0000950170-23-067039 | 10-Q | XBRL Viewer | American Outdoor Brands INC

Basis of Presentation (Tables)

6 Months Ended

Oct. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The following table sets forth certain information regarding trade channel net sales for the three months ended October 31, 2023 and 2022 (dollars in thousands):


	2023		2022		$ Change		% Change
e-commerce channels	$	23,462	$	22,713	$	749		3.3	%
Traditional channels		34,469		31,723		2,746		8.7	%
Total net sales	$	57,931	$	54,436	$	3,495		6.4	%

The following table sets forth certain information regarding trade channel net sales for the six months ended October 31, 2023 and 2022 (dollars in thousands):


	2023		2022		$ Change			% Change
e-commerce channels	$	41,838	$	43,257	$	(1,419	)		-3.3	%
Traditional channels		59,538		54,855		4,683			8.5	%
Total net sales	$	101,376	$	98,112	$	3,264			3.3	%

Schedule of Geographic Makeup of Net Sales

The following table sets forth certain information regarding geographic makeup of net sales included in the above table for the three months ended October 31, 2023 and 2022 (dollars in thousands):


	2023		2022		$ Change		% Change
Domestic net sales	$	54,982	$	52,106	$	2,876		5.5	%
International net sales		2,949		2,330		619		26.6	%
Total net sales	$	57,931	$	54,436	$	3,495		6.4	%

The following table sets forth certain information regarding geographic makeup of net sales included in the above table for the six months ended October 31, 2023 and 2022 (dollars in thousands):


	2023		2022		$ Change		% Change
Domestic net sales	$	94,771	$	92,382	$	2,389		2.6	%
International net sales		6,605		5,730		875		15.3	%
Total net sales	$	101,376	$	98,112	$	3,264		3.3	%

Schedule of Net Sales in Product Categories

The following table sets forth certain information regarding net sales in our shooting sports and outdoor lifestyle categories for the three months ended October 31, 2023 and 2022 (dollars in thousands):


	2023		2022		$ Change			% Change
Shooting sports	$	23,371	$	24,191	$	(820	)		-3.4	%
Outdoor lifestyle		34,560		30,245		4,315			14.3	%
Total net sales	$	57,931	$	54,436	$	3,495			6.4	%

The following table sets forth certain information regarding net sales in our shooting sports and outdoor lifestyle categories for the six months ended October 31, 2023 and 2022 (dollars in thousands):


	2023		2022		$ Change			% Change
Shooting sports	$	43,446	$	44,579	$	(1,133	)		-2.5	%
Outdoor lifestyle		57,930		53,533		4,397			8.2	%
Total net sales	$	101,376	$	98,112	$	3,264			3.3	%

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Income Tax Disclosure [Abstract]
Income tax (benefit)/expense	$ (40,000)	$ (161,000)	$ 15,000	$ 28,000
Effective tax rate	(108.10%)	(77.00%)	(0.40%)	(0.50%)
Discrete tax expense		$ 40,000

- Definition

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

+ References + Details

Inventories

6 Months Ended

Oct. 31, 2023

Inventory Disclosure [Abstract]

Inventories

(6) Inventories:

The following table sets forth a summary of inventories, stated at lower of cost or net realizable value, as of October 31, 2023 and April 30, 2023 (in thousands):


	October 31, 2023		April 30, 2023
Finished goods	$	98,445	$	90,906
Finished parts		2,860		2,818
Work in process		132		66
Raw material		7,686		5,944
Total inventories	$	109,123	$	99,734

Certain of our suppliers in Asia require deposits to procure our inventory prior to beginning the manufacturing process. These deposits on our inventory varies by supplier and range from 30% to 100%. As of October 31, 2023 and April 30, 2023, we have recorded $3.6 million and $4.3 million, respectively, of inventory on deposit in prepaid expenses and other current assets on our consolidated balance sheet.

Intangible Assets, Net - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Apr. 30, 2023
Intangible Assets Excluding Goodwill [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	$ 188,573	$ 191,646
Total definite-lived intangible assets, Accumulated Amortization	(142,652)	(140,055)
Total definite-lived intangible assets, Net Carrying Amount	45,921	51,591
Indefinite-lived intangible assets, Net Carrying Amount	430	430
Total Intangible assets, Gross Carrying Amount	189,003	192,076
Total Intangible assets, Net Carrying Amount	46,351	52,021
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	(76,456)	(74,035)
Total definite-lived intangible assets, Net Carrying Amount	13,524	15,945
Developed Software and Technology
Intangible Assets Excluding Goodwill [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	27,308	31,022
Total definite-lived intangible assets, Accumulated Amortization	(19,157)	(21,978)
Total definite-lived intangible assets, Net Carrying Amount	8,151	9,044
Patents, Trademarks, and Trade Names
Intangible Assets Excluding Goodwill [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	69,246	68,943
Total definite-lived intangible assets, Accumulated Amortization	(47,039)	(44,042)
Total definite-lived intangible assets, Net Carrying Amount	22,207	24,901
Definite-lived Intangible Assets Excluding Patents and Software in Development
Intangible Assets Excluding Goodwill [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	186,534	189,945
Total definite-lived intangible assets, Accumulated Amortization	(142,652)	(140,055)
Total definite-lived intangible assets, Net Carrying Amount	43,882	49,890
Patents and Software in Development
Intangible Assets Excluding Goodwill [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	2,039	1,701
Total definite-lived intangible assets, Net Carrying Amount	$ 2,039	$ 1,701

Fair Value Measurement

6 Months Ended

Oct. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement

(5) Fair Value Measurement:

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

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

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

Our cash and cash equivalents, which are measured at fair value on a recurring basis, totaled $8.4 million as of October 31, 2023 and $22.0 million as of April 30, 2023. 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).

