Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Jul. 29, 2023 |
Jan. 31, 2023 |
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| Statement of Financial Position [Abstract] | ||
| Preferred Stock, Par Value | $ 10 | $ 10 |
| Preferred Stock, Shares Authorized | 100,000 | 100,000 |
| Preferred Stock, Shares Issued | 0 | 0 |
| Common Stock, Par Value | $ 0.05 | $ 0.05 |
| Common Stock, Shares Authorized | 13,000,000 | 13,000,000 |
| Common Stock, Shares Issued | 10,792,879 | 10,676,851 |
| Treasury Stock, Shares | 3,368,219 | 3,342,032 |
Condensed Consolidated Statements of Income (Loss) - USD ($) |
3 Months Ended | 6 Months Ended | ||
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Jul. 29, 2023 |
Jul. 30, 2022 |
Jul. 29, 2023 |
Jul. 30, 2022 |
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| Income Statement [Abstract] | ||||
| Revenue | $ 35,524,000 | $ 32,259,000 | $ 70,943,000 | $ 63,269,000 |
| Cost of Revenue | 25,814,000 | 20,877,000 | 48,847,000 | 41,158,000 |
| Gross Profit | 9,710,000 | 11,382,000 | 22,096,000 | 22,111,000 |
| Operating Expenses: | ||||
| Selling and Marketing | 6,697,000 | 5,981,000 | 12,707,000 | 11,863,000 |
| Research and Development | 1,557,000 | 1,595,000 | 3,345,000 | 3,118,000 |
| General and Administrative | 2,654,000 | 2,571,000 | 5,780,000 | 5,131,000 |
| Operating Expenses | 10,908,000 | 10,147,000 | 21,832,000 | 20,112,000 |
| Operating Income (Loss) | (1,198,000) | 1,235,000 | 264,000 | 1,999,000 |
| Other Income (Expense), net: | ||||
| Interest Expense | (674,000) | (210,000) | (1,289,000) | (385,000) |
| Loss on Foreign Currency Transactions | (197,000) | (242,000) | (11,000) | (377,000) |
| Other, net | 62,000 | 21,000 | 56,000 | 52,000 |
| Other Income (Expense), net | (809,000) | (431,000) | (1,244,000) | (710,000) |
| Income (Loss) Before Income Taxes | (2,007,000) | 804,000 | (980,000) | 1,289,000 |
| Income Tax Provision (Benefit) | (390,000) | 220,000 | (211,000) | 280,000 |
| Net Income (Loss) | $ (1,617,000) | $ 584,000 | $ (769,000) | $ 1,009,000 |
| Net Income (Loss) per Common Share-Basic | $ (0.22) | $ 0.08 | $ (0.1) | $ 0.14 |
| Net Income (Loss) per Common Share-Diluted | $ (0.22) | $ 0.08 | $ (0.1) | $ 0.14 |
| Weighted Average Number of Common Shares Outstanding—Basic | 7,420,135 | 7,309,716 | 7,396,200 | 7,286,735 |
| Weighted Average Number of Common Shares Outstanding—Diluted | 7,420,135 | 7,347,946 | 7,396,200 | 7,354,707 |
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jul. 29, 2023 |
Jul. 30, 2022 |
Jul. 29, 2023 |
Jul. 30, 2022 |
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| Statement of Comprehensive Income [Abstract] | ||||
| Net Income (Loss) | $ (1,617) | $ 584 | $ (769) | $ 1,009 |
| Other Comprehensive Income (Loss), Net of Taxes: | ||||
| Foreign Currency Translation Adjustments | 64 | (435) | 274 | (1,368) |
| Loss from Cash Flow Hedges Reclassified to Income Statement | 16 | 32 | ||
| Other Comprehensive Income (Loss) | 64 | (419) | 274 | (1,336) |
| Comprehensive Income (Loss) | $ (1,553) | $ 165 | $ (495) | $ (327) |
Business and Basis of Presentation |
6 Months Ended |
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Jul. 29, 2023 | |
| Business and Basis Of Presentation [Abstract] | |
| Business and Basis of Presentation | Note 1 – Business and Basis of Presentation Overview Headquartered in West Warwick, Rhode Island, AstroNova, Inc. leverages its expertise in data visualization technologies to design, develop, manufacture and distribute a broad range of specialty printers and data acquisition and analysis systems. Our products are employed around the world in a wide range of applications in the aerospace, apparel, automotive, avionics, chemical, computer peripherals, communications, distribution, food and beverage, general manufacturing, packaging and transportation industries. Our business consists of two segments, Product Identification (“PI”) and Test & Measurement (“T&M”). The PI segment includes specialty printing systems and related supplies sold under the QuickLabel®, TrojanLabel® and GetLabels™ brand names. The T&M segment consists of our line of aerospace products, including flight deck printers, networking hardware, and related accessories as well as T&M data acquisition systems sold under the AstroNova® brand name. On August 4, 2022, we acquired Astro Machine LLC (“Astro Machine”), an Illinois-based manufacturer of printing equipment, including label printers and related accessories, tabbers, conveyors, and envelope feeders. We reported Astro Machine as a part of our PI segment beginning in the third quarter of fiscal 2023. PI products sold under the QuickLabel, TrojanLabel and GetLabels brands are used in brand owner and commercial applications to provide product packaging, marketing, tracking, branding, and labeling solutions to a wide array of industries. The PI segment offers a variety of digital color label tabletop printers and light commercial label printers, direct-to-package printers, high-volume presses, and specialty original equipment manufacturer (“OEM”) printing systems, as well as a wide range of label, tag and flexible packaging material substrates and other supplies, including ink and toner, allowing customers to mark, track, protect and enhance the appearance of their products. PI products sold under the Astro Machine brand also include a variety of label printers, envelope and packaging printing, and related processing and handling equipment. In the T&M segment, we have a long history of using our technologies to provide networking systems and high-resolution flight deck and cabin printers for the aerospace market. In addition, the T&M segment includes data acquisition recorders, sold under the AstroNova brand, to enable our customers to acquire and record visual and electronic signal data from local and networked data streams and sensors. The recorded data is processed, analyzed, stored and presented in various visual output formats. Our PI products are sold by direct field salespersons as well as independent dealers and representatives, while our T&M products are sold predominantly through direct sales and manufacturers’ representatives. In the United States, we have factory-trained direct field salespeople located throughout the country specializing in PI products. We also have direct field sales or service centers in Canada, China, Denmark, France, Germany, Malaysia, Mexico, Singapore, and the United Kingdom staffed by our own employees and dedicated third party contractors. Additionally, we utilize over 100 independent dealers and representatives selling and marketing our products in over 60 countries. Unless otherwise indicated, references to “AstroNova”, “we,” “our,” and “us” in this Quarterly Report on Form 10-Q refer to AstroNova, Inc. and its consolidated subsidiaries. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and reflect all adjustments consisting of normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results of the interim periods included herein. These financial statements do not include all disclosures associated with annual financial statements and, accordingly, should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended January 31, 2023. The presentation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes, including those that require consideration of forecasted financial information using information that is reasonably available to us at this time. Some of the more significant estimates relate to revenue recognition, the allowances for doubtful accounts, inventory valuation, income taxes, valuation of long-lived assets, intangible assets and goodwill, share-based compensation, and warranty reserves. Management’s estimates are based on the facts and circumstances available at the time estimates are made, historical experience, risk of loss, general economic conditions and trends, and management’s assessments of the probable future outcome of these matters, including our expectations at the time regarding the ongoing impact from the COVID-19 pandemic. Consequently, actual results could differ from those estimates. Results of operations for the interim periods presented herein are not necessarily indicative of the results that may be expected for the full year. Certain amounts in the prior year’s financial statements have been reclassified to conform to the current year’s presentation. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of AstroNova, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation. |
Summary of Significant Accounting Policies Update |
6 Months Ended |
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Jul. 29, 2023 | |
| Accounting Policies [Abstract] | |
| Summary of Significant Accounting Policies Update | Note 2 – Summary of Significant Accounting Policies Update The accounting policies used in preparing the condensed consolidated financial statements in this Form 10-Q are the same as those used in preparing our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2023. Recently Adopted Accounting Pronouncements No new accounting pronouncements, issued or effective during the first six months of the current year, have had or are expected to have a material impact on our consolidated financial statements. |
Acquisitions |
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| Acquisitions | Note 3 – Acquisitions Astro Machine On August 4, 2022, we acquired Astro Machine LLC (“Astro Machine”), an Illinois-based manufacturer of printing equipment, including label printers, tabbers, conveyors, and envelope feeders, for aggregate consideration of $17.1 million. The acquisition was accomplished pursuant to an Equity Interest Purchase Agreement dated as of August 4, 2022 (the “Purchase Agreement”) by and among us, GSND Holding Corporation (“GSND”), the parent company of Astro Machine, and Astro Machine. Pursuant to the Purchase Agreement, we purchased 100% of the issued and outstanding equity interests of Astro Machine from GSND for a purchase price of $15.6 million. The acquisition was funded using borrowings under our credit facility. We obtained a representation and warranty insurance policy and placed $300,000 of the purchase price into an escrow account, which pursuant to the terms and conditions of the Purchase Agreement, are our sole recourse for breaches of representations and warranties by GSND. Upon the closing of the transaction, Astro Machine became a wholly owned subsidiary of AstroNova, Inc. Concurrently with the signing of the Purchase Agreement, our newly acquired subsidiary, Astro Machine, entered into a Purchase and Sale Agreement with Selak Real Estate Limited Partnership (“SRE”), pursuant to which Astro Machine purchased certain real property assets of SRE for a purchase price, paid in cash, of $1.5 million. These real estate assets are comprised of a 34,460 square foot industrial manufacturing building (including offices) on 1.26 acres of land, which is Astro Machine’s principal place of business. This transaction was a business combination and accounted for using the acquisition method of accounting prescribed by ASC 805, “Business Combinations” (“ASC 805”), whereby the results of operations, including the revenues and earnings of Astro Machine, are included in our financial statements from the date of acquisition. The purchase price of Astro Machine was allocated to the tangible and intangible assets acquired and liabilities assumed and recognized at their fair value based on widely accepted valuation techniques in accordance with ASC 820, “Fair Value Measurement,” as of the acquisition date. The process for estimating fair values requires the use of significant estimates, assumptions and judgments, including determining the timing and estimates of future cash flows and developing appropriate discount rates. The excess of the purchase price over the fair value of the net identified assets acquired and liabilities assumed was recorded as goodwill. ASC 805 establishes a measurement period to provide companies with a reasonable amount of time to obtain the information necessary to identify and measure various items in a business combination and cannot extend beyond one year from the acquisition date. The following table sets forth the final purchase price allocation of the Astro Machine acquisition for the estimated fair value of the net assets acquired and liabilities assumed as of the date of acquisition:
The fair value of the intangible assets acquired was estimated by applying the income approach. This fair value measurement is based on significant inputs that are not observable in the market and therefore represents a Level 3 measurement as defined in ASC 820, “Fair Value Measurement.” Key assumptions in estimating the fair value of the intangibles include (1) remaining useful life of the tradename/trademarks and customer relations (2) royalty rate of 0.75%, (3) customer attrition rate of 18.0%, (4) discount rate of 19.0% and (5) a range of revenue and net income projections for fiscal years 2023 through 2026. The following table sets forth the fair value of the acquired identifiable intangible assets and related estimated useful lives:
The Customer Relations intangible asset represents the relationships that will be maintained with certain historical customers of Astro Machine. The trademark/tradename intangible assets reflect the industry reputation of the Astro Machine name and the registered trademarks held by Astro Machine for the use of several marks and logos. Goodwill of $2.7 million, which is not deductible for tax purposes, represents the excess of the purchase price over the estimated fair value assigned to the tangible and identifiable intangible assets acquired and liabilities assumed from Astro Machine. The goodwill recognized under ASC 805 is attributable to synergies which are expected to enhance and expand our overall product portfolio, opportunities in new and existing markets, future technologies that have yet to be determined and Astro Machine’s assembled workforce. The carrying amount of the goodwill was allocated to the PI segment. Total acquisition-related costs of $0.7 million were included in general and administrative expenses in our consolidated statement of income for the year ended January 31, 2023. The amounts of revenue and earnings before taxes attributable to Astro Machine and included in our consolidated statement of income for the three and six months ended July 29, 2023 were as follows:
Astro Machine results are reported as part of the PI segment. Proforma results are not provided, as disclosure of such amounts was impractical to determine as the acquired business had insufficient financial records and no audit history prior to the transaction. Honeywell Asset Purchase and License Agreement On June 30, 2022, we entered into an Asset Purchase and License Agreement with Honeywell International Inc. (“New HW Agreement”) to acquire an exclusive, perpetual, world-wide license to manufacture Honeywell’s flight deck printers for the Boeing 787 aircraft. The New HW Agreement provides for royalty payments to Honeywell based on gross revenues from the sales of the printers, paper and repair services of the licensed products in perpetuity. The royalty rates vary based on the year in which they are paid or earned and as products are sold or as services are provided and range from single-digit to mid-double-digit percentages of gross revenue. The New HW Agreement includes a provision for guaranteed minimum royalty payments to be paid in the event that the royalties earned by Honeywell do not meet the minimum for the preceding calendar year as follows: $100,000 in 2024, $200,000 in 2025, $233,000 in 2026 and 2027, and $234,000 in 2028. This transaction was evaluated under ASC 805, “Business Combinations,” and was accounted for as an asset acquisition. The purchase price was allocated to the customer relationship intangible, which was the only asset acquired as a result of this transaction. This asset will be amortized over the useful life of the intangible. The minimum royalty payment obligation and related customer relationships intangible were recorded at the present value of the minimum royalty payments. The acquired identifiable intangible asset is as follows:
The minimum royalty payment due was discounted based on the payment schedule and applicable discount rate, resulting in an outstanding royalty obligation of $0.5 million as of January 31, 2023, including $0.1 million recorded as a current liability. Additional royalties based on sales activity will be recorded in the period that the associated revenue is earned. During the second quarter of the current year, we incurred an additional $0.1 million in excess royalties payable to Honeywell. As of July 29, 2023, the current outstanding royalty obligation is $0.6 million, including $0.2 million recorded as a current liability in the accompanying balance sheet. During fiscal 2023, we incurred $0.1 million in excess royalty expense, which was recorded as a current liability in our consolidated balance sheet at January 31, 2023 and was paid in the first quarter of the current fiscal year. |
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Revenue Recognition |
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| Revenue Recognition | Note 4 – Revenue Recognition We derive revenue from the sale of (i) hardware, including digital color label printers and specialty OEM printing systems, portable data acquisition systems and airborne printers and networking hardware used in the flight deck and cabin of military, commercial and business aircraft, (ii) related supplies required in the operation of the hardware, (iii) repairs and maintenance of hardware and (iv) service agreements. Revenues disaggregated by primary geographic markets and major product types are as follows: Primary geographical markets
Major product types
In December 2022, we entered into an amended contract with one of our T&M customers that provided for a total payment of $3.25 million to us as a result of our claims allowable under French law relating to additional component costs we have incurred and will continue to incur in order to supply aerospace printers under the contract for the period beginning in April 2022 and continuing through 2025. Revenue from this arrangement will be recognized in proportion to the total estimated shipments through the end of the contract period. As of January 31, 2023, we have recognized $1.1 million in revenue and the $2.15 million balance was recorded as deferred revenue. During the three and six months of fiscal 2024, we recognized an additional $0.3 million and $0.6 million, respectively, included in revenue in the condensed consolidated statement of income (loss) for the periods ended July 29, 2023, and there is a balance of $1.5 million in the deferred revenue at July 29, 2023. The remaining revenue to be recognized will be based on our shipments of the printers during the remainder of fiscal years 2024 and 2025. Contract Assets and Liabilities We normally do not have contract assets, which are primarily unbilled accounts receivable that are conditional on something other than the passage of time. Our contract liabilities, which represent billings in excess of revenue recognized, are related to advanced billings for purchased service agreements and extended warranties. Contract liabilities were $329,000 and $412,000 at July 29, 2023 and January 31, 2023, respectively, and are recorded as deferred revenue in the accompanying condensed consolidated balance sheet. The decrease in the deferred revenue balance during the three months ended July 29, 2023 is due to revenue recognized during the current period, including $252,000 of revenue recognized that was included in the deferred revenue balance at January 31, 2023. The amount of revenue recognized for the period was partially offset by cash payments received in advance of satisfying performance obligations. Contract Costs We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that certain costs related to obtaining sales contracts for our aerospace printer products meet the requirement to be capitalized. These costs are deferred and amortized over the remaining useful life of these contracts, which we currently estimate to be approximately 18 years as of July 29, 2023. The balance of these contract assets at January 31, 2023 was $1.4 million. During the three and six months ended July 29, 2023, we amortized contract costs of $19,000 and $37,000, respectively. The balance of deferred incremental direct costs net of accumulated amortization at July 29, 2023 was $1.3 million, of which $0.1 million is reported in other current assets and $1.2 million is reported in other assets in the accompanying condensed consolidated balance sheet. |
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Net Income (Loss) Per Common Share |
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| Net Income (Loss) Per Common Share | Note 5 – Net Income (Loss) Per Common Share Basic net income (loss) per share is calculated by dividing net income by the weighted average number of shares outstanding during the period. Diluted net income (loss) per share is calculated by dividing net income by the weighted average number of shares and, if dilutive, common equivalent shares, determined using the treasury stock method for stock options, restricted stock awards and restricted stock units outstanding during the period. A reconciliation of the shares used in calculating basic and diluted net income (loss) per share is as follows:
*For the three and six months ended July 29, 2023, we had weighted average common stock equivalent shares outstanding of 74,178 and 77,150, respectively, that could potentially dilute earnings per share in future periods; these shares were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive given the net loss during the periods.
