0000950170-24-104003 | 10-Q | XBRL Viewer | American Outdoor Brands INC

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Inventories - Additional Information (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Apr. 30, 2024
Inventory [Line Items]
Prepaid expenses and other current assets	$ 5,585	$ 6,410
Asia
Inventory [Line Items]
Prepaid expenses and other current assets	$ 2,100	$ 4,300
Asia \| Maximum
Inventory [Line Items]
Percentage of inventory deposits	100.00%
Asia \| Minimum
Inventory [Line Items]
Percentage of inventory deposits	30.00%

Intangible Assets, Net (Tables)

3 Months Ended

Jul. 31, 2024

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Summary of Intangible Assets

The following table summarizes intangible assets as of July 31, 2024 and April 30, 2024 (in thousands):


	July 31, 2024							April 30, 2024
	Gross							Gross
	Carrying		Accumulated			Net Carrying		Carrying		Accumulated			Net Carrying
	Amount		Amortization			Amount		Amount		Amortization			Amount
Customer relationships	$	89,980	$	(79,814	)	$	10,166	$	89,980	$	(78,877	)	$	11,103
Developed software and technology		27,762		(20,775	)		6,987		27,762		(20,250	)		7,512
Patents, trademarks, and trade names		69,690		(51,022	)		18,668		69,497		(50,046	)		19,451
		187,432		(151,611	)		35,821		187,239		(149,173	)		38,066
Patents and software in development		1,679		—			1,679		1,721		—			1,721
Total definite-lived intangible assets		189,111		(151,611	)		37,500		188,960		(149,173	)		39,787
Indefinite-lived intangible assets		430		—			430		430		—			430
Total intangible assets	$	189,541	$	(151,611	)	$	37,930	$	189,390	$	(149,173	)	$	40,217

Schedule of Future Expected Amortization Expense

Future expected amortization expense for the remainder of fiscal 2025 and for succeeding fiscal years, as of July 31, 2024, are as follows (in thousands):


Fiscal	Amount
2025	$	7,315
2026		8,333
2027		5,928
2028		4,508
2029		2,948
Thereafter		6,789
Total	$	35,821

Debt	3 Months Ended
Jul. 31, 2024
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 July 31, 2024, we had no borrowings outstanding on the revolving line of credit. If we would have had borrowings at July 31, 2024, those borrowings would have borne interest at approximately 6.88%, which is equal to SOFR plus the applicable margin. As of July 31, 2024, we have irrevocable standby letters of credit totaling $3.3 million to collateralize duty drawback bonds. During the three months ended July 31, 2024, no amounts have been drawn on the letter of credit.

Debt

3 Months Ended

Jul. 31, 2024

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 July 31, 2024, we had no borrowings outstanding on the revolving line of credit. If we would have had borrowings at July 31, 2024, those borrowings would have borne interest at approximately 6.88%, which is equal to SOFR plus the applicable margin.

As of July 31, 2024, we have irrevocable standby letters of credit totaling $3.3 million to collateralize duty drawback bonds. During the three months ended July 31, 2024, no amounts have been drawn on the letter of credit.

- Definition

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

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+ Details

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

3 Months Ended

Jul. 31, 2024

CorrelationCoefficient

$ / shares

Jul. 31, 2023

CorrelationCoefficient

$ / shares

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

Correlation coefficient | CorrelationCoefficient

^[1]

0.37

0.48

Risk-free interest rate

^[2]

4.73%

3.81%

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

$ 7.89

$ 8.79

Volatility

^[4]

48.15%

45.53%

Russell 2000 Index

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

Grant date fair market value

$ 1,980.23

$ 1,769.21

Volatility

^[4]

22.98%

27.08%

[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.

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+ Details

Intangible Assets, Net

3 Months Ended

Jul. 31, 2024

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets, Net

(4) Intangible Assets, net:

The following table summarizes intangible assets as of July 31, 2024 and April 30, 2024 (in thousands):


	July 31, 2024							April 30, 2024
	Gross							Gross
	Carrying		Accumulated			Net Carrying		Carrying		Accumulated			Net Carrying
	Amount		Amortization			Amount		Amount		Amortization			Amount
Customer relationships	$	89,980	$	(79,814	)	$	10,166	$	89,980	$	(78,877	)	$	11,103
Developed software and technology		27,762		(20,775	)		6,987		27,762		(20,250	)		7,512
Patents, trademarks, and trade names		69,690		(51,022	)		18,668		69,497		(50,046	)		19,451
		187,432		(151,611	)		35,821		187,239		(149,173	)		38,066
Patents and software in development		1,679		—			1,679		1,721		—			1,721
Total definite-lived intangible assets		189,111		(151,611	)		37,500		188,960		(149,173	)		39,787
Indefinite-lived intangible assets		430		—			430		430		—			430
Total intangible assets	$	189,541	$	(151,611	)	$	37,930	$	189,390	$	(149,173	)	$	40,217

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 $2.5 million and $3.2 million for the three months ended July 31, 2024 and 2023, respectively.

