0001564590-21-010954 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Jan. 31, 2021	Mar. 02, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jan. 31, 2021
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Registrant Name	Smith & Wesson Brands, Inc.
Entity Central Index Key	0001092796
Current Fiscal Year End Date	--04-30
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	001-31552
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	87-0543688
Entity Address, Address Line One	2100 Roosevelt Avenue
Entity Address, City or Town	Springfield
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01104
City Area Code	800
Local Phone Number	331-0852
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		53,249,177
Title of each Class	Common Stock, par value $0.001 per share
Trading Symbol	SWBI
Name of exchange on which registered	NASDAQ

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2021	Apr. 30, 2020
Current assets:
Cash and cash equivalents	$ 59,676	$ 125,011
Accounts receivable, net of allowances for credit losses of $151 on January 31, 2021 and $1,038 on April 30, 2020	61,564	60,879
Inventories	84,446	103,741
Prepaid expenses and other current assets	8,574	7,556
Current assets of discontinued operations		94,673
Income tax receivable	9,277	1,595
Total current assets	223,537	393,455
Property, plant, and equipment, net	145,398	147,739
Intangibles, net	4,436	4,375
Goodwill	19,024	19,024
Other assets of discontinued operations		148,485
Other assets	13,456	16,437
Assets, Total	405,851	729,515
Current liabilities:
Accounts payable	49,166	31,476
Accrued expenses and deferred revenue	37,805	57,678
Accrued payroll and incentives	14,488	12,448
Accrued income taxes	337	5,503
Accrued profit sharing	10,860	2,197
Accrued warranty	3,718	3,297
Current liabilities of discontinued operations		17,372
Total current liabilities	116,374	129,971
Deferred income taxes	773	457
Notes and loans payable, net of current portion		159,171
Finance lease payable, net of current portion	39,060	39,873
Other non-current liabilities of discontinued operations		2,299
Other non-current liabilities	11,935	10,626
Total liabilities	168,142	342,397
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, $.001 par value, 20,000,000 shares authorized, no shares issued or outstanding
Common stock, $.001 par value, 100,000,000 shares authorized, 74,153,528 issued and 53,249,177 shares outstanding on January 31, 2021 and 73,526,790 shares issued and 55,359,928 shares outstanding on April 30, 2020	74	74
Additional paid-in capital	271,222	267,630
Retained earnings	238,715	341,716
Accumulated other comprehensive income	73	73
Treasury stock, at cost (20,904,351 shares on January 31, 2021 and 18,166,862 on April 30, 2020)	(272,375)	(222,375)
Total stockholders’ equity	237,709	387,118
Liabilities and Equity, Total	$ 405,851	$ 729,515

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jan. 31, 2021	Apr. 30, 2020
Statement Of Financial Position [Abstract]
Allowances for credit losses	$ 151	$ 1,038
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	74,153,528	73,526,790
Common stock, shares outstanding	53,249,177	55,359,928
Treasury stock, shares	20,904,351	18,166,862

Condensed Consolidated Statements of Income/(Loss) and Comprehensive Income/(Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Income Statement [Abstract]
Net sales	$ 257,634	$ 127,416	$ 736,247	$ 336,575
Cost of sales	147,955	91,729	433,073	232,989
Gross profit	109,679	35,687	303,174	103,586
Operating expenses:
Research and development	1,757	1,809	5,518	5,501
Selling, marketing, and distribution	10,487	10,465	32,095	30,839
General and administrative	17,054	14,603	62,061	47,915
Total operating expenses	29,298	26,877	99,674	84,255
Operating income from continuing operations	80,381	8,810	203,500	19,331
Other income/(expense), net:
Other income/(expense), net	952	(10)	1,711	80
Interest expense, net	(550)	(2,885)	(3,356)	(8,572)
Total other income/(expense), net	402	(2,895)	(1,645)	(8,492)
Income from continuing operations before income taxes	80,783	5,915	201,855	10,839
Income tax expense	18,520	1,688	47,176	4,084
Income from continuing operations	62,263	4,227	154,679	6,755
Discontinued operations:
Income/(loss) from discontinued operations, net of tax	127	1,504	8,334	(1,839)
Net income	62,390	5,731	163,013	4,916
Comprehensive income/(loss):
Other comprehensive loss, net of tax		(66)		(547)
Comprehensive income:	$ 62,390	$ 5,665	$ 163,013	$ 4,369
Net income per share:
Basic - continuing operations	$ 1.13	$ 0.08	$ 2.79	$ 0.12
Basic - net income	1.13	0.10	2.94	0.09
Diluted - continuing operations	1.12	0.08	2.75	0.12
Diluted - net income	$ 1.12	$ 0.10	$ 2.90	$ 0.09
Weighted average number of common shares outstanding:
Basic	55,137	55,064	55,515	54,919
Diluted	55,702	55,744	56,258	55,641

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive (Loss)/Income	Treasury Stock
Balance at Apr. 30, 2019	$ 444,444	$ 73	$ 263,180	$ 402,946	$ 620	$ (222,375)
Balance (in shares) at Apr. 30, 2019		72,864,000
Treasury stock, shares at Apr. 30, 2019						18,167,000
Proceeds from exercise of employee stock options	$ 74		74
Proceeds from exercise of employee stock options (in shares)	15,000	15,000
Stock-based compensation	$ 1,344		1,344
Shares issued under employee stock purchase plan	862		862
Shares issued under employee stock purchase plan (in shares)		173,000
Change in unrealized loss on interest rate swap, net of tax effect	(547)				(547)
Issuance of common stock under restricted stock unit awards, net of shares surrendered	(594)		(594)
Issuance of common stock under restricted stock unit awards, net of shares surrendered (in shares)		183,000
Net income	4,916			4,916
Balance at Jan. 31, 2020	450,499	$ 73	264,866	407,862	73	$ (222,375)
Balance (in shares) at Jan. 31, 2020		73,235,000
Treasury stock, shares at Jan. 31, 2020						18,167,000
Balance at Oct. 31, 2019	446,550	$ 73	266,582	402,131	139	$ (222,375)
Balance (in shares) at Oct. 31, 2019		73,226,000
Treasury stock, shares at Oct. 31, 2019						18,167,000
Stock-based compensation	(1,672)		(1,672)
Change in unrealized loss on interest rate swap, net of tax effect	(66)				(66)
Issuance of common stock under restricted stock unit awards, net of shares surrendered	(44)		(44)
Issuance of common stock under restricted stock unit awards, net of shares surrendered (in shares)		9,000
Net income	5,731			5,731
Balance at Jan. 31, 2020	450,499	$ 73	264,866	407,862	73	$ (222,375)
Balance (in shares) at Jan. 31, 2020		73,235,000
Treasury stock, shares at Jan. 31, 2020						18,167,000
Balance at Apr. 30, 2020	$ 387,118	$ 74	267,630	341,716	73	$ (222,375)
Balance (in shares) at Apr. 30, 2020	55,359,928	73,527,000
Treasury stock, shares at Apr. 30, 2020	18,166,862					18,167,000
Proceeds from exercise of employee stock options	$ 1,540		1,540
Proceeds from exercise of employee stock options (in shares)	200,667	201,000
Stock-based compensation - continuing operations	$ 3,392		3,392
Stock-based compensation - discontinuedoperations	184		184
Shares issued under employee stock purchase plan	677		677
Shares issued under employee stock purchase plan (in shares)		136,000
Issuance of common stock under restricted stock unit awards, net of shares surrendered	(2,201)		(2,201)
Issuance of common stock under restricted stock unit awards, net of shares surrendered (in shares)		289,000
Repurchase of treasury stock	(50,000)					$ (50,000)
Repurchase of treasury stock, shares						2,737,000
Dividends issued	(5,594)			(5,594)
Spin off of outdoor products and accessories business	(260,420)			(260,420)
Net income	163,013			163,013
Balance at Jan. 31, 2021	$ 237,709	$ 74	271,222	238,715	73	$ (272,375)
Balance (in shares) at Jan. 31, 2021	53,249,177	74,153,000
Treasury stock, shares at Jan. 31, 2021	20,904,351					20,904,000
Balance at Oct. 31, 2020	$ 226,878	$ 74	269,911	179,195	73	$ (222,375)
Balance (in shares) at Oct. 31, 2020		74,123,000
Treasury stock, shares at Oct. 31, 2020						18,167,000
Proceeds from exercise of employee stock options	22		22
Proceeds from exercise of employee stock options (in shares)		10,000
Stock-based compensation	1,317		1,317
Issuance of common stock under restricted stock unit awards, net of shares surrendered	(28)		(28)
Issuance of common stock under restricted stock unit awards, net of shares surrendered (in shares)		20,000
Repurchase of treasury stock	(50,000)					$ (50,000)
Repurchase of treasury stock, shares						2,737,000
Dividends issued	(2,799)			(2,799)
Spin off of outdoor products and accessories business	(69)			(69)
Other	(2)			(2)
Net income	62,390			62,390
Balance at Jan. 31, 2021	$ 237,709	$ 74	$ 271,222	$ 238,715	$ 73	$ (272,375)
Balance (in shares) at Jan. 31, 2021	53,249,177	74,153,000
Treasury stock, shares at Jan. 31, 2021	20,904,351					20,904,000

