View Filing Data

^[1]

$ 638,277

$ 606,850

$ 903,188

^[1]

412,046

411,098

527,916

Gross profit

^[1]

226,231

195,752

375,272

Operating expenses:

Research and development

12,866

11,361

10,238

Selling and marketing

57,263

55,805

49,338

107,650

101,538

115,757

Other income/(expense), net

10,396

Total operating expenses

188,175

168,704

175,333

Operating income

^[1]

38,056

27,048

199,939

Other (expense)/income, net:

1,737

(52)

Interest expense, net

(9,351)

(11,168)

(8,581)

Total other (expense)/income, net

(9,318)

(9,431)

(8,633)

Income from operations before income taxes

28,738

17,617

191,306

Change in unrealized (loss)/income on interest rate swap

^[1]

10,328

(2,511)

^[2]

63,452

Net income

18,410

20,128

127,854

Comprehensive (loss)/income:

(1,393)

1,531

1,860

Other comprehensive (loss)/income, before income taxes

(1,393)

1,531

1,860

Income tax benefit/(expense) on other comprehensive loss

324

(424)

(676)

Other comprehensive (loss)/income, net of tax

(1,069)

1,107

1,184

Comprehensive income:

$ 17,341

$ 21,235

$ 129,038

Net income per share:

Basic

$ 0.34

^[3]

$ 0.37

^[3]

$ 2.29

Diluted

$ 0.33

^[3]

$ 0.37

^[3]

$ 2.25

Weighted average number of common shares outstanding:

Basic

54,483

54,061

55,930

Diluted

55,216

54,834

56,891

[1]	For the years ended April 30, 2019, 2018, and 2017, we allocated all of corporate overhead expenses except for interest and income taxes, such as general and administrative expenses and other corporate-level expenses, to both our Firearms and Outdoor Products & Accessories segments.
[2]	Amounts include an income tax benefit of approximately $8.7 million, primarily caused by the effect of Tax Reform, which resulted in the re-measurement of deferred tax assets and liabilities at lower enacted corporate federal tax rates.
[3]	Basic and diluted earnings per share may not equal the sum of the quarterly basic and diluted earnings per share due to rounding.

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income/(Loss)	Treasury Stock
Balance at Apr. 30, 2016	$ 307,816	$ 72	$ 239,505	$ 241,310	$ (748)	$ (172,323)
Balance (in shares) at Apr. 30, 2016		71,559,000
Treasury stock, shares at Apr. 30, 2016						15,563,000
Proceeds from exercise of employee stock options	$ 193		193
Proceeds from exercise of employee stock options (in shares)	54,200	54,000
Repurchase of common stock	$ (50,052)					$ (50,052)
Repurchase of common stock (in shares)	(2,600,000)					2,604,000
Stock-based compensation	$ 8,590		8,590
Shares issued under employee stock purchase plan	2,249		2,249
Shares issued under employee stock purchase plan (in shares)		144,000
Change in unrealized income (loss) on interest rate swap, net of tax effect	1,184				1,184
Issuance of common stock under restricted stock unit awards, net of shares surrendered	(4,672)		(4,672)
Issuance of common stock under restricted stock unit awards, net of shares surrendered (in shares)		260,000
Net income	127,854			127,854
Balance at Apr. 30, 2017	393,162	$ 72	245,865	369,164	436	$ (222,375)
Balance (in shares) at Apr. 30, 2017		72,017,000
Treasury stock, shares at Apr. 30, 2017						18,167,000
Proceeds from exercise of employee stock options	$ 67		67
Proceeds from exercise of employee stock options (in shares)	19,000	19,000
Repurchase of common stock (in shares)	0
Stock-based compensation	$ 7,815		7,815
Shares issued under employee stock purchase plan	2,146		2,146
Shares issued under employee stock purchase plan (in shares)		203,000
Change in unrealized income (loss) on interest rate swap, net of tax effect	1,107				1,107
Reclassification due to U.S. Tax Reform				(146)	146
Issuance of common stock under restricted stock unit awards, net of shares surrendered	(2,277)		(2,277)
Issuance of common stock under restricted stock unit awards, net of shares surrendered (in shares)		195,000
Net income	20,128			20,128
Balance at Apr. 30, 2018	$ 422,148	$ 72	253,616	389,146	1,689	$ (222,375)
Balance (in shares) at Apr. 30, 2018	54,266,843	72,434,000
Treasury stock, shares at Apr. 30, 2018	18,166,862					18,167,000
Proceeds from exercise of employee stock options	$ 304		304
Proceeds from exercise of employee stock options (in shares)	48,399	48,000
Repurchase of common stock (in shares)	0
Stock-based compensation	$ 7,992		7,992
Shares issued under employee stock purchase plan	1,918		1,918
Shares issued under employee stock purchase plan (in shares)		231,000
Change in unrealized income (loss) on interest rate swap, net of tax effect	(1,069)				(1,069)
Impact of adoption of accounting standard updates	(4,610)			(4,610)
Issuance of common stock under restricted stock unit awards, net of shares surrendered	(649)	$ 1	(650)
Issuance of common stock under restricted stock unit awards, net of shares surrendered (in shares)		151,000
Net income	18,410			18,410
Balance at Apr. 30, 2019	$ 444,444	$ 73	$ 263,180	$ 402,946	$ 620	$ (222,375)
Balance (in shares) at Apr. 30, 2019	54,696,762	72,864,000
Treasury stock, shares at Apr. 30, 2019	18,166,862					18,167,000

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Cash flows from operating activities:
Net income	$ 18,410	$ 20,128	$ 127,854
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization	53,859	52,075	50,213
(Gain)/loss on sale/disposition of assets	(454)	44	99
Provision for losses on notes and accounts receivable	1,060	991	1,546
Impairment of long-lived tangible assets		282
Goodwill impairment	10,396
Deferred income taxes	(2,795)	(8,775)	(7,840)
Change in fair value of contingent consideration	(60)	(1,640)
Stock-based compensation expense	7,992	7,815	8,590
Changes in operating assets and liabilities:
Accounts receivable	(28,997)	51,380	(40,709)
Inventories	(10,533)	(16,971)	(22,171)
Prepaid expenses and other current assets	359	514	(1,619)
Income taxes	1,780	5,848	(13,745)
Accounts payable	3,392	(20,998)	1,233
Accrued payroll and incentives	10,959	(10,754)	988
Accrued profit sharing	1,547	(11,721)	1,545
Accrued expenses and deferred revenue	(7,193)	(8,424)	21,238
Accrued warranty	(1,224)	1,915	(1,415)
Other assets	(671)	(417)	1,029
Other non-current liabilities	(377)	351	(3,260)
Net cash provided by operating activities	57,450	61,643	123,576
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired	(1,772)	(23,120)	(211,069)
Refunds on machinery and equipment			2,776
Receipts from note receivable	74		65
Payments to acquire patents and software	(516)	(560)	(638)
Proceeds from sale of property and equipment	1,336	6
Payments to acquire property and equipment	(33,949)	(18,490)	(34,876)
Net cash used in investing activities	(34,827)	(42,164)	(243,742)
Cash flows from financing activities:
Proceeds from loans and notes payable	50,000	150,000	100,000
Cash paid for debt issuance costs		(158)	(525)
Payments on capital lease obligation	(741)	(646)	(558)
Payments on notes and loans payable	(81,300)	(181,300)	(56,300)
Proceeds from Economic Development Incentive Program			101
Payments to acquire treasury stock			(50,052)
Proceeds from exercise of options to acquire common stock, including employee stock purchase plan	2,222	2,213	2,442
Payment of employee withholding tax related to restricted stock units	(649)	(2,277)	(4,672)
Net cash used in financing activities	(30,468)	(32,168)	(9,564)
Net decrease in cash and cash equivalents	(7,845)	(12,689)	(129,730)
Cash and cash equivalents, beginning of period	48,860	61,549	191,279
Cash and cash equivalents, end of period	41,015	48,860	61,549
Supplemental disclosure of cash flow information Cash paid for:
Interest	9,473	10,624	7,650
Income taxes	10,567	1,387	85,216
Supplemental Disclosure of Non-cash Investing and Financing Activities:
Purchases of property and equipment included in accounts payable	565	2,406	2,474
Change in fair value of interest rate swap	1,393	1,531	1,860
Contingent consideration		100	$ 1,700
Purchases of property and equipment funded by capital lease	24,271	21,974
Capital lease obligation	24,271	$ 21,974
Changes in note receivable	$ 1,007

Organization

12 Months Ended

Apr. 30, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization

1. Organization

We are a leading manufacturer, designer, and provider of consumer products for the shooting, hunting, and rugged outdoor enthusiast. We are one of the largest manufacturers of handguns, modern sporting rifles, and handcuffs in the United States and an active participant in the hunting rifle and suppressor markets. We are also a leading provider of shooting, hunting, and rugged outdoor products and accessories, including knives and cutting tools, sighting lasers, shooting supplies, tree saws, and survival gear.

In January 2017, we changed the name of our company from Smith & Wesson Holding Corporation to American Outdoor Brands Corporation to better reflect our expanding strategic focus on the growing markets for shooting, hunting, and rugged outdoor enthusiasts. We believe that the name “American Outdoor Brands Corporation” better reflects our family of brands, our broad range of product offerings, and our plan to continue building upon our portfolio of strong American brands. We have two reporting segments: (1) Firearms and (2) Outdoor Products & Accessories.

In our Firearms segment, we manufacture a wide array of handguns (including revolvers and pistols), long guns (including modern sporting rifles, bolt action rifles, and muzzleloaders), handcuffs, suppressors, and other firearm-related products for sale to a wide variety of customers, including gun enthusiasts, collectors, hunters, sportsmen, competitive shooters, individuals desiring home and personal protection, law enforcement and security agencies and officers, and military agencies in the United States and throughout the world. We sell our firearm products under the Smith & Wesson, M&P, Performance Center, Thompson/Center Arms, and Gemtech brands. We manufacture our firearm products at our facilities in Springfield, Massachusetts; Houlton, Maine; and Deep River, Connecticut. We also sell our manufacturing services to other businesses to level-load our factories. We sell those services under our Smith & Wesson and Smith & Wesson Precision Components brands.

In our Outdoor Products & Accessories segment, we design, source, distribute, and manufacture reloading, gunsmithing, and gun cleaning supplies; high-quality stainless-steel cutting tools and accessories; flashlights, tree saws and related trimming accessories; shooting supplies, rests, and other related accessories; apparel; vault accessories; laser grips and laser sights; and a full range of products for survival and emergency preparedness. We sell our products under the Caldwell, Crimson Trace, Wheeler, Tipton, Frankford Arsenal, Schrade, Imperial, Uncle Henry, BUBBA, UST, Lockdown, Hooyman, BOG, Old Timer, LaserLyte, and KeyGear brands. We also offer firearms and non-firearms accessories, such as flashlights and knives, under our brands in our firearms business, including Smith & Wesson, M&P, Performance Center, and Thompson/Center Arms. We develop and market our outdoor products and accessories at our facilities in Columbia, Missouri; Wilsonville, Oregon; and Jacksonville, Florida.

During fiscal 2017, we acquired substantially all of the net assets of Taylor Brands, LLC as well as Ultimate Survival Technologies, Inc., and we acquired all of the issued and outstanding stock of Crimson Trace Corporation, in three separate transactions, which we refer to collectively as the 2017 Acquisitions. See Note 2 – Acquisitions below for more information regarding these transactions.

During fiscal 2018, we acquired substantially all of the net assets of Gemini Technologies, Incorporated, or Gemtech, as well as Bubba Blade branded products and other assets from Fish Tales, LLC, in two separate transactions, which we refer to collectively as the 2018 Acquisitions. See Note 2 – Acquisitions below for more information regarding these transactions.

In January 2019, we acquired substantially all of the LaserLyte branded products and other assets, from P&L Industries Inc, which we refer to as the LaserLyte Acquisition. See Note 2 – Acquisitions below for more information regarding this transaction.

The 2017 Acquisitions, the 2018 Acquisitions, and the LaserLyte Acquisition have been accounted for in accordance with ASC 805-20, Business Combinations, and accordingly, the results of operations from the acquired businesses have been included in our consolidated financial statements following the acquisition dates.

Acquisitions

12 Months Ended

Apr. 30, 2019

Business Combinations [Abstract]

Acquisitions

2. Acquisitions

LaserLyte Acquisition

In January 2019, we acquired substantially all of the LaserLyte branded products and other assets from P&L Industries, Inc., for a purchase price of $2.0 million, subject to certain adjustments, utilizing cash on hand. P&L Industries was a provider of laser training and sighting products for the consumer market. The operations of LaserLyte were fully integrated into our facility located in Wilsonville, Oregon and reported in our Outdoor Products & Accessories segment. This acquisition did not have a material impact on our condensed consolidated financial statements for all periods presented. Included in general and administrative costs are $28,000 of acquisition-related costs incurred for the LaserLyte Acquisition during the year ended April 30, 2019.

Pro forma results of operations assuming that the LaserLyte Acquisitions had occurred as of May 1, 2017 are not required because of the immaterial impact on our consolidated financial statements for all periods presented.

2018 Acquisitions

In August 2017, in two separate transactions, we acquired (1) substantially all of the net assets of Gemtech and (2) Bubba Blade branded products and other assets from Fish Tales, LLC. The aggregate purchase price for the two acquisitions was $23.1 million, subject to certain adjustments, utilizing a combination of cash on hand and borrowings under our revolving line of credit. In connection with the Gemtech acquisition, additional consideration of up to a maximum of $17.1 million may be paid contingent upon the cumulative three year sales volume of Gemtech products. The valuation of this contingent consideration liability was established in accordance with ASC 805 — Business Combinations. Based on current forecasted revenue, we believe it is unlikely that the acquired business will achieve the performance metrics. Therefore, as of April 30, 2019, the contingent liability was recorded at a fair value of $100,000 in non-current liabilities. Gemtech, based in Meridian, Idaho, is a provider of quality suppressors and accessories for the consumer, law enforcement, and military markets. Fish Tales, LLC, based in Oro Valley, Arizona, was a provider of premium sportsmen knives and tools for fishing and hunting, including the premium knife brand Bubba Blade. The valuations of the assets acquired and liabilities assumed in the 2018 Acquisitions are complete. During the three months ended October 31, 2018, we increased goodwill by $618,000 due to inventory valuation adjustments.

The following table summarizes the allocation of the purchase price for the 2018 Acquisitions (in thousands):

	2018 Acquisitions		Measurement
	(As Initially		Period			2018 Acquisitions
	Reported)		Adjustments			(As Adjusted)
Accounts receivable	$	846		(86	)	$	760
Inventories		4,683		(601	)		4,082
Other current assets		145		(56	)		89
Property, plant, and equipment		506		13			519
Intangibles		6,400		—			6,400
Goodwill		11,846		708			12,554
Total assets acquired		24,426		(22	)		24,404
Accounts payable		1,261		(25	)		1,236
Accrued payroll		49		(1	)	48
Other long-term liabilities		100		(100	)		—
Total liabilities assumed		1,410		(126	)		1,284
	$	23,016		104		$	23,120

Included in general and administrative costs were $769,000 of acquisition-related costs incurred during the year ended April 30, 2018, related to the 2018 Acquisitions.

We amortize intangible assets in proportion to expected annual revenue generated from the intangibles that we acquire. The following are the identifiable intangible assets acquired (in thousands) in the 2018 Acquisitions and their respective weighted average lives:

			Weighted Average
	Amount		Life (In years)
Developed technology	$	1,700		5.9
Customer relationships		1,600		5.2
Trade names		3,100		5.6
	$	6,400

Pro forma results of operations assuming that the 2018 Acquisitions had occurred as of May 1, 2016 are not required because of the immaterial impact on our consolidated financial statements for all periods presented.

2017 Acquisitions

In fiscal 2017, in three separate transactions, we acquired (1) substantially all of the net assets of Taylor Brands, LLC, (2) substantially all of the assets of Ultimate Survival Technologies Inc. (now referred to as Ultimate Survival Technologies, LLC, or UST), and (3) all of the issued and outstanding stock of Crimson Trace Corporation for an aggregate purchase price of $211.1 million, net of cash acquired, subject to certain adjustments, utilizing cash on hand. In connection with the purchase of Ultimate Survival Technologies, Inc., up to an additional $2.0 million might have been paid over a period of two years, contingent upon the financial performance of the acquired business. The valuation of this contingent liability was established in accordance with ASC 805 — Business Combinations. The initial fair value of this contingent consideration liability was $1.7 million. Based on the forecasted revenue, during fiscal 2018, we recorded a $1.6 million reduction in the fair value of this contingent consideration liability because we did not expect that the acquired business would achieve the performance metrics. During the three months ended January 31, 2019, we recorded a $60,000 reduction in the remaining fair value of this contingent liability because we confirmed the performance metrics were not achieved. These reductions were recorded in other income on the condensed consolidated statements of income.

The following table summarizes the allocation of the purchase price for the 2017 Acquisitions (in thousands):

	2017 Acquisitions		Measurement
	(As Initially		Period			2017 Acquisitions
	Reported)		Adjustments			(As Adjusted)
Accounts receivable	$	11,635	$	(213	)	$	11,422
Inventories		31,269		453			31,722
Income tax receivable		—		68			68
Other current assets		430		(132	)		298
Property, plant, and equipment		8,232		—			8,232
Intangibles		97,850		(14,500	)		83,350
Goodwill		92,801		10,109			102,910
Total assets acquired		242,217		(4,215	)		238,002
Accounts payable		6,214		18			6,232
Accrued expenses		973		158			1,131
Accrued payroll		1,500		(72	)		1,428
Accrued income taxes		6		(6	)		—
Accrued warranty		98		96			194
Deferred income taxes		20,658		(4,409	)		16,249
Total liabilities assumed		29,449		(4,215	)		25,234
	$	212,768	$	—		$	212,768

Included in general and administrative costs are $3.8 million of acquisition-related costs incurred for the 2017 Acquisitions during the year ended April 30, 2017. The 2017 Acquisitions generated $61.1 million of revenue during the year ended April 30, 2017.

We amortize intangible assets in proportion to expected yearly revenue generated from the intangibles that we acquire. We amortize order backlog over the estimated life during which the backlog is fulfilled. The following are the identifiable intangible assets acquired (in thousands) in the 2017 Acquisitions and their respective weighted average lives:

			Weighted Average
	Amount		Life (In years)
Developed technology	$	3,000		4.1
Customer relationships		62,100		5.0
Trade names		17,000		4.8
Order backlog		1,150		0.3
Non-competition agreement		100		3.4
	$	83,350

Additionally, the following table reflects the unaudited pro forma results of operations assuming that the 2017 Acquisitions had occurred on May 1, 2015 (in thousands, except per share data):

	For the Year
	Ended
	April 30, 2017
Net sales	$	934,247
Income from operations		195,295
Net income per share - diluted		2.30

The unaudited pro forma income from operations for the years ended April 30, 2017 has been adjusted to reflect increased cost of goods sold from the fair value step-up in inventory, which is expensed over the first inventory cycle, and the amortization of intangibles and order backlog incurred as if the 2017 Acquisitions had occurred on May 1, 2015. The unaudited pro forma information is presented for informational purposes only and is not necessarily indicative of the actual results that would have been achieved had the 2017 Acquisitions occurred as of May 1, 2015 or the results that may be achieved in future periods.

Significant Accounting Policies

12 Months Ended

Apr. 30, 2019

Accounting Policies [Abstract]

Significant Accounting Policies

3. Significant Accounting Policies

Use of Estimates — The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the financial statement dates and the reported amounts of revenue and expenses during the reporting periods. Our significant estimates include the accrual for warranty, reserves for excess and obsolete inventory, rebates and other promotions, and valuation of intangible assets. Actual results could differ from those estimates.

Principles of Consolidation — The accompanying consolidated financial statements include the accounts of American Outdoor Brands Corporation and its wholly owned subsidiaries, including Smith & Wesson Corp. and SWPC Plastics, LLC, reported in our Firearms segment; BTI, BTI Tools, Crimson Trace, UST, and AOB Consulting (Shenzhen), Co., LTD., reported in our Outdoor Products & Accessories segment; and SWSS LLC, formerly Smith & Wesson Security Solutions, Inc., or SWSS, our former security solutions division. In our opinion, all adjustments, which include only normal recurring adjustments necessary to fairly present the financial position, results of operations, changes in stockholders’ equity, and cash flows at April 30, 2019 and 2018 and for the periods presented, have been included. All intercompany accounts and transactions have been eliminated in consolidation.

Fair Value of Financial Instruments — Unless otherwise indicated, the fair values of all reported assets and liabilities, which represent financial instruments not held for trading purposes, approximate the carrying values of such amounts because of their short-term nature or market rates of interest.

Cash and Cash Equivalents — We consider all highly liquid investments purchased with original maturities of three months or less at the date of acquisition to be cash equivalents. We maintain our cash in bank deposit accounts that, at times, may exceed federally insured limits. We have not experienced any losses in such accounts. As of April 30, 2019, all of our accounts exceeded federally insured limits.

Financial Instruments — We account for derivative instruments under Accounting Standards Codification (“ASC”) 815-10, Fair Value Measurements and Disclosure Topic, which establishes accounting and reporting standards for derivative instruments and hedging activities and requires us to recognize these instruments as either assets or liabilities on the balance sheet and measure them at fair value. The carrying value of our Term Loan approximated the fair value as of April 30, 2019. The carrying value of the 2020 Senior Notes as of April 30, 2019 approximated the fair value in considering Level 2 inputs within the hierarchy as the 2020 Senior Notes are not frequently traded. The fair value of the interest rate swap was estimated by a third-party using inputs that are observable or that can be corroborated by observable market data, such as interest rate yield curves, and, therefore, are classified within Level 2 of the valuation hierarchy. See Note 6 – Notes and Loans Payable and Financing Arrangements for more information regarding our financial instruments.

Trade Receivables — We extend credit to our domestic customers and some foreign distributors based on their financial condition. We sometimes offer discounts for early payment on invoices. When we believe the extension of credit is not advisable, we rely on either a prepayment or a letter of credit. We write off balances deemed uncollectible by us against our allowance for doubtful accounts. We estimate our allowance for doubtful accounts through current past due balances, knowledge of our customers’ financial situations, and past payment history.

Concentrations of Credit Risk — Financial instruments that potentially subject us to concentration of credit risk consist principally of cash, cash equivalents, and trade receivables. We place our cash and cash equivalents in overnight U.S. government securities. Concentrations of credit risk with respect to trade receivables are limited by the large number of customers comprising our customer base and their geographic and business dispersion. We perform ongoing credit evaluations of our customers’ financial condition and generally do not require collateral.

For the fiscal year ended April 30, 2019, none of our customers exceeded 10% of our net sales and one of our customers accounted for approximately 19.8% of our accounts receivable. For the fiscal year ended April 30, 2018, one of our customers accounted for 11.9% of our net sales and none of our customers accounted for 10% or more of our accounts receivable. For the fiscal year ended April 30, 2017, none of our customers exceeded 10% of our net sales and one of our customers accounted for approximately 17.5% of our accounts receivable.

Inventories — We value inventories at the lower cost, using the first-in, first-out, or FIFO method, or net realizable value. An allowance for potential non-saleable inventory due to excess stock or obsolescence is based upon a detailed review of inventory, past history, and expected future usage.

Property, Plant, and Equipment — We record property, plant, and equipment, consisting of land, building, improvements, machinery, equipment, software, hardware, furniture, and fixtures, at cost and depreciate them using the straight-line method over their estimated useful lives. We charge expenditures for maintenance and repairs to earnings as incurred, and we capitalize additions, renewals, and betterments. Upon the retirement or other disposition of property and equipment, we remove the related cost and accumulated depreciation from the respective accounts and include any gain or loss in operations. A summary of the estimated useful lives is as follows:

Description	Useful Life
Building and improvements		10 to 40 years
Software and hardware		2 to 7 years
Machinery and equipment		2 to 10 years

We include tooling, dies, and fixtures as part of machinery and equipment and depreciate them over a period generally not exceeding ten years.