Future expected amortization expense for the remainder of fiscal 2025 and for succeeding fiscal years, as of July 31, 2024, are as follows (in thousands):


Fiscal	Amount
2025	$	7,315
2026		8,333
2027		5,928
2028		4,508
2029		2,948
Thereafter		6,789
Total	$	35,821

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Deficit	Treasury Stock
Balance at Apr. 30, 2023	$ 191,864	$ 14	$ 272,784	$ (62,375)	$ (18,559)
Balance, shares at Apr. 30, 2023		14,447,000			1,214,000
Net loss	(4,113)			(4,113)
Stock-based compensation	932		932
Issuance of common stock under restricted stock unit awards, net of tax	(300)	$ 1	(301)
Issuance of common stock under restricted stock unit awards, net of tax, shares		96,000
Repurchase of treasury stock	(2,268)				$ (2,268)
Repurchase of treasury stock, shares					268,000
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
Balance at Apr. 30, 2024	$ 177,925	$ 15	277,107	(74,623)	$ (24,574)
Balance, shares at Apr. 30, 2024	12,797,865	14,701,000			1,903,000
Net loss	$ (2,365)			(2,365)
Stock-based compensation	932		932
Issuance of common stock under restricted stock unit awards, net of tax	(397)		(397)
Issuance of common stock under restricted stock unit awards, net of tax, shares		119,000
Repurchase of treasury stock	(381)				$ (381)
Repurchase of treasury stock, shares					42,000
Balance at Jul. 31, 2024	$ 175,714	$ 15	$ 277,642	$ (76,988)	$ (24,955)
Balance, shares at Jul. 31, 2024	12,875,062	14,820,000			1,945,000

- Definition

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

+ References

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Debt - Additional Information (Details) - USD ($)			3 Months Ended
Debt - Additional Information (Details) - USD ($)	Mar. 25, 2022	Aug. 24, 2020	Jul. 31, 2024
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 amendment also includes an option to increase the credit commitment by an additional $15 million. The amended revolving line bears interest at a fluctuating rate equal to the Base Rate or Secured Overnight Financing Rate, or SOFR, as applicable, plus the applicable margin.
Revolving line of credit maturity date	Mar. 31, 2027
Revolving line of credit			$ 0
Borrowings interest rate			6.88%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
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%
Standby Letter of Credit
Debt Instrument [Line Items]
Revolving line of credit, borrowing capacity			$ 3,300,000
Revolving line of credit			$ 0

Commitments and Contingencies

3 Months Ended

Jul. 31, 2024

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 ended July 31, 2024 and 2023, 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.

Gain Contingency

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

Accrued Expenses

3 Months Ended

Jul. 31, 2024

Payables and Accruals [Abstract]

Accrued Expenses

(9) Accrued Expenses:

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


	July 31, 2024		April 30, 2024
Accrued freight	$	4,549	$	2,829
Accrued sales allowances		2,139		1,891
Accrued warranty		1,377		1,243
Accrued professional fees		945		1,049
Accrued commissions		891		1,191
Accrued taxes other than income		629		321
Accrued employee benefits		625		499
Accrued other		570		664
Total accrued expenses	$	11,725	$	9,687

Intangible Assets, Net - Schedule of Future Expected Amortization Expense (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Apr. 30, 2024
Finite-Lived Intangible Assets [Line Items]
Total	$ 37,500	$ 39,787
Definite-lived Intangible Assets Excluding Patents in Progress
Finite-Lived Intangible Assets [Line Items]
2025	7,315
2026	8,333
2027	5,928
2028	4,508
2029	2,948
Thereafter	6,789
Total	$ 35,821	$ 38,066

- 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

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Apr. 30, 2024
Payables and Accruals [Abstract]
Accrued freight	$ 4,549	$ 2,829
Accrued sales allowances	2,139	1,891
Accrued warranty	1,377	1,243
Accrued professional fees	945	1,049
Accrued commissions	891	1,191
Accrued taxes other than income	629	321
Accrued employee benefits	625	499
Accrued other	570	664
Total accrued expenses	$ 11,725	$ 9,687

Basis of Presentation - Schedule of Trade Channel Net Sales (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Disaggregation of Revenue [Line Items]
Total net sales	$ 41,643	$ 43,445
Change in Total net sales	$ (1,802)
% Change in Total net sales	(4.10%)
E Commerce Channels Net Sales
Disaggregation of Revenue [Line Items]
Total net sales	$ 16,501	18,376
Change in Total net sales	$ (1,875)
% Change in Total net sales	(10.20%)
Traditional Channels Net Sales
Disaggregation of Revenue [Line Items]
Total net sales	$ 25,142	$ 25,069
Change in Total net sales	$ 73
% Change in Total net sales	0.30%

