0001564590-20-057157 | 10-Q | XBRL Viewer | American Outdoor Brands INC

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Oct. 31, 2020	Dec. 10, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 31, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Registrant Name	American Outdoor Brands, Inc.
Entity Central Index Key	0001808997
Current Fiscal Year End Date	--04-30
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity File Number	001-39366
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-4630928
Entity Address, Address Line One	1800 North Route Z
Entity Address, City or Town	Columbia
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	65202
City Area Code	800
Local Phone Number	331-0852
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		14,000,834
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	AOUT
Security Exchange Name	NASDAQ

CONSOLIDATED AND COMBINED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Oct. 31, 2020	Apr. 30, 2020
Current assets:
Cash and cash equivalents	$ 33,880	$ 234
Accounts receivable, net of allowance for credit losses of $408 on October 31, 2020 and $448 on April 30, 2020	57,971	35,096
Inventories	73,575	59,999
Prepaid expenses and other current assets	2,842	3,244
Income tax receivable		104
Total current assets	168,268	98,677
Property, plant, and equipment, net	10,230	9,677
Intangible assets, net	61,588	69,152
Goodwill	64,315	64,315
Right-of-use assets	26,126	2,772
Deferred income taxes	4,360	3,580
Other assets	533	242
Total assets	335,420	248,415
Current liabilities:
Accounts payable	19,944	8,936
Accrued expenses	11,842	7,655
Accrued payroll and incentives	4,444	3,249
Accrued income taxes	2,442
Lease liabilities, current	1,734	1,324
Accrued profit sharing	303	217
Total current liabilities	40,709	21,381
Lease liabilities, net of current portion	25,632	2,830
Other non-current liabilities	294	106
Total liabilities	66,635	24,317
Commitments and contingencies (Note 11)
Equity:
Preferred stock, $0.001 par value, 20,000,000 shares authorized, no shares issued or outstanding
Common stock, $0.001 par value, 100,000,000 shares authorized, 13,991,736 shares issued and outstanding on October 31, 2020	14
Former net parent company investment		224,098
Additional paid in capital	263,519
Retained earnings	5,252
Total equity	268,785	224,098
Total liabilities and equity	$ 335,420	$ 248,415

CONSOLIDATED AND COMBINED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Oct. 31, 2020	Apr. 30, 2020
Statement Of Financial Position [Abstract]
Allowance for credit losses	$ 408	$ 448
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, authorized	20,000,000	20,000,000
Preferred stock, Issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized	100,000,000	100,000,000
Common stock, Issued	13,991,736
Common stock, outstanding	13,991,736

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)/INCOME (Unaudited) - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Income Statement [Abstract]
Net sales (including $882,000 and $2.4 million of related party sales for the one month and four months of our fiscal year 2021, respectively, prior to the Separation and $6.2 million and $10.3 million of related party sales for the three and six months ended October 31, 2019, respectively)	$ 79,098,000	$ 47,742,000	$ 129,565,000	$ 80,959,000
Cost of sales	42,025,000	28,651,000	68,762,000	48,201,000
Gross profit	37,073,000	19,091,000	60,803,000	32,758,000
Operating expenses:
Research and development	1,932,000	1,193,000	3,162,000	2,525,000
Selling, marketing, and distribution	15,679,000	9,964,000	26,305,000	17,682,000
General and administrative	9,898,000	9,406,000	19,308,000	21,243,000
Total operating expenses	27,509,000	20,563,000	48,775,000	41,450,000
Operating income/(loss)	9,564,000	(1,472,000)	12,028,000	(8,692,000)
Other (expense)/income, net:
Other income/(expense), net	127,000	(5,000)	211,000	(7,000)
Interest income, net	56,000	1,178,000	392,000	2,116,000
Total other (expense)/income, net	183,000	1,173,000	603,000	2,109,000
Income/(loss) from operations before income taxes	9,747,000	(299,000)	12,631,000	(6,583,000)
Income tax expense/(benefit)	2,408,000	94,000	3,503,000	(1,204,000)
Net income/(loss)/comprehensive income/(loss)	$ 7,339,000	$ (393,000)	$ 9,128,000	$ (5,379,000)
Net income/(loss) per share:
Basic	$ 0.52	$ (0.03)	$ 0.65	$ (0.38)
Diluted	$ 0.52	$ (0.03)	$ 0.65	$ (0.38)
Weighted average number of common shares outstanding:
Basic	13,981	13,975	13,978	13,975
Diluted	14,155	13,975	14,125	13,975

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)/INCOME (Parenthetical) (Unaudited) - USD ($)	1 Months Ended	3 Months Ended	4 Months Ended	6 Months Ended
	Apr. 30, 2020	Oct. 31, 2019	Apr. 30, 2020	Oct. 31, 2019
Income Statement [Abstract]
Related party sales	$ 882,000	$ 6,200,000	$ 2,400,000	$ 10,300,000

CONSOLIDATED AND COMBINED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Former Net Parent Company Investment	Additional Paid-In Capital	Retained Earnings
Beginning Balance at Apr. 30, 2019	$ 324,614		$ 324,614
Net income (loss)	(4,983)		(4,983)
Net transfers from former Parent	2,035		2,035
Ending Balance at Jul. 31, 2019	321,666		321,666
Beginning Balance at Apr. 30, 2019	324,614		324,614
Net income (loss)	(5,379)
Ending Balance at Oct. 31, 2019	323,294		323,294
Beginning Balance at Jul. 31, 2019	321,666		321,666
Net income (loss)	(393)		(393)
Net transfers from former Parent	2,021		2,021
Ending Balance at Oct. 31, 2019	323,294		323,294
Beginning Balance at Apr. 30, 2020	224,098		224,098
Net income (loss)	1,789		1,789
Net transfers from former Parent	1,455		1,455
Ending Balance at Jul. 31, 2020	227,342		227,342
Beginning Balance at Apr. 30, 2020	224,098		224,098
Net income (loss)	9,128
Ending Balance at Oct. 31, 2020	$ 268,785	$ 14		$ 263,519	$ 5,252
Ending Balance, shares at Oct. 31, 2020	13,991,736	13,992,000
Beginning Balance at Jul. 31, 2020	$ 227,342		227,342
Net income (loss)	7,339		2,087		5,252
Stock-based compensation	776			776
Issuance of common stock under restricted stock unit awards, shares		17,000
Net transfers from former Parent	33,328		33,328
Issuance of common stock andreclassification of formernet parent company investment		$ 14	$ (262,757)	262,743
Issuance of common stock and reclassification of former net parent company investment, shares		13,975,000
Ending Balance at Oct. 31, 2020	$ 268,785	$ 14		$ 263,519	$ 5,252
Ending Balance, shares at Oct. 31, 2020	13,991,736	13,992,000

- Definition

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

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2020	Oct. 31, 2019
Cash flows from operating activities:
Net income/(loss)	$ 9,128	$ (5,379)
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	10,459	12,156
Provision for losses on notes and accounts receivable	174	610
Deferred income taxes	(780)
Stock-based compensation expense	1,196	666
Changes in operating assets and liabilities:
Accounts receivable	(23,049)	(5,925)
Inventories	(13,576)	(4,553)
Prepaid expenses and other current assets	(1,560)	158
Income taxes	2,546	102
Accounts payable	11,716	(455)
Accrued payroll and incentives	2,421	(1,425)
Right of use assets	586	395
Accrued profit sharing	86	(170)
Accrued expenses	5,690	2,489
Other assets	(451)	(25)
Lease liabilities	(728)	(485)
Other non-current liabilities	598	(73)
Net cash provided by/(used in) operating activities	4,456	(1,914)
Cash flows from investing activities:
Payments to acquire patents and software	(378)	(110)
Payments to acquire property and equipment	(1,728)	(784)
Net cash used in investing activities	(2,106)	(894)
Cash flows from financing activities:
Net transfers from former Parent	31,706	3,072
Cash paid for debt issuance costs	(410)
Net cash provided by financing activities	31,296	3,072
Net increase in cash and cash equivalents	33,646	264
Cash and cash equivalents, beginning of period	234	162
Cash and cash equivalents, end of period	33,880	426
Supplemental Disclosure of Non-cash Investing and Financing Activities
Purchases of property and equipment included in accounts payable	82
Non-cash transfers to/from former parent	1,398
Changes in right of use assets for operating lease obligations	23,940	3,369
Changes in lease liabilities for operating lease obligations	$ 23,940	$ 4,449

Background, Description of Business, and Basis of Presentation

6 Months Ended

Oct. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Background, Description of Business, and Basis of Presentation

AMERICAN OUTDOORS BRANDS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS (UNAUDITED)

For the Three and Six Months Ended October 31, 2020 and 2019

(1) Background, Description of Business, and Basis of Presentation:

Background

On November 13, 2019, Smith & Wesson Brands, Inc., or SWBI, announced that it was proceeding with a plan to spin-off its outdoor products and accessories business, or the Separation, to our company, American Outdoor Brands, Inc., a newly formed wholly owned subsidiary formed in anticipation of the Separation (our “company,” “we,” “us,” or “our”), resulting in two distinct, publicly traded companies.

On August 24, 2020, SWBI completed the Separation through a pro-rata distribution, or the Distribution, of all the outstanding shares of our common stock to the stockholders of record of SWBI as of the close of business on August 10, 2020, the record date for the Distribution, or the Record Date. Each SWBI stockholder of record received one share of our common stock, $0.001 par value, for every four shares of SWBI common stock, $0.001 par value, held by such stockholder as of the close of business on the Record Date. SWBI distributed 13,975,104 shares of our common stock in the Distribution, which was effective at 12:01 a.m., Eastern Time, on August 24, 2020, or the Distribution Date. SWBI was determined to be the spinnor for accounting and legal purposes. As a result of the Distribution, we became an independent public company and our common stock became listed under the symbol “AOUT” on the Nasdaq Global Select Market. Prior to the Separation, the unaudited combined financial statements reflect the financial position, results of operations, and cash flows for the periods presented as historically managed by SWBI. For those periods prior to the Separation, the unaudited combined financial statements were prepared on a “carve out” basis as described below.