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 October 31, 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

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 77	$ 370	$ (4,036)	$ (5,325)

- Definition

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

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+ Details

Accrued Expenses

6 Months Ended

Oct. 31, 2023

Payables and Accruals [Abstract]

Accrued Expenses

(9) Accrued Expenses:

The following table sets forth other accrued expenses as of October 31, 2023 and April 30, 2023 (in thousands):


	October 31, 2023		April 30, 2023
Accrued freight	$	3,984	$	1,962
Accrued sales allowances		3,579		2,453
Accrued professional fees		1,255		1,106
Accrued commissions		1,291		1,072
Accrued warranty		948		966
Accrued employee benefits		518		568
Accrued taxes other than income		358		346
Accrued other		338		268
Total accrued expenses	$	12,271	$	8,741

Basis of Presentation - Schedule of Net Sales in Product Categories (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Disaggregation of Revenue [Line Items]
Total net sales	$ 57,931	$ 54,436	$ 101,376	$ 98,112
Change in Total net sales	$ 3,495		$ 3,264
% Change in Total net sales	6.40%		3.30%
Shooting Sports
Disaggregation of Revenue [Line Items]
Total net sales	$ 23,371	24,191	$ 43,446	44,579
Change in Total net sales	$ (820)		$ (1,133)
% Change in Total net sales	(3.40%)		(2.50%)
Outdoor Lifestyle
Disaggregation of Revenue [Line Items]
Total net sales	$ 34,560	$ 30,245	$ 57,930	$ 53,533
Change in Total net sales	$ 4,315		$ 4,397
% Change in Total net sales	14.30%		8.20%

- Definition

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

+ References + Details

- Definition

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

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+ Details

Leases

6 Months Ended

Oct. 31, 2023

Leases [Abstract]

Leases

(3) 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 October 31, 2023 and April 30, 2023 are as follows (in thousands):


	October 31, 2023			April 30, 2023
Operating Leases
Right-of-use assets	$	26,969		$	26,999
Accumulated amortization		(3,233	)		(2,801	)
Right-of-use assets, net	$	23,736		$	24,198

Lease liabilities, current portion	$	985		$	904
Lease liabilities, net of current portion		23,648			24,064
Total operating lease liabilities	$	24,633		$	24,968

For the three and six months ended October 31, 2023, we recorded $808,000 and $1.6 million, respectively, of operating lease costs, of which $6,000 and $8,000 were short-term operating lease costs. For the three and six months ended October 31, 2022, we recorded $1.1 million and $2.1 million, respectively, of operating lease costs, of which $41,000 and $88,000 were short-term operating lease costs. As of October 31, 2023, our weighted average lease term and weighted average discount rate for our operating leases were 15.1 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.

Future lease payments for all our operating leases for the remainder of fiscal 2024 and for succeeding fiscal years, as of October 31, 2023, are as follows (in thousands):


	Operating
2024	$	1,150
2025		2,300
2026		2,197
2027		2,207
2028		2,238
Thereafter		26,426
Total future lease payments		36,518
Less amounts representing interest		(11,885	)
Present value of lease payments		24,633
Less current maturities of lease liabilities		(985	)
Long-term maturities of lease liabilities	$	23,648

The cash paid for amounts included in the measurement of the liabilities and the operating cash flows was $465,000 and $976,000 for the six months ended October 31, 2023 and 2022, respectively.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Cash flows from operating activities:
Net loss	$ (4,036)	$ (5,325)
Adjustments to reconcile net loss to net cash (used in)/provided by operating activities:
Depreciation and amortization	7,927	8,272
Loss/(gain) on sale/disposition of assets	7	(5)
Provision for credit losses on accounts receivable	6	16
Stock-based compensation expense	1,938	1,835
Changes in operating assets and liabilities:
Accounts receivable	(13,607)	(3,694)
Inventories	(9,389)	10,239
Prepaid expenses and other current assets	1,823	(2,781)
Income taxes	950	(55)
Accounts payable	6,331	(4,058)
Accrued payroll, incentives, and profit sharing	1,119	(1,193)
Right of use assets	592	868
Accrued expenses	3,530	3,016
Other assets	75	8
Lease liabilities	(465)	(976)
Other non-current liabilities	(16)
Net cash (used in)/provided by operating activities	(3,215)	6,167
Cash flows from investing activities:
Payments to acquire patents and software	(761)	(2,495)
Proceeds from sale of property and equipment	131
Payments to acquire property and equipment	(951)	(816)
Net cash used in investing activities	(1,581)	(3,311)
Cash flows from financing activities:
Payments on notes and loans payable	(5,000)	(5,170)
Payments to acquire treasury stock	(3,762)	(756)
Cash paid for debt issuance costs		(88)
Proceeds from exercise of options to acquire common stock, including employee stock purchase plan	339	287
Payment of employee withholding tax related to restricted stock units	(352)	(295)
Net cash used in financing activities	(8,775)	(6,022)
Net decrease in cash and cash equivalents	(13,571)	(3,166)
Cash and cash equivalents, beginning of period	21,950	19,521
Cash and cash equivalents, end of period	8,379	16,355
Supplemental disclosure of cash flow information Cash paid for:
Interest	196	393
Income taxes (net of refunds)	$ (936)	$ 86

Intangible Assets, Net (Tables)

6 Months Ended

Oct. 31, 2023

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Summary of Intangible Assets

The following table summarizes intangible assets as of October 31, 2023 and April 30, 2023 (in thousands):


	October 31, 2023							April 30, 2023
	Gross							Gross
	Carrying		Accumulated			Net Carrying		Carrying		Accumulated			Net Carrying
	Amount		Amortization			Amount		Amount		Amortization			Amount
Customer relationships	$	89,980	$	(76,456	)	$	13,524	$	89,980	$	(74,035	)	$	15,945
Developed software and technology		27,308		(19,157	)		8,151		31,022		(21,978	)		9,044
Patents, trademarks, and trade names		69,246		(47,039	)		22,207		68,943		(44,042	)		24,901
		186,534		(142,652	)		43,882		189,945		(140,055	)		49,890
Patents and software in development		2,039		—			2,039		1,701		—			1,701
Total definite-lived intangible assets		188,573		(142,652	)		45,921		191,646		(140,055	)		51,591
Indefinite-lived intangible assets		430		—			430		430		—			430
Total intangible assets	$	189,003	$	(142,652	)	$	46,351	$	192,076	$	(140,055	)	$	52,021

Schedule of Future Expected Amortization Expense

Future expected amortization expense for the remainder of fiscal 2024 and for succeeding fiscal years, as of October 31, 2023, are as follows (in thousands):


Fiscal	Amount
2024	$	6,462
2025		9,500
2026		8,152
2027		5,798
2028		4,479
Thereafter		9,491
Total	$	43,882

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

6 Months Ended

Oct. 31, 2023

CorrelationCoefficient

$ / shares

Oct. 31, 2022

CorrelationCoefficient

$ / shares

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

Correlation coefficient | CorrelationCoefficient

^[1]

0.48

0.5

Risk-free interest rate

^[2]

3.81%

2.91%

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

$ 8.79

$ 12.7

Volatility

^[4]

45.53%

49.04%

Russell 2000 Index

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

Grant date fair market value

$ 1,769.21

$ 1,882.91

Volatility

^[4]

27.08%

31.75%

[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.