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
Cash flows from operating activities:
Income from continuing operations	$ 154,679	$ 6,755
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	24,133	24,320
Loss on sale/disposition of assets	148	310
Provision for losses on notes and accounts receivable	(693)	(98)
Deferred income taxes	316	(18)
Change in fair value of contingent consideration		100
Stock-based compensation expense	3,392	941
Changes in operating assets and liabilities:
Accounts receivable	8	(8,503)
Inventories	19,295	(31,687)
Prepaid expenses and other current assets	(1,018)	(3,797)
Income taxes	(12,831)	(2,196)
Accounts payable	17,299	(2,398)
Accrued payroll and incentives	2,040	(6,754)
Accrued profit sharing	8,663	(1,006)
Accrued expenses and deferred revenue	(19,950)	(1,584)
Accrued warranty	421	(526)
Other assets	1,226	1,281
Other non-current liabilities	1,309	(1,777)
Cash provided by/(used in) operating activities - continuing operations	198,437	(26,637)
Cash used in/(provided by) operating activities - discontinued operations	(2,129)	1,804
Net cash provided by/(used in) operating activities	196,308	(24,833)
Cash flows from investing activities:
Refunds on machinery and equipment	310
Payments to acquire patents and software	(502)	(303)
Payments to acquire property and equipment	(18,378)	(10,504)
Cash used by investing activities - continuing operations	(18,570)	(10,807)
Cash used by investing activities - discontinued operations	(1,143)	(1,495)
Net cash used in investing activities	(19,713)	(12,302)
Cash flows from financing activities:
Proceeds from loans and notes payable	25,000	228,225
Cash paid for debt issuance costs	(450)	(875)
Payments on finance lease obligation	(736)	(663)
Payments on notes and loans payable	(185,000)	(184,600)
Distribution to discontinued operations	(25,000)
Payments to acquire treasury stock	(50,000)
Dividend distribution	(5,594)
Proceeds from exercise of options to acquire common stock, including employee stock purchase plan	2,217	936
Payment of employee withholding tax related to restricted stock units	(2,201)	(594)
Cash (used in)/provided by financing activities - continuing operations	(241,764)	42,429
Cash used in financing activities - discontinued operations	(166)
Net cash (used in)/provided by financing activities	(241,930)	42,429
Net (decrease)/increase in cash and cash equivalents	(65,335)	5,294
Cash and cash equivalents, beginning of period	125,011	40,853
Cash and cash equivalents, end of period	59,676	46,147
Supplemental disclosure of cash flow information Cash paid for:
Interest	2,745	8,422
Income taxes	63,525	5,755
Supplemental Disclosure of Non-cash Investing and Financing Activities:
Purchases of property and equipment included in accounts payable	817	436
Machinery and equipment on deposit placed into service	$ 1,855
ASU 2016-02
Supplemental disclosure of cash flow information Cash paid for:
Changes in other assets for operating lease obligations		11,821
Change in property and equipment		3,276
Changes in finance lease liabilities		(4,245)
Changes in lease liabilities for operating lease obligations		$ 12,790

Organization

9 Months Ended

Jan. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization

(1) Organization:

We are a leading manufacturer, designer, and provider of firearms and firearm-related 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 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 products under the Smith & Wesson, M&P, Performance Center, Thompson/Center Arms, and Gemtech brands. We manufacture our 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.

On November 13, 2019, we announced that we were proceeding with a plan to spin-off our outdoor products and accessories business and create an independent publicly traded company to conduct that business, or the Separation. On August 24, 2020, or the Distribution Date, we completed the previously announced Separation. See also Note 3 — Discontinued Operations, for more information.

Basis of Presentation

9 Months Ended

Jan. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation

(2) Basis of Presentation:

Interim Financial Information – The condensed consolidated balance sheet as of January 31, 2021, the condensed consolidated statements of income/(loss) and comprehensive income/(loss) for the three and nine months ended January 31, 2021 and 2020, the condensed consolidated statements of changes in stockholders’ equity for the three and nine months ended January 31, 2021 and 2020, and the condensed consolidated statements of cash flows for the nine months ended January 31, 2021 and 2020 have been prepared by us without audit. 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 January 31, 2021 and for the periods presented, have been included. All intercompany transactions have been eliminated in consolidation. The consolidated balance sheet as of April 30, 2020 has been derived from our audited consolidated financial statements.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2020. The results of operations for the three and nine months ended January 31, 2021 may not be indicative of the results that may be expected for the fiscal year ending April 30, 2021, or any other period.

Recently Issued Accounting Standards – In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update, or ASU, 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, or ASU 2016-13. ASU 2016-13 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 ASU 2016-13 are effective for financial statements for annual periods beginning after December 15, 2019, and early adoption is permitted. We adopted ASU 2016-13 on May 1, 2020, and the adoption of ASU 2016-13 did not have a material impact on our condensed consolidated financial statements.

Discontinued Operations

9 Months Ended

Jan. 31, 2021

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

(3) Discontinued Operations:

On November 13, 2019, we announced the Separation. On the Distribution Date, at 12:01 a.m. Eastern Time, the Separation of our wholly owned subsidiary, American Outdoor Brands, Inc., a Delaware corporation, or AOUT, from our company was completed. The Separation was achieved through the transfer of all the assets and legal entities, subject to any related liabilities, associated with our outdoor products and accessories business to AOUT, or the Transfer, and the distribution of 100% of the AOUT outstanding capital stock to holders of our common stock, or the Distribution, as of the close of business on August 10, 2020, or the Record Date. In connection with the Distribution, our stockholders received one share of AOUT common stock for every four shares of our common stock held as of the close of business on the Record Date. Following the Distribution, AOUT became an independent, publicly traded company, and we retain no ownership interest in AOUT. For the nine months ended January 31, 2021, we recorded $8.4 million in general and administrative expenses related to the Separation and there was no gain/(loss) recognized for the Separation. In connection with the Separation, we distributed $25.0 million in cash to AOUT.

Our common stock continues to trade on the Nasdaq Global Select Market under the new ticker symbol “SWBI,” and AOUT is now trading shares of common stock listed on the Nasdaq Global Select Market under the ticker symbol “AOUT.” The outdoor products and accessories business historical financial data is recorded as discontinued operations. Please refer to our Current Report on Form 8-K filed on August 26, 2020 for more information regarding the Separation. As a result of the Separation, we divested net assets of $260.4 million, which includes the $25.0 million cash distribution to AOUT.

The results of AOUT were previously reported in our Outdoor Products & Accessories segment. The historical financial data of the outdoor products and accessories business through August 23, 2020 is recorded as discontinued operations in income/(loss) from discontinued operations in the condensed consolidated financial statements. For the three months ended January 31, 2021 and 2020, income from discontinued operations, net of tax was $127,000 and $1.5 million, respectively. For the nine months ended January 31, 2021 and 2020, income/(loss) from discontinued operations, net of tax was $8.3 million and ($1.8) million, respectively.

In connection with the Separation, we entered into several agreements with AOUT that govern the relationship of the parties following the Separation, including the Separation and Distribution Agreement, the Tax Matters Agreement, the Transition Services Agreement, and the Employee Matters Agreement. Under the terms of the Transition Services Agreement, both companies agreed to provide each other certain transitional services, including information technology, information management, human resources, employee benefits administration, facilities, and other limited finance and accounting related services, for periods up to 24 months. Payments and operating expense reimbursements for transition services are recorded accordingly in our condensed consolidated financial statements based on the service provided.

The following table summarizes the major line items for the outdoor products and accessories business that are included in income/(loss) from discontinued operations, net of tax, in the condensed consolidation statements of income/(loss) and comprehensive income/(loss):

	For the Three Months Ended January 31,						For the Nine Months Ended January 31,
	2021			2020			2021			2020
	(In thousands)
Net revenues	$	—		$	39,279		$	61,249		$	108,178
Cost of sales		—			19,763			27,147			58,402
Operating expenses		—			17,420			23,458			52,175
Interest (expense)/income, net		(6	)		—			(6	)		21
Other income/(expense), net		—			(7	)		118			(7	)
(Loss)/income from discontinued operations before income taxes	$	(6	)	$	2,089		$	10,756		$	(2,385	)
Income tax (benefit)/expense		(133	)		585			2,422			(546	)
Income/(loss) from discontinued operations, net of tax	$	127		$	1,504		$	8,334		$	(1,839	)

The following table summarizes the carrying amounts of major classes of assets and liabilities of discontinued operations for each of the periods presented:

	As of:
	January 31, 2021		April 30, 2020
	(In thousands)
Cash and cash equivalents	$	—	$	387
Accounts receivable, net	—			32,554
Inventories	—			60,450
Prepaid expenses and other current assets	—			1,282
Property, plant, and equipment, net	—			9,678
Intangible assets, net	—			69,379
Goodwill	—			64,581
Deferred income taxes	—			2,950
Other assets	—			1,897
Total assets of discontinued operations	$	—	$	243,158
Current liabilities	$	—	$	17,372
Other non-current liabilities		—		2,299
Total liabilities of discontinued operations	$	—	$	19,671

Leases

9 Months Ended

Jan. 31, 2021

Leases [Abstract]

Leases

(4) Leases:

We lease certain of our real estate, machinery, equipment, and vehicles under non-cancelable operating lease agreements.

