0000950170-24-104004 | 10-Q | XBRL Viewer

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

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Restructuring (Tables)

3 Months Ended

Jul. 31, 2024

Restructuring and Related Activities [Abstract]

Components of restructuring charges

The following table summarizes net restructuring charges by line item for the three months ended July 31, 2024 and 2023 (in thousands):


	For the Three Months Ended July 31,
	2024			2023
Net sales	$	(1,659	)	$	—
Cost of sales		2,841			903
Selling, marketing, and distribution		58			2,195
General and administrative		67			814
Total restructuring charges, net	$	1,307		$	3,912

The components of the net restructuring charges recorded in our condensed consolidated statements of operations were as follows (in thousands):


	For the Three Months Ended July 31,
	2024			2023
Severance and employee-related benefits (a)	$	(308	)	$	931
Relocation (a)		61			237
Consulting services		135			210
Employee relations		52			456
Office rent and equipment		—			2,078
Deep River facility (b)		1,367			—
Total restructuring charges, net	$	1,307		$	3,912

Recorded in accrued payroll and incentives.

As part of the Relocation, we relocated a portion of our plastic injection molding operations from the Deep River facility to our Maryville facility. The amount presented for the three months ended July 31, 2024 represents net sales, cost of sales, and operating expenses for the Deep River operations, to the extent not already included in the other categories of restructuring charges within this schedule.

Schedule of Severance and employee related benefit and Relocation accruals

The following table summarizes the activity in the severance and employee-related benefits and relocation accruals for the three months ended July 31, 2024 (in thousands):


	Severance and employee-related benefits			Relocation			Total (a)
Accrual at April 30, 2024	$	5,527		$	828		$	6,355
Charges		(308	)		61			(247	)
Cash payments and settlements		(898	)		(229	)		(1,127	)
Accrual at July 31, 2024	$	4,321		$	660		$	4,981

Recorded in accrued payroll and incentives.

Accrued Expenses and Deferred Revenue

3 Months Ended

Jul. 31, 2024

Payables and Accruals [Abstract]

Accrued Expenses and Deferred Revenue

(7) Accrued Expenses and Deferred Revenue:

The following table sets forth other accrued expenses as of July 31, 2024 and April 30, 2024 (in thousands):


	July 31, 2024		April 30, 2024
Accrued other	$	6,464	$	4,423
Accrued professional fees		4,882		4,925
Accrued taxes other than income		4,339		5,838
Accrued employee benefits		3,503		2,742
Accrued settlement		3,200		3,200
Accrued distributor incentives		1,824		1,687
Current portion of finance lease obligation		1,597		1,564
Accrued rebates and promotions		1,391		1,485
Current portion of operating lease obligation		687		947
Total accrued expenses and deferred revenue	$	27,887	$	26,811

Notes, Loans Payable, and Financing Arrangements	3 Months Ended
Jul. 31, 2024
Debt Disclosure [Abstract]
Notes, Loans Payable, and Financing Arrangements	(4) Notes and Loans Payable: Credit Facilities — On August 24, 2020, we and certain of our 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 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 subsidiaries would be required to execute certain documents in favor of TD Bank, N.A., as administrative agent, and the lenders party to such documents would have 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 (as defined in the Amended and Restated Credit Agreement) or the SOFR 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 Adjusted Consolidated Leverage Ratio (as defined in the Amended and Restated Credit Agreement). 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 (as defined in the Amended and Restated Credit Agreement) under the Amended and Restated Credit Agreement. On April 28, 2023, we entered into an amendment to our existing credit agreement to, among other things, replace LIBOR with SOFR as the interest rate benchmark and amend the definition of “Consolidated Fixed Charge Coverage Ratio” to exclude unfinanced capital expenditures in connection with the Relocation. As of July 31, 2024, we had $70.0 million of borrowings outstanding on the Revolving Line, bearing interest at an average rate of 7.19%, which is equal to the SOFR 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. As of July 31, 2024, we were compliant with all required financial covenants. Letters of Credit — At July 31, 2024, 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.

Notes, Loans Payable, and Financing Arrangements

3 Months Ended

Jul. 31, 2024

Debt Disclosure [Abstract]

Notes, Loans Payable, and Financing Arrangements

(4) Notes and Loans Payable:

Credit Facilities — On August 24, 2020, we and certain of our 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 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 subsidiaries would be required to execute certain documents in favor of TD Bank, N.A., as administrative agent, and the lenders party to such documents would have 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 (as defined in the Amended and Restated Credit Agreement) or the SOFR 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 Adjusted Consolidated Leverage Ratio (as defined in the Amended and Restated Credit Agreement). 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 (as defined in the Amended and Restated Credit Agreement) under the Amended and Restated Credit Agreement. On April 28, 2023, we entered into an amendment to our existing credit agreement to, among other things, replace LIBOR with SOFR as the interest rate benchmark and amend the definition of “Consolidated Fixed Charge Coverage Ratio” to exclude unfinanced capital expenditures in connection with the Relocation.

As of July 31, 2024, we had $70.0 million of borrowings outstanding on the Revolving Line, bearing interest at an average rate of 7.19%, which is equal to the SOFR 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. As of July 31, 2024, we were compliant with all required financial covenants.

Letters of Credit — At July 31, 2024, 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.

- Definition

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

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+ Details

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive (Loss)/Income	Treasury Stock
Balance at Apr. 30, 2023	$ 384,623	$ 75	$ 283,666	$ 523,184	$ 73	$ (422,375)
Balance (in shares) at Apr. 30, 2023		75,029
Treasury stock (in shares) at Apr. 30, 2023						29,040
Stock-based compensation	1,276		1,276
Issuance of common stock under restricted stock unit awards, net of shares surrendered	(766)		(766)
Issuance of common stock under restricted stock unit awards, net of shares surrendered (in shares)		155
Dividends issued	(5,536)			(5,536)
Net income	3,118			3,118
Balance at Jul. 31, 2023	382,715	$ 75	284,176	520,766	73	$ (422,375)
Balance (in shares) at Jul. 31, 2023		75,184
Treasury stock (in shares) at Jul. 31, 2023						29,040
Balance at Apr. 30, 2024	$ 398,160	$ 75	289,994	540,660	73	$ (432,642)
Balance (in shares) at Apr. 30, 2024	45,561,569	75,395
Treasury stock (in shares) at Apr. 30, 2024	29,833,921					29,834
Stock-based compensation	$ 1,854		1,854
Issuance of common stock under restricted stock unit awards, net of shares surrendered	(1,057)	$ 1	(1,058)
Issuance of common stock under restricted stock unit awards, net of shares surrendered (in shares)		157
Repurchase of treasury stock	(12,958)					$ (12,958)
Repurchase of treasury stock, shares						871
Dividends issued	(5,886)			(5,886)
Unpaid dividends accrued	(21)			(21)
Net income	(2,106)			(2,106)
Balance at Jul. 31, 2024	$ 377,986	$ 76	$ 290,790	$ 532,647	$ 73	$ (445,600)
Balance (in shares) at Jul. 31, 2024	44,847,258	75,552
Treasury stock (in shares) at Jul. 31, 2024	30,704,590					30,705