Intangible Assets — We record intangible assets at cost or based on the fair value of the assets acquired. Intangible assets consist of developed technology, customer relationships, trademarks, trade names, and patents. We amortize intangible assets over their estimated useful lives or in proportion to expected yearly revenue generated from the intangibles that were acquired.

Revenue Recognition — We recognize revenue in accordance with the provisions of Accounting Standards Update, or ASU, Revenue from Contracts with Customers (Topic 606), which became effective for us on May 1, 2018. Generally, all performance obligations are satisfied and revenue is recognized when the risks and rewards of ownership have transferred to the customer, which is generally upon shipment but could be delayed until the receipt of customer acceptance.

In some instances, sales include multiple performance obligations. The most common of these instances relates to sales promotion programs under which customers are entitled to receive free goods based upon their purchase of our products. The fulfillment of these free goods are our responsibility. In such instances, we allocate the revenue of the promotional sales based on the estimated level of participation in the sales promotional program and the timing of the shipment of all of the products included in the promotional program, including the free goods. Revenue is recognized proportionally as each performance obligation is satisfied, based on the relative transaction price of each product. The net change in contract liabilities for a given period is reported as an increase or decrease to sales.

Our product sales are generally sold free on board, or FOB, shipping point and provide payment terms to most commercial customers ranging from 20 to 90 days of product shipment with a discount available to some customers for early payment. For contracts with discounted terms, the transaction price is determined upon establishment of the contract that contains the final terms of the sale, including the description, quantity, and price of each product purchased. We estimate variable consideration relative to the amount of cash discounts to which customers are likely to be entitled. In some instances, we provide longer payment terms, particularly as it relates to our hunting dating programs, which represent payment terms due in the fall for certain orders of hunting products received in the spring and summer. We do not consider these extended terms to be a significant financing component of the contract because the payment terms are less than one year. In all cases, we consider our costs related to shipping and handling to be a cost of fulfilling the contract with the customer.

Segment Information — We have two reporting segments: Firearms, which includes our Firearms and Manufacturing Services divisions; and Outdoor Products & Accessories. See Note 19 – Segment Reporting for more information regarding our segments.

Research and Development — We engage in both internal and external research and development, or R&D, in order to remain competitive and to exploit possible untapped market opportunities. We approve prospective R&D projects after analysis of the cost and benefits associated with the potential product. Costs in R&D expense include, among other items, salaries, materials, utilities, and administrative costs.

Earnings per Share — We calculate basic and diluted earnings per common share in accordance with the provisions of ASC 260-10, Earnings Per Share. Basic earnings per common share equals net income divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share equals net income divided by the weighted average number of common shares outstanding during the period, including the effect of outstanding stock options and other stock-based instruments if their effect is dilutive.

The following table provides a reconciliation of the net income amounts and weighted average number of common and common equivalent shares used to determine basic and diluted earnings per common share (in thousands, except per share data):

	For the Year Ended April 30,
	2019								2018								2017
	Net					Per Share			Net					Per Share			Net					Per Share
	Income			Shares		Amount			Income			Shares		Amount			Income			Shares		Amount
Basic earnings	$		18,410		54,483	$	0.34		$		20,128		54,061	$		0.37	$		127,854		55,930	$	2.29
Effect of dilutive stock awards		—			733		(0.01	)		—			773		—			—			961		(0.04	)
Diluted earnings	$		18,410		55,216	$	0.33		$		20,128		54,834	$		0.37	$		127,854		56,891	$	2.25

All of our outstanding stock options and restricted stock units, or RSUs, were included in the computation of diluted earnings per share for the years ended April 30, 2019, 2018, and 2017.

Valuation of Long-lived Tangible and Intangible Assets — We evaluate the recoverability of long-lived assets, or asset groups, whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. When such evaluations indicate that the related future undiscounted cash flows are not sufficient to recover the carrying values of the assets, such carrying values are reduced to fair value and this adjusted carrying value becomes the asset’s new cost basis. We determine fair value primarily using future anticipated cash flows that are directly associated with and are expected to arise as a direct result of the use and eventual disposition of the asset, or asset group, discounted using an interest rate commensurate with the risk involved.

We have significant long-lived tangible and intangible assets, which are susceptible to valuation adjustments as a result of changes in various factors or conditions. The most significant long-lived tangible and intangible assets, other than goodwill, are property, plant, and equipment, developed technology, customer relationships, patents, trademarks, and trade names. We amortize all finite-lived intangible assets either on a straight-line basis or based upon patterns in which we expect to utilize the economic benefits of such assets. We initially determine the values of intangible assets by a risk-adjusted, discounted cash flow approach. We assess the potential impairment of identifiable intangible assets and fixed assets whenever events or changes in circumstances indicate that the carrying values may not be recoverable and at least annually. Factors we consider important, which could trigger an impairment of such assets, include the following:

•

significant underperformance relative to historical or projected future operating results;

•

significant changes in the manner or use of the assets or the strategy for our overall business;

•

significant negative industry or economic trends;

•

a significant decline in our stock price for a sustained period; and

•

a decline in our market capitalization below net book value.

Future adverse changes in these or other unforeseeable factors could result in an impairment charge that could materially impact future results of operations and financial position in the reporting period identified.

In accordance with ASC 350, Intangibles-Goodwill and Other, we test goodwill for impairment on an annual basis on February 1 and between annual tests if indicators of potential impairment exist. The impairment test compares the fair value of the operating units to their carrying amounts to assess whether impairment is present. We have reviewed the provisions of ASC 350-20, with respect to the criteria necessary to evaluate the number of reporting units that exist. In prior years, we have concluded that we had three operating units when reviewing ASC 350-20: Firearms, Outdoor Products & Accessories, and Electro-Optics. However, a combination of factors occurring in the firearms industry during the last few years, including changes in the political environment and reduced overall demand for both firearms and the accessories that are attached to firearms, such as laser sights, has resulted in us lowering our long-range sales volume, operating profit, and cash flow forecasts in our Electro-Optics operating unit. Based on those forecasts, we felt it important to seek out efficiencies in that operating unit to increase operating performance and as a result decided to combine our Electro-Optics operating units with our Outdoor Products & Accessories operating unit. The lowered forecasts and the decision to reorganize those operating units caused us to evaluate the fair value of our operating units utilizing those forecasts. Because of that evaluation, we recorded a $10.4 million impairment of goodwill in our Electro-Optics operating unit during the three months ended January 31, 2019. This impairment was recorded in our Outdoor Products & Accessories reporting segment. No material impairment charges were recorded in fiscal 2018 or 2017 based on our review of our long-lived tangible and intangible assets. Based on our review of ASC 350-20 subsequent to the reorganization of Electro-Optics into Outdoor Products & Accessories, we have determined that we now have two operating units: Firearms and Outdoor Products & Accessories.

We estimate the fair value of our Firearms and Outdoor Products & Accessories operating units using an equal weighting of the fair values derived from the income approach and the market approach because we believe a market participant would equally weight both approaches when valuing the operating units. The income approach is based on the projected cash flows that are discounted to their present value using discount rates that consider the timing and risk of the forecasted cash flows. Fair value is estimated using internally developed forecasts and assumptions. The discount rate used is the average estimated value of a market participant’s cost of capital and debt, derived using customary market metrics. Other significant assumptions include revenue growth rates, profitability projections, and terminal value growth rates. The market approach estimates fair values based on the determination of appropriate publicly traded market comparison companies and market multiples of revenue and earnings derived from those companies with similar operating and investment characteristics as the operating unit being valued. Finally, we compare and reconcile our overall fair value to our market capitalization in order to assess the reasonableness of the calculated fair values of our operating units. We recognize an impairment loss for goodwill if the implied fair value of goodwill is less than the carrying value.

As of our valuation date, our Firearms operating unit had $19.0 million of goodwill and its fair value significantly exceeded its carrying value. Our Outdoor Products & Accessories operating unit had $163.2 million of goodwill and its fair value significantly exceeded its carrying value. Although we concluded that there was no additional impairment of the goodwill associated with our operating units as of April 30, 2019, we will continue to closely monitor their performance and related market conditions for future indicators of potential impairment and reassess accordingly. Our assumptions related to the development of fair value could deviate materially from actual results and forecasts used to support asset carrying values may change in the future, which could result in non-cash charges that would adversely affect our financial results of operations.

Income Taxes — We use the asset and liability approach for financial accounting and reporting income taxes. The provision for income taxes is based upon income reported in the accompanying consolidated financial statements as required by ASC 740-10, Accounting for Income Taxes. We determine deferred tax assets and liabilities based on temporary differences between financial reporting and tax bases in assets and liabilities and measure them by applying enacted rates and laws expected to be in place when the deferred items become subject to income tax or deductible for income tax purposes. We recognize the effect on deferred taxes and liabilities of a change in tax rates in the period that includes the enactment date. In assessing the realization of our deferred income tax assets, we consider whether it is more likely than not that the deferred income tax assets will be realized. The ultimate realization of our deferred income tax assets depends upon generating future taxable income during the periods in which our temporary differences become deductible and before our net operating loss carryforwards expire. We evaluate the recoverability of our deferred income tax assets by assessing the need for a valuation allowance on a quarterly basis. If we determine that it is more likely than not that our deferred income tax assets will not be recovered, we establish a valuation allowance against some or all of our deferred income tax assets. Recording or reversing a valuation allowance could have a significant effect on our future results of operations and financial position.

Warranty — We generally provide a limited one-year warranty and a lifetime service policy to the original purchaser of our new firearm products. We either provide a limited one year or limited lifetime warranty program to the original purchaser of most of our outdoor products and accessories products and we will repair or replace any of our electro-optics products or parts that are found to be defective under normal use and service with an item of equivalent value, at our option, without charge during the warranty period. We provide for estimated warranty obligations in the period in which we recognize the related revenue. We quantify and record an estimate for warranty-related costs based on our actual historical claims experience and current repair costs. We make adjustments to accruals as warranty claims data and historical experience warrant. Should we experience actual claims and repair costs that are higher than the estimated claims and repair costs used to calculate the provision, our operating results for the period or periods in which such returns or additional costs materialize would be adversely impacted.

From time to time, we have experienced certain manufacturing and design issues with respect to some of our firearms and have initiated some product recalls and safety alerts in the past.

In November 2011, we initiated a recall of all Thompson/Center Arms Venture rifles manufactured since the products’ introduction in mid-2009. In June 2013, we also initiated a recall of all Thompson/Center Arms bolt action rifles manufactured since the products’ introduction in 2007. In April 2018, we initiated a consumer advisory for certain models of our M&P Shield EZ pistols because in rare circumstances the safety on the pistol will move from the fire position to the “safety on” position when using ammunition that produces a high level of felt recoil. In May 2018, we initiated a recall of certain models of our electro-optics products that incorporated diodes manufactured by a particular third party because the diodes failed to comply with a Food and Drug Administration, or FDA, standard for laser products. We have made efforts to notify all consumers that may be impacted by this recall. The remaining cost of all recalls, safety alerts, and consumer advisories is $2.4 million, which is recorded in accrued warranty on our consolidated balance sheet.

Warranty expense for the fiscal years ended April 30, 2019, 2018, and 2017 amounted to $2.9 million, $5.8 million, and $1.3 million, respectively.

The following table sets forth the change in accrued warranties, a portion of which is recorded as a non-current liability, in the fiscal years ended April 30, 2019, 2018, and 2017 (in thousands):

Balance as of April 30, 2017	$	5,544
Warranties issued and adjustments to provisions		5,834
Warranty claims		(3,865	)
Balance as of April 30, 2018		7,513
Warranties issued and adjustments to provisions		2,852
Warranty claims		(4,163	)
Balance as of April 30, 2019	$	6,202

Sales and Promotional Related Expenses — We present product sales in our consolidated financial statements, net of customer promotional program costs that depend upon the volume of sales. For promotional program costs that are not dependent on the volume of sales, we record promotional costs in cost of goods sold. The total of all our promotional programs amounted to $39.2 million, $58.2 million, and $37.3 million for the fiscal years ended April 30, 2019, 2018, and 2017, respectively. We have a co-op advertising program at the retail level. We expensed costs amounting to $23.8 million, $23.3 million, and $21.3 million for fiscal 2019, 2018, and 2017, respectively, as selling and marketing expenses.

Shipping and Handling — In the accompanying consolidated financial statements, we included amounts billed to customers for shipping and handling in net sales. In our Firearms segment, we include costs relating to shipping and handling charges, including inbound freight charges, internal transfer costs, and the other costs of our distribution network, in cost of goods sold. In our Outdoor Products & Accessories segment, inbound freight charges and internal transfer costs are included in cost of goods sold; however, costs incurred to distribute products to customers is included in general and administrative expenses.

Insurance Reserves — We are self-insured through retentions or deductibles for the majority of our workers’ compensation, automobile, general liability, product liability, and group health insurance programs. Self-insurance amounts vary up to $10.0 million per occurrence; however, we believe the likelihood of reaching the maximum per occurrence limit is remote. We record our liability for estimated premiums and incurred losses in the accompanying consolidated financial statements on an undiscounted basis.

Recently Issued Accounting Standards — In May 2014, the Financial Accounting Standards Board, or FASB, issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), or ASU 2014-09. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We adopted the new standard on May 1, 2018 utilizing the modified retrospective approach. See Note 4 – Revenue Recognition and Contracts with Customers below for more information.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), or ASU 2016-02, which amends the existing guidance to require lessees to recognize right-of-use assets and lease liabilities in a classified balance sheet (with the exception of leases with a term equal to or less than 12 months). The most prominent among the changes in the standard is the requirement for lessees to recognize right-of-use assets and lease liabilities for those leases classified as operating leases under current U.S. GAAP. The requirements of this ASU are effective for financial statements for annual periods beginning after December 15, 2018, and early adoption is permitted. We will be implementing leasing software to assist us in the accounting and tracking of leases and plan to use the optional transition method allowed by ASU 2016-02. Under this method, the standard will be applied prospectively in the year of adoption. We will elect to use the package of practical expedients, which permits us to not reassess certain lease contract provisions. We expect the effect of ASU 2016-02 will result in the recognition of right-of-use assets of $11.5 million, the recognition of lease liabilities of $12.8 million, and the elimination of deferred rent and lease incentive liabilities of $1.3 million, primarily relating to our real estate operating leases, with no impact to retained earnings. We will adopt ASU 2016-02 in our first quarter of fiscal 2020.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new standard changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments, including trade receivables, from an incurred loss model to an expected loss model and adds certain new required disclosures. Under the expected loss model, entities will recognize credit losses to be incurred over the entire contractual term of the instrument rather than delaying recognition of credit losses until it is probable the loss has been incurred. The requirements of this ASU are effective for financial statements for annual periods beginning after December 15, 2019, and early adoption is permitted. We are currently evaluating the impact this standard will have on our consolidated financial statements, which we do not expect to be material.

Revenue Recognition and Contracts with Customers

12 Months Ended

Apr. 30, 2019

Revenue Recognition [Abstract]

Revenue Recognition and Contracts with Customers

4. Revenue Recognition and Contracts with Customers:

On May 1, 2018, we adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606), or ASU 2014-09, using the modified retrospective approach, and recorded a contract liability, included in accrued expenses in the condensed consolidated balance sheet, for outstanding performance obligations related to sales promotions. Under the modified retrospective approach, results for reporting periods after May 1, 2018 will be presented in accordance with ASU 2014-09, while prior period amounts will not be adjusted and will continue to be reported in accordance with the previous guidance, Accounting Standards Codification, or ASC, Topic 605, Revenue Recognition. When evaluating our performance obligations, we disaggregate revenue based on major product lines, which correlate with our reportable segments disclosed in Note 19 — Segment Reporting. Domestic sales account for 95% of our total net sales. There are no significant judgments or estimates used in the determination of performance obligations, and the transaction price for the performance obligations are allocated on a pro-rata basis. There are no other contract costs that need to be considered based on the nature of our performance obligations.

The following table outlines adjustments we recorded to our condensed consolidated balance sheet as a result of the adoption of ASU 2014-09 (in thousands):

	Balance at April 30, 2018		Accounting Standard Adjustments			Opening Balance May 1, 2018
Accrued expenses and deferred revenue	$	41,632	$	(17,176	)	$	24,456
Deferred revenue from contracts with customers	—			23,305			23,305
Deferred income taxes		12,895		(1,519	)		11,376
Retained earnings		389,146		(4,610	)		384,536

At April 30, 2018, we had accrued $17.2 million of sales promotions, representing the cost of free goods earned but not yet shipped to our customers. On adoption of ASU 2014-09, we reversed this accrual and recorded deferred revenue of $23.3 million relating to these outstanding performance obligations, a deferred tax asset of $1.5 million, and a $4.6 million adjustment to reduce the opening balance of retained earnings at May 1, 2018. We record deferred revenue in accrued expenses in the condensed consolidated balance sheet.

The following table outlines the impact of the adoption of ASU 2014-09 on revenue recognized during the year ended April 30, 2019 (in thousands):

Outstanding performance obligations with customers as of May 1, 2018	$	23,305
Revenue recognized		(51,213	)
Revenue deferred		40,121
Outstanding performance obligations with customers as of April 30, 2019	$	12,213

During fiscal 2019, we recognized $22.2 million of revenue previously deferred as of May 1, 2018 as the performance obligations relating to sales promotions were satisfied. In addition, we deferred $11.1 million during fiscal 2019, net of revenue recognized, as the performance obligations related to sales promotions have not been satisfied, resulting in an outstanding performance obligation liability of $12.2 million that is recorded in accrued expenses in the condensed consolidated balance sheet. During fiscal 2019, we recognized an $11.1 million net increase of revenue relating to the adoption of ASU 2014-09. We estimate that the majority of the revenue from the outstanding performance obligations as of April 30, 2019 will be recognized during our first quarter of fiscal 2020. As a result of the adoption of ASU 2014-09, for the year ended April 30, 2019, gross margin was unfavorably impacted by 400 basis points and earnings per share was increased by $0.03.

Goodwill and Intangible Assets

12 Months Ended

Apr. 30, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

5. Goodwill and Intangible Assets

The changes in the carrying amount of goodwill by reporting segment are as follows (in thousands):

			Outdoor Products &
	Firearms Segment		Accessories Segment			Total Goodwill
Balance as of April 30, 2017	$	13,770	$	155,247		$	169,017
Adjustments		—		10,249			10,249
Acquisitions		4,720		7,301			12,021
Balance as of April 30, 2018		18,490		172,797			191,287
Adjustments		534		—			534
Acquisitions		—		844			844
Goodwill impairment		—		(10,396	)		(10,396	)
Balance as of April 30, 2019	$	19,024	$	163,245		$	182,269

For more information regarding goodwill impairment testing, see Note 3 — Significant Accounting Policies — Valuation of Long-lived Tangible and Intangible Assets to our consolidated financial statements.

The following table presents a summary of intangible assets as of April 30, 2019 and 2018 (in thousands):

	April 30, 2019							April 30, 2018
	Gross							Gross
	Carrying		Accumulated			Net Carrying		Carrying		Accumulated			Net Carrying
	Amount		Amortization			Amount		Amount		Amortization			Amount
Customer relationships	$	92,560	$	(41,643	)	$	50,917	$	92,360	$	(28,252	)	$	64,108
Developed technology		21,230		(10,428	)		10,802		21,130		(8,178	)		12,952
Patents, trademarks, and trade names		57,477		(28,479	)		28,998		56,718		(22,099	)		34,619
Backlog		1,150		(1,150	)		—		1,150		(1,150	)		—
		172,417		(81,700	)		90,717		171,358		(59,679	)		111,679
Patents in progress		897		—			897		855		—			855
Total definite-lived intangible assets		173,314		(81,700	)		91,614		172,213		(59,679	)		112,534
Indefinite-lived intangible assets		226		—			226		226		—			226
Total intangible assets	$	173,540	$	(81,700	)	$	91,840	$	172,439	$	(59,679	)	$	112,760

(a)	Changes to the gross carrying amount of customer relationships relate to purchase accounting adjustments. For more information regarding the changes in valuation of customer relations, see Note 2 — Acquisitions to our consolidated financial statements.

We amortize intangible assets with determinable lives over a weighted-average period of approximately five years. The weighted-average periods of amortization by intangible asset class is approximately five years for customer relationships, six years for developed technology, and five years for patents, trademarks, and trade names. Amortization expense, excluding amortization of deferred financing costs, amounted to $22.0 million, $21.0 million, and $20.1 million for the fiscal years ended April 30, 2019, 2018, and 2017, respectively.

The following table represents future expected amortization expense as of April 30, 2019, which will primarily be recorded in our Outdoor Products & Accessories segment (in thousands):

Fiscal	Amount
2020	$	19,209
2021		16,595
2022		14,210
2023		11,841
2024		10,093
Thereafter		18,769
Total	$	90,717

Notes and Loans Payable and Financing Arrangements

12 Months Ended

Apr. 30, 2019

Debt Disclosure [Abstract]

Notes and Loans Payable and Financing Arrangements

6. Notes and Loans Payable and Financing Arrangements

Credit Facilities — On June 15, 2015, we and certain of our domestic subsidiaries entered into an unsecured credit facility, or the Credit Agreement, with TD Bank, N.A. and other lenders, or the Lenders, which included a $175.0 million revolving line of credit, or the Revolving Line, and a $105.0 million term loan, or the Term Loan, of which $81.4 million remains outstanding as of April 30, 2019. The Revolving Line provides for availability for general corporate purposes with borrowings to bear interest at a variable rate equal to LIBOR or prime plus an applicable margin based on our consolidated leverage ratio, at our election. On October 27, 2016, we entered into a second amendment to our Credit Agreement, or the Second Amendment, which, among other things, increased the Revolving Line to $350.0 million, increased the option to expand the credit commitment to $150.0 million, and extended the maturity of the Revolving Line from June 15, 2020 to October 27, 2021. Other than the changes described in the Second Amendment, we otherwise remain subject to the terms of the Credit Agreement, as described below. We incurred $525,000 of debt issuance costs related to this amendment and have recorded these costs in notes payable in the consolidated balance sheet.

As of April 30, 2019, we had no borrowings outstanding under the Revolving Line. Had there been borrowings, they would have bore interest at 4.48%, equal to the LIBOR rate plus an applicable margin. The Term Loan requires principal payments of $6.3 million per annum plus interest, payable quarterly. Any remaining outstanding amount on the maturity date of June 15, 2020 will be due in full.

We were required to obtain interest rate protection on the Term Loan covering not less than 75% of the aggregate outstanding principal balance of the Term Loan. Accordingly, on June 18, 2015, we entered into an interest rate swap agreement, which expires on June 15, 2020, that covered 100% of the $105.0 million of floating rate debt. On July 6, 2015, we executed an interest rate swap pursuant to such agreement, which requires us to pay interest at a defined rate of 1.56% while receiving interest at a defined variable rate of one-month LIBOR (0.188% at July 31, 2015). This swap, when combined with the applicable margin based on our consolidated leverage ratio, effectively fixed our interest rate on the Term Loan, which is subject to change based on changes in our consolidated leverage ratio. As of April 30, 2019, our interest rate on the Term Loan was 4.48%.

We recognize derivatives as either assets or liabilities on our consolidated balance sheets at fair value. The accounting for changes in the fair value (i.e., unrealized gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and on the type of hedging relationship. Derivatives that do not qualify for hedge accounting must be adjusted to fair value through earnings. Our interest rate swap agreement is considered effective and qualifies as a cash flow hedge. The effective portion of the gain or loss on the derivative that is designated and qualifies as a cash flow hedge is recorded as a component of accumulated other comprehensive income or loss and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. As of April 30, 2019, the interest rate swap was considered effective and had no effect on earnings. The fair value of the interest rate swap on April 30, 2019 and 2018 was an asset of $710,000 and $2.1 million, respectively, and was recorded in other assets on our consolidated balance sheet. We do not expect the interest rate swap to have any material effect on earnings within the next 12 months.

