at beginning of period (in shares)	2,107
Granted (in shares)	336
Canceled or forfeited (in shares)	(393)
Exercised (in shares)	(5)
Outstanding at ending of period (in shares)	2,045	2,107
Shares vested and expected to vest (in shares)	2,010
Exercisable (in shares)	1,222
Weighted Average Exercise Price Per Share
Outstanding at beginning of period (in dollars per share)	$ 8.13
Granted (in dollars per share)	3.02
Canceled or forfeited (in dollars per share)	9.08
Exercised (in dollars per share)	4.11
Outstanding at ending of period (in dollars per share)	7.11	$ 8.13
Shares vested and expected to vest, weighted average exercise price per share (in dollars per share)	7.17
Exercisable, weighted average exercise price per share (in dollars per share)	$ 8.95
Outstanding, weighted average remaining contractual life	5 years 6 months 7 days	4 years 11 months 23 days
Shares vested and expected to vest, weighted average remaining contractual life	5 years 5 months 15 days
Exercisable, weighted average remaining contractual life	3 years 8 months 12 days
Outstanding at beginning of period, aggregate intrinsic value	$ 858	$ 0
Exercised, aggregate intrinsic value	7	$ 2	$ 0
Shares vested and expected to vest, aggregate intrinsic value	819
Exercisable, aggregate intrinsic value	$ 103

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Apr. 29, 2023	Apr. 30, 2022	May 01, 2021
Income Statement [Abstract]
Net sales	$ 754,196,000	$ 610,970,000	$ 482,033,000
Cost of sales	602,841,000	494,273,000	361,450,000
Gross profit	151,355,000	116,697,000	120,583,000
Operating expenses:
Selling	56,655,000	51,075,000	48,649,000
General and administrative	38,747,000	32,563,000	27,980,000
Product design and development	29,989,000	29,013,000	26,846,000
Goodwill impairment	4,576,000	0	0
Operating expenses	129,967,000	112,651,000	103,475,000
Operating income	21,388,000	4,046,000	17,108,000
Nonoperating (expense) income:
Interest (expense) income, net	(920,000)	171,000	(65,000)
Other expense, net	(7,211,000)	(3,109,000)	(2,983,000)
Income before income taxes	13,257,000	1,108,000	14,060,000
Income tax expense	6,455,000	516,000	3,134,000
Net income	$ 6,802,000	$ 592,000	$ 10,926,000
Weighted average shares outstanding:
Basic (in shares)	45,404,000	45,188,000	44,989,000
Diluted (in shares)	45,521,000	45,326,000	45,202,000
Earnings per share:
Basic (in usd per share)	$ 0.15	$ 0.01	$ 0.24
Diluted (in usd per share)	$ 0.15	$ 0.01	$ 0.24

Share Repurchase Program	12 Months Ended
Share Repurchase Program	Apr. 29, 2023
Equity [Abstract]
Share Repurchase Program	Share Repurchase Program On June 17, 2016, our Board of Directors approved a stock repurchase program under which we may purchase up to $40,000 of the Company's outstanding shares of common stock. Under this program, we may repurchase shares from time to time in open market transactions and in privately negotiated transactions based on business, market, applicable legal requirements and other considerations. The repurchase program does not require the repurchase of a specific number of shares and may be terminated at any time. In April 2020, the Board had suspended the program. On December 2, 2021, the Board of Directors of Daktronics voted to reauthorize the stock repurchase program. During fiscal 2023 and 2021, we had no repurchases of shares of our outstanding common stock. During fiscal 2022, we repurchased 641 shares of common stock at a total cost of $3,184. As of April 29, 2023, we had $29,355 of remaining capacity under our current share repurchase program.

