0000950170-23-030394 | 10-K | XBRL Viewer | American Outdoor Brands INC

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Background, Description of Business, and Basis of Presentation - Additional Information (Details) $ in Millions	12 Months Ended
	Apr. 30, 2023 BrandLane	Apr. 30, 2021 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of brand lanes \| BrandLane	4
Corporate expenses		$ 2.7
Distribution expenses		$ 1.9

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Apr. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation – Consolidated Financial Statements Subsequent to the Separation

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 all periods subsequent to August 24, 2020 are consolidated financial statements based on our reported results as a standalone company, and have been prepared in conformity with accounting principles generally accepted in the United States, or GAAP.

Basis of Presentation – Combined Financial Statements Prior to the Separation

For the period prior to the Separation, the combined financial statements reflected the financial position, results of operations, and cash flows for the periods presented as historically managed by our former parent and were derived from the consolidated financial statements and accounting records of our former parent in accordance with GAAP.

In addition, for purposes of preparing the combined financial statements, prior to the Separation, on a “carve-out” basis, a portion of our former parent’s total corporate expenses was allocated to us based on direct usage when identifiable or, when not directly identifiable, on the basis of proportional net revenue, employee headcount, delivered units, or square footage, as applicable. These expense allocations included the cost of corporate functions and resources provided by our former parent, 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 our former parent’s Springfield, Massachusetts corporate headquarters. For the period prior to the Separation in fiscal 2021, we were allocated $2.7 million for such corporate expenses, which were included within general and administrative expenses in the consolidated and combined statements of operations and comprehensive income. We were also allocated $1.9 million of such distribution expenses, which were included within cost of sales; selling, marketing, and distribution expenses; and general and administrative expenses in the consolidated and combined statements of operations and comprehensive income.

Use of Estimates

In preparing the consolidated and combined financial statements in accordance with GAAP, we make estimates and assumptions that affect amounts reported in the consolidated and combined financial statements and accompanying notes. Our significant estimates include provisions for excess and obsolete inventory, accruals for freight, duty, and tariff costs on international inventory purchases, valuation of goodwill and long-lived intangible assets, and realization of deferred tax assets. Actual results may differ from those estimates.

Principles of Consolidation

The accompanying consolidated and combined financial statements include the accounts of our company and our wholly owned subsidiaries, including AOB Products Company, or AOBPC (formerly Battenfeld Technologies, Inc., or BTI), BTI Tools LLC, Crimson Trace Corporation, Ultimate Survival Technologies, LLC, or ust, and AOB Consulting (Shenzhen), Co., LTD. In our opinion, all adjustments, which include only normal recurring adjustments necessary to fairly present the financial position, results of operations, changes in equity, and cash flows at April 30, 2023, 2022, and 2021 and for the periods presented, have been included. All intercompany accounts and transactions have been eliminated in consolidation.

Fair Value of Financial Instruments

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

Cash and Cash Equivalents

We consider all highly liquid investments purchased with original maturities of three months or less at the date of acquisition to be cash equivalents.

Accounts Receivable and Allowance for Estimated Credit Losses

We record trade accounts receivable at net realizable value that include estimated allowances for trade terms, sales incentive programs, discounts, markdowns, chargebacks, and returns as discussed under Revenue Recognition. We extend credit to our domestic customers and some foreign distributors based on their creditworthiness. We sometimes offer discounts for early payment on invoices. When we believe the extension of credit is not advisable, we rely on either a prepayment or a letter of credit. We write off balances deemed uncollectible by us against our allowance for credit loss accounts.

We maintain an allowance for credit losses related to accounts receivable for future expected credit losses resulting from the inability or unwillingness of our customers to make required payments. We estimate our allowance for credit losses based on relevant information such as historical experience, current conditions, and future expectation and in relation to a representative pool of assets consisting of a large number of customers with similar risk characteristics and similar financial assets. We adjust the allowance as appropriate to reflect differences in current conditions as well as changes in forecasted macroeconomic conditions.

In November 2020, we entered into a factoring arrangement with a financial institution specifically designed to factor trade receivables with a certain customer that has extended payment terms, which are traditional to the customer’s industry. Under this factoring arrangement, from time to time, we sell this customer’s trade receivables at a discount on a non-recourse basis. We account for these transactions as sales and cash proceeds are included in cash provided by operating activities in the statement of cash flows. During the fiscal year ended April 30, 2023, we recorded an immaterial amount of factoring fees related to factoring transactions, which are included in other (loss)/income, net on our consolidated and combined statement of operations.

Inventories

We state inventories at the lower of cost or net realizable value. We determine cost on the first-in, first-out method and net of discounts or rebates received from vendors. Provisions for potential non-saleable inventory due to excess stock or obsolescence are based upon a detailed review of inventory, past history, and expected future usage.

Property, Plant, and Equipment

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


Description		Useful Life
Machinery and equipment		2 to 10 years
Computer and other equipment		2 to 7 years
Leasehold improvements		10 to 20 years

We include tooling, dies, furniture, and fixtures as part of machinery and equipment and depreciate them over a period generally not exceeding 10 years.

We assess the recoverability of assets whenever events or changes in circumstances suggest that the carrying value of an asset may not be recoverable. We recognize an impairment loss if the carrying amount of a long-lived asset is not recoverable based on its undiscounted future cash flows. We measure the impairment loss as the difference between the carrying amount and the fair value of the asset.

Intangible Assets

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

Valuation of Goodwill and Long-lived Assets

As of April 30, 2023 and 2022, we had no goodwill recorded on our consolidated balance sheet. In the instance we have recorded goodwill, we test goodwill for impairment, in accordance with ASC 350, Intangibles Goodwill and Other, on an annual basis on February 1 and between annual tests if indicators of potential impairment exist.

As of our valuation date in fiscal 2022, we had $64.3 million of goodwill. During the annual impairment review process, we performed a step one analysis to assess the recoverability of our goodwill. The step one analysis estimates the fair value of our reporting unit and compares it to the carrying value of the reporting unit, including goodwill, to assess whether impairment is present. We estimated the fair value of our operating unit using an equal weighting of the fair values derived from the income approach and the market approach because we believe a market participant would equally weight both approaches when valuing the operating unit. The income approach is based on the projected cash flows that are discounted to their present value using discount rates that consider the timing and risk of the forecasted cash flows. Fair value is estimated using internally developed forecasts and assumptions. The discount rate used is the average estimated value of a market participant’s cost of capital and debt, derived using customary market metrics. Other significant assumptions include revenue growth rates, profitability projections, and terminal value growth rates. The market approach estimates fair values based on the determination of appropriate publicly traded market comparison companies and market multiples of revenue and earnings derived from those companies with similar operating and investment characteristics as the operating unit being valued. Finally, we compare and reconcile our overall fair value to our market capitalization in order to assess the reasonableness of the calculated fair values of our operating units. We recognize an impairment loss for goodwill if the implied fair value of goodwill is less than the carrying value. We completed a step one analysis as of February 1, 2022, and concluded there were no indicators of impairment.

On April 30, 2022, the decline in our stock price and market capitalization indicated a reduction of the fair value of our reporting unit. We determined this decline to be a triggering event, which indicated it was more likely than not that the fair values of these reporting units were less than the respective book values and required us to complete an additional step one analysis. Given the volatility in the financial markets, we believed a market participant would determine that the income approach would be a more prominent metric for determining the fair value of our operating unit and thus we used a 75% weighting on the income approach and a 25% weighting on the market approach when valuing our operating unit. As of our interim valuation date in the prior year, we had $67.8 million of goodwill. Based on the results of the evaluation, we recorded a non-cash impairment charge of our entire $67.8 million goodwill balance during our fourth quarter of fiscal 2022.

On March 23, 2020, we determined that our business was expected to be negatively impacted by several factors related to the COVID-19 pandemic, including a major online retail customer’s decision to halt or delay most non-essential product orders, COVID-19-related supply chain issues, as well as COVID-19-related “stay at home” orders and sporting goods store closures, which reduced retail foot traffic in many states. Given the extreme market volatility, we relied solely on the income approach to derive the current value of our business. Based on these factors, we expected reduced cash flows in our business, and we believed this constituted a triggering event under generally accepted accounting principles. Based on the results of this evaluation, we recorded a $98.9 million non-cash impairment of goodwill during our fourth quarter of fiscal 2020.

Our assumptions related to the development of fair value could deviate materially from actual results and forecasts used to support asset carrying values and may change in the future, which could result in non-cash charges that would adversely affect our results of operations. The re-measurement of goodwill is classified as a Level 3 fair value assessment as described in Note 11 - Fair Value Measurement of the consolidated and combined financial statements, due to the significance of unobservable inputs developed using company-specific information.

We have reviewed the provisions of Accounting Standards Codification, or ASC, 350-20, with respect to the criteria necessary to evaluate the number of reporting units that exist. Based on our review of ASC 350-20, we have determined that we have one operating unit.

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

We evaluate the recoverability of long-lived assets on an annual basis on February 1 or whenever events or changes in circumstances indicate that carrying amounts may not be recoverable in accordance with ASC 360, Property, Plant, and Equipment. When such evaluations indicate that the related future undiscounted cash flows are not sufficient to recover the carrying values of the assets, such carrying values are reduced to fair value and this adjusted carrying value becomes the asset’s new cost basis. We determine the initial fair value of our long-lived assets, primarily using future anticipated cash flows that are directly associated with and are expected to arise as a direct result of the use and eventual disposition of the asset, or asset group, discounted using an interest rate commensurate with the risk involved. There was no indication of impairment of our long-lived assets in fiscal 2023. Based on the triggering event noted above, we evaluated the recoverability of our long-lived assets on April 30, 2022. Based on the results of this evaluation, on an undiscounted cash flow basis, there was no indications of impairment of our long-lived assets.

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

Business Combinations

We allocate the purchase price, including any contingent consideration, of our acquisitions to the assets and liabilities acquired, including identifiable intangible assets, based on their fair values at the date of acquisition. The fair values are primarily based on third-party valuations using our own assumptions that require significant judgments and estimates. The purchase price allocated to intangibles is based on unobservable factors, including projected revenues, expenses, customer attrition rates, royalty rates, a weighted average cost of capital, among others. The weighted average cost of capital uses a market participant’s cost of equity and after-tax cost of debt and reflects the risks inherent in the cash flows. The unobservable factors we use are based upon assumptions believed to be reasonable, but are also uncertain and unpredictable. As a result, these estimates and assumptions may require adjustment in the future if actual results differ from our estimates.

Revenue Recognition

We recognize revenue for the sale of our products at the point in time when the control of ownership has transferred to the customer. The transfer of control typically occurs at a point in time based on consideration of when the customer has (i) a payment obligation, (ii) physical possession of goods has been received, (iii) legal title to goods has passed, (iv) risks and rewards of ownership of goods has passed to the customer, and (v) the customer has accepted the goods. The timing of revenue recognition occurs either on shipment or delivery of goods based on contractual terms with the customer. Revenue recorded excludes sales tax charged to retail customers as we are considered a pass-through conduit for collecting and remitting sales taxes.

The duration of contractual arrangements with customers in our wholesale channels is typically less than one year. Payment terms with customers are typically between 20 and 90 days, with a discount available in certain cases for early payment. For contracts with discounted terms, we determine the transaction price upon establishment of the contract that contains the final terms of the sale, including the description, quantity, and price of each product purchased. We estimate variable consideration relative to the amount of cash discounts to which customers are likely to be entitled. In some instances, we provide longer payment terms, particularly as it relates to our hunting dating programs, which represent payment terms due in the fall for certain orders of hunting products received in the spring and summer. We do not consider these extended terms to be a significant financing component of the contract because the payment terms are less than one year.

We have elected to treat all shipping and handling activities as fulfillment costs and recognize the costs as distribution expenses at the time we recognize the related revenue. Shipping and handling costs billed to customers are included in net sales.

The amount of revenue we recognize reflects the expected consideration to be received for providing the goods or services to customers, which includes estimates for variable consideration. Variable consideration includes allowances for trade term discounts, chargebacks, and product returns. Estimates of variable consideration are determined at contract inception and reassessed at each reporting date, at a minimum, to reflect any changes in facts and circumstances. We apply the portfolio approach as a practical expedient and utilize the expected value method in determining estimates of variable consideration, based on evaluations of specific product and customer circumstances, historical and anticipated trends, and current economic conditions. We have co-op advertising program expense, which we record within advertising expense, in recognition of a distinct service that we receive from our customers at the retail level.

Disaggregation of Revenue

The following table sets forth certain information regarding trade channel net sales for the fiscal years ended April 30, 2023, 2022, and 2021 (dollars in thousands):


	2023		2022		$ Change			% Change			2021
e-commerce channels	$	87,219	$	97,418	$	(10,199	)		-10.5	%	$	108,726
Traditional channels		103,990		150,108		(46,118	)		-30.7	%		167,961
Total net sales	$	191,209	$	247,526	$	(56,317	)		-22.8	%	$	276,687

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 at their retail websites. Our e-commerce channels also include our direct-to-consumer sales. Our traditional channels include customers that operate primarily out of physical brick and mortar stores and generate the large majority of their revenue from consumer purchases at 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 fiscal years ended April 30, 2023, 2022, and 2021 (dollars in thousands):


	2023		2022		$ Change			% Change			2021
Domestic net sales	$	182,299	$	234,803	$	(52,504	)		-22.4	%	$	267,573
International net sales		8,910		12,723		(3,813	)		-30.0	%		9,114
Total net sales	$	191,209	$	247,526	$	(56,317	)		-22.8	%	$	276,687

The following table sets forth certain information regarding net sales in our shooting sports and outdoor lifestyle categories for the fiscal years ended April 30, 2023, 2022, and 2021 (dollars in thousands):


	2023		2022		$ Change			% Change			2021
Shooting sports	$	88,885	$	128,180	$	(39,295	)		-30.7	%	$	165,341
Outdoor lifestyle		102,324		119,346		(17,022	)		-14.3	%		111,346
Total net sales	$	191,209	$	247,526	$	(56,317	)		-22.8	%	$	276,687

Our shooting sports category includes net sales of shooting accessories and our products used for personal protection. Our outdoor lifestyle category includes net sales of our products used in hunting, fishing, camping, rugged outdoor activities, and outdoor cooking.

Shipping and Handling

In the accompanying consolidated and combined financial statements, we included amounts billed to customers for shipping and handling in net sales. We include costs relating to shipping and handling charges, including inbound freight charges and internal transfer costs, in cost of goods sold; however, costs incurred to distribute products to customers is included in distribution expenses.