- Definition

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

+ References

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+ Details

Insider Trading Arrangements	6 Months Ended
Insider Trading Arrangements	Oct. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Leases - Schedule of Future Lease Payments for Operating Leases (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Apr. 30, 2023
Operating
2024	$ 1,150
2025	2,300
2026	2,197
2027	2,207
2028	2,238
Thereafter	26,426
Total future lease payments	36,518
Less amounts representing interest	(11,885)
Total operating lease liabilities	24,633	$ 24,968
Less current maturities of lease liabilities	(985)	(904)
Long-term maturities of lease liabilities	$ 23,648	$ 24,064

Fair Value Measurement - Additional Information (Details) - USD ($)	Oct. 31, 2023	Apr. 30, 2023
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	$ 8,400,000	$ 22,000,000

Equity

6 Months Ended

Oct. 31, 2023

Equity [Abstract]

Equity

(8) Equity:

Treasury Stock

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. This authorization expired on September 29, 2023. On October 2, 2023, 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 30, 2024. During the three and six months ended October 31, 2023, under these authorizations, we repurchased 157,536 and 425,527 shares, respectively, of our common stock for $1.5 million and $3.8 million, respectively, utilizing cash on hand.

Earnings per Share

We compute diluted earnings per share by giving effect to all potentially dilutive stock awards that are outstanding. 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. All of our outstanding restricted stock units, or RSUs, were included in the computation of diluted earnings per share for the three and six months ended October 31, 2023 and 2022.

The following table provides a reconciliation of the net income amounts and weighted average number of common and common equivalent shares used to determine basic and diluted earnings per share for the three months ended October 31, 2023 and 2022 (in thousands, except per share data):


	For the Three Months Ended October 31,
	2023						2022
	Net				Per Share		Net				Per Share
	Income		Shares		Amount		Income		Shares		Amount
Basic earnings	$	77		13,010	$	0.01	$	370		13,465	$	0.03
Effect of dilutive stock awards		—		246		—		—		124		—
Diluted earnings	$	77		13,256	$	0.01	$	370		13,589	$	0.03

Due to the loss from operations for the six months ended October 31, 2023 and 2022, respectively, there are no common shares added to calculate dilutive earnings per share because the effect would be anti-dilutive.

Incentive Stock and Employee Stock Purchase Plans

We have a stock incentive plan, or 2020 Incentive Compensation Plan, under which we can grant new awards to our employees and directors.

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 three or four years with one-third or one-fourth of the units vesting on each anniversary of the grant date, respectively. 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 Six Months ended October 31,
	2023			2022
Grant date fair market value
American Outdoor Brands, Inc.	$	8.79		$	12.70
Russell 2000 Index	$	1,769.21		$	1,882.91
Volatility (a)
American Outdoor Brands, Inc.		45.53	%		49.04	%
Russell 2000 Index		27.08	%		31.75	%
Correlation coefficient (b)		0.48			0.50
Risk-free interest rate (c)		3.81	%		2.91	%
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 six months ended October 31, 2023, we granted an aggregate of 75,894 PSUs to our executive officers. We also granted 318,438 RSUs during the six months ended October 31, 2023, including 103,118 RSUs to executive officers and 215,320 to non-executive officer employees and directors under our 2020 Incentive Compensation Plan. During the six months ended October 31, 2023, 15,223 PSUs were cancelled, at target, as a result of the performance condition not being met, and 21,296 RSUs were cancelled as a result of the service condition not being met. In connection with the vesting of RSUs, during the six months ended October 31, 2023, we delivered common stock to our employees, including our executive officers and directors with a total market value of $1.3 million.

During the six months ended October 31, 2022, we granted an aggregate of 52,277 market-condition PSUs to our executive officers. We also granted 263,898 service-based RSUs during the six months ended October 31, 2022, including 52,277 RSUs to executive officers and 211,621 to non-executive officer employees and directors under our 2020 Incentive Compensation Plan. In addition, in connection with a 2019 grant, we vested 7,200 market-condition 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. During the six months ended October 31, 2022, we cancelled 3,456 service-based RSUs as a result of the service condition not being met. In connection with the vesting of RSUs, during the six months ended October 31, 2022, we delivered common stock to our employees, including our executive officers and directors with a total market value of $1.1 million.

We recognized $1.0 million and $1.1 million of stock-based compensation expense for the three months ended October 31, 2023 and 2022, respectively. We recognized $1.9 million and $1.8 million of stock-based compensation expense for the six months ended October 31, 2023 and 2022, respectively.

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

A summary of activity for unvested RSUs and PSUs under our 2020 Incentive Compensation Plan for the six months ended October 31, 2023 and 2022 is as follows:


	For the Six Months Ended October 31,
	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		560,579		$	13.36		349,774		$	15.93
Awarded		394,332			8.69		323,375			10.87
Vested		(161,149	)		11.86		(101,061	)		14.26
Forfeited		(51,742	)		9.62		(3,456	)		18.83
RSUs and PSUs outstanding, end of period		742,020		$	11.46		568,632		$	13.34

As of October 31, 2023, there was $3.4 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 1.5 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 the six months ended October 31, 2023, 47,466 shares 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 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 six months ended October 31, 2023 and 2022:


	For the Six Months ended October 31,
	2023			2022
Risk-free interest rate	5.46% - 5.53%			3.97% - 4.01%
Expected term	6 months - 12 months			6 months - 12 months
Expected volatility	43.2% - 48.9%			51.9% - 58.4%
Dividend yield		0	%		0	%

Commitments and Contingencies - Additional Information (Details) $ in Millions		6 Months Ended	12 Months Ended
	Jan. 01, 2024 USD ($) ft²	Oct. 31, 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