In connection with the Separation, we entered into several agreements with SWBI that govern the relationship of the parties following the Separation, including a Separation and Distribution Agreement, a Tax Matters Agreement, a Transition Services Agreement, a Trademark License Agreement, and an Employee Matters Agreement. Under the terms of the Transition Services Agreement, SWBI and we have agreed to provide each other certain transitional services, including information technology, information management, and other limited human resources, legal, compliance, and finance and accounting related services for a certain period following the Separation. We have also entered into certain commercial arrangements with SWBI. Expense reimbursements under these agreements are recorded within cost of goods sold or operating expenses, based on the nature of the arrangements.

Description of Business

We are a leading provider of outdoor products and accessories encompassing hunting, fishing, camping, shooting, and personal security and defense products for rugged outdoor enthusiasts. We conceive, design, produce or source, and sell products and accessories, including shooting supplies, rests, vaults, and other related accessories; premium sportsman knives and tools for fishing and hunting; land management tools for hunting preparedness; harvesting products for post-hunt or post-fishing activities; electro-optical devices, including hunting optics, firearm aiming devices, flashlights, and laser grips; reloading, gunsmithing, and firearm cleaning supplies; and survival, camping, and emergency preparedness products. We develop and market our products at our facility in Columbia, Missouri and contract for the manufacture and assembly of most of our products with third-parties located in Asia. We also manufacture some of our electro-optics products in our facility in Wilsonville, Oregon.

We focus on our brands and the establishment of product categories in which we believe our brands will resonate strongly with the activities and passions of consumers and enable us to capture an increasing share of our overall addressable markets. Our owned brands include Caldwell, Wheeler, Tipton, Frankford Arsenal, Hooyman, BOG, MEAT!, Uncle Henry, Old Timer, Imperial, Crimson Trace, LaserLyte, Lockdown, UST, BUBBA, and Schrade, and we license for use in association with certain products we sell additional brands, including M&P, Smith & Wesson, Performance Center by Smith & Wesson, and Thompson/Center Arms. In focusing on the growth of our brands, we organize our creative, product development, sourcing, and e-commerce teams into four brand lanes, each of which focuses on one of four distinct consumer verticals – Marksman, Defender, Harvester, and Adventurer – with each of our brands included in one of the brand lanes. Our sales activities are focused and measured on how we go to market within the e-commerce and traditional distribution channels. These two channels involve distinct strategies to increase net sales and enhance market share. Our sales team is organized by customer groups, which we refer to as classes of trade, within the e-commerce and traditional channels and sells our products from all brands in all four of our brand lanes. We measure our success through sales performance in these distribution channels against prior results and our own expectations.

Our Marksman brands address product needs arising from consumer activities that take place primarily at the shooting range and where firearms are cleaned, maintained, and worked on. Our Defender brands include products that help consumers aim their firearms more accurately, including situations that require self-defense, and products that help secure, store, and maintain connectivity to those possessions that some consumers would consider to be high value or high consequence. Our Harvester brands focus on the activities hunters typically engage in, including hunting preparation, the hunt itself, and the activities that follow a hunt, such as meat processing. Our Adventurer brands include products that help enhance consumers’ fishing and camping experiences.

Basis of Presentation – Unaudited Consolidated Financial Statements

Our financial statements for the periods through the Separation date of August 24, 2020 are combined financial statements prepared on a “carve out” basis as discussed below. Our financial statements for the period from August 24, 2020 through October 31, 2020 are consolidated financial statements based on the reported results of American Outdoor Brands, Inc. as a standalone company. Accordingly, the second quarter of fiscal 2021 included consolidated and combined financial statements, while all prior periods included combined financial statements. These financial statements have been prepared in accordance with the generally accepted accounting principles for interim financial information and Article 10 of Regulation S-X. The Combined Balance Sheet at April 30, 2020 was derived from audited financial statements.

The consolidated and combined financial statements at October 31, 2020 and for the three and six months ended October 31, 2020 and 2019 are unaudited, but in our opinion include all normal recurring adjustments necessary for a fair statement of the results for the interim periods. The results reported in these consolidated and combined financial statements should not necessarily be taken as indicative of results that may be expected for the entire year. The financial information included herein should be read in conjunction with the financial statements and notes in our registration statement on Form 10 (File No. 001-39366), initially filed with the Securities and Exchange Commission, or SEC, on July 2, 2020, as amended by Amendment No. 1 filed with the SEC on July 13, 2020, or the Form 10.

Basis of Presentation –Prior to the Separation

Prior to the Separation, the combined financial statements include certain assets and liabilities that have historically been held by SWBI and various of its subsidiaries, but are specifically identifiable to or otherwise attributable to the outdoor products and accessories business. Our combined statements of operations and comprehensive income/(loss), prior to the Separation, also include costs for certain pre-Separation centralized functions and programs provided and administered by SWBI that have been charged directly to SWBI businesses, including us. These centralized functions and programs include information technology, human resources, accounting, legal, and insurance. These costs were included in general and administrative expenses in the combined statements of operations and comprehensive income/(loss).

In addition, for purposes of preparing the combined financial statements, prior to the Separation, on a “carve-out” basis, a portion of SWBI’s total corporate expenses were allocated to us. These expense allocations include the cost of corporate functions and resources provided by SWBI, including executive management, finance, accounting, legal, human resources, internal audit, and the related benefit costs associated with such functions, such as stock-based compensation, and the cost of the SWBI Springfield, Massachusetts corporate headquarters. In fiscal 2020, SWBI began operating a new distribution facility in Columbia, Missouri, which included shared distribution expenses between SWBI and us. In addition to the portion of SWBI corporate expenses allocated to us prior to the Separation, a portion of SWBI total distribution expenses were allocated to us. These expense allocations include selling, distribution, inventory management, warehouse, and fulfillment services provided by SWBI and the related benefit costs associated with such functions, such as stock-based compensation and the cost of the SWBI Columbia, Missouri distribution facility. For the period prior to the Separation in fiscal 2021, we were allocated $637,000 and $2.7 million during our second fiscal quarter 2021 and our fiscal year 2021, respectively, and $2.4 million and $4.8 million for the three and six months ended October 31, 2019, respectively, for such corporate expenses, which were included within general and administrative expenses in the combined statements of operations and comprehensive income/(loss). For the period prior to the Separation in fiscal 2021, we were also allocated $290,000 and $1.9 million during our second fiscal quarter 2021 and our fiscal year 2021, respectively, of such distribution expenses, which were included within cost of sales; selling, marketing, and distribution expenses; and general and administrative expenses in the combined statements of operations and comprehensive income/(loss). For the three and six months ended October 31, 2019, we were allocated $2.5 million and $3.4 million of distribution expenses, respectively.

Prior to the Separation, costs were allocated to us based on direct usage when identifiable or, when not directly identifiable, on the basis of proportional net sales, employee headcount, delivery units, or square footage, as applicable. We consider the basis on which the expenses have been allocated to reasonably reflect the utilization of services provided to, or the benefit received by, us during the periods presented. However, the allocations may not reflect the expenses we would have incurred if we had been a standalone company for the periods presented prior to the Separation. Actual costs that may have been incurred if we had been a standalone company would depend on a number of factors, including the organizational structure, whether functions were outsourced or performed by employees, and strategic decisions made in areas such as information technology and infrastructure. Going forward, we may perform these functions using our own resources or outsourced services. For a period following the Separation, however, some of these functions will continue to be provided by SWBI under a Transition Services Agreement. Additionally, we will provide some services to SWBI under such Transition Services Agreement. We also entered into certain commercial arrangements with SWBI in connection with the Separation.

Prior to the Separation, SWBI utilized a centralized approach to cash management and financing its operations. The cash and cash equivalents held by SWBI at the corporate level were not specifically identifiable to us and therefore have not been reflected in our combined balance sheet. Cash transfers between us and SWBI were accounted for through former parent company investment. Cash and cash equivalents in the pre-Separation combined balance sheet represent cash and cash equivalents held by legal entities that were transferred to us or amounts otherwise attributable to us. The combined financial statements include certain assets and liabilities that have historically been held at the SWBI corporate level, but are specifically identifiable or other attributable to us.

SWBI incurred debt and related debt issuance costs with respect to the acquisitions of the carved-out businesses. However, such debt has been refinanced since the consummation of these acquisitions, and the proceeds of such refinancing have been utilized for retirement of original debt obligations and the funding of other SWBI expenditures. As a result, the SWBI third-party long-term debt and the related interest expense have not been allocated to us for any of the periods presented as we were not the legal obligor of such debt.

Subsequent to the completion of the Separation, we incurred costs to establish certain standalone functions, information technology systems, and other one-time costs. Recurring standalone costs include accounting, financial reporting, tax, regulatory compliance, corporate governance, treasury, legal, and investor relations functions, as well as the annual expenses associated with running an independent, publicly traded company, including listing fees, board of director fees, and external audit costs. Recurring standalone costs may differ materially from historical allocations, which may have an impact on profitability and operating cash flows.

All intracompany transactions have been eliminated. All transactions between us and SWBI have been included in these consolidated and combined financial statements. The aggregate net effect of such transactions that are not historically settled in cash has been reflected in the consolidated and combined balance sheet as parent company investment and in the consolidated and combined statements of cash flows as net transfers to and from SWBI.