Cost of Goods Sold

Cost of goods sold for our purchased finished goods includes the purchase costs and related overhead. We source most of our purchased finished goods from manufacturers in Asia. Cost of goods sold for our manufactured goods includes all materials, labor, and overhead costs incurred in the production process. Overhead includes all costs related to manufacturing or purchasing finished goods, including costs of planning, purchasing, quality control, depreciation, freight, duties, royalties, and shrinkage.

Research and Development

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

Advertising

We expense advertising costs, primarily consisting of digital, printed, or television advertisements, either as incurred or upon the first occurrence of the advertising. Advertising expense, included in selling, marketing, and distribution expenses, totaled $11.9 million, $13.3 million, and $14.4 million in fiscal 2023, 2022, and 2021, respectively. We have co-op advertising program expense, which we record within advertising expense, in recognition of a distinct service that we receive from our customers at the retail level.

Warranty

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

The following table sets forth the change in accrued warranties, a portion of which is recorded as a non-current liability, in the fiscal years ended April 30, 2023, 2022, and 2021 (in thousands):


	April 30, 2023			April 30, 2022			April 30, 2021
Beginning balance		786			717			336
Warranties issued and adjustments to provisions		1,419			399			1,083
Warranties assumed in acquisition		—			150			—
Warranty claims		(1,239	)		(480	)		(702	)
Ending balance		966			786			717

Rent Expense

We occasionally enter into non-cancelable operating leases for office space, distribution facilities, and equipment. Our leases for real estate have initial terms ranging from one to 18 years, generally with renewal options. Leases for equipment typically have initial terms ranging from one to 10 years. Most leases have fixed rentals, with many of the real estate leases requiring additional payments for real estate taxes and occupancy-related costs. We record rent expense for leases containing landlord incentives or scheduled rent increases on a straight-line basis over the lease term beginning with the earlier of the lease commencement date or the date we take possession or control of the leased premises. See Note 4 – Leases for more information.

Self-Insurance

We record our liability for estimated incurred losses, related to our self-insured group health insurance program, based on historical claim data in the accompanying consolidated financial statements on an undiscounted basis. While we believe these reserves to be adequate, it is possible that the ultimate liabilities will exceed such estimates. See Note 12 - Self-Insurance Reserves for more information.

(Loss)/Earnings per Share

On August 24, 2020, the date of consummation of the Separation, our former parent distributed 13,975,104 shares of our common stock, par value $0.001 per share, to our former parent’s stockholders of record as of August 10, 2020, or the Record Date. We utilize this share amount 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 our former parent prior to the Separation. These shares are treated as issued and outstanding at April 30, 2020 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 we had no stock-based awards outstanding.

We compute diluted earnings per share 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 fiscal years ended April 30, 2023 and 2022, respectively. After the Separation, the weighted-average number of common shares outstanding for basic and diluted earnings per share for the fiscal year ended April 30, 2021 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 the fiscal year ended April 30, 2021.

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


	For the Years Ended April 30,
	2023								2022								2021
	Net					Per Share			Net					Per Share			Net					Per Share
	Loss			Shares		Amount			Loss			Shares		Amount			Income			Shares		Amount
Basic (loss)/earnings	$	(12,024	)		13,372	$	(0.90	)	$	(64,880	)		13,930	$	(4.66	)	$		18,405		13,997	$	1.31
Effect of dilutive stock awards		—			—		—			—			—		—			—		228			(0.02	)
Diluted (loss)/earnings	$	(12,024	)		13,372	$	(0.90	)	$	(64,880	)		13,930	$	(4.66	)	$		18,405		14,225	$	1.29

Stock-Based Compensation

Our stock-based compensation awards consist of stock options, performance-based restricted stock units, or PSUs, and restricted stock units, or RSUs, all of which are based on our common shares. Compensation costs for all awards expected to vest are recognized over the vesting period, which generally vest annually in four-year tranches, and are included in costs of goods sold; research and development; selling, marketing, and distribution; and general and administrative expenses in the consolidated and combined statements of operations and comprehensive income/(loss). Prior to the Separation, the combined statements of operations and comprehensive income/(loss) also include an allocation of our former parent's corporate and shared employee stock-based compensation expenses. See Note 13 – Stock-Based Compensation for additional information.

Income Taxes

We account for income taxes in accordance with ASC 740, Income Taxes (ASC 740). The provision for income taxes is based upon income reported in the accompanying consolidated and combined financial statements as required by ASC 740-10. We determine deferred tax assets and liabilities based on temporary differences between financial reporting and tax bases in assets and liabilities and measure them by applying enacted rates and laws expected to be in place when the deferred items become subject to income tax or deductible for income tax purposes. We recognize the effect on deferred taxes and liabilities of a change in tax rates in the period that includes the enactment date. In assessing the realization of our deferred income tax assets, we consider whether it is more likely than not that the deferred income tax assets will be realized. The ultimate realization of our deferred income tax assets depends upon generating future taxable income during the periods in which our temporary differences become deductible and before our net operating loss carryforwards expire. We periodically evaluate the recoverability of our deferred income tax assets by assessing the need for a valuation allowance. If we determine that it is more likely than not that our deferred income tax assets will not be recovered, we establish a valuation allowance against some or all of our deferred income tax assets. Recording a valuation allowance could have a significant effect on our future results of operations and financial position. We determine unrecognized income tax benefits in accordance with ASC 740 on the basis of a two-step process in which first we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and second for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. Accrued income taxes in the consolidated and combined balance sheet includes unrecognized income tax benefits along with related interest and penalties, appropriately classified as current or noncurrent. We recognize interest and penalties related to unrecognized tax benefits as interest income/(expense) and other income/(expense), respectively, in the accompanying consolidated and combined statement of operations. All deferred tax assets and liabilities are classified as noncurrent in the consolidated and combined balance sheet.

We periodically assess whether it is more likely than not that we will generate sufficient taxable income to realize our deferred income tax assets. The ultimate realization of net deferred tax assets is dependent on the generation of future taxable income during the periods in which those temporary differences become deductible. We establish valuation allowances if it is more likely than not that we will be unable to realize our deferred income tax assets.

In making this determination, we consider available positive and negative evidence and make certain assumptions. We consider, among other things, projected future taxable income, scheduled reversals of deferred tax liabilities, the overall business environment, our historical financial results, and tax planning strategies. Significant judgment is required in this analysis.

We determined in the prior fiscal year that is more likely than not that the benefit from the Company’s net deferred tax assets will not be realized and accordingly we established a full valuation allowance recorded as an increase to income tax expense. Our assessment involved estimates and assumptions about matters that are inherently uncertain, and unanticipated events or circumstances could cause actual results to differ from these estimates.

Estimates may change as new events occur, estimates of future taxable income may increase during the expected reversal period of our deferred tax assets, or additional information becomes available. Should we change our estimate of the amount of deferred tax assets that we would be able to realize, a full or partial reversal of the valuation allowance could occur resulting in a decrease to the provision for income taxes in the period such a change in estimate is made. We will continue to assess the adequacy of the valuation allowance on a quarterly basis.

Prior to the Separation, income taxes were allocated in a manner that is systematic, rational, and consistent with the broad principles of ASC 740. Prior to the Separation, our operations have been included in our former parent federal consolidated tax return, certain foreign tax returns, and certain state tax returns. For the purposes of the financial statements presented on a “carve-out” basis, our income tax provisions were computed as if we filed separate tax returns (i.e., as if we had not been included in the consolidated income tax return group with our former parent). The separate return method applies ASC 740 to the combined financial statements of each member of a consolidated tax group as if the group member were a separate taxpayer. As a result, actual tax transactions included in the consolidated financial statements of our former parent may not be included in our consolidated and combined financial statements. Also, the tax treatment of certain items reflected in the consolidated and combined financial statements may not be reflected in the consolidated financial statements and tax returns of our former parent. It is conceivable that items such as net operating losses, other deferred taxes, uncertain tax positions, and valuation allowances may exist in the consolidated and combined financial statements that may or may not exist in our former parent’s consolidated financial statements.

Since our results, prior to the Separation, were included in our former parent consolidated tax returns, payments to certain tax authorities were made by our former parent and not by us. For tax jurisdictions in which we are included with our former parent in a consolidated tax filing, we do not maintain taxes payable to or from our former parent and the payments are deemed to be settled immediately with the legal entities paying the tax in the respective tax jurisdictions through changes in parent company investment. Tax receivables in jurisdictions where we do not file a consolidated tax return with our former parent, such as certain state tax returns, are recorded as income tax receivable.

Deferred income tax assets and liabilities, prior to the Separation, as presented in the combined balance sheet, reflect the net future tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

Concentrations of Credit Risk

Concentration of Credit Risk

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

For the fiscal year ended April 30, 2023, 2022, and 2021, respectively, one of our customers accounted for more than 10% of our net sales, accounting for $48.4 million, or 25.4%, $68.7 million, or 27.8%, and $76.3 million, or 27.6%, of our fiscal 2023, 2022, and 2021 net sales, respectively.

As of April 30, 2023 and 2022, respectively, one of our customers exceeded 10% or more of our accounts receivable, accounting for $10.4 million, or 39.2%, and $8.8 million, or 30.6%, of our fiscal 2023 and 2022 accounts receivable, respectively. We are not aware of any issues with respect to relationships with any of our top customers.

We source a majority of our purchased finished goods from Asia.

Legal and Other Contingencies

We periodically assess liabilities and contingencies in connection with legal proceedings and other claims that may arise from time to time. When we believe it is probable that a loss has been or will be incurred, we record an estimate of the loss in the consolidated and combined financial statements. We adjust estimates of losses when additional information becomes available or circumstances change. We disclose a contingent liability when we believe there is at least a reasonable possibility that a material loss may have been incurred.

Recently Adopted Accounting Standards

In December 2019, FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, or 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. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. We adopted ASU 2019-12 on May 1, 2021, and the cumulative effect of the adoption was not material to our consolidated and combined financial statements and related disclosures.

In March 2020, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, or 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. ASU 2020-04, 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 (LIBOR), or any other reference rate expected to be discontinued. As a result of the amendment to the revolving line of credit agreement, see Note 10 - Debt, which uses SOFR as an interest rate option instead of LIBOR to calculate the applicable interest rate, the new guidance does not have a material impact on our consolidated and combined financial statements and related disclosures.

Accrued Expenses

12 Months Ended

Apr. 30, 2023

Payables and Accruals [Abstract]

Accrued Expenses

9. Accrued Expenses

The following table sets forth other accrued expenses as of April 30, 2023 and 2022 (in thousands):


	April 30, 2023		April 30, 2022
Accrued sales allowances	$	2,453	$	2,392
Accrued freight		1,962		1,253
Accrued professional fees		1,106		951
Accrued commissions		1,072		1,175
Accrued warranty		966		786
Accrued employee benefits		568		312
Accrued taxes other than income		346		718
Accrued other		268		266
Total accrued expenses	$	8,741	$	7,853

Goodwill

12 Months Ended

Apr. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

8. Goodwill

Changes in goodwill are summarized as follows (in thousands):



	Total Goodwill
Balance as of April 30, 2021	$	64,315
Adjustments		—
Acquisitions		3,534
Goodwill impairment		(67,849	)
Balance as of April 30, 2022		—
Adjustments		—
Balance as of April 30, 2023	$	—

As of April 30, 2023, we have accumulated $177.2 million of goodwill impairment charges since fiscal 2015 which includes all of our accumulated goodwill to date. Refer to Note 2 – Summary of Significant Accounting Policies for more details relating to these impairments.

Commitments and Contingencies (Tables)

12 Months Ended

Apr. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Operating Leases Expiration Date for Office and/or Manufacturing Space

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


Location of Lease		Expiration Date
Holland, Michigan		July 31, 2023
Shenzhen, China		August 31, 2023
Phoenix, Arizona		April 30, 2024
Chicopee, Massachusetts		May 31, 2025
Columbia, Missouri		December 31, 2038

Acquisitions - Schedule of Unaudited Pro Forma Results of Operations Assumed (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021
Business Combinations [Abstract]
Net sales	$ 259,647	$ 290,267
Income from operations	$ 10,050	$ 23,959
Net income per share - diluted	$ 0.58	$ 1.33

Acquisitions (Tables)

12 Months Ended

Apr. 30, 2023

Business Combinations [Abstract]

Summary of Final Allocation of Purchase Price

The following table summarizes the final allocation of the purchase price for the Grilla Grills acquisition (in thousands):


	Grilla Grills Acquisition (as reported)

Inventories	$	5,956
Property, plant, and equipment		105
Intangibles		18,495
Goodwill		3,534
Total assets acquired		28,090
Accounts payable		894
Accrued expenses		46
Accrued warranty		150
Total liabilities assumed		1,090
	$	27,000

Schedule of Unaudited Pro Forma Results of Operations Assumed

Additionally, the following table reflects the unaudited pro forma results of operations assuming that the Grilla Grills acquisition had occurred on May 1, 2020 (in thousands, except per share data):



	For the Year Ended April 30, 2022		For the Year Ended April 30, 2021
Net sales	$	259,647	$	290,267
Income from operations		10,050		23,959
Net income per share - diluted		0.58		1.33

Equity - Summary of Assumptions Used In Valuing ESPP Purchase Under ESPP (Details) - 2020 Employee Stock Purchase Plan	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, minimum	3.97%	0.05%
Risk-free interest rate, maximum	4.01%	0.09%
Expected volatility, minimum	51.90%	54.70%
Expected volatility, maximum	58.40%	56.70%
Dividend yield	0.00%	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term	6 months	6 months
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term	12 months	12 months

Summary of Significant Accounting Policies - Summary of Estimated Useful Lives (Details)	12 Months Ended
	Apr. 30, 2023
Machinery and Equipment \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful life	2 years
Machinery and Equipment \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful life	10 years
Computer and Other Equipment \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful life	2 years
Computer and Other Equipment \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful life	7 years
Leasehold Improvements \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful life	10 years
Leasehold Improvements \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful life	20 years