Equity - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Equity [Abstract]
Basic earnings, Net income	$ 77	$ 370
Diluted earnings, Net income	$ 77	$ 370
Basic earnings, shares	13,010,000	13,465,000	13,100,000	13,454,000
Effect of dilutive stock awards, shares	246	124
Diluted earnings, shares	13,256,000	13,589,000	13,100,000	13,454,000
Basic earnings, per shares	$ 0.01	$ 0.03	$ (0.31)	$ (0.4)
Diluted earnings, per shares	$ 0.01	$ 0.03	$ (0.31)	$ (0.4)

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

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

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+ References + Details

Organization - Additional Information (Details)	6 Months Ended
Organization - Additional Information (Details)	Oct. 31, 2023 BrandLane
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of brand lanes	4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained (Deficit)/Earnings	Treasury Stock
Balance at Apr. 30, 2022	$ 203,031	$ 14	$ 268,393	$ (50,351)	$ (15,025)
Balance, shares at Apr. 30, 2022		14,240,000			837,000
Net income/(loss)	(5,325)			(5,325)
Stock-based compensation	1,835		1,835
Shares issued under employee stock purchase plan	287		287
Shares issued under employee stock purchase plan, shares		39,000
Issuance of common stock under restricted stock unit awards, net of tax	(295)		(295)
Issuance of common stock under restricted stock unit awards, net of tax, shares		74,000
Repurchase of treasury stock	(756)				$ (756)
Repurchase of treasury stock, shares					84,000
Balance at Oct. 31, 2022	198,777	$ 14	270,220	(55,676)	$ (15,781)
Balance, shares at Oct. 31, 2022		14,353,000			921,000
Balance at Jul. 31, 2022	197,798	$ 14	268,855	(56,046)	$ (15,025)
Balance, shares at Jul. 31, 2022		14,292,000			837,000
Net income/(loss)	370			370
Stock-based compensation	1,121		1,121
Shares issued under employee stock purchase plan	287		287
Shares issued under employee stock purchase plan, shares		39,000
Issuance of common stock under restricted stock unit awards, net of tax	(43)		(43)
Issuance of common stock under restricted stock unit awards, net of tax, shares		22,000
Repurchase of treasury stock	(756)				$ (756)
Repurchase of treasury stock, shares					84,000
Balance at Oct. 31, 2022	198,777	$ 14	270,220	(55,676)	$ (15,781)
Balance, shares at Oct. 31, 2022		14,353,000			921,000
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
Net income/(loss)	$ (4,036)			(4,036)
Stock-based compensation	1,938		1,938
Shares issued under employee stock purchase plan	339		339
Shares issued under employee stock purchase plan, shares		47,000
Issuance of common stock under restricted stock unit awards, net of tax	(352)	$ 1	(353)
Issuance of common stock under restricted stock unit awards, net of tax, shares		112,000
Repurchase of treasury stock	(3,762)				$ (3,762)
Repurchase of treasury stock, shares					426,000
Balance at Oct. 31, 2023	$ 185,991	$ 15	274,708	(66,411)	$ (22,321)
Balance, shares at Oct. 31, 2023	12,966,416	14,606,000			1,640,000
Balance at Jul. 31, 2023	$ 186,115	$ 15	273,415	(66,488)	$ (20,827)
Balance, shares at Jul. 31, 2023		14,543,000			1,482,000
Net income/(loss)	77			77
Stock-based compensation	1,005		1,005
Shares issued under employee stock purchase plan	339		339
Shares issued under employee stock purchase plan, shares		47,000
Issuance of common stock under restricted stock unit awards, net of tax	(51)		(51)
Issuance of common stock under restricted stock unit awards, net of tax, shares		16,000
Repurchase of treasury stock	(1,494)				$ (1,494)
Repurchase of treasury stock, shares					158,000
Balance at Oct. 31, 2023	$ 185,991	$ 15	$ 274,708	$ (66,411)	$ (22,321)
Balance, shares at Oct. 31, 2023	12,966,416	14,606,000			1,640,000

Equity - Summary of Activity for Unvested RSUs and PSUs (Details) - 2020 Incentive Compensation Plan - Service-based RSUs and PSUs - $ / shares	6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs and PSUs outstanding, beginning of period, Total # of restricted stock units	560,579	349,774
Awarded, Total # of restricted stock units	394,332	323,375
Vested, Total # of restricted stock units	(161,149)	(101,061)
Forfeited, Total # of restricted stock units	(51,742)	(3,456)
RSUs and PSUs outstanding, end of period, Total # of restricted stock units	742,020	568,632
Weighted average grant date fair value, beginning of period	$ 13.36	$ 15.93
Weighted average grant date fair value, Awarded	8.69	10.87
Weighted average grant date fair value, Vested	11.86	14.26
Weighted average grant date fair value, Forfeited	9.62	18.83
Weighted average grant date fair value, end of period	$ 11.46	$ 13.34

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Oct. 31, 2023	Apr. 30, 2023
Current assets:
Cash and cash equivalents	$ 8,379	$ 21,950
Accounts receivable, net of allowance for credit losses of $129 on October 31, 2023 and $125 on April 30, 2023	40,447	26,846
Inventories	109,123	99,734
Prepaid expenses and other current assets	6,016	7,839
Income tax receivable	301	1,251
Total current assets	164,266	157,620
Property, plant, and equipment, net	8,783	9,488
Intangible assets, net	46,351	52,021
Right-of-use assets	23,736	24,198
Other assets	514	260
Total assets	243,650	243,587
Current liabilities:
Accounts payable	17,805	11,544
Accrued expenses	12,271	8,741
Accrued payroll and incentives	2,932	1,813
Lease liabilities, current	985	904
Total current liabilities	33,993	23,002
Notes and loans payable		4,623
Lease liabilities, net of current portion	23,648	24,064
Other non-current liabilities	18	34
Total liabilities	57,659	51,723
Commitments and contingencies (Note 11)
Equity:
Preferred stock, $0.001 par value, 20,000,000 shares authorized, no shares issued or outstanding
Common stock, $0.001 par value, 100,000,000 shares authorized, 14,605,941 shares issued and 12,966,416 shares outstanding on October 31, 2023 and 14,447,149 shares issued and 13,233,151 shares outstanding on April 30, 2023	15	14
Additional paid in capital	274,708	272,784
Retained earnings	(66,411)	(62,375)
Treasury stock, at cost (1,639,525 shares on October 31, 2023 and 1,213,998 shares on April 30, 2023)	(22,321)	(18,559)
Total equity	185,991	191,864
Total liabilities and equity	$ 243,650	$ 243,587