Reclassification

We have adjusted the accompanying combined balance sheet as of April 30, 2020 for an immaterial correction of an error to appropriately present deferred income taxes, in the amount of $3.6 million, as non-current, which was previously presented as a current asset.

Fiscal Year

We operate and report using a fiscal year ending on April 30 of each year.

Revenue Recognition

We recognize revenue in accordance with the provisions of Accounting Standards Update, or ASU 2016-10, Revenue from Contracts with Customers (Topic 606), which became effective for us on May 1, 2018. Performance obligations are satisfied and revenue is recognized when title has transferred to the customer, which is generally upon shipment, but could be delayed until the receipt of customer acceptance.

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

We generally sell our products free on board, or FOB, shipping point and provide payment terms to most commercial customers ranging from 20 to 90 days of product shipment with a discount available to some customers for early payment. Generally, framework contracts define the general terms of sales, including payment terms, freight terms, insurance requirements, and cancelation provisions. Purchase orders define the terms for specific sales, including description, quantity, and price of each product purchased. We estimate variable consideration relative to the amount of cash discounts to which customers are likely to be entitled. In some instances, we provide longer payment terms, particularly as it relates to promotional programs. We do not consider these extended terms to be a significant financing component of the contract because the payment terms are less than one year. In all cases, we consider our costs related to shipping and handling to be a cost of fulfilling the contract with the customer.

We sponsor direct to consumer customer loyalty programs in which customers earn rewards from qualifying purchases or activities. We defer revenue for a portion of the transaction price from product sales to customers that earn loyalty points. We recognize revenue upon shipment of the products associated with the loyalty points and record an offsetting reserve utilizing a breakage factor based on historical redemption.

Net sales reflects adjustments for estimated allowances for trade terms, sales incentive programs, discounts, markdowns, chargebacks, and returns. These allowances are estimated based on evaluations of specific product and customer circumstances, historical and anticipated trends, and current economic conditions.

Concentration of credit risk

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

For the three and six months ended October 31, 2020, one of our customers accounted for more than 10% of our net sales and accounted for $18.9, or 23.9%, and $38.2 million, or 29.5%, of our net sales. As of October 31, 2020, one of our customers exceeded 10% or more of our accounts receivable and accounted for $19.7 million, or 33.9%, of our accounts receivable.

Disaggregation of revenue

The following table sets forth certain information regarding trade channel net sales for the three months ended October 31, 2020 and 2019 (dollars in thousands):

	2020		2019		$ Change		% Change
e-commerce channels	$	26,243	$	8,373	$	17,870		213.4	%
Traditional channels		52,855		39,369		13,486		34.3	%
Total net sales	$	79,098	$	47,742	$	31,356		65.7	%

Our e-commerce channels include net sales from customers that do not traditionally operate a physical brick-and-mortar store, but generate the majority of their revenue from consumer purchases from their retail websites. Our e-commerce channels also include our direct-to-consumer sales. Our traditional channels include customers that primarily operate out of physical brick-and-mortar stores and generate the large majority of revenue from consumer purchases in their brick-and-mortar locations.

We sell our products worldwide. The following table sets forth certain information regarding geographic makeup of net sales included in the above table for the three months ended October 31, 2020 and 2019 (dollars in thousands):

	2020		2019		$ Change		% Change
Domestic net sales	$	76,525	$	45,389	$	31,136		68.6	%
International net sales		2,573		2,353		220		9.3	%
Total net sales	$	79,098	$	47,742	$	31,356		65.7	%

The following table sets forth certain information regarding trade channel net sales for the six months ended October 31, 2020 and 2019 (dollars in thousands):

	2020		2019		$ Change		% Change
e-commerce channels	$	50,791	$	19,061	$	31,730		166.5	%
Traditional channels		78,774		61,898		16,876		27.3	%
Total net sales	$	129,565	$	80,959	$	48,606		60.0	%

The following table sets forth certain information regarding geographic makeup of net sales included in the above table for the six months ended October 31, 2020 and 2019 (dollars in thousands):

	2020		2019		$ Change		% Change
Domestic net sales	$	124,996	$	77,354	$	47,642		61.6	%
International net sales		4,569		3,605		964		26.7	%
Total net sales	$	129,565	$	80,959	$	48,606		60.0	%

Recently Adopted and Issued Accounting Standards

6 Months Ended

Oct. 31, 2020

Accounting Changes And Error Corrections [Abstract]

Recently Adopted and Issued Accounting Standards

(2) Recently Adopted and Issued Accounting Standards:

Recently Issued Accounting Standards – In March 2020, the Financial Accounting Standards Board, or FASB, issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) to provide temporary optional expedients and exceptions to the contract modifications, hedge relationships, and other transactions affected by reference rate reform if certain criteria are met. This ASU, which was effective upon issuance and may be applied through December 31, 2022, is applicable to all contracts and hedging relationships that reference the London Interbank Offered Rate or any other reference rate expected to be discontinued. We are currently evaluating the new guidance and the expected effect on our consolidated financial statements and related disclosures.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), an amendment of the FASB Accounting Standards Codification. ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions for intraperiod tax allocations and deferred tax liabilities for equity method investments and adds guidance regarding whether a step-up in tax basis of goodwill relates to a business combination or a separate transaction. This ASU is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. We are evaluating the new guidance and the expected effect on its consolidated financial statements and related disclosures.

Recently Adopted Accounting Standards – In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Effective May 1, 2020, we adopted ASU 2016- 13, which requires financial assets measured at amortized cost, such as our trade receivables, to be presented net of expected credit losses, which may be estimated based on relevant information such as historical experience, current conditions, and future expectation for each pool of similar financial assets. We adopted ASU 2016-13 using the modified retrospective method, whereby the guidance is applied prospectively as of the date of adoption and prior periods are not restated. The cumulative effect of adoption was not material.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases

6 Months Ended

Oct. 31, 2020

Leases [Abstract]

Leases

(3) Leases:

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

We recognize expenses under our operating lease assets and liabilities at the commencement date based on the present value of lease payments over the lease term. Our leases do not provide an implicit interest rate. We use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. Our lease agreements do not require material variable lease payments, residual value guarantees, or restrictive covenants. For operating leases, we recognize expense on a straight-line basis over the lease term. 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 can extend the lease term. The execution of those renewal options is at our sole discretion and are reflected in the lease term when they are reasonably certain to be exercised. The depreciable life of assets and leasehold improvements are limited by the expected lease term.

The amounts of assets and liabilities related to our operating leases as of October 31, 2020 are as follows (in thousands):

	October 31, 2020
Operating Leases
Right-of-use assets	$	27,443
Accumulated amortization		(1,317	)
Right-of-use assets, net	$	26,126

Lease liabilities, current portion	$	1,734
Lease liabilities, net of current portion		25,632
Total operating lease liabilities	$	27,366

We recorded $1.2 million of operating lease costs, of which $185,000 were short-term operating lease costs, during the six months ended October 31, 2020. We recorded $865,000 of operating lease costs, of which $51,000 were short-term operating lease costs, during the three months ended October 31, 2020. We recorded $766,000 of operating lease costs, of which $223,000 were short-term operating lease costs, during the six months ended October 31, 2019. We recorded $392,000 of operating lease costs, of which $166,000 were short-term operating lease costs, during the three months ended October 31, 2019. As of October 31, 2020, our weighted average lease term and weighted average discount rate for our operating leases was 16.8 years and 5.3%, respectively. 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 August 24, 2020 and as part of the Separation, we entered into an 18-year sublease for our corporate offices and warehouse with SWBI, which is payable in 216 monthly installments through fiscal 2039. We evaluated this lease under ASC 842-10 – Leases, which requires that leases be evaluated and classified as operating or finance leases for financial reporting purposes. Based on our evaluation under ASC 842-10, we determined that the sublease qualified as an operating lease because the net present value of all the lease payments did not exceed 90% of the fair market value of the subleased building space. We recorded an operating Right-of-use lease asset and liability in the amount of $24.5 million. The effective interest rate for this lease is 5.4%.

During the six months ended October 31, 2020, we terminated an operating lease for office space in Park City, Utah. We recorded a reduction of Right-of-use asset and lease liability of approximately $640,000 for terminating this lease.

During the six months ended October 31, 2020, we entered into an operating lease for administrative office space in Chicopee, Massachusetts and recorded a Right-of-use asset and lease liability of $369,000.

During the six months ended October 31, 2020, we terminated an operating lease for office space in Bentonville, Arkansas. We recorded a reduction of Right-of-use asset and lease liability of approximately $240,000 for terminating this lease.

Future lease payments for all our operating leases for the remainder of fiscal 2021 and for succeeding fiscal years are as follows (in thousands):

	Operating
2021	$	1,594
2022		3,093
2023		2,990
2024		2,014
2025		2,048
Thereafter		30,552
Total future lease payments		42,291
Less amounts representing interest		(14,925	)
Present value of lease payments		27,366
Less current maturities of lease liabilities		(1,734	)
Long-term maturities of lease liabilities	$	25,632

During the six months ended October 31, 2020, the cash paid for amounts included in the measurement of the liabilities and the operating cash flows was $728,000.