We recognize expenses under our operating lease assets and liabilities at the commencement date based on the present value of lease payments over the lease term. Our leases do not provide an implicit interest rate. We use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. Our lease agreements do not require material variable lease payments, residual value guarantees, or restrictive covenants. For operating leases, we recognize expense on a straight-line basis over the lease term. We record tenant improvement allowances as an offsetting adjustment included in our calculation of the respective right-of-use asset.

Many of our leases include renewal options that enable us to extend the lease term. The execution of those renewal options is at our sole discretion and are reflected in the lease term when they are reasonably certain to be exercised. The depreciable life of assets and leasehold improvements are limited by the expected lease term.

The amounts of assets and liabilities related to our operating and financing leases as of January 31, 2021 were as follows (in thousands):

	Balance Sheet Caption	January 31, 2021
Operating Leases
Right-of-use assets		$	7,273
Accumulated amortization			(2,183	)
Right-of-use assets, net	Other assets	$	5,090

Current liabilities	Accrued expenses and deferred revenue	$	1,319
Non-current liabilities	Other non-current liabilities		3,951
Total operating lease liabilities		$	5,270
Finance Leases
Right-of-use assets		$	40,986
Accumulated depreciation			(3,706	)
Right-of-use assets, net	Property, plant, and equipment, net	$	37,280

Current liabilities	Accrued expenses and deferred revenue		1,073
Non-current liabilities	Finance lease payable, net of current portion		39,060
Total finance lease liabilities		$	40,133

For the three months ended January 31, 2021, we recorded $420,000 of operating lease costs, of which $38,000 related to short-term leases that were not recorded as right-of-use assets. We recorded $525,000 of financing lease amortization and $504,000 of financing lease interest expense for the three months ended January 31, 2021. For the nine months ended January 31, 2021, we recorded $1.3 million of operating lease costs, of which $168,000 related to short-term leases that were not recorded as right-of-use assets. We recorded $1.6 million of financing lease amortization and $1.5 million of financing lease interest expense for the nine months ended January 31, 2021. As of January 31, 2021, our weighted average lease term and weighted average discount rate for our operating leases was 4.3 years and 4.5%, respectively. As of January 31, 2021, our weighted average lease term and weighted average discount rate for our financing leases were 17.7 years and 5.0%, respectively, and consisted primarily of our national logistics facility located in Columbia, Missouri. The depreciable lives of right-of-use assets are limited by the lease term and are amortized on a straight-line basis over the life of the lease.

With the completion of the Separation, we entered into a sublease whereby AOUT subleases from us 59.0% of our national logistics facility under the same terms as the master lease. For the nine months ended January 31, 2021, we have recorded $1.1 million of income related to this sublease agreement, which is recorded in other income/(expense) in our condensed consolidated statements of income/(loss) and comprehensive income/(loss).

Future lease payments for all our operating and finance leases for succeeding fiscal years is as follows (in thousands):

	Operating			Financing			Total
2021	$	413		$	761		$	1,174
2022		1,546			3,056			4,602
2023		1,554			3,071			4,625
2024		1,545			3,125			4,670
2025		326			3,180			3,506
Thereafter		712			48,783			49,495
Total future lease payments		6,096			61,976			68,072
Less amounts representing interest		(826	)		(21,843	)		(22,669	)
Present value of lease payments		5,270			40,133			45,403
Less current maturities of lease liabilities		(1,319	)		(1,073	)		(2,392	)
Long-term maturities of lease liabilities	$	3,951		$	39,060		$	43,011

For the three and nine months ended January 31, 2021, the cash paid for amounts included in the measurement of the liabilities and the operating cash flows was $1.1 million and $3.6 million, respectively.

Intangible Assets

9 Months Ended

Jan. 31, 2021

Intangible Assets Gross Excluding Goodwill [Abstract]

Intangible Assets

(5) Intangible Assets:

The following table presents a summary of intangible assets as of January 31, 2021 and April 30, 2020 (in thousands):

	January 31, 2021							April 30, 2020
	Gross							Gross
	Carrying		Accumulated			Net Carrying		Carrying		Accumulated			Net Carrying
	Amount		Amortization			Amount		Amount		Amortization			Amount
Customer relationships	$	2,580	$	(2,041	)	$	539	$	2,580	$	(1,932	)	$	648
Developed technology		200		(194	)		6		200		(176	)		24
Patents, trademarks, and trade names		8,242		(5,367	)		2,875		8,140		(5,091	)		3,049
		11,022		(7,602	)		3,420		10,920		(7,199	)		3,721
Patents in progress		1,016		—			1,016		654		—			654
Total definite-lived intangible assets	$	12,038	$	(7,602	)	$	4,436	$	11,574	$	(7,199	)	$	4,375

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 $135,000 and $86,000 for the three months ended January 31, 2021 and 2020, respectively. Amortization expense, excluding amortization of deferred financing costs, amounted to $403,000 and $413,000 for the nine months ended January 31, 2021 and 2020, respectively.

Estimated amortization expense of intangible assets for the remainder of fiscal 2021 and succeeding fiscal years is as follows (in thousands):

Fiscal	Amount
2021	$	134
2022		495
2023		454
2024		445
2025		434
Thereafter		1,458
Total	$	3,420

Notes, Loans Payable, and Financing Arrangements

9 Months Ended

Jan. 31, 2021

Debt Disclosure [Abstract]

Notes, Loans Payable, and Financing Arrangements

(6) Notes, Loans Payable, and Financing Arrangements:

Credit Facilities — On August 24, 2020, we and certain of our direct and indirect Domestic Subsidiaries entered into an amended and restated credit agreement, or the Amended and Restated Credit Agreement, with certain lenders; including TD Bank, N.A., as administrative agent; TD Securities (USA) LLC and Regions Bank, as joint lead arrangers and joint bookrunners; and Regions Bank, as syndication agent. The Amended and Restated Credit Agreement amended and restated that certain Credit Agreement, dated as of June 15, 2015, by and among us, certain of our direct and indirect Domestic Subsidiaries, the lenders party thereto, and TD Bank, N.A., as administrative agent and swingline lender, as previously amended. The Amended and Restated Credit Agreement is currently unsecured; however, should any Springing Lien Trigger Event (as defined in the Amended and Restated Credit Agreement) occur, we and certain of our direct and indirect Domestic Subsidiaries would be required to enter into certain documents that create in favor of TD Bank, N.A., as administrative agent, and the lenders party to such documents a legal, valid, and enforceable ‎first priority Lien on the Collateral described therein.

The Amended and Restated Credit Agreement provides for a revolving line of credit of $100.0 million at any one time, or the Revolving Line. The Revolving Line bears interest at either the Base Rate or LIBOR rate, plus an applicable margin based on our consolidated leverage ratio. The Amended and Restated Credit Agreement also provides a swingline facility in the maximum amount of $5.0 million at any one time (subject to availability under the Revolving Line). Each Swingline Loan (as defined in the Amended and Restated Credit Agreement) bears interest at the Base Rate, plus an applicable margin based on our consolidated leverage ratio.

Subject to the satisfaction of certain terms and conditions described in the Amended and Restated Credit Agreement, we have an option to increase the Revolving Line by an aggregate amount not exceeding $50.0 million. The Revolving Line matures on the earlier of August 24, 2025, or the date that is six months in advance of the earliest maturity of any Permitted Notes under the Amended and Restated Credit Agreement.

As of January 31, 2021, we did not have any borrowings outstanding on the Revolving Line. Had there been borrowings, they would have borne an interest rate of 1.63%, which is equal to the LIBOR rate plus an applicable margin.

The Amended and Restated Credit Agreement contains customary limitations, including limitations on indebtedness, liens, fundamental changes to business or organizational structure, investments, loans, advances, guarantees, and acquisitions, asset sales, dividends, stock repurchases, stock redemptions, and the redemption or prepayment of other debt, and transactions with affiliates. We are also subject to financial covenants, including a minimum consolidated fixed charge coverage ratio and a maximum consolidated leverage ratio.

Letters of Credit – At January 31, 2021, we had outstanding letters of credit aggregating $2.7 million, which included a $1.5 million letter of credit to collateralize our captive insurance company.

Fair Value Measurement

9 Months Ended

Jan. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurement

(7) 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 condensed 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 $59.7 million and $125.0 million as of January 31, 2021 and April 30, 2020, 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).