2018 Senior Notes – During fiscal 2015, we issued an aggregate of $75.0 million of 5.000% Senior Notes due 2018, or the 2018 Senior Notes, to various institutional investors pursuant to the terms and conditions of an indenture and purchase agreements. The 2018 Senior Notes bear interest at a rate of 5.000% per annum payable on January 15 and July 15 of each year, beginning on January 15, 2015. We incurred $2.3 million of debt issuance costs related to the issuance of the 2018 Senior Notes. As discussed below, the 2018 Senior Notes were redeemed on March 8, 2018 with proceeds from the issuance of 5.000% Senior Notes due 2020. As part of the redemption, in fiscal 2018, we wrote off $226,000 of debt issuance costs related to the 2018 Senior Notes.

2020 Senior Notes – On February 28, 2018, we issued an aggregate of $75.0 million of 5.000% Senior Notes due 2020, or the 2020 Senior Notes, to various institutional investors pursuant to the terms and conditions of an indenture, or the 2020 Senior Notes Indenture, and purchase agreements. The 2020 Senior Notes bear interest at a rate of 5.000% per annum payable on February 28 and August 28 of each year, beginning on August 28, 2018. We incurred $158,000 of debt issuance costs related to the issuance of the 2020 Senior Notes.

As of February 28, 2019, we may, at our option, upon not less than 30 nor more than 60 days’ prior notice, redeem all or a portion of the 2020 Senior Notes at a redemption price of 100.000% of the principal amount of the 2020 Senior Notes to be redeemed plus accrued and unpaid interest as of the applicable redemption date. Subject to certain restrictions and conditions, we may be required to make an offer to repurchase the 2020 Senior Notes from the holders of the 2020 Senior Notes in connection with a change of control or disposition of assets. If not redeemed by us or repaid pursuant to the holders’ right to require repurchase, the 2020 Senior Notes mature on August 28, 2020.

The 2020 Senior Notes are general, unsecured obligations of our company. The 2020 Senior Notes Indenture contains certain affirmative and negative covenants, including limitations on restricted payments (such as share repurchases, dividends, and early payment of indebtedness), limitations on indebtedness, limitations on the sale of assets, and limitations on liens. Payments that would otherwise be characterized as restricted payments are permitted under the 2020 Senior Notes Indenture in an amount not to exceed 50% of our consolidated net income for the period from the issue date to the date of the restricted payment, provided that at the time of making such payments, (a) no default has occurred or would result from the making of such payments, and (b) we are able to satisfy the debt incurrence test under the 2020 Senior Notes Indenture, or the 2020 Senior Notes Lifetime Aggregate Limit. In addition, the 2020 Senior Notes Indenture provides for other exceptions to the restricted payments covenant, each of which are independent of the 2020 Senior Notes Lifetime Aggregate Limit. Among such exceptions are (i) the ability to make share repurchases each fiscal year in an amount not to exceed the lesser of (A) $50.0 million in any fiscal year or (B) 75.0% of our consolidated net income for the previous four consecutive published fiscal quarters prior to the date of the determination of such consolidated net income, and (ii) share repurchases over the life of the 2020 Senior Notes in an aggregate amount not to exceed $75.0 million.

The limitation on indebtedness in the 2020 Senior Notes Indenture is only applicable at such time that the consolidated coverage ratio (as set forth in the 2020 Senior Notes Indenture) for us and our restricted subsidiaries is less than 3.00 to 1.00. In general, as set forth in the 2020 Senior Notes Indenture, the consolidated coverage ratio is determined by comparing our prior four quarters’ consolidated EBITDA (earnings before interest, taxes, depreciation, and amortization) to our consolidated interest expense. The carrying value of our 2020 Senior Notes as of April 30, 2019 approximated the fair value in considering Level 2 inputs within the hierarchy.

Debt Issuance Costs — We did not record any debt issuance costs for the fiscal year ended April 30, 2019. We recorded, in notes payable, $158,000, and $525,000 of debt issuance costs for the fiscal years ended April 30, 2018 and 2017, respectively. These costs are being amortized to expense over the life of the credit facility or the 2020 Senior Notes Indenture. In total, we amortized $431,000, $1.1 million, and $918,000 to interest expense for all debt issuance costs in fiscal 2019, 2018, and 2017, respectively, including write-offs related to extinguishment.

The Credit Agreement for our credit facility contains financial covenants relating to maintaining maximum leverage and minimum debt service coverage. The 2020 Senior Notes Indenture contains a financial covenant relating to times interest earned.

Letters of Credit — At April 30, 2019, we had outstanding letters of credit aggregating $1.0 million.

Net Sales

12 Months Ended

Apr. 30, 2019

Disclosure Net Sales [Abstract]

Net Sales

7. Net Sales

The following table sets forth the breakdown of net sales for the fiscal years ended April 30, 2019, 2018, and 2017 (in thousands):

	For the Years Ended April 30,
	2019		2018		2017
Handguns	$	336,901	$	326,290	$	556,566
Long Guns		107,717		90,222		179,612
Other Products & Services		33,859		32,474		36,819
Firearms Segment		478,477		448,986		772,997
Outdoor Products & Accessories Segment		159,800		157,864		130,191
Total Net Sales	$	638,277	$	606,850	$	903,188

We sell our products and services in our Firearms segment under our Smith & Wesson, M&P, Performance Center, Gemtech, Thompson/Center Arms, and Smith & Wesson Precision Components brands. Depending upon the product or service, our firearm customers primarily include distributors; federal, state, and municipal law enforcement agencies and officers; government and military agencies; businesses; and retailers. We sell our outdoor products & accessories products under our Caldwell, Wheeler, Tipton, Frankford Arsenal, Lockdown, Hooyman, BOG, Crimson Trace, Imperial, Schrade, Old Timer, Uncle Henry, BUBBA, UST, LaserLyte, and KeyGear brands. We also offer firearms accessories and non-firearms accessories, such as flashlights and knives, under our Firearm brands, including Smith & Wesson, M&P, Performance Center, and Thompson/Center Arms. Our outdoor products and accessories customers are generally, distributors, retailers, and consumers.

We sell our products worldwide. The following table sets forth the breakdown of export net sales included in the above table. Our export net sales accounted for 5%, 5%, and 3% of total net sales for the fiscal years ended April 30, 2019, 2018, and 2017, respectively (in thousands):

	For the Years Ended April 30,
Region	2019		2018		2017
Europe	$	11,860	$	9,586	$	11,545
Asia		3,866		4,725		4,046
Latin America		3,268		2,038		1,778
All others international		14,030		12,388		10,418
Total international net sales	$	33,024	$	28,737	$	27,787

Our Firearms and Outdoor Products & Accessories segments own tooling that is located at various suppliers in Asia and North America.

Advertising Costs

12 Months Ended

Apr. 30, 2019

Marketing And Advertising Expense [Abstract]

Advertising Costs

8. Advertising Costs

We expense advertising costs, primarily consisting of magazine advertisements, printed materials, and television advertisements, either as incurred or upon the first occurrence of the advertising. Advertising expense, included in selling and marketing expenses for the fiscal years ended April 30, 2019, 2018, and 2017, amounted to $24.3 million, $25.8 million, and $22.3 million, respectively.

Property, Plant, and Equipment

12 Months Ended

Apr. 30, 2019

Property Plant And Equipment [Abstract]

Property, Plant, and Equipment

9. Property, Plant, and Equipment

The following table summarizes property, plant, and equipment as of April 30, 2019 and 2018 (in thousands):

	April 30, 2019			April 30, 2018
Machinery and equipment	$	270,815		$		251,706
Software and hardware		47,587				43,097
Building and improvements		34,584				29,908
Land and improvements		3,787				3,845
Capital lease		46,246			—
		403,019				328,556
Less: Accumulated depreciation and amortization		(228,306	)			(198,545	)
		174,713				130,011
Construction in progress		8,555				29,114
Total property, plant, and equipment, net	$	183,268		$		159,125

Depreciation of tangible assets and amortization of software expense amounted to $31.4 million, $30.0 million, and $29.2 million for the fiscal years ended April 30, 2019, 2018, and 2017, respectively. The large decrease in construction in progress resulted from the majority of the assets associated with our national logistics facility being placed into service in fiscal 2019.

The following table summarizes depreciation and amortization expense, which includes amortization of intangibles and debt financing costs, by line item for the fiscal years ended April 30, 2019, 2018, and 2017 (in thousands):

	For the Years Ended April 30,
	2019		2018		2017
Cost of sales	$	23,797	$	24,582	$	24,744
Research and development		625		557		428
Selling and marketing		530		619		424
General and administrative (a)		28,476		25,212		23,699
Interest expense		431		1,105		918
Total depreciation and amortization	$	53,859	$	52,075	$	50,213

(a)	General and administrative expenses included $21.8 million, $20.8 million, and $18.4 million of amortization for the fiscal years ended April 30, 2019, 2018, and 2017, respectively, which were recorded as a result of our acquisitions.

Inventories

12 Months Ended

Apr. 30, 2019

Inventory Disclosure [Abstract]

Inventories

10. Inventories

The following table sets forth a summary of inventories, net of reserves, stated at lower of cost or market, as of April 30, 2019 and 2018 (in thousands):

	April 30, 2019		April 30, 2018
Finished goods	$	108,247	$	91,480
Finished parts		36,181		42,075
Work in process		7,576		7,657
Raw material		11,766		12,141
Total inventories	$	163,770	$	153,353

Accrued Expenses and Deferred Revenue

12 Months Ended

Apr. 30, 2019

Payables And Accruals [Abstract]

Accrued Expenses and Deferred Revenue

11. Accrued Expenses and Deferred Revenue

The following table sets forth other accrued expenses as of April 30, 2019 and 2018 (in thousands):

	April 30, 2019		April 30, 2018
Deferred revenue	$	12,213	$	—
Accrued employee benefits		5,241		5,741
Accrued taxes other than income		6,078		3,933
Accrued rebates and promotions (a)		4,877		21,339
Accrued professional fees		2,649		2,332
Accrued distributor incentives		1,895		1,502
Accrued commissions		1,004		1,342
Interest payable		737		930
Current portion of capital lease obligation		681		431
Accrued other		3,947		4,082
Total accrued expenses and deferred revenue	$	39,322	$	41,632

(a)	Decrease in rebates and promotions from fiscal 2018 is due to the adoption of ASU 2014-09 in fiscal 2019. For more information regarding these transactions, see Note 4 — Revenue Recognition and Contracts with Customers.

Fair Value Measurement

12 Months Ended

Apr. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurement

12. Fair Value Measurement

We follow the provisions of ASC 820-10, Fair Value Measurements and Disclosures Topic, or ASC 820-10, for our financial assets and liabilities. ASC 820-10 provides a framework for measuring fair value under GAAP and requires expanded disclosures regarding fair value measurements. ASC 820-10 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820-10 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value.

Financial assets and liabilities recorded on the accompanying consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:

Level 1 — Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that we have the ability to access at the measurement date (examples include active exchange-traded equity securities, listed derivatives, and most U.S. Government and agency securities).

Our cash and cash equivalents, which are measured at fair value on a recurring basis, totaled $41.0 million and $48.9 million as of April 30, 2019 and 2018, respectively. We utilized Level 1 of the value hierarchy to determine the fair values of these assets.

Level 2 — Financial assets and liabilities whose values are based on quoted prices in markets in which trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets. Level 2 inputs include the following:

•

quoted prices for identical or similar assets or liabilities in non-active markets (such as corporate and municipal bonds which trade infrequently);

•

inputs other than quoted prices that are observable for substantially the full term of the asset or liability (such as interest rate and currency swaps); and

•

inputs that are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability (such as certain securities and derivatives).

The carrying value of our Term Loan approximated the fair value as of April 30, 2019 in considering Level 2 inputs within the hierarchy. The carrying value of our 2020 Senior Notes as of April 30, 2019 approximated the fair value in considering Level 2 inputs within the hierarchy as our 2020 Senior Notes are not frequently traded. The fair value of our interest rate swap was estimated by a third party using inputs that are observable or that can be corroborated by observable market data, such as interest rate yield curves, and, therefore, are classified within Level 2 of the valuation hierarchy. For more information regarding the interest rate swap, refer to Note 6 — Notes and Loans Payable and Financing Arrangements to our consolidated financial statements.

Level 3 — Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect our assumptions about the assumptions a market participant would use in pricing the asset or liability.

The acquisition-related contingent consideration liability represents the estimated fair value of additional future earn-outs payable for acquisitions of businesses that included earn-out clauses. The valuation of the contingent consideration will be evaluated on an ongoing basis and is based on management estimates and entity-specific assumptions which are considered Level 3 inputs.

In connection with the purchase of UST, up to an additional $2.0 million may be paid over a period of two years, contingent upon the financial performance of the acquired business. The valuation of this contingent consideration liability was established in accordance with ASC 805 — Business Combinations. The initial fair value of this contingent consideration liability was $1.7 million. Based on the forecasted revenue, during fiscal 2018, we recorded a $1.6 million reduction in the fair value of this contingent consideration liability because we did not expect that the acquired business would achieve the performance metrics. During fiscal 2019, we recorded a $60,000 reduction in the remaining fair value of this contingent liability because we confirmed the performance metrics were not achieved. These reductions were recorded in other income on the condensed consolidated statements of income.

In connection with the Gemtech acquisition, up to a maximum of $17.1 million may be paid contingent upon the cumulative three year sales volume of the acquired business. The valuation of this contingent consideration liability was established in accordance with ASC 805 — Business Combinations. Based on current forecasted revenue, we believe it is unlikely that the acquired business will achieve the performance metrics. Therefore, as of April 30, 2019 and 2018, the contingent liability was recorded at a fair value of $100,000 in non-current liabilities.

Self-Insurance Reserves

12 Months Ended

Apr. 30, 2019

Commitments And Contingencies Disclosure [Abstract]

Self-Insurance Reserves

13. Self-Insurance Reserves

As of April 30, 2019 and 2018, we had reserves for workers’ compensation, product liability, municipal liability, and medical/dental costs totaling $8.9 million and $9.2 million, respectively, of which $4.8 million was classified as other non-current liabilities. As of April 30, 2019 and 2018, $3.6 million and $3.9 million, respectively, were included in accrued expenses on the accompanying consolidated balance sheets. In addition, as of April 30, 2019 and 2018, $620,000 and $590,000, respectively, of workers’ compensation recoverable was classified as other assets. While we believe these reserves to be adequate, it is possible that the ultimate liabilities will exceed such estimates.

The following table summarizes the activity in the workers’ compensation, product liability, municipal liability, and medical/dental reserves in the fiscal years ended April 30, 2019, 2018, and 2017 (in thousands):

	For the Year Ended April 30,
	2019			2018			2017
Beginning balance	$	9,173		$	8,663		$	10,082
Additional provision charged to expense		21,602			22,802			15,801
Payments		(21,916	)		(22,292	)		(17,220	)
Ending balance	$	8,859		$	9,173		$	8,663

It is our policy to provide an estimate for loss as a result of expected adverse findings or legal settlements on product liability, municipal liability, workers’ compensation, and other matters when such losses are probable and are reasonably estimable. It is also our policy to accrue for reasonable estimable legal costs associated with defending such litigation. While such estimates involve a range of possible costs, we determine, in consultation with counsel, the most likely cost within such range on a case-by-case basis. We also record receivables from insurance carriers relating to these matters when their collection is probable. As of April 30, 2019 and 2018, we had accrued reserves for product and municipal litigation liabilities of $3.3 million and $3.4 million, respectively (of which $2.8 million was non-current), consisting entirely of expected legal defense costs. In addition, as of April 30, 2019 and 2018, we had recorded receivables from insurance carriers related to these liabilities of $1.9 million, nearly all of which has been classified as other assets.

Stockholders' Equity

12 Months Ended

Apr. 30, 2019

Equity [Abstract]

Stockholders' Equity

14. Stockholders’ Equity

Treasury Stock

During fiscal 2017, our board of directors authorized the repurchase of up to $50.0 million of our common stock, subject to certain conditions, in the open market or in privately negotiated transactions. During fiscal 2019, that authorized repurchase program expired, resulting in no remaining authorized repurchase programs as of April 30, 2019. Prior to this authorized repurchase program, in fiscal 2017, we repurchased 2.6 million shares of our common stock in the open market for $50.0 million, utilizing a combination of cash on hand and borrowings under our Revolving Line. We did not repurchase any shares of our common stock during fiscal 2019 or 2018.

Incentive Stock and Employee Stock Purchase Plans

We have two stock incentive plans, or SPs: the 2004 Incentive Stock Plan and the 2013 Incentive Stock Plan. New grants under the 2004 Incentive Stock Plan have not been made since the approval of the 2013 Incentive Stock Plan at our September 23, 2013 annual meeting of stockholders. All new grants covering all participants are issued under the 2013 Incentive Stock Plan.

The 2013 Incentive Stock Plan authorizes the issuance of 3,000,000 shares, plus any shares that were reserved and remained available for grant and delivery under the 2004 Incentive Stock Plan as of September 23, 2013, the effective date of the 2013 Incentive Stock Plan. The plan permits the grant of options to acquire common stock, restricted stock awards, RSUs, stock appreciation rights, bonus stock and awards in lieu of obligations, performance awards, and dividend equivalents. Our board of directors, or a committee established by our board, administers the SPs, selects recipients to whom awards are granted, and determines the grants to be awarded. Options granted under the SPs are exercisable at a price determined by our board or committee at the time of grant, but in no event, less than fair market value of our common stock on the date granted. Grants of options may be made to employees and directors without regard to any performance measures. All options issued pursuant to the SPs are generally nontransferable and subject to forfeiture.

Unless terminated earlier by our board of directors, the 2013 Incentive Stock Plan will terminate at the earliest of (1) the tenth anniversary of the effective date of the 2013 Stock Plan, or (2) such time as no shares of common stock remain available for issuance under the plan and we have no further rights or obligations with respect to outstanding awards under the plan. The date of grant of an award is deemed to be the date upon which our board of directors or board committee authorizes the granting of such award.

Except in specific circumstances, grants vest over a period of three or four years and grants of stock options are exercisable for a period of 10 years. The plan also permits the grant of awards to non-employees, which our board of directors or committee has authorized in the past.

The number of shares and weighted average exercise prices of options for the fiscal years ended April 30, 2019, 2018, and 2017 are as follows:

	For the Year Ended April 30,
	2019					2018					2017
				Weighted					Weighted					Weighted
				Average					Average					Average
	Shares			Exercise Price		Shares			Exercise Price		Shares			Exercise Price
Options outstanding, beginning of year		316,160		$	6.69		335,160		$	6.58		389,360		$	6.16
Exercised during the period		(48,399	)		6.28		(19,000	)		4.70		(54,200	)		3.57
Options outstanding, end of period		267,761		$	6.76		316,160		$	6.69		335,160		$	6.58
Weighted average remaining contractual life	2.35 years					3.16 years					4.01 years
Options exercisable, end of period		267,761		$	6.76		316,160		$	6.69		335,160		$	6.58
Weighted average remaining contractual life	2.35 years					3.16 years					4.01 years

As of April 30, 2019, there were 4,404,603 shares available for grant under the 2013 Incentive Stock Plan. We use our unissued share pool for all shares issued for options, restricted stock awards, RSUs, performance share units, performance-based restricted stock units, or PSUs, and shares issued under our Employee Stock Purchase Plan, or ESPP.

The aggregate intrinsic value of outstanding and exercisable stock options as of April 30, 2019, 2018, and 2017 was $826,000, $1.4 million, and $5.2 million, respectively. The aggregate intrinsic value of the options exercised for the years ended April 30, 2019, 2018, and 2017 was $285,000, $116,000, and $1.3 million, respectively. At April 30, 2019, there was no unrecognized compensation cost of outstanding options.

The following table summarizes stock compensation expense by line item for the fiscal years ended April 30, 2019, 2018, and 2017 (in thousands):

	For the Years Ended April 30,
		2019		2018		2017
Cost of sales	$	746	$	882	$	1,139
Research and development		99		187		217
Selling and marketing		489		382		801
General and administrative		6,658		6,364		6,433
Total stock-based compensation	$	7,992	$	7,815	$	8,590

We grant service-based RSUs to employees, consultants, and directors. The awards are made at no cost to the recipient. An RSU represents the right to acquire one share of our common stock and does not carry voting or dividend rights. Except in specific circumstances, RSU grants to employees generally vest over a period of three or four years with one-third or one-fourth of the units vesting, respectively, on each anniversary date of the grant date. The aggregate fair value of our RSU grants is amortized to compensation expense over the applicable vesting period.

We grant PSUs to our executive officers and certain management employees who are not executive officers. At the time of grant, we calculate the fair value of our PSUs using the Monte-Carlo simulation. We incorporate the following variables into the valuation model:

	For the Years Ended April 30,
		2019		2018			2017
Grant date fair market value
American Outdoor Brands Corporation	$	9.85		$	11.11		$	21.89
Russell 2000 Index	$	1,591.21		$	1,557.89		$	1,417.13
Volatility (a)
American Outdoor Brands Corporation		45.19	%		42.27	%		41.67	%
Russell 2000 Index		15.65	%		16.26	%		16.77	%
Correlation coefficient (b)		0.14			0.19		0.22
Risk-free interest rate (c)		2.23	%		2.61	%		1.44	%
Dividend yield (d)		0	%		0	%		0	%

(a)	Expected volatility is calculated over the most recent period that represents the remaining term of the performance period as of the valuation date, or three years.

(b)	The correlation coefficient utilizes the same historical price data used to develop the volatility assumptions.

(c)	The risk-free interest rate is based on the yield of a zero-coupon U.S. Treasury bill, commensurate with the three-year performance period.

(d)	We do not expect to pay dividends in the foreseeable future.

The PSUs vest, and the fair value of such PSUs will be recognized, over the corresponding three-year performance period. Our PSUs have a maximum aggregate award equal to 200% of the target amount granted. Generally, the number of PSUs that may be earned depends upon the total stockholder return, or TSR, of our common stock compared with the TSR of the Russell 2000 Index, or RUT, over the three-year performance period. For PSUs, our stock must outperform the RUT by 5% in order for the target award to vest. In addition, there is a cap on the number of shares that can be earned under our PSUs, which is equal to six times the grant-date value of each award.

In certain circumstances, the vested awards will be delivered on the first anniversary of the applicable vesting date. We have applied a discount to the grant date fair value when determining the amount of compensation expense to be recorded for these RSUs and PSUs.

During the fiscal year ended April 30, 2019, we granted 181,600 PSUs to certain of our executive officers. We also granted 360,185 service-based RSUs during the year ended April 30, 2019, including 167,818 RSUs to certain of our executive officers, 49,509 RSUs to our directors, and 142,858 RSUs to non-executive officer employees. Compensation expense recognized related to grants of RSUs and PSUs was $7.3 million for the fiscal year ended April 30, 2019.

During the fiscal year ended April 30, 2019, we canceled 33,899 service-based RSUs as a result of the service period condition not being met and 112,000 PSUs as the three year stock performance targets were not achieved. We delivered 206,572 shares of common stock to current employees under vested RSUs and PSUs with a total market value of $2.5 million.

During the year ended April 30, 2018, we granted 157,700 PSUs to certain of our executive officers. We also granted 388,186 service-based RSUs during the year ended April 30, 2018, including 159,167 RSUs to certain of our executive officers, 52,826 RSUs to our directors, and 176,193 RSUs to non-executive officer employees. In addition, in connection with a 2014 grant of 105,000 PSUs (i.e., the target amount granted), which achieved 115.2% of the targeted award, we vested and delivered awards totaling 121,504 shares to certain of our executive officers. Compensation expense recognized related to grants of RSUs and PSUs was $7.1 million for the fiscal year ended April 30, 2018.

During the fiscal year ended April 30, 2018, we canceled 208,496 service-based RSUs and 39,429 PSUs as a result of the service period condition not being met and delivered 300,496 shares of common stock to current employees under vested RSUs and PSUs with a total market value of $6.2 million.

