Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jan. 31, 2024 |
Jan. 31, 2023 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Accounts Receivable, Reserves | $ 618 | $ 731 |
| 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 | 10,812,137 | 10,676,851 |
| Treasury Stock, Shares | 3,368,763 | 3,342,032 |
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2022 |
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| Income Statement [Abstract] | ||||||
| Revenue | $ 148,086 | $ 142,527 | [1] | $ 117,480 | ||
| Cost of Revenue | 96,465 | 94,371 | 73,741 | |||
| Gross Profit | 51,621 | 48,156 | 43,739 | |||
| Costs and Expenses: | ||||||
| Selling and Marketing | 24,428 | 24,456 | 23,177 | |||
| Research and Development | 6,906 | 6,822 | 6,753 | |||
| General and Administrative | 11,491 | 11,435 | 9,553 | |||
| Operating Expenses | 42,825 | 42,713 | 39,483 | |||
| Operating Income | 8,796 | 5,443 | 4,256 | |||
| Other Income (Expense): | ||||||
| Interest Expense | (2,697) | (1,678) | (677) | |||
| Loss on Foreign Currency Transactions | (83) | (474) | (288) | |||
| Gain on Extinguishment of Debt – PPP Loan | 0 | 0 | 4,466 | |||
| Loss on Disposal of Assets | 0 | 0 | (696) | |||
| Other, net | 57 | 119 | (27) | |||
| Total Other Income (Expense) | (2,723) | (2,033) | 2,778 | |||
| Income before Income Taxes | 6,073 | 3,410 | 7,034 | |||
| Income Tax Provision | 1,379 | 749 | 605 | |||
| Net Income | $ 4,694 | $ 2,661 | $ 6,429 | |||
| Net Income Per Common Share—Basic | $ 0.63 | $ 0.36 | $ 0.89 | |||
| Net Income Per Common Share—Diluted | $ 0.63 | $ 0.36 | $ 0.88 | |||
| Weighted Average Number of Common Shares Outstanding—Basic | 7,415 | 7,307 | 7,207 | |||
| Dilutive Effect of Common Stock Equivalents | 81 | 67 | 132 | |||
| Weighted Average Number of Common Shares Outstanding—Diluted | 7,496 | 7,374 | 7,339 | |||
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Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2022 |
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| Statement of Comprehensive Income [Abstract] | |||
| Net Income | $ 4,694 | $ 2,661 | $ 6,429 |
| Other Comprehensive Income (Loss), net of taxes and reclassification adjustments: | |||
| Foreign Currency Translation Adjustments | 19 | (537) | (1,426) |
| Loss from Cash Flow Hedges Reclassified to Income Statement | 0 | 47 | 62 |
| Other Comprehensive Income (Loss) | 19 | (490) | (1,364) |
| Comprehensive Income | $ 4,713 | $ 2,171 | $ 5,065 |
Summary of Significant Accounting Policies |
12 Months Ended |
|---|---|
Jan. 31, 2024 | |
| Accounting Policies [Abstract] | |
| Summary of Significant Accounting Policies | Note 1—Summary of Significant Accounting Policies Basis of Presentation: The accompanying financial statements and accompanying notes have been prepared by us pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and are presented in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Our fiscal year end is January 31. Unless otherwise stated, all years and dates refer to our fiscal year. Principles of Consolidation: The consolidated financial statements include the accounts of AstroNova, Inc. and its subsidiaries. All material intercompany accounts and transactions are eliminated in consolidation. Reclassification: Certain amounts in prior year’s financial statements have been reclassified to conform to the current year’s presentation. Use of Estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect these financial statements and accompanying notes using information that is reasonably available to us at this time. Some of the more significant estimates relate to revenue recognition; 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. Consequently, actual results could differ from those estimates. Cash and Cash Equivalents: Highly liquid investments with an original maturity of 90 days or less are considered to be cash equivalents. At January 31, 2024 and 2023, $2.3 million and $3.2 million, respectively, was held in foreign bank accounts. Inventories: Inventories are stated at the lower of standard and average cost or net realizable value and include material, labor and manufacturing overhead. Property, Plant and Equipment: Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is provided on the straight-line basis over the estimated useful lives of the assets (land improvements—10 to 20 years; buildings and leasehold improvements—10 to 45 years; machinery and equipment—3 to 10 years; and computer equipment and software—3 to 10 years). Revenue Recognition: We recognize revenue in accordance with Accounting Standards Codification (“ASC”) 606 “Revenue from Contracts with Customers (“ASC 606”).” The core principle of ASC 606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASC 606 defines a five-step process to recognize revenue and requires judgment and estimates within the revenue recognition process, including identifying contracts with customers, identifying performance obligations in the contract, determining and estimating the amount of any variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation and recognizing revenue when the entity satisfies each performance obligation. The vast majority of our revenue is generated from the sale of distinct products. Revenue is measured as the amount of consideration we expect to receive in exchange for such products, which is generally at the contractually stated prices, and is recognized when we satisfy a performance obligation by transferring control of a product to a customer. The transfer of control generally occurs at one point in time, upon shipment, when title and risk of loss pass to the customer. Returns and customer credits are infrequent and are recorded as a reduction to revenue. Sales taxes and value added taxes collected concurrently with revenue generating activities are excluded from revenue. Many of the contracts entered into with customers are commonly comprised of a combination of equipment, supplies, installation and/or training services. We determine performance obligations by assessing whether the products or services are distinct from other elements of the contract. In order to be distinct, the product must perform either on its own or with readily available resources and must be separate within the context of the contract. Most of our hardware products contain embedded operating systems and data management software which is included in the purchase price of the equipment. The software is deemed incidental to the systems as a whole, as it is not sold or marketed separately, and its production costs are minor compared to those of the hardware system. Hardware and software elements are typically delivered at the same time and are accounted for as a single performance obligation for which revenue is recognized at the point in time when ownership is transferred to the customer. Installation and training services vary based on certain factors such as the complexity of the equipment, staffing availability in a geographic location and customer preferences, and can range from a few days to a few months. The delivery of installation and training services are not assessed to determine whether they are separate performance obligations, as the amounts are not material to the contract. Shipping and handling activities that occur after control over a product has transferred to a customer are accounted for as fulfillment activities rather than performance obligations, as allowed under a practical expedient provided by ASC 606. The shipping and handling fees charged to customers are recognized as revenue and the related costs are included in cost of revenue at the point in time when ownership of the product is transferred to the customer. We may perform services at the request of the customer, generally for the repair and maintenance of products previously sold. These services are short in duration and total approximately 5.0% of revenue for each of the years ended January 31, 2024 and 2023. Revenue is recognized as services are rendered and accepted by the customer. We also provide service agreements on certain of our Product Identification equipment. Service agreements are purchased separately from the equipment and provide for the right to obtain service and maintenance on the equipment for a period of typically one to two years. Accordingly, revenue on these agreements is recognized over the term of the agreements. The portion of service agreement contracts that are uncompleted at the end of any reporting period is included in deferred revenue. We generally provide warranties for our products. The standard warranty period is typically 12 months for most hardware products except for airborne printers, which typically have warranties that extend for 3-5 years, consistent with industry practice. Such assurance-type warranties are not deemed to be separate performance obligations from the hardware product and costs associated with providing the warranties are accrued in accordance with ASC 450, “Contingencies,” as we have the ability to ascertain the likelihood of the liability and can reasonably estimate the amount of the liability. Our estimate of costs to service the warranty obligations is based on historical experience and expectations of future conditions. To the extent that our experience in warranty claims or costs associated with servicing those claims differ from the original estimates, revisions to the estimated warranty liability are recorded at that time, with an offsetting adjustment to cost of revenue. On occasion, customers request a warranty period longer than our standard warranty. In those instances, in which extended warranty services are separately quoted to the customer, an additional performance obligation is created, and the associated revenue is deferred and recognized as service revenue ratably over the term of the extended warranty period. The portion of service contracts and extended warranty services agreements that are uncompleted at the end of any reporting period are included in deferred revenue.