Goodwill and Intangible Assets, Net

6 Months Ended

Oct. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

(4) Goodwill and Intangible Assets, net:

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

	October 31, 2020							April 30, 2020
	Gross							Gross
	Carrying		Accumulated			Net Carrying		Carrying		Accumulated			Net Carrying
	Amount		Amortization			Amount		Amount		Amortization			Amount
Customer relationships	$	89,980	$	(55,697	)	$	34,283	$	89,980	$	(51,049	)	$	38,931
Developed technology		21,588		(13,508	)		8,080		21,588		(12,529	)		9,059
Patents, trademarks, and trade names		49,912		(31,769	)		18,143		49,697		(29,229	)		20,468
Backlog		1,250		(1,250	)		—		1,150		(1,150	)		—
		162,730		(102,224	)		60,506		162,415		(93,957	)		68,458
Patents in progress		652		—			652		490		—			490
Total definite-lived intangible assets		163,382		(102,224	)		61,158		162,905		(93,957	)		68,948
Indefinite-lived intangible assets		430		—			430		204		—			204
Total intangible assets	$	163,812	$	(102,224	)	$	61,588	$	163,109	$	(93,957	)	$	69,152

We amortize intangible assets with determinable lives over a weighted-average period of approximately five years. The weighted-average periods of amortization by intangible asset class is approximately five years for customer relationships, five years for developed technology, and five years for patents, trademarks, and trade names. Amortization expense amounted to $8.3 million and $9.6 million for the six months ended October 31, 2020 and 2019, respectively.

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

Fiscal	Amount
2021	$	8,150
2022		13,863
2023		11,426
2024		9,688
2025		6,045
Thereafter		11,334
Total	$	60,506

As of October 31, 2020, we had $64.3 million of goodwill. We did not have any adjustments to goodwill during the six months ended October 31, 2020 and 2019. As of April 30, 2020, we had recorded $109.3 million of goodwill impairment charges since fiscal 2015 on gross goodwill of $173.6 million.

Fair Value Measurement

6 Months Ended

Oct. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurement

(5) Fair Value Measurement:

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

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

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

Our cash and cash equivalents, which are measured at fair value on a recurring basis, totaled $33.9 million as of October 31, 2020 and $234,000 as of April 30, 2020. We utilized Level 1 of the value hierarchy to determine the fair values of these assets.

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

•

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

•

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

•

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

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

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Inventories

6 Months Ended

Oct. 31, 2020

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 October 31, 2020 and April 30, 2020 (in thousands):

	October 31, 2020		April 30, 2020
Finished goods	$	61,594	$	50,171
Finished parts		4,599		3,499
Work in process		219		249
Raw material		7,163		6,080
Total inventories	$	73,575	$	59,999

Debt

6 Months Ended

Oct. 31, 2020

Debt Disclosure [Abstract]

Debt

(7) Debt:

On August 24, 2020, we entered into a new financing arrangement consisting of a $50.0 million revolving line of credit secured by substantially all our assets, maturing five years from the closing date, with available borrowings determined by a borrowing base calculation. Based on this calculation, the entire $50.0 million was available to us as of October 31, 2020. The revolving line includes an option to increase the credit commitment for an additional $15.0 million. The revolving line bears interest at a fluctuating rate equal to the Base Rate or LIBOR, as applicable, plus the applicable margin. If adequate means do not exist for ascertaining LIBOR, any borrowing under the credit facility may be converted into Base Rate Loans. The applicable margin can range from a minimum of 0.75% to a maximum of 2.25% based on certain conditions as defined in the credit agreement. The financing arrangement contains covenants relating to minimum debt service coverage. As of October 31, 2020, there were no borrowings under the revolving line of credit. If we would have had borrowings at October 31, 2020, those borrowings would have borne interest at approximately 1.97%, which is equal to the LIBOR rate plus the applicable margin. We recorded $410,000 of debt issuance costs associated with entering into this financing arrangement.

Equity

6 Months Ended

Oct. 31, 2020

Equity [Abstract]

Equity

(8) Equity:

Earnings per Share

On August 24, 2020, the date of consummation of the Separation, SWBI distributed 13,975,104 shares of our common stock, par value $0.001 per share, to SWBI stockholders of record as of August 10, 2020, the Record Date. This share amount is being utilized for the calculation of basic and diluted earnings per share for all periods presented prior to the Separation as all common stock was owned by SWBI prior to the Separation. For the 2019 quarter to date calculations, these shares are treated as issued and outstanding at October 31, 2019 for purposes of calculating historical basic and diluted earnings per share. For periods prior to the Separation, it is assumed that there are no dilutive equity instruments as there were no AOUT stock-based awards outstanding prior to the Separation.

Diluted earnings per share is computed by giving effect to all potentially dilutive stock awards that are outstanding. For periods subsequent to the Separation, the computation of diluted earnings per share excludes the effect of the potential exercise of stock-based awards when the effect of the potential exercise would be anti-dilutive. There were no shares excluded from the computation of diluted earnings per share for the three and six months ended October 31, 2020. After the Separation, the weighted-average number of common shares outstanding for basic and diluted earnings per share for the three and six months ended October 31, 2020 was based on the weighted-average number of actual common shares outstanding assuming the number of shares of AOUT common stock outstanding on August 24, 2020 had been outstanding at the beginning of each period presented.

The following table provides a reconciliation of the net income/(loss) amounts and weighted average number of common and common equivalent shares used to determine basic and diluted earnings/(loss) per share for the three months ended October 31, 2020 and 2019 (in thousands, except per share data):

	For the Three Months Ended October 31,
	2020								2019
	Net					Per Share			Net						Per Share
	Income			Shares		Amount			Loss				Shares		Amount
Basic earnings/(loss)	$		7,339		13,981	$		0.52	$		(393	)		13,975	$		(0.03	)
Effect of dilutive stock awards		—			174		—			—			—			—
Diluted earnings/(loss)	$		7,339		14,155	$		0.52	$		(393	)		13,975	$		(0.03	)

The following table provides a reconciliation of the net income/(loss) amounts and weighted average number of common and common equivalent shares used to determine basic and diluted earnings/(loss) per share for the six months ended October 31, 2020 and 2019 (in thousands, except per share data):

	For the Six Months Ended October 31,
	2020								2019
	Net					Per Share			Net						Per Share
	Income			Shares		Amount			Loss				Shares		Amount
Basic earnings/(loss)	$		9,128		13,978	$		0.65	$		(5,379	)		13,975	$		(0.38	)
Effect of dilutive stock awards		—			147		—			—			—			—
Diluted earnings/(loss)	$		9,128		14,125	$		0.65	$		(5,379	)		13,975	$		(0.38	)

Incentive Stock and Employee Stock Purchase Plans

Prior to the Separation and Distribution, our employees participated in two SWBI sponsored incentive stock plans. All grants made prior to the Separation and Distribution covering all participants were issued under those plans.

Certain of our employees have participated in SWBI’s 2013 Incentive Stock Plan. The following disclosures of stock-based compensation expense recognized by us, prior to the Separation, are based on grants related directly to our employees and an allocation of SWBI corporate and shared employee stock-based compensation expenses. Accordingly, the amounts presented are not necessarily indicative of future awards and do not necessarily reflect the results that we would have experienced as an independent company for the periods presented.

In connection with the Separation, outstanding and vested awards granted to employees under SWBI’s incentive stock plans were converted into AOUT stock-based awards. Unvested awards held by our employees were converted into AOUT stock-based awards. The ratio used to convert the SWBI incentive plan awards was intended to preserve the aggregate intrinsic value of each award immediately after the Separation when compared to the aggregate intrinsic value immediately prior to the Separation. All performance-based restricted share units, or PSUs, outstanding on the Distribution Date were converted to PSUs using payout metrics based on a combination of actual performance through the Distribution Date and the target for the remainder of the performance period. Due to the conversion, we expect to incur $711,000 of incremental stock-based compensation expense to be recognized over the awards' remaining 1.8 year vesting period.

Post-Separation, we have a separate stock incentive plan, or the 2020 Incentive Compensation Plan, under which we can grant new awards to our employees and directors. The 2020 Incentive Compensation Plan authorizes the issuance of awards covering up to 1,397,510 shares of our common stock. The plan permits the grant of options to acquire common stock, restricted stock awards, RSUs, stock appreciation rights, bonus stock and awards in lieu of obligations, performance awards, and dividend equivalents. Our board of directors, or a committee established by our board, administers the incentive plan, selects recipients to whom awards are granted, and determines the grants to be awarded. Options granted under the plan are exercisable at a price determined by our Board of Directors or a committee thereof at the time of grant, but in no event, less than fair market value of our common stock on the date granted. Grants of options may be made to employees and directors without regard to any performance measures. All options issued pursuant to the incentive plan are generally nontransferable and subject to forfeiture.

Unless terminated earlier by our Board of Directors, the 2020 Incentive Compensation Plan will terminate at the earliest of (1) the tenth anniversary of the effective date of the 2020 Incentive Compensation Plan, or (2) such time as no shares of common stock remain available for issuance under the plan and we have no further rights or obligations with respect to outstanding awards under the plan. The date of grant of an award is deemed to be the date upon which our Board of Directors or a committee thereof authorizes the granting of such award.

Except in specific circumstances, grants generally vest over a period of three or four years and grants of stock options are exercisable for a period of 10 years. The 2020 Incentive Compensation Plan also permits the grant of awards to non-employees.

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

Post-Separation, we have a separate employee stock purchase plan, or the ESPP, which authorizes the sale of up to 419,253 shares of our common stock to employees. All options and rights to participate in our ESPP are nontransferable and subject to forfeiture in accordance with our ESPP guidelines. Our current ESPP will be implemented in a series of successive offering periods, each with a maximum duration of 12 months. If the fair market value per share of our common stock on any purchase date is less than the fair market value per share on the start date of a 12-month offering period, then that offering period will automatically terminate, and a new 12-month offering period will begin on the next business day. Each offering period will begin on April 1 or October 1, as applicable, immediately following the end of the previous offering period. Payroll deductions will be on an after-tax basis, in an amount of not less than 1% and not more than 20% (or such greater percentage as the committee appointed to administer our ESPP may establish from time to time before the first day of an offering period) of a participant’s compensation on each payroll date. The option exercise price per share will equal 85% of the lower of the fair market value on the first day of the offering period or the fair market value on the exercise date. The maximum number of shares that a participant may purchase during any purchase period is 2,500 shares, or a total of $25,000 in shares, based on the fair market value on the first day of the offering period. Our ESPP will remain in effect until the earliest of (a) the exercise date that participants become entitled to purchase a number of shares greater than the number of reserved shares available for purchase under our ESPP, (b) such date as is determined by our board of directors in its discretion, or (c) the tenth anniversary of the effective date. In the event of certain corporate transactions, each option outstanding under our ESPP will be assumed or an equivalent option will be substituted by the successor corporation or a parent or subsidiary of such successor corporation.