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.

We currently do not have any Level 2 or Level 3 financial assets or liabilities as of January 31, 2021.

Inventories

9 Months Ended

Jan. 31, 2021

Inventory Disclosure [Abstract]

Inventories

(8) Inventories:

The following table sets forth a summary of inventories, net of reserves, stated at lower of cost or net realizable value, as of January 31, 2021 and April 30, 2020 (in thousands):

	January 31, 2021		April 30, 2020
Finished goods	$	23,732	$	60,400
Finished parts		44,930		29,619
Work in process		8,021		6,787
Raw material		7,763		6,935
Total inventories	$	84,446	$	103,741

Accrued Expenses and Deferred Revenue

9 Months Ended

Jan. 31, 2021

Payables And Accruals [Abstract]

Accrued Expenses and Deferred Revenue

(9) Accrued Expenses and Deferred Revenue:

The following table sets forth other accrued expenses as of January 31, 2021 and April 30, 2020 (in thousands):

	January 31, 2021		April 30, 2020
Accrued taxes other than income (a)	$	10,758	$	21,256
Deferred revenue (b)		5,048		14,744
Accrued employee benefits		4,753		4,407
Accrued distributor incentives		4,532		2,253
Accrued rebates and promotions		4,125		3,335
Accrued other		3,678		5,456
Accrued professional fees		2,519		3,675
Current portion of operating lease obligation		1,319		1,506
Current portion of finance lease obligation		1,073		1,046
Total accrued expenses and deferred revenue	$	37,805	$	57,678

(a)

Decrease in accrued taxes other than income is due to the deferral of federal excise tax payments allowed by the Tax and Trade Bureau as a result of the COVID-19 pandemic as of April 30, 2020.

(b)

Decrease in deferred revenue due to the fulfillment of performance obligations related to promotional activity.

Stockholders' Equity

9 Months Ended

Jan. 31, 2021

Equity [Abstract]

Stockholders' Equity

(10) Stockholders’ Equity:

Treasury Stock

On December 15, 2020, 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 until December 14, 2021. As of January 31, 2021, we completed this stock repurchase program by repurchasing 2,737,489 shares of our common stock for $50.0 million utilizing cash on hand.

On March 2, 2021, our Board of Directors approved a program to repurchase up to $100.0 million of our outstanding shares of common stock through March 1, 2022. The amount and timing of any repurchases will depend on a number of factors, including price, trading volume, general market conditions, legal requirements, and other factors. The repurchases may be made on the open market, in block trades, or in privately negotiated transactions. Any shares of common stock repurchased under the program will be considered issued but not outstanding shares of our common stock.

Earnings/(loss) per Share

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 share for the three and nine months ended January 31, 2021 and 2020 (in thousands, except per share data):

	For the Three Months Ended January 31,				For the Nine Months Ended January 31,
	2021		2020		2021		2020
Net income/(loss)
Income from continuing operations	$	62,263	$	4,227	$	154,679	$	6,755
Income/(loss) from discontinued operations		127		1,504		8,334		(1,839	)
Net income	$	62,390	$	5,731	$	163,013	$	4,916
Weighted average shares outstanding — Basic		55,137		55,064		55,515		54,919
Effect of dilutive stock awards		565		680		743	722
Weighted average shares outstanding — Diluted		55,702		55,744		56,258		55,641
Earnings/(loss) per share — Basic
Income from continuing operations	$	1.13	$	0.08	$	2.79	$	0.12
Income/(loss) from discontinued operations	—		$	0.02	$	0.15	$	(0.03	)
Net income	$	1.13	$	0.10	$	2.94	$	0.09
Earnings/(loss) per share — Diluted
Income from continuing operations	$	1.12	$	0.08	$	2.75	$	0.12
Income/(loss) from discontinued operations	—		$	0.02	$	0.15	$	(0.03	)
Net income	$	1.12	$	0.10	$	2.90	$	0.09

For the three months ended January 31, 2021 and 2020, the amount of shares excluded from the computation of diluted earnings per share was 14,994 and 20,664, respectively, because the effect would be antidilutive. For the nine months ended January 31, 2021 and 2020, the amount of shares we excluded from the computation of diluted earnings was 16,724 and 24,843, respectively, because the effect would be antidilutive.

Incentive Stock and Employee Stock Purchase Plans

We have two incentive stock plans: 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 2013 Annual Meeting of Stockholders. All new grants covering all participants are issued under the 2013 Incentive Stock Plan. Except in specific circumstances, grants vest over a period of four years, and stock options are exercisable for a period of 10 years from the date of grant. The 2013 Incentive Stock Plan also permits the grant of awards to non-employees, which our board of directors has authorized in the past.

The number of shares and weighted average exercise prices of stock options for the nine months ended January 31, 2021 and 2020 were as follows:

	For the Nine Months Ended January 31,
	2021					2020
				Weighted					Weighted
				Average					Average
	Shares			Exercise Price		Shares			Exercise Price
Options outstanding, beginning of year		200,667		$	7.67		267,761		$	6.76
Exercised during the period		(200,667	)		7.67		(15,000	)		5.79
Canceled/forfeited during period	—			—			(160,667	)		8.89
Options outstanding, end of period	—			—			92,094		$	3.22
Weighted average remaining contractual life	—					0.45 years
Options exercisable, end of period	—			—			92,094		$	3.22
Weighted average remaining contractual life	—					0.45 years

There were no outstanding stock options as of January 31, 2021. The aggregate intrinsic value of outstanding and exercisable stock options as of January 31, 2020 was $571,000. The aggregate intrinsic value of stock options exercised in the three and nine months ended January 31, 2021 was $151,000 and $2.9 million, respectively. The aggregate intrinsic value of stock options exercised in the three and nine months ended January 31, 2020 was $100,000. At January 31, 2021 and 2020, there was no unrecognized compensation expense related to outstanding stock options.

We have an Employee Stock Purchase Plan, or the ESPP, in which each participant is granted an option to purchase our common stock on each subsequent exercise date during the offering period (as such terms are defined in the ESPP) in accordance with the terms of the ESPP.

The total stock-based compensation expense, including stock options, purchases under our ESPP, restricted stock units, or RSUs, and performance-based RSUs, or PSUs, was $3.4 million and $941,000 for the nine months ended January 31, 2021 and 2020, respectively. Stock-based compensation expense is included in cost of sales, sales and marketing, research and development, and general and administrative expenses.

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

We grant PSUs to our executive officers and certain management employees who are not executive officers. The PSUs vest, and the fair value of such PSUs will be recognized, over the corresponding three-year performance period.

During the nine months ended January 31, 2021, we granted an aggregate of 234,007 service-based RSUs, including 139,976 RSUs to non-executive officer employees, and 25,570 RSUs to our directors. During the nine months ended January 31, 2021, we granted 36,308 PSUs to certain of our executive officers. Compensation expense related to grants of RSUs and PSUs was $2.6 million for the nine months ended January 31, 2021. During the nine months ended January 31, 2021, we cancelled 92,500 PSUs as a result of the failure to satisfy the performance metric and 88,219 service-based RSUs as a result of the service condition not being met. In connection with the vesting of RSUs, during the nine months ended January 31, 2021, we delivered common stock to our employees and directors, including our executive officers, with a total market value of $7.0 million.

During the nine months ended January 31, 2020, we granted an aggregate of 255,911 service-based RSUs, including 140,271 RSUs to non-executive officer employees, and 115,640 to our directors. Compensation expense related to grants of RSUs and PSUs was $789,000 for the nine months ended January 31, 2020. During the nine months ended January 31, 2020, we cancelled 210,300 PSUs as a result of the service condition not being met, 156,725 PSUs as a result of failure to satisfy the performance metric, and 236,319 service-based RSUs as a result of the service condition not being met. In connection with the vesting of RSUs, during the nine months ended January 31, 2020, we delivered common stock to our employees and directors, including our executive officers, with a total market value of $2.2 million.

A summary of activity for unvested RSUs and PSUs for the nine months ended January 31, 2021 and 2020 is as follows:

	For the Nine Months Ended January 31,
	2021					2020
				Weighted					Weighted
	Total # of			Average		Total # of			Average
	Restricted			Grant Date		Restricted			Grant Date
	Stock Units			Fair Value		Stock Units			Fair Value
RSUs and PSUs outstanding, beginning of period		1,313,974		$	11.65		1,631,631		$	15.44
Awarded		270,315			16.54		255,911			7.55
Vested		(404,608	)		14.61		(249,408	)		17.53
Forfeited		(180,719	)		15.19		(603,344	)		15.40
RSUs and PSUs outstanding, end of period		998,962		$	11.13		1,034,790		$	13.01

As of January 31, 2021, there was $4.0 million of unrecognized compensation expense related to unvested RSUs and PSUs. This expense is expected to be recognized over a weighted average remaining contractual term of 1.4 years.