We recognize and subsequently amortize an asset for the incremental direct costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year (Refer to Note 3, “Revenue Recognition” included in our notes to the consolidated financial statements). We apply the practical expedient to expense costs incurred for costs to obtain a contract when the amortization period would have been less than a year. These costs include sales commissions paid to the internal direct sales team as well as to third-party representatives and distributors. Contractual agreements with each of these parties outline commission structures and rates to be paid. In general, such contracts are all individual procurement decisions by the customers and do not include renewal provisions and, as such, the majority of the contracts have an economic life of significantly less than a year. Accounts Receivables and Allowance for Doubtful Accounts: Standard payment terms are typically 30 days after shipment but vary by type and geographic location of our customer. Credit is extended based upon an evaluation of the customer’s financial condition. Our allowance for doubtful accounts represents our estimate of expected credit losses related to our trade receivables. We pool our trade receivables based on similar risk characteristics, such as the age of receivables. To estimate our allowance for doubtful accounts, we leverage information on historical losses, asset-specific risk characteristics, current conditions, and reasonable and supportable forecasts of future conditions. Account balances are written off against the allowance when we deem the amount is uncollectible. Accounts receivable are stated at their estimated net realizable value. Business Combinations: We account for business acquisitions under the acquisition method of accounting in accordance with ASC 805, ‘‘Business Combinations,’’ where the total purchase price is allocated to the tangible and identified intangible assets acquired and liabilities assumed based on their estimated fair values. The purchase price is allocated using the information currently available, and may be adjusted, up to one year from acquisition date, after obtaining more information regarding, among other things, asset valuations, liabilities assumed and revisions to preliminary estimates. The purchase price in excess of the fair value of the tangible and identified intangible assets acquired less liabilities assumed is recognized as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenue, costs and cash flows, discount rates, and selection of comparable companies. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable. As a result, actual results may differ from these estimates. During the measurement period, we may record adjustments to acquired assets and assumed liabilities, with corresponding offsets to goodwill. Upon the conclusion of a measurement period, any subsequent adjustments are recorded to earnings. At the acquisition date, the Company measures the fair values of all assets acquired and liabilities assumed that arise from contractual contingencies. The Company also measures the fair values of all non-contractual contingencies if, as of the acquisition date, it is more likely than not that the contingencies will give rise to assets or liabilities. Acquisition-related costs not considered part of the considerations are expensed as incurred and recorded in acquisition costs within the consolidated statement of operations. Research and Development Costs: We charge costs to expense in the period incurred, and these expenses are presented in the consolidated statement of income. The following costs are included in research and development expense: salaries and benefits, external engineering service costs, engineering related information costs and supplies. Foreign Currency Translation: The financial statements of foreign subsidiaries and branches are measured using the local currency as the functional currency. Foreign currency-denominated assets and liabilities are translated into U.S. dollars at year-end exchange rates with the translation adjustment recorded as a component of accumulated comprehensive income (loss) in shareholders’ equity. Revenues and expenses are translated at the average monthly exchange rates in effect during the related period. We do not provide for U.S. income taxes on foreign currency translation adjustments associated with our subsidiaries in Germany, Denmark and China since their undistributed earnings are considered to be permanently invested. Included in our consolidated statements of income was a net transaction foreign exchange losses of $0.1 million, $0.5 million and $0.3 million in fiscal 2024, 2023 and 2022, respectively. Advertising: We expense advertising costs as incurred. Advertising costs including advertising production, trade shows and other activities are designed to enhance demand for our products and amounted to approximately $1.8 million, $1.6 million, and $1.3 million in fiscal years 2024, 2023, and 2022, respectively. Long-Lived Assets: Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. If the projected undiscounted cash flows are less than the carrying value, then an impairment charge would be recorded for the excess of the carrying value over the fair value, as determined by the discounting of future cash flows. There were no impairment charges for our long-lived assets in fiscal years 2024, 2023, or 2022. Intangible Assets: Intangible assets include the value of customer and distributor relationships, trademarks and existing technology acquired in connection with business and asset acquisitions and are stated at cost (fair value at acquisition) less accumulated amortization. These intangible assets have a definite life and are amortized over the assets’ useful lives using a systematic and rational basis which is representative of the assets’ use. Intangible assets with a definite life are tested for impairment whenever events or circumstances indicate that the carrying amount of an asset (asset group) may not be recoverable. If necessary, an impairment loss is recognized when the carrying amount of an asset exceeds the estimated undiscounted cash flows used in determining the fair value of the asset. The amount of the impairment loss recorded is calculated by the excess of the asset’s carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis. There were no impairment charges for our intangible assets in fiscal years 2024, 2023, or 2022. Goodwill: Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in a purchase business combination. Management evaluates the recoverability of goodwill annually or more frequently if events or changes in circumstances, such as declines in revenue, earnings or cash flows, or material adverse changes in the business climate indicate that the carrying value of an asset might be impaired. Goodwill is tested for impairment at the reporting unit level. A reporting unit is an operating segment, or a business unit one level below an operating segment if discrete financial information for that business is prepared and regularly reviewed by segment management. However, components within an operating segment are aggregated as a single reporting unit if they have similar economic characteristics. We determined that each of our operating segments Product Identification (“PI”) and Test & Measurement (“T&M”) represents a reporting unit for purposes of goodwill impairment testing. The accounting guidance related to goodwill impairment testing allows for the performance of an optional qualitative assessment of whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Factors that management considers in this qualitative assessment include macroeconomic conditions, industry and market considerations, overall financial performance (both current and projected), changes in management and strategy and changes in the composition or carrying amount of net assets. If this qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then a quantitative assessment is required for the reporting unit. Additionally, we can elect to forgo the qualitative assessment and perform the quantitative test. The quantitative assessment compares the fair value of the reporting unit with its carrying value. If the quantitative assessment is performed, we estimate the fair value of our reporting units using a blended income and market approach. The income approach is based on a discounted cash flow model and provides a fair value estimate based upon the reporting unit’s expected long-term operating cash flow performance. The market approach compares the reporting unit to publicly traded companies and transactions involving similar business, and requires the use of many assumptions and estimates including future revenue, expenses, capital expenditures, and working capital, as well as discount factors and income tax rates. If the fair value of the reporting unit exceeds the carrying value of the net assets including goodwill assigned to that unit, goodwill is not impaired. If the carrying value of the reporting unit’s net assets including goodwill exceeds the fair value of the reporting unit, then we record an impairment charge based on that difference. We performed a qualitative assessment for our fiscal 2024 analysis of goodwill. Based on this assessment, management does not believe that it is more likely than not that the carrying values of the reporting units exceed their fair values. Accordingly, no quantitative assessment was performed. There were no impairment charges for our goodwill in fiscal years 2024, 2023, or 2022. Leases: We account for our leases in accordance with ASC 842, “Leases” (“ASC 842”). ASC 842 requires a lessee to recognize assets and liabilities on the balance sheet for all leases, with the result being the recognition of a right of use (“ROU”) asset and a lease liability. The lease liability is equal to the present value of the minimum lease payments for the term of the lease, including any optional renewal periods determined to be reasonably certain to be exercised, using a discount rate determined at lease commencement. This discount rate is the rate implicit in the lease, if known; otherwise, the incremental borrowing rate for the expected lease term is used. Our incremental borrowing rate approximates the rate we would have to pay to borrow on a collateralized basis over a similar term at lease inception. The value of the ROU asset is equal to the initial measurement of the lease liability plus any lease payments made to the lessor at or before the commencement date and any unamortized initial direct costs incurred by the lessee, less any unamortized lease incentives received. Several of our lease contracts include options to extend the lease term and we include the renewal options for these leases in the determination of the ROU asset and lease liability when the likelihood of renewal is determined to be reasonably certain. We enter into lease contracts for certain of our facilities at various locations worldwide. At inception of a contract, we determine whether the contract is or contains a lease. If we have a right to obtain substantially all of the economic benefits from the use of the identified asset and the right to direct the use of the asset, then the contract contains a lease. There are two types of leases, operating leases and finance leases. Lease classification is determined at lease commencement. We have made an accounting policy election to apply the short-term exception, which does not require the capitalization of leases with terms of 12 months or less. All of our leases are classified as operating leases. Operating lease expense is recognized on a straight-line basis over the lease term and included in general and administrative expense on the consolidated statement of income. ROU assets are classified as such on the consolidated balance sheets, short-term lease liabilities are classified in accrued expenses, and long-term lease liabilities are classified as such in the consolidated balance sheets. In the statements of cash flow, payments for operating leases are classified as operating activities. In addition, several of our facility lease agreements include non-lease components for items such as common area maintenance and utilities which are accounted for separately from the lease component. Income Taxes: We use the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting basis and tax basis of the assets and liabilities and are measured using statutory tax rates that will be in effect when the differences are expected to reverse. Our deferred taxes are presented as non-current in the accompanying consolidated balance sheet. An allowance against deferred tax assets is recognized when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. At both January 31, 2024 and January 31, 2023, a valuation allowance was provided for deferred tax assets attributable to certain domestic R&D, foreign tax credit carryforwards and China net operating losses, all of which are expected to expire unused. We account for uncertain tax positions in accordance with the guidance provided in ASC 740, “Accounting for Income Taxes.” This guidance describes a recognition threshold and measurement attribute for the financial statement disclosure of tax positions taken or expected to be taken in a tax return and requires recognition of tax benefits that satisfy a more-likely-than-not threshold. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods and disclosure. Net Income Per Common Share: Basic net income per share is based on the weighted average number of shares outstanding during the period. Diluted net income per share is based on the basic weighted average number of shares and potential common equivalent shares for stock options, restricted stock awards and restricted stock units outstanding during the period using the treasury stock method. In fiscal years 2024, 2023, and 2022, there were 295,370; 685,667; and 345,085, respectively, common equivalent shares that were not included in the computation of diluted net income per common share because their inclusion would be anti-dilutive. Fair Value Measurement: We measure our assets and liabilities at fair value on a recurring and non-recurring basis in accordance with the guidance provided in ASC 820, “Fair Value Measurement and Disclosures,” which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In addition, ASC 820 establishes a three-tiered hierarchy for inputs used in management’s determination of fair value of financial instruments that emphasizes the use of observable inputs over the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect management’s belief about the assumptions market participants would use in pricing a financial instrument based on the best information available in the circumstances. The fair value hierarchy is summarized as follows: • Level 1—Quoted prices in active markets for identical assets or liabilities; • Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Cash and cash equivalents, accounts receivable, accounts payable, accrued compensation, other accrued expenses and income tax payable are reflected in the consolidated balance sheet at carrying value, which approximates fair value due to the short-term nature of these instruments.