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Jul. 31, 2024
Accounting Policies [Abstract]
Interim Financial Information	Interim Financial Information – The condensed consolidated balance sheet as of July 31, 2024, the condensed consolidated statements of operations for the three months ended July 31, 2024 and 2023, the condensed consolidated statements of changes in stockholders’ equity for the three months ended July 31, 2024 and 2023, and the condensed consolidated statements of cash flows for the three months ended July 31, 2024 and 2023 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 for the three months ended July 31, 2024 and for the periods presented, have been included. All intercompany transactions have been eliminated in consolidation. The consolidated balance sheet as of April 30, 2024 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 Fiscal 2024 Form 10-K. The results of operations for the three months ended July 31, 2024 may not be indicative of the results that may be expected for the fiscal year ending April 30, 2025, or any other period.
Recently Issued Accounting Standards	Recently Issued Accounting Standards – In November 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update ("ASU") No. 2023-07, Improvements to Reportable Segment Disclosures, which requires incremental disclosures about an entity’s reportable segments but does not change the definition of a segment or the guidance for determining reportable segments. The new guidance requires disclosure of significant segment expenses that are (1) regularly provided to (or easily computed from information regularly provided to) the chief operating decision maker and (2) included in the reported measure of segment profit or loss. The new standard also allows companies to disclose multiple measures of segment profit or loss if those measures are used to assess performance and allocate resources. This update is effective for fiscal years beginning after December 31, 2023, or fiscal 2025 for us, and should be adopted retrospectively unless impracticable. We are currently evaluating the impact, if any, that the adoption of this standard will have on financial disclosures. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures, which requires entities to disclose in their rate reconciliation table additional categories of information about federal, state, and foreign income taxes and provide more details about the reconciling items in some categories if items meet a quantitative threshold. Entities would have to provide qualitative disclosures about the new categories. The guidance will require all entities to disclose income taxes paid, net of refunds, disaggregated by federal (national), state, and foreign taxes for annual periods, and to disaggregate the information by jurisdiction based on a quantitative threshold. The guidance makes several other changes to the disclosure requirements. Entities are required to apply the guidance prospectively, with the option to apply it retrospectively. The guidance is effective for annual periods beginning after December 15, 2024, or fiscal 2026 for us. We are currently evaluating the impact, if any, that the adoption of this standard will have on financial disclosures.

Commitments and Contingencies

3 Months Ended

Jul. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(9) 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 November 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. In September 2021, Gemini filed a motion for summary judgment seeking to dismiss our counterclaim. In June 2022, the District Court denied Gemini's motion for summary judgment. Gemini filed a second motion for summary judgment, and in August 2023, the District Court again denied Gemini’s motion. In November 2023, we entered into a settlement agreement with plaintiffs on the indemnity and counterclaims. On the same day, plaintiffs filed a motion for leave, seeking to file a second amended complaint. On January 31, 2024, the District Court allowed plaintiffs’ amended allegations of fraud, and denied without prejudice their motion to add punitive damages. On February 9, 2024, the District Court set a trial date for January 6, 2025. On August 7, 2024, the District Court issued a 45-day stay of the case and vacated the January 6, 2025 trial date. We believe the claims asserted in the complaint have no merit, and we intend to aggressively defend this action.

We are a defendant in three product liability cases and are aware of eight 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 in August 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 Lake Superior Court, County of Lake, Indiana 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. In May 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. In July 2019, defendants filed a Petition to Transfer jurisdiction to the Indiana Supreme Court. In November 2019, the Indiana Supreme Court denied defendants' petition to transfer, and the case was returned to the trial court. Discovery is ongoing. On March 15, 2024, IC 34-12-3.5 was signed into law. This law purported to prohibit political subdivisions in Indiana from bringing certain legal actions against certain firearm industry members and to apply to actions or suits filed before, after, or on August 27, 1999. On March 18, 2024, defendants filed a joint motion for judgment on the pleadings based on the new law. On May 17, 2024, plaintiffs filed an opposition to defendants' motion for judgment on the pleadings. On August 12, 2024, the trial court denied defendants’ joint motion for judgment on the pleadings. We believe the claims asserted in the complaint are without merit and intend to aggressively defend this action.

We are a defendant in a putative class proceeding before the Ontario Superior Court of Justice in Toronto, Canada that was filed in December 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 in July 2018 and their family members. One victim was shot and injured during the shooting. The other victim suffered unspecified injuries while fleeing the shooting. The plaintiffs sought 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. In July 2020, we filed a Notice of Motion for an order striking the claim and dismissing the action in its entirety. In February 2021, the court granted our motion in part, and dismissed the plaintiffs’ claims in public nuisance and strict liability. The court declined to strike the negligent design claim and ordered that the claim proceed to a certification motion. In March 2021, we filed a motion for leave to appeal the court’s refusal to strike the negligent design claim with the Divisional Court, Ontario Superior Court of Justice. In July 2021, plaintiffs filed a motion to stay our motion for leave to appeal with the Divisional Court, on grounds that appeal is premature. In November 2021, the Divisional Court granted plaintiffs' motion, staying our motion for leave to appeal until 30 days after the decision on the balance of plaintiffs' certification motion. A hearing on plaintiffs’ certification motion was held in January 2024. On March 5, 2024, the court denied the plaintiffs' motion for class certification. Three appeals have been filed, all of which will be heard together in the Court of Appeal for Ontario: (1) our appeal from the dismissal of our motion to strike the negligent design claim; (2) the plaintiffs’ appeal from the order striking out their public nuisance and strict liability claims; and, (3) the plaintiffs’ appeal from the order dismissing their certification motion. On August 6, 2024, we filed our motion regarding our appeal from the dismissal of our motion to strike the negligent design claim and plaintiffs filed their motion regarding their appeal from the order striking out their public nuisance and strict liability claims and their appeal from the order dismissing their certification motion.

In May 2020, we were named in an action related to the Chabad of Poway synagogue shooting that took place in April 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. In September 2020, we filed a demurrer and motion to strike, seeking to dismiss plaintiffs’ complaint. In July 2021, the court granted our motion in part, and reversed it in part, ruling that (1) the Protection of Lawful Commerce in Arms Act barred plaintiffs’ product liability action; (2) plaintiffs did not have standing to maintain an action under the Unfair Competition Law for personal injury related damages, but gave plaintiffs leave to amend to plead an economic injury; and (3) the Protection of Lawful Commerce in Arms Act did not bar plaintiffs’ ordinary negligence and public nuisance actions because plaintiffs had alleged that we violated 18 U.S.C. Section 922(b)(4), which generally prohibits the sale of fully automatic “machineguns.” In August 2021, we filed a Petition for Writ of Mandate in the Court of Appeal of the State of California, Fourth Appellate District, Division One. In September 2021, the Court of Appeal denied our appeal. In February 2022, the court consolidated the case with three related cases, in which we are not a party. In March 2022, the court granted our motion, dismissing plaintiffs’ Unfair Competition Law claim, without further leave to amend. Discovery is ongoing. On February 28, 2023, we filed a motion for summary judgment. On May 19, 2023, the court denied our motion for summary judgment without prejudice and allowed plaintiffs time for additional, limited discovery. A hearing on our renewed motion for summary judgment was held on August 16, 2024. Trial is scheduled for January 24, 2025.

We are a defendant in an action filed in the U.S. District Court for the District of Massachusetts. In August 2021, the Mexican Government filed an action against several U.S.-based firearms manufacturers and a firearms distributor, claiming defendants design, market, distribute, and sell firearms in ways they know routinely arm the drug cartels in Mexico. Plaintiff alleges, among other claims, negligence, public nuisance, design defect, unjust enrichment and restitution against all defendants and violation of the Massachusetts Consumer Protection Act against us alone, and is seeking monetary damages and injunctive relief. In November 2021, defendants filed motions to dismiss plaintiff's complaint. In September 2022, the district court granted defendants’ motions to dismiss. In October 2022, plaintiff filed a notice of appeal with the U.S. Court of Appeals for the First Circuit. On January 22, 2024, the First Circuit reversed the trial court’s dismissal of the case. On April 18, 2024, defendants filed a Petition for a Writ of Certiorari with the Supreme Court of the United States. A conference is scheduled before the U.S. Supreme Court on September 30, 2024. On August 7, 2024, the district court dismissed the case against six of the eight defendants in the suit excluding us based on personal jurisdiction grounds. The district court has scheduled a status conference for October 2, 2024.