- 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

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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-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

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

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

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

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

+ Details

Segment Reporting - Additional Information (Details)	3 Months Ended
Segment Reporting - Additional Information (Details)	Jul. 31, 2024 BrandLane Segment Brand
Segment Reporting [Abstract]
Number of operating segments \| Segment	1
Number of distinct brands \| Brand	21
Number of brand lanes \| BrandLane	4

Intangible Assets, Net - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Apr. 30, 2024
Intangible Assets Excluding Goodwill [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	$ 189,111	$ 188,960
Total definite-lived intangible assets, Accumulated Amortization	(151,611)	(149,173)
Total	37,500	39,787
Indefinite-lived intangible assets, Net Carrying Amount	430	430
Total Intangible assets, Gross Carrying Amount	189,541	189,390
Total Intangible assets, Net Carrying Amount	37,930	40,217
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	(79,814)	(78,877)
Total	10,166	11,103
Developed Software and Technology
Intangible Assets Excluding Goodwill [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	27,762	27,762
Total definite-lived intangible assets, Accumulated Amortization	(20,775)	(20,250)
Total	6,987	7,512
Patents, Trademarks, and Trade Names
Intangible Assets Excluding Goodwill [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	69,690	69,497
Total definite-lived intangible assets, Accumulated Amortization	(51,022)	(50,046)
Total	18,668	19,451
Definite-lived Intangible Assets Excluding Patents and Software in Development
Intangible Assets Excluding Goodwill [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	187,432	187,239
Total definite-lived intangible assets, Accumulated Amortization	(151,611)	(149,173)
Total	35,821	38,066
Patents and Software in Development
Intangible Assets Excluding Goodwill [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	1,679	1,721
Total	$ 1,679	$ 1,721

Basis of Presentation

3 Months Ended

Jul. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

(2) Basis of Presentation:

Interim Financial Information

Our unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of the 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 ("GAAP") 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, 2024. 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 July 31, 2024, our condensed consolidated statement of operations for the three months ended July 31, 2024 and 2023, and our condensed consolidated statement of cash flows for the three months ended July 31, 2024 and 2023. The consolidated balance sheet as of April 30, 2024 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, as this is when transfer of control occurs and the customer accepts the product, has title and significant risks and rewards of ownership of the product, and physical possession of the product has been transferred. 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.

We sponsor direct-to-consumer customer loyalty programs. Customers earn rewards from qualifying purchases or activities. We defer revenue for a portion of the transaction price from product sales to customers that earn loyalty points.

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, sales volume incentives, chargebacks, and product returns. Estimates of variable consideration are determined at contract inception and are constrained to the extent that inclusion of such variable consideration could result in a significant reversal of cumulative revenue in future periods. 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 July 31, 2024 and 2023 (dollars in thousands):


	2024		2023		$ Change			% Change
e-commerce channels net sales	$	16,501	$	18,376	$	(1,875	)		-10.2	%
Traditional channels net sales		25,142		25,069		73			0.3	%
Total net sales	$	41,643	$	43,445	$	(1,802	)		-4.1	%

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 July 31, 2024 and 2023 (dollars in thousands):


	2024		2023		$ Change			% Change
Domestic net sales	$	37,213	$	39,789	$	(2,576	)		-6.5	%
International net sales		4,430		3,656		774			21.2	%
Total net sales	$	41,643	$	43,445	$	(1,802	)		-4.1	%

The following table sets forth certain information regarding net sales in our shooting sports and outdoor lifestyle categories for the three months ended July 31, 2024 and 2023 (dollars in thousands):


	2024		2023		$ Change			% Change
Shooting sports net sales	$	18,678	$	20,075	$	(1,397	)		-7.0	%
Outdoor lifestyle net sales		22,965		23,370		(405	)		-1.7	%
Total net sales	$	41,643	$	43,445	$	(1,802	)		-4.1	%

Recently Adopted Accounting Standards

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which improves the transparency of income tax disclosures by requiring companies to (1) disclose consistent categories and greater disaggregation of information in the effective rate reconciliation and (2) provide information on income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, although early adoption is permitted. The guidance should be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of adopting this ASU 2023-09 on our consolidated financial statements and disclosures.

In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." This ASU improves financial reporting by requiring disclosure of incremental segment information. The new guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of adopting this ASU 2023-07 on our consolidated financial statements and disclosures.