Debt - Additional Information (Details) - USD ($)			12 Months Ended
Debt - Additional Information (Details) - USD ($)	Mar. 25, 2022	Aug. 24, 2020	Apr. 30, 2023
Revolving Line of Credit
Debt Instrument [Line Items]
Revolving line of credit, borrowing capacity	$ 75,000,000	$ 50,000,000.0
Revolving line of credit maturing term		5 years
Additional increase in credit commitment	$ 15,000,000	$ 15,000,000
Interest rate, description			The amendment also includes an option to increase the credit commitment by an additional $15 million. The amended revolving line bears interest at a fluctuating rate equal to the Base Rate or Secured Overnight Financing Rate, or SOFR, as applicable, plus the applicable margin.
Revolving line of credit maturity date	Mar. 31, 2027
Revolving line of credit			$ 5,000,000.0
Revolving Line of Credit \| Minimum
Debt Instrument [Line Items]
Debt instrument, spread on variable rate	0.25%
Revolving Line of Credit \| Maximum
Debt Instrument [Line Items]
Debt instrument, spread on variable rate	1.75%
Revolving Line of Credit \| SOFR
Debt Instrument [Line Items]
Borrowings interest rate			6.05%
Standby Letter of Credit
Debt Instrument [Line Items]
Revolving line of credit, borrowing capacity			$ 1,700,000
Revolving line of credit			$ 0

Summary of Significant Accounting Policies - Schedule of Net Sales in Product Categories (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Disaggregation of Revenue [Line Items]
Total net sales	$ 191,209	$ 247,526	$ 276,687
Change in Total net sales	$ (56,317)
% Change in Total net sales	(22.80%)
Shooting Sports
Disaggregation of Revenue [Line Items]
Total net sales	$ 88,885	128,180	165,341
Change in Total net sales	$ (39,295)
% Change in Total net sales	(30.70%)
Outdoor Lifestyle
Disaggregation of Revenue [Line Items]
Total net sales	$ 102,324	$ 119,346	$ 111,346
Change in Total net sales	$ (17,022)
% Change in Total net sales	(14.30%)

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Property, Plant, and Equipment - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation	$ 2.7	$ 2.3	$ 3.0

Acquisitions - Additional Information (Details) - USD ($)	12 Months Ended		24 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023
Business Acquisition [Line Items]
Weighted average life of intangible asset acquired	5 years
Revolving Line of Credit
Business Acquisition [Line Items]
Revolving line of credit	$ 5,000,000.0		$ 5,000,000.0
Grilla Grills Acquisition
Business Acquisition [Line Items]
Payments for assets acquired		$ 27,000,000
Increased goodwill		3,500,000
Revenue from acquisition	15,000,000.0	$ 2,600,000
Grilla Grills Acquisition \| General and Administrative
Business Acquisition [Line Items]
Acquisition-related costs	47,000		646,000
Grilla Grills Acquisition \| Revolving Line of Credit
Business Acquisition [Line Items]
Revolving line of credit	25,000,000		$ 25,000,000
Grilla Grills Acquisition \| Tradenames
Business Acquisition [Line Items]
Fair market value of assets acquired	$ 18,500,000
Weighted average life of intangible asset acquired	6 years 6 months

Commitments and Contingencies

12 Months Ended

Apr. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

16. 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, which arise in the ordinary course of business.

For the fiscal years ended April 30, 2023, 2022, and 2021, we did not incur any material expenses in defense and administrative costs relative to product liability litigation. In addition, we did not incur any settlement fees related to product liability cases in those fiscal years.

Contracts

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

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

Leases

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


Location of Lease		Expiration Date
Holland, Michigan		July 31, 2023
Shenzhen, China		August 31, 2023
Phoenix, Arizona		April 30, 2024
Chicopee, Massachusetts		May 31, 2025
Columbia, Missouri		December 31, 2038

Assignment and Assumption Agreement

On January 31, 2023, we entered an Assignment Agreement with our former parent company and RCS – S&W Facility, LLC to assign to us the rights of the tenant under the Lease Agreement, dated October 26, 2017, as amended by the First Amendment of Lease Agreement, dated October 25, 2018, and as further amended by the Second Amendment to Lease Agreement, dated January 31, 2019 (collectively, the “Lease”), which assignment will be effective on January 1, 2024, subject to certain conditions.

The Lease covers approximately 632,000 square feet of building and surrounding property located at 1800 North Route Z, Columbia, Boone County, Missouri, or the Building where we currently sublease approximately 361,000 square feet from our former parent company, or the Sublease. If the conditions precedent set forth in the Assignment Agreement are satisfied, then effective on January 1, 2024, we will no longer be subject to the provisions and terms of the Sublease, but instead we will have use of the entire Building under the Lease. The Lease provides the tenant with an option to expand the Building by up to 491,000 additional square feet. The Lease term ends on November 26, 2038 and, pursuant to the Assignment Agreement, does not provide for an extension of the term of the Lease. Upon the effectiveness of the Lease assignment, the total annual expense under the Lease, including base rent, is estimated at $3.7 million, which represents an incremental $1.3 million above our annual expense under the Sublease, which we expect will be entirely offset by savings from recent facility consolidations and efficiencies gained in our distribution processes. We expect an increase of $12.8 million will be recorded as a right-of-use asset on our consolidated balance sheet, when effective. We also expect to receive tax and other incentives from federal, state, and local governmental authorities previously received by our former parent. Our former parent will guarantee the Lease through the end of the term.

Gain Contingency

In 2018, the United States imposed additional section 301 tariffs of up to 25%, on certain goods imported from China. These additional section 301 tariffs apply to our sourced products from China and have added additional cost to us. We are utilizing the duty drawback mechanism to offset some of the direct impact of these tariffs, specifically on goods that we sold internationally. We are accounting for duty drawbacks as a gain contingency and may record any such gain from a reimbursement in future periods if and when the contingency is resolved.

Inventory - Summary of Inventories (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 90,906	$ 110,650
Finished parts	2,818	4,353
Work in process	66	194
Raw material	5,944	6,486
Total inventories	$ 99,734	$ 121,683

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Payables and Accruals [Abstract]
Accrued sales allowances	$ 2,453	$ 2,392
Accrued freight	1,962	1,253
Accrued professional fees	1,106	951
Accrued commissions	1,072	1,175
Accrued warranty	966	786
Accrued employee benefits	568	312
Accrued taxes other than income	346	718
Accrued other	268	266
Total accrued expenses	$ 8,741	$ 7,853

Income Taxes - Summary of Deferred Tax Assets (Liabilities) Related to Temporary Differences (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Non-current tax assets (liabilities):
Less valuation allowance	$ (17,000)	$ (14,400)
Non Current
Non-current tax assets (liabilities):
Inventories	1,574	1,594
Accrued expenses, including compensation	1,446	1,805
Product liability	28	29
Workers' compensation	8	7
Warranty reserve	222	147
Stock-based compensation	1,172	801
State bonus depreciation	150	98
Property, plant, and equipment	(2,577)	(1,949)
Intangible assets	11,877	11,817
Right-of Use assets	5,640	(5,570)
Right-of Use lease liabilities	5,820	5,803
Capitalized R&D	1,340
Other	(15)	(141)
Loss and credit carryforwards	1,636
Less valuation allowance	$ (17,041)	$ (14,441)

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Income Tax Contingency [Line Items]
Deferred tax assets valuation allowance	$ 17,000,000.0	$ 14,400,000
Effective tax rate	2.00%	(16.80%)	24.20%
Effective tax rate excluding impact of non-cash goodwill impairment charges		19.60%
Undistributed earnings of foreign subsidiary	$ 302,000
Gross tax-effected unrecognized tax benefits	0	$ 0
Federal
Income Tax Contingency [Line Items]
Net operating loss carryforwards	6,200,000
Credits		0
Deferred tax assets net operating loss carryforwards	1,300,000
Federal \| Research & Development Tax Credit
Income Tax Contingency [Line Items]
Credits	$ 200,000
Tax credit expiration date	Apr. 30, 2043
State
Income Tax Contingency [Line Items]
Net operating loss carryforwards	$ 2,900,000
Credits		$ 0
NOL carryforwards subject to expiration	2,300,000
NOL carryforwards carried forward indefinitely	605,000
Deferred tax assets net operating loss carryforwards	$ 139,000
State \| Minimum
Income Tax Contingency [Line Items]
NOL carryforwards expiration date	Apr. 30, 2033
State \| Maximum
Income Tax Contingency [Line Items]
NOL carryforwards expiration date	Apr. 30, 2043

Leases (Tables)

12 Months Ended

Apr. 30, 2023

Leases [Abstract]

Schedule of Assets and Liabilities Related to Operating Leases

The amounts of assets and liabilities related to our operating leases as of April 30, 2023 are as follows (in thousands):


	April 30, 2023			April 30, 2022
Operating Leases
Right-of-use assets	$	26,999		$	27,475
Accumulated amortization		(2,801	)		(3,591	)
Right-of-use assets, net	$	24,198		$	23,884

Lease liabilities, current portion	$	904		$	1,803
Lease liabilities, net of current portion		24,064			23,076
Total operating lease liabilities	$	24,968		$	24,879

Schedule of Future Lease Payments for Operating Leases

Future lease payments for all our operating leases as of April 30, 2023, and for succeeding fiscal years, are as follows (in thousands):


	Operating
2024	$	2,251
2025		2,241
2026		2,178
2027		2,207
2028		2,238
Thereafter		26,426
Total future lease payments		37,541
Less amounts representing interest		(12,573	)
Present value of lease payments		24,968
Less current maturities of lease liabilities		(904	)
Long-term maturities of lease liabilities	$	24,064

Related Party Transactions

12 Months Ended

Apr. 30, 2023

Related Party Transactions

18. 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 our 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 our 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's 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

For the period prior to the Separation in fiscal year 2021, our sales to our former parent totaled $2.4 million during, which are included in net sales in the combined statements of operations and comprehensive income/(loss).

Net Transfers To and From our former parent

Prior to the Separation, our 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 our former parent. Cash receipts were transferred to centralized accounts, which were also maintained by our former parent. As cash was received and disbursed by our former parent, it was accounted for by us through the former parent company investment. Certain related party transactions between us and our 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 our former parent were settled in connection with the Separation. The interest income and expense related to the activity with our former parent, which 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 our former parent was $424,000 during the first four months of our fiscal year 2021, prior to the Separation. The total effect of the settlement of these related party transactions is reflected as a financing activity in the consolidated and combined statements of cash flows.

Fair Value Measurement - Additional Information (Details) - USD ($)	Apr. 30, 2023	Apr. 30, 2022
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Financial assets	$ 0
Financial liabilities	0
Fair Value, Recurring Basis \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 22,000,000.0	$ 19,500,000

Intangible Assets - Schedule of Future Expected Amortization Expense (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Net Carrying Amount	$ 51,591	$ 62,764
Definite-lived Intangible Assets Excluding Patents in Progress
Finite-Lived Intangible Assets [Line Items]
2024	13,614
2025	9,312
2026	8,097
2027	5,753
2028	4,463
Thereafter	8,651
Total definite-lived intangible assets, Net Carrying Amount	$ 49,890	$ 58,075

Equity (Tables)

12 Months Ended

Apr. 30, 2023

Share Based Payment Award Performance Shares Valuation Assumptions

We incorporate the following variables into the valuation model:


	For the years ended April 30,
	2023			2022
Grant date fair market value
American Outdoor Brands, Inc.	$	12.70		$	26.44
Russell 2000 Index	$	1,882.91		$	2,277.45
Volatility (a)
American Outdoor Brands, Inc.		49.04	%		47.78	%
Russell 2000 Index		31.75	%		30.69	%
Correlation coefficient (b)		0.50			0.46
Risk-free interest rate (c)		2.91	%		0.33	%
Dividend yield (d)		0	%		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 expect to pay dividends in the foreseeable future.

Summary of Assumptions Used In Valuing ESPP Purchase Under ESPP

The following assumptions were used in valuing ESPP purchases under our ESPP during the years ended April 30, 2023 and 2022:


	For the years ended April 30,
	2023			2022
Risk-free interest rate	3.97% - 4.01%			0.05% - 0.09%
Expected term	6 months - 12 months			6 months - 12 months
Expected volatility	51.9% - 58.4%			54.7% - 56.7%
Dividend yield		0	%		0	%

2020 Incentive Compensation Plan | 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 fiscal years ended April 30, 2023 and 2022 is as follows:




	For the Years Ended April 30,
	2023					2022
				Weighted					Weighted
	Total # of			Average		Total # of			Average
	Restricted			Grant Date		Restricted			Grant Date
	Stock Units			Fair Value		Stock Units			Fair Value
RSUs and PSUs outstanding, beginning of period		349,774		$	15.93		427,519		$	11.67
Awarded		371,153			10.68		114,860			26.92
Vested		(145,958	)		12.62		(127,111	)		11.57
Forfeited		(14,390	)		14.20		(65,494	)		15.86
RSUs and PSUs outstanding, end of period		560,579		$	13.36		349,774		$	15.93

Income Taxes (Tables)

12 Months Ended

Apr. 30, 2023

Income Tax Disclosure [Abstract]

Summary of Income Tax Expense/(Benefit) from Continuing Operations

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


	For the Years Ended April 30,
	2023				2022		2021
Current:
Federal	$		(126	)	$	2,356	$	8,356
State			(123	)		302		1,085
Foreign		—				3		4
Total current			(249	)		2,661		9,445
Deferred:
Deferred federal		—				5,958		(3,222	)
Deferred state		—				725		(336	)
Total deferred		—				6,683		(3,558	)
Total income tax expense/(benefit)	$		(249	)	$	9,344	$	5,887

Summary of Reconciliation of Provision for Income Taxes from Continuing Operations

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


	For the Years Ended April 30,
	2023				2022			2021
Federal income taxes expected at the statutory rate (a)	$		(2,577	)	$	(11,663	)	$		5,101
State income taxes, less federal income tax benefit			(303	)		(633	)			586
Stock compensation			96			(276	)			(83	)
Research and development tax credit			(200	)		(291	)			(288	)
Goodwill impairment		—				7,633			—
Change in deferred tax valuation allowance			2,600			14,200				241
Other			135			374				330
Total income tax expense/(benefit)	$		(249	)	$	9,344		$		5,887

(a)

We had a federal statutory rate of 21% in fiscal 2023, 2022, and 2021.