For the three and six months ended July 29, 2023, the diluted per share amounts do not reflect weighted average common equivalent shares outstanding of 226,457 and 376,468, respectively. For the three and six months ended July 30, 2022, the diluted per share amounts do not reflect weighted average common equivalent shares outstanding of 612,116 and 586,084, respectively. These outstanding common equivalent shares were not included due to their anti-dilutive effect. |
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Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | Note 6 – Intangible Assets Intangible assets are as follows:
There were no impairments to intangible assets during the periods ended July 29, 2023 and July 30, 2022. With respect to the acquired intangibles included in the table above, amortization expense of $0.6 million and $0.4 million has been included in the condensed consolidated statements of income (loss) for each of the three months ended July 29, 2023, and July 30, 2022, respectively. Amortization expense of $1.2 million and $0.8 million related to the above-acquired intangibles has been included in the accompanying condensed consolidated statement of income (loss) for the six months ended July 29, 2023 and July 30, 2022, respectively. Estimated amortization expense for the next five fiscal years is as follows:
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Inventories |
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Jul. 29, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | Note 7 – Inventories Inventories are stated at the lower of cost (standard and average methods) or net realizable value and include material, labor and manufacturing overhead. The components of inventories are as follows:
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Property, Plant and Equipment |
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Jul. 29, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment | Note 8 – Property, Plant and Equipment Property, plant and equipment consist of the following:
Depreciation expense on property, plant and equipment was $0.5 million and $0.9 million for the three and six months ended July 29, 2023, respectively. Depreciation expense on property, plant and equipment was $0.5 million and $1.0 million for the three and six months ended July 30, 2022, respectively. |
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Credit Agreement and Long-Term Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Credit Agreement and Long-Term Debt | Note 9 – Credit Agreement and Long-Term Debt In connection with the purchase of Astro Machine, on August 4, 2022, we entered into a Second Amendment to the Amended and Restated Credit Agreement (the “Second Amendment”) with Bank of America, N.A., as lender (the “Lender”). The Second Amendment amended the Amended and Restated Credit Agreement dated as of July 30, 2020, as amended by the First Amendment to Amended and Restated Credit Agreement, dated as of March 24, 2021, and the LIBOR Transition Amendment, dated as of December 24, 2021 (the “Existing Credit Agreement,” and the Existing Credit Agreement as amended by the Second Amendment, the “Amended Credit Agreement”), between us and the Lender. The Amended Credit Agreement provides for (i) a new term loan in the principal amount of $6.0 million, which term loan was in addition to the existing term loan outstanding under the Existing Credit Agreement in the principal amount of $9.0 million as of the effective date of the Second Amendment, and (ii) an increase in the aggregate principal amount of the revolving credit facility available thereunder from $22.5 million to $25.0 million. At the closing of the Second Amendment, we borrowed the entire $6.0 million term loan and $12.4 million under the revolving credit facility, and the proceeds of such borrowings were used in part to pay the purchase price payable under the Purchase Agreement and certain related transaction costs. The revolving credit facility may otherwise be used for corporate purposes. The Amended Credit Agreement requires that the term loan be paid in quarterly installments on the last day of each of our fiscal quarters over the term of the Amended Credit Agreement on the following repayment schedule: the principal amount of each quarterly installment required to be paid on the last day of each of our fiscal quarters ending on or about October 31, 2022 through July 31, 2023 is $375,000; and the principal amount of each quarterly installment required to be paid on the last day of each of our fiscal quarters ending on or about October 31, 2023 through April 30, 2027 is $675,000. The entire remaining principal balance of the term loan is required to be paid on August 4, 2027. We may voluntarily prepay the term loan, in whole or in part, from time to time without premium or penalty (other than customary breakage costs, if applicable). We may repay borrowings under the revolving credit facility at any time without premium or penalty (other than customary breakage costs, if applicable), but in any event no later than August 4, 2027, and any outstanding revolving loans thereunder will be due and payable in full, and the revolving credit facility will terminate, on such date. We may reduce or terminate the revolving line of credit at any time, subject to certain thresholds and conditions, without premium or penalty. The interest rates under the Amended Credit Agreement are as follows: the term loan and revolving credit loans bear interest at a rate per annum equal to, at our option, either (a) the BSBY Rate as defined in the Amended Credit Agreement (or, in the case of revolving credit loans denominated in a currency other than U.S. Dollars, the applicable quoted rate), plus a margin that varies within a range of 1.60% to 2.50% based on our consolidated leverage ratio, or (b) a fluctuating reference rate equal to the highest of (i) the federal fund rate plus 0.50%, (ii) Bank of America’s publicly announced prime rate, (iii) the BSBY Rate plus 1.00%, or (iv) 0.50%, plus a margin that varies within a range of 0.60% to 1.50% based on our consolidated leverage ratio. In addition to certain other fees and expenses that we are required to pay to the Lender, we are required to pay a commitment fee on the undrawn portion of the revolving credit facility that varies within a range of 0.15% and 0.35% based on our consolidated leverage ratio. The loans under the Amended Credit Agreement are subject to certain mandatory prepayments, subject to various exceptions, from (a) net cash proceeds from certain dispositions of property, (b) net cash proceeds from certain issuances of equity, (c) net cash proceeds from certain issuances of additional debt and (d) net cash proceeds from certain extraordinary receipts. Amounts repaid under the revolving credit facility may be reborrowed, subject to our continued compliance with the Amended Credit Agreement. No amount of the term loan that is repaid may be reborrowed. We must comply with various customary financial and non-financial covenants under the Amended Credit Agreement. The financial covenants under the Amended Credit Agreement consist of a maximum consolidated leverage ratio, a minimum consolidated fixed charge coverage ratio and a minimum consolidated asset coverage ratio. The primary non-financial covenants limit our and our subsidiaries’ ability to incur future indebtedness, to place liens on assets, to pay dividends or distributions on our or our subsidiaries’ capital stock, to repurchase or acquire our or our subsidiaries’ capital stock, to conduct mergers or acquisitions, to sell assets, to alter our or our subsidiaries’ capital structure, to make investments and loans, to change the nature of our or our subsidiaries’ business, and to prepay subordinated indebtedness, in each case subject to certain exceptions and thresholds as set forth in the Amended Credit Agreement, certain of which provisions were modified by the Second Amendment. As of July 29, 2023, we believe we are in compliance with all of the covenants in the Credit Agreement. The Lender is entitled to accelerate repayment of the loans and to terminate its revolving credit commitment under the Amended Credit Agreement upon the occurrence of any of various customary events of default, which include, among other events, the following (which are subject, in some cases, to certain grace periods): failure to pay when due any principal, interest or other amounts in respect of the loans, breach of any of our covenants or representations under the loan documents, default under any other of our or our subsidiaries’ significant indebtedness agreements, a bankruptcy, insolvency or similar event with respect to us or any of our subsidiaries, a significant unsatisfied judgment against us or any of our subsidiaries, or a change of control. Our obligations under the Amended Credit Agreement continue to be secured by substantially all of our personal property assets (including a pledge of the equity interests we hold in ANI ApS, AstroNova GmbH and AstroNova SAS), subject to certain exceptions, and by a mortgage on our owned real property in West Warwick, Rhode Island, and are guaranteed by, and secured by substantially all of the personal property assets of Astro Machine. Summary of Outstanding Debt At July 29, 2023, we had an outstanding balance of $13.9 million on our revolving line of credit. The balance outstanding under the revolving line of credit bore interest at a weighted average annual rate of 7.95% and 7.56% and we incurred $333,000 and $625,000 for interest on this obligation during the three and six months ended July 29, 2023, respectively. Additionally, during the three and six months ended July 29, 2023, we incurred $6,000 and $14,000, respectively, of commitment fees on the undrawn portion of our revolving credit facility. The balance outstanding under the revolving line of credit bore interest at a weighted average rate of 5.17% and 4.79%, respectively, for the three and six months ended July 30, 2022, and we incurred $45,000 and $69,000, respectively, for interest on this obligation during the three and six months ended July 30, 2022. Additionally, during the six months ended July 30, 2022, we incurred $20,000 of commitment fees on the undrawn portion of our revolving credit facility. Both the interest expense and commitment fees are included as interest expense in the accompanying condensed consolidated statements of income (loss) for all periods presented. At July 29, 2023, there was $11.1 million remaining available for borrowing under the revolving line of credit. Long-term debt in the accompanying condensed consolidated balance sheets is as follows:
During the three and six months ended July 29, 2023, we recognized interest expense on debt of $266,000 and $514,000, respectively, and during the three and six months ended July 30, 2022, we recognized interest expense on debt of $65,000 and $118,000, respectively, which is recognized in the accompanying condensed consolidated statements of income (loss) for all periods presented. The schedule of required principal payments remaining during the next five years on long-term debt outstanding as of July 29, 2023 is as follows:
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Royalty Obligation |
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Jul. 29, 2023 | |
| Royalty Obligation Disclosure [Abstract] | |
| Royalty Obligation | Note 10 – Royalty Obligation In fiscal 2018, we entered into an Asset Purchase and License Agreement with Honeywell International, Inc. (“Honeywell”) to acquire an exclusive, perpetual, world-wide license to manufacture Honeywell’s narrow-format flight deck printers for two aircraft families along with certain inventory used in the manufacturing of the licensed printers. The purchase price included a guaranteed minimum royalty payment of $15.0 million, to be paid over ten years, based on gross revenues from the sales of the printers, paper and repair services of the licensed products. The royalty rates vary based on the year in which they are paid or earned, and product sold or service provided, and range from single-digit to mid double-digit percentages of gross revenue. The guaranteed minimum royalty payment obligation was recorded at the present value of the minimum annual royalty payments. As of July 29, 2023, we had paid an aggregate of $10.0 million of the guaranteed minimum royalty obligation. At July 29, 2023, the current portion of the outstanding guaranteed minimum royalty obligation of $1.5 million is to be paid over the next twelve months and is reported as a current liability and the remainder of $2.3 million is reported as a long-term liability on our condensed consolidated balance sheet. For the three and six months ended July 30, 2023, we incurred $0.5 million and $0.9 million, respectively, in excess royalty expense which is included in cost of revenue in our consolidated statements of income. A total of $0.8 million in excess royalties was paid in the current fiscal year, and there are $0.5 million in excess royalty payables due as a result of this agreement for the quarter ended July 29, 2023. In fiscal 2023, AstroNova, Inc. entered into a second Asset Purchase and License Agreement with Honeywell International, Inc. as further discussed in Note 3 “Acquisitions”. |
Leases |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Note 11 – Leases We enter into lease contracts for certain of our facilities at various locations worldwide. Our leases have remaining lease terms of one to six years. Balance sheet and other information related to our leases is as follows:
Lease cost information is as follows:
Maturities of operating lease liabilities are as follows:
As of July 29, 2023, the weighted-average remaining lease term and weighted-average discount rate for our operating leases are 3.3 years and 4.37%, respectively. We calculated the weighted-average discount rate using incremental borrowing rates, which equal the rates of interest that we would pay to borrow funds on a fully collateralized basis over a similar term. Supplemental cash flow information related to leases is as follows:
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| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Loss | Note 12 – Accumulated Other Comprehensive Loss The changes in the balance of accumulated other comprehensive loss (“AOCL”) by component are as follows:
The amounts presented above in other comprehensive loss are net of taxes except for translation adjustments associated with our German and Danish subsidiaries. |
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Share-Based Compensation |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Compensation | Note 13 – Share-Based Compensation We have one equity incentive plan from which we are authorized to grant equity awards, the AstroNova, Inc. 2018 Equity Incentive Plan (the “2018 Plan”). The 2018 Plan provides for, among other things, the issuance of awards, including incentive stock options, non-qualified stock options, stock appreciation rights, time-based restricted stock units (“RSUs”), or performance-based restricted stock units (“PSUs”) and restricted stock awards (“RSAs”). The 2018 Plan authorizes the issuance of up to 950,000 shares of common stock, plus an additional number of shares equal to the number of shares subject to awards granted under previous equity incentive plans that are forfeited, cancelled, satisfied without the issuance of stock, otherwise terminated (other than by exercise), or, for shares of stock issued pursuant to any unvested award, that are reacquired by us at not more than the grantee’s purchase price (other than by exercise). Under the 2018 Plan, all awards to employees generally have a minimum vesting period of one year. Options granted under the 2018 Plan must be issued at an exercise price of not less than the fair market value of our common stock on the date of grant and expire after ten years. Under the 2018 Plan, there were 124,439 unvested RSUs; 188,633 unvested PSUs; and options to purchase an aggregate of 135,500 shares outstanding as of July 29, 2023. In addition to the 2018 Plan, we previously granted equity awards under our 2015 Equity Incentive Plan (the “2015 Plan”) and our 2007 Equity Incentive Plan (the “2007 Plan”). No new awards may be issued under either the 2007 Plan or 2015 Plan, but outstanding awards will continue to be governed by those plans. As of July 29, 2023, options to purchase an aggregate of 264,949 shares were outstanding under the 2007 Plan and options to purchase an aggregate of 130,000 shares were outstanding under the 2015 Plan. We also have a Non-Employee Director Annual Compensation Program (the “Program”) under which each non-employee director receives an automatic grant of RSAs on the date of the regular full meeting of the Board of Directors held each fiscal quarter. Under the Program, the number of whole shares to be granted each quarter is equal to 25% of the number calculated by dividing the director’s annual compensation amount by the fair market value of the Company’s stock on such day. On June 5, 2023, the director’s annual compensation amount was adjusted to be $70,000. All RSA’s granted under this Program vest immediately. Share-based compensation expense was recognized as follows:
Stock Options Aggregated information regarding stock option activity for the six months ended July 29, 2023 is summarized below:
Set forth below is a summary of options outstanding at July 29, 2023:
There were no stock options granted in fiscal 2023, or during the first six months of fiscal 2024, and as of July 29, 2023, there was no unrecognized compensation expense related to stock options. Restricted Stock Units (RSUs), Performance-Based Stock Units (PSUs) and Restricted Stock Awards (RSAs) Aggregated information regarding RSU, PSU and RSA activity for the six months ended July 29, 2023 is summarized below:
As of July 29, 2023, there was approximately $2.0 million of unrecognized compensation expense related to RSUs, PSUs and RSAs, which is expected to be recognized over a weighted average period of 1.1 years. Employee Stock Purchase Plan On June 7, 2022, we adopted the AstroNova Inc. 2022 Employee Stock Purchase Plan (“2022 ESPP”) to replace our previous Employee Stock Purchase Plan (the “Prior ESPP”). The 2022 ESPP allows eligible employees to purchase shares of common stock at a 15% discount from fair value on the first or last day of an offering period, whichever is less. A total of 40,000 shares were reserved for issuance under the 2022 ESPP and 5,045 shares were purchased under the 2022 ESPP during the year ended January 31, 2023. During the six months ended July 29, 2023, there were 4,822 shares purchased under the 2022 ESPP. During the six months ended July 30, 2022, there were 1,550 shares purchased under the Prior ESPP, and no additional purchases may be made under the Prior ESPP. As of July 29, 2023, 30,130 shares remain available for purchase under the 2022 ESPP. |
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Income Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
| Income Taxes | Note 14 – Income Taxes Our effective tax rates are as follows:
We determine our estimated annual effective tax rate at the end of each interim period based on full-year forecasted pre-tax income and facts known at that time. The estimated annual effective tax rate is applied to the year-to-date pre-tax income at the end of each interim period with the cumulative effect of any changes in the estimated annual effective tax rate being recorded in the fiscal quarter in which the change is determined. The tax effect of significant unusual items is reflected in the period in which they occur. During the three months ended July 29, 2023, we recognized an income tax benefit of $390,000. The effective tax rate in this period was directly impacted by our jurisdictional mix of earnings, a $29,000 tax expense related to foreign return to provision differences and a $20,675 tax arising from windfall tax benefits related to our stock. During the three months ended July 30, 2022, we recognized an income tax expense of $220,000. The effective tax rate in this period was directly impacted by our jurisdictional mix of earnings and a $13,000 tax expense relating to a revaluation of deferred taxes. During the six months ended July 29, 2023, we recognized an income tax benefit of $211,000. The effective tax rate in this period was directly impacted by our jurisdictional mix of earnings, a $77,000 tax benefit related to the expiration of the statute of limitations on a previously uncertain tax position, a $49,000 tax benefit arising from windfall tax benefits related to the Company’s stock, and a $29,000 tax expense related to foreign return to provision differences. During the six months ended July 30, 2022, we recognized an income tax expense of $280,000. The effective tax rate in this period was directly impacted by our jurisdictional mix of earnings, a $38,000 tax benefit related to the expiration of the statute of limitations on previously uncertain tax positions, a $21,000 tax benefit arising from windfall tax expense related to our stock, and a $13,000 tax expense relating to a revaluation of deferred taxes. |
Segment Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | Note 15 – Segment Information We report two segments: PI and T&M. We evaluate segment performance based on the segment profit before corporate expenses. Summarized below are the Revenue and Segment Operating Profit (Loss) for each reporting segment:
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Fair Value |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value | Note 16 – Fair Value Assets and Liabilities Not Recorded at Fair Value Our long-term debt, including the current portion of long-term debt not reflected in the financial statements at fair value, is reflected in the table below:
The fair value of our long-term debt, including the current portion, is estimated by discounting the future cash flows using current interest rates at which similar loans with the same maturities would be made to borrowers with similar credit ratings and is classified as Level 3. |
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Restructuring |
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Jul. 29, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring | Note 17 - Restructuring On July 26, 2023, we adopted a restructuring plan for our Product Identification segment. As part of the restructuring plan, we will transition a portion of the printer manufacturing within our Product Identification segment from our facilities in Asia and Rhode Island to our Astro Machine, Inc. facility located in Illinois. In addition, we will cease selling certain of our older, lower-margin or low-volume Product Identification segment products. As part of the restructuring plan, we also intend to consolidate certain of our international Product Identification sales and distribution facilities and to streamline our channel partner network. In addition, we have made targeted reductions to our workforce. We expect to substantially complete this plan during fiscal year 2024.
As a result of the adoption and implementation of our Product Identification segment restructuring plan, in the second quarter of our fiscal year 2024 we recognized pre-tax restructuring charge of $2.7 million, comprised primarily of non-cash charges related to inventory write-offs associated with product curtailment and discontinuation and facility exit related costs, and cash charges related to severance-related costs. Below is a summary of the restructuring costs and liability by type as of July 29, 2023.
The restructuring liability is included in other accrued expenses in the accompanying condensed consolidated balance sheet as of July 29, 2023, and the majority of the balance is expected to be paid by the end of our fiscal 2024.
The following table summarizes restructuring costs included in the accompanying condensed consolidated statement of income (loss):
Product Retrofit Program
In connection with our restructuring plan, we identified the need to address quality and reliability issues in certain models of our PI printers as a result of faulty ink provided by one of our larger suppliers. In order to remedy these issues and maintain solid customer relationships, during the second quarter of the current year we have initiated a program to retrofit all of the printers sold to our customers that were affected by the faulty ink.
Upon initiating this program, we identified approximately 150 printers sold to our customers that were affected by the faulty ink. We are working with our customers to either repair or replace the affected printers and will do this on a gradual basis beginning in the current quarter through March 2024. The estimated costs associated with this program are $0.9 million, which includes the cost of parts, labor and travel. Those costs were recognized and recorded in the second quarter of the current year and are included in cost of revenue in the accompanying consolidated statement of income (loss) for the three and six month periods ended July 29, 2023. The balance in the related liability, which is included in other accrued expenses in the accompanying condensed consolidated balance sheet at July 29, 2023, is as follows:
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Summary of Significant Accounting Policies Update (Policies) |
6 Months Ended |
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Jul. 29, 2023 | |
| Accounting Policies [Abstract] | |
| Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of AstroNova, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation. |
| Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements No new accounting pronouncements, issued or effective during the first six months of the current year, have had or are expected to have a material impact on our consolidated financial statements. |
Acquisitions (Tables) |
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Jul. 29, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Purchase Price of Acquisition Allocated on Basis of Fair Value | The following table sets forth the final purchase price allocation of the Astro Machine acquisition for the estimated fair value of the net assets acquired and liabilities assumed as of the date of acquisition:
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| Summary of Fair Value of the Acquired Identifiable Intangible Assets and Related Estimated Useful Lives | The following table sets forth the fair value of the acquired identifiable intangible assets and related estimated useful lives:
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| Summary of Revenue and Earnings Before Taxes | The amounts of revenue and earnings before taxes attributable to Astro Machine and included in our consolidated statement of income for the three and six months ended July 29, 2023 were as follows:
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| Summary of Acquired Identifiable Intangible Asset | The acquired identifiable intangible asset is as follows:
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Revenue Recognition (Tables) |
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Revenues Disaggregated by Primary Geographic Markets and Major Product Type | Primary geographical markets
Major product types
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Net Income (Loss) Per Common Share (Tables) |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Basic and Diluted Net Income (Loss) Per Share | A reconciliation of the shares used in calculating basic and diluted net income (loss) per share is as follows:
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Intangible Assets (Tables) |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives | Intangible assets are as follows:
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| Summary of Estimated Amortization Expense | Estimated amortization expense for the next five fiscal years is as follows:
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Inventories (Tables) |
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| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Inventories | The components of inventories are as follows:
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Property, Plant and Equipment (Tables) |
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Jul. 29, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Property, Plant and Equipment | Property, plant and equipment consist of the following:
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Credit Agreement and Long-Term Debt (Tables) |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets | Long-term debt in the accompanying condensed consolidated balance sheets is as follows:
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| Schedule of Required Principal Payments Remaining on Long Term Debt Outstanding | The schedule of required principal payments remaining during the next five years on long-term debt outstanding as of July 29, 2023 is as follows:
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Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 29, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Balance Sheet And Other Information Related To Operating Leases | Balance sheet and other information related to our leases is as follows:
|
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| Schedule Lease Cost Information | Lease cost information is as follows:
|
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| Schedule of Maturities Of Lease Liabilities | Maturities of operating lease liabilities are as follows:
|
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| Supplemental Cash Flow Information Related To Leases | Supplemental cash flow information related to leases is as follows:
|
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Accumulated Other Comprehensive Loss (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Jul. 29, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Changes in Balance of Accumulated Other Comprehensive Loss | The changes in the balance of accumulated other comprehensive loss (“AOCL”) by component are as follows:
|
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Share-Based Compensation (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 29, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Compensation Expense | Share-based compensation expense was recognized as follows:
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| Aggregated Information Regarding Stock Option Activity | Aggregated information regarding stock option activity for the six months ended July 29, 2023 is summarized below:
|
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| Summary of Options Outstanding | Set forth below is a summary of options outstanding at July 29, 2023:
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| Aggregated Information Regarding RSU, PSU and RSA Activity | Aggregated information regarding RSU, PSU and RSA activity for the six months ended July 29, 2023 is summarized below:
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Income Taxes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 29, 2023 | |||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
| Projected Effective Tax Rates | Our effective tax rates are as follows:
|
Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 29, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Sales and Segment Operating Profit (Loss) for Each Reporting Segment | Summarized below are the Revenue and Segment Operating Profit (Loss) for each reporting segment:
|
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Fair Value (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 29, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Changes in Fair value of Level 3 Financial Liability | Our long-term debt, including the current portion of long-term debt not reflected in the financial statements at fair value, is reflected in the table below:
|
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Restructuring (Tables) |
6 Months Ended | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 29, 2023 | |||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||
| Summary of Restructuring Cost and Liability by Type | Below is a summary of the restructuring costs and liability by type as of July 29, 2023.