During the year ended April 30, 2017, we granted 153,100 PSUs to certain of our executive officers. We also granted 394,909 service-based RSUs during the year ended April 30, 2017, including 168,800 RSUs to certain of our executive officers, 24,896 RSUs to our directors, and 201,213 RSUs to non-executive officer employees. In addition, in connection with a 2013 grant of 118,500 PSUs (i.e., the target amount granted), which achieved 200.0% of the maximum aggregate award possible, we vested and delivered awards totaling 237,000 shares to certain of our executive officers. Compensation expense recognized related to grants of RSUs and PSUs was $7.8 million for the fiscal year ended April 30, 2017.

During the fiscal year ended April 30, 2017, we canceled 19,448 service-based RSUs as a result of the service period condition not being met and delivered 433,966 shares of common stock to current employees under vested RSUs and PSUs with a total market value of $11.7 million.

The grant date fair value of RSUs and PSUs that vested in fiscal 2019 was $3.9 million and in fiscal 2018 and 2017 was $5.0 million.

A summary of activity for unvested RSUs and PSUs for fiscal years 2019, 2018, and 2017 is as follows:

	For the Year Ended April 30,
	2019					2018					2017
				Weighted					Weighted					Weighted
	Total # of			Average		Total # of			Average		Total # of			Average
	Restricted			Grant Date		Restricted			Grant Date		Restricted			Grant Date
	Stock Units			Fair Value		Stock Units			Fair Value		Stock Units			Fair Value
RSUs and PSUs outstanding, beginning of period		1,442,317		$	17.80		1,428,848		$	18.58		1,215,753		$	15.38
Awarded		541,785			10.65		561,890			15.09		666,509			19.85
Vested		(206,572	)		19.11		(300,496	)		16.53		(433,966	)		11.64
Forfeited		(145,899	)		16.11		(247,925	)		17.04		(19,448	)		17.19
RSUs and PSUs outstanding, end of period		1,631,631		$	15.44		1,442,317		$	17.80		1,428,848		$	18.58

As of April 30, 2019, there was $7.7 million of unrecognized compensation cost related to unvested RSUs and PSUs. This cost is expected to be recognized over a weighted average remaining contractual term of 1.8 years.

On September 26, 2011, our stockholders approved our 2011 ESPP, which authorizes the sale of up to 6,000,000 shares of our common stock to employees. All options and rights to participate in our ESPP are nontransferable and subject to forfeiture in accordance with our ESPP guidelines. Our current ESPP will be implemented in a series of successive offering periods, each with a maximum duration of 12 months. If the fair market value, or FMV, per share of our common stock on any purchase date is less than the FMV per share on the start date of a 12-month offering period, then that offering period will automatically terminate, and a new 12-month offering period will begin on the next business day. Each offering period will begin on April 1 or October 1, as applicable, immediately following the end of the previous offering period. Payroll deductions will be on an after-tax basis, in an amount of not less than 1% and not more than 20% (or such greater percentage as the committee appointed to administer our ESPP may establish from time to time before the first day of an offering period) of a participant’s compensation on each payroll date. The option exercise price per share will equal 85% of the lower of the FMV on the first day of the offering period or the FMV on the exercise date. The maximum number of shares that a participant may purchase during any purchase period is 12,500 shares, or a total of $25,000 in shares, based on the FMV on the first day of the offering period. Our ESPP will remain in effect until the earliest of (a) the exercise date that participants become entitled to purchase a number of shares greater than the number of reserved shares available for purchase under our ESPP, (b) such date as is determined by our board of directors in its discretion, or (c) March 31, 2022. In the event of certain corporate transactions, each option outstanding under our ESPP will be assumed or an equivalent option will be substituted by the successor corporation or a parent or subsidiary of such successor corporation. During fiscal 2019, 2018, and 2017, 230,282, 203,002, and 144,102 shares, respectively, were purchased by our employees under our ESPP.

We measure the cost of employee services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. We calculate the fair value of our stock options issued to employees using the Black-Scholes model at the time the options were granted. That amount is then amortized over the vesting period of the option. With our ESPP, fair value is determined at the beginning of the purchase period and amortized over the term of each exercise period.

The following assumptions were used in valuing our ESPP purchases during the years ended April 30, 2019, 2018, and 2017:

	For the Years Ended April 30,
	2019			2018			2017
Risk-free interest rate		2.21	%		1.62	%		0.60	%
Expected term	6 months			6 months			6 months
Expected volatility		45.3	%		42.3	%		45.3	%
Dividend yield		0	%		0	%		0	%

We estimate expected volatility using historical volatility for the expected term. The fair value of each stock option or ESPP purchase was estimated on the date of the grant using the Black-Scholes option pricing model (using the risk-free interest rate, expected term, expected volatility, and dividend yield variables, as noted in the above table). The total stock-based compensation expense, including stock options, purchases under our ESPP, and RSU and PSU awards, was $8.0 million, $7.8 million, and $8.6 million, for fiscal years 2019, 2018, and 2017, respectively.

Employer Sponsored Benefit Plans

12 Months Ended

Apr. 30, 2019

Compensation And Retirement Disclosure [Abstract]

Employer Sponsored Benefit Plans

15. Employer Sponsored Benefit Plans

Contributory Defined Investment Plan — We offer two contributory defined investment plans covering substantially all employees, subject to service requirements. Employees may contribute up to 100% of their annual pay, depending on the plan. We generally make discretionary matching contributions of up to 50% of the first 6% of employee contributions to the plan. We contributed $2.9 million, $3.0 million, and $2.7 million for the fiscal years ended April 30, 2019, 2018, and 2017, respectively.

Non-Contributory Profit Sharing Plan — We have a non-contributory profit sharing plan covering substantially all of our employees. Employees become eligible on May 1 following the completion of a full fiscal year of continuous service. Our contributions to the plan are discretionary. For fiscal 2019, we plan to contribute approximately $2.8 million, which has been recorded in general and administrative costs. We contributed $1.3 million and $13.0 million for the fiscal years ended April 30, 2018 and 2017, respectively. Contributions are funded after the fiscal year-end.

Income Taxes

12 Months Ended

Apr. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

16. Income Taxes

Income tax expense/(benefit) from continuing operations consists of the following (in thousands):

	For the Year Ended April 30,
	2019			2018				2017
Current:
Federal	$	8,999		$		5,081		$		61,943
State		2,600				1,184				9,349
Foreign		5			—				—
Total current		11,604				6,265				71,292
Deferred:
Deferred federal		(879	)			(9,081	)			(6,969	)
Deferred state		(397	)			305				(871	)
Total deferred		(1,276	)			(8,776	)			(7,840	)
Total income tax expense/(benefit)	$	10,328		$		(2,511	)	$		63,452

The following table presents a reconciliation of the provision for income taxes from continuing operations at statutory rates to the provision (benefit) in the consolidated financial statements (in thousands):

	For the Year Ended April 30,
	2019				2018				2017
Federal income taxes expected at the statutory rate (a)	$		6,035		$		5,355		$		66,957
State income taxes, less federal income tax benefit			1,804				1,460				5,310
Stock compensation			708				(322	)			(3,092	)
Business meals and entertainment			181				302				296
Domestic production activity deduction		—					(335	)			(5,728	)
Research and development tax credit			(567	)			(426	)			(453	)
Goodwill impairment			2,183			—				—
Other			54				(403	)			162
Federal tax rate change on deferred taxes			(70	)			(8,142	)			—
Total income tax expense/(benefit)	$		10,328		$		(2,511	)	$		63,452

(a)	We had a statutory rate of 21% in fiscal 2019, a blended statutory rate of 30.4% in fiscal 2018 because of Tax Reform, and a statutory rate of 35% in fiscal 2017.

Deferred tax assets (liabilities) related to temporary differences are the following (in thousands):

	For the Years Ended April 30,
	2019			2018
Non-current tax assets (liabilities):
Net operating loss carryforwards and tax credits	$	3,256		$	3,372
Inventories		6,741			6,204
Accrued expenses, including compensation		5,800			3,037
Environmental reserves		181			258
Product liability		360			353
Accrued promotions		73			1,061
Workers' compensation		478			485
Warranty reserve		1,525			1,843
Stock-based compensation		3,884			3,576
State bonus depreciation		1,454			1,117
Property taxes		(185	)		(160	)
Property, plant, and equipment		(20,392	)		(18,434	)
Intangible assets		(10,006	)		(12,510	)
Pension		234			218
Other		397			21
Less valuation allowance		(3,576	)		(3,336	)
Net deferred tax asset/(liability) — total	$	(9,776	)	$	(12,895	)

We had federal net operating loss carryforwards amounting to $108,000 as of April 30, 2019, which expire in fiscal 2020. We obtained $8.2 million in additional loss carryforwards through our acquisition of SWSS on July 20, 2009, the majority of which was utilized in fiscal 2010. Utilization of the remaining losses is limited by Section 382 of the Internal Revenue Code to $108,000 in fiscal 2019 and for each taxable year thereafter. It is possible that future substantial changes in our ownership could occur that could result in additional ownership changes pursuant to Section 382 of the Internal Revenue Code. If such an ownership change were to occur, there could be an annual limitation on the remaining tax loss carryforward.

There were $17.9 million in state net operating loss carryforwards as of April 30, 2019 and 2018. The state net operating loss carryforwards will expire between April 30, 2025 and April 30, 2038. There were $2.9 million and $3.1 million of state tax credit carryforwards as of April 30, 2019 and 2018, respectively. The state tax credit carryforwards will expire between April 30, 2023 and April 30, 2025 or have no expiration date.

As of April 30, 2019, valuation allowances of $911,000 and $2.3 million were provided on our deferred tax assets for those state net operating loss carryforwards, and state tax credits, respectively, that we do not anticipate using prior to their expiration. As of April 30, 2018, valuation allowances of $921,000 and $2.4 million were provided on our deferred tax assets for those state net operating loss carryforwards and state tax credits, respectively, that we do not anticipate using prior to their expiration. Additional valuation allowances of $342,000 were provided on our deferred income tax assets as of April 30, 2019, as we believe that it is more likely than not that all such assets will be realized. These allowances related to IRC Section 162(m) limitations on the deductibility of certain executive compensation. Recording a valuation allowance or reversing a valuation allowance could have an effect on our future results of operations and financial position.

On December 22, 2017, the U.S. federal government enacted comprehensive tax legislation with Tax Reform, which makes broad and complex changes to the U.S. tax code. Tax Reform significantly revises the corporate federal income tax by, among other things, lowering the corporate federal income tax rate from 35% to 21%, limiting various deductions, and repealing the domestic manufacturing deduction.

On December 22, 2017, the SEC issued Staff Accounting Bulletin 118, or SAB118, that provided additional guidance allowing companies to use a measurement period, similar to that used in business combinations, to account for the impacts of Tax Reform in their financial statements. This measurement period was not permitted to extend beyond one year from the Tax reform enactment date. In accordance with SAB 118, to the extent that a company’s accounting for certain income tax effects of the Tax Reform is incomplete, but the company was able to determine a reasonably estimating the effects, we were permitted to record a provisional estimate in our financial statements. All provisional estimates related to Tax Reform were finalized within the measurement period.

The income tax provisions (benefit) represent effective tax rates of 35.9% and (14.3%) for the fiscal year ended April 30, 2019 and 2018, respectively. The tax benefit in fiscal 2018 was primarily caused by the effect of Tax Reform which resulted in the remeasurement of deferred tax assets and liabilities, as well as lower operating profit. Excluding the impact of Tax Reform and other discrete items, our effective tax rate for the fiscal year ended April 30, 2018 was 35.4%.

U.S. income taxes have not been provided on $50,000 of undistributed earnings of our foreign subsidiary since it is our intention to permanently reinvest such earnings offshore. If the earnings were distributed in the form of dividends, we would not be subject to U.S. tax as a result of the Tax Act but could be subject to foreign income and withholding taxes. Determination of the amount of this unrecognized deferred income tax liability is not practical.

At April 30, 2019 and 2018, we did not have any gross tax-effected unrecognized tax benefits.

With limited exception, we are subject to U.S. federal, state, and local, or non-U.S. income tax audits by tax authorities for fiscal years subsequent to April 30, 2015.

Commitments and Contingencies

12 Months Ended

Apr. 30, 2019

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

17. Commitments and Contingencies

Litigation

In January 2018, Gemini Technologies, Incorporated, or Gemini, commenced an action against us and Smith & Wesson Corp. in the United States District Court for the District of Idaho, or District Court. The complaint alleges, among other things, that the defendants breached the earn-out and other provisions of the Asset Purchase Agreement and ancillary agreements between the parties in connection with Smith & Wesson Corp.’s acquisition of the Gemtech business from Gemini. The complaint seeks a declaratory judgment interpreting various terms of the Asset Purchase Agreement and damages in the sum of $18.6 million. In May 2018, the District Court dismissed the complaint on the grounds of forum non conveniens. In June 2018, Gemini appealed the decision dismissing its complaint to the U.S. Court of Appeals for the Ninth Circuit. Oral argument was held before the Court of Appeals on May 14, 2019. We believe the claims asserted in the complaint have no merit, and we intend to aggressively defend this action.

We are a defendant in six product liability cases and are aware of five other product liability claims, primarily alleging defective product design, defective manufacturing, or failure to provide adequate warnings. In addition, we are a co-defendant in a case filed on August 27, 1999 by the city of Gary, Indiana against numerous firearm manufacturers, distributors, and dealers seeking to recover monetary damages, as well as injunctive relief, allegedly arising out of the misuse of firearms by third parties. In January 2018, the trial court granted defendants’ Motion for Judgment on the Pleadings, dismissing the case in its entirety. In February 2018, plaintiffs appealed the dismissal to the Indiana Court of Appeals. On May 23, 2019, the Indiana Court of Appeals issued a decision, which affirmed in part and reversed in part and remanded for further proceedings, the trial court’s dismissal of the City’s complaint. The parties have until July 8, 2019 to file petitions to transfer jurisdiction to the Indiana Supreme Court. In May 2018, we were named in an action related to the Parkland, Florida shooting, filed in the Circuit Court, Broward County, Florida, seeking a declaratory judgment that a Florida statute that provides firearm manufacturers and dealers immunity from liability when their legally manufactured and lawfully sold firearms are later used in criminal acts only applies to civil actions commenced by governmental agencies not private litigants. In August 2018, we moved to dismiss the complaint on the grounds that it seeks an impermissible advisory opinion. On December 6, 2018, the court granted defendants’ motion to dismiss without prejudice and granted plaintiffs leave to amend their complaint. On December 10, 2018, plaintiffs filed a Second Amended Complaint for Declaratory Relief. On December 13, 2018, defendants filed a Motion to Dismiss Plaintiffs’ Second Amended Complaint. A hearing was held on defendants’ second motion to dismiss on December 17, 2018. A decision has not yet been issued by the court.

We believe that the various allegations as described above are unfounded, and, in addition, that any accident and any results from them or any injuries were due to negligence or misuse of the firearm by the claimant or a third party.

In addition, from time to time, we are involved in lawsuits, claims, investigations, and proceedings, including commercial, environmental, and employment matters, which arise in the ordinary course of business.

The relief sought in individual cases primarily includes compensatory and, sometimes, punitive damages. Certain of the cases and claims seek unspecified compensatory or punitive damages. In others, compensatory damages sought may range from less than $75,000 to approximately $350,000. In our experience, initial demands do not generally bear a reasonable relationship to the facts and circumstances of a particular matter. We believe that our accruals for product liability cases and claims, as described below, are a reasonable quantitative measure of the cost to us of product liability cases and claims.

We are vigorously defending ourselves in the lawsuits to which we are subject. An unfavorable outcome or prolonged litigation could harm our business. Litigation of this nature also is expensive, time consuming, and diverts the time and attention of our management.

We monitor the status of known claims and the related product liability accrual, which includes amounts for defense costs for asserted and unasserted claims. After consultation with litigation counsel and a review of the merit of each claim, we have concluded that we are unable to reasonably estimate the probability or the estimated range of reasonably possible losses related to material adverse judgments related to such claims and, therefore, we have not accrued for any such judgments. In the future, should we determine that a loss (or an additional loss in excess of our accrual) is at least reasonably possible and material, we would then disclose an estimate of the possible loss or range of loss, if such estimate could be made, or disclose that an estimate could not be made. We believe that we have provided adequate accruals for defense costs.

For the fiscal years ended April 30, 2019, 2018, and 2017, we paid $322,000, $473,000, and $254,000, respectively, in defense and administrative costs relative to product liability and municipal litigation. In addition, we spent an aggregate of $180,000, $129,000, and $209,000, respectively, in those fiscal years in settlement fees related to product liability cases.

We have recorded our liability for defense costs before consideration for reimbursement from insurance carriers. We have also recorded the amount due as reimbursement under existing policies from the insurance carriers as a receivable shown in other current assets and other assets.

We recognize gains and expenses for changes in our product liability provisions and municipal litigation liabilities. In fiscal 2019, we recorded expense of $293,000; in fiscal 2018, we recorded expense of $540,000; and in fiscal 2017, we recorded a gain of $364,000.

At this time, an estimated range of reasonably possible additional losses relating to unfavorable outcomes cannot be made.

Environmental Remediation

We are subject to numerous federal, state, and local laws and regulations that regulate the health and safety of our workforce, including, but not limited to, those regulations monitored by the Occupational Health and Safety Administration, or OSHA, the National Fire Protection Association, and the Department of Public Health. Though not exhaustive, examples of applicable regulations include confined space safety, walking and working surfaces, machine guarding, and life safety.

We are also subject to numerous federal, state and local environmental laws and regulations concerning, among other things, emissions in the air, discharges to land, surface, subsurface strata and water and the generation, handling, storage, transportation, treatment and disposal of hazardous wastes and other materials. These laws have required us to make significant expenditures of both a capital and expense nature. Several of the more significant federal laws applicable to our operations include the Clean Air Act, the Clean Water Act, the Comprehensive Environmental Response, Compensation and Liability Act, or CERCLA, and the Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act.

We have in place programs and personnel to monitor compliance with various federal, state, and local environmental regulations. In the normal course of our manufacturing operations, we are subject to governmental proceedings and orders pertaining to waste disposal, air emissions, and water discharges into the environment. We fund our environmental costs through cash flows from operations. We believe that we are in compliance with applicable environmental regulations in all material respects.

We are required to remediate hazardous waste at our facilities. Currently, we own a designated site in Springfield, Massachusetts that contains two release areas, which are the focus of remediation projects as part of the Massachusetts Contingency Plan, or MCP. The MCP provides a structured environment for the voluntary remediation of regulated releases. We may be required to remove hazardous waste or remediate the alleged effects of hazardous substances on the environment associated with past disposal practices at sites not owned by us. We have received notice that we are a potentially responsible party from the Environmental Protection Agency and/or individual states under CERCLA or a state equivalent at two sites.

As of April 30, 2019 and 2018, we recorded approximately $725,000 and $1.0 million, respectively, of environmental reserve in non-current liabilities. We have calculated the net present value of the environmental reserve to be equal to the carrying value of the liability recorded on our books. Our estimate of these costs is based upon currently enacted laws and regulations, currently available facts, experience in remediation efforts, existing technology, and the ability of other potentially responsible parties or contractually liable parties to pay the allocated portions of any environmental obligations.

When the available information is sufficient to estimate the amount of liability, that estimate has been used. When the information is only sufficient to establish a range of probable liability and no point within the range is more likely than any other, the lower end of the range has been used. We may not have insurance coverage for our environmental remediation costs. We have not recognized any gains from probable recoveries or other gain contingencies. The environmental reserve was calculated using undiscounted amounts based on environmental remediation reports obtained from independent third-parties.

Based on information known to us, we do not expect current environmental regulations or environmental proceedings and claims to have a material adverse effect on our consolidated financial position, results of operations, or cash flows. However, it is not possible to predict with certainty the impact on us of future environmental compliance requirements or the cost of resolving of future environmental health and safety proceedings and claims, in part because the scope of the remedies that may be required is not certain, liability under federal environmental laws is joint and several in nature, and environmental laws and regulations are subject to modification and changes in interpretation. There can be no assurance that additional or changing environmental regulation will not become more burdensome in the future and that any such development would not have a material adverse effect on our company.

Contracts

Employment Agreements — We have employment, severance, and change of control agreements with certain officers and managers.

Other Agreements — We have distribution agreements with various third parties in the ordinary course of business.

Leases

In fiscal 2017, we announced a plan to establish a national logistics facility in Boone County, Missouri. We ultimately plan to rely on this logistics facility for substantially all of our product distribution. In fiscal 2018, we broke ground on this new 633,000 square foot facility, which was completed in November 2018 and will become operational over the course of the remainder of fiscal 2020. As part of the completion of the building, we entered into a lease agreement with the developer of the building for $46.2 million. The lease has an effective interest rate of approximately 5.0% and is payable in 240 monthly installments through fiscal 2039. Leases are accounted for under the provisions of ASC 840-10, Leases, which requires that leases be evaluated and classified as operating or capital leases for financial reporting purposes. Based on our evaluation under ASC 840-10, we determined that the lease qualified as a capital lease because the net present value of future lease payments exceeded 90% of the fair market value of the leased building. The building is pledged to secure the amounts outstanding. We included $681,000 of short-term capital lease obligation in accrued expenses and $45.6 million in long-term capital lease obligation on the condensed consolidated balance sheet. As noted above, we plan to adopt ASU 2016-02 - Leases, in our first quarter of fiscal 2020. Upon adoption, we plan to remove the current finance obligation and capital lease asset and record a right of use asset and lease liability equal to the net present value of future minimum lease payments. We expect the lease liability to be $40.8 million and right of use asset to be $41.6 million upon adoption of ASU 2016-02.

Future minimum lease payments, including all our capital leases, for succeeding fiscal years is as follows (in thousands):

	Capital Lease Obligation
2020		2,965
2021		3,016
2022		3,056
2023		3,071
2024		3,126
Thereafter		63,263
Total future minimum lease payments		78,497
Less amounts representing interest		(32,416	)
Present value of minimum lease payments		46,081
Less current maturities of capital lease		(681	)
Long-term maturities of capital lease	$	45,400

The following summarizes our operating leases for office and/or manufacturing space:

Location of Lease		Expiration Date
Bentonville, Arkansas		December 31, 2023
Jacksonville, Florida		June 30, 2019
Shenzhen, China		October 31, 2019
Springfield, Massachusetts		November 30, 2020
Houlton, Maine		January 31, 2022
Scottsdale, Arizona		April 30, 2021
Somersworth, New Hampshire		June 30, 2021
Wilsonville, Oregon		October 31, 2022
Columbia, Missouri		April 30, 2023
Columbia, Missouri		November 25, 2038
Deep River, Connecticut		May 4, 2024
Meridian, Idaho		October 14, 2027
Herstal, Belgium		January 21, 2027

We also lease machinery, photocopiers, and vehicles for our national sales force with various expiration dates.

As of April 30, 2019, the operating lease commitments were as follows (in thousands):

For the Year Ended April 30,	Amount
2020	$	3,639
2021		3,154
2022		2,786
2023		2,583
2024		1,562
Thereafter		946

	$	14,670

Rent expense in the fiscal years ended April 30, 2019, 2018, and 2017 was $5.0 million, $5.2 million, and $4.4 million, respectively.