Self-Insurance: We are self-insured for U.S. medical and dental benefits for qualifying employees and maintain stop-loss coverage from a third party which limits our exposure to large claims. We record a liability associated with these benefits that includes an estimate of both claims filed and losses incurred but not yet reported based on historical claims experience. In estimating this accrual, we utilize an independent third-party broker to estimate a range of expected losses, which are based on analyses of historical data. Assumptions are closely monitored and adjusted when warranted by changing circumstances. Our liability for self-insured claims is included within accrued compensation in our consolidated balance sheets and was $0.3 million at both January 31, 2024 and 2023. Share-Based Compensation: Compensation expense for time-based restricted stock units is measured at the grant date and recognized ratably over the vesting period. We determine the fair value of time-based and performance-based restricted stock units based on the closing market price of our common stock on the grant date. The recognition of compensation expense associated with performance-based restricted stock units requires judgment in assessing the probability of meeting the performance goals, as well as defined criteria for assessing achievement of the performance-related goals. For purposes of measuring compensation expense, the number of shares ultimately expected to vest is estimated at each reporting date based on management’s expectations regarding the relevant performance criteria. The performance shares begin vesting only upon the achievement of the performance criteria. The achievement of the performance goals can impact the valuation and associated expense of the restricted stock units. The assumptions used in accounting for the share-based payment awards represent management’s best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if circumstances change and we use different assumptions, our stock-based compensation expense could be materially different in the future. Share-based compensation becomes deductible for determining income taxes when the related award vests, is exercised, or is forfeited depending on the type of share-based award and subject to relevant tax law. Derivative Financial Instruments: We occasionally use derivative instruments as part of our overall strategy to manage exposure to market risks primarily associated with fluctuations in foreign currency exchange rates and interest rates. Derivative instruments are recognized as either assets or liabilities in the balance sheet at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the statement of income during the current period. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation. For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative instrument is reported as a component of other comprehensive income/(loss) and reclassified into earnings in the same line item associated with the forecasted transaction, and in the same period or periods during which the hedged transaction affects earnings (e.g., in “Interest Expense” when the hedged transactions are interest cash flows associated with floating-rate debt, or “Other, Net” for portions reclassified relating to the remeasurement of the debt). The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item, if any, are recognized in the statement of income during the current period. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”) to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 modifies the requirement for income tax disclosures to include (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. We will adopt this standard beginning with our fiscal year ending January 31, 2025. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures. In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker (CODM), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. ASU 2023-07 also requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss. Public entities will be required to provide all annual disclosures currently required by ASU 2023-07 in interim periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. We will adopt this standard beginning with our fiscal year ending January 31, 2025, and for interim periods beginning with our first quarter of fiscal 2026. We are currently evaluating the new disclosure requirements of ASU 2023-07 and do not expect the adoption of this guidance to have a material impact on our consolidated financial statements or disclosures. In October 2023, the FASB issued Accounting Standard Update 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Updated and Simplification Initiative” (“ASU 2023-06”), which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. ASU 2023-06 was issued in response to the U.S. Securities and Exchange Commission’s (the “SEC”) August 2018 final rule that updated and simplified disclosure requirements and is intended to align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for all entities. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. For all other entities, the amendments will be effective two years later. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective for any entity. We are currently assessing potential impacts of ASU 2023-06 and do not expect the adoption of this guidance to have a material impact on our condensed consolidated financial statements and disclosures. There were no other new accounting pronouncements, issued or effective during fiscal 2024, that have had or are expected to have a material impact on our consolidated financial statements. |
Acquisitions |
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| Acquisitions | Note 2—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 is a business combination and was 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 asset 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 represent 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) the 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 the 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 recognition and the registered trademarks for the use of several marks and logos held by Astro Machine. 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 work force. The carrying amount of the goodwill was allocated to the PI segment. Total acquisition-related costs of $0.7 million are 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 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 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 provided and range from single-digit to mid-double-digit percentages of gross revenue. The New HW Agreement included 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 relation 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 fourth quarter of fiscal 2023, we incurred $0.1 million in excess royalty expense, which was paid in the first quarter of the current fiscal year. As of the end of fiscal 2024, we incurred $0.2 million in additional royalties payable to Honeywell. As of January 31, 2024, the outstanding royalty obligation is $0.6 million, including $0.2 million recorded as a current liability in the accompanying consolidated balance sheet. |
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Revenue Recognition |
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| Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue Recognition | Note 3—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 used in the flight deck and interior of commercial, business and military aircraft, (ii) related consumable supplies including paper, labels, tags, inks, toners and ribbons, (iii) repairs and maintenance of equipment and (iv) service agreements. Revenues disaggregated by primary geographic markets and major product types are as follows: Primary geographical markets:
*Certain amounts have been reclassified to conform to the current year's presentation. 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 be received 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. As of January 31, 2023, we recognized $1.1 million in revenue as a result of this arrangement and the $2.15 million balance was recorded as deferred revenue in the accompanying consolidated balance sheet. During fiscal 2024, we recognized an additional $1.3 million which is included in revenue in the consolidated statement of income for the period ended January 31, 2024, and at January 31, 2024, the remaining balance to be received of $0.8 million is included in deferred revenue in the accompanying consolidated balance sheet. The remaining revenue to be recognized will be based on our shipments of the printers during fiscal 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 $530,000 and $412,000 at January 31, 2024 and January 31, 2023, respectively, and are recorded as current deferred revenue in the accompanying consolidated balance sheet. The increase in the deferred revenue balance for the year ended January 31, 2024 is primarily due to cash payments received in advance of satisfying performance obligations, offset by $704,000 of revenue recognized during the period that was included in the deferred revenue balance at January 31, 2023. 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 17 years as of January 31, 2024. Amortized contract costs for each of the years ended January 31, 2024 and 2023, were $75,000 and were $60,000 for the year ended January 31, 2022. The balance of deferred incremental direct costs net of accumulated amortization at January 31, 2024, 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 consolidated balance sheet. |
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Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | Note 4—Intangible Assets Intangible assets are as follows:
There were no impairments to intangible assets during the periods ended January 31, 2024 and 2023. Amortization expense of $2.4 million, $1.9 million, and $2.2 million with regard to acquired intangibles has been included in the consolidated statements of income for the years ended January 31, 2024, 2023 and 2022, respectively. Estimated amortization expense for the next five fiscal years is as follows:
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Inventories |
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| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | Note 5—Inventories The components of inventories are as follows:
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Property, Plant and Equipment |
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| Property, Plant and Equipment | Note 6—Property, Plant and Equipment Property, plant and equipment consist of the following:
Depreciation expense on property, plant and equipment was $1.8 million, $2.0 million and $1.7 million for the years ended January 31, 2024, 2023 and 2022, respectively. During fiscal 2022, we wrote-off our Oracle EnterpriseOne enterprise resource planning (“ERP”) system due to the full implementation of a new ERP system in our US operations. The book value and related accumulated depreciation of the ERP system along with the balance of the related prepaid service and maintenance contracts were removed from the accompanying consolidated balance sheet at January 31, 2022, and we recorded a net loss on the disposal of $0.7 million, which is included in other income (expense) in the accompanying consolidated income statement for the year ended January 31, 2022. |