We recognized $899,000 and $352,000 of stock-based compensation expense during the three months ended October 31, 2020 and 2019, respectively. Of the total stock-based compensation expense recognized by us during the three months ended October 31, 2020 and 2019, $800,000 and $124,000, respectively, related directly to our employees and $99,000 and $228,000, respectively, related to allocations of SWBI corporate and shared employee stock-based compensation expenses. We recognized $1.2 million and $666,000 of stock-based compensation expense during the six months ended October 31, 2020 and 2019, respectively. Of the total stock-based compensation expense recognized by us during the six months ended October 31, 2020 and 2019, $972,000 and $233,000, respectively, related directly to our employees and $224,000 and $433,000, respectively, related to allocations of SWBI corporate and shared employee stock-based compensation expenses. Stock-based compensation expense is included in cost of sales, sales and marketing, research and development, and general and administrative expenses.

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

We grant PSUs to our executive officers. At the time of grant, we calculate the fair value of our PSUs using the Monte-Carlo simulation. We incorporate the following variables into the valuation model:

	For the Six Months Ended October 31, 2020
Grant date fair market value
American Outdoor Brands, Inc.	$	13.30
Russell 2000 Index	$	1,504.59
Volatility (a)
American Outdoor Brands, Inc.		47.54	%
Russell 2000 Index		27.70	%
Correlation coefficient (b)		0.48
Risk-free interest rate (c)		0.17	%
Dividend yield (d)		0	%

(a)

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

(b)

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

(c)

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

(d)

We do not plan to pay dividends.

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

During the six months ended October 31, 2020, we granted an aggregate of 165,559 service-based RSUs to executive officers, non-executive officer employees, and directors, and 78,045 PSUs to certain executive officers under our 2020 Incentive Compensation Plan. During the six months ended October 31, 2020, we cancelled 312 service-based RSUs as a result of the service condition not being met. In connection with the vesting of RSUs, during the six months ended October 31, 2020, we delivered common stock to directors under our 2020 Incentive Compensation Plan with a total market value of $235,000.

During the six months ended October 31, 2019, we granted an aggregate of 29,513 service-based RSUs to non-executive officer employees. During the six months ended October 31, 2019, we cancelled 46,754 service-based RSUs as a result of the service condition not being met. In connection with the vesting of RSUs, during the six months ended October 31, 2019, we delivered common stock to our employees, including our executive officers, with a total market value of $135,000.

A summary of activity for unvested RSUs and PSUs under our 2020 Incentive Compensation Plan for the six months ended October 31, 2020 is as follows:

	For the six months ended October 31, 2020
				Weighted
	Total # of			Average
	Restricted			Grant Date
	Stock Units			Fair Value
RSUs and PSUs outstanding, beginning of period	—			$	—
Converted on August 24, 2020		237,589			9.20
Awarded		243,604			14.08
Vested		(16,631	)		9.20
Forfeited		(312	)		11.52
RSUs and PSUs outstanding, end of period		464,250		$	11.76

As of October 31, 2020, there was $3.3 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.

Accrued Expenses

6 Months Ended

Oct. 31, 2020

Payables And Accruals [Abstract]

Accrued Expenses

(9) Accrued Expenses:

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

	October 31, 2020		April 30, 2020
Accrued allowances	$	3,739	$	2,441
Accrued freight		3,986		1,646
Accrued commissions		2,268		954
Accrued employee benefits		378		754
Accrued professional fees		469		787
Accrued taxes other than income		579		197
Accrued warranty		333		336
Accrued other		90		540
Total accrued expenses	$	11,842	$	7,655

Income Taxes

6 Months Ended

Oct. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

(10) Income Taxes:

The income tax expense/(benefit) included in the consolidated and combined statements of operations is based upon the estimated effective tax rate for the year, adjusted for the impact of discrete items which are accounted for in the period in which they occur. We recorded income tax expense of $2.4 million for the three months ended October 31, 2020 and income tax expense of $94,000 for the three months ended October 31, 2019. The effective tax rate for the three months ended October 31, 2020 and 2019 was 24.7% and (31.4)%, respectively. Income tax expense for three months ended October 31, 2020 and 2019 included a discrete tax benefit of $210,000 and $642,000, respectively, associated with the allocation of a portion of SWBI’s total corporate and distribution expenses for the purposes of presenting the combined financial statements on a carve-out basis. We recorded income tax expense of $3.5 million for the six months ended October 31, 2020 and an income tax benefit of $1.2 million for the six months ended October 31, 2019. The effective tax rate for the six months ended October 31, 2020 and 2019 was 27.7% and 18.3%, respectively. Income tax expense/(benefit) for six months ended October 31, 2020 and 2019 included a discrete tax benefit of $579,000 and $1.3 million respectively, associated with the allocation of a portion of SWBI’s total corporate and distribution expenses for the purposes of presenting the combined financial statements on a carve-out basis. For the period prior to the Separation, income taxes were recorded based on a carve-out basis. Prior to the Separation, our portion of income taxes were settled in the period the related tax expense was recorded. After the Separation, our income taxes are prepared on a stand-alone basis.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Commitments and Contingencies

6 Months Ended

Oct. 31, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

(11) Commitments and Contingencies:

Litigation

From time to time, we are involved in lawsuits, claims, investigations, and proceedings, including those relating to product liability, intellectual property, commercial relationships, employment issues, and governmental matters. Litigation, regardless of the merits, can be expensive, time consuming, and divert the time and attention of management personnel, and unfavorable outcomes can harm our business. We actively monitor the status of litigation and vigorously defend claims and assert all appropriate defenses to litigation against us.

Segment Reporting

6 Months Ended

Oct. 31, 2020

Segment Reporting [Abstract]

Segment Reporting

(12) Segment Reporting:

We have evaluated our operations under ASC 280-10-50-1 – Segment Reporting and have concluded that we are operating as one segment based on several key factors, including the reporting and review process used by the chief operating decision maker, our President and Chief Executive Officer, who reviews only one set of complete financial statements and makes decisions to allocate resources based on those financial statements. Although we currently sell our products under 20 distinct brands that are organized into four brand lanes and include specific product sales that have identified revenue streams, these brand lanes are focused almost entirely on product development and marketing activities and do not qualify as separate reporting units under ASC 280-10-50-1. Other sales and customer focused activities, operating activities, and administrative activities are not divided by brand lane and, therefore, expenses related to each brand lane are not accumulated or reviewed individually. Our business is evaluated based upon a number of financial and operating measures, including sales, gross profit and gross margin, operating expenses, and operating margin.

Our business includes our outdoor products and accessories products, which we develop, source, market, and distribute at our facilities in Columbia, Missouri, and our electro-optics products, which we assemble in our Wilsonville, Oregon facility. We report operating costs based on the activities performed.

- Definition

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

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Related Party Transactions

6 Months Ended

Oct. 31, 2020

Related Party Transactions

(13) Related Party Transactions:

Prior to the Separation, the combined financial statements were prepared on a standalone basis and were derived from the consolidated financial statements and accounting records of SWBI, the former Parent. The following discussion summarizes activity between us and the former Parent prior to the Separation on August 24, 2020 (and its affiliates that are not part of the Separation).

Allocation of General Corporate Expenses

Prior to the Separation, the combined statements of operations and comprehensive income/(loss) included expenses for certain centralized functions and other programs provided and administered by the former Parent that were charged directly to us. In addition, for purposes of preparing these combined financial statements on a carve-out basis, we have allocated a portion of the former Parent total corporate and selling, marketing, and distribution expenses to us. See Note 1 – Background, Description of Business, and Basis of Presentation for a discussion of the methodology used to allocate corporate-related costs and selling, marketing, and distribution expenses for purposes of preparing these financial statements on a carve-out basis.

Related Party Sales and Purchases

For the period prior to the Separation in fiscal 2021, our sales to the former Parent totaled $882,000 and $2.4 million during our second fiscal quarter 2021 and our fiscal year 2021, respectively, which are included in net sales in the combined statements of operations and comprehensive income/(loss). Our sales to the former Parent totaled $6.2 million and $10.3 million for the three and six months ended October 31, 2019, respectively. Our cost of goods sold included an immaterial amount for items purchased from the former Parent for the three months ended October 31, 2020 and 2019. As of October 31, 2020, and April 30, 2020, the aggregate amount of inventories purchased from the former Parent that remained on our consolidated and combined balance sheet was $443,000 and $435,000, respectively.

Net Transfers To and From SWBI

Prior to the Separation, the former Parent utilized a centralized approach to cash management and financing its operations. Disbursements were made through centralized accounts payable systems, which were operated by the former Parent. Cash receipts were transferred to centralized accounts, which were also maintained by the former Parent. As cash was received and disbursed by the former Parent, it was accounted for by us through the former parent company investment. Certain related party transactions between us and the former Parent have been included within the former parent company investment in the combined balance sheets in the historical periods presented. All notes to and from the former parent company were settled in connection with the Separation. As of April 30, 2020, the former net parent company investment included related party receivables due from the former Parent of $85.0 million. The interest income and expense related to the activity with the former Parent that was historically included in our results prior to the Separation is presented on a net basis in the combined statements of operations and comprehensive income/(loss). Interest income on the activity with the former Parent was $424,000 during the first four months of our fiscal year 2021 and prior to the Separation and $2.1 million for the six months ended October 31, 2019. The total effect of the settlement of these related party transactions is reflected as a financing activity in the combined statements of cash flows. On August 24, 2020, the former Parent capitalized our company with $25.0 million of cash as part of the Separation.