Segment Reporting - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	May 01, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 754,196	$ 610,970	$ 482,033
Property and equipment, net of accumulated depreciation	72,147	66,765	58,682
United States
Disaggregation of Revenue [Line Items]
Net sales	661,312	513,740	413,211
Property and equipment, net of accumulated depreciation	63,786	58,643	50,130
Outside United States
Disaggregation of Revenue [Line Items]
Net sales	92,884	97,230	68,822
Property and equipment, net of accumulated depreciation	$ 8,361	$ 8,122	$ 8,552

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Income Taxes

12 Months Ended

Apr. 29, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The following tables reflect the significant components of our income tax provision. The pretax income attributable to domestic and foreign operations was as follows:


	Year Ended
	April 29, 2023		April 30, 2022		May 1, 2021
Domestic	$	10,125	$	(2,696)	$	10,413
Foreign	3,132		3,804		3,647
Income before income taxes	$	13,257	$	1,108	$	14,060

Income tax expense (benefit) consisted of the following:


	Year Ended
	April 29, 2023		April 30, 2022		May 1, 2021
Current:
Federal	$	6,321	$	644	$	507
State	1,381		452		422
Foreign	2,273		975		891
Deferred:
Federal	(3,025)		(1,020)		1,216
State	(456)		(476)		59
Foreign	(39)		(59)		39
	$	6,455	$	516	$	3,134

The reconciliation of the provision (benefit) for income taxes and the amount computed by applying the federal statutory rate to income before income taxes is as follows:


	Year Ended
	April 29, 2023		April 30, 2022		May 1, 2021
Computed income tax expense at federal statutory rates	$	2,784	$	233	$	2,953
Change in uncertain tax positions	(86)		(71)		(34)
Research and development tax credit	(684)		(382)		(1,047)
Other, net	288		(179)		579
Change in valuation allowances	2,078		609		402
GILTI	6		(14)		(156)
Base Erosion Anti-Abuse Tax (BEAT)	87		12		(285)
Foreign-Derived Intangible Income (FDII)	(128)		(5)		(84)
Stock compensation	262		150		355
Meals and entertainment	149		67		49
Goodwill Impairment	551		—		—

State taxes, net of federal benefit	731		139		494
Effect of Foreign Tax Rates different than Statutory	417		(43)		(92)
	$	6,455	$	516	$	3,134

The effective income tax rate for fiscal 2023 was impacted due to valuation allowances on equity investments and on foreign net operating losses in Ireland, goodwill impairment, state taxes, a mix of taxes in foreign countries where the tax rate is higher than the United States, as well as prior year provision to return adjustments reduced in part by tax benefits from permanent tax credits.

During fiscal 2022, our effective income tax rate was impacted by tax benefits from permanent tax credits offset by valuation allowances as well as other various permanent tax adjustments and state taxes with additional expense for prior year provision to return adjustments.

During fiscal 2021, our effective income tax rate was impacted due to tax benefits from permanent tax credits and prior year provision to return adjustments offset by valuation allowances as well as other various permanent tax adjustments and state taxes.

The components of the net deferred tax assets were as follows:


	April 29, 2023		April 30, 2022
Deferred tax assets:
Accrued warranty obligations	$	8,088	$	7,117
Vacation accrual	1,732		1,618
Deferred maintenance revenue	484		272
Allowance for excess and obsolete inventory	2,779		2,316

Equity compensation	255		276
Allowance for credit losses accounts	928		528
Inventory capitalization	1,339		1,278
Accrued compensation and benefits	395		1,019

Unrealized loss on foreign currency exchange	206		—
Net operating loss carry forwards	1,024		729
Outside basis difference in equity method investments	3,819		1,861
Section 174 Capitalization	5,225		—
Research and development tax credit carry forwards	210		396
Lease accounting - lease liability	1,426		1,918
Other	929		435
Total deferred tax assets	28,839		19,763
Valuation allowance	(4,900)		(2,452)
Net deferred tax assets	23,939		17,311

Deferred tax liabilities:
Property and equipment	(5,292)		(1,693)
Lease accounting - right of use asset	(1,411)		(1,907)
Prepaid expenses	(471)		(428)

Unrealized gain on foreign currency exchange	—		(180)
Other	(93)		(59)
Total deferred tax liabilities	(7,267)		(4,267)
Net deferred tax asset	$	16,672	$	13,044

The classification of the net deferred tax assets in the accompanying consolidated balance sheets is:


	April 29, 2023		April 30, 2022
Non-current assets	$	16,867	$	13,331
Non-current liabilities	(195)		(287)
	$	16,672	$	13,044