Accrued Expenses (Tables)

3 Months Ended

Jul. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

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


	July 31, 2024		April 30, 2024
Accrued freight	$	4,549	$	2,829
Accrued sales allowances		2,139		1,891
Accrued warranty		1,377		1,243
Accrued professional fees		945		1,049
Accrued commissions		891		1,191
Accrued taxes other than income		629		321
Accrued employee benefits		625		499
Accrued other		570		664
Total accrued expenses	$	11,725	$	9,687

Basis of Presentation - Schedule of Net Sales in Product Categories (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Disaggregation of Revenue [Line Items]
Total net sales	$ 41,643	$ 43,445
Change in Total net sales	$ (1,802)
% Change in Total net sales	(4.10%)
Shooting Sports Net Sales
Disaggregation of Revenue [Line Items]
Total net sales	$ 18,678	20,075
Change in Total net sales	$ (1,397)
% Change in Total net sales	(7.00%)
Outdoor Lifestyle Net Sales
Disaggregation of Revenue [Line Items]
Total net sales	$ 22,965	$ 23,370
Change in Total net sales	$ (405)
% Change in Total net sales	(1.70%)

- 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

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 22,000	$ 55,000
Effective tax rate	(0.90%)	(1.40%)

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 2.5	$ 3.2
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

- 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

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jul. 31, 2024	Apr. 30, 2024
Current assets:
Cash and cash equivalents	$ 23,463	$ 29,698
Accounts receivable, net of allowance for credit losses of $114 on July 31, 2024 and $133 on April 30, 2024	26,346	25,728
Inventories	106,710	93,315
Prepaid expenses and other current assets	5,585	6,410
Income tax receivable	245	223
Total current assets	162,349	155,374
Property, plant, and equipment, net	10,992	11,038
Intangible assets, net	37,930	40,217
Right-of-use assets	33,165	33,564
Other assets	354	404
Total assets	244,790	240,597
Current liabilities:
Accounts payable	18,118	14,198
Accrued expenses	11,725	9,687
Accrued payroll and incentives	4,923	4,167
Lease liabilities, current	1,359	1,331
Total current liabilities	36,125	29,383
Lease liabilities, net of current portion	32,951	33,289
Total liabilities	69,076	62,672
Commitments and contingencies (Note 11)
Equity:
Preferred stock, $0.001 par value, 20,000,000 shares authorized, no shares issued or outstanding on July 31, 2024 and April 30, 2024
Common stock, $0.001 par value, 100,000,000 shares authorized, 14,820,494 shares issued and 12,875,062 shares outstanding on July 31, 2024 and 14,701,280 shares issued and 12,797,865 shares outstanding on April 30, 2024	15	15
Additional paid in capital	277,642	277,107
Retained deficit	(76,988)	(74,623)
Treasury stock, at cost (1,945,432 shares on July 31, 2024 and 1,903,415 shares on April 30, 2024)	(24,955)	(24,574)
Total equity	175,714	177,925
Total liabilities and equity	$ 244,790	$ 240,597

Leases - Schedule of Future Lease Payments for Operating Leases (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Apr. 30, 2024
Operating
2025	$ 2,534
2026	3,270
2027	3,299
2028	3,348
2029	3,405
Thereafter	35,917
Total future lease payments	51,773
Less amounts representing interest	(17,463)
Total operating lease liabilities	34,310	$ 34,620
Less current maturities of lease liabilities	(1,359)	(1,331)
Long-term maturities of lease liabilities	$ 32,951	$ 33,289

Basis of Presentation - Additional Information (Details)	3 Months Ended
	Jul. 31, 2024
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

Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Apr. 30, 2024
Inventory Disclosure [Abstract]
Finished goods	$ 97,518	$ 83,879
Finished parts	2,623	2,402
Work in process	184	75
Raw material	6,385	6,959
Total inventories	$ 106,710	$ 93,315