In September 2022, we were named as defendants in 12 nearly identical, separate actions related to a shooting in Highland Park, Illinois on July 4, 2022. The complaints were filed in the Circuit Court of the Nineteenth Judicial Circuit in Lake County, Illinois and assert claims against us for negligence and deceptive and unfair practices under the Illinois Consumer Fraud and Deceptive Business Practices Act. The plaintiffs allege they were present at a parade at the time of the incident and suffered physical and/or emotional injury. The plaintiffs seek compensatory damages, attorneys’ fees, and injunctive relief. We filed motions for removal of each case to the U.S. District Court for the Northern District of Illinois. In November 2022, we filed a motion to consolidate the cases for preliminary motion purposes. In December 2022, plaintiffs filed motions to remand the cases back to the state court. In September 2023, the court granted

plaintiffs’ motion to remand. In October 2023, we filed a notice of appeal to the U.S. Court of Appeals for the Seventh Circuit. In March 2024, three new suits were filed in the Circuit Court of Lake County, Illinois. On April 8, 2024, the Seventh Circuit affirmed the remand decision. On May 10, 2024, plaintiffs filed a motion for attorneys’ fees incurred as a result of removal. On May 17, 2024, we filed an opposition to plaintiffs’ motion. No decision has been issued to date. In June and July 2024, the district court remanded the 12 separate actions to state court, with some plaintiffs amending their complaints to remove references to violations of federal law and asserting an additional claim against us for deceptive and unfair practices under the Illinois Consumer Fraud and Deceptive Business Practices Act. We were also named in 13 additional separate cases against us in the same state court during the same time period, largely raising similar allegations against us as in the initial and amended complaints.

In December 2022, the City of Buffalo, New York filed a complaint in the Supreme Court of the State of New York, County of Erie, against numerous manufacturers, distributors, and retailers of firearms. Later in December 2022, the City of Rochester, New York filed an almost identical complaint in the Supreme Court of the State of New York, County of Monroe, against the same defendants. The complaints allege violation of New York General Business Law, public nuisance, and deceptive business practices in violation of NY General Business Laws. In January 2023, we filed notices of removal of the cases to the U.S. District Court for the Western District of New York. On March 24, 2023, defendants filed a motion to stay both cases pending a ruling by the U.S. Court of Appeals for the Second Circuit in the NSSF v. James case. On June 8, 2023, the court granted defendants’ motions to consolidate and to stay pending resolution of the NSSF v. James appeal.

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.

In March 2022, two plaintiffs, on behalf of a proposed class of current and former employees and temporary workers who worked at our Springfield facility from November 2018 to the present, filed a claim alleging non-payment of wages and overtime in violation of the Massachusetts Wage Act and Massachusetts Fair Wage Act. The parties have reached a settlement agreement, which was preliminarily approved by the court on March 15, 2024. A hearing seeking final approval of the settlement is scheduled for September 17, 2024.

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 were also involved in a putative stockholder derivative lawsuit filed on December 5, 2023 in the Eighth Judicial District Court, Clark County, Nevada. The action was brought by plaintiffs seeking to act on our behalf against our directors and certain of our executive officers. The complaint alleged breach of fiduciary duties by knowingly allowing us to become exposed to significant liability for intentionally violating federal, state, and local laws through our manufacturing, marketing, and sale of “AR-15 style rifles." The derivative plaintiffs sought damages on our behalf from the individual defendants, as well as reforms and improvements to our compliance procedures and governance policies. On March 19, 2024, the court granted our motion to require security pursuant to Nevada law. On May 6, 2024, the court dismissed plaintiffs’ action without prejudice for failing to post a bond pursuant to the court’s order. On June 28, 2024, plaintiffs filed a motion to retax costs, arguing that we are not entitled to costs based on the court’s order of dismissal. On July 9, 2024, we filed a motion for attorneys’ fees and costs. On July 10 and 11, 2024, plaintiffs filed a notice of appeal of the order of dismissal without prejudice and case appeal statement, respectively. On July 25, 2024, plaintiffs filed a notice of posting of bond on appeal. On August 9, 2024, we filed an opposition to plaintiffs’ motion to retax costs.

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.

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

Commitments

On September 30, 2021, we announced our plan to move our headquarters and significant elements of our operations to Maryville, Tennessee in 2023, or the Relocation. In connection with the Relocation, we entered into a project agreement, or the Project Agreement, with The Industrial Development Board of Blount County and the cities of Alcoa and Maryville, Tennessee, a public, nonprofit corporation organized and existing under the laws of the state of Tennessee, or the IDB. Pursuant to the Project Agreement, we represented to the IDB that we intend to incur, or cause to be incurred, no less than $120.0 million in aggregate capital expenditures on or before December 31, 2025, create no less than 620 new jobs, and sustain an average hourly wage of at least $25.97 at the facility. Further, pursuant to the Project Agreement, we are required to, among other things, (A) execute a facility lease and an equipment lease with the IDB; (B) cause the construction of the new facility at our sole cost and expense to commence on or before May 31, 2022; (C) incur, or cause to be incurred, aggregate capital expenditures in connection with the construction and equipping of the new facility in an aggregate amount of not less than $120.0 million on or before December 31, 2025; (D) cause the construction of the new facility to be substantially completed and for a certificate of occupancy to be issued therefore on or before December 31, 2023; (E) provide the IDB with a written report certified by one of our authorized officers, not later than January 31 of each year during the period between January 31, 2024 and January 31, 2031; and (F) make certain payments to IDB in the event that our actual capital expenditures, number of employees, or average hourly wage of such employees are less than our projections.

On February 2, 2023, we entered into a design-build agreement with The Christman Company, or Christman, related to the construction of our Maryville facility, or the Construction Contract. The Construction Contract has an effective date of September 13, 2021 and incorporates the arrangements under which we and Christman have been proceeding. Pursuant to the Construction Contract, Christman is obligated to deliver certain services, including, among others, design phase services and construction phase services, and we are obligated to pay Christman for services performed. The parties to the Construction Contract agreed that Christman will perform and complete the Work (as defined therein) on a cost-plus basis for a guaranteed maximum price of $114.5 million, including contingencies. When adding the cost of machinery and equipment, we expect to spend between $160.0 million and $170.0 million through the end of fiscal 2025. Through July 31, 2024, we had incurred $157.0 million of capital expenditures related to the Relocation. The Construction Contract includes terms that are customary for contracts of this type, including with respect to indemnification and insurance. The Construction Contract lists certain contract milestones and guaranteed completion dates, and we will be entitled to liquidated damages under certain circumstances. Each party to the Construction Contract is entitled to terminate the Construction Contract under certain circumstances.

During the quarter ended July 31, 2023, we determined that we would have no use for certain distribution equipment in our Missouri Distribution Center and could not fully recover the net book value of such equipment. Therefore, we recorded an impairment of $2.0 million during that quarter. In connection with the Assignment and Assumption Agreement, we vacated the Missouri Distribution Center effective January 1, 2024 and sold assets we could no longer utilize to AOUT at their remaining net book value of $2.9 million, relocating all remaining assets to our Maryville facility.

In addition, we relocated a portion of our plastic injection molding operations to the Maryville facility. As of July 31, 2024, the plastic injection molding machinery and equipment was being utilized in our Deep River facility, had been relocated to the Maryville facility, or had been disposed. We do not believe there are any indications of impairment relating to assets being utilized at the Deep River facility.