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Accrued Expenses |
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| Accrued Expenses | Note 7—Accrued Expenses Accrued expenses consist of the following:
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Credit Agreement and Long-Term Debt |
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| Credit Agreement and Long-Term Debt | Note 8—Credit Agreement and Long-Term Debt Credit Agreement In connection with the purchase of Astro Machine, on August 4, 2022, we entered into a Second Amendment to 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 the Company 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 credit facility 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. During fiscal 2024, the weighted average interest rate on our variable rate debt was 7.54%. 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 January 31, 2024, 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 AstroNova Scandinavia 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. Equipment Financing In January 2024, we entered into a secured equipment loan facility agreement with Banc of America Leasing & Capital, LLC and borrowed a principal amount of $0.8 million thereunder for the purpose of financing our purchase of production equipment. This loan matures on January 23, 2029, and bears interest at a fixed rate of 7.06%. Under this loan agreement, equal monthly payments including principal and interest of $16,296 will commence on February 23, 2024, and will continue through the maturity of the equipment loan facility on January 23, 2029. Summary of Outstanding Debt Revolving Credit Facility At January 31, 2024, we had a principal balance of $8.9 million outstanding on our revolving credit facility. The balance outstanding under the revolving credit facility bore interest at a weighted average rate of 7.70% and 6.35% for the years ended January 31, 2024 and January 31, 2023, respectively, and we incurred $1.2 million and $0.8 million for interest on this obligation during the years ended January 31, 2024 and January 31, 2023, respectively. Commitment fees on the undrawn portion of our revolving credit facility of $30,000 were incurred for each of the years ended January 31, 2024 and January 31, 2023, respectively. Both the interest expense and commitment fees are included as interest expense in the accompanying consolidated income statement for all periods presented. At January 31, 2024, $16.1 million remained available for borrowing under our revolving credit facility. Long-Term Debt Long-term debt in the accompanying consolidated balance sheets is as follows:
During the years ended January 31, 2024, 2023 and 2022, we recognized $1.0 million, $0.6 million and $0.3 million of interest expense on our long-term debt, respectively, which was included in interest expense in the accompanying consolidated income statement for all periods presented. The schedule of required principal payments remaining on our long-term debt outstanding as of January 31, 2024 is as follows:
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Paycheck Protection Program Loan |
12 Months Ended |
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Jan. 31, 2024 | |
| Debt Disclosure [Abstract] | |
| Paycheck Protection Program Loan | Note 9—Paycheck Protection Program Loan On May 6, 2020, we entered into a loan agreement in which we borrowed $4.4 million (the “PPP Loan”) from Greenwood Credit Union under the Paycheck Protection Program administered by the SBA and authorized by the CARES Act. The PPP Loan, originally scheduled to mature on May 6, 2022, was unsecured and bore interest at a rate of 1.0% per annum, accruing from the loan date. On June 15, 2021, Greenwood notified us that the SBA approved our application for forgiveness of the entire $4.4 million principal balance of our PPP Loan and all accrued interest thereon. As a result, in the second quarter of fiscal 2022, we recorded a $4.5 million gain on extinguishment of debt, which is included in the accompanying consolidated income statement for the period ended January 31, 2022. |
Royalty Obligation |
12 Months Ended |
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Jan. 31, 2024 | |
| 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. 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 in quarterly installments over a ten-year period. This ten-year period ends on September 30, 2028. Royalty payments are 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 January 31, 2024, we had paid an aggregate of $11.5 million of the guaranteed minimum royalty obligation. At January 31, 2024, 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 $1.7 million is reported as a long-term liability on our consolidated balance sheet. In addition to the guaranteed minimum royalty payments, for the periods ended January 31, 2024, 2023 and 2022, we also incurred excess royalty expense of $2.3 million, $1.3 million and $0.5 million, respectively, which is included in cost of revenue in our consolidated statements of income for those periods. A total of $0.9 million of excess royalty is payable and reported as a current liability on our consolidated balance sheet at January 31, 2024. In fiscal 2023, we entered into a second Asset Purchase and License Agreement with Honeywell International, Inc. as further discussed in Note 2. |
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, some of which include options to extend the lease term for periods of up to five years when it is reasonably certain that we will exercise such options. Balance sheet and other information related to our leases is as follows:
Lease cost information is as follows:
At January 31, 2024, maturities of operating lease liabilities are as follows:
As of January 31, 2024, the weighted-average remaining lease term and weighted-average discount rate for our operating leases are 3.1 years and 4.38%, 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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Accumulated Other Comprehensive Loss |
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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 by component are as follows:
The amounts presented above in other comprehensive income (loss) are net of taxes except for translation adjustments associated with our German, Danish and Shanghai subsidiaries. |
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Shareholders' Equity |
12 Months Ended |
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Jan. 31, 2024 | |
| Equity [Abstract] | |
| Shareholders' Equity | Note 13—Shareholders’ Equity During fiscal years 2024 and 2023, certain of our employees delivered a total of 26,731 and 17,752 shares, respectively, of our common stock to satisfy the exercise price and related taxes for stock options exercised and restricted stock vesting. The shares delivered were valued at a total of $0.4 million and $0.3 million, respectively, and are included in treasury stock in the accompanying consolidated balance sheets at January 31, 2024 and 2023. These transactions did not impact the number of shares authorized for repurchase under our current repurchase program. |
Share-Based Compensation |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Compensation | Note 14—Share-Based Compensation The Company maintains the following share-based compensation plans: Stock Plans: 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 the 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 115,970 unvested RSUs; 184,735 unvested PSUs; and options to purchase an aggregate of 135,500 shares outstanding as of January 31, 2024. 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 or 2015 Plans, but outstanding awards will continue to be governed by those plans. As of January 31, 2024, options to purchase an aggregate of 260,249 shares were outstanding under the 2007 Plan and options to purchase an aggregate of 127,600 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, each director’s annual compensation amount was adjusted to be $70,000. All RSAs granted under this Program vest immediately.
Share-Based Compensation: Share-based compensation expense has been recognized as follows:
Stock Options: Aggregated information regarding stock options granted under the plans is summarized below:
Set forth below is a summary of options outstanding at January 31, 2024:
No options were granted during fiscal 2024 or fiscal 2023. As of January 31, 2024, there was no unrecognized compensation expense related to the unvested stock options granted under the plans.
As of January 31, 2024, the aggregate intrinsic value (the aggregate difference between the closing stock price of our common stock on January 31, 2024, and the exercise price of the outstanding options) that would have been received by the option holders if all options had been exercised was $1.3 million for all exercisable options and all options outstanding. The total aggregate intrinsic value of options exercised during fiscal 2024, 2023 and 2022 was $32,000, $200,000, and $26,000, respectively. Restricted Stock Units, Performance-Based Restricted Stock Units and Restricted Stock Awards: Aggregated information regarding RSUs, PSUs and RSAs granted under the Plan is summarized below:
As of January 31, 2024, there was $2.1 million of unrecognized compensation expense related to unvested RSUs, PSUs and RSAs. This expense is expected to be recognized over a weighted average period of 1.5 years. Employee Stock Purchase Plan (ESPP): 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 this plan and 9,897 and 5,045 shares were purchased under the 2022 ESSP during the years ended January 31, 2024 and 2023, respectively. During the period ended January 31, 2023, there were 1,550 shares purchased under the Prior ESPP, and no additional purchases may be made under the Prior ESPP. As of January 31, 2024, 25,058 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 15—Income Taxes The components of income before income taxes are as follows:
The components of the provision for income taxes are as follows:
Total income tax provision differs from the expected tax provision as a result of the following:
Our effective tax rate for fiscal 2024 was 22.7% compared to 22.0% in fiscal 2023 and 8.6% in fiscal 2022. The increase in the effective tax rate in fiscal 2024 from fiscal 2023 is primarily related to the impact of the valuation allowance recorded on China net operating losses, the increase in the current provision for state and local taxes, and the change in the foreign rate differential. This increase was partially offset by other factors decreasing the effective tax rate such as foreign derived intangible income (“FDII”) deduction, share based compensation, and the R&D tax credit. The increase in the effective tax rate in fiscal 2023 from fiscal 2022 is primarily related to the absence of the PPP loan forgiveness which is tax-exempt income that was a one-time item that reduced the rate in fiscal 2022. Specific items increasing the effective tax rate in fiscal 2023 include the change in reserves related to ASC 740 liability and the increase in the valuation allowance recorded on China net operating losses. This increase was partially offset by state taxes, return to provision adjustments, share-based compensation, R&D tax credits, and foreign derived intangible income FDII deduction.