Summary of Deferred Tax Assets (Liabilities) Related to Temporary Differences

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


	April 30, 2023				April 30, 2022
Non-current tax assets (liabilities):
Inventories	$		1,574		$		1,594
Accrued expenses, including compensation			1,446				1,805
Product liability			28				29
Workers' compensation			8				7
Warranty reserve			222				147
Stock-based compensation			1,172				801
State bonus depreciation			150				98
Property, plant, and equipment			(2,577	)			(1,949	)
Intangible assets			11,877				11,817
Right-of Use assets			(5,640	)			(5,570	)
Right-of Use lease liabilities			5,820				5,803
Capitalized R&D			1,340			—
Other			(15	)			(141	)
Loss and credit carryforwards			1,636			—
Less valuation allowance			(17,041	)			(14,441	)
Net deferred tax asset/(liability) — total	$	—			$	—

Property, Plant, and Equipment - Summary of Property, Plant, and Equipment (Detail) - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Property, Plant and Equipment [Abstract]
Machinery and equipment	$ 17,678	$ 17,664
Computer and other equipment	1,865	2,095
Leasehold improvements	316	2,364
Property plant and equipment gross	19,859	22,123
Less: Accumulated depreciation and amortization	(11,229)	(12,635)
Property plant and equipment before construction in progress	8,630	9,488
Construction in progress	858	1,133
Total property, plant, and equipment, net	$ 9,488	$ 10,621

Summary of Significant Accounting Policies - Schedule of Trade Channel Net Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Disaggregation Of Revenue [Line Items]
Total net sales	$ 191,209	$ 247,526	$ 276,687
Change in Total net sales	$ (56,317)
% Change in Total net sales	(22.80%)
E-Commerce Channels
Disaggregation Of Revenue [Line Items]
Total net sales	$ 87,219	97,418	108,726
Change in Total net sales	$ (10,199)
% Change in Total net sales	(10.50%)
Traditional Channels
Disaggregation Of Revenue [Line Items]
Total net sales	$ 103,990	$ 150,108	$ 167,961
Change in Total net sales	$ (46,118)
% Change in Total net sales	(30.70%)

- Definition

+ References

+ Details

Income Taxes

12 Months Ended

Apr. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

15. Income Taxes

Prior to the Separation, income taxes were calculated as if we file income tax returns on a standalone basis. Our U.S. operations and certain of our non-U.S. operations historically have been included in the tax returns of our former parent or its subsidiaries. We believe the assumptions supporting our allocation and presentation of income taxes on a separate return basis were reasonable.

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


	For the Years Ended April 30,
	2023				2022		2021
Current:
Federal	$		(126	)	$	2,356	$	8,356
State			(123	)		302		1,085
Foreign		—				3		4
Total current			(249	)		2,661		9,445
Deferred:
Deferred federal		—				5,958		(3,222	)
Deferred state		—				725		(336	)
Total deferred		—				6,683		(3,558	)
Total income tax expense/(benefit)	$		(249	)	$	9,344	$	5,887


	For the Years Ended April 30,
	2023				2022			2021
Federal income taxes expected at the statutory rate (a)	$		(2,577	)	$	(11,663	)	$		5,101
State income taxes, less federal income tax benefit			(303	)		(633	)			586
Stock compensation			96			(276	)			(83	)
Research and development tax credit			(200	)		(291	)			(288	)
Goodwill impairment		—				7,633			—
Change in deferred tax valuation allowance			2,600			14,200				241
Other			135			374				330
Total income tax expense/(benefit)	$		(249	)	$	9,344		$		5,887

(a)

We had a federal statutory rate of 21% in fiscal 2023, 2022, and 2021.

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


	April 30, 2023				April 30, 2022
Non-current tax assets (liabilities):
Inventories	$		1,574		$		1,594
Accrued expenses, including compensation			1,446				1,805
Product liability			28				29
Workers' compensation			8				7
Warranty reserve			222				147
Stock-based compensation			1,172				801
State bonus depreciation			150				98
Property, plant, and equipment			(2,577	)			(1,949	)
Intangible assets			11,877				11,817
Right-of Use assets			(5,640	)			(5,570	)
Right-of Use lease liabilities			5,820				5,803
Capitalized R&D			1,340			—
Other			(15	)			(141	)
Loss and credit carryforwards			1,636			—
Less valuation allowance			(17,041	)			(14,441	)
Net deferred tax asset/(liability) — total	$	—			$	—

As of April 30, 2023, federal and state net operating loss, or NOL, carryforwards were $6.2 million and $2.9 million, respectively, and $200,000 of federal research & development tax credits. The tax-effected deferred tax assets recorded for federal and state NOL carryforwards were $1.3 million and $139,000, respectively. Under legislation enacted in 2017, informally titled the Tax Cuts and Jobs Act, or Tax Act, federal NOLs incurred in taxable years ending after December 31, 2017, may be carried forward indefinitely. The federal research and development credits of $200,000, which, if unused, will expire after April 30, 2043. State NOL carryforwards of $2.3 million, which, if unused, will expire in years April 30, 2033 through April 30, 2043. The remaining $605,000 of the state NOL carryforwards may also be carried forward indefinitely.

There were no federal or state net operating loss carryforwards or credits as of April 30, 2022.

As of April 30, 2023, we continued to maintain a full valuation allowance of $17.0 million against our net deferred income tax assets based on management's assessment that it was more likely than not that our deferred income tax assets will not be recovered. We will continue to evaluate the need for a valuation allowance on our deferred tax assets until there is sufficient positive evidence to support the reversal of all or some portion of these allowances. As of April 30, 2022, we had established a full valuation allowance of $14.4 million against our net deferred income tax assets based on management's assessment that it was more likely than not that our deferred income tax assets will not be recovered.

The income tax provisions (benefit) represent effective tax rates of 2.0%, (16.8%) and 24.2% for the fiscal year ended April 30, 2023, 2022, and 2021, respectively. Excluding the impact of the non-cash goodwill impairment charges, and establishing the full valuation allowance against our deferred taxes, our effective tax rate for the fiscal year ended April 30, 2022 was 19.6%.

U.S. income taxes have not been provided on $302,000 of undistributed earnings of our foreign subsidiary since it is our intention to permanently reinvest such earnings offshore. If the earnings were distributed in the form of dividends, we would not be subject to U.S. tax as a result of the Tax Act but could be subject to foreign income and withholding taxes. Determination of the amount of this unrecognized deferred income tax liability is not practical.

As of April 30, 2023 and 2022, we did not have any gross tax-effected unrecognized tax benefits.

With limited exception, we are subject to U.S. federal, state, and local, or non-U.S. income tax audits by tax authorities for fiscal years subsequent to April 30, 2019. On March 7, 2023, the Internal Revenue Service (“IRS”) initiated an examination of our Federal income tax return filed for the tax period ended April 30, 2021. We have evaluated our income tax positions using the more-likely-than-not threshold in order to determine the amount of tax benefits to be recognized in our consolidated financial statements. We do not anticipate any significant changes to the net amount of Federal income tax for the period under audit, accordingly we have not recorded any related income tax impacts at this time. However, if audit proceedings with the IRS cause us to believe that any our previously recognized tax positions no longer meet the more-likely-than-not threshold, the related benefit amount would be derecognized in the first financial reporting period in which that threshold is no longer met.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Segment Reporting - Additional Information (Details)	12 Months Ended
Segment Reporting - Additional Information (Details)	Apr. 30, 2023 BrandLane Segment Brand
Segment Reporting [Abstract]
Number of operating segments \| Segment	1
Number of distinct brands \| Brand	21
Number of brand lanes \| BrandLane	4

Goodwill - Additional Information (Details) $ in Millions	Apr. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Accumulated goodwill impairment charges	$ 177.2

Intangible Assets - Additional Information (Details) - USD ($)	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 13,700,000	$ 14,500,000	$ 16,800,000
Weighted-average period for amortization of intangible assets	5 years
Impairment charges for long-lived intangible assets	$ 0	$ 0	$ 0
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-average period for amortization of intangible assets	5 years
Developed Software and Technology
Finite-Lived Intangible Assets [Line Items]
Weighted-average period for amortization of intangible assets	6 years
Patents, Trademarks, and Trade Names
Finite-Lived Intangible Assets [Line Items]
Weighted-average period for amortization of intangible assets	6 years

Summary of Significant Accounting Policies - Schedule of Geographic Makeup of Net Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Disaggregation Of Revenue [Line Items]
Total net sales	$ 191,209	$ 247,526	$ 276,687
Change in Total net sales	$ (56,317)
% Change in Total net sales	(22.80%)
Domestic Net Sales
Disaggregation Of Revenue [Line Items]
Total net sales	$ 182,299	234,803	267,573
Change in Total net sales	$ (52,504)
% Change in Total net sales	(22.40%)
International Net Sales
Disaggregation Of Revenue [Line Items]
Total net sales	$ 8,910	$ 12,723	$ 9,114
Change in Total net sales	$ (3,813)
% Change in Total net sales	(30.00%)

- Definition

+ References

+ Details

Leases

12 Months Ended

Apr. 30, 2023

Leases [Abstract]

Leases

4. Leases

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

Many of our leases include renewal options that can extend the lease term. These renewal options are 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 April 30, 2023 are as follows (in thousands):


	April 30, 2023			April 30, 2022
Operating Leases
Right-of-use assets	$	26,999		$	27,475
Accumulated amortization		(2,801	)		(3,591	)
Right-of-use assets, net	$	24,198		$	23,884

Lease liabilities, current portion	$	904		$	1,803
Lease liabilities, net of current portion		24,064			23,076
Total operating lease liabilities	$	24,968		$	24,879

During the fiscal year ended April 30, 2023, we recorded $4.0 million of operating lease costs, of which $132,000 related to short-term leases. During the fiscal year ended April 30, 2022, we recorded $3.9 million of operating lease costs, of which $218,000 related to short-term leases. As of April 30, 2023, our weighted average lease term and weighted average discount rate for our operating leases was 15.6 years and 5.4%, respectively. The operating lease costs, weighted average lease term, and weighted average discount rate are primarily driven by the sublease of our corporate office and warehouse facility in Columbia, Missouri through fiscal 2039. 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.

During the fiscal year ended April 30, 2023, we amended the existing operating lease for our corporate office and warehouse facility in Columbia, Missouri to expand our usable square footage in our warehouse. The term of the lease remains unchanged, through fiscal 2039. During the fiscal year ended April 30, 2023, we recorded a right-of-use asset and lease liability of $1.9 million.

During the fiscal year ended April 30, 2023, an operating lease for warehouse and office space in Wilsonville, Oregon expired.

During the fiscal year ended April 30, 2023, we entered into an Assignment and Assumption of Lease Agreement (the "Assignment Agreement") with our former parent company and RCS - S&W Facility, LLC to obtain the rights of lease to the entire facility in Columbia, Missouri, subject to certain conditions. For more information, refer to Note 16 - Commitments and Contingencies.

During the fiscal year ended April 30, 2023, an operating lease for a separate location in Columbia, Missouri expired.

Future lease payments for all our operating leases as of April 30, 2023, and for succeeding fiscal years, are as follows (in thousands):


	Operating
2024	$	2,251
2025		2,241
2026		2,178
2027		2,207
2028		2,238
Thereafter		26,426
Total future lease payments		37,541
Less amounts representing interest		(12,573	)
Present value of lease payments		24,968
Less current maturities of lease liabilities		(904	)
Long-term maturities of lease liabilities	$	24,064

During the fiscal year ended April 30, 2023, the cash paid for amounts included in the measurement of the liabilities and the operating cash flows was $1.9 million. During the fiscal year ended April 30, 2022, the cash paid for amounts included in the measurement of the liabilities and the operating cash flows was $1.8 million.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Current assets:
Cash and cash equivalents	$ 21,950	$ 19,521
Accounts receivable, net of allowance for credit losses of $125 on April 30, 2023 and $129 on April 30, 2022	26,846	28,879
Inventories	99,734	121,683
Prepaid expenses and other current assets	7,839	8,491
Income tax receivable	1,251	1,231
Total current assets	157,620	179,805
Property, plant, and equipment, net	9,488	10,621
Intangible assets, net	52,021	63,194
Right-of-use assets	24,198	23,884
Other assets	260	336
Total assets	243,587	277,840
Current liabilities:
Accounts payable	11,544	13,563
Accrued expenses	8,741	7,853
Accrued payroll, incentives, and profit sharing	1,813	3,786
Lease liabilities, current	904	1,803
Total current liabilities	23,002	27,005
Notes and loans payable	4,623	24,697
Lease liabilities, net of current portion	24,064	23,076
Other non-current liabilities	34	31
Total liabilities	51,723	74,809
Commitments and contingencies (Note 16)
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, 14,447,149 shares issued and 13,233,151 shares outstanding on April 30, 2023 and 14,240,290 shares issued and 13,403,326 shares outstanding on April 30, 2022	14	14
Additional paid in capital	272,784	268,393
Retained deficit	(62,375)	(50,351)
Treasury stock, at cost (1,213,998 shares on April 30, 2023 and 836,964 shares on April 30, 2022)	(18,559)	(15,025)
Total equity	191,864	203,031
Total liabilities and equity	$ 243,587	$ 277,840

Self-Insurance Reserves (Tables)

12 Months Ended

Apr. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Summary of Activity Related to Self-Insurance Reserves

The following table summarizes the activity related to self-insurance reserves in the fiscal years ended April 30, 2023 and 2022 (in thousands):


	For the years ended April 30,
	2023			2022
Beginning balance	$	29		$	33
Additional provisions charged to expense		2,094		—
Payments		(1,727	)		(4	)
Ending balance	$	396		$	29

Equity - Summary of Activity for Unvested RSUs and PSUs (Details) - 2020 Incentive Compensation Plan - Service-based RSUs and PSUs - $ / shares	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs and PSUs outstanding, beginning of period, Total # of restricted stock units	349,774	427,519
Awarded, Total # of restricted stock units	371,153	114,860
Vested, Total # of restricted stock units	(145,958)	(127,111)
Forfeited, Total # of restricted stock units	(14,390)	(65,494)
RSUs and PSUs outstanding, end of period, Total # of restricted stock units	560,579	349,774
Weighted average grant date fair value, beginning of period	$ 15.93	$ 11.67
Weighted average grant date fair value, Awarded	10.68	26.92
Weighted average grant date fair value, Vested	12.62	11.57
Weighted average grant date fair value, Forfeited	14.20	15.86
Weighted average grant date fair value, end of period	$ 13.36	$ 15.93

Acquisitions - Summary of Final Allocation of Purchase Price (Details) - USD ($)	Apr. 30, 2023	Apr. 30, 2022	Feb. 01, 2022	Apr. 30, 2021
Business Acquisition [Line Items]
Goodwill	$ 0	$ 0	$ 64,300,000	$ 64,315,000
Grilla Grills Acquisition
Business Acquisition [Line Items]
Inventories	5,956,000
Property, plant, and equipment	105,000
Intangibles	18,495,000
Goodwill	3,534,000
Total assets acquired	28,090,000
Accounts payable	894,000
Accrued expenses	46,000
Accrued warranty	150,000
Total liabilities assumed	1,090,000
Total assets, net	$ 27,000,000