Quarterly Financial Information

12 Months Ended

Apr. 30, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information

18. Quarterly Financial Information (Unaudited)

The following table summarizes quarterly financial results in fiscal 2019 and 2018. In our opinion, all adjustments necessary to present fairly the information for such quarters have been reflected (in thousands, except per share data):

		For the Year Ended April 30, 2019
	First			Second		Third				Fourth		Full
	Quarter			Quarter		Quarter				Quarter		Year
Net sales	$		138,833	$	161,703	$	162,008			$	175,733	$	638,277
Gross profit			52,422		56,386		54,059				63,364		226,231
Net income	$		7,645	$	6,665	$	(5,725	)	(b)	$	9,825	$	18,410
Per common share (a)
Basic - total	$		0.14	$	0.12	$	(0.10	)		$	0.18	$	0.34
Diluted - total	$		0.14	$	0.12	$	(0.10	)		$	0.18	$	0.33

	For the Year Ended April 30, 2018
	First			Second		Third			Fourth		Full
	Quarter			Quarter		Quarter			Quarter		Year
Net sales	$	129,021		$	148,427	$	157,376		$	172,026	$	606,850
Gross profit		40,632			50,799		46,917			57,404		195,752
Net (loss)/income	$	(2,165	)	$	3,234	$	11,395	(c)	$	7,664	$	20,128
Per common share (a)
Basic - total	$	(0.04	)	$	0.06	$	0.21		$	0.14	$	0.37
Diluted - total	$	(0.04	)	$	0.06	$	0.21		$	0.14	$	0.37

(a)	Basic and diluted earnings per share may not equal the sum of the quarterly basic and diluted earnings per share due to rounding.

(b)	Amounts includes a $10.4 million non-cash goodwill impairment relating to our Outdoor Products & Accessories segement.

(c)	Amount includes an income tax benefit of approximately $9.4 million, primarily caused by the effect of Tax Reform, which resulted in the remeasurement of deferred tax assets and liabilities at lower enacted corporate federal tax rates.

Segment Reporting

12 Months Ended

Apr. 30, 2019

Segment Reporting [Abstract]

Segment Reporting

19. Segment Reporting

We report our results of operations in two segments: (1) Firearms (which includes Firearms and Manufacturing Services divisions) and (2) Outdoor Products & Accessories. Our two segments are defined based on the reporting and review process used by the chief operating decision maker, our Chief Executive Officer. The Firearms segment has been determined to be a single operating segment and reporting segment based on our reliance on production metrics such as gross margin per unit produced, units produced per day, incoming orders per day, and revenue produced by trade channel, all of which are particular to the Firearms segment. The Outdoor Products & Accessories segment has been determined to be a single operating segment and reporting segment based on our measurement of incoming orders per day and sales and gross margin by customer and brand.

The Firearms segment includes our firearms, services, and other components, which we manufacture or provide at our facilities in Springfield, Massachusetts, Houlton, Maine, and Deep River, Connecticut and our firearm products, which we develop, assemble, and market in our Springfield, Massachusetts facility. The Outdoor Products & Accessories segment includes our accessories products, which we develop, source, market, and distribute at our facilities in Columbia, Missouri and Jacksonville, Florida and our electro-optics products, which we develop, market, and assemble in our Wilsonville, Oregon facility. We report operating costs based on the activities performed within each segment.

Segment assets are those directly used in or clearly allocable to a reportable segment’s operations. Assets by business segment are presented in the following table as of April 30, 2019 and 2018 (in thousands):

	As of April 30, 2019						As of April 30, 2018
	Firearms		Outdoor Products & Accessories		Total		Firearms		Outdoor Products & Accessories		Total
Total assets	$	389,719	$	377,070	$	766,789	$	346,517	$	398,543	$	745,060
Property, plant, and equipment, net		170,549		12,719		183,268		146,154		12,971		159,125
Intangibles, net		4,661		87,179		91,840		4,944		107,816		112,760
Goodwill		19,024		163,245		182,269		18,490		172,797		191,287

Results by business segment are presented in the following table for the years ended April 30, 2019, 2018, and 2017 (in thousands):

	For the Year Ended April 30, 2019 (a)
	Firearms		Outdoor Products & Accessories				Corporate			Intersegment Eliminations			Total
Revenue from external customers	$	478,477	$	159,800			$	—		$	—		$	638,277
Intersegment revenue		2,858		17,469				—			(20,327	)		—
Total net sales		481,335		177,269				—			(20,327	)		638,277
Cost of sales		335,051		97,143				—			(20,148	)		412,046
Gross margin		153,787		80,127				—			(7,683	)		226,231
Operating income/(loss)		59,663		(18,414	)	(b)		(44,831	)		41,638			38,056
Income tax expense/(benefit)		12,068		(966	)			(774	)		—			10,328

	For the Year Ended April 30, 2018 (a)
	Firearms			Outdoor Products & Accessories				Corporate			Intersegment Eliminations			Total
Revenue from external customers	$	448,986		$	157,864			$	—		$	—		$	606,850
Intersegment revenue		3,807			13,816				—			(17,623	)		—
Total net sales		452,793			171,680				—			(17,623	)		606,850
Cost of sales		332,889	(c)		93,822				—			(15,613	)		411,098
Gross margin		119,903			77,859				—			(2,010	)		195,752
Operating income/(loss)		30,213			(5,508	)	(d)		(44,128	)		46,471			27,048
Income tax expense/(benefit) (e)		16,729			(8,059	)			(11,181	)		—			(2,511	)

	For the Year Ended April 30, 2017 (a)
	Firearms		Outdoor Products & Accessories				Corporate			Intersegment Eliminations			Total
Revenue from external customers	$	772,997	$	130,191			$	—		$	—		$	903,188
Intersegment revenue		3,643		10,530				—			(14,173	)		—
Total net sales		776,640		140,721				—			(14,173	)		903,188
Cost of sales		464,019		75,737		(f)		—			(11,840	)		527,916
Gross margin		312,619		64,985				—			(2,332	)		375,272
Operating income/(loss)		201,442		(3,949	)	(g)		(47,787	)		50,233			199,939
Income tax expense/(benefit)		77,585		(2,300	)			(11,833	)		—			63,452

(a)	For the years ended April 30, 2019, 2018, and 2017, we allocated all of corporate overhead expenses except for interest and income taxes, such as general and administrative expenses and other corporate-level expenses, to both our Firearms and Outdoor Products & Accessories segments.

(b)	Amount includes a non-cash goodwill charge of $10.4 million and $21.5 million of amortization of intangible assets identified as a result of our acquisition.

(c)	Amount includes $500,000 of additional cost of goods sold from the fair value inventory step-up related to our 2018 Acquisitions.

(d)	Amount includes $20.8 million of amortization of intangible assets identified as a result of our acquisitions.

(e)	Amounts include an income tax benefit of approximately $8.7 million, primarily caused by the effect of Tax Reform, which resulted in the re-measurement of deferred tax assets and liabilities at lower enacted corporate federal tax rates.

(f)	Amount includes $4.7 million of additional cost of goods sold from the fair value inventory step-up and backlog expense related to the 2017 Acquisitions.

(g)	Amount includes $18.4 million of amortization of intangible assets identified as a result of our acquisitions.

Subsequent Events

12 Months Ended

Apr. 30, 2019

Subsequent Events [Abstract]

Subsequent Events

20. Subsequent Events:

On June 18, 2019, we approved a restructuring plan involving the previously announced consolidation of the Electro-Optics division into the Outdoor Products & Accessories division in order to improve efficiencies. We expect to incur restructuring charges of approximately $1.0 million comprising severance, retention, and relocation costs to be recorded primarily in the first six months of fiscal year 2020. We expect cash expenditures associated with these actions will continue into the third and fourth quarters of fiscal year 2020. The restructuring plan is anticipated to result in cost savings of approximately $1.0 million in the second half of fiscal year 2020 and approximately $4.0 million of annual cost reductions to be fully reflected in our consolidated financial statements by fiscal year 2021.

Schedule II-Valuation and Qualifying Accounts

12 Months Ended

Apr. 30, 2019

Valuation And Qualifying Accounts [Abstract]

Schedule II-Valuation and Qualifying Accounts

SCHEDULE II

AMERICAN OUTDOOR BRANDS CORPORATION AND SUBSIDIARIES

VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended April 30, 2019, 2018, and 2017

			Additions
			Charged to		Charged to
	Balance at		Costs and		Other									Balance at
	May 1,		Expenses		Accounts				Deductions					April 30,
2019
Allowance for doubtful accounts	$	1,824	$	631	$	—			$		(556	)		$	1,899
Deferred tax valuation allowance		3,336		240		—				—					3,576
2018
Allowance for doubtful accounts	$	598	$	1,000	$		401	(1)	$		(175	)		$	1,824
Deferred tax valuation allowance		2,792		544		—				—					3,336
2017
Allowance for doubtful accounts	$	680	$	1,319	$		108	(2)	$		(1,509	)	(3)	$	598
Deferred tax valuation allowance		2,561		231		—				—					2,792

(1)	Increase in fiscal 2018 valuation accounts represents acquired balances related to the Gemtech acquisition.

(2)	Increase in fiscal 2017 valuation accounts represents acquired balances related to the 2017 Acquisitions.

(3)	Decrease in fiscal 2017 valuation accounts primarily represents a write-off of one of our customers’ accounts receivable balances.

Significant Accounting Policies (Policies)

12 Months Ended

Apr. 30, 2019

Accounting Policies [Abstract]

Use of Estimates

Principles of Consolidation

Fair Value of Financial Instruments

Cash and Cash Equivalents

Financial Instruments

Trade Receivables

Concentrations of Credit Risk

Inventories

Property, Plant, and Equipment

Description	Useful Life
Building and improvements		10 to 40 years
Software and hardware		2 to 7 years
Machinery and equipment		2 to 10 years

We include tooling, dies, and fixtures as part of machinery and equipment and depreciate them over a period generally not exceeding ten years.

Intangible Assets

Revenue Recognition

Segment Information

Research and Development

Earnings/(Loss) per Share

	For the Year Ended April 30,
	2019								2018								2017
	Net					Per Share			Net					Per Share			Net					Per Share
	Income			Shares		Amount			Income			Shares		Amount			Income			Shares		Amount
Basic earnings	$		18,410		54,483	$	0.34		$		20,128		54,061	$		0.37	$		127,854		55,930	$	2.29
Effect of dilutive stock awards		—			733		(0.01	)		—			773		—			—			961		(0.04	)
Diluted earnings	$		18,410		55,216	$	0.33		$		20,128		54,834	$		0.37	$		127,854		56,891	$	2.25

All of our outstanding stock options and restricted stock units, or RSUs, were included in the computation of diluted earnings per share for the years ended April 30, 2019, 2018, and 2017.

Valuation of Long Lived Tangible and Intangible Assets

•

significant underperformance relative to historical or projected future operating results;

•

significant changes in the manner or use of the assets or the strategy for our overall business;

•

significant negative industry or economic trends;

•

a significant decline in our stock price for a sustained period; and

•

a decline in our market capitalization below net book value.

Income Taxes

Warranty

From time to time, we have experienced certain manufacturing and design issues with respect to some of our firearms and have initiated some product recalls and safety alerts in the past.

Warranty expense for the fiscal years ended April 30, 2019, 2018, and 2017 amounted to $2.9 million, $5.8 million, and $1.3 million, respectively.

The following table sets forth the change in accrued warranties, a portion of which is recorded as a non-current liability, in the fiscal years ended April 30, 2019, 2018, and 2017 (in thousands):

Balance as of April 30, 2017	$	5,544
Warranties issued and adjustments to provisions		5,834
Warranty claims		(3,865	)
Balance as of April 30, 2018		7,513
Warranties issued and adjustments to provisions		2,852
Warranty claims		(4,163	)
Balance as of April 30, 2019	$	6,202

Sales and Promotional Related Expenses

Shipping and Handling

Insurance Reserves

Recently Issued Accounting Standards

Fair Value Measurements and Disclosures Topic

Financial assets and liabilities recorded on the accompanying consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:

•

quoted prices for identical or similar assets or liabilities in non-active markets (such as corporate and municipal bonds which trade infrequently);

•

inputs other than quoted prices that are observable for substantially the full term of the asset or liability (such as interest rate and currency swaps); and

•

inputs that are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability (such as certain securities and derivatives).

Acquisitions (Tables)

12 Months Ended

Apr. 30, 2019

Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC

Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the allocation of the purchase price for the 2018 Acquisitions (in thousands):

	2018 Acquisitions		Measurement
	(As Initially		Period			2018 Acquisitions
	Reported)		Adjustments			(As Adjusted)
Accounts receivable	$	846		(86	)	$	760
Inventories		4,683		(601	)		4,082
Other current assets		145		(56	)		89
Property, plant, and equipment		506		13			519
Intangibles		6,400		—			6,400
Goodwill		11,846		708			12,554
Total assets acquired		24,426		(22	)		24,404
Accounts payable		1,261		(25	)		1,236
Accrued payroll		49		(1	)	48
Other long-term liabilities		100		(100	)		—
Total liabilities assumed		1,410		(126	)		1,284
	$	23,016		104		$	23,120

Identifiable Intangible Assets Acquired and Respective Weighted Average Lives

The following are the identifiable intangible assets acquired (in thousands) in the 2018 Acquisitions and their respective weighted average lives:

			Weighted Average
	Amount		Life (In years)
Developed technology	$	1,700		5.9
Customer relationships		1,600		5.2
Trade names		3,100		5.6
	$	6,400

Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc.

Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the allocation of the purchase price for the 2017 Acquisitions (in thousands):

	2017 Acquisitions		Measurement
	(As Initially		Period			2017 Acquisitions
	Reported)		Adjustments			(As Adjusted)
Accounts receivable	$	11,635	$	(213	)	$	11,422
Inventories		31,269		453			31,722
Income tax receivable		—		68			68
Other current assets		430		(132	)		298
Property, plant, and equipment		8,232		—			8,232
Intangibles		97,850		(14,500	)		83,350
Goodwill		92,801		10,109			102,910
Total assets acquired		242,217		(4,215	)		238,002
Accounts payable		6,214		18			6,232
Accrued expenses		973		158			1,131
Accrued payroll		1,500		(72	)		1,428
Accrued income taxes		6		(6	)		—
Accrued warranty		98		96			194
Deferred income taxes		20,658		(4,409	)		16,249
Total liabilities assumed		29,449		(4,215	)		25,234
	$	212,768	$	—		$	212,768

Identifiable Intangible Assets Acquired and Respective Weighted Average Lives

The following are the identifiable intangible assets acquired (in thousands) in the 2017 Acquisitions and their respective weighted average lives:

			Weighted Average
	Amount		Life (In years)
Developed technology	$	3,000		4.1
Customer relationships		62,100		5.0
Trade names		17,000		4.8
Order backlog		1,150		0.3
Non-competition agreement		100		3.4
	$	83,350

Unaudited Pro Forma Results of Operations

Additionally, the following table reflects the unaudited pro forma results of operations assuming that the 2017 Acquisitions had occurred on May 1, 2015 (in thousands, except per share data):

	For the Year
	Ended
	April 30, 2017
Net sales	$	934,247
Income from operations		195,295
Net income per share - diluted		2.30

Significant Accounting Policies (Tables)

12 Months Ended

Apr. 30, 2019

Accounting Policies [Abstract]

Summary of Estimated Useful Lives

A summary of the estimated useful lives is as follows:

Description	Useful Life
Building and improvements		10 to 40 years
Software and hardware		2 to 7 years
Machinery and equipment		2 to 10 years

Reconciliation of Net Income Amounts and Weighted Average Number of Common and Common Equivalent Shares Used to Determine Basic and Diluted Earnings per Common Share

	For the Year Ended April 30,
	2019								2018								2017
	Net					Per Share			Net					Per Share			Net					Per Share
	Income			Shares		Amount			Income			Shares		Amount			Income			Shares		Amount
Basic earnings	$		18,410		54,483	$	0.34		$		20,128		54,061	$		0.37	$		127,854		55,930	$	2.29
Effect of dilutive stock awards		—			733		(0.01	)		—			773		—			—			961		(0.04	)
Diluted earnings	$		18,410		55,216	$	0.33		$		20,128		54,834	$		0.37	$		127,854		56,891	$	2.25

Change in Accrued Warranties Recorded as Non-Current Liability

The following table sets forth the change in accrued warranties, a portion of which is recorded as a non-current liability, in the fiscal years ended April 30, 2019, 2018, and 2017 (in thousands):

Balance as of April 30, 2017	$	5,544
Warranties issued and adjustments to provisions		5,834
Warranty claims		(3,865	)
Balance as of April 30, 2018		7,513
Warranties issued and adjustments to provisions		2,852
Warranty claims		(4,163	)
Balance as of April 30, 2019	$	6,202

Revenue Recognition and Contracts with Customers (Tables)

12 Months Ended

Apr. 30, 2019

Schedule of Impact of Adoption of ASU 2014-09 on Revenue Recognized

The following table outlines the impact of the adoption of ASU 2014-09 on revenue recognized during the year ended April 30, 2019 (in thousands):

Outstanding performance obligations with customers as of May 1, 2018	$	23,305
Revenue recognized		(51,213	)
Revenue deferred		40,121
Outstanding performance obligations with customers as of April 30, 2019	$	12,213

ASU 2014-09

Schedule of Adjustments to Condensed Consolidated Balance Sheet on Adoption of ASU 2014-09

The following table outlines adjustments we recorded to our condensed consolidated balance sheet as a result of the adoption of ASU 2014-09 (in thousands):

	Balance at April 30, 2018		Accounting Standard Adjustments			Opening Balance May 1, 2018
Accrued expenses and deferred revenue	$	41,632	$	(17,176	)	$	24,456
Deferred revenue from contracts with customers	—			23,305			23,305
Deferred income taxes		12,895		(1,519	)		11,376
Retained earnings		389,146		(4,610	)		384,536

Goodwill and Intangible Assets (Tables)

12 Months Ended

Apr. 30, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill by reporting segment are as follows (in thousands):

			Outdoor Products &
	Firearms Segment		Accessories Segment			Total Goodwill
Balance as of April 30, 2017	$	13,770	$	155,247		$	169,017
Adjustments		—		10,249			10,249
Acquisitions		4,720		7,301			12,021
Balance as of April 30, 2018		18,490		172,797			191,287
Adjustments		534		—			534
Acquisitions		—		844			844
Goodwill impairment		—		(10,396	)		(10,396	)
Balance as of April 30, 2019	$	19,024	$	163,245		$	182,269

Summary of Intangible Assets

The following table presents a summary of intangible assets as of April 30, 2019 and 2018 (in thousands):

	April 30, 2019							April 30, 2018
	Gross							Gross
	Carrying		Accumulated			Net Carrying		Carrying		Accumulated			Net Carrying
	Amount		Amortization			Amount		Amount		Amortization			Amount
Customer relationships	$	92,560	$	(41,643	)	$	50,917	$	92,360	$	(28,252	)	$	64,108
Developed technology		21,230		(10,428	)		10,802		21,130		(8,178	)		12,952
Patents, trademarks, and trade names		57,477		(28,479	)		28,998		56,718		(22,099	)		34,619
Backlog		1,150		(1,150	)		—		1,150		(1,150	)		—
		172,417		(81,700	)		90,717		171,358		(59,679	)		111,679
Patents in progress		897		—			897		855		—			855
Total definite-lived intangible assets		173,314		(81,700	)		91,614		172,213		(59,679	)		112,534
Indefinite-lived intangible assets		226		—			226		226		—			226
Total intangible assets	$	173,540	$	(81,700	)	$	91,840	$	172,439	$	(59,679	)	$	112,760

(a)	Changes to the gross carrying amount of customer relationships relate to purchase accounting adjustments. For more information regarding the changes in valuation of customer relations, see Note 2 — Acquisitions to our consolidated financial statements.

Schedule of Future Expected Amortization Expense

The following table represents future expected amortization expense as of April 30, 2019, which will primarily be recorded in our Outdoor Products & Accessories segment (in thousands):

Fiscal	Amount
2020	$	19,209
2021		16,595
2022		14,210
2023		11,841
2024		10,093
Thereafter		18,769
Total	$	90,717

Net Sales (Tables)

12 Months Ended

Apr. 30, 2019

Disclosure Net Sales [Abstract]

Breakdown of Net Sales

The following table sets forth the breakdown of net sales for the fiscal years ended April 30, 2019, 2018, and 2017 (in thousands):

	For the Years Ended April 30,
	2019		2018		2017
Handguns	$	336,901	$	326,290	$	556,566
Long Guns		107,717		90,222		179,612
Other Products & Services		33,859		32,474		36,819
Firearms Segment		478,477		448,986		772,997
Outdoor Products & Accessories Segment		159,800		157,864		130,191
Total Net Sales	$	638,277	$	606,850	$	903,188

Breakdown of Export Net Sales

	For the Years Ended April 30,
Region	2019		2018		2017
Europe	$	11,860	$	9,586	$	11,545
Asia		3,866		4,725		4,046
Latin America		3,268		2,038		1,778
All others international		14,030		12,388		10,418
Total international net sales	$	33,024	$	28,737	$	27,787

Property, Plant, and Equipment (Tables)

12 Months Ended

Apr. 30, 2019

Property Plant And Equipment [Abstract]

Summary of Property, Plant, and Equipment

The following table summarizes property, plant, and equipment as of April 30, 2019 and 2018 (in thousands):

	April 30, 2019			April 30, 2018
Machinery and equipment	$	270,815		$		251,706
Software and hardware		47,587				43,097
Building and improvements		34,584				29,908
Land and improvements		3,787				3,845
Capital lease		46,246			—
		403,019				328,556
Less: Accumulated depreciation and amortization		(228,306	)			(198,545	)
		174,713				130,011
Construction in progress		8,555				29,114
Total property, plant, and equipment, net	$	183,268		$		159,125

Summary of Depreciation and Amortization Expense

	For the Years Ended April 30,
	2019		2018		2017
Cost of sales	$	23,797	$	24,582	$	24,744
Research and development		625		557		428
Selling and marketing		530		619		424
General and administrative (a)		28,476		25,212		23,699
Interest expense		431		1,105		918
Total depreciation and amortization	$	53,859	$	52,075	$	50,213

(a)	General and administrative expenses included $21.8 million, $20.8 million, and $18.4 million of amortization for the fiscal years ended April 30, 2019, 2018, and 2017, respectively, which were recorded as a result of our acquisitions.

Inventories (Tables)

12 Months Ended

Apr. 30, 2019

Inventory Disclosure [Abstract]

Summary of Inventories

The following table sets forth a summary of inventories, net of reserves, stated at lower of cost or market, as of April 30, 2019 and 2018 (in thousands):

	April 30, 2019		April 30, 2018
Finished goods	$	108,247	$	91,480
Finished parts		36,181		42,075
Work in process		7,576		7,657
Raw material		11,766		12,141
Total inventories	$	163,770	$	153,353

Accrued Expenses and Deferred Revenue (Tables)

12 Months Ended

Apr. 30, 2019

Payables And Accruals [Abstract]

Summary of Accrued Expenses

The following table sets forth other accrued expenses as of April 30, 2019 and 2018 (in thousands):

	April 30, 2019		April 30, 2018
Deferred revenue	$	12,213	$	—
Accrued employee benefits		5,241		5,741
Accrued taxes other than income		6,078		3,933
Accrued rebates and promotions (a)		4,877		21,339
Accrued professional fees		2,649		2,332
Accrued distributor incentives		1,895		1,502
Accrued commissions		1,004		1,342
Interest payable		737		930
Current portion of capital lease obligation		681		431
Accrued other		3,947		4,082
Total accrued expenses and deferred revenue	$	39,322	$	41,632

(a)	Decrease in rebates and promotions from fiscal 2018 is due to the adoption of ASU 2014-09 in fiscal 2019. For more information regarding these transactions, see Note 4 — Revenue Recognition and Contracts with Customers.