The components of deferred income tax expense arise from various temporary differences and relate to items included in the statement of income. The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities are as follows:
* Beginning in fiscal 2023, changes to Section 174 of the Internal Revenue Code made by the Tax Cuts and Jobs Act of 2017 (“TCJA”) no longer permit an immediate deduction for research and development expenditures in the tax year that such costs are incurred. These costs are capitalized resulting in an increase in deferred tax assets of $0.8 million from fiscal 2023 to fiscal 2024. Deferred taxes are reflected in the consolidated balance sheet as follows:
The valuation allowances of $2.5 million at January 31, 2024 and $2.1 million at January 31, 2023, relate to Rhode Island research and development tax credit carryforwards, foreign tax credit carryforwards, and China’s net operating losses that are expected to expire unutilized.
At January 31, 2024, we had net operating loss carryforwards of $0.2 million in China, which expire in 2024 through 2028. At January 31, 2024, we had state research credit carryforwards of approximately $2.2 million which expire in 2025 through 2031. Additionally, we had $0.2 million of foreign tax credits. We maintain a full valuation allowance against these credits as we expect these credits to expire unused. We believe that it is reasonably possible that some unrecognized tax benefits, accrued interest and penalties could decrease income tax expense in the next year due to either the review of previously filed tax returns or the expiration of certain statutes of limitation. The changes in the balances of unrecognized tax benefits, excluding interest and penalties are as follows:
During fiscal 2024 and 2023, we released $71,000 and $49,000, respectively, of uncertain tax positions including accrued interest and penalties relating to a change in various unrecognized tax positions. We have accrued potential interest and penalties of $46,000 included in income taxes payable in the accompanying consolidated balance sheet at January 31, 2024. The Company and its subsidiaries file income tax returns in U.S. federal jurisdictions, various state jurisdictions, and various foreign jurisdictions. In fiscal 2024, we released $33,000 related to a federal tax exposure for the fiscal 2020 tax year and $39,000 of state nexus positions as a result of the expiration of the statute of limitations. U.S. income taxes have not been provided on $10.0 million of undistributed earnings of our foreign subsidiaries since it is our intention to permanently reinvest such earnings offshore. If the earnings were distributed in the form of dividends, we would not be subject to U.S. tax as a result of the TCJA but, could be subject to foreign income and withholding taxes. Determination of the amount of this unrecognized deferred income tax liability is not practical. |
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Nature of Operations, Segment Reporting and Geographical Information |
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| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nature of Operations, Segment Reporting and Geographical Information | Note 16—Nature of Operations, Segment Reporting and Geographical Information Our operations consist of the design, development, manufacture and sale of specialty printers and data acquisition and analysis systems, including both hardware and software and related consumable supplies. We organize and manage our business as a portfolio of products and services designed around a common theme of data acquisition and information output. We have two reporting segments consistent with our revenue product groups: Product Identification (“PI”) and Test & Measurement (“T&M”). Our PI segment produces an array of high-technology digital color and monochrome label printers and mini presses, labeling software and supplies for a variety of commercial industries worldwide and includes our fiscal 2023 acquisition of Astro Machine. Our T&M segment produces data acquisition systems used worldwide for a variety of recording, monitoring and troubleshooting applications for many industries including aerospace, automotive, defense, rail, energy, industrial and general manufacturing. The T&M segment also includes our line of aerospace flight deck and cabin printers. Business is conducted in the United States and through foreign branch offices and subsidiaries in Canada, Europe, China, Southeast Asia and Mexico. Manufacturing activities are primarily conducted in the United States. Revenue and service activities outside the United States are conducted through wholly owned entities and, to a lesser extent, through authorized distributors and agents. Transfer prices are intended to produce gross profit margins as would be associated with an arms-length transaction. The accounting policies of the reporting segments are the same as those described in the summary of significant accounting policies herein. We evaluate segment performance based on the segment profit before corporate and financial administration expenses. Summarized below are the revenue and segment operating profit (both in dollars and as a percentage of revenue) for each reporting segment:
No customer accounted for greater than 10% of net revenue in fiscal 2024, 2023 or 2022. Other information by segment is presented below:
* Corporate assets consist principally of cash, cash equivalents, deferred tax assets and refunds, and certain prepaid corporate assets.
Geographical Data Presented below is selected financial information by geographic area:
(1) Certain amounts have been reclassified to conform to the current year's presentation. (2) Long-lived assets exclude goodwill assigned to the T&M segment of $4.5 million at both January 31, 2024 and 2023 and $10.1 million assigned to the PI segment at both January 31, 2024 and 2023. |
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Employee Benefit Plans |
12 Months Ended |
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Jan. 31, 2024 | |
| Postemployment Benefits [Abstract] | |
| Employee Benefit Plans | Note 17—Employee Benefit Plans We sponsor a Profit-Sharing Plan (the “Plan”) which provides retirement benefits to all eligible domestic employees. The Plan allows participants to defer a portion of their cash compensation and contribute such deferral to the Plan through payroll deductions. The Company makes matching contributions up to specified levels. The deferrals are made within the limits prescribed by Section 401(k) of the Internal Revenue Code. All contributions are deposited into trust funds. It is our policy to fund any contributions accrued. Our annual contribution amounts are determined by the Board of Directors. Contributions paid or accrued amounted to $0.5 million in each of fiscal 2024, fiscal 2023 and fiscal 2022. |
Product Warranty Liability |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Guarantees and Product Warranties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Product Warranty Liability | Note 18—Product Warranty Liability We offer a manufacturer’s warranty for the majority of our hardware products. The specific terms and conditions of warranty vary depending upon the products sold and the country in which we do business. We estimate the warranty costs based on historical claims experience and record a liability in the amount of such estimates at the time product revenue is recognized. We regularly assess the adequacy of our recorded warranty liabilities and adjust the amounts as necessary. Activity in the product warranty liability, which is included in other accrued expenses in the accompanying consolidated balance sheet, is as follows:
During fiscal 2022, we incurred incremental costs because of a product quality issue with one of our vendors. As the result of discussions with the vendor, which was responsible for the product quality issue, we entered into an agreement whereby the vendor paid us $975,000 as partial reimbursement of the costs we incurred in supporting our customers with respect to the product quality issue. For the period ended January 31, 2022, we recorded this payment to offset cost of revenue in our PI segment for the product lines effected to partially reverse the accounting impact when the original costs of the quality issues were incurred. |
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Restructuring |
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| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring | Note 19—Restructuring On July 26, 2023, we adopted a restructuring plan for our PI segment that transitioned a portion of the printer manufacturing within that segment from our facility in Rhode Island to our Astro Machine facility located in Illinois. Additionally, we ceased selling certain of our older, lower-margin or low-volume PI segment products and made targeted reductions to our workforce. As part of the restructuring plan, we also consolidated certain of our international PI sales and distribution facilities and streamlined our channel partner network. As of January 31, 2024, we have completed this plan. As a result of the adoption and implementation of our PI segment restructuring plan, in the second quarter of fiscal 2024 we recognized a 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. The following table is a summary of the restructuring costs by type for the year ended January 31, 2024:
(1) During the fourth quarter of fiscal 2024, we recorded a $75,000 net reversal to our restructuring charge, which was attributed to lower than anticipated severance charges due to retaining and re-assigning certain employees.
The following table summarizes restructuring costs included in the accompanying consolidated statement of income as of January 31, 2024:
The following table presents the details of liability for Severance and Employee Related Cost:
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. We identified approximately 150 printers sold to our customers that were affected by the faulty ink. In order to remedy these issues and maintain solid customer relationships, during the second quarter of fiscal 2024, we initiated a program to retrofit all of the printers sold to our customers that were affected by the faulty ink. The initial estimated costs associated with this program were $0.9 million, which included the cost of parts, labor and travel. During fiscal 2024, we worked with our customers to either repair or replace the affected printers. At the end of the fourth quarter of fiscal 2024, we adjusted our estimate of costs for this program as we determined not all customers wanted to retrofit their printers and consequently the program was concluded. As a result, at the end of the fourth quarter of fiscal 2024, we reversed $0.2 million of charges for this program. Total costs of this program as of January 31, 2024, as summarized below, were $0.6 million and are included in in the accompanying consolidated statement of income for the year ended January 31, 2024.