|
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| Summarizes Restructuring Costs | The following table summarizes restructuring costs included in the accompanying condensed consolidated statement of income (loss):
|
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| Schedule of Product Retrofit Program Liabilities | The balance in the related liability, which is included in other accrued expenses in the accompanying condensed consolidated balance sheet at July 29, 2023, is as follows:
|
Business and Basis of Presentation - Additional Information (Detail) |
6 Months Ended |
|---|---|
|
Jul. 29, 2023
Segment
| |
| Number of Operating Segments | 2 |
Acquisitions - Summary of Purchase Price of Acquisition Allocated on Basis of Fair Value (Detail) - USD ($) $ in Thousands |
Jul. 29, 2023 |
Jan. 31, 2023 |
Aug. 04, 2022 |
|---|---|---|---|
| Business Acquisition [Line Items] | |||
| Goodwill | $ 14,760 | $ 14,658 | |
| Agreement With Astro Machine For Asset Acquisitions [Member] | |||
| Business Acquisition [Line Items] | |||
| Cash | $ 91 | ||
| Accounts Receivable | 3,393 | ||
| Inventory | 5,715 | ||
| Property, Plant and Equipment | 4,200 | ||
| Identifiable Intangible Assets | 3,480 | ||
| Goodwill | $ 2,700 | 2,730 | |
| Accounts Payable and Other Current Liabilities | (2,484) | ||
| Total Purchase Price | $ 17,125 |
Acquisitions - Summary of Fair Value of the Acquired Identifiable Intangible Assets and Related Estimated Useful Lives (Detail) $ in Thousands |
Aug. 04, 2022
USD ($)
|
|---|---|
| Acquired Finite-Lived Intangible Assets [Line Items] | |
| Fair Value | $ 3,480 |
| Customer Relationships [Member] | |
| Acquired Finite-Lived Intangible Assets [Line Items] | |
| Fair Value | $ 3,060 |
| Useful Life (Years) | 5 years |
| Trademarks and Trade Names [Member] | |
| Acquired Finite-Lived Intangible Assets [Line Items] | |
| Fair Value | $ 420 |
| Useful Life (Years) | 5 years |
Acquisitions - Summary of Revenue and Earnings Before Taxes (Detail) - Agreement With Astro Machine For Asset Acquisitions [Member] - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
|---|---|---|
Jul. 29, 2023 |
Jul. 29, 2023 |
|
| Business Acquisition Pro Forma Information [Line Items] | ||
| Revenue | $ 4,897 | $ 9,127 |
| Earnings before Taxes | $ 704 | $ 1,393 |
Acquisitions - Summary of Acquired Identifiable Intangible Asset (Detail) - Customer Contract Relationships [Member] $ in Thousands |
Jul. 29, 2023
USD ($)
|
|---|---|
| Acquired Finite-Lived Intangible Assets [Line Items] | |
| Fair Value | $ 530 |
| Useful Life (Years) | 20 years |
Revenue Recognition - Summary of Revenues Disaggregated by Primary Geographic Markets (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 29, 2023 |
Jul. 30, 2022 |
Jul. 29, 2023 |
Jul. 30, 2022 |
|
| Disaggregation of Revenue [Line Items] | ||||
| Total Revenue | $ 35,524 | $ 32,259 | $ 70,943 | $ 63,269 |
| United States [Member] | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total Revenue | 22,342 | 19,044 | 45,176 | 38,695 |
| Europe [Member] | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total Revenue | 7,836 | 7,883 | 15,801 | 15,301 |
| Canada [Member] | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total Revenue | 2,224 | 2,225 | 4,049 | 4,080 |
| Asia [Member] | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total Revenue | 1,724 | 1,789 | 3,018 | 2,726 |
| Central and South America [Member] | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total Revenue | 1,024 | 1,023 | 2,223 | 1,911 |
| Other [Member] | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total Revenue | $ 374 | $ 295 | $ 676 | $ 556 |
Revenue Recognition - Summary of Revenues Disaggregated by Primary Product Type (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 29, 2023 |
Jul. 30, 2022 |
Jul. 29, 2023 |
Jul. 30, 2022 |
|
| Disaggregation of Revenue [Line Items] | ||||
| Total Revenue | $ 35,524 | $ 32,259 | $ 70,943 | $ 63,269 |
| Hardware [Member] | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total Revenue | 11,268 | 8,637 | 22,934 | 17,937 |
| Supplies [Member] | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total Revenue | 19,700 | 19,166 | 38,772 | 37,111 |
| Service and Other [Member] | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total Revenue | $ 4,556 | $ 4,456 | $ 9,237 | $ 8,221 |
Revenue Recognition - Additional Information (Detail) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Jul. 29, 2023 |
Jul. 29, 2023 |
Jan. 31, 2023 |
Dec. 31, 2022 |
|
| Contract liabilities and extended warranties | $ 329,000 | $ 329,000 | $ 412,000 | |
| Revenue recognized | 252,000 | 252,000 | ||
| Contract assets balance | 1,300,000 | 1,300,000 | 1,400,000 | |
| Amortization of incremental direct costs | 19,000 | 37,000 | ||
| Deferred incremental direct contract costs reported in other current assets | 100,000 | $ 100,000 | ||
| Capitalized contract costs amounts incurred amortization period | 18 years | |||
| Aerospace Customer [Member] | ||||
| Deferred incremental direct contract costs reported in other current assets | 1,200,000 | $ 1,200,000 | ||
| Contract with customer liability | $ 3,250,000 | |||
| Deferred Revenue | 1,500,000 | 1,500,000 | 2,150,000 | |
| Revenue recognized | $ 300,000 | $ 600,000 | $ 1,100,000 |
Net Income (Loss) Per Common Share - Reconciliation of Shares Used in Calculating Basic and Diluted (Detail) - shares |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 29, 2023 |
Jul. 30, 2022 |
Jul. 29, 2023 |
Jul. 30, 2022 |
|
| Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
| Weighted Average Common Shares Outstanding – Basic | 7,420,135 | 7,309,716 | 7,396,200 | 7,286,735 |
| Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units | 74,178 | 77,150 | ||
| Weighted Average Number of Common Shares Outstanding—Diluted | 7,420,135 | 7,347,946 | 7,396,200 | 7,354,707 |
| Restricted Stock Awards and Restricted Stock Units [Member] | ||||
| Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
| Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units | 38,230 | 67,972 | ||
Net Income (Loss) Per Common Share - Additional Information (Detail) - shares |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 29, 2023 |
Jul. 30, 2022 |
Jul. 29, 2023 |
Jul. 30, 2022 |
|
| Earnings Per Share [Abstract] | ||||
| Effect of potentially dilute earnings per share | 74,178 | 77,150 | ||
| Number of common equivalent shares | 226,457 | 612,116 | 376,468 | 586,084 |
Intangible Assets - Additional Information (Detail) - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 29, 2023 |
Jul. 30, 2022 |
Jul. 29, 2023 |
Jul. 30, 2022 |
|
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||
| Impairments of intangible assets | $ 0 | $ 0 | ||