Commitments and Contingencies

9 Months Ended

Jan. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

(11) Commitments and Contingencies:

Litigation

In January 2018, Gemini Technologies, Incorporated, or Gemini, commenced an action against us in the U.S. District Court for the District of Idaho, or the District Court. The complaint alleges, among other things, that we breached the earn-out and other provisions of the Asset Purchase Agreement and ancillary agreements between the parties in connection with our 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, or the Ninth Circuit. On July 24, 2019, the Ninth Circuit reversed the dismissal and remanded the case to the District Court to perform a traditional forum non conveniens analysis. On September 6, 2019, the parties stipulated that they do not contest that the venue is proper in the District of Idaho. On November 4, 2019, we filed an answer to Gemini’s complaint and a counterclaim against Gemini and its stockholders at the time of the signing of the Asset Purchase Agreement. Plaintiffs amended their complaint to add a claim of fraud in the inducement. We believe the claims asserted in the complaint have no merit, and we intend to aggressively defend this action.

We are a defendant in four product liability cases and are aware of two 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, or the City, 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. On July 8, 2019, defendants filed a Petition to Transfer jurisdiction to the Indiana Supreme Court. Briefing was completed in the Indiana Supreme Court on August 5, 2019. On November 26, 2019, the Indiana Supreme Court denied our petition to transfer. The case was returned to the trial court.

In August 2019, Primus Group, LLC filed an action in the U.S. District Court for the Southern District of Ohio Eastern Division against us and other firearm manufacturers, alleging Racketeer Influenced Corrupt Organizations Act (RICO) violations, racketeering enterprise, and intentional misrepresentation. Plaintiff, which operates as an “entertainment venue” in Columbus, Ohio, purports to bring this action on behalf of “all persons entitled to freely attend schools, shopping locations, churches, entertainment venues, and workplaces in the United States without the intrusion of individuals armed with assault weapons.” In addition to compensatory and punitive damages, plaintiff seeks preliminary and permanent injunctive relief enjoining the distribution and sale of “assault weapons.” On August 20, 2019, the court denied without prejudice plaintiff’s Motion for Temporary Restraining Order. On September 3, 2019, defendants moved to dismiss plaintiff’s complaint. On September 16, 2019, plaintiff filed an amended complaint, adding claims of public nuisance, negligent design, and failure to warn. On October 9, 2019, the U.S. District Court granted defendants’ motion, dismissing the case in its entirety. On October 11, 2019, plaintiff filed a notice of appeal with the U.S. Court of Appeals for the Sixth

Circuit, or the Sixth Circuit. On November 1, 2019, the Sixth Circuit dismissed plaintiff’s appeal for failure to pay the required fee. On November 4, 2019, plaintiff-appellant filed, and the Sixth Circuit granted, a motion to reinstate the case. However, on March 13, 2020, at the request of the Appellant and based on the death of co-counsel, the Sixth Circuit held the case in abeyance and ordered that the Appellant file a status report every 30 days. On April 14, 2020, the Appellant filed a Status Report stating that it intended to reactivate the case or dismiss the appeal within 60 days. On October 21, 2020, the Appellant filed its opening brief with the Sixth Circuit. The Appellees filed their reply brief on November 18, 2020. On February 8, 2021, the Sixth Circuit affirmed the trials court’s dismissal of the case.

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. On November 21, 2019, the court granted defendants’ motion to dismiss plaintiffs’ second amended complaint, with prejudice. On August 27, 2020, the plaintiffs filed a Motion for Entry of Final and Appealable Order. We opposed, and on November 4, 2020, the court issued an order denying plaintiffs’ motion. On November 13, 2020, the plaintiffs filed a Notice of Appeal. On November 18, 2020, the Fourth District Court of Appeal of the State of Florida, or the Court of Appeal, issued an order requiring plaintiffs to file a brief explaining the basis for the court’s jurisdiction and how their appeal is timely given the order rendered November 22, 2019. On November 25, 2020, plaintiffs-appellants filed a jurisdictional brief. On December 7, 2020, we filed our response, incorporating a motion to dismiss. On December 28, 2020, the Court of Appeal denied our motion to dismiss, and ordered that the case proceed as a Petition for Writ of Certiorari. On February 18, 2021, plaintiffs-petitioners filed their petition with the Court of Appeal.

We are a defendant in a putative class proceeding before the Ontario Superior Court of Justice in Toronto, Canada. The action was filed on December 16, 2019. The action claims CAD$50 million in aggregate general damages, CAD$100 million in aggregate punitive damages, special damages in an unspecified amount, together with interest and legal costs. The named plaintiffs are two victims of a shooting that took place in Toronto on July 22, 2018 and their family members. One victim was shot and injured during the shooting. The other suffered unspecified injuries while fleeing the shooting. The plaintiffs are seeking to certify a claim on behalf of classes that include all persons who were killed or injured in the shooting and their immediate family members. The plaintiffs allege negligent design and public nuisance. The case has not been certified as a class action. On July 13, 2020, we filed a Notice of Motion for an order striking the claim and dismissing the action in its entirety. On February 11, 2021, the court granted our motion in part and denied it in part. We intend to file a motion for leave to appeal the court’s decision.

In May 2020, we were named in an action related to the Chabad of Poway synagogue shooting that took place on April 27, 2019. The complaint was filed in the Superior Court of the State of California, for the County of San Diego – Central, and asserts claims against us for product liability, unfair competition, negligence, and public nuisance. The plaintiffs allege they were present at the synagogue on the day of the incident and suffered physical and/or emotional injury. The plaintiffs seek compensatory and punitive damages, attorneys’ fees, and injunctive relief. On September 3, 2020, we filed a demurrer and motion to strike, seeking to dismiss plaintiffs’ complaint. The plaintiffs filed an opposition to our motion on December 18, 2020. Our reply to plaintiffs’ opposition was filed on January 15, 2021. On January 14, 2021, the court granted the application of several law professors who sought leave to file an amicus brief in support of our demurrer. Plaintiffs have an opportunity to file an amicus to respond to the law professors’ brief. The hearing on our motion was rescheduled to June 8, 2021.

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

John Pidcock, as trustee of the ASPC Creditor Trust (appointed under the plan of reorganization of AcuSport Corp., or AcuSport, as debtor in possession under chapter 11 of the U.S. Bankruptcy Code), is the plaintiff in two separate actions against us in the U.S. Bankruptcy Court for the Southern District of Ohio. The first seeks recovery of alleged preferential transfers received by us from AcuSport in the aggregate amount of $4.2 million. The second seeks turnover of goods allegedly owed to AcuSport by us under one or more of our promotional programs in the amount of $1.5 million. We have filed answers to both complaints denying all material allegations and asserting affirmative defenses. Mediation was held on December 10, 2020, and was unsuccessful in resolving these cases. We believe we have strong defenses to these actions and intend to continue to vigorously defend them.

We believe that the various allegations as described above are unfounded.

In addition, from time to time, we are involved in lawsuits, claims, investigations, and proceedings, including commercial, environmental, premises 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 $50.0 million. 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 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.

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.

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

Subsequent Events

9 Months Ended

Jan. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

(12) Subsequent Events:

Dividends

On March 2, 2021, our Board of Directors authorized a regular quarterly dividend for stockholders of $0.05 per share. The dividend will be for stockholders of record as of market close on March 17, 2021 and is payable on March 31, 2021.

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Jan. 31, 2021
Accounting Policies [Abstract]
Interim Financial Information	Interim Financial Information – The condensed consolidated balance sheet as of January 31, 2021, the condensed consolidated statements of income/(loss) and comprehensive income/(loss) for the three and nine months ended January 31, 2021 and 2020, the condensed consolidated statements of changes in stockholders’ equity for the three and nine months ended January 31, 2021 and 2020, and the condensed consolidated statements of cash flows for the nine months ended January 31, 2021 and 2020 have been prepared by us without audit. 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 January 31, 2021 and for the periods presented, have been included. All intercompany transactions have been eliminated in consolidation. The consolidated balance sheet as of April 30, 2020 has been derived from our audited consolidated financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2020. The results of operations for the three and nine months ended January 31, 2021 may not be indicative of the results that may be expected for the fiscal year ending April 30, 2021, or any other period.
Recently Issued Accounting Standards	Recently Issued Accounting Standards – In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update, or ASU, 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, or ASU 2016-13. ASU 2016-13 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 ASU 2016-13 are effective for financial statements for annual periods beginning after December 15, 2019, and early adoption is permitted. We adopted ASU 2016-13 on May 1, 2020, and the adoption of ASU 2016-13 did not have a material impact on our condensed consolidated financial statements.