(1) During the fourth quarter of fiscal 2024, we recorded a $210,000 net reversal to our retrofit program, which was attributed to lower than anticipated participation by customers in this program and ultimate conclusion of the program as of January 31, 2024. There is no balance in the related liability for this program at January 31, 2024. |
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Concentration of Risk |
12 Months Ended |
|---|---|
Jan. 31, 2024 | |
| Risks and Uncertainties [Abstract] | |
| Concentration of Risk | Note 20—Concentration of Risk Credit is generally extended on an uncollateralized basis to almost all customers after review of credit worthiness. Concentration of credit and geographic risk with respect to accounts receivable is limited due to the large number and general dispersion of accounts, which constitute our customer base. We periodically perform on-going credit evaluations of our customers. We have not historically experienced significant credit losses on collection of our accounts receivable. During the year ended January 31, 2024, we had two vendors that accounted for 23.5% of purchases, and for the years ended January 31, 2023 and 2022, we had one vendor that accounted for 18.7% and 23.3% of purchases, respectively. We had one vendor that accounted for 46.9%, 16.2% and 15.4%, respectively, of accounts payable as of January 31, 2024, 2023 and 2022. |
Commitments and Contingencies |
12 Months Ended |
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Jan. 31, 2024 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Note 21—Commitments and Contingencies In order to meet our manufacturing demands and, in some cases, lock in particular pricing structures for specific goods used in manufacturing, we enter into purchase commitments with our suppliers. At January 31, 2024, our purchase commitments totaled $25.8 million, with $23.1 million due within 12 months, some of which are non-cancelable. We are also subject to contingencies, including legal proceedings and claims arising in the normal course of business that cover a wide range of matters including, among others, contract and employment claims; workers compensation claims; product liability; warranty and modification; and adjustment or replacement of component parts of units sold. Direct costs associated with the estimated resolution of contingencies are accrued at the earliest date at which it is deemed probable that a liability has been incurred and the amount of such liability can be reasonably estimated. While it is impossible to ascertain the ultimate legal and financial liability with respect to contingent liabilities, including lawsuits, we believe that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated financial position or results of operations. It is possible, however, that results of operations for any future period could be materially affected by changes in our assumptions or strategies related to these contingencies or changes out of our control. |
Fair Value Measurements |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | Note 22—Fair Value Measurements Assets and Liabilities Not Recorded at Fair Value on the Consolidated Balance Sheet Our long-term debt, including the current portion, 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 borrowings with the same maturities would be made to borrowers with similar credit ratings and is classified as Level 3. |
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Schedule II - Valuation and Qualifying Accounts and Reserves |
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| SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule II - Valuation and Qualifying Accounts and Reserves | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
(1) The allowance for doubtful accounts has been netted against accounts receivable in the balance sheets as of the respective balance sheet dates. (2)
Uncollectible accounts written off, net of recoveries. |
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Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
|---|---|
Jan. 31, 2024 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis of Presentation: The accompanying financial statements and accompanying notes have been prepared by us pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and are presented in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Our fiscal year end is January 31. Unless otherwise stated, all years and dates refer to our fiscal year. |
| Principles of Consolidation | Principles of Consolidation: The consolidated financial statements include the accounts of AstroNova, Inc. and its subsidiaries. All material intercompany accounts and transactions are eliminated in consolidation. |
| Reclassification | Reclassification: Certain amounts in prior year’s financial statements have been reclassified to conform to the current year’s presentation. |
| Use of Estimates | Use of Estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect these financial statements and accompanying notes using information that is reasonably available to us at this time. Some of the more significant estimates relate to revenue recognition; 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. Consequently, actual results could differ from those estimates. |
| Cash and Cash Equivalents | Cash and Cash Equivalents: Highly liquid investments with an original maturity of 90 days or less are considered to be cash equivalents. At January 31, 2024 and 2023, $2.3 million and $3.2 million, respectively, was held in foreign bank accounts. |
| Inventories | Inventories: Inventories are stated at the lower of standard and average cost or net realizable value and include material, labor and manufacturing overhead. |
| Property, Plant and Equipment | Property, Plant and Equipment: Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is provided on the straight-line basis over the estimated useful lives of the assets (land improvements—10 to 20 years; buildings and leasehold improvements—10 to 45 years; machinery and equipment—3 to 10 years; and computer equipment and software—3 to 10 years). |
| Revenue Recognition | Revenue Recognition: We recognize revenue in accordance with Accounting Standards Codification (“ASC”) 606 “Revenue from Contracts with Customers (“ASC 606”).” The core principle of ASC 606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASC 606 defines a five-step process to recognize revenue and requires judgment and estimates within the revenue recognition process, including identifying contracts with customers, identifying performance obligations in the contract, determining and estimating the amount of any variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation and recognizing revenue when the entity satisfies each performance obligation. The vast majority of our revenue is generated from the sale of distinct products. Revenue is measured as the amount of consideration we expect to receive in exchange for such products, which is generally at the contractually stated prices, and is recognized when we satisfy a performance obligation by transferring control of a product to a customer. The transfer of control generally occurs at one point in time, upon shipment, when title and risk of loss pass to the customer. Returns and customer credits are infrequent and are recorded as a reduction to revenue. Sales taxes and value added taxes collected concurrently with revenue generating activities are excluded from revenue. Many of the contracts entered into with customers are commonly comprised of a combination of equipment, supplies, installation and/or training services. We determine performance obligations by assessing whether the products or services are distinct from other elements of the contract. In order to be distinct, the product must perform either on its own or with readily available resources and must be separate within the context of the contract. Most of our hardware products contain embedded operating systems and data management software which is included in the purchase price of the equipment. The software is deemed incidental to the systems as a whole, as it is not sold or marketed separately, and its production costs are minor compared to those of the hardware system. Hardware and software elements are typically delivered at the same time and are accounted for as a single performance obligation for which revenue is recognized at the point in time when ownership is transferred to the customer. Installation and training services vary based on certain factors such as the complexity of the equipment, staffing availability in a geographic location and customer preferences, and can range from a few days to a few months. The delivery of installation and training services are not assessed to determine whether they are separate performance obligations, as the amounts are not material to the contract. Shipping and handling activities that occur after control over a product has transferred to a customer are accounted for as fulfillment activities rather than performance obligations, as allowed under a practical expedient provided by ASC 606. The shipping and handling fees charged to customers are recognized as revenue and the related costs are included in cost of revenue at the point in time when ownership of the product is transferred to the customer. We may perform services at the request of the customer, generally for the repair and maintenance of products previously sold. These services are short in duration and total approximately 5.0% of revenue for each of the years ended January 31, 2024 and 2023. Revenue is recognized as services are rendered and accepted by the customer. We also provide service agreements on certain of our Product Identification equipment. Service agreements are purchased separately from the equipment and provide for the right to obtain service and maintenance on the equipment for a period of typically one to two years. Accordingly, revenue on these agreements is recognized over the term of the agreements. The portion of service agreement contracts that are uncompleted at the end of any reporting period is included in deferred revenue. We generally provide warranties for our products. The standard warranty period is typically 12 months for most hardware products except for airborne printers, which typically have warranties that extend for 3-5 years, consistent with industry practice. Such assurance-type warranties are not deemed to be separate performance obligations from the hardware product and costs associated with providing the warranties are accrued in accordance with ASC 450, “Contingencies,” as we have the ability to ascertain the likelihood of the liability and can reasonably estimate the amount of the liability. Our estimate of costs to service the warranty obligations is based on historical experience and expectations of future conditions. To the extent that our experience in warranty claims or costs associated with servicing those claims differ from the original estimates, revisions to the estimated warranty liability are recorded at that time, with an offsetting adjustment to cost of revenue. On occasion, customers request a warranty period longer than our standard warranty. In those instances, in which extended warranty services are separately quoted to the customer, an additional performance obligation is created, and the associated revenue is deferred and recognized as service revenue ratably over the term of the extended warranty period. The portion of service contracts and extended warranty services agreements that are uncompleted at the end of any reporting period are included in deferred revenue.