Leases - Schedule of Assets and Liabilities Related to Operating Leases (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Apr. 30, 2023
Operating Leases
Right-of-use assets	$ 26,969	$ 26,999
Accumulated amortization	(3,233)	(2,801)
Right-of-use assets, net	23,736	24,198
Lease liabilities, current portion	985	904
Lease liabilities, net of current portion	23,648	24,064
Total operating lease liabilities	$ 24,633	$ 24,968

Segment Reporting - Additional Information (Details)	6 Months Ended
Segment Reporting - Additional Information (Details)	Oct. 31, 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

Equity - Share Based Payment Award Performance Shares Valuation Assumptions (Parenthetical) (Details) - PSUs	6 Months Ended
	Oct. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted, vesting period	3 years
Volatility
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted, vesting period	3 years

- Definition

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

+ References

+ Details

Organization

6 Months Ended

Oct. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

(1) Organization:

American Outdoor Brands, Inc. (our “company,” “we,” “us,” or “our”) 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, store, and maintain connectivity to those possessions that many consumers consider to be high value or high consequence.

Equity - Summary of Assumptions Used In Valuing ESPP Purchase Under ESPP (Details) - 2020 Employee Stock Purchase Plan	6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, minimum	5.46%	3.97%
Risk-free interest rate, maximum	5.53%	4.01%
Expected volatility, minimum	43.20%	51.90%
Expected volatility, maximum	48.90%	58.40%
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

Intangible Assets, Net

6 Months Ended

Oct. 31, 2023

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets, Net

(4) Intangible Assets, net:

The following table summarizes intangible assets as of October 31, 2023 and April 30, 2023 (in thousands):


	October 31, 2023							April 30, 2023
	Gross							Gross
	Carrying		Accumulated			Net Carrying		Carrying		Accumulated			Net Carrying
	Amount		Amortization			Amount		Amount		Amortization			Amount
Customer relationships	$	89,980	$	(76,456	)	$	13,524	$	89,980	$	(74,035	)	$	15,945
Developed software and technology		27,308		(19,157	)		8,151		31,022		(21,978	)		9,044
Patents, trademarks, and trade names		69,246		(47,039	)		22,207		68,943		(44,042	)		24,901
		186,534		(142,652	)		43,882		189,945		(140,055	)		49,890
Patents and software in development		2,039		—			2,039		1,701		—			1,701
Total definite-lived intangible assets		188,573		(142,652	)		45,921		191,646		(140,055	)		51,591
Indefinite-lived intangible assets		430		—			430		430		—			430
Total intangible assets	$	189,003	$	(142,652	)	$	46,351	$	192,076	$	(140,055	)	$	52,021

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 $3.2 million and $3.3 million for the three months ended October 31, 2023 and 2022, respectively. Amortization expenses amounted to $6.5 million and $6.8 million for the six months ended October 31, 2023 and 2022, respectively.

Future expected amortization expense for the remainder of fiscal 2024 and for succeeding fiscal years, as of October 31, 2023, are as follows (in thousands):


Fiscal	Amount
2024	$	6,462
2025		9,500
2026		8,152
2027		5,798
2028		4,479
Thereafter		9,491
Total	$	43,882

Basis of Presentation - Schedule of Trade Channel Net Sales (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Disaggregation of Revenue [Line Items]
Total net sales	$ 57,931	$ 54,436	$ 101,376	$ 98,112
Change in Total net sales	$ 3,495		$ 3,264
% Change in Total net sales	6.40%		3.30%
E-Commerce Channels
Disaggregation of Revenue [Line Items]
Total net sales	$ 23,462	22,713	$ 41,838	43,257
Change in Total net sales	$ 749		$ (1,419)
% Change in Total net sales	3.30%		(3.30%)
Traditional Channels
Disaggregation of Revenue [Line Items]
Total net sales	$ 34,469	$ 31,723	$ 59,538	$ 54,855
Change in Total net sales	$ 2,746		$ 4,683
% Change in Total net sales	8.70%		8.50%

- Definition

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

+ References + Details

- Definition

+ References

+ Details

Inventories - Additional Information (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Apr. 30, 2023
Inventory [Line Items]
Prepaid expenses and other current assets	$ 6,016	$ 7,839
Asia
Inventory [Line Items]
Prepaid expenses and other current assets	$ 3,600	$ 4,300
Asia \| Maximum
Inventory [Line Items]
Percentage of inventory deposits		100.00%
Asia \| Minimum
Inventory [Line Items]
Percentage of inventory deposits	30.00%

Income Taxes

6 Months Ended

Oct. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

(10) Income Taxes:

The income tax expense included in the condensed consolidated statements of operations is based upon the estimated effective tax rate for the year, adjusted for the impact of discrete items which are accounted for in the period in which they occur. We recorded income tax benefit of $40,000 and $161,000 for the three months ended October 31, 2023 and 2022, respectively. The effective tax rate for the three months ended October 31, 2023 and 2022 was (108.1%) and (77.0%), respectively. Income tax expense for the three months ended October 31, 2022 included a discrete tax expense of $40,000 associated with stock-based compensation. We recorded

income tax expense of $15,000 and $28,000 for the six months ended October 31, 2023 and 2022, respectively. The effective tax rate for the six months ended October 31, 2023 and 2022 was (0.4%) and (0.5%), respectively.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Basis of Presentation - Schedule of Geographic Makeup of Net Sales (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Disaggregation of Revenue [Line Items]
Total net sales	$ 57,931	$ 54,436	$ 101,376	$ 98,112
Change in Total net sales	$ 3,495		$ 3,264
% Change in Total net sales	6.40%		3.30%
Domestic Net Sales
Disaggregation of Revenue [Line Items]
Total net sales	$ 54,982	52,106	$ 94,771	92,382
Change in Total net sales	$ 2,876		$ 2,389
% Change in Total net sales	5.50%		2.60%
International Net Sales
Disaggregation of Revenue [Line Items]
Total net sales	$ 2,949	$ 2,330	$ 6,605	$ 5,730
Change in Total net sales	$ 619		$ 875
% Change in Total net sales	26.60%		15.30%