Equity - Additional Information (Details) - USD ($)		3 Months Ended
Equity - Additional Information (Details) - USD ($)	Oct. 02, 2023	Jul. 31, 2024	Jul. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock repurchase program, expire period	Sep. 30, 2024
Stock repurchased, shares		$ 381,000	$ 2,268,000
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
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		$ 3,300,000
Unvested awards, unrecognized compensation expense recognition period		1 year 8 months 12 days
Employees and Directors \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted, description		We grant RSUs to employees and directors. The awards are made at no cost to the recipient. An RSU represents the right to receive one share of our common stock and does not carry voting or dividend rights.
Awards granted, vesting 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		$ 932,000,000,000	$ 932,000,000,000
2020 Incentive Compensation Plan \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards cancelled		4,567	9,813
2020 Incentive Compensation Plan \| PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards cancelled		23,987	30,446
2020 Incentive Compensation Plan \| Service-based RSUs and PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted		325,004	337,618
Awards vested		167,587	132,110
Awards cancelled		28,554	40,259
2020 Incentive Compensation Plan \| Executive Officers \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted		98,412	101,091
2020 Incentive Compensation Plan \| Executive Officers \| PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted		98,412	75,894
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		226,592	261,724
2020 Incentive Compensation Plan \| Non-executive Officer Employees \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted		128,180	160,633
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
Authorization of Repurchase of Common Stock on October 2, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock repurchase program, repurchased shares		42,017
Stock repurchased, shares		$ 381,000
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock repurchase program, authorized amount	$ 10,000,000
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 \| 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 - Schedule of Geographic Makeup of Net Sales (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Disaggregation of Revenue [Line Items]
Total net sales	$ 41,643	$ 43,445
Change in Total net sales	$ (1,802)
% Change in Total net sales	(4.10%)
Domestic Net Sales
Disaggregation of Revenue [Line Items]
Total net sales	$ 37,213	39,789
Change in Total net sales	$ (2,576)
% Change in Total net sales	(6.50%)
International Net Sales
Disaggregation of Revenue [Line Items]
Total net sales	$ 4,430	$ 3,656
Change in Total net sales	$ 774
% Change in Total net sales	21.20%

- 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

+ References

+ Details

Basis of Presentation (Policies)

3 Months Ended

Jul. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 July 31, 2024 and 2023 (dollars in thousands):


	2024		2023		$ Change			% Change
e-commerce channels net sales	$	16,501	$	18,376	$	(1,875	)		-10.2	%
Traditional channels net sales		25,142		25,069		73			0.3	%
Total net sales	$	41,643	$	43,445	$	(1,802	)		-4.1	%


	2024		2023		$ Change			% Change
Domestic net sales	$	37,213	$	39,789	$	(2,576	)		-6.5	%
International net sales		4,430		3,656		774			21.2	%
Total net sales	$	41,643	$	43,445	$	(1,802	)		-4.1	%


	2024		2023		$ Change			% Change
Shooting sports net sales	$	18,678	$	20,075	$	(1,397	)		-7.0	%
Outdoor lifestyle net sales		22,965		23,370		(405	)		-1.7	%
Total net sales	$	41,643	$	43,445	$	(1,802	)		-4.1	%

Recently Adopted Accounting Standards

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-18

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+ Details

Income Taxes

3 Months Ended

Jul. 31, 2024

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 expense of $22,000 and $55,000 for the three months ended July 31, 2024 and 2023, respectively. The effective tax rate for the three months ended July 31, 2024 and 2023 was (0.9%) and (1.4%), respectively.

- Definition

The entire disclosure for income tax.

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+ Details

Equity

3 Months Ended

Jul. 31, 2024

Equity [Abstract]

Equity

(8) Equity:

Treasury Stock

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 months ended July 31, 2024, under these authorizations, we repurchased 42,017 of our common stock for $381,000 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 RSUs were included in the computation of diluted earnings per share for the three months ended July 31, 2024 and 2023.

Due to the loss from operations for the three months ended July 31, 2024 and 2023, 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 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 Three Months Ended July 31,
	2024			2023
Grant date fair market value
American Outdoor Brands, Inc.	$	7.89		$	8.79
Russell 2000 Index	$	1,980.23		$	1,769.21
Volatility (a)
American Outdoor Brands, Inc.		48.15	%		45.53	%
Russell 2000 Index		22.98	%		27.08	%
Correlation coefficient (b)		0.37			0.48
Risk-free interest rate (c)		4.73	%		3.81	%
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 three months ended July 31, 2024, we granted an aggregate of 98,412 PSUs to our executive officers. We also granted 226,592 RSUs during the three months ended July 31, 2024, including 98,412 RSUs to executive officers and 128,180 to non-executive officer employees and directors under our 2020 Incentive Compensation Plan. During the three months ended July 31, 2024, 23,987 PSUs were cancelled, at target, as a result of the performance condition not being met, and 4,567 RSUs were cancelled as a result of the service condition not being met. In connection with the vesting of RSUs, during the three months ended July 31, 2024, we delivered common stock to our employees, including our executive officers, and directors with a total market value of $1.3 million.

During the three months ended July 31, 2023, we granted an aggregate of 75,894 PSUs to our executive officers. We also granted 261,724 RSUs during the three months ended July 31, 2023, including 101,091 RSUs to executive officers and 160,633 to non-executive officer employees and directors under our 2020 Incentive Compensation Plan. During the three months ended July 31, 2023, we cancelled 30,446 PSUs as a result of the performance condition not being met, and 9,813 RSUs were cancelled as a result of the service condition not being met. In connection with the vesting of RSUs, during the three months ended July 31, 2023, we delivered common stock to our employees, including our executive officers, and directors with a total market value of $1.1 million.