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 125	$ 129
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	14,447,149	14,240,290
Common stock, outstanding	13,233,151	13,403,326
Treasury stock, shares	1,213,998	836,964

Commitments and Contingencies - Schedule of Operating Leases Expiration Date for Office and/or Manufacturing Space (Detail)	12 Months Ended
	Apr. 30, 2023
Holland, Michigan \| July 31, 2023
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	Jul. 31, 2023
Shenzhen, China \| August 31, 2023
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	Aug. 31, 2023
Phoenix, Arizona \| April 30, 2024
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	Apr. 30, 2024
Chicopee, Massachusetts \| May 31, 2025
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	May 31, 2025
Columbia, Missouri \| December 31, 2038
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	Dec. 31, 2038

Property, Plant, and Equipment - Summary of Depreciation and Amortization Expense (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Property, Plant and Equipment [Line Items]
Amortization expenses recorded as a result of acquisition	$ 13.7	$ 14.5	$ 16.8
General and Administrative
Property, Plant and Equipment [Line Items]
Amortization expenses recorded as a result of acquisition	$ 13.6	$ 14.4	$ 16.8

Segment Reporting

12 Months Ended

Apr. 30, 2023

Segment Reporting [Abstract]

Segment Reporting

17. 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 Chief Executive Officer, who reviews only consolidated financial information and makes decisions to allocate resources based on those financial statements. We analyze revenue streams in various ways, including customer group, brands, product categories, and customer channels. However, this information does not include a full set of discrete financial information. In addition, although we currently sell our products under 21 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 as well as our electro-optics products, which we develop, source, market, assemble, and distribute from our facility in Columbia, Missouri 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Property, Plant, and Equipment

12 Months Ended

Apr. 30, 2023

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment

6. Property, Plant, and Equipment

The following table summarizes property, plant, and equipment as of April 30, 2023 and 2022 (in thousands):


	April 30, 2023			April 30, 2022
Machinery and equipment	$	17,678		$	17,664
Computer and other equipment		1,865			2,095
Leasehold improvements		316			2,364
		19,859			22,123
Less: Accumulated depreciation and amortization		(11,229	)		(12,635	)
		8,630			9,488
Construction in progress		858			1,133
Total property, plant, and equipment, net	$	9,488		$	10,621

Depreciation expense for the fiscal years ended April 30, 2023, 2022, and 2021 was $2.7 million, $2.3 million, and $3.0 million, respectively.

The following table summarizes depreciation and amortization expense, which includes amortization of intangibles, by line item for the fiscal years ended April 30, 2023, 2022, and 2021 (in thousands):


	For the Years Ended April 30,
	2023		2022		2021
Cost of sales	$	1,429	$	1,299	$	1,016
Research and development		415		203		43
Selling, marketing, and distribution		362		510		114
General and administrative (a)		14,305		14,955		18,653
Total depreciation and amortization	$	16,511	$	16,967	$	19,826

(a)

General and administrative expenses included $13.6 million, $14.4 million, and $16.8 million of amortization for the fiscal years ended April 30, 2023, 2022, and 2021, respectively, which were recorded as a result of our acquisitions.

Self-Insurance Reserves

12 Months Ended

Apr. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Self-Insurance Reserves

12. Self-Insurance Reserves

During the fiscal year ended April 30, 2023, we transitioned to a self-insured group health insurance program. Prior to this transition, we had fully guaranteed cost group health insurance programs. We are now self-insured through retentions or deductibles with stop-loss insurance for medical claims that reach a certain limit per claim. We record our liability for estimated incurred losses based on historical claim data in the accompanying consolidated financial statements on an undiscounted basis. While we believe these reserves to be adequate, it is possible that the ultimate liabilities will exceed such estimates.

The following table summarizes the activity related to self-insurance reserves in the fiscal years ended April 30, 2023 and 2022 (in thousands):


	For the years ended April 30,
	2023			2022
Beginning balance	$	29		$	33
Additional provisions charged to expense		2,094		—
Payments		(1,727	)		(4	)
Ending balance	$	396		$	29

Related Party Transactions - Additional Information (Details) - USD ($)	4 Months Ended	12 Months Ended
	Aug. 31, 2020	Apr. 30, 2021
Related Party Transaction [Line Items]
Related party sales		$ 2,400,000
Smith & Wesson Brands, Inc.
Related Party Transaction [Line Items]
Related party interest income, net	$ 424,000
Net Sales \| Smith & Wesson Brands, Inc.
Related Party Transaction [Line Items]
Related party sales		$ 2,400,000

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

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+ Details

Employer Sponsored Benefit Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Contributory Defined Investment Plan
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, matching contribution percentage	6.00%
Employer contribution to defined benefit plan	$ 500,000	$ 592,000	$ 461,000
Contributory Defined Investment Plan \| Minimum
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, employee contribution percentage	1.00%
Contributory Defined Investment Plan \| Maximum
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, employee contribution percentage	30.00%
Defined contribution plan, matching contribution percentage of match	50.00%
Non-Contributory Profit Sharing Plan
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan service period, description	Employees become eligible on May 1 following the completion of a full fiscal year of continuous service.
Defined contribution plan expected contribution	$ 0	$ 984,000	$ 1,900,000

Commitments and Contingencies - Additional Information (Details) $ in Millions		12 Months Ended
	Jan. 01, 2024 USD ($) ft²	Apr. 30, 2023	Apr. 30, 2018
Loss Contingencies [Line Items]
Maximum percentage of additional section tariffs imposed on certain goods			25.00%
Description of lease		On January 31, 2023, we entered an Assignment Agreement with our former parent company and RCS – S&W Facility, LLC to assign to us the rights of the tenant under the Lease Agreement, dated October 26, 2017, as amended by the First Amendment of Lease Agreement, dated October 25, 2018, and as further amended by the Second Amendment to Lease Agreement, dated January 31, 2019 (collectively, the “Lease”), which assignment will be effective on January 1, 2024, subject to certain conditions.
Building
Loss Contingencies [Line Items]
Option to extend lease		does not provide for an extension of the term of the Lease
Building \| Subsequent Event
Loss Contingencies [Line Items]
Number of square feet \| ft²	632,000
Sublease, number of square feet \| ft²	361,000
Additional number of Square feet \| ft²	491,000
Lease expiration date	Nov. 26, 2038
Annual lease expense \| $	$ 3.7
Annual lease expense incremental amount \| $	1.3
Increase in right-of-use asset \| $	$ 12.8

Leases - Schedule of Assets and Liabilities Related to Operating Leases (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Operating Leases
Right-of-use assets	$ 26,999	$ 27,475
Accumulated amortization	(2,801)	(3,591)
Right-of-use assets, net	24,198	23,884
Lease liabilities, current portion	904	1,803
Lease liabilities, net of current portion	24,064	23,076
Total operating lease liabilities	$ 24,968	$ 24,879

Income Taxes - Summary of Income Tax Expense/(Benefit) from Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Current:
Federal	$ (126)	$ 2,356	$ 8,356
State	(123)	302	1,085
Foreign		3	4
Total current	(249)	2,661	9,445
Deferred:
Deferred federal		5,958	(3,222)
Deferred state		725	(336)
Total deferred		6,683	(3,558)
Total income tax expense/(benefit)	$ (249)	$ 9,344	$ 5,887

Summary of Significant Accounting Policies - Reconciliation of Net (Loss)/Income Amounts and Weighted Average Number of Common and Common Equivalent Shares Used to Determine Basic and Diluted (Loss)/Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Aug. 23, 2020	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Earnings Per Share [Abstract]
Basic (loss)/earnings		$ (12,024)	$ (64,880)	$ 18,405
Diluted (loss)/earnings		$ (12,024)	$ (64,880)	$ 18,405
Basic (loss)/earnings, Shares		13,372,000	13,930,000	13,997,000
Effect of dilutive stock awards, Shares				228,000
Diluted (loss)/earnings, Shares	0	13,372,000	13,930,000	14,225,000
Basic (loss)/earnings, Per Share Amount		$ (0.90)	$ (4.66)	$ 1.31
Effect of dilutive stock awards, Per Share Amount				(0.02)
Diluted (loss)/earnings, Per Share Amount		$ (0.90)	$ (4.66)	$ 1.29

- Definition

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

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Employer Sponsored Benefit Plans

12 Months Ended

Apr. 30, 2023

Retirement Benefits [Abstract]

Employer Sponsored Benefit Plans

14. Employer Sponsored Benefit Plans

Contributory Defined Investment Plan — Our employees participate in a contributory defined investment plan, subject to service requirements. Under the terms of the plan, employees may contribute from 1% to 30% of their annual pay and we generally make discretionary matching contributions of up to 50% of the first 6% of employee contributions to the plan. We contributed $500,000, $592,000, and $461,000 for the fiscal years ended April 30, 2023, 2022, and 2021, respectively.

Non-Contributory Profit-Sharing Plan — Our employees participate in our non-contributory profit-sharing plan upon meeting certain eligibility requirements. Employees become eligible on May 1 following the completion of a full fiscal year of continuous service. Our contributions to the plan are discretionary. We did not contribute to the plan for the fiscal year 2023. For fiscal years 2022 and 2021, we contributed $984,000 and $1.9 million, respectively, which has been recorded in general and administrative costs. Contributions are funded after the fiscal year-end.

Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Intangible Assets Excluding Goodwill [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	$ 191,646	$ 189,144
Total definite-lived intangible assets, Accumulated Amortization	(140,055)	(126,380)
Total definite-lived intangible assets, Net Carrying Amount	51,591	62,764
Indefinite-lived intangible assets, Net Carrying Amount	430	430
Total Intangible assets, Gross Carrying Amount	192,076	189,574
Total Intangible assets, Net Carrying Amount	52,021	63,194
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	(74,035)	(67,955)
Total definite-lived intangible assets, Net Carrying Amount	15,945	22,025
Developed Software and Technology
Intangible Assets Excluding Goodwill [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	31,022	25,812
Total definite-lived intangible assets, Accumulated Amortization	(21,978)	(19,395)
Total definite-lived intangible assets, Net Carrying Amount	9,044	6,417
Patents, Trademarks, and Trade Names
Intangible Assets Excluding Goodwill [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	68,943	68,663
Total definite-lived intangible assets, Accumulated Amortization	(44,042)	(39,030)
Total definite-lived intangible assets, Net Carrying Amount	24,901	29,633
Definite-lived Intangible Assets Excluding Patents and Software in Development
Intangible Assets Excluding Goodwill [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	189,945	184,455
Total definite-lived intangible assets, Accumulated Amortization	(140,055)	(126,380)
Total definite-lived intangible assets, Net Carrying Amount	49,890	58,075
Patents and Software in Development
Intangible Assets Excluding Goodwill [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	1,701	4,689
Total definite-lived intangible assets, Net Carrying Amount	$ 1,701	$ 4,689

Income Taxes - Summary of Reconciliation of Provision from Income Taxes from Operations (Parenthetical) (Details)	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%	21.00%	21.00%

Summary of Significant Accounting Policies

12 Months Ended

Apr. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Use of Estimates

Principles of Consolidation

Fair Value of Financial Instruments

Cash and Cash Equivalents

We consider all highly liquid investments purchased with original maturities of three months or less at the date of acquisition to be cash equivalents.

Accounts Receivable and Allowance for Estimated Credit Losses

Inventories

Property, Plant, and Equipment


Description		Useful Life
Machinery and equipment		2 to 10 years
Computer and other equipment		2 to 7 years
Leasehold improvements		10 to 20 years

We include tooling, dies, furniture, and fixtures as part of machinery and equipment and depreciate them over a period generally not exceeding 10 years.

Intangible Assets

Valuation of Goodwill and Long-lived Assets

Business Combinations

Revenue Recognition

Disaggregation of Revenue

The following table sets forth certain information regarding trade channel net sales for the fiscal years ended April 30, 2023, 2022, and 2021 (dollars in thousands):


	2023		2022		$ Change			% Change			2021
e-commerce channels	$	87,219	$	97,418	$	(10,199	)		-10.5	%	$	108,726
Traditional channels		103,990		150,108		(46,118	)		-30.7	%		167,961
Total net sales	$	191,209	$	247,526	$	(56,317	)		-22.8	%	$	276,687


	2023		2022		$ Change			% Change			2021
Domestic net sales	$	182,299	$	234,803	$	(52,504	)		-22.4	%	$	267,573
International net sales		8,910		12,723		(3,813	)		-30.0	%		9,114
Total net sales	$	191,209	$	247,526	$	(56,317	)		-22.8	%	$	276,687


	2023		2022		$ Change			% Change			2021
Shooting sports	$	88,885	$	128,180	$	(39,295	)		-30.7	%	$	165,341
Outdoor lifestyle		102,324		119,346		(17,022	)		-14.3	%		111,346
Total net sales	$	191,209	$	247,526	$	(56,317	)		-22.8	%	$	276,687

Cost of Goods Sold

Research and Development

Advertising

Warranty

The following table sets forth the change in accrued warranties, a portion of which is recorded as a non-current liability, in the fiscal years ended April 30, 2023, 2022, and 2021 (in thousands):


	April 30, 2023			April 30, 2022			April 30, 2021
Beginning balance		786			717			336
Warranties issued and adjustments to provisions		1,419			399			1,083
Warranties assumed in acquisition		—			150			—
Warranty claims		(1,239	)		(480	)		(702	)
Ending balance		966			786			717

Rent Expense

Self-Insurance

(Loss)/Earnings per Share


	For the Years Ended April 30,
	2023								2022								2021
	Net					Per Share			Net					Per Share			Net					Per Share
	Loss			Shares		Amount			Loss			Shares		Amount			Income			Shares		Amount
Basic (loss)/earnings	$	(12,024	)		13,372	$	(0.90	)	$	(64,880	)		13,930	$	(4.66	)	$		18,405		13,997	$	1.31
Effect of dilutive stock awards		—			—		—			—			—		—			—		228			(0.02	)
Diluted (loss)/earnings	$	(12,024	)		13,372	$	(0.90	)	$	(64,880	)		13,930	$	(4.66	)	$		18,405		14,225	$	1.29

Stock-Based Compensation

Income Taxes

Concentration of Credit Risk

We source a majority of our purchased finished goods from Asia.