- Definition

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

+ References + Details

- Definition

+ References

+ Details

Accrued Expenses (Tables)

6 Months Ended

Oct. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

The following table sets forth other accrued expenses as of October 31, 2023 and April 30, 2023 (in thousands):


	October 31, 2023		April 30, 2023
Accrued freight	$	3,984	$	1,962
Accrued sales allowances		3,579		2,453
Accrued professional fees		1,255		1,106
Accrued commissions		1,291		1,072
Accrued warranty		948		966
Accrued employee benefits		518		568
Accrued taxes other than income		358		346
Accrued other		338		268
Total accrued expenses	$	12,271	$	8,741

Acquisitions - Additional Information (Details)	6 Months Ended
Acquisitions - Additional Information (Details)	Oct. 31, 2023 USD ($)
Business Acquisition [Line Items]
Weighted average life of tradename acquired	5 years
Revolving Line of Credit
Business Acquisition [Line Items]
Revolving line of credit	$ 0

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Oct. 31, 2023	Apr. 30, 2023
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 129	$ 125
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	14,605,941	14,447,149
Common stock, outstanding	12,966,416	13,233,151
Treasury stock, shares	1,639,525	1,213,998

Inventories (Tables)

6 Months Ended

Oct. 31, 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 October 31, 2023 and April 30, 2023 (in thousands):


	October 31, 2023		April 30, 2023
Finished goods	$	98,445	$	90,906
Finished parts		2,860		2,818
Work in process		132		66
Raw material		7,686		5,944
Total inventories	$	109,123	$	99,734

Leases - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
Leases - Additional Information (Details) - USD ($)	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022	Apr. 30, 2023
Lessee Lease Description [Line Items]
Operating lease cost	$ 808,000	$ 1,100,000	$ 1,600,000	$ 2,100,000
Short-term operating lease costs	$ 6,000	$ 41,000	$ 8,000	88,000
Operating lease, weighted average lease term	15 years 1 month 6 days		15 years 1 month 6 days
Operating lease, weighted average discount rate	5.40%		5.40%
Operating right-of-use lease asset	$ 23,736,000		$ 23,736,000		$ 24,198,000
Operating lease, liability	$ 24,633,000		24,633,000		$ 24,968,000
Cash paid for amounts included in measurement of liabilities and operating cash flows			$ 465,000	$ 976,000

Basis of Presentation (Policies)

6 Months Ended

Oct. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Interim Financial Information

Our unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of the Securities and Exchange Commission, or SEC, for interim reporting. As permitted under those rules, certain disclosures and other financial information that normally are required by accounting principles generally accepted in the United States have been condensed or omitted. Our accounting policies are described in the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for our fiscal year ended April 30, 2023. We are responsible for the condensed consolidated financial statements included in this report, which are unaudited but, in our opinion, include all adjustments necessary for a fair presentation of our condensed consolidated balance sheet as of October 31, 2023, our condensed consolidated statement of operations for the three and six months ended October 31, 2023 and 2022, and our condensed consolidated statement of cash flows for the six months ended October 31, 2023 and 2022. The consolidated balance sheet as of April 30, 2023 was derived from audited financial statements.

The results reported in these condensed consolidated financial statements should not necessarily be taken as indicative of results that may be expected for the entire fiscal year.

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 three months ended October 31, 2023 and 2022 (dollars in thousands):


	2023		2022		$ Change		% Change
e-commerce channels	$	23,462	$	22,713	$	749		3.3	%
Traditional channels		34,469		31,723		2,746		8.7	%
Total net sales	$	57,931	$	54,436	$	3,495		6.4	%

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 three months ended October 31, 2023 and 2022 (dollars in thousands):


	2023		2022		$ Change		% Change
Domestic net sales	$	54,982	$	52,106	$	2,876		5.5	%
International net sales		2,949		2,330		619		26.6	%
Total net sales	$	57,931	$	54,436	$	3,495		6.4	%


	2023		2022		$ Change			% Change
Shooting sports	$	23,371	$	24,191	$	(820	)		-3.4	%
Outdoor lifestyle		34,560		30,245		4,315			14.3	%
Total net sales	$	57,931	$	54,436	$	3,495			6.4	%

The following table sets forth certain information regarding trade channel net sales for the six months ended October 31, 2023 and 2022 (dollars in thousands):


	2023		2022		$ Change			% Change
e-commerce channels	$	41,838	$	43,257	$	(1,419	)		-3.3	%
Traditional channels		59,538		54,855		4,683			8.5	%
Total net sales	$	101,376	$	98,112	$	3,264			3.3	%

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 six months ended October 31, 2023 and 2022 (dollars in thousands):


	2023		2022		$ Change		% Change
Domestic net sales	$	94,771	$	92,382	$	2,389		2.6	%
International net sales		6,605		5,730		875		15.3	%
Total net sales	$	101,376	$	98,112	$	3,264		3.3	%


	2023		2022		$ Change			% Change
Shooting sports	$	43,446	$	44,579	$	(1,133	)		-2.5	%
Outdoor lifestyle		57,930		53,533		4,397			8.2	%
Total net sales	$	101,376	$	98,112	$	3,264			3.3	%

Recently Adopted Accounting Standards

No recent accounting pronouncements are expected to have a material impact on our condensed consolidated financial statements.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-18

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-18

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (e)
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483426/235-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Debt - Additional Information (Details) - USD ($)			6 Months Ended
Debt - Additional Information (Details) - USD ($)	Mar. 25, 2022	Aug. 24, 2020	Oct. 31, 2023	Apr. 30, 2023
Revolving Line of Credit
Debt Instrument [Line Items]
Revolving line of credit, borrowing capacity	$ 75,000,000	$ 50,000,000
Revolving line of credit maturing term		5 years
Additional increase in credit commitment	$ 15,000,000	$ 15,000,000
Interest rate, description			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			$ 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			6.85%
Standby Letter of Credit
Debt Instrument [Line Items]
Revolving line of credit, borrowing capacity				$ 1,700,000
Revolving line of credit			$ 0

Equity (Tables)

6 Months Ended

Oct. 31, 2023

Schedule of Earnings per Share


	For the Three Months Ended October 31,
	2023						2022
	Net				Per Share		Net				Per Share
	Income		Shares		Amount		Income		Shares		Amount
Basic earnings	$	77		13,010	$	0.01	$	370		13,465	$	0.03
Effect of dilutive stock awards		—		246		—		—		124		—
Diluted earnings	$	77		13,256	$	0.01	$	370		13,589	$	0.03