We recognize and subsequently amortize an asset for the incremental direct costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year (Refer to Note 3, “Revenue Recognition” included in our notes to the consolidated financial statements). We apply the practical expedient to expense costs incurred for costs to obtain a contract when the amortization period would have been less than a year. These costs include sales commissions paid to the internal direct sales team as well as to third-party representatives and distributors. Contractual agreements with each of these parties outline commission structures and rates to be paid. In general, such contracts are all individual procurement decisions by the customers and do not include renewal provisions and, as such, the majority of the contracts have an economic life of significantly less than a year. |
| Accounts Receivables and Allowance for Doubtful Accounts | Accounts Receivables and Allowance for Doubtful Accounts: Standard payment terms are typically 30 days after shipment but vary by type and geographic location of our customer. Credit is extended based upon an evaluation of the customer’s financial condition. Our allowance for doubtful accounts represents our estimate of expected credit losses related to our trade receivables. We pool our trade receivables based on similar risk characteristics, such as the age of receivables. To estimate our allowance for doubtful accounts, we leverage information on historical losses, asset-specific risk characteristics, current conditions, and reasonable and supportable forecasts of future conditions. Account balances are written off against the allowance when we deem the amount is uncollectible. Accounts receivable are stated at their estimated net realizable value. |
| Business Combinations | Business Combinations: We account for business acquisitions under the acquisition method of accounting in accordance with ASC 805, ‘‘Business Combinations,’’ where the total purchase price is allocated to the tangible and identified intangible assets acquired and liabilities assumed based on their estimated fair values. The purchase price is allocated using the information currently available, and may be adjusted, up to one year from acquisition date, after obtaining more information regarding, among other things, asset valuations, liabilities assumed and revisions to preliminary estimates. The purchase price in excess of the fair value of the tangible and identified intangible assets acquired less liabilities assumed is recognized as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenue, costs and cash flows, discount rates, and selection of comparable companies. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable. As a result, actual results may differ from these estimates. During the measurement period, we may record adjustments to acquired assets and assumed liabilities, with corresponding offsets to goodwill. Upon the conclusion of a measurement period, any subsequent adjustments are recorded to earnings. At the acquisition date, the Company measures the fair values of all assets acquired and liabilities assumed that arise from contractual contingencies. The Company also measures the fair values of all non-contractual contingencies if, as of the acquisition date, it is more likely than not that the contingencies will give rise to assets or liabilities. Acquisition-related costs not considered part of the considerations are expensed as incurred and recorded in acquisition costs within the consolidated statement of operations. |
| Research and Development Costs | Research and Development Costs: We charge costs to expense in the period incurred, and these expenses are presented in the consolidated statement of income. The following costs are included in research and development expense: salaries and benefits, external engineering service costs, engineering related information costs and supplies. |
| Foreign Currency Translation | Foreign Currency Translation: The financial statements of foreign subsidiaries and branches are measured using the local currency as the functional currency. Foreign currency-denominated assets and liabilities are translated into U.S. dollars at year-end exchange rates with the translation adjustment recorded as a component of accumulated comprehensive income (loss) in shareholders’ equity. Revenues and expenses are translated at the average monthly exchange rates in effect during the related period. We do not provide for U.S. income taxes on foreign currency translation adjustments associated with our subsidiaries in Germany, Denmark and China since their undistributed earnings are considered to be permanently invested. Included in our consolidated statements of income was a net transaction foreign exchange losses of $0.1 million, $0.5 million and $0.3 million in fiscal 2024, 2023 and 2022, respectively. |
| Advertising | Advertising: We expense advertising costs as incurred. Advertising costs including advertising production, trade shows and other activities are designed to enhance demand for our products and amounted to approximately $1.8 million, $1.6 million, and $1.3 million in fiscal years 2024, 2023, and 2022, respectively. |
| Long-Lived Assets | Long-Lived Assets: Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. If the projected undiscounted cash flows are less than the carrying value, then an impairment charge would be recorded for the excess of the carrying value over the fair value, as determined by the discounting of future cash flows. There were no impairment charges for our long-lived assets in fiscal years 2024, 2023, or 2022. |
| Intangible Assets | Intangible Assets: Intangible assets include the value of customer and distributor relationships, trademarks and existing technology acquired in connection with business and asset acquisitions and are stated at cost (fair value at acquisition) less accumulated amortization. These intangible assets have a definite life and are amortized over the assets’ useful lives using a systematic and rational basis which is representative of the assets’ use. Intangible assets with a definite life are tested for impairment whenever events or circumstances indicate that the carrying amount of an asset (asset group) may not be recoverable. If necessary, an impairment loss is recognized when the carrying amount of an asset exceeds the estimated undiscounted cash flows used in determining the fair value of the asset. The amount of the impairment loss recorded is calculated by the excess of the asset’s carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis. There were no impairment charges for our intangible assets in fiscal years 2024, 2023, or 2022. |
| Goodwill | Goodwill: Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in a purchase business combination. Management evaluates the recoverability of goodwill annually or more frequently if events or changes in circumstances, such as declines in revenue, earnings or cash flows, or material adverse changes in the business climate indicate that the carrying value of an asset might be impaired. Goodwill is tested for impairment at the reporting unit level. A reporting unit is an operating segment, or a business unit one level below an operating segment if discrete financial information for that business is prepared and regularly reviewed by segment management. However, components within an operating segment are aggregated as a single reporting unit if they have similar economic characteristics. We determined that each of our operating segments Product Identification (“PI”) and Test & Measurement (“T&M”) represents a reporting unit for purposes of goodwill impairment testing. The accounting guidance related to goodwill impairment testing allows for the performance of an optional qualitative assessment of whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Factors that management considers in this qualitative assessment include macroeconomic conditions, industry and market considerations, overall financial performance (both current and projected), changes in management and strategy and changes in the composition or carrying amount of net assets. If this qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then a quantitative assessment is required for the reporting unit. Additionally, we can elect to forgo the qualitative assessment and perform the quantitative test. The quantitative assessment compares the fair value of the reporting unit with its carrying value. If the quantitative assessment is performed, we estimate the fair value of our reporting units using a blended income and market approach. The income approach is based on a discounted cash flow model and provides a fair value estimate based upon the reporting unit’s expected long-term operating cash flow performance. The market approach compares the reporting unit to publicly traded companies and transactions involving similar business, and requires the use of many assumptions and estimates including future revenue, expenses, capital expenditures, and working capital, as well as discount factors and income tax rates. If the fair value of the reporting unit exceeds the carrying value of the net assets including goodwill assigned to that unit, goodwill is not impaired. If the carrying value of the reporting unit’s net assets including goodwill exceeds the fair value of the reporting unit, then we record an impairment charge based on that difference. We performed a qualitative assessment for our fiscal 2024 analysis of goodwill. Based on this assessment, management does not believe that it is more likely than not that the carrying values of the reporting units exceed their fair values. Accordingly, no quantitative assessment was performed. There were no impairment charges for our goodwill in fiscal years 2024, 2023, or 2022. |
| Leases | Leases: We account for our leases in accordance with ASC 842, “Leases” (“ASC 842”). ASC 842 requires a lessee to recognize assets and liabilities on the balance sheet for all leases, with the result being the recognition of a right of use (“ROU”) asset and a lease liability. The lease liability is equal to the present value of the minimum lease payments for the term of the lease, including any optional renewal periods determined to be reasonably certain to be exercised, using a discount rate determined at lease commencement. This discount rate is the rate implicit in the lease, if known; otherwise, the incremental borrowing rate for the expected lease term is used. Our incremental borrowing rate approximates the rate we would have to pay to borrow on a collateralized basis over a similar term at lease inception. The value of the ROU asset is equal to the initial measurement of the lease liability plus any lease payments made to the lessor at or before the commencement date and any unamortized initial direct costs incurred by the lessee, less any unamortized lease incentives received. Several of our lease contracts include options to extend the lease term and we include the renewal options for these leases in the determination of the ROU asset and lease liability when the likelihood of renewal is determined to be reasonably certain. We enter into lease contracts for certain of our facilities at various locations worldwide. At inception of a contract, we determine whether the contract is or contains a lease. If we have a right to obtain substantially all of the economic benefits from the use of the identified asset and the right to direct the use of the asset, then the contract contains a lease. There are two types of leases, operating leases and finance leases. Lease classification is determined at lease commencement. We have made an accounting policy election to apply the short-term exception, which does not require the capitalization of leases with terms of 12 months or less. All of our leases are classified as operating leases. Operating lease expense is recognized on a straight-line basis over the lease term and included in general and administrative expense on the consolidated statement of income. ROU assets are classified as such on the consolidated balance sheets, short-term lease liabilities are classified in accrued expenses, and long-term lease liabilities are classified as such in the consolidated balance sheets. In the statements of cash flow, payments for operating leases are classified as operating activities. In addition, several of our facility lease agreements include non-lease components for items such as common area maintenance and utilities which are accounted for separately from the lease component. |
| Income Taxes | Income Taxes: We use the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting basis and tax basis of the assets and liabilities and are measured using statutory tax rates that will be in effect when the differences are expected to reverse. Our deferred taxes are presented as non-current in the accompanying consolidated balance sheet. An allowance against deferred tax assets is recognized when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. At both January 31, 2024 and January 31, 2023, a valuation allowance was provided for deferred tax assets attributable to certain domestic R&D, foreign tax credit carryforwards and China net operating losses, all of which are expected to expire unused. We account for uncertain tax positions in accordance with the guidance provided in ASC 740, “Accounting for Income Taxes.” This guidance describes a recognition threshold and measurement attribute for the financial statement disclosure of tax positions taken or expected to be taken in a tax return and requires recognition of tax benefits that satisfy a more-likely-than-not threshold. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods and disclosure. |