| Amortization expense | $ 600,000 | $ 400,000 | $ 1,200,000 | $ 800,000 |
Intangible Assets - Summary of Estimated Amortization Expense (Detail) $ in Thousands |
Jul. 29, 2023
USD ($)
|
|---|---|
| Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
| Remaining 2024 | $ 1,192 |
| 2025 | 1,724 |
| 2026 | 1,724 |
| 2027 | 1,724 |
| 2028 | $ 1,281 |
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands |
Jul. 29, 2023 |
Jan. 31, 2023 |
|---|---|---|
| Inventory Disclosure [Abstract] | ||
| Materials and Supplies | $ 37,806 | $ 38,387 |
| Work-In-Progress | 1,328 | 1,146 |
| Finished Goods | 19,092 | 23,221 |
| Inventory, Gross | 58,226 | 62,754 |
| Inventory Reserve | (9,145) | (11,430) |
| Inventories | $ 49,081 | $ 51,324 |
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands |
Jul. 29, 2023 |
Jan. 31, 2023 |
|---|---|---|
| Property, Plant and Equipment [Abstract] | ||
| Land and Land Improvements | $ 2,304 | $ 2,304 |
| Buildings and Leasehold Improvements | 14,365 | 14,158 |
| Machinery and Equipment | 25,202 | 24,960 |
| Computer Equipment and Software | 14,063 | 13,972 |
| Gross Property, Plant and Equipment | 55,934 | 55,394 |
| Accumulated Depreciation | (42,043) | (41,106) |
| Net Property Plant and Equipment | $ 13,891 | $ 14,288 |
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 29, 2023 |
Jul. 30, 2022 |
Jul. 29, 2023 |
Jul. 30, 2022 |
|
| Property, Plant and Equipment [Abstract] | ||||
| Depreciation expense on property, plant and equipment | $ 0.5 | $ 0.5 | $ 0.9 | $ 1.0 |
Credit Agreement and Long- Term Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands |
Jul. 29, 2023 |
Jan. 31, 2023 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Debt Issuance Costs, net of accumulated amortization | $ (91) | $ (110) |
| Current Portion of Term Loan | (2,700) | (2,100) |
| Long-Term Debt | 10,709 | 12,040 |
| Term Loan Due August 4, 2027 [Member] | ||
| Debt Instrument [Line Items] | ||
| USD Term Loan | $ 13,500 | $ 14,250 |
Credit Agreement and Long- Term Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Parenthetical) (Detail) - Term Loan Due August 4, 2027 [Member] |
6 Months Ended | 12 Months Ended |
|---|---|---|
Jul. 29, 2023 |
Jan. 31, 2023 |
|
| Debt Instrument [Line Items] | ||
| Debt instrument, description of variable rate basis | (7.66% as of July 29, 2023 and 6.78% as of January 31, 2023); maturity date of August 4, 2027 | |
| Interest rate | 7.66% | 6.78% |
| Debt instrument, maturity date | Aug. 04, 2027 | Aug. 04, 2027 |
Credit Agreement and Long- Term Debt - Schedule of Required Principal Payments Remaining on Long Term Debt Outstanding (Detail) - Term Loan [Member] $ in Thousands |
Jul. 29, 2023
USD ($)
|
|---|---|
| Debt Instrument [Line Items] | |
| Fiscal 2024, remainder | $ 1,350 |
| Fiscal 2025 | 2,700 |
| Fiscal 2026 | 2,700 |
| Fiscal 2027 | 2,700 |
| Fiscal 2028 | 4,050 |
| Long-term Debt | $ 13,500 |
Royalty Obligation - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jan. 31, 2018 |
Jul. 29, 2023 |
Jul. 29, 2023 |
Jan. 31, 2023 |
|
| Guaranteed Minimum Royalty Payments | $ 10,000 | |||
| Royalty Obligation, Current | $ 1,600 | 1,600 | $ 1,725 | |
| Royalty Obligation Non Current | 2,789 | 2,789 | 3,415 | |
| Accrued Royalties, Current, Excess Royalty Payment Due | 613 | 613 | $ 562 | |
| Honeywell Asset Purchase and License Agreement [Member] | ||||
| Payment Term Period | 10 years | |||
| Minimum Royalty Payment Obligation | $ 15,000 | |||
| Royalty Obligation, Current | 1,500 | 1,500 | ||
| Royalty Obligation Non Current | 2,300 | 2,300 | ||
| Excess Royalty Payments | 500 | 900 | ||
| Accrued Royalties, Current, Excess Royalty Payment Due | 800 | 800 | ||
| Accrued Royalties Current Excess Royalty Payments Due | $ 500 | $ 500 |
Leases - Schedule Of Balance Sheet And Other Information Related To Operating Leases (Detail) - USD ($) $ in Thousands |
Jul. 29, 2023 |
Jan. 31, 2023 |
|---|---|---|
| Operating Leases [Abstract] | ||
| Lease Assets | $ 735 | $ 794 |
| Lease Liabilities - Current | 287 | 275 |
| Lease Liabilities - Long Term | $ 530 | $ 555 |
Leases - Lease Cost Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 29, 2023 |
Jul. 30, 2022 |
Jul. 29, 2023 |
Jul. 30, 2022 |
|
| General and Administrative Expense [Member] | ||||
| Operating Lease Costs | $ 127 | $ 104 | $ 259 | $ 200 |
Leases - Maturities of lease liabilities (Detail) $ in Thousands |
Jul. 29, 2023
USD ($)
|
|---|---|
| Leases [Abstract] | |
| Fiscal 2024, remaining | $ 176 |
| Fiscal 2025 | 259 |
| Fiscal 2026 | 199 |
| Fiscal 2027 | 151 |
| Fiscal 2028 | 94 |
| Thereafter | 0 |
| Total Lease Payments | 879 |
| Less: Imputed Interest | (62) |
| Total Lease Liabilities | $ 817 |
Leases - Additional Information (Detail) |
Jul. 29, 2023 |
|---|---|
| Leases [Abstract] | |
| Operating Lease, Weighted Average Remaining Lease Term | 3 years 3 months 18 days |
| Operating Lease, Weighted Average Discount Rate, Percent | 4.37% |
Leases - Supplemental cash flow information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 29, 2023 |
Jul. 30, 2022 |
Jul. 29, 2023 |
Jul. 30, 2022 |
|
| Cash paid for amounts included in the measurement of lease liabilities [Abstract] | ||||
| Operating cash flows for operating leases | $ 85 | $ 79 | $ 177 | $ 162 |
Accumulated Other Comprehensive Loss - Changes in Balance of Accumulated Other Comprehensive Loss (Detail) $ in Thousands |
6 Months Ended |
|---|---|
|
Jul. 29, 2023
USD ($)
| |
| Schedule of Capitalization, Equity [Line Items] | |
| Beginning Balance | $ 84,367 |
| Ending Balance | 84,401 |
| Foreign Currency Translation Adjustments [Member] | |
| Schedule of Capitalization, Equity [Line Items] | |
| Beginning Balance | (2,238) |
| Other Comprehensive Income before reclassification | 274 |
| Ending Balance | $ (1,964) |
Share-Based Compensation - Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 29, 2023 |
Jul. 30, 2022 |
Jul. 29, 2023 |
Jul. 30, 2022 |
|
| Share-based Compensation [Abstract] | ||||
| Stock Options | $ 0 | $ 1 | $ 0 | $ 7 |
| Restricted Stock Awards and Restricted Stock Units | 391 | 234 | 743 | 562 |
| Employee Stock Purchase Plan | 7 | 0 | 11 | 3 |
| Total | $ 398 | $ 235 | $ 754 | $ 572 |
Share-Based Compensation - Aggregated Information Regarding Stock Option Activity (Detail) - $ / shares |
6 Months Ended | 12 Months Ended |
|---|---|---|
Jul. 29, 2023 |
Jan. 31, 2023 |
|
| Share-based Compensation [Abstract] | ||
| Beginning balance, Number of Options | 547,199 | |
| Granted, Number of Options | 0 | 0 |
| Exercised, Number of Options | (6,700) | |
| Forfeited, Number of Options | (5,825) | |
| Canceled, Number of Options | (4,225) | |
| Ending balance, Number of Options | 530,449 | 547,199 |