Share Based Payment Award Performance Shares Valuation Assumptions

We incorporate the following variables into the valuation model:


	For the Six Months ended October 31,
	2023			2022
Grant date fair market value
American Outdoor Brands, Inc.	$	8.79		$	12.70
Russell 2000 Index	$	1,769.21		$	1,882.91
Volatility (a)
American Outdoor Brands, Inc.		45.53	%		49.04	%
Russell 2000 Index		27.08	%		31.75	%
Correlation coefficient (b)		0.48			0.50
Risk-free interest rate (c)		3.81	%		2.91	%
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 six months ended October 31, 2023 and 2022:


	For the Six Months ended October 31,
	2023			2022
Risk-free interest rate	5.46% - 5.53%			3.97% - 4.01%
Expected term	6 months - 12 months			6 months - 12 months
Expected volatility	43.2% - 48.9%			51.9% - 58.4%
Dividend yield		0	%		0	%

RSUs and PSUs | 2020 Incentive Compensation Plan

Summary of Activity for Unvested RSUs and PSUs

A summary of activity for unvested RSUs and PSUs under our 2020 Incentive Compensation Plan for the six months ended October 31, 2023 and 2022 is as follows:


	For the Six Months Ended October 31,
	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		560,579		$	13.36		349,774		$	15.93
Awarded		394,332			8.69		323,375			10.87
Vested		(161,149	)		11.86		(101,061	)		14.26
Forfeited		(51,742	)		9.62		(3,456	)		18.83
RSUs and PSUs outstanding, end of period		742,020		$	11.46		568,632		$	13.34

Debt

6 Months Ended

Oct. 31, 2023

Debt Disclosure [Abstract]

Debt

(7) 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 October 31, 2023, we had no borrowings outstanding on the revolving line of credit. If we would have had borrowings at October 31, 2023, those borrowings would have borne interest at approximately 6.85%, which is equal to SOFR plus the applicable margin.

In the fiscal year ended April 30, 2023, we executed an irrevocable standby letter of credit for $1.7 million to collateralize duty drawback bonds. During the three months ended October 31, 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Segment Reporting

6 Months Ended

Oct. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

(12) Segment Reporting:

We have evaluated our operations under ASC 280-10-50-1 – Segment Reporting and have concluded that we are operating as one segment based on several key factors, including the reporting and review process used by the chief operating decision maker, our 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. 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 26
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Equity - Additional Information (Details) - USD ($)			3 Months Ended		6 Months Ended
Equity - Additional Information (Details) - USD ($)	Oct. 02, 2023	Sep. 30, 2022	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock repurchase program, expire period	Sep. 30, 2024	Sep. 29, 2023
Stock repurchase program, repurchased shares			157,536		425,527
Stock repurchased, shares			$ 1,494,000	$ 756,000	$ 3,762,000	$ 756,000
Percentage of maximum aggregate award granted					200.00%
Percentage of stock outperform in order for target award to vest					5.00%
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares excluded from computation of diluted earnings per share					0	0
2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Implementation of employee stock purchase plan duration					12 months
Option exercise price per share as a percentage of fair market value					85.00%
Number of shares an employee may purchase under the stock purchase plan					2,500
Shares issued under employee stock purchase plan			25,000		$ 25,000
Shares purchased by employees under employee stock purchase plan					47,466
PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted, vesting period					3 years
Service-based RSUs and PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested awards, unrecognized compensation expense			3,400,000		$ 3,400,000
Unvested awards, unrecognized compensation expense recognition period					1 year 6 months
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 description					RSU grants to employees generally vest over a period of three or four years with one-third or one-fourth of the units vesting on each anniversary of the grant date, respectively.
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			$ 1,000,000	$ 1,100,000	$ 1,900,000	$ 1,800,000
2020 Incentive Compensation Plan \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards cancelled					21,296
2020 Incentive Compensation Plan \| Service-based RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards cancelled						3,456
2020 Incentive Compensation Plan \| PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards cancelled					15,223
2020 Incentive Compensation Plan \| Service-based RSUs and PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted					394,332	323,375
Awards vested					161,149	101,061
Awards cancelled					51,742	3,456
2020 Incentive Compensation Plan \| Executive Officers \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted					103,118
2020 Incentive Compensation Plan \| Executive Officers \| Service-based RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted						52,277
2020 Incentive Compensation Plan \| Executive Officers \| PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted					75,894	52,277
2020 Incentive Compensation Plan \| Executive Officers and Non-Executive Officer Employees \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted					318,438
2020 Incentive Compensation Plan \| Executive Officers and Non-Executive Officer Employees \| Service-based RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted						263,898
2020 Incentive Compensation Plan \| Non-executive Officer Employees \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted					215,320
2020 Incentive Compensation Plan \| Non-executive Officer Employees \| Service-based RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted						211,621
2020 Incentive Compensation Plan \| Employees, Executive Officers 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					$ 1,300,000	$ 1,100,000
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
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock repurchase program, authorized amount	$ 10,000,000	$ 10,000,000
Maximum \| 2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Authorized sale of shares of common stock			419,253		419,253
Payroll deduction of participant's compensation					20.00%
Maximum \| Employees and Directors \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted, vesting period					4 years
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%
Minimum \| Employees and Directors \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted, vesting period					3 years

Basis of Presentation

6 Months Ended

Oct. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

(2) Basis of Presentation:

Interim Financial Information

The results reported in these condensed consolidated financial statements should not necessarily be taken as indicative of results that may be expected for the entire fiscal year.