We recognized $932,000 million of stock-based compensation expense for the three months ended July 31, 2024 and 2023.

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 three months ended July 31, 2024 and 2023 is as follows:


	For the Three Months Ended July 31,
	2024					2023
				Weighted					Weighted
	Total # of			Average		Total # of			Average
	Restricted			Grant Date		Restricted			Grant Date
	Stock Units			Fair Value		Stock Units			Fair Value
RSUs and PSUs outstanding, beginning of period		624,093		$	11.27		560,579		$	13.36
Awarded		325,004			8.27		337,618			8.52
Vested		(167,587	)		10.55		(132,110	)		11.97
Forfeited		(28,554	)		27.60		(40,259	)		9.59
RSUs and PSUs outstanding, end of period		752,956		$	9.55		725,828		$	11.57

As of July 31, 2024, there was $3.3 million of unrecognized compensation expense related to unvested RSUs and PSUs. We expect to recognize this expense over a weighted average remaining contractual term of 1.7 years.

Leases - Additional Information (Details) - USD ($)	3 Months Ended
Leases - Additional Information (Details) - USD ($)	Jul. 31, 2024	Jul. 31, 2023
Lessee Lease Description [Line Items]
Operating lease cost	$ 1,000,000	$ 827,000
Short-term operating lease costs	$ 2,000	2,000
Operating lease, weighted average lease term	14 years 3 months 18 days
Operating lease, weighted average discount rate	6.00%
Cash paid for amounts included in measurement of liabilities and operating cash flows	$ 310,000	$ 233,000

Basis of Presentation (Tables)

3 Months Ended

Jul. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Trade Channel Net Sales

The following table sets forth certain information regarding trade channel net sales for the three months ended July 31, 2024 and 2023 (dollars in thousands):


	2024		2023		$ Change			% Change
e-commerce channels net sales	$	16,501	$	18,376	$	(1,875	)		-10.2	%
Traditional channels net sales		25,142		25,069		73			0.3	%
Total net sales	$	41,643	$	43,445	$	(1,802	)		-4.1	%

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 July 31, 2024 and 2023 (dollars in thousands):


	2024		2023		$ Change			% Change
Domestic net sales	$	37,213	$	39,789	$	(2,576	)		-6.5	%
International net sales		4,430		3,656		774			21.2	%
Total net sales	$	41,643	$	43,445	$	(1,802	)		-4.1	%

Schedule of Net Sales in Product Categories


	2024		2023		$ Change			% Change
Shooting sports net sales	$	18,678	$	20,075	$	(1,397	)		-7.0	%
Outdoor lifestyle net sales		22,965		23,370		(405	)		-1.7	%
Total net sales	$	41,643	$	43,445	$	(1,802	)		-4.1	%

Leases - Schedule of Assets and Liabilities Related to Operating Leases (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Apr. 30, 2024
Operating Leases
Right-of-use assets	$ 37,540	$ 37,540
Accumulated amortization	(4,375)	(3,976)
Right-of-use assets, net	33,165	33,564
Lease liabilities, current portion	1,359	1,331
Lease liabilities, net of current portion	32,951	33,289
Total operating lease liabilities	$ 34,310	$ 34,620

Segment Reporting

3 Months Ended

Jul. 31, 2024

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.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,365)	$ (4,113)

- Definition

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

+ References

+ Details

Organization - Additional Information (Details)	3 Months Ended
Organization - Additional Information (Details)	Jul. 31, 2024 BrandLane
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of brand lanes	4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Cash flows from operating activities:
Net loss	$ (2,365)	$ (4,113)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	3,309	3,969
Provision for credit losses on accounts receivable	(19)	6
Stock-based compensation expense	932	932
Changes in operating assets and liabilities:
Accounts receivable	(599)	3,268
Inventories	(13,395)	(5,179)
Prepaid expenses and other current assets	825	(78)
Income tax receivable	(22)	41
Accounts payable	4,073	4,115
Accrued payroll and incentives	756	1,061
Right of use assets	399	297
Accrued expenses	2,038	1,061
Other assets	26	34
Lease liabilities	(310)	(233)
Other non-current liabilities		(16)
Net cash (used in)/provided by operating activities	(4,352)	5,165
Cash flows from investing activities:
Payments to acquire patents and software	(261)	(267)
Payments to acquire property and equipment	(844)	(569)
Net cash used in investing activities	(1,105)	(836)
Cash flows from financing activities:
Payments on notes and loans payable		(5,000)
Payments to acquire treasury stock	(381)	(2,268)
Payment of employee withholding tax related to restricted stock units	(397)	(300)
Net cash used in financing activities	(778)	(7,568)
Net decrease in cash and cash equivalents	(6,235)	(3,239)
Cash and cash equivalents, beginning of period	29,698	21,950
Cash and cash equivalents, end of period	23,463	18,711
Supplemental disclosure of cash flow information Cash paid for:
Interest	42	117
Income taxes (net of refunds)	$ 36	$ 13