Restructuring (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 1,307	$ 3,912
Cost of Goods Sold [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 2,841	$ 903

- Definition

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

+ References + Details

Leases - Summary of Future Lease Payments for Operating and Finance Leases (Detail) - USD ($) $ in Thousands	Jul. 31, 2024	Apr. 30, 2024
Operating And Finance Lease Liabilities Payments Due [Abstract]
2025	$ 3,224
2026	3,734
2027	3,762
2028	3,549
2029	3,408
Thereafter	35,499
Total future lease payments	53,176
Less amounts representing interest	(15,408)
Present value of lease payments	37,768
Less current maturities of lease liabilities	(2,284)
Long-term maturities of lease liabilities	35,484
Operating Leases
2025	684
2026	301
2027	272
2028	125
2029	0
Thereafter	0
Total future lease payments	1,382
Less amounts representing interest	(205)
Present value of lease payments	1,177	$ 1,521
Less current maturities of lease liabilities	(687)	(947)
Long-term maturities of lease liabilities	490	574
Financing Leases
2025	2,540
2026	3,433
2027	3,490
2028	3,424
2029	3,408
Thereafter	35,499
Total future lease payments	51,794
Less amounts representing interest	(15,203)
Present value of lease payments	36,591	36,968
Less current maturities of lease liabilities	(1,597)	(1,564)
Finance Lease, Liability, Noncurrent	$ 34,994	$ 35,404

Stockholders' Equity - Summary of Activity for Unvested RSUs and PSUs (Detail) - RSUs and PSUs - $ / shares	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Summary of activity in unvested restricted stock units and performance share units
Restricted Stock Units, RSUs and PSUs outstanding, beginning of period	1,000,347	932,705
Restricted Stock Units, Awarded	543,697	478,066
Restricted Stock Units, Vested	(220,525)	(217,975)
Restricted Stock Units, Forfeited	(74,044)	(163,520)
Restricted Stock Units, RSUs and PSUs outstanding, end of period	1,249,475	1,029,276
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	$ 13.45	$ 13.14
Weighted Average Grant Date Fair Value, Awarded	16.15	12.1
Weighted Average Grant Date Fair Value, Vested	13.24	11
Weighted Average Grant Date Fair Value, Forfeited	19.51	10.49
Weighted Average Grant Date Fair Value, RSUs and PSUs outstanding, end of period	$ 14.3	$ 13.53

Basis of Presentation	3 Months Ended
Basis of Presentation	Jul. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	(2) Basis of Presentation: Interim Financial Information – The condensed consolidated balance sheet as of July 31, 2024, the condensed consolidated statements of operations for the three months ended July 31, 2024 and 2023, the condensed consolidated statements of changes in stockholders’ equity for the three months ended July 31, 2024 and 2023, and the condensed consolidated statements of cash flows for the three months ended July 31, 2024 and 2023 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 for the three months ended July 31, 2024 and for the periods presented, have been included. All intercompany transactions have been eliminated in consolidation. The consolidated balance sheet as of April 30, 2024 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 Fiscal 2024 Form 10-K. The results of operations for the three months ended July 31, 2024 may not be indicative of the results that may be expected for the fiscal year ending April 30, 2025, or any other period. Recently Issued Accounting Standards – In November 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update ("ASU") No. 2023-07, Improvements to Reportable Segment Disclosures, which requires incremental disclosures about an entity’s reportable segments but does not change the definition of a segment or the guidance for determining reportable segments. The new guidance requires disclosure of significant segment expenses that are (1) regularly provided to (or easily computed from information regularly provided to) the chief operating decision maker and (2) included in the reported measure of segment profit or loss. The new standard also allows companies to disclose multiple measures of segment profit or loss if those measures are used to assess performance and allocate resources. This update is effective for fiscal years beginning after December 31, 2023, or fiscal 2025 for us, and should be adopted retrospectively unless impracticable. We are currently evaluating the impact, if any, that the adoption of this standard will have on financial disclosures. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures, which requires entities to disclose in their rate reconciliation table additional categories of information about federal, state, and foreign income taxes and provide more details about the reconciling items in some categories if items meet a quantitative threshold. Entities would have to provide qualitative disclosures about the new categories. The guidance will require all entities to disclose income taxes paid, net of refunds, disaggregated by federal (national), state, and foreign taxes for annual periods, and to disaggregate the information by jurisdiction based on a quantitative threshold. The guidance makes several other changes to the disclosure requirements. Entities are required to apply the guidance prospectively, with the option to apply it retrospectively. The guidance is effective for annual periods beginning after December 15, 2024, or fiscal 2026 for us. We are currently evaluating the impact, if any, that the adoption of this standard will have on financial disclosures.

Leases - Schedule of Assets and Liabilities Related to Operating and Financing Leases (Detail) - USD ($) $ in Thousands	Jul. 31, 2024	Apr. 30, 2024
Operating Leases
Right-of-use assets	$ 6,430	$ 6,761
Accumulated amortization	(5,411)	(5,411)
Right-of-use assets, net	$ 1,019	$ 1,350
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Current liabilities	$ 687	$ 947
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and deferred revenue	Accrued expenses and deferred revenue
Non-current liabilities	$ 490	$ 574
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other non-current liabilities	Other non-current liabilities
Total operating lease liabilities	$ 1,177	$ 1,521
Finance Leases
Right-of-use assets	41,631	41,631
Accumulated depreciation	(11,279)	(11,713)
Right-of-use assets, net	$ 30,352	$ 29,918
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, plant, and equipment, net	Property, plant, and equipment, net
Current liabilities	$ 1,597	$ 1,564
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and deferred revenue	Accrued expenses and deferred revenue
Non-current liabilities	$ 34,994	$ 35,404
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Non-current liabilities	Non-current liabilities
Total finance lease liabilities	$ 36,591	$ 36,968

Fair Value Measurement - Additional Information (Detail) - USD ($)	Jul. 31, 2024	Apr. 30, 2023
(Level 1) \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 35,500,000	$ 60,800,000
(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

Commitments and Contingencies - Additional Information (Detail)		1 Months Ended	3 Months Ended
	Sep. 30, 2021 USD ($)	Jan. 31, 2018 USD ($)	Jul. 31, 2024 USD ($) Plaintiff Claim	Jul. 31, 2023 USD ($)	Feb. 02, 2023 USD ($)
Schedule Of Commitments And Contingencies [Line Items]
Compensatory damages sought		$ 18,600,000
Number of Product liability cases \| Claim			3
Number Of Other Product Liability Claims \| Claim			8
Year Of Other Product Liability Claim			December 2019
Aggregate estimated capital expenditure			$ 120,000,000
Cost of machinery and equipment			160,000,000
Cost of machinery and equipment, fisal year			170,000,000
Capital expenditures incurred			$ 157,000,000
Construction Contract Cost					$ 114,500,000
IDB
Schedule Of Commitments And Contingencies [Line Items]
Terms of commitment			County and the cities of Alcoa and Maryville, Tennessee, a public, nonprofit corporation organized and existing under the laws of the state of Tennessee, or the IDB. Pursuant to the Project Agreement, we represented to the IDB that we intend to incur, or cause to be incurred, no less than $120.0 million in aggregate capital expenditures on or before December 31, 2025, create no less than 620 new jobs, and sustain an average hourly wage of at least $25.97 at the facility. Further, pursuant to the Project Agreement, we are required to, among other things, (A) execute a facility lease and an equipment lease with the IDB; (B) cause the construction of the new facility at our sole cost and expense to commence on or before May 31, 2022; (C) incur, or cause to be incurred, aggregate capital expenditures in connection with the construction and equipping of the new facility in an aggregate amount of not less than $120.0 million on or before December 31, 2025; (D) cause the construction of the new facility to be substantially completed and for a certificate of occupancy to be issued therefore on or before December 31, 2023; (E) provide the IDB with a written report certified by one of our authorized officers, not later than January 31 of each year during the period between January 31, 2024 and January 31, 2031; and (F) make certain payments to IDB in the event that our actual capital expenditures, number of employees, or average hourly wage of such employees are less than our projections.
Average hourly wage	$ 25.97
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
Putative Class
Schedule Of Commitments And Contingencies [Line Items]
Number of plaintiffs \| Plaintiff			2
Putative Class \| General Damages
Schedule Of Commitments And Contingencies [Line Items]
Aggregate damages claims			$ 50,000,000
Putative Class \| Compensatory or Punitive Damages
Schedule Of Commitments And Contingencies [Line Items]
Aggregate damages claims			$ 100,000,000
Equipment [Member]
Schedule Of Commitments And Contingencies [Line Items]
Asset impairment charges				$ 2,000,000
Remaining net book value				$ 2,900,000