Shipping and Handling

Legal and Other Contingencies

Recently Adopted Accounting Standards

Summary of Significant Accounting Policies - Additional Information (Details)			3 Months Ended		12 Months Ended
	Aug. 24, 2020 $ / shares shares	Aug. 23, 2020 shares	Apr. 30, 2022 USD ($) $ / shares	Apr. 30, 2020 USD ($)	Apr. 30, 2023 USD ($) Segment Customer $ / shares shares	Apr. 30, 2022 USD ($) Customer $ / shares shares	Apr. 30, 2021 USD ($) Customer shares	Feb. 01, 2022 USD ($)
Product Information [Line Items]
Maximum maturity period of all highly liquid investments to be considered cash equivalents					3 months
Goodwill			$ 0		$ 0	$ 0	$ 64,315,000	$ 64,300,000
Goodwill impairment			$ 67,800,000	$ 98,900,000		$ 67,849,000
Weighting percentage on income approach						75.00%
Weighting percentage on market approach						25.00%
Number of operating unit \| Segment					1
Common stock, par value \| $ / shares			$ 0.001		$ 0.001	$ 0.001
Number of dilutive equity instruments \| shares		0			13,372,000	13,930,000	14,225,000
Stock-based awards outstanding \| shares		0
Shares excluded from computation of diluted earnings per share \| shares					0	0
Vesting period					4 years
Net sales					$ 191,209,000	$ 247,526,000	$ 276,687,000
Accounts receivable			$ 28,879,000		$ 26,846,000	28,879,000
Interim Valuation
Product Information [Line Items]
Goodwill			67,800,000			$ 67,800,000
Sales Revenue Net \| Customer Concentration Risk
Product Information [Line Items]
Number of customer \| Customer					1	1	1
Sales Revenue Net \| Customer Concentration Risk \| Customer One
Product Information [Line Items]
Net sales					$ 48,400,000	$ 68,700,000	$ 76,300,000
Concentration risk, percentage					25.40%	27.80%	27.60%
Accounts Receivable \| Credit Concentration Risk
Product Information [Line Items]
Number of customer \| Customer					1	1
Accounts Receivable \| Credit Concentration Risk \| Customer One
Product Information [Line Items]
Concentration risk, percentage					39.20%	30.60%
Accounts receivable			$ 8,800,000		$ 10,400,000	$ 8,800,000
Former Parent Stockholders
Product Information [Line Items]
Common stock, shares distributed \| shares	13,975,104
Common stock, par value \| $ / shares	$ 0.001
Selling, Marketing, and Distribution Expenses
Product Information [Line Items]
Advertising expense					$ 11,900,000	$ 13,300,000	$ 14,400,000
ASU 2019-12
Product Information [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]					true
Change in accounting principle accounting standards update adoption date					May 01, 2021
Change in accounting principle, accounting standards update, immaterial effect [true false]					true
ASU 2020-04
Product Information [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]					true
Change in accounting principle, accounting standards update, immaterial effect [true false]					true
Maximum
Product Information [Line Items]
Product shipment days					90 days
Maximum \| Real Estate Leases
Product Information [Line Items]
Leases initial terms					18 years
Maximum \| Equipment Leases
Product Information [Line Items]
Leases initial terms					10 years
Minimum
Product Information [Line Items]
Product shipment days					20 days
Large amount of tax benefit realized percentage upon ultimate settlement with related tax authority					50.00%
Minimum \| Real Estate Leases
Product Information [Line Items]
Leases initial terms					1 year
Minimum \| Equipment Leases
Product Information [Line Items]
Leases initial terms					1 year
Other Capitalized Property Plant and Equipment \| Maximum
Product Information [Line Items]
Estimated useful life					10 years

Goodwill (Tables)

12 Months Ended

Apr. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in Goodwill

Changes in goodwill are summarized as follows (in thousands):



	Total Goodwill
Balance as of April 30, 2021	$	64,315
Adjustments		—
Acquisitions		3,534
Goodwill impairment		(67,849	)
Balance as of April 30, 2022		—
Adjustments		—
Balance as of April 30, 2023	$	—

- Definition

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

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+ Details

Self-Insurance Reserves - Summary of Activity Related to Self-Insurance Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Beginning balance	$ 29	$ 33
Changes in provisions charged to expense	2,094
Payments	(1,727)	(4)
Ending balance	$ 396	$ 29

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

12 Months Ended

Apr. 30, 2023

CorrelationCoefficient

$ / shares

Apr. 30, 2022

CorrelationCoefficient

$ / shares

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

Correlation coefficient | CorrelationCoefficient

^[1]

0.50

0.46

Risk-free interest rate

^[2]

2.91%

0.33%

Dividend yield

^[3]

0.00%

American Outdoor Brands, Inc.

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

Grant date fair market value

$ 12.70

$ 26.44

Volatility

^[4]

49.04%

47.78%

Russell 2000 Index

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

Grant date fair market value

$ 1,882.91

$ 2,277.45

Volatility

^[4]

31.75%

30.69%

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

Inventory - Additional Information (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Inventory [Line Items]
Prepaid expenses and other current assets	$ 7,839	$ 8,491
Asia
Inventory [Line Items]
Prepaid expenses and other current assets	$ 4,300	$ 3,900
Maximum \| Asia
Inventory [Line Items]
Percentage of inventory deposits	100.00%
Minimum \| Asia
Inventory [Line Items]
Percentage of inventory deposits	30.00%

Equity - Share Based Payment Award Performance Shares Valuation Assumptions (Parenthetical) (Details)	12 Months Ended
	Apr. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted, vesting period	4 years
PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted, vesting period	3 years
PSUs \| Volatility
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted, vesting period	3 years

Debt

12 Months Ended

Apr. 30, 2023

Debt Disclosure [Abstract]

Debt

10. Debt

On August 24, 2020, we entered into a 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. The revolving line included an option to increase the credit commitment by an additional $15 million. The revolving line bore interest at a fluctuating rate equal to the Base Rate or LIBOR, as applicable, plus the applicable margin.

On March 25, 2022, we amended our secured loan and security agreement, or the Amended Loan and Security Agreement, increasing the revolving line of credit to $75 million, secured by substantially all our assets, maturing in March 2027, with available borrowings determined by a borrowing base calculation. The amendment also includes an option to increase the credit commitment by an additional $15 million. The amended revolving line bears interest at a fluctuating rate equal to the Base Rate or Secured Overnight Financing Rate, or SOFR, as applicable, plus the applicable margin. The applicable margin can range from a minimum of 0.25% to a maximum of 1.75% based on certain conditions as defined in the Amended Loan and Security Agreement. The financing arrangement contains covenants relating to minimum debt service coverage.

As of April 30, 2023, we had $5.0 million of borrowings outstanding on the revolving line of credit, which bore interest at 6.05%, equal to SOFR plus the applicable margin. The proceeds from the borrowings on our revolving line of credit were used to purchase the Grilla Grills branded products from FTI in fiscal 2022.

In fiscal 2023, we executed an irrevocable standby letter of credit for $1.7 million to collateralize duty drawback bonds. During the fiscal year ended April 30, 2023, no amounts have been drawn on the letter of credit.

- Definition

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

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-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Equity - Additional Information (Details)			12 Months Ended
Equity - Additional Information (Details)	Sep. 30, 2022 USD ($)	Dec. 06, 2021 USD ($)	Apr. 30, 2023 USD ($) Plan shares	Apr. 30, 2022 USD ($) shares	Apr. 30, 2021 USD ($) shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock repurchase program, expire period		2023-12
Stock repurchase program, expire period	Sep. 29, 2023
Stock repurchase program, repurchased shares			377,034	836,964
Stock repurchased, shares \| $			$ 3,534,000	$ 15,025,000
Number of incentive stock plans \| Plan			2
Incremental stock-based compensation expense \| $			$ 711,000
Awards granted, vesting period			4 years
Percentage of maximum aggregate award granted			200.00%
Percentage of stock outperform in order for target award to vest			5.00%
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
Shares purchased by employees under employee stock purchase plan			89,860	76,098
PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted, vesting period			3 years
Unvested awards, unrecognized compensation expense recognition period			6 months 25 days
Service-based RSUs and PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested awards, unrecognized compensation expense \| $			$ 2,300,000
Unvested awards, unrecognized compensation expense recognition period			1 year 1 month 6 days
Employees and Directors \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted, description			We grant RSUs to employees and directors. The awards are made at no cost to the recipient. An RSU represents the right to receive one share of our common stock and does not carry voting or dividend rights.
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.
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 \| $			$ 4,100,000	$ 2,800,000	$ 2,900,000
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 \| $					$ 224,000
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%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock repurchase program, authorized amount \| $	$ 10,000,000.0	$ 15,000,000.0
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
Payroll deduction of participant's compensation			20.00%
2020 Incentive Compensation Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock remain available for issuance			0
Stock options exercisable period			10 years
2020 Incentive Compensation Plan \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards cancelled			14,390
2020 Incentive Compensation Plan \| Service-based RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards cancelled				40,929	2,994
2020 Incentive Compensation Plan \| PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards cancelled				24,565
2020 Incentive Compensation Plan \| Service-based RSUs and PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted			371,153	114,860
Awards vested			145,958	127,111
Awards cancelled			14,390	65,494
2020 Incentive Compensation Plan \| 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			311,676	77,251	166,319
2020 Incentive Compensation Plan \| Executive Officers \| Service-based RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted			52,277	28,948
2020 Incentive Compensation Plan \| Executive Officers \| PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted			52,277	26,809
2020 Incentive Compensation Plan \| Non-executive Officer Employees and Directors \| Service-based RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted			259,399	48,303
2020 Incentive Compensation Plan \| Executive Officers and Employees \| 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 \| $				$ 3,300,000	$ 891,000
2020 Incentive Compensation Plan \| Employees, Executive Officer and Directors \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Market value of awards delivered in connection with vesting of RSUs \| $			$ 1,500,000
2020 Incentive Compensation Plan \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted, vesting period			3 years
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
Awards granted, vesting period			4 years
2018 Grant \| PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vested				10,800
Maximum aggregate award percentage achieved				200.00%
2018 Grant \| Executive Officers and Employees \| PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted				21,600
2019 Grant \| PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vested			7,200
Maximum aggregate award percentage achieved			200.00%
2019 Grant \| Executive Officers and Employees \| PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted			14,400

CONSOLIDATED AND COMBINED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Former Net Parent Company Investment	Additional Paid-In Capital	Retained (Deficit)/Earnings	Treasury Stock
Balance at Apr. 30, 2020	$ 224,098		$ 224,098
Net (loss)/income	18,405		3,876		$ 14,529
Stock-based compensation	2,486			$ 2,486
Shares issued under employee stock purchase plan	386			386
Shares issued under employee stock purchase plan, shares		35,000
Issuance of common stock under restricted stock unit awards, net of tax	(33)			(33)
Issuance of common stock under restricted stock unit awards, net of tax, shares		49,000
Net transfers from former Parent	34,563		34,563
Issuance of common stock and reclassification of former net parent company investment		$ 14	$ (262,537)	262,523
Issuance of common stock and reclassification of former net parent company investment, shares		13,975,000
Balance at Apr. 30, 2021	279,905	$ 14		265,362	14,529
Balance, shares at Apr. 30, 2021		14,059,000
Net (loss)/income	(64,880)				(64,880)
Stock-based compensation	2,812			2,812
Shares issued under employee stock purchase plan	870			870
Shares issued under employee stock purchase plan, shares		77,000
Proceeds from exercise of stock options	5			5
Proceeds from exercise of stock options, shares		3,000
Issuance of common stock under restricted stock unit awards, net of tax	(656)			(656)
Issuance of common stock under restricted stock unit awards, net of tax, shares		101,000
Repurchase of treasury stock	(15,025)					$ (15,025)
Repurchase of treasury stock, shares						837,000
Balance at Apr. 30, 2022	$ 203,031	$ 14		268,393	(50,351)	$ (15,025)
Balance, shares at Apr. 30, 2022	13,403,326	14,240,000				837,000
Net (loss)/income	$ (12,024)				(12,024)
Stock-based compensation	4,050			4,050
Shares issued under employee stock purchase plan	656			656
Shares issued under employee stock purchase plan, shares		90,000
Issuance of common stock under restricted stock unit awards, net of tax	(315)			(315)
Issuance of common stock under restricted stock unit awards, net of tax, shares		117,000
Repurchase of treasury stock	(3,534)					$ (3,534)
Repurchase of treasury stock, shares						377,000
Balance at Apr. 30, 2023	$ 191,864	$ 14		$ 272,784	$ (62,375)	$ (18,559)
Balance, shares at Apr. 30, 2023	13,233,151	14,447,000				1,214,000

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

12 Months Ended

Apr. 30, 2023

Apr. 30, 2022

Apr. 30, 2021

Property, Plant and Equipment [Line Items]

Depreciation and amortization

$ 16,511

$ 16,967

$ 19,826

Cost of Sales

Property, Plant and Equipment [Line Items]

Depreciation and amortization

1,429

1,299

1,016

Research and Development

Property, Plant and Equipment [Line Items]

Depreciation and amortization

415

203

Selling, Marketing, and Distribution Expenses

Property, Plant and Equipment [Line Items]

Depreciation and amortization

362

510

114

General and Administrative

Property, Plant and Equipment [Line Items]

Depreciation and amortization

^[1]

$ 14,305

$ 14,955

$ 18,653

[1]	General and administrative expenses included $13.6 million, $14.4 million, and $16.8 million of amortization for the fiscal years ended April 30, 2023, 2022, and 2021, respectively, which were recorded as a result of our acquisitions.