Self-Insurance Reserves (Tables)

12 Months Ended

Apr. 30, 2019

Commitments And Contingencies Disclosure [Abstract]

Summary of Other Liabilities

	For the Year Ended April 30,
	2019			2018			2017
Beginning balance	$	9,173		$	8,663		$	10,082
Additional provision charged to expense		21,602			22,802			15,801
Payments		(21,916	)		(22,292	)		(17,220	)
Ending balance	$	8,859		$	9,173		$	8,663

Stockholders' Equity (Tables)

12 Months Ended

Apr. 30, 2019

Equity [Abstract]

Share Based Compensation Stock Options Activity

The number of shares and weighted average exercise prices of options for the fiscal years ended April 30, 2019, 2018, and 2017 are as follows:

	For the Year Ended April 30,
	2019					2018					2017
				Weighted					Weighted					Weighted
				Average					Average					Average
	Shares			Exercise Price		Shares			Exercise Price		Shares			Exercise Price
Options outstanding, beginning of year		316,160		$	6.69		335,160		$	6.58		389,360		$	6.16
Exercised during the period		(48,399	)		6.28		(19,000	)		4.70		(54,200	)		3.57
Options outstanding, end of period		267,761		$	6.76		316,160		$	6.69		335,160		$	6.58
Weighted average remaining contractual life	2.35 years					3.16 years					4.01 years
Options exercisable, end of period		267,761		$	6.76		316,160		$	6.69		335,160		$	6.58
Weighted average remaining contractual life	2.35 years					3.16 years					4.01 years

Summary of Stock Compensation Expense

The following table summarizes stock compensation expense by line item for the fiscal years ended April 30, 2019, 2018, and 2017 (in thousands):

	For the Years Ended April 30,
		2019		2018		2017
Cost of sales	$	746	$	882	$	1,139
Research and development		99		187		217
Selling and marketing		489		382		801
General and administrative		6,658		6,364		6,433
Total stock-based compensation	$	7,992	$	7,815	$	8,590

Share Based Payment Award Performance Shares Valuation Assumptions

We incorporate the following variables into the valuation model:

	For the Years Ended April 30,
		2019		2018			2017
Grant date fair market value
American Outdoor Brands Corporation	$	9.85		$	11.11		$	21.89
Russell 2000 Index	$	1,591.21		$	1,557.89		$	1,417.13
Volatility (a)
American Outdoor Brands Corporation		45.19	%		42.27	%		41.67	%
Russell 2000 Index		15.65	%		16.26	%		16.77	%
Correlation coefficient (b)		0.14			0.19		0.22
Risk-free interest rate (c)		2.23	%		2.61	%		1.44	%
Dividend yield (d)		0	%		0	%		0	%

(a)	Expected volatility is calculated over the most recent period that represents the remaining term of the performance period as of the valuation date, or three years.

(b)	The correlation coefficient utilizes the same historical price data used to develop the volatility assumptions.

(c)	The risk-free interest rate is based on the yield of a zero-coupon U.S. Treasury bill, commensurate with the three-year performance period.

(d)	We do not expect to pay dividends in the foreseeable future.

Summary of Activity for Unvested RSUs and PSUs

A summary of activity for unvested RSUs and PSUs for fiscal years 2019, 2018, and 2017 is as follows:

	For the Year Ended April 30,
	2019					2018					2017
				Weighted					Weighted					Weighted
	Total # of			Average		Total # of			Average		Total # of			Average
	Restricted			Grant Date		Restricted			Grant Date		Restricted			Grant Date
	Stock Units			Fair Value		Stock Units			Fair Value		Stock Units			Fair Value
RSUs and PSUs outstanding, beginning of period		1,442,317		$	17.80		1,428,848		$	18.58		1,215,753		$	15.38
Awarded		541,785			10.65		561,890			15.09		666,509			19.85
Vested		(206,572	)		19.11		(300,496	)		16.53		(433,966	)		11.64
Forfeited		(145,899	)		16.11		(247,925	)		17.04		(19,448	)		17.19
RSUs and PSUs outstanding, end of period		1,631,631		$	15.44		1,442,317		$	17.80		1,428,848		$	18.58

Schedule of Assumptions used in Valuing ESPP Purchases

The following assumptions were used in valuing our ESPP purchases during the years ended April 30, 2019, 2018, and 2017:

	For the Years Ended April 30,
	2019			2018			2017
Risk-free interest rate		2.21	%		1.62	%		0.60	%
Expected term	6 months			6 months			6 months
Expected volatility		45.3	%		42.3	%		45.3	%
Dividend yield		0	%		0	%		0	%

Income Taxes (Tables)

12 Months Ended

Apr. 30, 2019

Income Tax Disclosure [Abstract]

Income Tax Expense/(Benefit) from Continuing Operations

Income tax expense/(benefit) from continuing operations consists of the following (in thousands):

	For the Year Ended April 30,
	2019			2018				2017
Current:
Federal	$	8,999		$		5,081		$		61,943
State		2,600				1,184				9,349
Foreign		5			—				—
Total current		11,604				6,265				71,292
Deferred:
Deferred federal		(879	)			(9,081	)			(6,969	)
Deferred state		(397	)			305				(871	)
Total deferred		(1,276	)			(8,776	)			(7,840	)
Total income tax expense/(benefit)	$	10,328		$		(2,511	)	$		63,452

Reconciliation of Provision for Income Taxes from Continuing Operations

	For the Year Ended April 30,
	2019				2018				2017
Federal income taxes expected at the statutory rate (a)	$		6,035		$		5,355		$		66,957
State income taxes, less federal income tax benefit			1,804				1,460				5,310
Stock compensation			708				(322	)			(3,092	)
Business meals and entertainment			181				302				296
Domestic production activity deduction		—					(335	)			(5,728	)
Research and development tax credit			(567	)			(426	)			(453	)
Goodwill impairment			2,183			—				—
Other			54				(403	)			162
Federal tax rate change on deferred taxes			(70	)			(8,142	)			—
Total income tax expense/(benefit)	$		10,328		$		(2,511	)	$		63,452

(a)	We had a statutory rate of 21% in fiscal 2019, a blended statutory rate of 30.4% in fiscal 2018 because of Tax Reform, and a statutory rate of 35% in fiscal 2017.

Deferred Tax Assets (Liabilities) Related to Temporary Differences

Deferred tax assets (liabilities) related to temporary differences are the following (in thousands):

	For the Years Ended April 30,
	2019			2018
Non-current tax assets (liabilities):
Net operating loss carryforwards and tax credits	$	3,256		$	3,372
Inventories		6,741			6,204
Accrued expenses, including compensation		5,800			3,037
Environmental reserves		181			258
Product liability		360			353
Accrued promotions		73			1,061
Workers' compensation		478			485
Warranty reserve		1,525			1,843
Stock-based compensation		3,884			3,576
State bonus depreciation		1,454			1,117
Property taxes		(185	)		(160	)
Property, plant, and equipment		(20,392	)		(18,434	)
Intangible assets		(10,006	)		(12,510	)
Pension		234			218
Other		397			21
Less valuation allowance		(3,576	)		(3,336	)
Net deferred tax asset/(liability) — total	$	(9,776	)	$	(12,895	)

Commitments and Contingencies (Tables)

12 Months Ended

Apr. 30, 2019

Commitments And Contingencies Disclosure [Abstract]

Summary of Future Minimum Lease Payments Including All Our Capital Leases

Future minimum lease payments, including all our capital leases, for succeeding fiscal years is as follows (in thousands):

	Capital Lease Obligation
2020		2,965
2021		3,016
2022		3,056
2023		3,071
2024		3,126
Thereafter		63,263
Total future minimum lease payments		78,497
Less amounts representing interest		(32,416	)
Present value of minimum lease payments		46,081
Less current maturities of capital lease		(681	)
Long-term maturities of capital lease	$	45,400

Summary of Operating Leases for Office and/or Manufacturing Space

The following summarizes our operating leases for office and/or manufacturing space:

Location of Lease		Expiration Date
Bentonville, Arkansas		December 31, 2023
Jacksonville, Florida		June 30, 2019
Shenzhen, China		October 31, 2019
Springfield, Massachusetts		November 30, 2020
Houlton, Maine		January 31, 2022
Scottsdale, Arizona		April 30, 2021
Somersworth, New Hampshire		June 30, 2021
Wilsonville, Oregon		October 31, 2022
Columbia, Missouri		April 30, 2023
Columbia, Missouri		November 25, 2038
Deep River, Connecticut		May 4, 2024
Meridian, Idaho		October 14, 2027
Herstal, Belgium		January 21, 2027

Operating Lease Commitments

As of April 30, 2019, the operating lease commitments were as follows (in thousands):

For the Year Ended April 30,	Amount
2020	$	3,639
2021		3,154
2022		2,786
2023		2,583
2024		1,562
Thereafter		946

	$	14,670

Quarterly Financial Information (Tables)

12 Months Ended

Apr. 30, 2019

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Financial Results

		For the Year Ended April 30, 2019
	First			Second		Third				Fourth		Full
	Quarter			Quarter		Quarter				Quarter		Year
Net sales	$		138,833	$	161,703	$	162,008			$	175,733	$	638,277
Gross profit			52,422		56,386		54,059				63,364		226,231
Net income	$		7,645	$	6,665	$	(5,725	)	(b)	$	9,825	$	18,410
Per common share (a)
Basic - total	$		0.14	$	0.12	$	(0.10	)		$	0.18	$	0.34
Diluted - total	$		0.14	$	0.12	$	(0.10	)		$	0.18	$	0.33

	For the Year Ended April 30, 2018
	First			Second		Third			Fourth		Full
	Quarter			Quarter		Quarter			Quarter		Year
Net sales	$	129,021		$	148,427	$	157,376		$	172,026	$	606,850
Gross profit		40,632			50,799		46,917			57,404		195,752
Net (loss)/income	$	(2,165	)	$	3,234	$	11,395	(c)	$	7,664	$	20,128
Per common share (a)
Basic - total	$	(0.04	)	$	0.06	$	0.21		$	0.14	$	0.37
Diluted - total	$	(0.04	)	$	0.06	$	0.21		$	0.14	$	0.37

(a)	Basic and diluted earnings per share may not equal the sum of the quarterly basic and diluted earnings per share due to rounding.

(b)	Amounts includes a $10.4 million non-cash goodwill impairment relating to our Outdoor Products & Accessories segement.

(c)	Amount includes an income tax benefit of approximately $9.4 million, primarily caused by the effect of Tax Reform, which resulted in the remeasurement of deferred tax assets and liabilities at lower enacted corporate federal tax rates.

Segment Reporting (Tables)

12 Months Ended

Apr. 30, 2019

Segment Reporting [Abstract]

Schedule of Assets by Business Segment

Assets by business segment are presented in the following table as of April 30, 2019 and 2018 (in thousands):

	As of April 30, 2019						As of April 30, 2018
	Firearms		Outdoor Products & Accessories		Total		Firearms		Outdoor Products & Accessories		Total
Total assets	$	389,719	$	377,070	$	766,789	$	346,517	$	398,543	$	745,060
Property, plant, and equipment, net		170,549		12,719		183,268		146,154		12,971		159,125
Intangibles, net		4,661		87,179		91,840		4,944		107,816		112,760
Goodwill		19,024		163,245		182,269		18,490		172,797		191,287

Schedule of Results by Business Segment

Results by business segment are presented in the following table for the years ended April 30, 2019, 2018, and 2017 (in thousands):

	For the Year Ended April 30, 2019 (a)
	Firearms		Outdoor Products & Accessories				Corporate			Intersegment Eliminations			Total
Revenue from external customers	$	478,477	$	159,800			$	—		$	—		$	638,277
Intersegment revenue		2,858		17,469				—			(20,327	)		—
Total net sales		481,335		177,269				—			(20,327	)		638,277
Cost of sales		335,051		97,143				—			(20,148	)		412,046
Gross margin		153,787		80,127				—			(7,683	)		226,231
Operating income/(loss)		59,663		(18,414	)	(b)		(44,831	)		41,638			38,056
Income tax expense/(benefit)		12,068		(966	)			(774	)		—			10,328

	For the Year Ended April 30, 2018 (a)
	Firearms			Outdoor Products & Accessories				Corporate			Intersegment Eliminations			Total
Revenue from external customers	$	448,986		$	157,864			$	—		$	—		$	606,850
Intersegment revenue		3,807			13,816				—			(17,623	)		—
Total net sales		452,793			171,680				—			(17,623	)		606,850
Cost of sales		332,889	(c)		93,822				—			(15,613	)		411,098
Gross margin		119,903			77,859				—			(2,010	)		195,752
Operating income/(loss)		30,213			(5,508	)	(d)		(44,128	)		46,471			27,048
Income tax expense/(benefit) (e)		16,729			(8,059	)			(11,181	)		—			(2,511	)

	For the Year Ended April 30, 2017 (a)
	Firearms		Outdoor Products & Accessories				Corporate			Intersegment Eliminations			Total
Revenue from external customers	$	772,997	$	130,191			$	—		$	—		$	903,188
Intersegment revenue		3,643		10,530				—			(14,173	)		—
Total net sales		776,640		140,721				—			(14,173	)		903,188
Cost of sales		464,019		75,737		(f)		—			(11,840	)		527,916
Gross margin		312,619		64,985				—			(2,332	)		375,272
Operating income/(loss)		201,442		(3,949	)	(g)		(47,787	)		50,233			199,939
Income tax expense/(benefit)		77,585		(2,300	)			(11,833	)		—			63,452

(a)	For the years ended April 30, 2019, 2018, and 2017, we allocated all of corporate overhead expenses except for interest and income taxes, such as general and administrative expenses and other corporate-level expenses, to both our Firearms and Outdoor Products & Accessories segments.

(b)	Amount includes a non-cash goodwill charge of $10.4 million and $21.5 million of amortization of intangible assets identified as a result of our acquisition.

(c)	Amount includes $500,000 of additional cost of goods sold from the fair value inventory step-up related to our 2018 Acquisitions.

(d)	Amount includes $20.8 million of amortization of intangible assets identified as a result of our acquisitions.

(e)	Amounts include an income tax benefit of approximately $8.7 million, primarily caused by the effect of Tax Reform, which resulted in the re-measurement of deferred tax assets and liabilities at lower enacted corporate federal tax rates.

(f)	Amount includes $4.7 million of additional cost of goods sold from the fair value inventory step-up and backlog expense related to the 2017 Acquisitions.

(g)	Amount includes $18.4 million of amortization of intangible assets identified as a result of our acquisitions.

Organization - Additional Information (Detail)	1 Months Ended	12 Months Ended
Organization - Additional Information (Detail)	Aug. 31, 2017 Transaction	Apr. 30, 2019 Segment	Apr. 30, 2018 Transaction	Apr. 30, 2017 Transaction
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Former company name		Smith & Wesson Holding Corporation
Number of reporting segments		2
Taylor Brands, LLC And Ultimate Survival Technologies, Inc And Crimson Trace Corporation
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of transactions for acquisition \| Transaction				3
Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of transactions for acquisition \| Transaction	2		2
Firearms Segment
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of reporting segments		1
Outdoor Products & Accessories Segment
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of reporting segments		1

Acquisitions - Additional Information (Detail)

1 Months Ended

3 Months Ended

12 Months Ended

Jan. 31, 2019

USD ($)

Aug. 31, 2017

USD ($)

Transaction

Apr. 30, 2019

USD ($)

Jan. 31, 2019

USD ($)

Oct. 31, 2018

USD ($)

Jul. 31, 2018

USD ($)

Apr. 30, 2018

USD ($)

Jan. 31, 2018

USD ($)

Oct. 31, 2017

USD ($)

Jul. 31, 2017

USD ($)

Apr. 30, 2019

USD ($)

Apr. 30, 2018

USD ($)

Transaction

Apr. 30, 2017

USD ($)

Transaction

$ 1,772,000

$ 23,120,000

$ 211,069,000

Business combination increased in goodwill due to inventory valuation adjustments

107,650,000

101,538,000

115,757,000

$ 618,000

Reduction in fair value of contingent consideration liability

60,000

1,640,000

$ 175,733,000

$ 162,008,000

$ 161,703,000

$ 138,833,000

$ 172,026,000

$ 157,376,000

$ 148,427,000

$ 129,021,000

638,277,000

^[1]

$ 606,850,000

^[1]

903,188,000

^[1]

P&L Industries Inc.

$ 2,000,000

LaserLyte Acquisition

Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC

28,000

Number of transactions for acquisition | Transaction

$ 23,100,000

Business combination, acquisition-related costs

$ 769,000

Gemini Technologies, Incorporated

Contingent consideration maximum payout

$ 17,100,000

Business combination, contingent consideration payable performance period

3 years

Business combination contingent consideration liability non-current

$ 100,000

100,000

Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc.

Number of transactions for acquisition | Transaction

$ 211,100,000

Business combination, acquisition-related costs

$ 3,800,000

Ultimate Survival Technologies, Inc.

$ 61,100,000

Business combination, contingent consideration payable performance period

2 years

Contingent consideration payable upon financial performance of acquired business

$ 1,700,000

Reduction in fair value of contingent consideration liability

$ 60,000

$ (60,000)

$ 1,600,000

Ultimate Survival Technologies, Inc. | Maximum

Contingent consideration payable upon financial performance of acquired business

$ 2,000,000

[1]	For the years ended April 30, 2019, 2018, and 2017, we allocated all of corporate overhead expenses except for interest and income taxes, such as general and administrative expenses and other corporate-level expenses, to both our Firearms and Outdoor Products & Accessories segments.

Acquisitions - Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Business Acquisition [Line Items]
Goodwill	$ 182,269	$ 191,287	$ 169,017
Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC
Business Acquisition [Line Items]
Accounts receivable	760
Inventories	4,082
Other current assets	89
Property, plant, and equipment	519
Intangibles	6,400
Goodwill	12,554
Total assets acquired	24,404
Accounts payable	1,236
Accrued payroll	48
Total liabilities assumed	1,284
Net assets acquired	23,120
Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC \| As Initially Reported
Business Acquisition [Line Items]
Accounts receivable	846
Inventories	4,683
Other current assets	145
Property, plant, and equipment	506
Intangibles	6,400
Goodwill	11,846
Total assets acquired	24,426
Accounts payable	1,261
Accrued payroll	49
Other long-term liabilities	100
Total liabilities assumed	1,410
Net assets acquired	23,016
Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC \| Measurement Period Adjustments
Business Acquisition [Line Items]
Accounts receivable	(86)
Inventories	(601)
Other current assets	(56)
Property, plant, and equipment	13
Goodwill	708
Total assets acquired	(22)
Accounts payable	(25)
Accrued payroll	(1)
Other long-term liabilities	(100)
Total liabilities assumed	(126)
Net assets acquired	$ 104
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc.
Business Acquisition [Line Items]
Accounts receivable			11,422
Inventories			31,722
Income tax receivable			68
Other current assets			298
Property, plant, and equipment			8,232
Intangibles			83,350
Goodwill			102,910
Total assets acquired			238,002
Accounts payable			6,232
Accrued expenses			1,131
Accrued payroll			1,428
Accrued warranty			194
Deferred income taxes			16,249
Total liabilities assumed			25,234
Net assets acquired			212,768
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc. \| As Initially Reported
Business Acquisition [Line Items]
Accounts receivable			11,635
Inventories			31,269
Other current assets			430
Property, plant, and equipment			8,232
Intangibles			97,850
Goodwill			92,801
Total assets acquired			242,217
Accounts payable			6,214
Accrued expenses			973
Accrued payroll			1,500
Accrued income taxes			6
Accrued warranty			98
Deferred income taxes			20,658
Total liabilities assumed			29,449
Net assets acquired			212,768
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc. \| Measurement Period Adjustments
Business Acquisition [Line Items]
Accounts receivable			(213)
Inventories			453
Income tax receivable			68
Other current assets			(132)
Intangibles			(14,500)
Goodwill			10,109
Total assets acquired			(4,215)
Accounts payable			18
Accrued expenses			158
Accrued payroll			(72)
Accrued income taxes			(6)
Accrued warranty			96
Deferred income taxes			(4,409)
Total liabilities assumed			$ (4,215)

Acquisitions - Identifiable Intangible Assets Acquired and Respective Weighted Average Lives (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 173,314	$ 172,213
Weighted Average Life (In years)	5 years
Developed technology
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 21,230	21,130
Weighted Average Life (In years)	6 years
Customer relationships
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 92,560	92,360
Weighted Average Life (In years)	5 years
Order backlog
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 1,150	$ 1,150
Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	6,400
Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC \| Developed technology
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 1,700
Weighted Average Life (In years)	5 years 10 months 24 days
Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC \| Customer relationships
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 1,600
Weighted Average Life (In years)	5 years 2 months 12 days
Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC \| Trade names
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 3,100
Weighted Average Life (In years)	5 years 7 months 6 days
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc.
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 83,350
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc. \| Developed technology
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 3,000
Weighted Average Life (In years)	4 years 1 month 6 days
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc. \| Customer relationships
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 62,100
Weighted Average Life (In years)	5 years
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc. \| Trade names
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 17,000
Weighted Average Life (In years)	4 years 9 months 18 days
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc. \| Order backlog
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 1,150
Weighted Average Life (In years)	3 months 18 days
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc. \| Non-competition agreement
Acquired Finite Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 100
Weighted Average Life (In years)	3 years 4 months 24 days

Acquisitions - Unaudited Pro Forma Results of Operations (Detail) - Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc. $ / shares in Units, $ in Thousands	12 Months Ended
	Apr. 30, 2017 USD ($) $ / shares
Business Acquisition [Line Items]
Net sales	$ 934,247
Income from operations	$ 195,295
Net income per share - diluted \| $ / shares	$ 2.30

Significant Accounting Policies - Additional Information (Detail)	3 Months Ended	12 Months Ended
	Jan. 31, 2019 USD ($)	Apr. 30, 2019 USD ($) Segment	Apr. 30, 2018 USD ($)	Apr. 30, 2017 USD ($)	Jul. 31, 2019 USD ($)
Product Information [Line Items]
Maximum maturity period of all highly liquid investments to be considered cash equivalents		3 months
Number of reporting segments \| Segment		2
Goodwill impairment		$ 10,396,000
Goodwill		182,269,000	$ 191,287,000	$ 169,017,000
Warranty expense		2,900,000	5,800,000	1,300,000
Promotional programs amount		39,200,000	58,200,000	37,300,000
Selling and marketing expenses		23,800,000	23,300,000	21,300,000
Self Insurance
Product Information [Line Items]
Maximum amount of self-insurance per occurrence		10,000,000
Thompson/Center Arms
Product Information [Line Items]
Remaining cost related to recalls, safety alerts, and consumer advisories		$ 2,400,000
Outdoor Products & Accessories Segment \| Electro-Optics Division
Product Information [Line Items]
Goodwill impairment	$ 10,400,000
Firearms Segment
Product Information [Line Items]
Number of reporting segments \| Segment		1
Goodwill		$ 19,024,000	18,490,000	13,770,000
Additional goodwill impairment		$ 0
Outdoor Products & Accessories Segment
Product Information [Line Items]
Number of reporting segments \| Segment		1
Goodwill impairment		$ 10,396,000
Goodwill		163,245,000	$ 172,797,000	$ 155,247,000
Additional goodwill impairment		$ 0
Other Capitalized Property Plant and Equipment \| Maximum
Product Information [Line Items]
Estimated useful life		10 years
Customer One \| Sales, net
Product Information [Line Items]
Concentration of risk, percentage		10.00%	11.90%	10.00%
Customer One \| Accounts Receivable
Product Information [Line Items]
Concentration of risk, percentage		19.80%	10.00%	17.50%
ASU 2016-02 \| Scenario, Forecast
Product Information [Line Items]
Right-of-use assets recognition					$ 11,500,000
Lease liabilities recognition					12,800,000
Elimination of deferred rent and lease incentive liabilities related to real estate operating leases					$ 1,300,000
ASU 2014-09
Product Information [Line Items]
Description of payment terms		Our product sales are generally sold free on board, or FOB, shipping point and provide payment terms to most commercial customers ranging from 20 to 90 days of product shipment with a discount available to some customers for early payment. For contracts with discounted terms, the transaction price is determined upon establishment of the contract that contains the final terms of the sale, including the description, quantity, and price of each product purchased. We estimate variable consideration relative to the amount of cash discounts to which customers are likely to be entitled. In some instances, we provide longer payment terms, particularly as it relates to our hunting dating programs, which represent payment terms due in the fall for certain orders of hunting products received in the spring and summer. We do not consider these extended terms to be a significant financing component of the contract because the payment terms are less than one year.
2020 Senior Notes
Product Information [Line Items]
Debt instrument maturity year		2020

Significant Accounting Policies - Summary of Estimated Useful Lives (Detail)	12 Months Ended
	Apr. 30, 2019
Minimum \| Building and improvements
Property Plant And Equipment [Line Items]
Estimated useful life	10 years
Minimum \| Software and hardware
Property Plant And Equipment [Line Items]
Estimated useful life	2 years
Minimum \| Machinery and equipment
Property Plant And Equipment [Line Items]
Estimated useful life	2 years
Maximum \| Building and improvements
Property Plant And Equipment [Line Items]
Estimated useful life	40 years
Maximum \| Software and hardware
Property Plant And Equipment [Line Items]
Estimated useful life	7 years
Maximum \| Machinery and equipment
Property Plant And Equipment [Line Items]
Estimated useful life	10 years

Significant Accounting Policies - Additional Information (Detail1) - ASU 2014-09 - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-05-01	Apr. 30, 2019
Minimum \| Commercial Customers
Product Information [Line Items]
Payment term	20 days
Maximum
Product Information [Line Items]
Payment term	1 year
Maximum \| Commercial Customers
Product Information [Line Items]
Payment term	90 days

Significant Accounting Policies - Reconciliation of Net Income Amounts and Weighted Average Number of Common and Common Equivalent Shares Used to Determine Basic and Diluted Earnings per Common Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

12 Months Ended

Apr. 30, 2019

Jan. 31, 2019

Oct. 31, 2018

Jul. 31, 2018

Apr. 30, 2018

Jan. 31, 2018

Oct. 31, 2017

Jul. 31, 2017

Apr. 30, 2019

Apr. 30, 2018

Apr. 30, 2017

Earnings Per Share [Abstract]

Net income

$ 9,825

$ (5,725)

^[1]

$ 6,665

$ 7,645

$ 7,664

$ 11,395

^[2]

$ 3,234

$ (2,165)

$ 18,410

$ 20,128

$ 127,854

Basic earnings, Shares

54,483

54,061

55,930

Effect of dilutive stock awards, Shares

733

773

961

Diluted earnings, Shares

55,216

54,834

56,891

Basic earnings, Per Share Amount

$ 0.18

^[3]

$ (0.10)

^[3]

$ 0.12

^[3]

$ 0.14

^[3]

$ 0.14

^[3]

$ 0.21

^[3]

$ 0.06

^[3]

$ (0.04)

^[3]

$ 0.34

^[3]

$ 0.37

^[3]

$ 2.29

Effect of dilutive stock awards, Per Share Amount

(0.01)

(0.04)

Diluted earnings, Per Share Amount

$ 0.18

^[3]

$ (0.10)

^[3]

$ 0.12

^[3]

$ 0.14

^[3]

$ 0.14

^[3]

$ 0.21

^[3]

$ 0.06

^[3]

$ (0.04)

^[3]

$ 0.33

^[3]

$ 0.37

^[3]

$ 2.25

[1]	Amounts includes a $10.4 million non-cash goodwill impairment relating to our Outdoor Products & Accessories segement.
[2]	Amount includes an income tax benefit of approximately $9.4 million, primarily caused by the effect of Tax Reform, which resulted in the remeasurement of deferred tax assets and liabilities at lower enacted corporate federal tax rates.
[3]	Basic and diluted earnings per share may not equal the sum of the quarterly basic and diluted earnings per share due to rounding.