Commitments and Contingencies - Additional Information (Details)	12 Months Ended
	Apr. 30, 2018
Loss Contingencies [Line Items]
Maximum percentage of additional section tariffs imposed on certain goods	25.00%

- 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

Acquisitions - Additional Information (Details)	3 Months Ended
Acquisitions - Additional Information (Details)	Jul. 31, 2024 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

Equity (Tables)

3 Months Ended

Jul. 31, 2024

Share Based Payment Award Performance Shares Valuation Assumptions

We incorporate the following variables into the valuation model:


	For the Three Months Ended July 31,
	2024			2023
Grant date fair market value
American Outdoor Brands, Inc.	$	7.89		$	8.79
Russell 2000 Index	$	1,980.23		$	1,769.21
Volatility (a)
American Outdoor Brands, Inc.		48.15	%		45.53	%
Russell 2000 Index		22.98	%		27.08	%
Correlation coefficient (b)		0.37			0.48
Risk-free interest rate (c)		4.73	%		3.81	%
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.

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 three months ended July 31, 2024 and 2023 is as follows:


	For the Three Months Ended July 31,
	2024					2023
				Weighted					Weighted
	Total # of			Average		Total # of			Average
	Restricted			Grant Date		Restricted			Grant Date
	Stock Units			Fair Value		Stock Units			Fair Value
RSUs and PSUs outstanding, beginning of period		624,093		$	11.27		560,579		$	13.36
Awarded		325,004			8.27		337,618			8.52
Vested		(167,587	)		10.55		(132,110	)		11.97
Forfeited		(28,554	)		27.60		(40,259	)		9.59
RSUs and PSUs outstanding, end of period		752,956		$	9.55		725,828		$	11.57

Fair Value Measurement

3 Months Ended

Jul. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurement

(5) Fair Value Measurement:

We follow the provisions of 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 $23.5 million as of July 31, 2024 and $29.7 million as of April 30, 2024 and would be the maximum amount of loss subject to credit risk. 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 do not have any Level 3 financial assets or liabilities as of July 31, 2024 and April 30, 2024.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-Topic 820
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-Section 50
-Paragraph 6A
-Subparagraph (e)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Organization

3 Months Ended

Jul. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

(1) Organization:

American Outdoor Brands, Inc. and its wholly owned Subsidiaries (our “company,” “we,” “us,” or “our”) is an innovation company that provides product solutions for outdoor enthusiasts, including hunting, fishing, camping, shooting, outdoor cooking, and personal security and personal defense products. 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 assemble 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, our marketing, product development, and e-commerce teams focus on supporting our 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 focus on protection and include products that are used by consumers in situations that require self-defense for training and for securing high value or high consequence possessions.

Inventories

3 Months Ended

Jul. 31, 2024

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


	July 31, 2024		April 30, 2024
Finished goods	$	97,518	$	83,879
Finished parts		2,623		2,402
Work in process		184		75
Raw material		6,385		6,959
Total inventories	$	106,710	$	93,315

Certain of our suppliers in Asia require deposits to procure our inventory prior to beginning the manufacturing process. These deposits on our inventory vary by supplier and range from 30% to 100%. As of July 31, 2024 and April 30, 2024, we have recorded $2.1 million and $4.3 million, respectively, of inventory on deposit in prepaid expenses and other current assets on our consolidated balance sheet.

Fair Value Measurement - Additional Information (Details) - USD ($)	Jul. 31, 2024	Apr. 30, 2024
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Financial assets	$ 0	$ 0
Financial liabilities	0	0
Fair Value, Recurring Basis \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 23,500,000	$ 29,700,000

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

Inventories (Tables)

3 Months Ended

Jul. 31, 2024

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


	July 31, 2024		April 30, 2024
Finished goods	$	97,518	$	83,879
Finished parts		2,623		2,402
Work in process		184		75
Raw material		6,385		6,959
Total inventories	$	106,710	$	93,315

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Income Statement [Abstract]
Net sales	$ 41,643,000	$ 43,445,000
Cost of sales	22,717,000	23,726,000
Gross profit	18,926,000	19,719,000
Operating expenses:
Research and development	1,674,000	1,599,000
Selling, marketing, and distribution	11,383,000	12,054,000
General and administrative	8,443,000	10,151,000
Total operating expenses	21,500,000	23,804,000
Operating loss	(2,574,000)	(4,085,000)
Other (expense)/income, net:
Other income, net	83,000	39,000
Interest income/(expense), net	148,000	(12,000)
Total other income, net	231,000	27,000
Loss from operations before income taxes	(2,343,000)	(4,058,000)
Income tax expense	22,000	55,000
Net loss	$ (2,365,000)	$ (4,113,000)
Net loss per share:
Basic	$ (0.18)	$ (0.31)
Diluted	$ (0.18)	$ (0.31)
Weighted average number of common shares outstanding:
Basic	12,865	13,190
Diluted	12,865	13,190