Background, Description of Business, and Basis of Presentation (Policies)

6 Months Ended

Oct. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation – Unaudited Consolidated Financial Statements

Basis of Presentation –Prior to the Separation

Reclassification

Fiscal Year

We operate and report using a fiscal year ending on April 30 of each year.

Revenue Recognition

Concentration of credit risk

Disaggregation of revenue

The following table sets forth certain information regarding trade channel net sales for the three months ended October 31, 2020 and 2019 (dollars in thousands):

	2020		2019		$ Change		% Change
e-commerce channels	$	26,243	$	8,373	$	17,870		213.4	%
Traditional channels		52,855		39,369		13,486		34.3	%
Total net sales	$	79,098	$	47,742	$	31,356		65.7	%

	2020		2019		$ Change		% Change
Domestic net sales	$	76,525	$	45,389	$	31,136		68.6	%
International net sales		2,573		2,353		220		9.3	%
Total net sales	$	79,098	$	47,742	$	31,356		65.7	%

The following table sets forth certain information regarding trade channel net sales for the six months ended October 31, 2020 and 2019 (dollars in thousands):

	2020		2019		$ Change		% Change
e-commerce channels	$	50,791	$	19,061	$	31,730		166.5	%
Traditional channels		78,774		61,898		16,876		27.3	%
Total net sales	$	129,565	$	80,959	$	48,606		60.0	%

The following table sets forth certain information regarding geographic makeup of net sales included in the above table for the six months ended October 31, 2020 and 2019 (dollars in thousands):

	2020		2019		$ Change		% Change
Domestic net sales	$	124,996	$	77,354	$	47,642		61.6	%
International net sales		4,569		3,605		964		26.7	%
Total net sales	$	129,565	$	80,959	$	48,606		60.0	%

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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+ Details

Background, Description of Business, and Basis of Presentation (Tables)

6 Months Ended

Oct. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Schedule of Trade Channel Net Sales

The following table sets forth certain information regarding trade channel net sales for the three months ended October 31, 2020 and 2019 (dollars in thousands):

	2020		2019		$ Change		% Change
e-commerce channels	$	26,243	$	8,373	$	17,870		213.4	%
Traditional channels		52,855		39,369		13,486		34.3	%
Total net sales	$	79,098	$	47,742	$	31,356		65.7	%

The following table sets forth certain information regarding trade channel net sales for the six months ended October 31, 2020 and 2019 (dollars in thousands):

	2020		2019		$ Change		% Change
e-commerce channels	$	50,791	$	19,061	$	31,730		166.5	%
Traditional channels		78,774		61,898		16,876		27.3	%
Total net sales	$	129,565	$	80,959	$	48,606		60.0	%

Schedule of Geographic Makeup of Net Sales

The following table sets forth certain information regarding geographic makeup of net sales included in the above table for the three months ended October 31, 2020 and 2019 (dollars in thousands):

	2020		2019		$ Change		% Change
Domestic net sales	$	76,525	$	45,389	$	31,136		68.6	%
International net sales		2,573		2,353		220		9.3	%
Total net sales	$	79,098	$	47,742	$	31,356		65.7	%

The following table sets forth certain information regarding geographic makeup of net sales included in the above table for the six months ended October 31, 2020 and 2019 (dollars in thousands):

	2020		2019		$ Change		% Change
Domestic net sales	$	124,996	$	77,354	$	47,642		61.6	%
International net sales		4,569		3,605		964		26.7	%
Total net sales	$	129,565	$	80,959	$	48,606		60.0	%

Leases (Tables)

6 Months Ended

Oct. 31, 2020

Leases [Abstract]

Schedule of Assets and Liabilities Related to Operating Leases

The amounts of assets and liabilities related to our operating leases as of October 31, 2020 are as follows (in thousands):

	October 31, 2020
Operating Leases
Right-of-use assets	$	27,443
Accumulated amortization		(1,317	)
Right-of-use assets, net	$	26,126

Lease liabilities, current portion	$	1,734
Lease liabilities, net of current portion		25,632
Total operating lease liabilities	$	27,366

Schedule of Future Lease Payments for Operating Leases

Future lease payments for all our operating leases for the remainder of fiscal 2021 and for succeeding fiscal years are as follows (in thousands):

	Operating
2021	$	1,594
2022		3,093
2023		2,990
2024		2,014
2025		2,048
Thereafter		30,552
Total future lease payments		42,291
Less amounts representing interest		(14,925	)
Present value of lease payments		27,366
Less current maturities of lease liabilities		(1,734	)
Long-term maturities of lease liabilities	$	25,632

Goodwill and Intangible Assets, Net (Tables)

6 Months Ended

Oct. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

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

	October 31, 2020							April 30, 2020
	Gross							Gross
	Carrying		Accumulated			Net Carrying		Carrying		Accumulated			Net Carrying
	Amount		Amortization			Amount		Amount		Amortization			Amount
Customer relationships	$	89,980	$	(55,697	)	$	34,283	$	89,980	$	(51,049	)	$	38,931
Developed technology		21,588		(13,508	)		8,080		21,588		(12,529	)		9,059
Patents, trademarks, and trade names		49,912		(31,769	)		18,143		49,697		(29,229	)		20,468
Backlog		1,250		(1,250	)		—		1,150		(1,150	)		—
		162,730		(102,224	)		60,506		162,415		(93,957	)		68,458
Patents in progress		652		—			652		490		—			490
Total definite-lived intangible assets		163,382		(102,224	)		61,158		162,905		(93,957	)		68,948
Indefinite-lived intangible assets		430		—			430		204		—			204
Total intangible assets	$	163,812	$	(102,224	)	$	61,588	$	163,109	$	(93,957	)	$	69,152

Schedule of Estimated Amortization Expense of Intangible Assets

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

Fiscal	Amount
2021	$	8,150
2022		13,863
2023		11,426
2024		9,688
2025		6,045
Thereafter		11,334
Total	$	60,506

Inventories (Tables)

6 Months Ended

Oct. 31, 2020

Inventory Disclosure [Abstract]

Summary of Inventories, Net of Reserves

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

	October 31, 2020		April 30, 2020
Finished goods	$	61,594	$	50,171
Finished parts		4,599		3,499
Work in process		219		249
Raw material		7,163		6,080
Total inventories	$	73,575	$	59,999

Equity (Tables)

6 Months Ended

Oct. 31, 2020

Schedule of Earnings per Share

	For the Three Months Ended October 31,
	2020								2019
	Net					Per Share			Net						Per Share
	Income			Shares		Amount			Loss				Shares		Amount
Basic earnings/(loss)	$		7,339		13,981	$		0.52	$		(393	)		13,975	$		(0.03	)
Effect of dilutive stock awards		—			174		—			—			—			—
Diluted earnings/(loss)	$		7,339		14,155	$		0.52	$		(393	)		13,975	$		(0.03	)

The following table provides a reconciliation of the net income/(loss) amounts and weighted average number of common and common equivalent shares used to determine basic and diluted earnings/(loss) per share for the six months ended October 31, 2020 and 2019 (in thousands, except per share data):

	For the Six Months Ended October 31,
	2020								2019
	Net					Per Share			Net						Per Share
	Income			Shares		Amount			Loss				Shares		Amount
Basic earnings/(loss)	$		9,128		13,978	$		0.65	$		(5,379	)		13,975	$		(0.38	)
Effect of dilutive stock awards		—			147		—			—			—			—
Diluted earnings/(loss)	$		9,128		14,125	$		0.65	$		(5,379	)		13,975	$		(0.38	)

Share Based Payment Award Performance Shares Valuation Assumptions

We incorporate the following variables into the valuation model:

	For the Six Months Ended October 31, 2020
Grant date fair market value
American Outdoor Brands, Inc.	$	13.30
Russell 2000 Index	$	1,504.59
Volatility (a)
American Outdoor Brands, Inc.		47.54	%
Russell 2000 Index		27.70	%
Correlation coefficient (b)		0.48
Risk-free interest rate (c)		0.17	%
Dividend yield (d)		0	%

(a)

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

(b)

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

(c)

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

(d)

We do not plan to pay dividends.