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

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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-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=109260490&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=114873790&loc=SL114874131-224263

+ Details

Segment Reporting Revenue Reconciling Item [Line Items]

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

+ References + Details

Significant Accounting Policies - Change in Accrued Warranties Recorded as Non-Current Liability (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Accounting Policies [Abstract]
Beginning Balance	$ 7,513	$ 5,544
Warranties issued and adjustments to provisions	2,852	5,834
Warranty claims	(4,163)	(3,865)
Ending Balance	$ 6,202	$ 7,513

Revenue Recognition and Contracts with Customers - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Apr. 30, 2019	May 01, 2018	Apr. 30, 2018
Disaggregation Of Revenue [Line Items]
Accrued sales promotions			$ 17,200
Reduction to beginning retained earnings	$ (402,946)		(389,146)
Revenue recognized	22,200
Revenue deferred, net of revenue recognized	11,100
Outstanding performance obligation liability	12,200
Net increase of revenue	11,100
ASU 2014-09
Disaggregation Of Revenue [Line Items]
Deferred revenue relating to outstanding performance obligations	12,213	$ 23,305	$ 23,305
Reduction to beginning retained earnings		(384,536)
Revenue recognized	$ 51,213
ASU 2014-09 \| Accounting Standard Adjustments
Disaggregation Of Revenue [Line Items]
Deferred revenue relating to outstanding performance obligations		23,305
Deferred tax asset		1,500
Reduction to beginning retained earnings		$ 4,610
Percentage of unfavorable impact on gross margin	4.00%
Increase in earnings per share basic	$ 0.03
Increase in earnings per share diluted	$ 0.03
Total Net Sales \| ASU 2014-09 \| Geographic Concentration Risk \| Domestic
Disaggregation Of Revenue [Line Items]
Concentration risk percentage	95.00%

Revenue Recognition and Contracts with Customers - Schedule of Adjustments to Condensed Consolidated Balance Sheet on Adoption of ASU 2014-09 (Detail) - USD ($) $ in Thousands	Apr. 30, 2019	May 01, 2018	Apr. 30, 2018
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Accrued expenses and deferred revenue	$ 39,322		$ 41,632
Deferred income taxes	9,776		12,895
Retained earnings	402,946		389,146
ASU 2014-09
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Accrued expenses and deferred revenue		$ 24,456
Deferred revenue from contracts with customers	$ 12,213	23,305	$ 23,305
Deferred income taxes		11,376
Retained earnings		384,536
ASU 2014-09 \| Accounting Standard Adjustments
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Accrued expenses and deferred revenue		(17,176)
Deferred revenue from contracts with customers		23,305
Deferred income taxes		(1,519)
Retained earnings		$ (4,610)

Revenue Recognition and Contracts with Customers - Schedule of Impact of Adoption of ASU 2014-09 on Revenue Recognized (Detail) $ in Thousands	12 Months Ended
	Apr. 30, 2019 USD ($)
Disaggregation Of Revenue [Line Items]
Revenue recognized	$ (22,200)
ASU 2014-09
Disaggregation Of Revenue [Line Items]
Outstanding performance obligations with customers, beginning balance	23,305
Revenue recognized	(51,213)
Revenue deferred	40,121
Outstanding performance obligations with customers, ending balance	$ 12,213

Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Goodwill [Line Items]
Beginning Balance	$ 191,287	$ 169,017
Adjustments	534	10,249
Acquisitions	844	12,021
Goodwill impairment	(10,396)
Ending Balance	182,269	191,287
Firearms Segment
Goodwill [Line Items]
Beginning Balance	18,490	13,770
Adjustments	534
Acquisitions		4,720
Ending Balance	19,024	18,490
Outdoor Products & Accessories Segment
Goodwill [Line Items]
Beginning Balance	172,797	155,247
Adjustments		10,249
Acquisitions	844	7,301
Goodwill impairment	(10,396)
Ending Balance	$ 163,245	$ 172,797

Goodwill and Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	Apr. 30, 2019	Apr. 30, 2018
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	$ 173,314	$ 172,213
Total definite-lived intangible assets, Accumulated Amortization	(81,700)	(59,679)
Total definite-lived intangible assets, Net Carrying Amount	91,614	112,534
Indefinite-lived intangible assets, Net Carrying Amount	226	226
Total Intangible assets, Gross Carrying Amount	173,540	172,439
Total Intangible assets, Net Carrying Amount	91,840	112,760
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	92,560	92,360
Total definite-lived intangible assets, Accumulated Amortization	(41,643)	(28,252)
Total definite-lived intangible assets, Net Carrying Amount	50,917	64,108
Developed technology
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	21,230	21,130
Total definite-lived intangible assets, Accumulated Amortization	(10,428)	(8,178)
Total definite-lived intangible assets, Net Carrying Amount	10,802	12,952
Patents, trademarks, and trade names
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	57,477	56,718
Total definite-lived intangible assets, Accumulated Amortization	(28,479)	(22,099)
Total definite-lived intangible assets, Net Carrying Amount	28,998	34,619
Backlog
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	1,150	1,150
Total definite-lived intangible assets, Accumulated Amortization	(1,150)	(1,150)
Definite-lived intangible assets excluding patents in progress
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	172,417	171,358
Total definite-lived intangible assets, Accumulated Amortization	(81,700)	(59,679)
Total definite-lived intangible assets, Net Carrying Amount	90,717	111,679
Patents in progress
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	897	855
Total definite-lived intangible assets, Net Carrying Amount	$ 897	$ 855

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 22.0	$ 21.0	$ 20.1
Weighted-average period for amortization of intangible assets	5 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-average period for amortization of intangible assets	5 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted-average period for amortization of intangible assets	6 years
Patents, trademarks, and trade names
Finite-Lived Intangible Assets [Line Items]
Weighted-average period for amortization of intangible assets	5 years

Goodwill and Intangible Assets - Schedule of Future Expected Amortization Expense (Detail) - USD ($) $ in Thousands	Apr. 30, 2019	Apr. 30, 2018
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Net Carrying Amount	$ 91,614	$ 112,534
Outdoor Products & Accessories Segment
Finite-Lived Intangible Assets [Line Items]
2020	19,209
2021	16,595
2022	14,210
2023	11,841
2024	10,093
Thereafter	18,769
Total definite-lived intangible assets, Net Carrying Amount	$ 90,717

Notes and Loans Payable and Financing Arrangements - Additional Information (Detail) - USD ($)			12 Months Ended
	Feb. 28, 2019	Mar. 08, 2018	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017	Feb. 28, 2018	Oct. 27, 2016	Jul. 31, 2015	Jul. 06, 2015	Jun. 30, 2015	Jun. 18, 2015	Jun. 15, 2015	Apr. 30, 2015
Debt Instrument [Line Items]
Interest description of revolving line of credit			The Revolving Line provides for availability for general corporate purposes with borrowings to bear interest at a variable rate equal to LIBOR or prime plus an applicable margin based on our consolidated leverage ratio, at our election.
Percentage of interest rate protection on term loan												75.00%
Fair value of the interest rate swap asset			$ 710,000,000,000	$ 2.1
Senior notes indenture, number of shares allowed for repurchase										$ 50,000,000
Amortization to interest expense for all debt issuance costs			431,000	1,100,000	$ 918,000
Notes payable
Debt Instrument [Line Items]
Debt issuance cost			$ 0	158,000	525,000
Maximum
Debt Instrument [Line Items]
Senior notes indenture, number of shares allowed for repurchase					$ 50,000,000
Interest Rate Swap
Debt Instrument [Line Items]
Percentage of floating rate debt covered											100.00%
Derivative, notional amount											$ 105,000,000
Derivative, maturity date			Jun. 15, 2020
Derivative, fixed interest rate									1.56%
Derivative, variable interest rate of one-month LIBOR								0.188%
Term Loan
Debt Instrument [Line Items]
Outstanding debt			$ 81,400,000									$ 105,000,000
Principal payments per annum			$ 6,300,000
Debt instrument, interest rate, effective percentage			4.48%
5.000% Senior Notes due 2018
Debt Instrument [Line Items]
Debt issuance cost													$ 2,300,000
Notes issued													$ 75,000,000
Debt instrument, interest rate													5.00%
Debt instrument, redemption date		Mar. 08, 2018
Debt issuance write-off costs				$ 226,000
5.000% Senior Notes due 2020
Debt Instrument [Line Items]
Debt issuance cost						$ 158,000
Notes issued						$ 75,000,000
Debt instrument, interest rate						5.00%
Description of redemption for senior notes			As of February 28, 2019, we may, at our option, upon not less than 30 nor more than 60 days’ prior notice, redeem all or a portion of the 2020 Senior Notes at a redemption price of 100.000% of the principal amount of the 2020 Senior Notes to be redeemed plus accrued and unpaid interest as of the applicable redemption date.
Redemption price of senior notes	100.00%
Debt instrument maturity date	Aug. 28, 2020
Senior notes indenture, maximum number of shares allowed for repurchase as a percentage of consolidated net income for previous four consecutive published fiscal quarters			75.00%
Maximum consolidated coverage ratio			300.00%
Minimum consolidated coverage ratio			100.00%
5.000% Senior Notes due 2020 \| Minimum
Debt Instrument [Line Items]
Notice period of senior notes	30 days
Senior notes indenture, number of shares allowed for repurchase			$ 50,000,000
5.000% Senior Notes due 2020 \| Maximum
Debt Instrument [Line Items]
Notice period of senior notes	60 days
Senior notes indenture, number of shares allowed for repurchase			75,000,000
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity												$ 175,000,000
Credit Facilities
Debt Instrument [Line Items]
Borrowings outstanding			0
Outstanding letters of credit			$ 1,000,000
Credit Facilities \| LIBOR Rate
Debt Instrument [Line Items]
Interest rate on borrowings			4.48%
Second Amendment \| Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity							$ 350,000,000
Credit facility additional borrowing capacity option to increase maximum borrowing capacity							150,000,000
Credit facility, maturity			Oct. 27, 2021
Debt issuance cost							$ 525,000

Net Sales - Breakdown of Net sale (Detail) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Apr. 30, 2019

Jan. 31, 2019

Oct. 31, 2018

Jul. 31, 2018

Apr. 30, 2018

Jan. 31, 2018

Oct. 31, 2017

Jul. 31, 2017

Apr. 30, 2019

Apr. 30, 2018

Apr. 30, 2017

Segment Reporting Revenue Reconciling Item [Line Items]

$ 175,733

$ 162,008

$ 161,703

$ 138,833

$ 172,026

$ 157,376

$ 148,427

$ 129,021

$ 638,277

^[1]

$ 606,850

^[1]

$ 903,188

^[1]

Firearms Segment

Firearms Segment | Handguns

^[1]

478,477

448,986

772,997

Segment Reporting Revenue Reconciling Item [Line Items]

Firearms Segment | Long Guns

336,901

326,290

556,566

Segment Reporting Revenue Reconciling Item [Line Items]

Firearms Segment | Other products and services

107,717

90,222

179,612

Segment Reporting Revenue Reconciling Item [Line Items]

Outdoor Products & Accessories Segment

33,859

32,474

36,819

Segment Reporting Revenue Reconciling Item [Line Items]

^[1]

$ 159,800

$ 157,864

$ 130,191

[1]	For the years ended April 30, 2019, 2018, and 2017, we allocated all of corporate overhead expenses except for interest and income taxes, such as general and administrative expenses and other corporate-level expenses, to both our Firearms and Outdoor Products & Accessories segments.

Net Sales - Additional Information (Detail)	12 Months Ended
Net Sales - Additional Information (Detail)	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Disclosure Net Sales [Abstract]
Export sales as percentage of revenue	5.00%	5.00%	3.00%

Net Sales - Breakdown of Export Net Sales (Detail) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Apr. 30, 2019

Jan. 31, 2019

Oct. 31, 2018

Jul. 31, 2018

Apr. 30, 2018

Jan. 31, 2018

Oct. 31, 2017

Jul. 31, 2017

Apr. 30, 2019

Apr. 30, 2018

Apr. 30, 2017

$ 175,733

$ 162,008

$ 161,703

$ 138,833

$ 172,026

$ 157,376

$ 148,427

$ 129,021

$ 638,277

^[1]

$ 606,850

^[1]

$ 903,188

^[1]

Europe

11,860

9,586

11,545

Asia

3,866

4,725

4,046

Latin America

3,268

2,038

1,778

All others international

14,030

12,388

10,418

Total International

Depreciation and Other Amortization Expenses [Line Items]

$ 33,024

$ 28,737

$ 27,787

[1]	For the years ended April 30, 2019, 2018, and 2017, we allocated all of corporate overhead expenses except for interest and income taxes, such as general and administrative expenses and other corporate-level expenses, to both our Firearms and Outdoor Products & Accessories segments.

Advertising Costs - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Selling and Marketing Expense
Advertising Costs [Line Items]
Advertising expense for continuing operations	$ 24.3	$ 25.8	$ 22.3

Property, Plant, and Equipment - Summary of Property, Plant, and Equipment (Detail) - USD ($) $ in Thousands	Apr. 30, 2019	Apr. 30, 2018
Property Plant And Equipment [Abstract]
Machinery and equipment	$ 270,815	$ 251,706
Software and hardware	47,587	43,097
Building and improvements	34,584	29,908
Land and improvements	3,787	3,845
Capital lease	46,246
Property plant and equipment gross	403,019	328,556
Less: Accumulated depreciation and amortization	(228,306)	(198,545)
Property plant and equipment before construction in progress	174,713	130,011
Construction in progress	8,555	29,114
Total property, plant, and equipment, net	$ 183,268	$ 159,125

Property, Plant, and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	$ 53,859	$ 52,075	$ 50,213
Software
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	$ 31,400	$ 30,000	$ 29,200

Property, Plant, and Equipment - Summary of Depreciation and Amortization Expense (Detail) - USD ($)
$ in Thousands

12 Months Ended

Apr. 30, 2019

Apr. 30, 2018

Apr. 30, 2017

$ 53,859

$ 52,075

$ 50,213

Depreciation and Other Amortization Expenses [Line Items]

Depreciation and Other Amortization Expenses [Line Items]

23,797

24,582

24,744

Research and development

Depreciation and Other Amortization Expenses [Line Items]

625

557

428

Selling and marketing

530

619

424

Depreciation and Other Amortization Expenses [Line Items]

Depreciation and Other Amortization Expenses [Line Items]

^[1]

28,476

25,212

23,699

Interest expense

Accrued employee benefits

$ 431

$ 1,105

$ 918

[1]	General and administrative expenses included $21.8 million, $20.8 million, and $18.4 million of amortization for the fiscal years ended April 30, 2019, 2018, and 2017, respectively, which were recorded as a result of our acquisitions.

Property, Plant, and Equipment - Summary of Depreciation and Amortization Expense (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Property Plant And Equipment [Abstract]
Amortization expenses recorded as a result of acquisition	$ 21.8	$ 20.8	$ 18.4

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Apr. 30, 2019	Apr. 30, 2018
Inventory Disclosure [Abstract]
Finished goods	$ 108,247	$ 91,480
Finished parts	36,181	42,075
Work in process	7,576	7,657
Raw material	11,766	12,141
Total inventories	$ 163,770	$ 153,353

Accrued Expenses and Deferred Revenue - Summary of Accrued Expenses (Detail) - USD ($)
$ in Thousands

Apr. 30, 2019

Apr. 30, 2018

Payables And Accruals [Abstract]

Deferred revenue

$ 12,213

5,241

$ 5,741

Accrued taxes other than income

6,078

3,933

Accrued rebates and promotions

^[1]

4,877

21,339

Accrued professional fees

2,649

2,332

Accrued distributor incentives

1,895

1,502

Accrued commissions

1,004

1,342

Interest payable

737

930

Current portion of capital lease obligation

681

431

Accrued other

3,947

4,082

Total accrued expenses and deferred revenue

$ 39,322

$ 41,632

[1]	Decrease in rebates and promotions from fiscal 2018 is due to the adoption of ASU 2014-09 in fiscal 2019. For more information regarding these transactions, see Note 4 — Revenue Recognition and Contracts with Customers

Fair Value Measurement - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Aug. 31, 2017	Jan. 31, 2019	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Reduction in fair value of contingent consideration liability			$ 60,000	$ 1,640,000
Change in fair value of contingent consideration			(60,000)	(1,640,000)
Ultimate Survival Technologies, Inc.
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration payable upon financial performance of acquired business					$ 1,700,000
Business combination, contingent consideration payable performance period					2 years
Reduction in fair value of contingent consideration liability		$ 60,000	(60,000)	1,600,000
Change in fair value of contingent consideration		$ (60,000)	60,000	(1,600,000)
Ultimate Survival Technologies, Inc. \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration payable upon financial performance of acquired business					$ 2,000,000
Gemini Technologies, Incorporated
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Business combination, contingent consideration payable performance period	3 years
Contingent consideration maximum payout	$ 17,100,000
Business combination contingent consideration liability non-current			100,000	100,000
(Level 1) \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents			$ 41,000,000	$ 48,900,000

Self-Insurance Reserves - Additional Information (Detail) - USD ($)	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Commitments And Contingencies Disclosure [Abstract]
Reserves for workers' compensation, product liability, municipal liability, and medical/dental costs	$ 8,859,000	$ 9,173,000	$ 8,663,000	$ 10,082,000
Reserves for workers' compensation, product liability, municipal liability, and medical/dental costs, Non-current portion	4,800,000	4,800,000
Reserves for workers' compensation, product liability, municipal liability, and medical/dental costs, included in accrued expenses	3,600,000	3,900,000
Workers' compensation receivable classified as an other assets	620,000	590,000
Accrued reserves for product and municipal litigation liabilities	3,300,000	3,400,000
Accrued reserves for product and municipal litigation liabilities, Non-current portion	2,800,000	2,800,000
Receivables from insurance carriers, included in other assets	$ 1,900,000	$ 1,900,000

Self-Insurance Reserves - Summary of Other Liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Commitments And Contingencies Disclosure [Abstract]
Beginning balance	$ 9,173	$ 8,663	$ 10,082
Additional provision charged to expense	21,602	22,802	15,801
Payments	(21,916)	(22,292)	(17,220)
Ending balance	$ 8,859	$ 9,173	$ 8,663

Stockholders' Equity - Additional Information (Detail)	12 Months Ended
Stockholders' Equity - Additional Information (Detail)	Apr. 30, 2019 USD ($) OptionPlan shares	Apr. 30, 2018 USD ($) shares	Apr. 30, 2017 USD ($) shares	Jun. 30, 2015 USD ($)	Sep. 23, 2013 shares	Sep. 26, 2011 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase authorization \| $				$ 50,000,000
Repurchase of common stock	0	0	2,600,000
Number of stock incentive plans \| OptionPlan	2
Intrinsic value of stock outstanding \| $	$ 826,000	$ 1,400,000	$ 5,200,000
Intrinsic value of stock exercisable \| $	826,000	1,400,000	5,200,000
Intrinsic value of stock exercised \| $	285,000	116,000	1,300,000
Unrecognized compensation cost of outstanding options \| $	$ 0
Performance period	3 years
Percentage of maximum aggregate award granted	200.00%
Percentage of stock outperform in order for target award to vest	5.00%
Stock-based compensation expense \| $	$ 7,992,000	7,815,000	8,590,000
Grant date fair value of vested RSUs and PSUs \| $	$ 3,900,000	5,000,000	$ 5,000,000
2011 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option exercise price per share as a percentage of fair market value	85.00%
Number of shares an employee may purchase under the stock purchase plan	12,500
Fair market value of shares an employee may purchase under the stock purchase plan \| $		$ 25,000
Shares issued under employee stock purchase plan	230,282	203,002	144,102
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years
Stock units, awarded		105,000	118,500
Stock units, forfeited	112,000	39,429
Share based payment award percentage of award achieved		115.20%	200.00%
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded	360,185	388,186	394,909
Stock units, forfeited	33,899	208,496	19,448
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded	541,785	561,890	666,509
Stock units, forfeited	145,899	247,925	19,448
Stock units, vested	206,572	300,496	433,966
Grant date fair value of vested RSUs and PSUs \| $	$ 2,500,000	$ 6,200,000	$ 11,700,000
Unrecognized compensation cost related to unvested RSUs and PSUs \| $	$ 7,700,000
Weighted average remaining contractual term	1 year 9 months 18 days
Executive Officer \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded	181,600	157,700	153,100
Stock units, vested		121,504	237,000
Executive Officer \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded	167,818	159,167	168,800
Director \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded	49,509	52,826	24,896
Non-Executive Employees \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded	142,858	176,193	201,213
Employees And Consultants \| RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense \| $	$ 7,300,000	$ 7,100,000	$ 7,800,000
Employees \| RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, vested	206,572	300,496	433,966
2013 Incentive Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized of common stock					3,000,000
Stock option, exercisable period	10 years
Shares available for grant under incentive stock option	4,404,603
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase authorization \| $			$ 50,000,000
Payroll deduction of participant's compensation	20.00%
Maximum \| 2011 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved under employee stock purchase plan						6,000,000
Maximum \| 2013 Incentive Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period to award vested and calculate volatility rate	4 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payroll deduction of participant's compensation	1.00%
Minimum \| 2013 Incentive Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period to award vested and calculate volatility rate	3 years

Stockholders' Equity - Share Based Compensation Stock Options Activity (Detail) - $ / shares	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Shares
Options outstanding, beginning of year, Shares	316,160	335,160	389,360
Exercised during the period, Shares	(48,399)	(19,000)	(54,200)
Options outstanding, end of period, Shares	267,761	316,160	335,160
Weighted average remaining contractual life	2 years 4 months 6 days	3 years 1 month 28 days	4 years 3 days
Options exercisable, end of period, Shares	267,761	316,160	335,160
Weighted average remaining contractual life	2 years 4 months 6 days	3 years 1 month 28 days	4 years 3 days
Weighted-Average Exercise Price
Options outstanding, beginning of year, Weighted-Average Exercise Price	$ 6.69	$ 6.58	$ 6.16
Exercised during period, Weighted-Average Exercise Price	6.28	4.70	3.57
Options outstanding, end of period, Weighted-Average Exercise Price	6.76	6.69	6.58
Options exercisable, end of period, Weighted-Average Exercise Price	$ 6.76	$ 6.69	$ 6.58

Stockholders' Equity - Summary of Stock Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 7,992	$ 7,815	$ 8,590
Cost of sales
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	746	882	1,139
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	99	187	217
Selling and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	489	382	801
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 6,658	$ 6,364	$ 6,433

Stockholders' Equity - Share Based Payment Award Performance Shares Valuation Assumptions (Detail) - PSUs

12 Months Ended

Apr. 30, 2019

CorrelationCoefficient

$ / shares

Apr. 30, 2018

CorrelationCoefficient

$ / shares

Apr. 30, 2017

CorrelationCoefficient

$ / shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Correlation coefficient | CorrelationCoefficient

^[1]

0.14

0.19

0.22

Risk-free interest rate

^[2]

2.23%

2.61%

1.44%

Dividend yield

^[3]

0.00%

American Outdoor Brands Corporation

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Grant date fair market value

$ 9.85

$ 11.11

$ 21.89

Volatility

^[4]

45.19%

42.27%

41.67%

Russell 2000 Index

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Grant date fair market value

$ 1,591.21

$ 1,557.89

$ 1,417.13

Volatility

^[4]

15.65%

16.26%

16.77%

[1]	The correlation coefficient utilizes the same historical price data used to develop the volatility assumptions.
[2]	The risk-free interest rate is based on the yield of a zero-coupon U.S. Treasury bill, commensurate with the three-year performance period.
[3]	We do not expect to pay dividends in the foreseeable future.
[4]	Expected volatility is calculated over the most recent period that represents the remaining term of the performance period as of the valuation date, or three years.