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Jul. 31, 2024	Aug. 30, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 31, 2024
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
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		12,845,909
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	AOUT
Security Exchange Name	NASDAQ

Leases

3 Months Ended

Jul. 31, 2024

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 consistent with our revolving line of credit based on the information available at the lease commencement date in determining the discount rate for 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 July 31, 2024 and April 30, 2024 are as follows (in thousands):


	July 31, 2024			April 30, 2024
Operating Leases
Right-of-use assets	$	37,540		$	37,540
Accumulated amortization		(4,375	)		(3,976	)
Right-of-use assets, net	$	33,165		$	33,564

Lease liabilities, current portion	$	1,359		$	1,331
Lease liabilities, net of current portion		32,951			33,289
Total operating lease liabilities	$	34,310		$	34,620

For the three months ended July 31, 2024, we recorded $1.0 million of operating lease costs, of which $2,000 were short-term operating lease costs. For the three months ended July 31, 2023, we recorded $827,000 of operating lease costs, of which $2,000 were short-term operating lease costs. As of July 31, 2024, our weighted average lease term and weighted average discount rate for our operating leases were 14.3 years and 6.0%, respectively. The operating lease costs, weighted average lease term, and weighted average discount rate, are primarily driven by the lease 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 2025 and for succeeding fiscal years, as of July 31, 2024, are as follows (in thousands):


	Operating
2025	$	2,534
2026		3,270
2027		3,299
2028		3,348
2029		3,405
Thereafter		35,917
Total future lease payments		51,773
Less amounts representing interest		(17,463	)
Present value of lease payments		34,310
Less current maturities of lease liabilities		(1,359	)
Long-term maturities of lease liabilities	$	32,951

The cash paid for amounts included in the measurement of liabilities and the operating cash flows was $310,000 and $233,000 for the three months ended July 31, 2024 and 2023, respectively.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Jul. 31, 2024	Apr. 30, 2024
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 114	$ 133
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	14,820,494	14,701,280
Common stock, outstanding	12,875,062	12,797,865
Treasury stock, shares	1,945,432	1,903,415

Equity - Summary of Activity for Unvested RSUs and PSUs (Details) - 2020 Incentive Compensation Plan - Service-based RSUs and PSUs - $ / shares	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs and PSUs outstanding, beginning of period, Total # of restricted stock units	624,093	560,579
Awarded, Total # of restricted stock units	325,004	337,618
Vested, Total # of restricted stock units	(167,587)	(132,110)
Forfeited, Total # of restricted stock units	(28,554)	(40,259)
RSUs and PSUs outstanding, end of period, Total # of restricted stock units	752,956	725,828
Weighted average grant date fair value, beginning of period	$ 11.27	$ 13.36
Weighted average grant date fair value, Awarded	8.27	8.52
Weighted average grant date fair value, Vested	10.55	11.97
Weighted average grant date fair value, Forfeited	27.6	9.59
Weighted average grant date fair value, end of period	$ 9.55	$ 11.57

Equity - Share Based Payment Award Performance Shares Valuation Assumptions (Parenthetical) (Details) - PSUs	3 Months Ended
	Jul. 31, 2024
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

Leases (Tables)

3 Months Ended

Jul. 31, 2024

Leases [Abstract]

Schedule of Assets and Liabilities Related to Operating Leases

The amounts of assets and liabilities related to our operating leases as of July 31, 2024 and April 30, 2024 are as follows (in thousands):


	July 31, 2024			April 30, 2024
Operating Leases
Right-of-use assets	$	37,540		$	37,540
Accumulated amortization		(4,375	)		(3,976	)
Right-of-use assets, net	$	33,165		$	33,564

Lease liabilities, current portion	$	1,359		$	1,331
Lease liabilities, net of current portion		32,951			33,289
Total operating lease liabilities	$	34,310		$	34,620

Schedule of Future Lease Payments for Operating Leases

Future lease payments for all our operating leases for the remainder of fiscal 2025 and for succeeding fiscal years, as of July 31, 2024, are as follows (in thousands):


	Operating
2025	$	2,534
2026		3,270
2027		3,299
2028		3,348
2029		3,405
Thereafter		35,917
Total future lease payments		51,773
Less amounts representing interest		(17,463	)
Present value of lease payments		34,310
Less current maturities of lease liabilities		(1,359	)
Long-term maturities of lease liabilities	$	32,951