| Beginning balance, Weighted-Average Exercise Price | $ 15.16 | |
| Granted, Weighted-Average Exercise Price | 0 | |
| Exercised, Weighted-Average Exercise Price | 10.57 | |
| Forfeited, Weighted-Average Exercise Price | 15.53 | |
| Cancelled, Weighted-Average Exercise Price | 10.5 | |
| Ending balance, Weighted-Average Exercise Price | $ 15.25 | $ 15.16 |
Income Taxes - Projected Effective Tax Rates (Detail) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 29, 2023 |
Jul. 30, 2022 |
Jul. 29, 2023 |
Jul. 30, 2022 |
|
| Income Tax Disclosure [Abstract] | ||||
| Effective tax rates for income from continuing operations | 19.40% | 27.40% | 21.50% | 21.70% |
Income Taxes - Additional Information (Detail) - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 29, 2023 |
Jul. 30, 2022 |
Jul. 29, 2023 |
Jul. 30, 2022 |
|
| Income Tax Disclosure [Abstract] | ||||
| Income tax expense (benefit) | $ (390,000) | $ 220,000 | $ (211,000) | $ 280,000 |
| Tax expenses benefits resulting from provisional adjustments | 20,675 | (49,000) | (21,000) | |
| Effective income tax reconciliation tax benefit related to expiration of statute of limitations on previously uncertain tax positions | (77,000) | (38,000) | ||
| Effective income tax reconciliation tax expense related to foreign return to provision differences | $ 29,000 | $ 29,000 | ||
| Effective income tax reconciliation tax expense due to revaluation of deferred tax assets | $ 13,000 | $ 13,000 | ||
Segment Information - Net Sales and Segment Operating Profit (Loss) for Each Reporting Segment (Detail) - USD ($) |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Jul. 29, 2023 |
Apr. 29, 2023 |
Jul. 30, 2022 |
Apr. 30, 2022 |
Jul. 29, 2023 |
Jul. 30, 2022 |
|
| Segment Reporting Information [Line Items] | ||||||
| Revenue | $ 35,524,000 | $ 32,259,000 | $ 70,943,000 | $ 63,269,000 | ||
| Corporate Expenses | 2,654,000 | 2,571,000 | 5,780,000 | 5,131,000 | ||
| Operating Income (Loss) | (1,198,000) | 1,235,000 | 264,000 | 1,999,000 | ||
| Other Income (Expense), Net | (809,000) | (431,000) | (1,244,000) | (710,000) | ||
| Income (Loss) Before Income Taxes | (2,007,000) | 804,000 | (980,000) | 1,289,000 | ||
| Income Tax Provision (Benefit) | (390,000) | 220,000 | (211,000) | 280,000 | ||
| Net Income (Loss) | (1,617,000) | $ 848,000 | 584,000 | $ 425,000 | (769,000) | 1,009,000 |
| Product Identification [Member] | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Revenue | 25,777,000 | 23,382,000 | 50,872,000 | 45,106,000 | ||
| T&M [Member] | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Revenue | 9,747,000 | 8,877,000 | 20,071,000 | 18,163,000 | ||
| Operating Segments [Member] | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Operating Income (Loss) | 1,456,000 | 3,806,000 | 6,044,000 | 7,130,000 | ||
| Operating Segments [Member] | Product Identification [Member] | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Operating Income (Loss) | (461,000) | 1,644,000 | 2,055,000 | 3,058,000 | ||
| Operating Segments [Member] | T&M [Member] | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Operating Income (Loss) | 1,917,000 | 2,162,000 | 3,989,000 | 4,072,000 | ||
| Corporate Expenses [Member] | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Corporate Expenses | $ 2,654,000 | $ 2,571,000 | $ 5,780,000 | $ 5,131,000 | ||
Fair Value - Schedule of Company's Long-Term Debt Including the Current Portion Not Reflected in Financial Statements at Fair Value (Detail) - USD ($) $ in Thousands |
Jul. 29, 2023 |
Jan. 31, 2023 |
|---|---|---|
| Fair Value [Member] | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Long-Term debt and related current maturities | $ 13,500 | $ 14,310 |
| Fair Value [Member] | Level 3 [Member] | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Long-Term debt and related current maturities | 13,500 | 14,310 |
| Carrying Value [Member] | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Long-Term debt and related current maturities | $ 13,563 | $ 14,250 |
Restructuring - Additional Information (Detail) $ in Thousands |
3 Months Ended | 6 Months Ended |
|---|---|---|
|
Jul. 29, 2023
USD ($)
Printer
|
Jul. 29, 2023
USD ($)
Printer
|
|
| Restructuring Cost and Reserve [Line Items] | ||
| Pre-tax restructuring | $ 2,651 | $ 2,651 |
| Product Retrofit Program [Member] | ||
| Restructuring Cost and Reserve [Line Items] | ||
| Number of printers sold to customers | Printer | 150 | 150 |
| Expected restructuring expense | $ 900 | |
| Severance and Related Costs [Member] | ||
| Restructuring Cost and Reserve [Line Items] | ||
| Pre-tax restructuring | $ 611 | |
| Product Identification Segment Restructuring Plan [Member] | ||
| Restructuring Cost and Reserve [Line Items] | ||
| Pre-tax restructuring | $ 2,700 |
Restructuring - Summary of Restructuring Cost and Liability by Type (Detail) $ in Thousands |
3 Months Ended | 6 Months Ended |
|---|---|---|
|
Jul. 29, 2023
USD ($)
|
Jul. 29, 2023
USD ($)
|
|
| Restructuring Cost and Reserve [Line Items] | ||
| Restructuring Costs | $ 2,651 | $ 2,651 |
| Amounts Paid | (40) | |
| Restructuring Liability | 571 | 571 |
| Severance and Employee Related Costs [Member] | ||
| Restructuring Cost and Reserve [Line Items] | ||
| Restructuring Costs | 611 | |
| Amounts Paid | (40) | |
| Restructuring Liability | 571 | $ 571 |
| Inventory Write-Off [Member] | ||
| Restructuring Cost and Reserve [Line Items] | ||
| Restructuring Costs | 1,991 | |
| Facility Exit and Other Restructuring Costs [Member] | ||
| Restructuring Cost and Reserve [Line Items] | ||
| Restructuring Costs | $ 49 |
Restructuring - Summarizes Restructuring Costs (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
|---|---|---|
Jul. 29, 2023 |
Jul. 29, 2023 |
|
| Restructuring Cost and Reserve [Line Items] | ||
| Restructuring Costs | $ 2,651 | $ 2,651 |
| Cost of Revenue [Member] | ||
| Restructuring Cost and Reserve [Line Items] | ||
| Restructuring Costs | 2,096 | 2,096 |
| Selling & Marketing [Member] | ||
| Restructuring Cost and Reserve [Line Items] | ||
| Restructuring Costs | 443 | 443 |
| Research & Development [Member] | ||
| Restructuring Cost and Reserve [Line Items] | ||
| Restructuring Costs | 29 | 29 |
| General & Administrative [Member] | ||
| Restructuring Cost and Reserve [Line Items] | ||
| Restructuring Costs | $ 83 | $ 83 |
Restructuring - Schedule of Restructuring Balance Related Liabilities (Detail) - Product Retrofit Program [Member] - Other Accrued Expenses [Member] $ in Thousands |
Jul. 29, 2023
USD ($)
|
|---|---|
| Restructuring Cost and Reserve [Line Items] | |
| Provision for Product Retrofit Program | $ 852 |
| Cost of Repairs and Replacements incurred | (149) |
| Balance at July 29, 2023 | $ 703 |