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2024	Apr. 30, 2024
Current assets:
Cash and cash equivalents	$ 35,515	$ 60,839
Accounts receivable, net of allowances for credit losses of $5 on July 31, 2024 and $0 on April 30, 2024	47,762	59,071
Inventories	189,814	160,500
Prepaid expenses and other current assets	9,040	4,973
Income tax receivable	3,183	2,495
Total current assets	285,314	287,878
Property, plant, and equipment, net	248,765	252,633
Intangibles, net	2,526	2,598
Goodwill	19,024	19,024
Deferred income taxes	7,249	7,249
Other assets	8,390	8,614
Total assets	571,268	577,996
Current liabilities:
Accounts payable	29,453	41,831
Accrued expenses and deferred revenue	27,887	26,811
Accrued payroll and incentives	12,308	17,147
Accrued profit sharing	9,098	9,098
Accrued warranty	1,743	1,813
Total current liabilities	80,489	96,700
Notes and loans payable (Note 4)	69,903	39,880
Finance lease payable, net of current portion	34,994	35,404
Other non-current liabilities	7,896	7,852
Total liabilities	193,282	179,836
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.001 par value, 20,000,000 shares authorized, no shares issued or outstanding	0	0
Common stock, $0.001 par value, 100,000,000 shares authorized, 75,551,848 issued and 45,847,258 shares outstanding on July 31, 2024 and 75,395,490 shares issued and 45,561,569 shares outstanding on April 30, 2024	76	75
Additional paid-in capital	290,790	289,994
Retained earnings	532,647	540,660
Accumulated other comprehensive income	73	73
Treasury stock, at cost (30,704,590 shares on July 31, 2024 and 29,833,921 shares on April 30, 2024)	(445,600)	(432,642)
Total stockholders’ equity	377,986	398,160
Total liabilities and stockholders' equity	$ 571,268	$ 577,996

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
	Jul. 31, 2024	Jul. 31, 2023
Net income
Income from continuing operations	$ (2,106)	$ 3,118
Income from discontinued operations	0	0
Net (loss)/income	$ (2,106)	$ 3,118
Weighted average shares outstanding — Basic	45,321	46,103
Effect of dilutive stock awards	0	448
Weighted average shares outstanding — Diluted	45,321	46,551
Earnings per share - Basic
Net income	$ (0.05)	$ 0.07
Earnings per share - Diluted
Net income	(0.05)	0.07
Earnings Per Share - Effect of Dilutive Stock Awards
Effect of dilutive stock awards	$ 0	$ 0

Leases - Summary of Future Expected Undiscounted Cash Flows (Details) $ in Thousands	Jul. 31, 2024 USD ($)
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Abstract]
2025	$ 2,392
2026	3,235
2027	3,292
2028	3,350
2029	3,408
Thereafter	35,498
Total future receipts	51,175
Less amounts representing interest	(15,154)
Present value of sublease receipts	$ 36,021

Restructuring - Components of Restructuring Charges (Paranthetical) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Restructuring Cost and Reserve [Line Items]
Net sales	$ 88,334	$ 114,243

- Definition

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

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Notes, Loans Payable, and Financing Arrangements - Additional Information (Detail) - USD ($) $ in Millions		3 Months Ended
	Aug. 24, 2020	Jul. 31, 2024
Maximum
Debt Instrument [Line Items]
Swingline Loan	$ 5.0
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 Adjusted Consolidated Leverage Ratio (as defined in the Amended and Restated Credit Agreement).
Credit facility additional borrowing capacity option to increase maximum borrowing capacity	50.0
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity	$ 100.0
Interest description of revolving line of credit		the Revolving Line. The Revolving Line bears interest at either the Base Rate (as defined in the Amended and Restated Credit Agreement) or the SOFR rate, plus an applicable margin based on our consolidated leverage ratio.
Credit facility, maturity	Aug. 24, 2025
Credit Facilities
Debt Instrument [Line Items]
Borrowings outstanding		$ 70.0
Interest rate on borrowings		7.19%
Outstanding letters of credit		$ 2.7
Credit Facilities \| Self Insurance
Debt Instrument [Line Items]
Outstanding letters of credit		$ 1.5

Inventories (Tables)

3 Months Ended

Jul. 31, 2024

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 July 31, 2024 and April 30, 2024 (in thousands):


	July 31, 2024		April 30, 2024
Finished goods	$	118,971	$	83,337
Finished parts		51,168		56,282
Work in process		7,030		8,033
Raw material		12,645		12,848
Total inventories	$	189,814	$	160,500

Restructuring

3 Months Ended

Jul. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring

(10) Restructuring:

As a result of the Relocation, $1.3 million and $3.9 million of net restructuring charges were recorded in the three months ended July 31, 2024 and 2023, respectively.

The following table summarizes net restructuring charges by line item for the three months ended July 31, 2024 and 2023 (in thousands):


	For the Three Months Ended July 31,
	2024			2023
Net sales	$	(1,659	)	$	—
Cost of sales		2,841			903
Selling, marketing, and distribution		58			2,195
General and administrative		67			814
Total restructuring charges, net	$	1,307		$	3,912

The components of the net restructuring charges recorded in our condensed consolidated statements of operations were as follows (in thousands):


	For the Three Months Ended July 31,
	2024			2023
Severance and employee-related benefits (a)	$	(308	)	$	931
Relocation (a)		61			237
Consulting services		135			210
Employee relations		52			456
Office rent and equipment		—			2,078
Deep River facility (b)		1,367			—
Total restructuring charges, net	$	1,307		$	3,912

Recorded in accrued payroll and incentives.

The following table summarizes the activity in the severance and employee-related benefits and relocation accruals for the three months ended July 31, 2024 (in thousands):


	Severance and employee-related benefits			Relocation			Total (a)
Accrual at April 30, 2024	$	5,527		$	828		$	6,355
Charges		(308	)		61			(247	)
Cash payments and settlements		(898	)		(229	)		(1,127	)
Accrual at July 31, 2024	$	4,321		$	660		$	4,981

Recorded in accrued payroll and incentives.

Stockholders' Equity

3 Months Ended

Jul. 31, 2024

Equity [Abstract]

Stockholders' Equity

(8) Stockholders’ Equity:

Treasury Stock

On September 19, 2023, 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 through September 19, 2024. During fiscal 2024, we purchased 793,551 shares of our common stock for $10.2 million under this authorization. Through the three months ended July 31, 2024, we repurchased 870,669 shares of our common stock for $12.9 million under this authorization. There were no common stock purchases through the three months ended July 31, 2023, nor were there any unfulfilled authorizations. On September 5, 2024, 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 from September 20, 2024 through September 20, 2025.