Summary of Significant Accounting Policies - Change in Accrued Warranties Recorded as Non-Current Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Accounting Policies [Abstract]
Beginning balance	$ 786	$ 717	$ 336
Warranties issued and adjustments to provisions	1,419	399	1,083
Warranties assumed in acquisition		150
Warranty claims	(1,239)	(480)	(702)
Ending balance	$ 966	$ 786	$ 717

Leases - Additional Information (Details) - USD ($)	12 Months Ended
Leases - Additional Information (Details) - USD ($)	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Lessee Lease Description [Line Items]
Operating lease cost	$ 4,000,000.0	$ 3,900,000
Short-term operating lease costs	$ 132,000	218,000
Operating lease, weighted average lease term	15 years 7 months 6 days
Operating lease, weighted average discount rate	5.40%
Operating right-of-use lease asset	$ 24,198,000	23,884,000
Operating lease, liability	24,968,000	24,879,000
Reduction of lease liability	1,870,000	1,831,000	$ 1,543,000
Cash paid for amounts included in measurement of liabilities and operating cash flows	1,900,000	$ 1,800,000
Corporate Office and Warehouse
Lessee Lease Description [Line Items]
Operating right-of-use lease asset	1,900,000
Operating lease, liability	$ 1,900,000

Property, Plant, and Equipment (Tables)

12 Months Ended

Apr. 30, 2023

Property, Plant and Equipment [Abstract]

Summary of Property, Plant, and Equipment

The following table summarizes property, plant, and equipment as of April 30, 2023 and 2022 (in thousands):


	April 30, 2023			April 30, 2022
Machinery and equipment	$	17,678		$	17,664
Computer and other equipment		1,865			2,095
Leasehold improvements		316			2,364
		19,859			22,123
Less: Accumulated depreciation and amortization		(11,229	)		(12,635	)
		8,630			9,488
Construction in progress		858			1,133
Total property, plant, and equipment, net	$	9,488		$	10,621

Summary of Depreciation and Amortization Expense


	For the Years Ended April 30,
	2023		2022		2021
Cost of sales	$	1,429	$	1,299	$	1,016
Research and development		415		203		43
Selling, marketing, and distribution		362		510		114
General and administrative (a)		14,305		14,955		18,653
Total depreciation and amortization	$	16,511	$	16,967	$	19,826

(a)

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Cash flows from operating activities:
Net (loss)/income	$ (12,024)	$ (64,880)	$ 18,405
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization	16,511	16,967	19,827
Loss on sale/disposition of assets	94	161	107
(Benefit from)/provision for credit losses on accounts receivable	(11)	17	(48)
Goodwill impairment		67,849
Deferred income taxes		6,683	(3,103)
Stock-based compensation expense	4,050	2,812	2,910
Changes in operating assets and liabilities:
Accounts receivable	2,044	8,591	(2,343)
Inventories	21,949	(41,431)	(14,297)
Prepaid expenses and other current assets	652	(1,393)	(5,816)
Income taxes	(20)	(1,082)	(45)
Accounts payable	(1,308)	(4,521)	7,632
Accrued payroll, incentives, and profit sharing	(1,973)	(4,921)	6,467
Right of use assets	1,645	1,650	1,337
Accrued expenses	888	(2,140)	3,691
Other assets	76	(279)	9
Lease liabilities	(1,870)	(1,831)	(1,543)
Other non-current liabilities	3	(205)	130
Net cash provided by/(used in) operating activities	30,706	(17,953)	33,320
Cash flows from investing activities:
Payments to acquire patents and software	(3,555)	(3,191)	(558)
Proceeds from sale of property and equipment	30
Payments to acquire property and equipment	(1,301)	(3,397)	(3,623)
Net cash used in investing activities	(4,826)	(33,588)	(4,181)
Cash flows from financing activities:
Proceeds from loans and notes payable		25,170
Payments on notes and loans payable	(20,170)
Payments to acquire treasury stock	(3,534)	(15,025)
Net transfers from former parent			31,485
Cash paid for debt issuance costs	(88)	(103)	(410)
Proceeds from exercise of options to acquire common stock, including employee stock purchase plan	656	875	386
Payment of employee withholding tax related to restricted stock units	(315)	(656)	(33)
Net cash (used in)/provided by financing activities	(23,451)	10,261	31,428
Net increase/(decrease) in cash and cash equivalents	2,429	(41,280)	60,567
Cash and cash equivalents, beginning of period	19,521	60,801	234
Cash and cash equivalents, end of period	21,950	19,521	60,801
Supplemental disclosure of cash flow information Cash paid for:
Interest	761	125	111
Income taxes (net of refunds)	(73)	3,819	7,951
Supplemental Disclosure of Non-cash Investing and Financing Activities:
Purchases of property and equipment and intangibles included in accounts payable	411	1,277	254
Non-cash transfers to/from former parent			1,398
Changes in right of use assets for operating lease obligations	1,959	158	23,940
Changes in lease liabilities for operating lease obligations	$ 1,959	158	$ 23,940
Charges of debt issuance costs included in accrued expenses		89
Grilla Grills Acquisition
Cash flows from investing activities:
Acquisition of business		$ (27,000)

Acquisitions

12 Months Ended

Apr. 30, 2023

Business Combinations [Abstract]

Acquisitions

3. Acquisitions:

Grilla Grills Acquisition

In fiscal 2022, we acquired substantially all of the assets of the Grilla Grills business of Fahrenheit Technologies, Inc., or FTI, for $27 million, financed using a combination of existing cash balances and cash from a $25 million draw on our revolving line of credit. Grilla is a provider of high-quality, barbecue grills; Wi-Fi-enabled wood pellet grills; smokers; accessories; and modular outdoor kitchens.

We accounted for the acquisition as a business combination using the acquisition method of accounting. The purchase price was allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. The excess of the consideration transferred over the estimated fair value of the net assets received was recorded as goodwill. The factors that contributed to the recognition of goodwill primarily relate to acquisition-driven anticipated cost savings and synergies. The assembled workforce is not recognized separate and apart from goodwill as it is neither separable nor contractual in nature. During the year ended April 30, 2022, we increased goodwill by $3.5 million as a result of valuations related to the Grilla Grills acquisition, which was subsequently written off as we recorded a full impairment of our goodwill on April 30, 2022. The goodwill related to the Grilla Grills acquisition is deductible for tax purposes. The valuation of the assets acquired, and liabilities assumed in the Grilla Grills acquisition is complete.

The following table summarizes the final allocation of the purchase price for the Grilla Grills acquisition (in thousands):


	Grilla Grills Acquisition (as reported)

Inventories	$	5,956
Property, plant, and equipment		105
Intangibles		18,495
Goodwill		3,534
Total assets acquired		28,090
Accounts payable		894
Accrued expenses		46
Accrued warranty		150
Total liabilities assumed		1,090
	$	27,000

We recorded $646,000 of acquisition-related costs, including $47,000 of acquisition-related costs incurred in fiscal 2023, which were recorded in general and administrative expenses. Grilla generated $15.0 million and $2.6 million of net sales in fiscal 2023 and fiscal 2022, respectively.

We determined the fair market value of the intangible assets acquired in accordance with ASC 805 - Business Combinations and ASC 820 - Fair Value Measurement and assigned a fair market value of $18.5 million to tradenames at the acquisition date. We amortize assets in proportion to expected yearly revenue generated from the intangibles that we acquire. The weighted average life of tradenames acquired is 6.5 years.

Additionally, the following table reflects the unaudited pro forma results of operations assuming that the Grilla Grills acquisition had occurred on May 1, 2020 (in thousands, except per share data):



	For the Year Ended April 30, 2022		For the Year Ended April 30, 2021
Net sales	$	259,647	$	290,267
Income from operations		10,050		23,959
Net income per share - diluted		0.58		1.33

The unaudited pro forma income from operations for the years ended April 30, 2022 and 2021 has been adjusted to reflect increased cost of goods sold from the fair value step-up in inventory, which is expensed over the first inventory cycle, and the amortization of intangibles as if the Grilla Grills acquisition had occurred on May 1, 2020. The unaudited pro forma information is presented for informational purposes only and is not necessarily indicative of the actual results that would have been achieved had the Grilla Grills acquisition occurred as of May 1, 2020, or the results that may be achieved in future periods.

Inventory (Tables)

12 Months Ended

Apr. 30, 2023

Inventory Disclosure [Abstract]

Summary of Inventories

The following table sets forth a summary of inventories stated at lower of cost or net realizable value, as of April 30, 2023 and 2022 (in thousands):


	April 30, 2023		April 30, 2022
Finished goods	$	90,906	$	110,650
Finished parts		2,818		4,353
Work in process		66		194
Raw material		5,944		6,486
Total inventories	$	99,734	$	121,683

Income Taxes - Summary of Reconciliation of Provision from Income Taxes from Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Income Tax Disclosure [Abstract]
Federal income taxes expected at the statutory rate	$ (2,577)	$ (11,663)	$ 5,101
State income taxes, less federal income tax benefit	(303)	(633)	586
Stock compensation	96	(276)	(83)
Research and development tax credit	(200)	(291)	(288)
Goodwill impairment		7,633
Change in deferred tax valuation allowance	2,600	14,200	241
Other	135	374	330
Total income tax expense/(benefit)	$ (249)	$ 9,344	$ 5,887

- Definition

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

+ References + Details

Leases - Schedule of Future Lease Payments for Operating Leases (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Operating
2024	$ 2,251
2025	2,241
2026	2,178
2027	2,207
2028	2,238
Thereafter	26,426
Total future lease payments	37,541
Less amounts representing interest	(12,573)
Total operating lease liabilities	24,968	$ 24,879
Less current maturities of lease liabilities	(904)	(1,803)
Long-term maturities of lease liabilities	$ 24,064	$ 23,076

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)/INCOME (Parenthetical) $ in Millions	12 Months Ended
	Apr. 30, 2021 USD ($)
Income Statement [Abstract]
Related party sales	$ 2.4

- Definition

+ References

+ Details

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Apr. 30, 2023	Jun. 21, 2023	Oct. 31, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Apr. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Registrant Name	American Outdoor Brands, Inc.
Entity Central Index Key	0001808997
Current Fiscal Year End Date	--04-30
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	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, Address Line Two	Suite A
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	338-9585
Document Annual Report	true
Document Transition Report	false
Entity Common Stock Shares Outstanding		13,178,138
Entity Public Float			$ 123,654,428
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	AOUT
Security Exchange Name	NASDAQ
ICFR Auditor Attestation Flag	false
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for the 2023 Annual Meeting of Stockholders are incorporated by reference into Part III of the Form 10-K.
Auditor Name	GRANT THORNTON LLP
Auditor Location	Hartford, Connecticut
Auditor Firm ID	248

Fair Value Measurement

12 Months Ended

Apr. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement

11. 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 $22.0 million as of April 30, 2023 and $19.5 million as of April 30, 2022. Cash and cash equivalents are reported at fair value based on market prices for identical assets in active markets, and therefore classified as Level 1 of the value hierarchy.

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

•

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

•

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

•

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

The carrying value of our revolving line of credit approximated the fair value, as of April 30, 2023, in considering Level 2 inputs within the hierarchy.

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

We currently do not have any Level 3 financial assets or liabilities as of April 30, 2023.

- 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

Background, Description of Business, and Basis of Presentation

12 Months Ended

Apr. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Background, Description of Business, and Basis of Presentation

1. Background, Description of Business, and Basis of Presentation

Background

On August 24, 2020, Smith & Wesson Brands, Inc., or our former parent, completed the spin-off of its outdoor products and accessories business, or the Separation, to our company (our “company,” “we,” “us,” or “our”).

The consolidated and combined financial statements for the period prior to the Separation do not necessarily reflect what the financial position, results of operations, and cash flows would have been had we operated as an independent, publicly traded company during the historical periods presented. For the period prior to the Separation, the combined financial statements were prepared on a “carve-out” basis.

Description of Business

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

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 BOG, BUBBA, Caldwell, Crimson Trace, Frankford Arsenal, Grilla Grills, or Grilla, Hooyman, Imperial, LaserLyte, Lockdown, MEAT! Your Maker, Old Timer, Schrade, Tipton, Uncle Henry, ust, and Wheeler, and we license additional brands for use in association with certain products we sell, including M&P, Smith & Wesson, Performance Center by Smith & Wesson, and Thompson/Center. 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 – Adventurer, Harvester, Marksman, and Defender – with each of our brands included in one of the brand lanes.

•

Our Adventurer brands include products that help enhance consumers’ fishing, outdoor cooking, and camping experiences.

•

Our Harvester brands focus on the activities hunters typically engage in, including the activities to prepare for the hunt, the hunt itself, and the activities that follow a hunt, such as meat processing.

•

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 are used by consumers in situations that require self-defense and products that help safely secure and store as well as maintain connectivity to those possessions that many consumers consider to be high value or high consequence.

Basis of Presentation – Consolidated Financial Statements Subsequent to the Separation

Basis of Presentation – Combined Financial Statements Prior to the Separation

Accrued Expenses (Tables)

12 Months Ended

Apr. 30, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

The following table sets forth other accrued expenses as of April 30, 2023 and 2022 (in thousands):


	April 30, 2023		April 30, 2022
Accrued sales allowances	$	2,453	$	2,392
Accrued freight		1,962		1,253
Accrued professional fees		1,106		951
Accrued commissions		1,072		1,175
Accrued warranty		966		786
Accrued employee benefits		568		312
Accrued taxes other than income		346		718
Accrued other		268		266
Total accrued expenses	$	8,741	$	7,853

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)/INCOME - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Income Statement [Abstract]
Net sales (including $2.4 million of related party sales for the four months of our fiscal year 2021 prior to the Separation)	$ 191,209	$ 247,526	$ 276,687
Cost of sales	103,145	133,287	149,859
Gross profit	88,064	114,239	126,828
Operating expenses:
Research and development	6,361	5,501	5,378
Selling, marketing, and distribution	51,791	56,168	56,773
General and administrative	42,612	41,244	41,182
Goodwill impairment		67,849
Total operating expenses	100,764	170,762	103,333
Operating (loss)/income	(12,700)	(56,523)	23,495
Other income, net:
Other income, net	1,188	1,311	497
Interest (expense)/income, net	(761)	(324)	300
Total other income, net	427	987	797
(Loss)/income from operations before income taxes	(12,273)	(55,536)	24,292
Income tax (benefit)/expense	(249)	9,344	5,887
Net (loss)/income/comprehensive (loss)/income	$ (12,024)	$ (64,880)	$ 18,405
Net (loss)/income per share:
Basic	$ (0.90)	$ (4.66)	$ 1.31
Diluted	$ (0.90)	$ (4.66)	$ 1.29
Weighted average number of common shares outstanding:
Basic	13,372,000	13,930,000	13,997,000
Diluted	13,372,000	13,930,000	14,225,000

Inventory

12 Months Ended

Apr. 30, 2023

Inventory Disclosure [Abstract]

Inventory

5. Inventory

The following table sets forth a summary of inventories stated at lower of cost or net realizable value, as of April 30, 2023 and 2022 (in thousands):


	April 30, 2023		April 30, 2022
Finished goods	$	90,906	$	110,650
Finished parts		2,818		4,353
Work in process		66		194
Raw material		5,944		6,486
Total inventories	$	99,734	$	121,683

Certain of our suppliers in Asia require deposits to procure our inventory products prior to beginning the manufacturing process. These deposits on our inventory varies by supplier and range from 30% to 100%. For the fiscal years ended April 30, 2023 and 2022, we have recorded $4.3 million and $3.9 million, respectively, in prepaid expenses and other current assets on our consolidated balance sheet.