Discontinued Operations (Tables)

9 Months Ended

Jan. 31, 2021

Discontinued Operations And Disposal Groups [Abstract]

Summary of Results of Discontinued Operations

	For the Three Months Ended January 31,						For the Nine Months Ended January 31,
	2021			2020			2021			2020
	(In thousands)
Net revenues	$	—		$	39,279		$	61,249		$	108,178
Cost of sales		—			19,763			27,147			58,402
Operating expenses		—			17,420			23,458			52,175
Interest (expense)/income, net		(6	)		—			(6	)		21
Other income/(expense), net		—			(7	)		118			(7	)
(Loss)/income from discontinued operations before income taxes	$	(6	)	$	2,089		$	10,756		$	(2,385	)
Income tax (benefit)/expense		(133	)		585			2,422			(546	)
Income/(loss) from discontinued operations, net of tax	$	127		$	1,504		$	8,334		$	(1,839	)

The following table summarizes the carrying amounts of major classes of assets and liabilities of discontinued operations for each of the periods presented:

	As of:
	January 31, 2021		April 30, 2020
	(In thousands)
Cash and cash equivalents	$	—	$	387
Accounts receivable, net	—			32,554
Inventories	—			60,450
Prepaid expenses and other current assets	—			1,282
Property, plant, and equipment, net	—			9,678
Intangible assets, net	—			69,379
Goodwill	—			64,581
Deferred income taxes	—			2,950
Other assets	—			1,897
Total assets of discontinued operations	$	—	$	243,158
Current liabilities	$	—	$	17,372
Other non-current liabilities		—		2,299
Total liabilities of discontinued operations	$	—	$	19,671

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Leases (Tables)

9 Months Ended

Jan. 31, 2021

Leases [Abstract]

Schedule of Assets and Liabilities Related to Operating and Financing Leases

The amounts of assets and liabilities related to our operating and financing leases as of January 31, 2021 were as follows (in thousands):

	Balance Sheet Caption	January 31, 2021
Operating Leases
Right-of-use assets		$	7,273
Accumulated amortization			(2,183	)
Right-of-use assets, net	Other assets	$	5,090

Current liabilities	Accrued expenses and deferred revenue	$	1,319
Non-current liabilities	Other non-current liabilities		3,951
Total operating lease liabilities		$	5,270
Finance Leases
Right-of-use assets		$	40,986
Accumulated depreciation			(3,706	)
Right-of-use assets, net	Property, plant, and equipment, net	$	37,280

Current liabilities	Accrued expenses and deferred revenue		1,073
Non-current liabilities	Finance lease payable, net of current portion		39,060
Total finance lease liabilities		$	40,133

Summary of Future Lease Payments for Operating and Finance Leases

Future lease payments for all our operating and finance leases for succeeding fiscal years is as follows (in thousands):

	Operating			Financing			Total
2021	$	413		$	761		$	1,174
2022		1,546			3,056			4,602
2023		1,554			3,071			4,625
2024		1,545			3,125			4,670
2025		326			3,180			3,506
Thereafter		712			48,783			49,495
Total future lease payments		6,096			61,976			68,072
Less amounts representing interest		(826	)		(21,843	)		(22,669	)
Present value of lease payments		5,270			40,133			45,403
Less current maturities of lease liabilities		(1,319	)		(1,073	)		(2,392	)
Long-term maturities of lease liabilities	$	3,951		$	39,060		$	43,011

Intangible Assets (Tables)

9 Months Ended

Jan. 31, 2021

Intangible Assets Gross Excluding Goodwill [Abstract]

Summary of Intangible Assets

The following table presents a summary of intangible assets as of January 31, 2021 and April 30, 2020 (in thousands):

	January 31, 2021							April 30, 2020
	Gross							Gross
	Carrying		Accumulated			Net Carrying		Carrying		Accumulated			Net Carrying
	Amount		Amortization			Amount		Amount		Amortization			Amount
Customer relationships	$	2,580	$	(2,041	)	$	539	$	2,580	$	(1,932	)	$	648
Developed technology		200		(194	)		6		200		(176	)		24
Patents, trademarks, and trade names		8,242		(5,367	)		2,875		8,140		(5,091	)		3,049
		11,022		(7,602	)		3,420		10,920		(7,199	)		3,721
Patents in progress		1,016		—			1,016		654		—			654
Total definite-lived intangible assets	$	12,038	$	(7,602	)	$	4,436	$	11,574	$	(7,199	)	$	4,375

Schedule of Future Expected Amortization Expense

Estimated amortization expense of intangible assets for the remainder of fiscal 2021 and succeeding fiscal years is as follows (in thousands):

Fiscal	Amount
2021	$	134
2022		495
2023		454
2024		445
2025		434
Thereafter		1,458
Total	$	3,420

Inventories (Tables)

9 Months Ended

Jan. 31, 2021

Inventory Disclosure [Abstract]

Summary of Inventories

The following table sets forth a summary of inventories, net of reserves, stated at lower of cost or net realizable value, as of January 31, 2021 and April 30, 2020 (in thousands):

	January 31, 2021		April 30, 2020
Finished goods	$	23,732	$	60,400
Finished parts		44,930		29,619
Work in process		8,021		6,787
Raw material		7,763		6,935
Total inventories	$	84,446	$	103,741

Accrued Expenses and Deferred Revenue (Tables)

9 Months Ended

Jan. 31, 2021

Payables And Accruals [Abstract]

Summary of Accrued Expenses

The following table sets forth other accrued expenses as of January 31, 2021 and April 30, 2020 (in thousands):

	January 31, 2021		April 30, 2020
Accrued taxes other than income (a)	$	10,758	$	21,256
Deferred revenue (b)		5,048		14,744
Accrued employee benefits		4,753		4,407
Accrued distributor incentives		4,532		2,253
Accrued rebates and promotions		4,125		3,335
Accrued other		3,678		5,456
Accrued professional fees		2,519		3,675
Current portion of operating lease obligation		1,319		1,506
Current portion of finance lease obligation		1,073		1,046
Total accrued expenses and deferred revenue	$	37,805	$	57,678

(a)

Decrease in accrued taxes other than income is due to the deferral of federal excise tax payments allowed by the Tax and Trade Bureau as a result of the COVID-19 pandemic as of April 30, 2020.

(b)

Decrease in deferred revenue due to the fulfillment of performance obligations related to promotional activity.

Stockholders' Equity (Tables)

9 Months Ended

Jan. 31, 2021

Equity [Abstract]

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

	For the Three Months Ended January 31,				For the Nine Months Ended January 31,
	2021		2020		2021		2020
Net income/(loss)
Income from continuing operations	$	62,263	$	4,227	$	154,679	$	6,755
Income/(loss) from discontinued operations		127		1,504		8,334		(1,839	)
Net income	$	62,390	$	5,731	$	163,013	$	4,916
Weighted average shares outstanding — Basic		55,137		55,064		55,515		54,919
Effect of dilutive stock awards		565		680		743	722
Weighted average shares outstanding — Diluted		55,702		55,744		56,258		55,641
Earnings/(loss) per share — Basic
Income from continuing operations	$	1.13	$	0.08	$	2.79	$	0.12
Income/(loss) from discontinued operations	—		$	0.02	$	0.15	$	(0.03	)
Net income	$	1.13	$	0.10	$	2.94	$	0.09
Earnings/(loss) per share — Diluted
Income from continuing operations	$	1.12	$	0.08	$	2.75	$	0.12
Income/(loss) from discontinued operations	—		$	0.02	$	0.15	$	(0.03	)
Net income	$	1.12	$	0.10	$	2.90	$	0.09

Share Based Compensation Stock Options Activity

The number of shares and weighted average exercise prices of stock options for the nine months ended January 31, 2021 and 2020 were as follows:

	For the Nine Months Ended January 31,
	2021					2020
				Weighted					Weighted
				Average					Average
	Shares			Exercise Price		Shares			Exercise Price
Options outstanding, beginning of year		200,667		$	7.67		267,761		$	6.76
Exercised during the period		(200,667	)		7.67		(15,000	)		5.79
Canceled/forfeited during period	—			—			(160,667	)		8.89
Options outstanding, end of period	—			—			92,094		$	3.22
Weighted average remaining contractual life	—					0.45 years
Options exercisable, end of period	—			—			92,094		$	3.22
Weighted average remaining contractual life	—					0.45 years

Summary of Activity for Unvested RSUs and PSUs

A summary of activity for unvested RSUs and PSUs for the nine months ended January 31, 2021 and 2020 is as follows:

	For the Nine Months Ended January 31,
	2021					2020
				Weighted					Weighted
	Total # of			Average		Total # of			Average
	Restricted			Grant Date		Restricted			Grant Date
	Stock Units			Fair Value		Stock Units			Fair Value
RSUs and PSUs outstanding, beginning of period		1,313,974		$	11.65		1,631,631		$	15.44
Awarded		270,315			16.54		255,911			7.55
Vested		(404,608	)		14.61		(249,408	)		17.53
Forfeited		(180,719	)		15.19		(603,344	)		15.40
RSUs and PSUs outstanding, end of period		998,962		$	11.13		1,034,790		$	13.01

Organization - Additional Information (Detail)	9 Months Ended
Organization - Additional Information (Detail)	Jan. 31, 2021 Segment
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