Earnings 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 months ended July 31, 2024 and 2023 (in thousands, except per share data):


	For the three months ended July 31,
	2024										2023
	Net						Per Share				Net					Per Share
	Loss				Shares		Amount				Income			Shares		Amount
Basic earnings	$		(2,106	)		45,321	$		(0.05	)	$		3,118		46,103	$		0.07
Effect of dilutive stock awards		—			—			—				—			448		—
Diluted earnings	$		(2,106	)		45,321	$		(0.05	)	$		3,118		46,551	$		0.07

For the three months ended July 31, 2024, there were no shares excluded from the computation of diluted earnings per share as a result of the net loss for the period. For the three months ended July 31, 2023, there were 12,167 shares excluded from the computation of diluted earnings because the effect would be antidilutive.

Incentive Stock and Employee Stock Purchase Plans

We have two stock incentive plans: the 2013 Incentive Stock Plan and the 2022 Incentive Stock Plan, or the Incentive Stock Plans, under which employees and non-employees may be granted stock options, restricted stock awards, restricted stock units, stock appreciation rights, bonus stock and awards in lieu of obligations, performance awards, and dividend equivalents. No grants have been made under the 2013 Incentive Stock Plan since our stockholders approved the 2022 Incentive Stock Plan at our annual meeting of stockholders held in September 2022. All new grants are issued under the 2022 Incentive Stock Plan.

We have an Employee Stock Purchase Plan, or the ESPP, under which each participant is granted an option to purchase our common stock at a discount 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 purchases under our ESPP and grants of RSUs and performance-based RSUs, or PSUs, under the Incentive Stock Plans, was $1.9 million and $1.3 million for the three months ended July 31, 2024 and 2023, respectively. We include stock-based compensation expense in cost of sales, sales, marketing, and distribution, research and development, and general and administrative expenses.

We grant RSUs to employees and non-employee 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, from time to time, 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 three months ended July 31, 2024, we granted an aggregate of 400,819 RSUs, including 257,937 RSUs to non-executive officer employees and 142,882 RSUs to our executive officers. During the three months ended July 31, 2024, we granted 142,878 PSUs to certain of our executive officers. During the three months ended July 31, 2024, we cancelled 63,469 PSUs as a result of the failure to satisfy the performance metrics and 10,575 RSUs as a result of the service conditions not being met. In connection with the vesting of RSUs, during the three months ended July 31, 2024, we delivered common stock to our employees (including our executive officers), former employees, and directors, with a total market value of $3.6 million.

During the three months ended July 31, 2023, we granted an aggregate of 301,483 RSUs, including 175,916 RSUs to non-executive officer employees, 117,724 RSUs to our executive officers, and 7,843 RSUs to a new director. During the three months ended July 31, 2023, we granted 176,583 PSUs to certain of our executive officers. During the three months ended July 31, 2023, we cancelled 158,100 PSUs as a result of the failure to satisfy the performance metric and 5,420 RSUs as a result of the service conditions not being met. In connection with the vesting of RSUs, during the three months ended July 31, 2023, we delivered common stock to our employees (including our executive officers), former employees, and directors, with a total market value of $2.0 million. In connection with a 2019 grant, which vested in fiscal 2023, we delivered market-condition PSUs to certain of our executive officers and a former executive officer with a total market value of $664,000.

A summary of activity for unvested RSUs and PSUs for the three months ended July 31, 2024 and 2023 is as follows:


	For the three months ended July 31,
	2024					2023
				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		1,000,347		$	13.45		932,705		$	13.14
Awarded		543,697			16.15		478,066			12.10
Released		(220,525	)		13.24		(217,975	)		11.00
Forfeited		(74,044	)		19.51		(163,520	)		10.49
RSUs and PSUs outstanding, end of period		1,249,475			14.30		1,029,276			13.53

As of July 31, 2024, there was $8.9 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 1.9 years.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Stockholders' Equity - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Apr. 30, 2024	Sep. 05, 2024	Sep. 19, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,900,000	$ 1,300,000
Performance period	3 years
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive shares excluded from computation of diluted earnings per share	0	12,167
Vesting period	4 years
Vesting, percentage	0.25%
Stock units, awarded	400,819	301,483
Stock units, forfeited	10,575	5,420
RSUs \| Non-Executive Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded	257,937	175,916
RSUs \| Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded		7,843
RSUs \| Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded	142,882	117,724
Grant date fair value of vested RSUs and PSUs		$ 2,000,000
Performance Shares \| Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded	142,878	176,583
Grant date fair value of vested RSUs and PSUs	$ 3,600,000	$ 664,000
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded	543,697	478,066
Stock units, forfeited	74,044	163,520
Unrecognized compensation expense related to unvested RSUs and PSUs	$ 8,900,000
Weighted average remaining contractual term	1 year 10 months 24 days
Service based PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, forfeited	63,469	158,100
Share Repurchase Transactions Two [Member] \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase authorization					$ 50,000,000
Repurchase of common stock	870,669	0	793,551
Number of shares repurchased, value	$ 12,900,000	$ 0	$ 10,200,000
Share Repurchase Transactions Two [Member] \| Common Stock \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase authorization				$ 50,000,000

Accrued Expenses and Deferred Revenue (Tables)

3 Months Ended

Jul. 31, 2024

Payables and Accruals [Abstract]

Summary of Accrued Expenses

The following table sets forth other accrued expenses as of July 31, 2024 and April 30, 2024 (in thousands):


	July 31, 2024		April 30, 2024
Accrued other	$	6,464	$	4,423
Accrued professional fees		4,882		4,925
Accrued taxes other than income		4,339		5,838
Accrued employee benefits		3,503		2,742
Accrued settlement		3,200		3,200
Accrued distributor incentives		1,824		1,687
Current portion of finance lease obligation		1,597		1,564
Accrued rebates and promotions		1,391		1,485
Current portion of operating lease obligation		687		947
Total accrued expenses and deferred revenue	$	27,887	$	26,811

Accrued Expenses and Deferred Revenue - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Jul. 31, 2024	Apr. 30, 2024
Payables and Accruals [Abstract]
Accrued other	$ 6,464	$ 4,423
Accrued professional fees	4,882	4,925
Accrued taxes other than income	4,339	5,838
Accrued employee benefits	3,503	2,742
Accrued settlement	3,200	3,200
Accrued distributor incentives	1,824	1,687
Current portion of finance lease obligation	1,597	1,564
Accrued rebates and promotions	1,391	1,485
Current portion of operating lease obligation	687	947
Total accrued expenses and deferred revenue	$ 27,887	$ 26,811

Leases (Tables)

3 Months Ended

Jul. 31, 2024

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 July 31, 2024 were as follows (in thousands):


	Balance Sheet Caption	July 31, 2024			April 30, 2024
Operating Leases
Right-of-use assets		$	6,430		$	6,761
Accumulated amortization			(5,411	)		(5,411	)
Right-of-use assets, net	Other assets	$	1,019		$	1,350

Current liabilities	Accrued expenses and deferred revenue	$	687		$	947
Non-current liabilities	Other non-current liabilities		490			574
Total operating lease liabilities		$	1,177		$	1,521
Finance Leases
Right-of-use assets		$	41,631		$	41,631
Accumulated depreciation			(11,279	)		(11,713	)
Right-of-use assets, net	Property, plant, and equipment, net	$	30,352		$	29,918

Current liabilities	Accrued expenses and deferred revenue	$	1,597		$	1,564
Non-current liabilities	Finance lease payable, net of current portion		34,994			35,404
Total finance lease liabilities		$	36,591		$	36,968

Summary of Future Expected Undiscounted Cash Flows

The following table represents future expected undiscounted cashflows, based on the Assignment and Assumption Agreement with AOUT, to be received on an annual basis for the next five years and thereafter, as of July 31, 2024 (in thousands):