The summary of changes in the amounts related to unrecognized uncertain tax benefits are:


	April 29, 2023		April 30, 2022
Balance at beginning of year	$	477	$	548
Gross increases related to prior period tax positions	12		17
Gross decreases related to prior period tax positions	(56)		(54)
Gross increases related to current period tax positions	124		116
Lapse of statute of limitations	(165)		(150)
Balance at end of year	$	392	$	477

All of our unrecognized tax benefits would have an impact on the effective tax rate if recognized. It is reasonably possible that the amount of unrecognized tax benefits could change due to one or more of the following events occurring in the next 12 months: expiring statutes, audit activity, tax payments, or competent authority proceedings. A statute of limitations relating to $171 of the unrecognized tax benefits (including interest) expires in the next 12 months. The benefit will be recognized if the statute lapses with no further action taken by regulators. Additionally, we recognized the release of $165 in unrecognized tax benefits related to the lapse of a statute of limitations in fiscal 2023.

Interest and penalties incurred associated with uncertain tax positions are included in the "Income tax expense" line item in our consolidated statements of operations. Accrued interest and penalties are included in the related tax liability line item in our consolidated balance sheets of $28 and $38 as of April 29, 2023 and April 30, 2022, respectively.

As of April 29, 2023, we had foreign net operating loss (“NOL”) carryforwards of approximately $5,727 primarily related to our operations in Belgium and Ireland, which have indefinite lives. A deferred tax asset has been recorded for all NOL carryforwards totaling approximately $1,018. However, due to uncertainty in future taxable income, a valuation allowance has been recorded for the full amount of the asset. If sufficient evidence of our ability to generate future taxable income in the jurisdictions in which we currently maintain a valuation allowance causes us to determine that our deferred tax assets are more likely than not realizable, we would release our valuation allowance, which would result in an income tax benefit being recorded in our consolidated statements of operations.

Additional tax information:

We are subject to United States federal income tax as well as income taxes of multiple state and foreign jurisdictions. Fiscal years 2020, 2021 and 2022 remain open to federal tax examinations, and fiscal years 2019, 2020, 2021 and 2022 remain open for state income tax examinations. Certain subsidiaries are also subject to income tax in several foreign jurisdictions which have open tax years varying by jurisdiction beginning in fiscal 2012. In the event of any future tax assessments, we have elected to record the income taxes and any related interest and penalties as income tax expense in our consolidated statement of operations.

As of April 29, 2023, we had no deferred tax liability recognized relating to our investment in foreign subsidiaries where the earnings have been indefinitely reinvested. The Tax Act of 2017 generally eliminates United States federal income taxes on dividends from foreign subsidiaries, and, as a result, the accumulated undistributed earnings would be subject only to other taxes, such as withholding taxes and state income taxes, on the distribution of such earnings. No additional withholding or income taxes have been provided for any remaining undistributed foreign earnings not subject to the one-time deemed repatriation tax, as it is our intention for these amounts to continue to be indefinitely reinvested in foreign operations in all of our non-United States jurisdictions.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Fair Value Measurement - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Fair value, recurring - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 23,982	$ 17,143
Restricted cash	708	865
Derivatives - asset position	0	934
Derivatives - liability position	(579)	(311)
Fair value, net asset (liability), total	24,645	22,651
US Government Sponsored entities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
US Government Securities and Sponsored entities	534	534
US Government Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
US Government Securities and Sponsored entities		3,486
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	23,982	17,143
Restricted cash	708	865
Derivatives - asset position		0
Derivatives - liability position	0	0
Fair value, net asset (liability), total	24,690	21,494
Level 1 \| US Government Sponsored entities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
US Government Securities and Sponsored entities	0	0
Level 1 \| US Government Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
US Government Securities and Sponsored entities		3,486
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		934
Derivatives - liability position	(579)	(311)
Fair value, net asset (liability), total	(45)	1,157
Level 2 \| US Government Sponsored entities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
US Government Securities and Sponsored entities	534	534
Level 2 \| US Government Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
US Government Securities and Sponsored entities		0
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
Derivatives - liability position	0	0
Fair value, net asset (liability), total	0	0
Level 3 \| US Government Sponsored entities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
US Government Securities and Sponsored entities	$ 0	0
Level 3 \| US Government Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
US Government Securities and Sponsored entities		$ 0