Discontinued Operations - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Oct. 31, 2020	Jan. 31, 2021	Jan. 31, 2020	Aug. 24, 2020	Aug. 10, 2020
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Reverse stock split description				one share of AOUT common stock for every four shares of our common stock
Business separation expenses				$ 8,400,000
Income/(loss) from discontinued operations, net of tax	$ 127,000	$ 1,504,000		8,334,000	$ (1,839,000)
Outdoor Products and Accessories Business
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Income/(loss) from discontinued operations, net of tax	127,000,000	$ 1,500,000		8,300,000	$ (1,800,000)
American Outdoor Brands Inc.
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Stockholders ownership percentage						0.00%	100.00%
Gain/(loss) recognized on Separation			$ 0
Cash distributed for Separation				25,000,000.0
Divested net assets	$ 260,400,000			$ 260,400,000

Discontinued Operations - Summary of Major Business Line Items Included in Discontinued Operations in Condensed Consolidation Statements of Income/(Loss) and Comprehensive Income/(Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
(Loss)/income from discontinued operations before income taxes	$ 127	$ 1,504	$ 8,334	$ (1,839)
Income/(loss) from discontinued operations, net of tax	127	1,504	8,334	(1,839)
Outdoor Products and Accessories Business
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Income/(loss) from discontinued operations, net of tax	127,000	1,500	8,300	(1,800)
Spin-off \| Outdoor Products and Accessories Business
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net revenues		39,279	61,249	108,178
Cost of sales		19,763	27,147	58,402
Operating expenses		17,420	23,458	52,175
Interest (expense)/income, net	(6)		(6)	21
Other income/(expense), net		(7)	118	(7)
(Loss)/income from discontinued operations before income taxes	(6)	2,089	10,756	(2,385)
Income tax (benefit)/expense	(133)	585	2,422	(546)
Income/(loss) from discontinued operations, net of tax	$ 127	$ 1,504	$ 8,334	$ (1,839)

Discontinued Operations - Summary of Carrying Amounts of Major Classes of Assets and Liabilities of Discontinued Operations (Detail) $ in Thousands	Apr. 30, 2020 USD ($)
Discontinued Operations And Disposal Groups [Abstract]
Cash and cash equivalents	$ 387
Accounts receivable, net	32,554
Inventories	60,450
Prepaid expenses and other current assets	1,282
Property, plant, and equipment, net	9,678
Intangible assets, net	69,379
Goodwill	64,581
Deferred income taxes	2,950
Other assets	1,897
Total assets of discontinued operations	243,158
Current liabilities	17,372
Other non-current liabilities	2,299
Total liabilities of discontinued operations	$ 19,671

Leases - Schedule of Assets and Liabilities Related to Operating and Financing Leases (Detail) - USD ($) $ in Thousands	Jan. 31, 2021	Apr. 30, 2020
Operating Leases
Right-of-use assets	$ 7,273
Accumulated amortization	(2,183)
Right-of-use assets, net	$ 5,090
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent
Current liabilities	$ 1,319	$ 1,506
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	swbi:AccruedExpensesAndDeferredRevenueCurrent
Non-current liabilities	$ 3,951
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent
Total operating lease liabilities	$ 5,270
Finance Leases
Right-of-use assets	40,986
Accumulated depreciation	(3,706)
Right-of-use assets, net	$ 37,280
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentNet
Current liabilities	$ 1,073	1,046
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	swbi:AccruedExpensesAndDeferredRevenueCurrent
Non-current liabilities	$ 39,060	$ 39,873
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:FinanceLeaseLiabilityNoncurrent
Total finance lease liabilities	$ 40,133

Leases - Additional Information (Detail)	3 Months Ended	9 Months Ended
Leases - Additional Information (Detail)	Jan. 31, 2021 USD ($)	Jan. 31, 2021 USD ($)
Lessee Lease Description [Line Items]
Operating lease cost	$ 420,000	$ 1,300,000
Short-term operating lease costs	38,000	168,000
Financing lease Amortization	525,000	1,500,000
Financing lease interest expense	$ 504,000	$ 1,000,000
Operating leases, weighted average lease term	4 years 3 months 18 days	4 years 3 months 18 days
Operating leases, weighted average discount rate	4.50%	4.50%
Financing leases, weighted average lease term	17 years 8 months 12 days	17 years 8 months 12 days
Financing leases, weighted average discount rate	5.00%	5.00%
Cash paid for amounts included in measurement of liabilities and operating cash flows	$ 1,100,000	$ 3,600,000
National Logistics Facility
Lessee Lease Description [Line Items]
Percentage of sublease		59.00%
National Logistics Facility \| Other Income/(Expense)
Lessee Lease Description [Line Items]
Income related to sublease agreement		$ 1,100,000

Leases - Summary of Future Lease Payments for Operating and Finance Leases (Detail) - USD ($) $ in Thousands	Jan. 31, 2021	Apr. 30, 2020
Operating and Finance Lease liabilities payments
2021	$ 1,174
2022	4,602
2023	4,625
2024	4,670
2025	3,506
Thereafter	49,495
Total future lease payments	68,072
Less amounts representing interest	(22,669)
Present value of lease payments	45,403
Less current maturities of lease liabilities	(2,392)
Long-term maturities of lease liabilities	43,011
Operating Leases
2021	413
2022	1,546
2023	1,554
2024	1,545
2025	326
Thereafter	712
Total future lease payments	6,096
Less amounts representing interest	(826)
Total operating lease liabilities	5,270
Less current maturities of lease liabilities	(1,319)	$ (1,506)
Long-term maturities of lease liabilities	3,951
Financing Leases
2021	761
2022	3,056
2023	3,071
2024	3,125
2025	3,180
Thereafter	48,783
Total future lease payments	61,976
Less amounts representing interest	(21,843)
Total finance lease liabilities	40,133
Less current maturities of lease liabilities	(1,073)	(1,046)
Long-term maturities of lease liabilities	$ 39,060	$ 39,873

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	Jan. 31, 2021	Apr. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	$ 12,038	$ 11,574
Total definite-lived intangible assets, Accumulated Amortization	(7,602)	(7,199)
Total definite-lived intangible assets, Net Carrying Amount	4,436	4,375
Total Intangible assets, Net Carrying Amount	4,436	4,375
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	2,580	2,580
Total definite-lived intangible assets, Accumulated Amortization	(2,041)	(1,932)
Total definite-lived intangible assets, Net Carrying Amount	539	648
Developed technology
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	200	200
Total definite-lived intangible assets, Accumulated Amortization	(194)	(176)
Total definite-lived intangible assets, Net Carrying Amount	6	24
Patents, trademarks, and trade names
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	8,242	8,140
Total definite-lived intangible assets, Accumulated Amortization	(5,367)	(5,091)
Total definite-lived intangible assets, Net Carrying Amount	2,875	3,049
Definite-lived intangible assets excluding patents in progress
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	11,022	10,920
Total definite-lived intangible assets, Accumulated Amortization	(7,602)	(7,199)
Total definite-lived intangible assets, Net Carrying Amount	3,420	3,721
Patents in progress
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	1,016	654
Total definite-lived intangible assets, Net Carrying Amount	$ 1,016	$ 654

Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 135,000	$ 86,000	$ 403,000	$ 413,000
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

Intangible Assets - Schedule of Future Expected Amortization Expense (Detail) - USD ($) $ in Thousands	Jan. 31, 2021	Apr. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Net Carrying Amount	$ 4,436	$ 4,375
Outdoor Products & Accessories Segment
Finite-Lived Intangible Assets [Line Items]
2021	134
2022	495
2023	454
2024	445
2025	434
Thereafter	1,458
Total definite-lived intangible assets, Net Carrying Amount	$ 3,420

Notes, Loans Payable, and Financing Arrangements - Additional Information (Detail) - USD ($)		9 Months Ended
	Aug. 24, 2020	Jan. 31, 2021
Maximum
Debt Instrument [Line Items]
Swingline Loan	$ 5,000,000.0
Swingline Loan
Debt Instrument [Line Items]
Interest description of revolving line of credit		Each Swingline Loan (as defined in the Amended and Restated Credit Agreement) bears interest at the Base Rate, plus an applicable margin based on our consolidated leverage ratio.
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity	100,000,000.0
Interest description of revolving line of credit		The Revolving Line bears interest at either the Base Rate or LIBOR rate, plus an applicable margin based on our consolidated leverage ratio.
Credit facility additional borrowing capacity option to increase maximum borrowing capacity	$ 50,000,000.0
Credit facility, maturity	Aug. 24, 2025
Credit Facilities
Debt Instrument [Line Items]
Borrowings outstanding		$ 0
Outstanding letters of credit		2,700,000
Credit Facilities \| Self Insurance
Debt Instrument [Line Items]
Outstanding letters of credit		$ 1,500,000
Credit Facilities \| LIBOR Rate
Debt Instrument [Line Items]
Interest rate on borrowings		1.63%