Fiscal	Amount
2025	$	2,392
2026		3,235
2027		3,292
2028		3,350
2029		3,408
Thereafter		35,498
Total future receipts		51,175
Less amounts representing interest		(15,154	)
Present value of receipts	$	36,021

Summary of Future Lease Payments for Operating and Finance Leases

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


	Operating			Financing			Total
2025	$	684		$	2,540		$	3,224
2026		301			3,433			3,734
2027		272			3,490			3,762
2028		125			3,424			3,549
2029		—			3,408			3,408
Thereafter		—			35,499			35,499
Total future lease payments		1,382			51,794			53,176
Less amounts representing interest		(205	)		(15,203	)		(15,408	)
Present value of lease payments		1,177			36,591			37,768
Less current maturities of lease liabilities		(687	)		(1,597	)		(2,284	)
Long-term maturities of lease liabilities	$	490		$	34,994		$	35,484

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,106)	$ 3,118

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
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+ Details

Leases - Additional Information (Detail) - USD ($)		3 Months Ended
Leases - Additional Information (Detail) - USD ($)	Jul. 16, 2022	Jul. 31, 2024
Lessee Lease Description [Line Items]
Operating lease cost		$ 324,000
Financing lease Amortization		566,000
Financing lease interest expense		$ 461,000
Operating leases, weighted average lease term		2 years 2 months 12 days
Operating leases, weighted average discount rate		4.50%
Financing leases, weighted average lease term		14 years 1 month 6 days
Financing leases, weighted average discount rate		5.00%
Percentage of sublease	64.70%
Income related to sublease agreement		$ 366,000
Cash paid for amounts included in measurement of liabilities and operating cash flows		393,000
Other Nonoperating Income Expense Member
Lessee Lease Description [Line Items]
Income related to sublease agreement		878,000
General and administrative
Lessee Lease Description [Line Items]
Income related to sublease agreement		424,000
Interest Expense
Lessee Lease Description [Line Items]
Income related to sublease agreement		$ 454,000
National Logistics Facility Member
Lessee Lease Description [Line Items]
Percentage of sublease		59.00%

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Cash flows from operating activities:
Net income	$ (2,106)	$ 3,118
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization	8,048	9,253
(Gain)/loss on sale/disposition of assets	(58)	3
Provision for losses/(recoveries) on notes and accounts receivable	5	(6)
Stock-based compensation expense	1,854	1,276
Changes in operating assets and liabilities:
Accounts receivable	11,305	26,995
Inventories	(29,315)	6,363
Prepaid expenses and other current assets	(4,066)	(3,825)
Income taxes	(688)	915
Accounts payable	(11,740)	(1,838)
Accrued payroll and incentives	(4,839)	1,551
Accrued profit sharing	0	768
Accrued expenses and deferred revenue	586	(4,135)
Accrued warranty	(70)	83
Other assets	224	75
Other non-current liabilities	45	34
Net cash (used in)/provided by operating activities	(30,815)	40,630
Cash flows from investing activities:
Payments to acquire patents and software	(21)	(33)
Proceeds from sale of property and equipment	58	23
Payments to acquire property and equipment	(4,702)	(32,057)
Net cash used in investing activities	(4,665)	(32,067)
Cash flows from financing activities:
Proceeds from loans and notes payable	30,000	0
Payments on finance lease obligation	(44)	(338)
Payments to acquire treasury stock	(12,856)	0
Dividend distribution	(5,886)	(5,536)
Payment of employee withholding tax related to restricted stock units	(1,058)	(766)
Net cash provided by/(used in) financing activities	10,156	(6,640)
Net decrease in cash and cash equivalents	(25,324)	1,923
Cash and cash equivalents, beginning of period	60,839	53,556
Cash and cash equivalents, end of period	35,515	55,479
Supplemental disclosure of cash flow information Cash paid for:
Interest, net of amounts capitalized	1,313	525
Income taxes	361	494
Supplemental Disclosure of Non-cash Investing Activities:
Purchases of property and equipment included in accounts payable	1,824	17,144
Capital lease included in accrued expenses and finance lease payable	$ 570	$ 734

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Jul. 31, 2024	Apr. 30, 2024
Inventory Disclosure [Abstract]
Finished goods	$ 118,971	$ 83,337
Finished parts	51,168	56,282
Work in process	7,030	8,033
Raw material	12,645	12,848
Total inventories	$ 189,814	$ 160,500

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
	Jul. 31, 2024	Jul. 31, 2023
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Income from discontinued operations, net of tax	$ 0	$ 0

- Definition

Amount after tax of income (loss) from a discontinued operation attributable to the parent. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

Fair Value Measurement

3 Months Ended

Jul. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurement

(5) Fair Value Measurement:

We follow the provisions of Accounting Standards Codification, or 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 (e.g., 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 $35.5 million and $60.8 million as of July 31, 2024 and April 30, 2024, respectively. The carrying value of our revolving line of credit approximated the fair value as of July 31, 2024. 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 judgments about the assumptions a market participant would use in pricing the asset or liability.

We did not have any Level 2 or Level 3 financial assets or liabilities as of July 31, 2024.

Organization

3 Months Ended

Jul. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

(1) Organization:

We are one of the world’s leading manufacturers and designers of firearms. We manufacture a wide array of handguns (including revolvers and pistols), long guns (including modern sporting rifles, pistol caliber carbines, and lever action rifles), handcuffs, firearm suppressors, and other firearm-related products for sale to a wide variety of customers, including firearm 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 and Gemtech brands. We manufacture our products at our facilities in Springfield, Massachusetts; Houlton, Maine; Deep River, Connecticut; and Maryville, Tennessee. We also sell our manufacturing services to other businesses to attempt to level-load our factories. We sell those services under our Smith & Wesson and Smith & Wesson Precision Components brands. During fiscal 2024, we began manufacturing and distribution activities from our new Maryville facility. See Note 9 — Commitments and Contingencies and Note 10 — Restructuring for more information.

Inventories

3 Months Ended

Jul. 31, 2024

Inventory Disclosure [Abstract]

Inventories

(6) Inventories:

The following table sets forth a summary of inventories, net of reserves, stated at lower of cost or net realizable value, as of July 31, 2024 and April 30, 2024 (in thousands):


	July 31, 2024		April 30, 2024
Finished goods	$	118,971	$	83,337
Finished parts		51,168		56,282
Work in process		7,030		8,033
Raw material		12,645		12,848
Total inventories	$	189,814	$	160,500

Restructuring - Components of Restructuring Charges (Details) - USD ($)
$ in Thousands

3 Months Ended

Jul. 31, 2024

Jul. 31, 2023

Restructuring Cost and Reserve [Line Items]

Total restructuring charges

$ 1,307

$ 3,912

Net sales

Restructuring Cost and Reserve [Line Items]

Total restructuring charges

(1,659)

cost of sales

Restructuring Cost and Reserve [Line Items]

Total restructuring charges

2,841

903

Selling, marketing, and distribution

Restructuring Cost and Reserve [Line Items]

Total restructuring charges

2,195

General and administrative

Restructuring Cost and Reserve [Line Items]

Total restructuring charges

814

Severance and Employee-Related Benefits

Restructuring Cost and Reserve [Line Items]

Total restructuring charges

^[1]

(308)

931

Relocation

Restructuring Cost and Reserve [Line Items]

Total restructuring charges

^[1]

237

Consulting Services

Restructuring Cost and Reserve [Line Items]

Total restructuring charges

135

210

Employee Relations

Restructuring Cost and Reserve [Line Items]

Total restructuring charges

456

Office Rent and Equipment

Restructuring Cost and Reserve [Line Items]

Total restructuring charges

2,078

Deep River facility

Restructuring Cost and Reserve [Line Items]

Total restructuring charges

^[2]

$ 1,367

$ 0

[1]

Recorded in accrued payroll and incentives

[2]