2020 Incentive Compensation Plan | Service-based RSUs and PSUs

Summary of Activity for Unvested RSUs and PSUs

A summary of activity for unvested RSUs and PSUs under our 2020 Incentive Compensation Plan for the six months ended October 31, 2020 is as follows:

	For the six months ended October 31, 2020
				Weighted
	Total # of			Average
	Restricted			Grant Date
	Stock Units			Fair Value
RSUs and PSUs outstanding, beginning of period	—			$	—
Converted on August 24, 2020		237,589			9.20
Awarded		243,604			14.08
Vested		(16,631	)		9.20
Forfeited		(312	)		11.52
RSUs and PSUs outstanding, end of period		464,250		$	11.76

Accrued Expenses (Tables)

6 Months Ended

Oct. 31, 2020

Payables And Accruals [Abstract]

Schedule of Accrued Expenses

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

	October 31, 2020		April 30, 2020
Accrued allowances	$	3,739	$	2,441
Accrued freight		3,986		1,646
Accrued commissions		2,268		954
Accrued employee benefits		378		754
Accrued professional fees		469		787
Accrued taxes other than income		579		197
Accrued warranty		333		336
Accrued other		90		540
Total accrued expenses	$	11,842	$	7,655

Background, Description of Business, and Basis of Presentation - Additional Information (Details)			3 Months Ended		6 Months Ended		12 Months Ended
	Aug. 24, 2020 $ / shares shares	Aug. 10, 2020 $ / shares	Oct. 31, 2020 USD ($) Customer $ / shares	Oct. 31, 2019 USD ($)	Oct. 31, 2020 USD ($) BrandLane Customer $ / shares	Oct. 31, 2019 USD ($)	Apr. 30, 2020 USD ($) $ / shares
Background Description of Business and Basis of Presentation [Line Items]
Common stock, par value \| $ / shares			$ 0.001		$ 0.001		$ 0.001
Number of brand lanes \| BrandLane					4
Corporate expenses			$ 637,000	$ 2,400,000	$ 2,700,000	$ 4,800,000
Distribution expenses			290,000	2,500,000	1,900,000	3,400,000
Net sales			79,098,000	$ 47,742,000	129,565,000	$ 80,959,000
Accounts receivable			$ 57,971,000		$ 57,971,000		$ 35,096,000
Sales Revenue Net \| Customer Concentration Risk
Background Description of Business and Basis of Presentation [Line Items]
Number of customer \| Customer			1		1
Net sales			$ 18,900,000		$ 38,200,000
Concentration risk, percentage			23.90%		29.50%
Accounts Receivable \| Credit Concentration Risk
Background Description of Business and Basis of Presentation [Line Items]
Number of customer \| Customer					1
Accounts receivable			$ 19,700,000		$ 19,700,000
Concentration risk, percentage					33.90%
Minimum
Background Description of Business and Basis of Presentation [Line Items]
Product shipment days					20 days
Maximum
Background Description of Business and Basis of Presentation [Line Items]
Product shipment days					90 days
Deferred Income Taxes Non Current
Background Description of Business and Basis of Presentation [Line Items]
Deferred income taxes							$ 3,600,000
Smith & Wesson Brands, Inc.
Background Description of Business and Basis of Presentation [Line Items]
Common stock, shares distributed \| shares	13,975,104
Stock distribution ratio		0.25
Common stock, par value \| $ / shares	$ 0.001	$ 0.001

Background, Description of Business, and Basis of Presentation - Schedule of Trade Channel Net Sales (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Disaggregation of Revenue [Line Items]
Total net sales	$ 79,098	$ 47,742	$ 129,565	$ 80,959
Change in Total net sales	$ 31,356		$ 48,606
% Change in Total net sales	65.70%		60.00%
E-Commerce Channels
Disaggregation of Revenue [Line Items]
Total net sales	$ 26,243	8,373	$ 50,791	19,061
Change in Total net sales	$ 17,870		$ 31,730
% Change in Total net sales	213.40%		166.50%
Traditional Channels
Disaggregation of Revenue [Line Items]
Total net sales	$ 52,855	$ 39,369	$ 78,774	$ 61,898
Change in Total net sales	$ 13,486		$ 16,876
% Change in Total net sales	34.30%		27.30%

- 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.

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+ Details

Background, Description of Business, and Basis of Presentation - Schedule of Geographic Makeup of Net Sales (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Disaggregation of Revenue [Line Items]
Total net sales	$ 79,098	$ 47,742	$ 129,565	$ 80,959
Change in Total net sales	$ 31,356		$ 48,606
% Change in Total net sales	65.70%		60.00%
Domestic Net Sales
Disaggregation of Revenue [Line Items]
Total net sales	$ 76,525	45,389	$ 124,996	77,354
Change in Total net sales	$ 31,136		$ 47,642
% Change in Total net sales	68.60%		61.60%
International Net Sales
Disaggregation of Revenue [Line Items]
Total net sales	$ 2,573	$ 2,353	$ 4,569	$ 3,605
Change in Total net sales	$ 220		$ 964
% Change in Total net sales	9.30%		26.70%

- Definition

+ References

+ Details

Recently Adopted and Issued Accounting Standards - Additional Information (Details)	6 Months Ended
	Oct. 31, 2020
Accounting Changes And Error Corrections [Abstract]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	May 01, 2020
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true

- Definition

Indicates amendment to accounting standards.

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Leases - Schedule of Assets and Liabilities Related to Operating Leases (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Apr. 30, 2020
Operating Leases
Right-of-use assets	$ 27,443
Accumulated amortization	(1,317)
Right-of-use assets, net	26,126	$ 2,772
Lease liabilities, current portion	1,734	1,324
Lease liabilities, net of current portion	25,632	$ 2,830
Total operating lease liabilities	$ 27,366

Leases - Additional Information (Details)		3 Months Ended		6 Months Ended
Leases - Additional Information (Details)	Aug. 24, 2020 USD ($) Installment	Oct. 31, 2020 USD ($)	Oct. 31, 2019 USD ($)	Oct. 31, 2020 USD ($)	Oct. 31, 2019 USD ($)	Apr. 30, 2020 USD ($)
Lessee Lease Description [Line Items]
Operating lease cost		$ 865,000	$ 392,000	$ 1,200,000	$ 766,000
Short-term operating lease costs		$ 51,000	$ 166,000	$ 185,000	$ 223,000
Operating lease, weighted average lease term		16 years 9 months 18 days		16 years 9 months 18 days
Operating lease, weighted average discount rate		5.30%		5.30%
Operating right-of-use lease asset		$ 26,126,000		$ 26,126,000		$ 2,772,000
Operating lease, liability		27,366,000		27,366,000
Cash paid for amounts included in measurement of liabilities and operating cash flows				728,000
Corporate Offices
Lessee Lease Description [Line Items]
Operating sublease, term of contract	18 years
Percentage of fair market value of subleased building space	90.00%
Operating right-of-use lease asset	$ 24,500,000
Operating lease, liability	$ 24,500,000
Operating lease, effective interest rate	5.40%
Number of monthly installments \| Installment	216
Office Space
Lessee Lease Description [Line Items]
Reduction of Right-Of-Use asset				640,000
Reduction of lease liability				640,000
Office Space \| Bentonville, Arkansas
Lessee Lease Description [Line Items]
Reduction of Right-Of-Use asset				240,000
Reduction of lease liability				240,000
Administrative Office Space
Lessee Lease Description [Line Items]
Operating right-of-use lease asset		369,000		369,000
Operating lease, liability		$ 369,000		$ 369,000

Leases - Schedule of Future Lease Payments for Operating Leases (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Apr. 30, 2020
Operating
2021	$ 1,594
2022	3,093
2023	2,990
2024	2,014
2025	2,048
Thereafter	30,552
Total future lease payments	42,291
Less amounts representing interest	(14,925)
Total operating lease liabilities	27,366
Less current maturities of lease liabilities	(1,734)	$ (1,324)
Long-term maturities of lease liabilities	$ 25,632	$ 2,830

Goodwill and Intangible Assets, Net - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Apr. 30, 2020
Intangible Assets Excluding Goodwill [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	$ 163,382	$ 162,905
Total definite-lived intangible assets, Accumulated Amortization	(102,224)	(93,957)
Total definite-lived intangible assets, Net Carrying Amount	61,158	68,948
Indefinite-lived intangible assets, Net Carrying Amount	430	204
Total Intangible assets, Gross Carrying Amount	163,812	163,109
Total Intangible assets, Net Carrying Amount	61,588	69,152
Customer Relationships
Intangible Assets Excluding Goodwill [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	89,980	89,980
Total definite-lived intangible assets, Accumulated Amortization	(55,697)	(51,049)
Total definite-lived intangible assets, Net Carrying Amount	34,283	38,931
Developed Technology
Intangible Assets Excluding Goodwill [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	21,588	21,588
Total definite-lived intangible assets, Accumulated Amortization	(13,508)	(12,529)
Total definite-lived intangible assets, Net Carrying Amount	8,080	9,059
Patents, Trademarks, and Trade Names
Intangible Assets Excluding Goodwill [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	49,912	49,697
Total definite-lived intangible assets, Accumulated Amortization	(31,769)	(29,229)
Total definite-lived intangible assets, Net Carrying Amount	18,143	20,468
Backlog
Intangible Assets Excluding Goodwill [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	1,250	1,150
Total definite-lived intangible assets, Accumulated Amortization	(1,250)	(1,150)
Definite-lived Intangible Assets Excluding Patents in Progress
Intangible Assets Excluding Goodwill [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	162,730	162,415
Total definite-lived intangible assets, Accumulated Amortization	(102,224)	(93,957)
Total definite-lived intangible assets, Net Carrying Amount	60,506	68,458
Patents in Progress
Intangible Assets Excluding Goodwill [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	652	490
Total definite-lived intangible assets, Net Carrying Amount	$ 652	$ 490

Goodwill and Intangible Assets, Net - Additional Information (Details) - USD ($)	6 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Apr. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 8,300,000	$ 9,600,000
Weighted-average period for amortization of intangible assets	5 years
Goodwill	$ 64,315,000		$ 64,315,000
Adjustments to goodwill	$ 0	$ 0
Goodwill impairment charges			109,300,000
Goodwill gross			$ 173,600,000
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-average period for amortization of intangible assets	5 years
Developed Technology
Finite-Lived Intangible Assets [Line Items]
Weighted-average period for amortization of intangible assets	5 years
Patents, Trademarks, and Trade Names
Finite-Lived Intangible Assets [Line Items]
Weighted-average period for amortization of intangible assets	5 years

Goodwill and Intangible Assets, Net - Schedule of Estimated Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Apr. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Net Carrying Amount	$ 61,158	$ 68,948
Definite-lived Intangible Assets Excluding Patents in Progress
Finite-Lived Intangible Assets [Line Items]
2021	8,150
2022	13,863
2023	11,426
2024	9,688
2025	6,045
Thereafter	11,334
Total definite-lived intangible assets, Net Carrying Amount	$ 60,506	$ 68,458