Fair Value Measurement - Additional Information (Detail) - USD ($)	Jan. 31, 2021	Apr. 30, 2020
(Level 1) \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 59,700,000	$ 125,000,000.0
(Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Financial assets	0
Financial liabilities	0
(Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Financial assets	0
Financial liabilities	$ 0

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Jan. 31, 2021	Apr. 30, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 23,732	$ 60,400
Finished parts	44,930	29,619
Work in process	8,021	6,787
Raw material	7,763	6,935
Total inventories	$ 84,446	$ 103,741

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

Jan. 31, 2021

Apr. 30, 2020

Payables And Accruals [Abstract]

Accrued taxes other than income

^[1]

$ 10,758

$ 21,256

Deferred revenue

^[2]

5,048

14,744

Accrued employee benefits

4,753

4,407

Accrued distributor incentives

4,532

2,253

Accrued rebates and promotions

4,125

3,335

Accrued other

3,678

5,456

Accrued professional fees

2,519

3,675

Current portion of operating lease obligation

1,319

1,506

Current portion of finance lease obligation

1,073

1,046

Total accrued expenses and deferred revenue

$ 37,805

$ 57,678

[1]	Decrease in accrued taxes other than income is due to the deferral of federal excise tax payments allowed by the Tax and Trade Bureau as a result of the COVID-19 pandemic as of April 30, 2020.
[2]	Decrease in deferred revenue due to the fulfillment of performance obligations related to promotional activity.

Stockholders' Equity - Additional Information (Detail)		3 Months Ended		9 Months Ended
Stockholders' Equity - Additional Information (Detail)	Dec. 15, 2020 USD ($) shares	Jan. 31, 2021 USD ($) shares	Jan. 31, 2020 USD ($) shares	Jan. 31, 2021 USD ($) OptionPlan shares	Jan. 31, 2020 USD ($) shares	Mar. 02, 2021 USD ($)	Apr. 30, 2020 shares	Apr. 30, 2019 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program Completion date	Jan. 31, 2021
Antidilutive shares excluded from computation of diluted earnings per share		14,994	20,664	16,724	24,843
Number of stock incentive plans \| OptionPlan				2
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		0	92,094	0	92,094		200,667	267,761
Intrinsic value of stock outstanding \| $			$ 571,000		$ 571,000
Intrinsic value of stock exercisable \| $			571,000		571,000
Intrinsic value of stock exercised \| $		$ 151,000	100,000	$ 2,900,000	100,000
Unrecognized compensation expense relating to outstanding stock options \| $		$ 0	0	0	0
Stock-based compensation expense \| $				$ 3,400,000	$ 941,000
Performance period				3 years
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				4 years
Vesting, percentage				0.25%
Stock units, awarded				234,007	255,911
Grant date fair value of vested RSUs and PSUs \| $				$ 7,000,000.0	$ 2,200,000
Stock units, forfeited				88,219	236,319
RSUs \| Non-Executive Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded				139,976	140,271
RSUs \| Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded				25,570	115,640
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, forfeited				92,500	156,725
Performance Shares \| Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded				36,308
Stock units, forfeited				92,500
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense \| $				$ 2,600,000	$ 789,000
Stock units, awarded				270,315	255,911
Stock units, forfeited				180,719	603,344
Unrecognized compensation expense related to unvested RSUs and PSUs \| $			$ 4,000,000.0		$ 4,000,000.0
Weighted average remaining contractual term					1 year 4 months 24 days
Service based PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, forfeited					210,300
2013 Incentive Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				4 years
Stock option, exercisable period				10 years
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares repurchased	2,737,489
Cash on hand utilized for repurchase of shares \| $	$ 50,000,000.0
Common Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized repurchase amount \| $	$ 50,000,000.0
Common Stock \| Maximum \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized repurchase amount \| $						$ 100,000,000.0

Stockholders' Equity - Reconciliation of Net Income Amounts and Weighted Average Number of Common and Common Equivalent Shares Used to Determine Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Net income/(loss)
Income from continuing operations	$ 62,263	$ 4,227	$ 154,679	$ 6,755
Income/(loss) from discontinued operations	127	1,504	8,334	(1,839)
Net income	$ 62,390	$ 5,731	$ 163,013	$ 4,916
Weighted average shares outstanding — Basic	55,137	55,064	55,515	54,919
Effect of dilutive stock awards	565	680	743	722
Weighted average shares outstanding — Diluted	55,702	55,744	56,258	55,641
Earnings/(loss) per share — Basic
Income from continuing operations	$ 1.13	$ 0.08	$ 2.79	$ 0.12
Income/(loss) from discontinued operations		0.02	0.15	(0.03)
Net income	1.13	0.10	2.94	0.09
Earnings/(loss) per share — Diluted
Income from continuing operations	1.12	0.08	2.75	0.12
Income/(loss) from discontinued operations		0.02	0.15	(0.03)
Net income	$ 1.12	$ 0.10	$ 2.90	$ 0.09

Stockholders' Equity - Share Based Compensation Stock Options Activity (Detail) - $ / shares	9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
Shares
Options outstanding, beginning of year, Shares	200,667	267,761
Exercised during the period, Shares	(200,667)	(15,000)
Canceled/forfeited during period, Shares		(160,667)
Options outstanding, end of period, Shares	0	92,094
Weighted average remaining contractual life		5 months 12 days
Options exercisable, end of period, Shares		92,094
Weighted average remaining contractual life		5 months 12 days
Weighted-Average Exercise Price
Options outstanding, beginning of year, Weighted-Average Exercise Price	$ 7.67	$ 6.76
Exercised during period, Weighted-Average Exercise Price	$ 7.67	5.79
Canceled/forfeited during period, Weighted-Average Exercise Price		8.89
Options outstanding, end of period, Weighted-Average Exercise Price		3.22
Options exercisable, end of period, Weighted-Average Exercise Price		$ 3.22

Stockholders' Equity - Summary of Activity for Unvested RSUs and PSUs (Detail) - RSUs and PSUs - $ / shares	9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
Summary of activity in unvested restricted stock units and performance share units
Restricted Stock Units, RSUs and PSUs outstanding, beginning of period	1,313,974	1,631,631
Restricted Stock Units, Awarded	270,315	255,911
Restricted Stock Units, Vested	(404,608)	(249,408)
Restricted Stock Units, Forfeited	(180,719)	(603,344)
Restricted Stock Units, RSUs and PSUs outstanding, end of period	998,962	1,034,790
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	$ 11.65	$ 15.44
Weighted Average Grant Date Fair Value, Awarded	16.54	7.55
Weighted Average Grant Date Fair Value, Vested	14.61	17.53
Weighted Average Grant Date Fair Value, Forfeited	15.19	15.40
Weighted Average Grant Date Fair Value, RSUs and PSUs outstanding, end of period	$ 11.13	$ 13.01

Commitments and Contingencies - Additional Information (Detail) $ in Millions	1 Months Ended	9 Months Ended
	Jan. 31, 2018 USD ($)	Jan. 31, 2020 USD ($) Case Claim Plaintiff	Jan. 31, 2020 CAD ($) Case Claim Plaintiff
Schedule Of Commitments And Contingencies [Line Items]
Number of Product liability cases \| Case		4	4
Number of Other product liability claims \| Claim		2	2
Minimum
Schedule Of Commitments And Contingencies [Line Items]
Compensatory damages sought		$ 75,000
Maximum
Schedule Of Commitments And Contingencies [Line Items]
Compensatory damages sought		$ 50,000,000.0
Putative Class
Schedule Of Commitments And Contingencies [Line Items]
Date of actions filed		December 16, 2019	December 16, 2019
Number of plaintiffs \| Plaintiff		2	2
Putative Class \| General Damages
Schedule Of Commitments And Contingencies [Line Items]
Aggregate damages claims			$ 50
Putative Class \| Compensatory or Punitive Damages
Schedule Of Commitments And Contingencies [Line Items]
Aggregate damages claims			$ 100
John Pidcock
Schedule Of Commitments And Contingencies [Line Items]
Number of plaintiffs \| Plaintiff		2	2
John Pidcock \| Preferential Transfers
Schedule Of Commitments And Contingencies [Line Items]
Compensatory damages sought		$ 4,200,000
John Pidcock \| Turnover of Goods
Schedule Of Commitments And Contingencies [Line Items]
Compensatory damages sought		$ 1,500,000
Gemini Technologies, Incorporated \| Smith & Wesson Corp
Schedule Of Commitments And Contingencies [Line Items]
Compensatory damages sought	$ 18,600,000

Subsequent Events - Additional Information (Detail)	9 Months Ended
Subsequent Events - Additional Information (Detail)	Jan. 31, 2021 $ / shares
Subsequent Events [Abstract]
Dividends payable, date declared	Mar. 02, 2021
Dividends payable, amount per share	$ 0.05
Dividends payable, nature	regular quarterly dividend
Dividends payable, date of record	Mar. 17, 2021
Dividends payable, date to be paid	Mar. 31, 2021