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jul. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Discontinued Operations - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Income/(loss) from discontinued operations, net of tax	$ 0	$ 0

- Definition

+ References + Details

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Income Statement [Abstract]
Net sales	$ 88,334	$ 114,243
Cost of sales	64,142	83,842
Gross profit	24,192	30,401
Operating expenses:
Research and development	2,515	1,799
Selling, marketing, and distribution	9,837	10,040
General and administrative	13,702	14,213
Total operating expenses	26,054	26,052
Operating (loss)/income	(1,862)	4,349
Other income/(expense), net:
Other (expense)/income, net	(6)	47
Interest (expense)/income, net	(732)	153
Total other (expense)/income, net	(738)	200
(Loss)/income from operations before income taxes	(2,600)	4,549
Income tax (benefit)/expense	(494)	1,431
Net (loss)/income	$ (2,106)	$ 3,118
Net (loss)/income per share:
Basic - net (loss)/income	$ (0.05)	$ 0.07
Diluted - net (loss)/income	$ (0.05)	$ 0.07
Weighted average number of common shares outstanding:
Basic	45,321	46,103
Diluted	45,321	46,551

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Jul. 31, 2024	Sep. 03, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
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	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	1852 Proffitt Springs Road
Entity Address, City or Town	Maryville
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37801
City Area Code	800
Local Phone Number	331-0852
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		44,852,284
Title of each Class	Common Stock, par value $0.001 per share
Trading Symbol	SWBI
Name of exchange on which registered	NASDAQ

Leases

3 Months Ended

Jul. 31, 2024

Leases [Abstract]

Leases

(3) Leases:

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

We recognize expenses for 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 or residual value guarantees, nor do they include restrictive covenants. For operating leases, we recognize expense on a straight-line basis over the lease term. Tenant improvement allowances are recorded 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 renewals 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 July 31, 2024 were as follows (in thousands):


	Balance Sheet Caption	July 31, 2024			April 30, 2024
Operating Leases
Right-of-use assets		$	6,430		$	6,761
Accumulated amortization			(5,411	)		(5,411	)
Right-of-use assets, net	Other assets	$	1,019		$	1,350

Current liabilities	Accrued expenses and deferred revenue	$	687		$	947
Non-current liabilities	Other non-current liabilities		490			574
Total operating lease liabilities		$	1,177		$	1,521
Finance Leases
Right-of-use assets		$	41,631		$	41,631
Accumulated depreciation			(11,279	)		(11,713	)
Right-of-use assets, net	Property, plant, and equipment, net	$	30,352		$	29,918

Current liabilities	Accrued expenses and deferred revenue	$	1,597		$	1,564
Non-current liabilities	Finance lease payable, net of current portion		34,994			35,404
Total finance lease liabilities		$	36,591		$	36,968

During the three months ended July 31, 2024, we recorded $324,000 of operating lease costs. We recorded $566,000 of finance lease amortization and $461,000 of financing lease interest expense for the three months ended July 31, 2024. As of July 31, 2024, our weighted average lease term and weighted average discount rate for our operating leases was 2.2 years and 4.5%, respectively. As of July 31, 2024, our weighted average lease term and weighted average discount rate for our financing leases were 14.1 years and 5.0%, respectively, and consisted primarily of the facility in Missouri from which we previously operated a distribution center, or the Missouri Distribution Center. The building associated with the Missouri Distribution Center is pledged to secure the amounts outstanding. 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.

On October 26, 2017, we entered into (a) a lease agreement with Ryan Boone County, LLC, or the Original Missouri Landlord, concerning certain real property located in Boone County, Missouri on which we had, until recently, been operating the Missouri Distribution Center, or the Missouri Lease, and (b) a guaranty in favor of the Original Missouri Landlord, or the Guaranty. With the completion of the spin-off of our outdoor products and accessories business on August 24, 2020, or the Separation, we entered into a sublease whereby American Outdoor Brands, Inc., our former wholly owned subsidiary, or AOUT, subleased from us 59.0% of the Missouri Distribution Center under the same terms as the Missouri Lease, or the Missouri Sublease. On July 16, 2022, we entered into an amendment to the Missouri Sublease, increasing the leased space to 64.7% of the Missouri Distribution Center under the same terms as the Missouri Lease. On January 31, 2023, we entered into (i) an assignment and assumption agreement with AOUT, or the Assignment and Assumption Agreement, pursuant to which, on January 1, 2024 AOUT assumed all of our rights, entitlement, and obligations in, to, and under the Missouri Lease, and (ii) an amended and restated guaranty in favor of RCS-S&W Facility, LLC, as successor in interest to the Original Missouri Landlord, pursuant to which Smith & Wesson Sales Company was added as a guarantor, or the Amended and Restated Guaranty. We terminated the Missouri Sublease as of January 1, 2024. During the three months ended July 31, 2024, the finance lease liability relating to the Missouri Lease was reduced by $366,000 as a result of payments made by AOUT directly to the landlord. During the three months ended July 31, 2024, we recognized $878,000 of related income, of which $424,000 was recorded in general and administrative expenses and $454,000 was recorded in interest expense, net, in our condensed consolidated statements of operations.

On January 5, 2024, we entered into an amendment to the lease for our Deep River facility, pursuant to which we extended its term from May 4, 2024 to January 4, 2025. We intend to occupy the facility at least through the amended lease termination date. We do not currently believe there are any indications of impairment relating to assets being utilized at the Deep River facility.


Fiscal	Amount
2025	$	2,392
2026		3,235
2027		3,292
2028		3,350
2029		3,408
Thereafter		35,498
Total future receipts		51,175
Less amounts representing interest		(15,154	)
Present value of receipts	$	36,021

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


	Operating			Financing			Total
2025	$	684		$	2,540		$	3,224
2026		301			3,433			3,734
2027		272			3,490			3,762
2028		125			3,424			3,549
2029		—			3,408			3,408
Thereafter		—			35,499			35,499
Total future lease payments		1,382			51,794			53,176
Less amounts representing interest		(205	)		(15,203	)		(15,408	)
Present value of lease payments		1,177			36,591			37,768
Less current maturities of lease liabilities		(687	)		(1,597	)		(2,284	)
Long-term maturities of lease liabilities	$	490		$	34,994		$	35,484

During the three months ended July 31, 2024, the cash paid for amounts included in the measurement of liabilities and operating cash flows was $393,000.

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2024	Apr. 30, 2024
Statement of Financial Position [Abstract]
Allowances for credit losses	$ 5	$ 0
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	75,551,848	75,395,490
Common stock, shares outstanding	44,847,258	45,561,569
Treasury Stock, Common, Shares	30,704,590	29,833,921

Stockholders' Equity (Tables)

3 Months Ended

Jul. 31, 2024

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 July 31,
	2024										2023
	Net						Per Share				Net					Per Share
	Loss				Shares		Amount				Income			Shares		Amount
Basic earnings	$		(2,106	)		45,321	$		(0.05	)	$		3,118		46,103	$		0.07
Effect of dilutive stock awards		—			—			—				—			448		—
Diluted earnings	$		(2,106	)		45,321	$		(0.05	)	$		3,118		46,551	$		0.07

Summary of Activity for Unvested RSUs and PSUs

A summary of activity for unvested RSUs and PSUs for the three months ended July 31, 2024 and 2023 is as follows:


	For the three months ended July 31,
	2024					2023
				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		1,000,347		$	13.45		932,705		$	13.14
Awarded		543,697			16.15		478,066			12.10
Released		(220,525	)		13.24		(217,975	)		11.00
Forfeited		(74,044	)		19.51		(163,520	)		10.49
RSUs and PSUs outstanding, end of period		1,249,475			14.30		1,029,276			13.53