Fair Value Measurement - Additional Information (Details) - USD ($)	Oct. 31, 2020	Apr. 30, 2020
Fair Value, Recurring Basis \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 33,900,000	$ 234,000

Inventories - Summary of Inventories, Net of Reserves (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Apr. 30, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 61,594	$ 50,171
Finished parts	4,599	3,499
Work in process	219	249
Raw material	7,163	6,080
Total inventories	$ 73,575	$ 59,999

Debt - Additional Information (Details) - USD ($)		6 Months Ended
Debt - Additional Information (Details) - USD ($)	Aug. 24, 2020	Oct. 31, 2020
Debt Instrument [Line Items]
Debt issuance costs		$ 410,000
Revolving Line of Credit
Debt Instrument [Line Items]
Revolving line of credit, borrowing capacity	$ 50,000,000.0
Revolving line of credit maturing term	5 years
Additional increase in credit commitment	$ 15,000,000.0
Interest rate, description		The revolving line bears interest at a fluctuating rate equal to the Base Rate or LIBOR, as applicable, plus the applicable margin.
Revolving line of credit		$ 0
Debt issuance costs		$ 410,000
Revolving Line of Credit \| Minimum
Debt Instrument [Line Items]
Debt instrument, spread on variable rate	0.75%
Revolving Line of Credit \| Maximum
Debt Instrument [Line Items]
Debt instrument, spread on variable rate	2.25%
Revolving Line of Credit \| LIBOR
Debt Instrument [Line Items]
Borrowings interest rate		1.97%

Equity - Additional Information (Details)		3 Months Ended		6 Months Ended
Equity - Additional Information (Details)	Aug. 24, 2020 $ / shares shares	Oct. 31, 2020 USD ($) $ / shares shares	Oct. 31, 2019 USD ($)	Oct. 31, 2020 USD ($) Plan $ / shares shares	Oct. 31, 2019 USD ($) shares	Aug. 10, 2020 $ / shares	Apr. 30, 2020 $ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, par value \| $ / shares		$ 0.001		$ 0.001			$ 0.001
Shares excluded from computation of diluted earnings per share		0		0
Number of incentive stock plans \| Plan				2
Incremental stock-based compensation expense \| $		$ 711,000		$ 711,000
Vesting period of incremental stock-based compensation expense to be recognized				1 year 9 months 18 days
Performance period				3 years
Percentage of maximum aggregate award granted				200.00%
Percentage of stock outperform in order for target award to vest				5.00%
Service-based RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards cancelled				312	46,754
Service-based RSUs and PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested awards, unrecognized compensation expense \| $		3,300,000		$ 3,300,000
Unvested awards, unrecognized compensation expense recognition period				1 year 10 months 24 days
Employees and Directors \| Service-based RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted, description				We grant service-based restricted stock units, or RSU, to employees and directors. The awards are made at no cost to the recipient. An RSU represents the right to receive one share of AOUT common stock and does not carry voting or dividend rights.
Awards granted, vesting period				4 years
Awards granted, vesting description				RSU grants to employees generally vest over a period of four years with one-fourth of the units vesting on each anniversary of the grant date.
Executive Officers, Non-Executive Officer Employees and Directors [Member] \| Service-based RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted				165,559
Non-executive Officer Employees \| Service-based RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted					29,513
Employees and Executive Officers \| Service-based RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Market value of awards delivered in connection with vesting of RSUs \| $					$ 135,000
Cost of Sales, Sales and Marketing, Research and Development, and General and Administrative Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense \| $		899,000	$ 352,000	$ 1,200,000	666,000
Cost of Sales, Sales and Marketing, Research and Development, and General and Administrative Expenses \| Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense \| $		800,000	124,000	972,000	233,000
Cost of Sales, Sales and Marketing, Research and Development, and General and Administrative Expenses \| SWBI Corporate and Shared Employee
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense \| $		99,000	$ 228,000	$ 224,000	$ 433,000
2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Implementation of employee stock purchase plan duration				12 months
Option exercise price per share as a percentage of fair market value				85.00%
Number of shares an employee may purchase under the stock purchase plan				2,500
Shares issued under employee stock purchase plan \| $		$ 25,000		$ 25,000
Maximum \| 2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Authorized sale of shares of common stock		419,253		419,253
Payroll deduction of participant's compensation				20.00%
Minimum \| 2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Payroll deduction of participant's compensation				1.00%
2020 Incentive Compensation Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock remain available for issuance		0		0
Stock options exercisable period				10 years
2020 Incentive Compensation Plan \| Service-based RSUs and PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted				243,604
Awards cancelled				312
2020 Incentive Compensation Plan \| Executive Officers \| PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted				78,045
2020 Incentive Compensation Plan \| Directors \| Service-based RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Market value of awards delivered in connection with vesting of RSUs \| $				$ 235,000
2020 Incentive Compensation Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized to be issued		1,397,510		1,397,510
Incentive stock plans grants vest over in period				4 years
2020 Incentive Compensation Plan \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incentive stock plans grants vest over in period				3 years
Smith & Wesson Brands, Inc.
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares distributed	13,975,104
Common stock, par value \| $ / shares	$ 0.001					$ 0.001

Equity - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Equity [Abstract]
Basic earnings/(loss), Net income (loss)	$ 7,339	$ (393)	$ 9,128	$ (5,379)
Diluted earnings/(loss), Net income (loss)	$ 7,339	$ (393)	$ 9,128	$ (5,379)
Basic earnings/(loss), shares	13,981	13,975	13,978	13,975
Effect of dilutive stock awards, shares	174		147
Diluted earnings/(loss), shares	14,155	13,975	14,125	13,975
Basic earnings/(loss), per shares	$ 0.52	$ (0.03)	$ 0.65	$ (0.38)
Diluted earnings/(loss), per shares	$ 0.52	$ (0.03)	$ 0.65	$ (0.38)

- Definition

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

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

Equity - Share Based Payment Award Performance Shares Valuation Assumptions (Details) - PSUs

6 Months Ended

Oct. 31, 2020

CorrelationCoefficient

$ / shares

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Correlation coefficient | CorrelationCoefficient

0.48

^[1]

Risk-free interest rate

0.17%

^[2]

Dividend yield

0.00%

^[3]

American Outdoor Brands, Inc.

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Grant date fair market value

$ 13.30

Volatility

47.54%

^[4]

Russell 2000 Index

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Grant date fair market value

$ 1,504.59

Volatility

27.70%

^[4]

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

Equity - Share Based Payment Award Performance Shares Valuation Assumptions (Parenthetical) (Details)	6 Months Ended
	Oct. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance based restricted stock unit performance period	3 years
PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance based restricted stock unit performance period	3 years

Equity - Summary of Activity for Unvested RSUs and PSUs (Details) - 2020 Incentive Compensation Plan - Service-based RSUs and PSUs	6 Months Ended
	Oct. 31, 2020 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Converted on August 24, 2020, Total # of Restricted stock units \| shares	237,589
Awarded, Total # of restricted stock units \| shares	243,604
Vested, Total # of restricted stock units \| shares	(16,631)
Forfeited, Total # of restricted stock units \| shares	(312)
RSUs and PSUs outstanding, end of period, Total # of restricted stock units \| shares	464,250
Weighted average grant date fair value, Converted on August 24, 2020 \| $ / shares	$ 9.20
Weighted average grant date fair value, Awarded \| $ / shares	14.08
Weighted average grant date fair value, Vested \| $ / shares	9.20
Weighted average grant date fair value, Forfeited \| $ / shares	11.52
Weighted average grant date fair value, end of period \| $ / shares	$ 11.76

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Apr. 30, 2020
Payables And Accruals [Abstract]
Accrued allowances	$ 3,739	$ 2,441
Accrued freight	3,986	1,646
Accrued commissions	2,268	954
Accrued employee benefits	378	754
Accrued professional fees	469	787
Accrued taxes other than income	579	197
Accrued warranty	333	336
Accrued other	90	540
Total accrued expenses	$ 11,842	$ 7,655

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Income Tax Disclosure [Abstract]
Income tax expense/(benefit)	$ 2,408,000	$ 94,000	$ 3,503,000	$ (1,204,000)
Effective tax rate	24.70%	(31.40%)	27.70%	18.30%
Discrete tax benefit	$ 210,000	$ 642,000	$ 579,000	$ 1,300,000

- Definition

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

+ References + Details

Segment Reporting - Additional Information (Details)	6 Months Ended
Segment Reporting - Additional Information (Details)	Oct. 31, 2020 BrandLane Segment Brand
Segment Reporting [Abstract]
Number of operating segments \| Segment	1
Number of distinct brands \| Brand	20
Number of brand lanes \| BrandLane	4

Related Party Transactions - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended		4 Months Ended		6 Months Ended
	Aug. 24, 2020	Apr. 30, 2020	Oct. 31, 2020	Oct. 31, 2019	Aug. 31, 2020	Apr. 30, 2020	Oct. 31, 2020	Oct. 31, 2019
Related Party Transaction [Line Items]
Related party sales		$ 882,000		$ 6,200,000		$ 2,400,000		$ 10,300,000
Inventories		59,999,000	$ 73,575,000			59,999,000	$ 73,575,000
SWBI
Related Party Transaction [Line Items]
Inventories		435,000	443,000			435,000	443,000
Related party interest income, net					$ 424,000			2,100,000
Due from related parties		$ 85,000,000.0				$ 85,000,000.0
Amount capitalized in cash as part of separation	$ 25,000,000.0
Net Sales \| SWBI
Related Party Transaction [Line Items]
Related party sales			$ 882,000	$ 6,200,000			$ 2,400,000	$ 10,300,000