Intangible Assets (Tables)

12 Months Ended

Apr. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

The following table summarizes intangible assets as of April 30, 2023 and 2022 (in thousands):


	April 30, 2023							April 30, 2022
	Gross							Gross
	Carrying		Accumulated			Net Carrying		Carrying		Accumulated			Net Carrying
	Amount		Amortization			Amount		Amount		Amortization			Amount
Customer relationships	$	89,980	$	(74,035	)	$	15,945	$	89,980	$	(67,955	)	$	22,025
Developed software and technology		31,022		(21,978	)		9,044		25,812		(19,395	)		6,417
Patents, trademarks, and trade names		68,943		(44,042	)		24,901		68,663		(39,030	)		29,633
		189,945		(140,055	)		49,890		184,455		(126,380	)		58,075
Patents and software in development		1,701		—			1,701		4,689		—			4,689
Total definite-lived intangible assets		191,646		(140,055	)		51,591		189,144		(126,380	)		62,764
Indefinite-lived intangible assets		430		—			430		430		—			430
Total intangible assets	$	192,076	$	(140,055	)	$	52,021	$	189,574	$	(126,380	)	$	63,194

Schedule of Future Expected Amortization Expense

The following table represents future expected amortization expense as of April 30, 2023 (in thousands):


Fiscal	Amount
2024	$	13,614
2025		9,312
2026		8,097
2027		5,753
2028		4,463
Thereafter		8,651
Total	$	49,890

Equity

12 Months Ended

Apr. 30, 2023

Equity [Abstract]

Equity

13. Equity

Treasury Stock

On December 6, 2021, our Board of Directors authorized the repurchase of up to $15.0 million of our common stock, subject to certain conditions, in the open market, or block purchases, executable through December 2023. During the fiscal year ended April 30, 2022, we completed this stock repurchase program by purchasing 836,964 shares of our common stock, in the open market, for a total of $15.0 million under this authorization, utilizing cash on hand. We have recorded the shares we purchased, at cost, as a reduction of stockholders’ equity on the consolidated balance sheet.

On September 30, 2022, our Board of Directors authorized the repurchase of up to $10.0 million of our common stock, subject to certain conditions, in the open market, in block purchases, or in privately negotiated transactions, executable through September 29, 2023. During the fiscal year ended April 30, 2023, under this authorization, we repurchased 377,034 shares of our common stock, in the open market, for $3.5 million utilizing cash on hand.

Incentive Stock and Employee Stock Purchase Plans

Prior to the Separation, our employees participated in two of our former parent’s sponsored incentive stock plans. All grants made prior to the Separation covering all participants were issued under those plans.

Certain of our employees have participated in our former parent’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 our former parent’s 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 our former parent’s incentive stock plans were converted into our stock-based awards. Unvested awards held by our employees were converted into our stock-based awards. The ratio used to convert our former parent 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 for our employees to be recognized over the awards' remaining vesting period. As of April 30, 2023, the remaining vesting period was 0.57 years.

Post-Separation, we have a stock incentive plan, or 2020 Incentive Compensation Plan, under which we can grant new awards to our employees and directors. Our 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, restricted stock units, or 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 of Directors, administers the plan, selects recipients to whom awards are granted, and determines the grants to be awarded. Stock 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 plan are generally nontransferable and subject to forfeiture.

Unless terminated earlier by our Board of Directors, our 2020 Incentive Compensation Plan will terminate at the earliest of (1) the tenth anniversary of the effective date of our 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. Our 2020 Incentive Compensation Plan also permits the grant of awards to non-employees.

We recognized $4.1 million and $2.8 million, respectively, of stock-based compensation expense for the fiscal years ended April 30, 2023 and 2022.

We recognized $2.9 million of stock-based compensation expense for the fiscal year ended April 30, 2021. Of the total stock-based compensation we recognized for the period prior to the Separation, for the year ended April 30, 2021, $224,000 related to allocations of our former parent’s corporate and shared employee stock-based compensation expense.

We include stock-based compensation expense in the cost of sales, sales and marketing, research and development, and general and administrative expenses.

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

We grant performance stock units, or PSUs, to our executive officers and certain other employees from time to time. At the time of grant, we calculate the fair value of our PSUs using the Monte-Carlo simulation. We incorporate the following variables into the valuation model:


	For the years ended April 30,
	2023			2022
Grant date fair market value
American Outdoor Brands, Inc.	$	12.70		$	26.44
Russell 2000 Index	$	1,882.91		$	2,277.45
Volatility (a)
American Outdoor Brands, Inc.		49.04	%		47.78	%
Russell 2000 Index		31.75	%		30.69	%
Correlation coefficient (b)		0.50			0.46
Risk-free interest rate (c)		2.91	%		0.33	%
Dividend yield (d)		0	%		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 expect to pay dividends in the foreseeable future.

The PSUs vest, and the fair value of such PSUs will be recognized, over the corresponding three-year performance period. Our PSUs have a maximum aggregate award equal to 200% of the target 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 the 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 fiscal year ended April 30, 2023, we granted an aggregate of 311,676 service based RSUs, including 52,277 RSUs to executive officers and 259,399 RSUs to non-executive officer employees and directors under our 2020 Incentive Compensation Plan. We granted an aggregate of 52,277 PSUs to our executive officers during fiscal 2023. In addition, in connection with a 2019 grant, we vested 7,200 PSUs (i.e., the target amount granted), which achieved 200% of the maximum aggregate award possible, resulting in awards totaling 14,400 shares to certain of our executive officers and employees of our former parent that were granted as part of the Separation. During the fiscal year ended April 30, 2023, we cancelled 14,390 RSUs as a result of the service condition not being met. In connection with the vesting RSUs, during the fiscal year ended April 30, 2023, we delivered common stock to our employees, including executive officers and directors, with a total market value of $1.5 million.

During the fiscal year ended April 30, 2022, we granted an aggregate of 77,251 service based RSUs, including 28,948 RSUs to executive officers and 48,303 RSUs to non-executive officer employees and directors under our 2020 Incentive Compensation Plan. We granted an aggregate of 26,809 PSUs to our executive officers during fiscal 2022. In addition, in connection with a 2018 grant, we vested 10,800 PSUs (i.e., the target amount granted), which achieved 200% of the maximum aggregate award possible, resulting in awards totaling 21,600 shares to certain of our executive officers and employees of our former parent that were granted as part of the Separation. During the fiscal year ended April 30, 2022, we cancelled 40,929 RSUs, and 24,565 PSUs, as a result of the service condition not being met. In connection with the vesting RSUs, during the fiscal year ended April 30, 2022, we delivered common stock to our employees, including executive officers and directors, with a total market value of $3.3 million.

During the fiscal year ended April 30, 2021, we granted an aggregate of 166,319 service based RSUs to executive officers, non-executive officer employees, and directors, and 78,045 PSUs to certain executive officers and employees under our 2020 Incentive Compensation Plan. During the fiscal year ended April 30, 2021, we cancelled 2,994 service based RSUs as a result of the service condition not being met. In connection with the vesting of RSUs, during the fiscal year ended April 30, 2021, we delivered common stock to employees and directors under our 2020 Incentive Compensation Plan with a total market value of $891,000.

A summary of activity for unvested RSUs and PSUs under our 2020 Incentive Compensation Plan for the fiscal years ended April 30, 2023 and 2022 is as follows:




	For the Years Ended April 30,
	2023					2022
				Weighted					Weighted
	Total # of			Average		Total # of			Average
	Restricted			Grant Date		Restricted			Grant Date
	Stock Units			Fair Value		Stock Units			Fair Value
RSUs and PSUs outstanding, beginning of period		349,774		$	15.93		427,519		$	11.67
Awarded		371,153			10.68		114,860			26.92
Vested		(145,958	)		12.62		(127,111	)		11.57
Forfeited		(14,390	)		14.20		(65,494	)		15.86
RSUs and PSUs outstanding, end of period		560,579		$	13.36		349,774		$	15.93

As of April 30, 2023, there was $2.3 million of unrecognized compensation expense related to unvested RSUs and PSUs. We expect to recognize this expense over a weighted average remaining contractual term of 1.1 years.

We have an employee stock purchase plan, or 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 the greater of 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. During fiscal years ended April 30, 2023 and 2022, 89,860 shares and 76,098 shares, respectively, were purchased by our employees under our ESPP.

We measure the cost of employee services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. We amortize the fair value of the award over the vesting period of the option. Under the ESPP, fair value is determined at the beginning of the purchase period and amortized over the term of each exercise period.

The following assumptions were used in valuing ESPP purchases under our ESPP during the years ended April 30, 2023 and 2022:


	For the years ended April 30,
	2023			2022
Risk-free interest rate	3.97% - 4.01%			0.05% - 0.09%
Expected term	6 months - 12 months			6 months - 12 months
Expected volatility	51.9% - 58.4%			54.7% - 56.7%
Dividend yield		0	%		0	%

We estimate expected volatility using historical volatility for the expected term. The fair value of each stock option or ESPP purchase was estimated on the date of the grant using the Black-Scholes option pricing model (using the risk-free interest rate, expected term, expected volatility, and dividend yield variables, as noted in the above table).

Intangible Assets

12 Months Ended

Apr. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

7. Intangible Assets

The following table summarizes intangible assets as of April 30, 2023 and 2022 (in thousands):


	April 30, 2023							April 30, 2022
	Gross							Gross
	Carrying		Accumulated			Net Carrying		Carrying		Accumulated			Net Carrying
	Amount		Amortization			Amount		Amount		Amortization			Amount
Customer relationships	$	89,980	$	(74,035	)	$	15,945	$	89,980	$	(67,955	)	$	22,025
Developed software and technology		31,022		(21,978	)		9,044		25,812		(19,395	)		6,417
Patents, trademarks, and trade names		68,943		(44,042	)		24,901		68,663		(39,030	)		29,633
		189,945		(140,055	)		49,890		184,455		(126,380	)		58,075
Patents and software in development		1,701		—			1,701		4,689		—			4,689
Total definite-lived intangible assets		191,646		(140,055	)		51,591		189,144		(126,380	)		62,764
Indefinite-lived intangible assets		430		—			430		430		—			430
Total intangible assets	$	192,076	$	(140,055	)	$	52,021	$	189,574	$	(126,380	)	$	63,194

We amortize intangible assets with determinable lives over a weighted-average period of approximately five years. The weighted-average periods of amortization by intangible asset class is approximately five years for customer relationships, six years for developed software and technology, and six years for patents, trademarks, and trade names. Amortization expense amounted to $13.7 million, $14.5 million, and $16.8 million for the fiscal years ended April 30, 2023, 2022, and 2021, respectively.

The following table represents future expected amortization expense as of April 30, 2023 (in thousands):


Fiscal	Amount
2024	$	13,614
2025		9,312
2026		8,097
2027		5,753
2028		4,463
Thereafter		8,651
Total	$	49,890

We did not record any impairment charges for long-lived intangible assets in the fiscal years ended April 30, 2023, 2022, and 2021, respectively, excluding the goodwill adjustments noted below.

Goodwill - Summary of Changes in Goodwill (Details) - USD ($)	3 Months Ended		12 Months Ended
	Apr. 30, 2022	Apr. 30, 2020	Apr. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Beginning balance			$ 64,315,000
Acquisitions			3,534,000
Goodwill impairment	$ (67,800,000)	$ (98,900,000)	(67,849,000)
Ending balance	$ 0		$ 0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Apr. 30, 2023

Accounting Policies [Abstract]

Summary of Estimated Useful Lives

A summary of the estimated useful lives is as follows:


Description		Useful Life
Machinery and equipment		2 to 10 years
Computer and other equipment		2 to 7 years
Leasehold improvements		10 to 20 years

Schedule of Trade Channel Net Sales

The following table sets forth certain information regarding trade channel net sales for the fiscal years ended April 30, 2023, 2022, and 2021 (dollars in thousands):


	2023		2022		$ Change			% Change			2021
e-commerce channels	$	87,219	$	97,418	$	(10,199	)		-10.5	%	$	108,726
Traditional channels		103,990		150,108		(46,118	)		-30.7	%		167,961
Total net sales	$	191,209	$	247,526	$	(56,317	)		-22.8	%	$	276,687

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 fiscal years ended April 30, 2023, 2022, and 2021 (dollars in thousands):


	2023		2022		$ Change			% Change			2021
Domestic net sales	$	182,299	$	234,803	$	(52,504	)		-22.4	%	$	267,573
International net sales		8,910		12,723		(3,813	)		-30.0	%		9,114
Total net sales	$	191,209	$	247,526	$	(56,317	)		-22.8	%	$	276,687

Schedule of Net Sales in Product Categories


	2023		2022		$ Change			% Change			2021
Shooting sports	$	88,885	$	128,180	$	(39,295	)		-30.7	%	$	165,341
Outdoor lifestyle		102,324		119,346		(17,022	)		-14.3	%		111,346
Total net sales	$	191,209	$	247,526	$	(56,317	)		-22.8	%	$	276,687

Change in Accrued Warranties Recorded as Non-Current Liability

The following table sets forth the change in accrued warranties, a portion of which is recorded as a non-current liability, in the fiscal years ended April 30, 2023, 2022, and 2021 (in thousands):


	April 30, 2023			April 30, 2022			April 30, 2021
Beginning balance		786			717			336
Warranties issued and adjustments to provisions		1,419			399			1,083
Warranties assumed in acquisition		—			150			—
Warranty claims		(1,239	)		(480	)		(702	)
Ending balance		966			786			717

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


	For the Years Ended April 30,
	2023								2022								2021
	Net					Per Share			Net					Per Share			Net					Per Share
	Loss			Shares		Amount			Loss			Shares		Amount			Income			Shares		Amount
Basic (loss)/earnings	$	(12,024	)		13,372	$	(0.90	)	$	(64,880	)		13,930	$	(4.66	)	$		18,405		13,997	$	1.31
Effect of dilutive stock awards		—			—		—			—			—		—			—		228			(0.02	)
Diluted (loss)/earnings	$	(12,024	)		13,372	$	(0.90	)	$	(64,880	)		13,930	$	(4.66	)	$		18,405		14,225	$	1.29