Revenue Recognition -Performance Obligation (Details Textual) $ in Thousands	Apr. 29, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 462,035
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-05-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 385,359
Revenue, remaining performance obligation, expected timing of satisfaction, period (month)	12 months

Nature of Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	May 01, 2021
Segment Reporting Information [Line Items]
Contract with customer assets	$ 46,789	$ 41,687
Gross profit	151,355	116,697	$ 120,583
Equity method investments	11,934	16,916
Equity in losses of affiliates	3,332	2,970	2,370
Accounts payable	52	296
Amount invested	4,315	7,848	6,744
Debt conversion, converted instrument, amount	2,823
Purchase of convertible notes	8,789
Convertible note and investment in affiliates, amount	20,723	24,404
Cash and cash equivalents	23,982	17,143	77,590
Capitalized contract cost, net	860	117
Operating income	21,388	4,046	17,108
Cash flow from operating activity	15,024	(27,035)	66,212
Geographic Distribution, Foreign
Segment Reporting Information [Line Items]
Cash and cash equivalents	8,087
Subsidiaries \| Geographic Distribution, Foreign
Segment Reporting Information [Line Items]
Cash and cash equivalents	7,651
Variable Interest Entity, Primary Beneficiary
Segment Reporting Information [Line Items]
Contract with customer assets	5,223
Gross profit	2,748
United States of America, Dollars
Segment Reporting Information [Line Items]
Cash and cash equivalents	15,895
United States of America, Dollars \| Subsidiaries
Segment Reporting Information [Line Items]
Cash and cash equivalents	1,300
Product Design And Development
Segment Reporting Information [Line Items]
Related party transaction, amounts of transaction	672	$ 1,520	$ 460
Miortech
Segment Reporting Information [Line Items]
Impairment	$ 4,473
Equity method investment, ownership percentage	55.90%
XdisplayTM
Segment Reporting Information [Line Items]
Equity method investment, ownership percentage	16.40%
Convertible Debt
Segment Reporting Information [Line Items]
Amount invested	$ 3,000
Commercial Paper
Segment Reporting Information [Line Items]
Amount invested	$ 1,315
Stock options
Segment Reporting Information [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	2,084	1,846	2,262
Antidilutive securities excluded from computation of earnings per share, weighted average exercise price (in dollars per share)	$ 7.47	$ 9.15	$ 9.11
Minimum
Segment Reporting Information [Line Items]
Product warranty accrual, standard parts warranty coverage term (year)	1 year
Product warranty accrual, installation warranty coverage term (year)	1 year
Maximum
Segment Reporting Information [Line Items]
Product warranty accrual, standard parts warranty coverage term (year)	5 years
Product warranty accrual, installation warranty coverage term (year)	10 years

Nature of Business and Summary of Significant Accounting Policies - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	May 01, 2021
Accounting Policies [Abstract]
Net income	$ 6,802	$ 592	$ 10,926
Basic earnings per share, shares (in shares)	45,404,000	45,188,000	44,989,000
Basic earnings per share (in dollars per share)	$ 0.15	$ 0.01	$ 0.24
Dilution associated with stock compensation plans, shares (in shares)	117,000	138,000	213,000
Diluted earnings per share	$ 6,802	$ 592	$ 10,926
Diluted earnings per share, shares (in shares)	45,521,000	45,326,000	45,202,000
Diluted earnings per share (in dollars per share)	$ 0.15	$ 0.01	$ 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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+ Details

- 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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+ Details

- 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

Cash Flow Information (Tables)

12 Months Ended

Apr. 29, 2023

Supplemental Cash Flow Information [Abstract]

Cash Flow, Operating Capital

The changes in operating assets and liabilities consisted of the following:


	Year Ended
	April 29, 2023		April 30, 2022		May 1, 2021
(Increase) decrease:
Account receivable	$	(10,422)	$	(33,876)	$	4,864
Long-term receivables	1,950		(440)		1,737
Inventories	(15,064)		(61,159)		13,900
Contract assets	(4,879)		(9,545)		3,080
Prepaid expenses and other current assets	5,267		(7,661)		2,450
Income taxes receivables	268		121		(148)

Investment in affiliates and other assets	(261)		(357)		744
Increase (decrease):
Accounts payable	(5,344)		33,002		(7,081)
Contract liabilities	3,468		27,398		12,628
Accrued expenses	(967)		6,354		(2,936)
Warranty obligations	607		1,160		696
Long-term warranty obligations	3,055		1,764		(367)
Income taxes payable	2,354		(379)		(173)
Long-term marketing obligations and other payables	104		(1,762)		2,337
	$	(19,864)	$	(45,380)	$	31,731

Schedule of Cash Flow, Supplemental Disclosures

Supplemental disclosures of cash flow information consisted of the following:


	Year Ended
	April 29, 2023		April 30, 2022		May 1, 2021
Cash payments for:
Interest	$	1,075	$	16	$	264
Income taxes, net of refunds	7,489		1,951		2,557

Schedule of Other Significant Noncash Transactions

Supplemental schedule of non-cash investing and financing activities consisted of the following:


	Year Ended
	April 29, 2023		April 30, 2022		May 1, 2021
Demonstration equipment transferred to inventory	$	—	$	53	$	56
Purchases of property and equipment included in accounts payable	1,057		4,177		667
Contributions of common stock under the ESPP	1,207		1,211		565
Debt Issuance costs	2,875		—		—

Nature of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Apr. 29, 2023

Accounting Policies [Abstract]

Equity Method Investments

Summarized financial information for equity method investments consist of the following:


	Year Ended
	April 29, 2023		April 30, 2022		May 1, 2021
Balance sheet data:
Current assets	$	5,504	$	6,672	$	7,534
Non-current assets	3,312		4,491		4,637
Current liabilities	25,298		13,938		2,807
Non-current liabilities	721		1,738		1,793
Income statement data:
Net loss	$	(16,932)	$	(11,928)	$	(13,436)

Schedule of Cash and Cash Equivalents


	April 29, 2023		April 30, 2022		May 1, 2021
Cash and cash equivalents	$	23,982	$	17,143	$	77,590
Restricted cash	708		865		2,812
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	24,690	$	18,008	$	80,402

Property, Plant and Equipment, Estimated Useful Life


			Years
Buildings and improvements			5 - 40
Machinery and equipment			5 - 7
Office furniture and equipment			3 - 5
Computer software and hardware			3 - 5
Equipment held for rental			2 - 7
Demonstration equipment			3 - 5
Transportation equipment			5 - 7

Schedule of Earnings Per Share, Basic and Diluted


	Net income		Shares	Per share income
For the year ended April 29, 2023:
Basic earnings per share	$	6,802	45,404	$	0.15
Dilution associated with stock compensation plans	—		117	—
Diluted earnings per share	$	6,802	45,521	$	0.15
For the year ended April 30, 2022:
Basic earnings per share	$	592	45,188	$	0.01
Dilution associated with stock compensation plans	—		138	—
Diluted earnings per share	$	592	45,326	$	0.01
For the year ended May 1, 2021:
Basic earnings per share	$	10,926	44,989	$	0.24
Dilution associated with stock compensation plans	—		213	—
Diluted earnings per share	$	10,926	45,202	$	0.24

Fair Value Measurement (Details Texual) $ in Thousands	Apr. 29, 2023 USD ($)
Miortech
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Impairment	$ 4,473

Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details Textual) - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022
Income Tax Contingency [Line Items]
Unrecognized tax benefits that would impact effective tax rate	$ 171
Unrecognized tax benefits, reduction resulting from lapse of applicable statute of limitations	165	$ 150
Accrued interest and penalties	28	38
Deferred tax assets, operating loss carryforwards, foreign	1,018
Deferred tax assets, valuation allowance	4,900	$ 2,452
Deferred tax liabilities	0
Foreign Tax Authority
Income Tax Contingency [Line Items]
Operating loss carryforwards	$ 5,727