Revenue Recognition

Disaggregation of Revenue

The following table sets forth certain information regarding trade channel net sales for the three months ended October 31, 2023 and 2022 (dollars in thousands):


	2023		2022		$ Change		% Change
e-commerce channels	$	23,462	$	22,713	$	749		3.3	%
Traditional channels		34,469		31,723		2,746		8.7	%
Total net sales	$	57,931	$	54,436	$	3,495		6.4	%


	2023		2022		$ Change		% Change
Domestic net sales	$	54,982	$	52,106	$	2,876		5.5	%
International net sales		2,949		2,330		619		26.6	%
Total net sales	$	57,931	$	54,436	$	3,495		6.4	%


	2023		2022		$ Change			% Change
Shooting sports	$	23,371	$	24,191	$	(820	)		-3.4	%
Outdoor lifestyle		34,560		30,245		4,315			14.3	%
Total net sales	$	57,931	$	54,436	$	3,495			6.4	%

The following table sets forth certain information regarding trade channel net sales for the six months ended October 31, 2023 and 2022 (dollars in thousands):


	2023		2022		$ Change			% Change
e-commerce channels	$	41,838	$	43,257	$	(1,419	)		-3.3	%
Traditional channels		59,538		54,855		4,683			8.5	%
Total net sales	$	101,376	$	98,112	$	3,264			3.3	%


	2023		2022		$ Change		% Change
Domestic net sales	$	94,771	$	92,382	$	2,389		2.6	%
International net sales		6,605		5,730		875		15.3	%
Total net sales	$	101,376	$	98,112	$	3,264		3.3	%


	2023		2022		$ Change			% Change
Shooting sports	$	43,446	$	44,579	$	(1,133	)		-2.5	%
Outdoor lifestyle		57,930		53,533		4,397			8.2	%
Total net sales	$	101,376	$	98,112	$	3,264			3.3	%

Recently Adopted Accounting Standards

No recent accounting pronouncements are expected to have a material impact on our condensed consolidated financial statements.

Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 3.2	$ 3.3	$ 6.5	$ 6.8
Weighted-average period for amortization of intangible assets			5 years
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-average period for amortization of intangible assets			5 years
Developed 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

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Oct. 31, 2023	Nov. 22, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 31, 2023
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Registrant Name	American Outdoor Brands, Inc.
Entity Central Index Key	0001808997
Current Fiscal Year End Date	--04-30
Entity Current Reporting Status	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 Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		12,936,665
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	AOUT
Security Exchange Name	NASDAQ

Basis of Presentation - Additional Information (Details)	6 Months Ended
	Oct. 31, 2023
Minimum
Background Description Of Business And Basis Of Presentation [Line Items]
Product shipment days	20 days
Maximum
Background Description Of Business And Basis Of Presentation [Line Items]
Product shipment days	90 days

Intangible Assets, Net - Schedule of Future Expected Amortization Expense (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Apr. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Net Carrying Amount	$ 45,921	$ 51,591
Definite-lived Intangible Assets Excluding Patents in Progress
Finite-Lived Intangible Assets [Line Items]
2024	6,462
2025	9,500
2026	8,152
2027	5,798
2028	4,479
Thereafter	9,491
Total definite-lived intangible assets, Net Carrying Amount	$ 43,882	$ 49,890

Commitments and Contingencies

6 Months Ended

Oct. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(11) Commitments and Contingencies:

Litigation

From time to time, we are involved in lawsuits, claims, investigations, and proceedings, including those relating to product liability, intellectual property, commercial relationships, employment issues, and governmental matters, which arise in the ordinary course of business.

For the three months and six months ended October 31, 2023 and 2022, 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.

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 facility consolidations completed in fiscal 2023 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 sell 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.

Leases (Tables)

6 Months Ended

Oct. 31, 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 October 31, 2023 and April 30, 2023 are as follows (in thousands):


	October 31, 2023			April 30, 2023
Operating Leases
Right-of-use assets	$	26,969		$	26,999
Accumulated amortization		(3,233	)		(2,801	)
Right-of-use assets, net	$	23,736		$	24,198

Lease liabilities, current portion	$	985		$	904
Lease liabilities, net of current portion		23,648			24,064
Total operating lease liabilities	$	24,633		$	24,968

Schedule of Future Lease Payments for Operating Leases

Future lease payments for all our operating leases for the remainder of fiscal 2024 and for succeeding fiscal years, as of October 31, 2023, are as follows (in thousands):


	Operating
2024	$	1,150
2025		2,300
2026		2,197
2027		2,207
2028		2,238
Thereafter		26,426
Total future lease payments		36,518
Less amounts representing interest		(11,885	)
Present value of lease payments		24,633
Less current maturities of lease liabilities		(985	)
Long-term maturities of lease liabilities	$	23,648

Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Apr. 30, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 98,445	$ 90,906
Finished parts	2,860	2,818
Work in process	132	66
Raw material	7,686	5,944
Total inventories	$ 109,123	$ 99,734

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Apr. 30, 2023
Payables and Accruals [Abstract]
Accrued freight	$ 3,984	$ 1,962
Accrued sales allowances	3,579	2,453
Accrued professional fees	1,255	1,106
Accrued commissions	1,291	1,072
Accrued warranty	948	966
Accrued employee benefits	518	568
Accrued taxes other than income	358	346
Accrued other	338	268
Total accrued expenses	$ 12,271	$ 8,741

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Income Statement [Abstract]
Net sales	$ 57,931,000	$ 54,436,000	$ 101,376,000	$ 98,112,000
Cost of sales	31,441,000	28,474,000	55,167,000	53,111,000
Gross profit	26,490,000	25,962,000	46,209,000	45,001,000
Operating expenses:
Research and development	1,675,000	1,557,000	3,274,000	3,313,000
Selling, marketing, and distribution	15,414,000	13,924,000	27,468,000	25,704,000
General and administrative	9,423,000	10,615,000	19,573,000	21,679,000
Total operating expenses	26,512,000	26,096,000	50,315,000	50,696,000
Operating loss	(22,000)	(134,000)	(4,106,000)	(5,695,000)
Other income, net:
Other income, net	53,000	585,000	92,000	826,000
Interest income/(expense), net	6,000	(242,000)	(7,000)	(428,000)
Total other income, net	59,000	343,000	85,000	398,000
Income/(loss) from operations before income taxes	37,000	209,000	(4,021,000)	(5,297,000)
Income tax (benefit)/expense	(40,000)	(161,000)	15,000	28,000
Net income/(loss)	$ 77,000	$ 370,000	$ (4,036,000)	$ (5,325,000)
Net income/(loss) per share:
Basic	$ 0.01	$ 0.03	$ (0.31)	$ (0.4)
Diluted	$ 0.01	$ 0.03	$ (0.31)	$ (0.4)
Weighted average number of common shares outstanding:
Basic	13,010	13,465	13,100	13,454
Diluted	13,256	13,589	13,100	13,454