Stockholders' Equity - Share Based Payment Award Performance Shares Valuation Assumptions (Parenthetical) (Detail)	12 Months Ended
	Apr. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based restricted stock unit performance period	3 years
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based restricted stock unit performance period	3 years

Stockholders' Equity - Summary of Activity for Unvested RSUs and PSUs (Detail) - RSUs and PSUs - $ / shares	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Summary of activity in unvested restricted stock units and performance share units
Restricted Stock Units, RSUs and PSUs outstanding, beginning of period	1,442,317	1,428,848	1,215,753
Restricted Stock Units, Awarded	541,785	561,890	666,509
Restricted Stock Units, Vested	(206,572)	(300,496)	(433,966)
Restricted Stock Units, Forfeited	(145,899)	(247,925)	(19,448)
Restricted Stock Units, RSUs and PSUs outstanding, end of period	1,631,631	1,442,317	1,428,848
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value, RSUs and PSUs outstanding, beginning of period	$ 17.80	$ 18.58	$ 15.38
Weighted Average Grant Date Fair Value, Awarded	10.65	15.09	19.85
Weighted Average Grant Date Fair Value, Vested	19.11	16.53	11.64
Weighted Average Grant Date Fair Value, Forfeited	16.11	17.04	17.19
Weighted Average Grant Date Fair Value, RSUs and PSUs outstanding, end of period	$ 15.44	$ 17.80	$ 18.58

Stockholders' Equity - Schedule of Assumptions used in Valuing ESPP Purchases (Detail) - Employee Stock Purchase Plan	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	2.21%	1.62%	0.60%
Expected term	6 months	6 months	6 months
Expected volatility	45.30%	42.30%	45.30%
Dividend yield	0.00%	0.00%	0.00%

Employer Sponsored Benefit Plans - Additional Information (Detail) $ in Millions	12 Months Ended
	Apr. 30, 2019 USD ($) InvestmentPlan	Apr. 30, 2018 USD ($)	Apr. 30, 2017 USD ($)
Contributory Defined Investment Plan
Defined Contribution Plan Disclosure [Line Items]
Number of contributory defined investment plan \| InvestmentPlan	2
Defined contribution plan, employee contribution percentage	100.00%
Defined contribution plan, matching contribution percentage	6.00%
Deferred compensation plan description	We offer two contributory defined investment plans covering substantially all employees, subject to service requirements. Employees may contribute up to 100% of their annual pay, depending on the plan. We generally make discretionary matching contributions of up to 50% of the first 6% of employee contributions to the plan.
Employer contribution to defined benefit plan	$ 2.9	$ 3.0	$ 2.7
Contributory Defined Investment Plan \| Maximum
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, matching contribution percentage of match	50.00%
Non-Contributory Profit Sharing Plan
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan service period	1 year
Employer contribution to defined benefit plan		$ 1.3	$ 13.0
Defined contribution plan expected contribution	$ 2.8

Income Taxes - Income Tax Expense/(Benefit) from Continuing Operations (Detail) - USD ($)
$ in Thousands

12 Months Ended

Apr. 30, 2019

Apr. 30, 2018

Apr. 30, 2017

Current:

Federal

$ 8,999

$ 5,081

$ 61,943

State

2,600

1,184

9,349

Foreign

Total current

11,604

6,265

71,292

Deferred:

Deferred federal

(879)

(9,081)

(6,969)

Deferred state

(397)

305

(871)

Total deferred

(1,276)

(8,776)

(7,840)

Total income tax expense/(benefit)

^[1]

$ 10,328

$ (2,511)

^[2]

$ 63,452

[1]	For the years ended April 30, 2019, 2018, and 2017, we allocated all of corporate overhead expenses except for interest and income taxes, such as general and administrative expenses and other corporate-level expenses, to both our Firearms and Outdoor Products & Accessories segments.
[2]	Amounts include an income tax benefit of approximately $8.7 million, primarily caused by the effect of Tax Reform, which resulted in the re-measurement of deferred tax assets and liabilities at lower enacted corporate federal tax rates.

Income Taxes - Reconciliation of Provision for Income Taxes from Continuing Operations (Detail) - USD ($)
$ in Thousands

12 Months Ended

Apr. 30, 2019

Apr. 30, 2018

Apr. 30, 2017

Income Tax Disclosure [Abstract]

Federal income taxes expected at the statutory rate

^[1]

$ 6,035

$ 5,355

$ 66,957

State income taxes, less federal income tax benefit

1,804

1,460

5,310

Stock compensation

708

(322)

(3,092)

Business meals and entertainment

181

302

296

Domestic production activity deduction

(335)

(5,728)

Research and development tax credit

(567)

(426)

(453)

Federal tax rate change on deferred taxes

2,183

Other

(403)

162

(70)

(8,142)

Total income tax expense/(benefit)

^[2]

$ 10,328

$ (2,511)

^[3]

$ 63,452

[1]	We had a statutory rate of 21% in fiscal 2019, a blended statutory rate of 30.4% in fiscal 2018 because of Tax Reform, and a statutory rate of 35% in fiscal 2017.
[2]	For the years ended April 30, 2019, 2018, and 2017, we allocated all of corporate overhead expenses except for interest and income taxes, such as general and administrative expenses and other corporate-level expenses, to both our Firearms and Outdoor Products & Accessories segments.
[3]	Amounts include an income tax benefit of approximately $8.7 million, primarily caused by the effect of Tax Reform, which resulted in the re-measurement of deferred tax assets and liabilities at lower enacted corporate federal tax rates.

Income Taxes - Reconciliation of Provision for Income Taxes from Continuing Operations (Parenthetical) (Detail)	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2018	Dec. 31, 2017	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Income Tax Disclosure [Abstract]
Federal income taxes, expected statutory rate	21.00%	35.00%	21.00%	30.40%	35.00%

Income Taxes - Deferred Tax Assets (Liabilities) Related to Temporary Differences (Detail) - USD ($) $ in Thousands	Apr. 30, 2019	Apr. 30, 2018
Deferred tax assets (liabilities):
Net deferred tax (liability)	$ (9,776)	$ (12,895)
Non Current
Deferred tax assets (liabilities):
Net operating loss carryforwards and tax credits	3,256	3,372
Inventories	6,741	6,204
Accrued expenses, including compensation	5,800	3,037
Environmental reserves	181	258
Product liability	360	353
Accrued promotions	73	1,061
Workers' compensation	478	485
Warranty reserve	1,525	1,843
Stock-based compensation	3,884	3,576
State bonus depreciation	1,454	1,117
Property taxes	(185)	(160)
Property, plant, and equipment	(20,392)	(18,434)
Intangible assets	(10,006)	(12,510)
Pension	234	218
Other	397	21
Less valuation allowance	$ (3,576)	$ (3,336)

Income Taxes - Additional Information (Detail) - USD ($)		4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 22, 2017	Apr. 30, 2018	Dec. 31, 2017	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Income Tax Contingency [Line Items]
Additional valuation allowance deferred income tax assets				$ 342,000
U.S federal income tax rate		21.00%	35.00%	21.00%	30.40%	35.00%
Tax reform, accounting complete	false
Tax reform, measurment period from enactment date	1 year
Effective income tax rate, provisions (benefit)				35.90%	(14.30%)
Effective income tax rate, excluding impact of tax reform and other discrete items					35.40%
Undistributed earnings of foreign subsidiary				$ 50,000,000
Gross tax-effected unrecognized tax benefits		$ 0		0	$ 0
Smith And Wesson Security Solutions Inc
Income Tax Contingency [Line Items]
Net operating loss carryforwards				$ 8,200,000
Acquisition date				Jul. 20, 2009
Operating carryforward limited in year one				$ 108,000
Operating carryforward limited in each year thereafter				108,000
Federal
Income Tax Contingency [Line Items]
Net operating loss carryforwards				$ 108,000
Operating loss carry forwards expiration year				2020
State
Income Tax Contingency [Line Items]
Net operating loss carryforwards		17,900,000		$ 17,900,000	17,900,000
Tax credit carryforwards		3,100,000		2,900,000	3,100,000
Valuation allowances for net operating loss carryforward		921,000		911,000	921,000
Valuation allowances for tax credits		$ 2,400,000		$ 2,300,000	$ 2,400,000
State \| Minimum
Income Tax Contingency [Line Items]
Operating loss carry forwards expiration dates				Apr. 30, 2025
State tax credit carryforwards expire date				Apr. 30, 2023
State \| Maximum
Income Tax Contingency [Line Items]
Operating loss carry forwards expiration dates				Apr. 30, 2038
State tax credit carryforwards expire date				Apr. 30, 2025

Commitments and Contingencies - Additional Information (Detail)	1 Months Ended	12 Months Ended
	Jan. 31, 2018 USD ($)	Apr. 30, 2019 USD ($) Case Claim Installment	Apr. 30, 2018 USD ($) ft²	Apr. 30, 2017 USD ($)	Jul. 31, 2019 USD ($)
Schedule Of Commitments And Contingencies [Line Items]
Number of Product liability cases \| Case		6
Number of Other product liability claims \| Claim		5
Defense and administrative costs		$ 322,000	$ 473,000	$ 254,000
Settlement fees related to product liability cases		180,000	129,000	209,000
Gain from changes in product liability provisions				364,000
Expense related to changes in product liability and municipal litigation liability		293,000	540,000
Environmental reserve in non-current liabilities		725,000	1,000,000
Short-term capital lease		681,000	431,000
Long-term capital lease		45,400,000	22,143,000
Rent expense		5,000,000	$ 5,200,000	$ 4,400,000
Logistics Facility \| Boone County, Missouri
Schedule Of Commitments And Contingencies [Line Items]
Area of leased property \| ft²			633,000
Capital lease agreement, building cost		$ 46,200,000
Capital lease effective interest rate		5.00%
Short-term capital lease		$ 681,000
Long-term capital lease		$ 45,600,000
Capital leases number of monthly installments \| Installment		240
Capital leases expiration period		2039
Accounting Standards Update 2016-02 \| Scenario, Forecast
Schedule Of Commitments And Contingencies [Line Items]
Lease liability					$ 40,800,000
Right of use asset					$ 41,600,000
Minimum
Schedule Of Commitments And Contingencies [Line Items]
Compensatory damages sought		$ 75,000
Minimum \| Logistics Facility \| Boone County, Missouri
Schedule Of Commitments And Contingencies [Line Items]
Percentage of net present value of future lease payments exceeding fair market value		90.00%
Maximum
Schedule Of Commitments And Contingencies [Line Items]
Compensatory damages sought		$ 350,000
Gemini Technologies, Incorporated \| Smith & Wesson Corp
Schedule Of Commitments And Contingencies [Line Items]
Compensatory damages sought	$ 18,600,000

Commitments and Contingencies - Summary of Future Minimum Lease Payments Including All Our Capital Leases (Detail) - USD ($) $ in Thousands	Apr. 30, 2019	Apr. 30, 2018
Commitments And Contingencies Disclosure [Abstract]
Capital Lease Obligation, 2020	$ 2,965
Capital Lease Obligation, 2021	3,016
Capital Lease Obligation, 2022	3,056
Capital Lease Obligation, 2023	3,071
Capital Lease Obligation, 2024	3,126
Capital Lease Obligation, Thereafter	63,263
Capital Lease Obligation, Total future minimum lease payments	78,497
Capital Lease Obligation, Less amounts representing interest	(32,416)
Capital Lease Obligation, Present value of minimum lease payments	46,081
Capital Lease Obligation, Less current maturities of capital lease	(681)	$ (431)
Capital Lease Obligation, Long-term maturities of capital lease	$ 45,400	$ 22,143

Commitments and Contingencies - Summary of Operating Leases for Office and/or Manufacturing Space (Detail)	12 Months Ended
	Apr. 30, 2019
Bentonville, Arkansas \| December 31, 2023
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	Dec. 31, 2023
Jacksonville, Florida \| June 30, 2019
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	Jun. 30, 2019
Shenzhen, China \| October 31, 2019
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	Oct. 31, 2019
Columbia, Missouri \| November 25, 2038
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	Nov. 25, 2038
Columbia, Missouri \| April 30, 2023
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	Apr. 30, 2023
Springfield, Massachusetts \| November 30, 2020
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	Nov. 30, 2020
Houlton, Maine \| January 31, 2022
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	Jan. 31, 2022
Scottsdale, Arizona \| April 30, 2021
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	Apr. 30, 2021
Somersworth, New Hampshire \| June 30, 2021
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	Jun. 30, 2021
Wilsonville, Oregon \| October 31, 2022
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	Oct. 31, 2022
Deep River, Connecticut \| May 4, 2024
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	May 04, 2024
Meridian, Idaho \| October 14, 2027
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	Oct. 14, 2027
Herstal, Belgium \| January 21, 2027
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	Jan. 21, 2027

Commitments and Contingencies - Operating Lease Commitments (Detail) $ in Thousands	Apr. 30, 2019 USD ($)
Commitments And Contingencies Disclosure [Abstract]
2020	$ 3,639
2021	3,154
2022	2,786
2023	2,583
2024	1,562
Thereafter	946
Operating Leases, Future Minimum Payments Due, Total	$ 14,670

Quarterly Financial Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Apr. 30, 2019

Jan. 31, 2019

Oct. 31, 2018

Jul. 31, 2018

Apr. 30, 2018

Jan. 31, 2018

Oct. 31, 2017

Jul. 31, 2017

Apr. 30, 2019

Apr. 30, 2018

Apr. 30, 2017

Quarterly Financial Information Disclosure [Abstract]

$ 175,733

$ 162,008

$ 161,703

$ 138,833

$ 172,026

$ 157,376

$ 148,427

$ 129,021

$ 638,277

^[1]

$ 606,850

^[1]

$ 903,188

^[1]

Gross profit

63,364

54,059

56,386

52,422

57,404

46,917

50,799

40,632

226,231

^[1]

195,752

^[1]

375,272

^[1]

Net (loss)/income

$ 9,825

$ (5,725)

^[2]

$ 6,665

$ 7,645

$ 7,664

$ 11,395

^[3]

$ 3,234

$ (2,165)

$ 18,410

$ 20,128

$ 127,854

Per common share

Basic - total

$ 0.18

^[4]

$ (0.10)

^[4]

$ 0.12

^[4]

$ 0.14

^[4]

$ 0.14

^[4]

$ 0.21

^[4]

$ 0.06

^[4]

$ (0.04)

^[4]

$ 0.34

^[4]

$ 0.37

^[4]

$ 2.29

Diluted - total

$ 0.18

^[4]

$ (0.10)

^[4]

$ 0.12

^[4]

$ 0.14

^[4]

$ 0.14

^[4]

$ 0.21

^[4]

$ 0.06

^[4]

$ (0.04)

^[4]

$ 0.33

^[4]

$ 0.37

^[4]

$ 2.25

[1]	For the years ended April 30, 2019, 2018, and 2017, we allocated all of corporate overhead expenses except for interest and income taxes, such as general and administrative expenses and other corporate-level expenses, to both our Firearms and Outdoor Products & Accessories segments.
[2]	Amounts includes a $10.4 million non-cash goodwill impairment relating to our Outdoor Products & Accessories segement.
[3]	Amount includes an income tax benefit of approximately $9.4 million, primarily caused by the effect of Tax Reform, which resulted in the remeasurement of deferred tax assets and liabilities at lower enacted corporate federal tax rates.
[4]	Basic and diluted earnings per share may not equal the sum of the quarterly basic and diluted earnings per share due to rounding.

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

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

+ References + Details

Quarterly Financial Information (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Apr. 30, 2019	Apr. 30, 2018
Quarterly Financial Information [Line Items]
Income tax benefit by effect of tax reform		$ 9,400		$ 8,700
Goodwill impairment			$ 10,396
Outdoor Products & Accessories Segment
Quarterly Financial Information [Line Items]
Goodwill impairment			10,396
Operating Segments \| Outdoor Products & Accessories Segment
Quarterly Financial Information [Line Items]
Goodwill impairment	$ 10,400		$ 10,400

Segment Reporting - Additional Information (Detail)	12 Months Ended
Segment Reporting - Additional Information (Detail)	Apr. 30, 2019 Segment
Segment Reporting Information [Line Items]
Number of reportable segments	2
Firearms Segment
Segment Reporting Information [Line Items]
Number of reportable segments	1
Outdoor Products & Accessories Segment
Segment Reporting Information [Line Items]
Number of reportable segments	1

Segment Reporting - Schedule of Assets by Business Segment (Detail) - USD ($) $ in Thousands	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Segment Reporting Information [Line Items]
Total assets	$ 766,789	$ 745,060
Property, plant, and equipment, net	183,268	159,125
Intangibles, net	91,840	112,760
Goodwill	182,269	191,287	$ 169,017
Firearms Segment
Segment Reporting Information [Line Items]
Total assets	389,719	346,517
Property, plant, and equipment, net	170,549	146,154
Intangibles, net	4,661	4,944
Goodwill	19,024	18,490	13,770
Outdoor Products & Accessories Segment
Segment Reporting Information [Line Items]
Total assets	377,070	398,543
Property, plant, and equipment, net	12,719	12,971
Intangibles, net	87,179	107,816
Goodwill	$ 163,245	$ 172,797	$ 155,247

Segment Reporting - Schedule of Results by Business Segment (Detail) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Apr. 30, 2019

Jan. 31, 2019

Oct. 31, 2018

Jul. 31, 2018

Apr. 30, 2018

Jan. 31, 2018

Oct. 31, 2017

Jul. 31, 2017

Apr. 30, 2019

Apr. 30, 2018

Apr. 30, 2017

$ 175,733

$ 162,008

$ 161,703

$ 138,833

$ 172,026

$ 157,376

$ 148,427

$ 129,021

$ 638,277

^[1]

$ 606,850

^[1]

$ 903,188

^[1]

^[1]

412,046

411,098

527,916

$ 63,364

$ 54,059

$ 56,386

$ 52,422

$ 57,404

$ 46,917

$ 50,799

$ 40,632

226,231

^[1]

195,752

^[1]

375,272

^[1]

^[1]

38,056

27,048

199,939

^[1]

10,328

(2,511)

^[2]

63,452

Firearms Segment

Outdoor Products & Accessories Segment

^[1]

478,477

448,986

772,997

Intersegment Eliminations

^[1]

159,800

157,864

130,191

^[1]

(20,327)

(17,623)

(14,173)

^[1]

(20,148)

(15,613)

(11,840)

^[1]

(7,683)

(2,010)

(2,332)

Intersegment Eliminations | Firearms Segment

^[1]

41,638

46,471

50,233

Intersegment Eliminations | Outdoor Products & Accessories Segment

^[1]

2,858

3,807

3,643

Operating Segments | Firearms Segment

^[1]

17,469

13,816

10,530

^[1]

481,335

452,793

776,640

^[1]

335,051

332,889

^[3]

464,019

^[1]

153,787

119,903

312,619

^[1]

59,663

30,213

201,442

Operating Segments | Outdoor Products & Accessories Segment

^[1]

12,068

16,729

^[2]

77,585

^[1]

177,269

171,680

140,721

^[1]

97,143

93,822

75,737

^[4]

^[1]

80,127

77,859

64,985

^[1]

(18,414)

^[5]

(5,508)

^[6]

(3,949)

^[7]

^[1]

(966)

(8,059)

^[2]

(2,300)

Corporate

^[1]

(44,831)

(44,128)

(47,787)

^[1]

$ (774)

$ (11,181)

^[2]

$ (11,833)

[1]	For the years ended April 30, 2019, 2018, and 2017, we allocated all of corporate overhead expenses except for interest and income taxes, such as general and administrative expenses and other corporate-level expenses, to both our Firearms and Outdoor Products & Accessories segments.
[2]	Amounts include an income tax benefit of approximately $8.7 million, primarily caused by the effect of Tax Reform, which resulted in the re-measurement of deferred tax assets and liabilities at lower enacted corporate federal tax rates.
[3]	Amount includes $500,000 of additional cost of goods sold from the fair value inventory step-up related to our 2018 Acquisitions.
[4]	Amount includes $4.7 million of additional cost of goods sold from the fair value inventory step-up and backlog expense related to the 2017 Acquisitions.
[5]	Amount includes a non-cash goodwill charge of $10.4 million and $21.5 million of amortization of intangible assets identified as a result of our acquisition.
[6]	Amount includes $20.8 million of amortization of intangible assets identified as a result of our acquisitions.
[7]	Amount includes $18.4 million of amortization of intangible assets identified as a result of our acquisitions.

Segment Reporting - Schedule of Results by Business Segment (Parenthetical) (Detail) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Jan. 31, 2019

Jan. 31, 2018

Apr. 30, 2019

Apr. 30, 2018

Apr. 30, 2017

^[1]

$ 412,046

$ 411,098

$ 527,916

10,396

Income tax benefit by effect of tax reform

22,000

21,000

20,100

$ 9,400

8,700

Outdoor Products & Accessories Segment

Operating Segments | Outdoor Products & Accessories Segment

10,396

^[1]

97,143

93,822

75,737

^[2]

$ 10,400

10,400

Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC

$ 21,500

500,000

Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc.

$ 20,800

4,700