| Net Income Per Common Share | Net Income Per Common Share: Basic net income per share is based on the weighted average number of shares outstanding during the period. Diluted net income per share is based on the basic weighted average number of shares and potential common equivalent shares for stock options, restricted stock awards and restricted stock units outstanding during the period using the treasury stock method. In fiscal years 2024, 2023, and 2022, there were 295,370; 685,667; and 345,085, respectively, common equivalent shares that were not included in the computation of diluted net income per common share because their inclusion would be anti-dilutive. |
| Fair Value Measurement | Fair Value Measurement: We measure our assets and liabilities at fair value on a recurring and non-recurring basis in accordance with the guidance provided in ASC 820, “Fair Value Measurement and Disclosures,” which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In addition, ASC 820 establishes a three-tiered hierarchy for inputs used in management’s determination of fair value of financial instruments that emphasizes the use of observable inputs over the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect management’s belief about the assumptions market participants would use in pricing a financial instrument based on the best information available in the circumstances. The fair value hierarchy is summarized as follows: • Level 1—Quoted prices in active markets for identical assets or liabilities; • Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Cash and cash equivalents, accounts receivable, accounts payable, accrued compensation, other accrued expenses and income tax payable are reflected in the consolidated balance sheet at carrying value, which approximates fair value due to the short-term nature of these instruments. |
| Self-Insurance | Self-Insurance: We are self-insured for U.S. medical and dental benefits for qualifying employees and maintain stop-loss coverage from a third party which limits our exposure to large claims. We record a liability associated with these benefits that includes an estimate of both claims filed and losses incurred but not yet reported based on historical claims experience. In estimating this accrual, we utilize an independent third-party broker to estimate a range of expected losses, which are based on analyses of historical data. Assumptions are closely monitored and adjusted when warranted by changing circumstances. Our liability for self-insured claims is included within accrued compensation in our consolidated balance sheets and was $0.3 million at both January 31, 2024 and 2023. |
| Share-Based Compensation | Share-Based Compensation: Compensation expense for time-based restricted stock units is measured at the grant date and recognized ratably over the vesting period. We determine the fair value of time-based and performance-based restricted stock units based on the closing market price of our common stock on the grant date. The recognition of compensation expense associated with performance-based restricted stock units requires judgment in assessing the probability of meeting the performance goals, as well as defined criteria for assessing achievement of the performance-related goals. For purposes of measuring compensation expense, the number of shares ultimately expected to vest is estimated at each reporting date based on management’s expectations regarding the relevant performance criteria. The performance shares begin vesting only upon the achievement of the performance criteria. The achievement of the performance goals can impact the valuation and associated expense of the restricted stock units. The assumptions used in accounting for the share-based payment awards represent management’s best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if circumstances change and we use different assumptions, our stock-based compensation expense could be materially different in the future. Share-based compensation becomes deductible for determining income taxes when the related award vests, is exercised, or is forfeited depending on the type of share-based award and subject to relevant tax law. |
| Derivative Financial Instruments | Derivative Financial Instruments: We occasionally use derivative instruments as part of our overall strategy to manage exposure to market risks primarily associated with fluctuations in foreign currency exchange rates and interest rates. Derivative instruments are recognized as either assets or liabilities in the balance sheet at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the statement of income during the current period. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation. For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative instrument is reported as a component of other comprehensive income/(loss) and reclassified into earnings in the same line item associated with the forecasted transaction, and in the same period or periods during which the hedged transaction affects earnings (e.g., in “Interest Expense” when the hedged transactions are interest cash flows associated with floating-rate debt, or “Other, Net” for portions reclassified relating to the remeasurement of the debt). The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item, if any, are recognized in the statement of income during the current period. |
| Recent Accounting Pronouncements | Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”) to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 modifies the requirement for income tax disclosures to include (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. We will adopt this standard beginning with our fiscal year ending January 31, 2025. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures. In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker (CODM), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. ASU 2023-07 also requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss. Public entities will be required to provide all annual disclosures currently required by ASU 2023-07 in interim periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. We will adopt this standard beginning with our fiscal year ending January 31, 2025, and for interim periods beginning with our first quarter of fiscal 2026. We are currently evaluating the new disclosure requirements of ASU 2023-07 and do not expect the adoption of this guidance to have a material impact on our consolidated financial statements or disclosures. In October 2023, the FASB issued Accounting Standard Update 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Updated and Simplification Initiative” (“ASU 2023-06”), which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. ASU 2023-06 was issued in response to the U.S. Securities and Exchange Commission’s (the “SEC”) August 2018 final rule that updated and simplified disclosure requirements and is intended to align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for all entities. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. For all other entities, the amendments will be effective two years later. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective for any entity. We are currently assessing potential impacts of ASU 2023-06 and do not expect the adoption of this guidance to have a material impact on our condensed consolidated financial statements and disclosures. There were no other new accounting pronouncements, issued or effective during fiscal 2024, that have had or are expected to have a material impact on our consolidated financial statements. |
Acquisitions (Tables) |
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Jan. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 asset 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 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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Jan. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Revenues Disaggregated by Primary Geographic Markets and Major Product Type | Revenues disaggregated by primary geographic markets and major product types are as follows: Primary geographical markets:
*Certain amounts have been reclassified to conform to the current year's presentation. Major product types:
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Intangible Assets (Tables) |
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Jan. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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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Jan. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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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Jan. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Property, Plant and Equipment | Property, plant and equipment consist of the following:
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Accrued Expenses (Tables) |
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Jan. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payables and Accruals [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Accrued Expenses | Accrued expenses consist of the following:
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Credit Agreement and Long-Term Debt (Tables) |
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Jan. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long Term Debt in the Accompanying Consolidated Balance Sheets | Long-term debt in the accompanying 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 on our long-term debt outstanding as of January 31, 2024 is as follows:
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Leases (Tables) |
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Jan. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 | At January 31, 2024, 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) |
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| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in Balance of Accumulated Other Comprehensive Loss | The changes in the balance of accumulated other comprehensive loss by component are as follows:
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Share-Based Compensation (Tables) |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Compensation Expense | Share-based compensation expense has been recognized as follows:
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| Aggregated Information Regarding Stock Options Granted | Aggregated information regarding stock options granted under the plans is summarized below:
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| Summary of Options Outstanding | Set forth below is a summary of options outstanding at January 31, 2024:
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| Aggregated Information Regarding RSUs and RSAs Granted | Aggregated information regarding RSUs, PSUs and RSAs granted under the Plan is summarized below:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Income before Income Taxes | The components of income before income taxes are as follows:
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| Components of Provision for Income Taxes | The components of the provision for income taxes are as follows:
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| Reconciliation of income tax provision/(benefit) With The Amount Computed By Applying The Statutory Federal Income Tax Rate To The Income Before Income Tax Provision/(benefit) | Total income tax provision differs from the expected tax provision as a result of the following:
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| Tax Effects of Temporary Differences that gave Rise to Significant Portions of Deferred Tax Assets and Liabilities | The components of deferred income tax expense arise from various temporary differences and relate to items included in the statement of income. The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities are as follows:
* Beginning in fiscal 2023, changes to Section 174 of the Internal Revenue Code made by the Tax Cuts and Jobs Act of 2017 (“TCJA”) no longer permit an immediate deduction for research and development expenditures in the tax year that such costs are incurred. These costs are capitalized resulting in an increase in deferred tax assets of $0.8 million from fiscal 2023 to fiscal 2024. Deferred taxes are reflected in the consolidated balance sheet as follows:
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| Changes in Balance of Unrecognized Tax Benefits, Excluding Interest and Penalties | The changes in the balances of unrecognized tax benefits, excluding interest and penalties are as follows:
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Nature of Operations, Segment Reporting and Geographical Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Sales and Segment Operating Profit for Each Reporting Segment | Summarized below are the revenue and segment operating profit (both in dollars and as a percentage of revenue) for each reporting segment:
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| Summary of Other Information by Segment | Other information by segment is presented below:
* Corporate assets consist principally of cash, cash equivalents, deferred tax assets and refunds, and certain prepaid corporate assets.
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| Summary of Selected Financial Information by Geographic Area | Presented below is selected financial information by geographic area:
(1) Certain amounts have been reclassified to conform to the current year's presentation. (2) Long-lived assets exclude goodwill assigned to the T&M segment of $4.5 million at both January 31, 2024 and 2023 and $10.1 million assigned to the PI segment at both January 31, 2024 and 2023. |
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Product Warranty Liability (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Guarantees and Product Warranties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Activity in Product Warranty Liability | Activity in the product warranty liability, which is included in other accrued expenses in the accompanying consolidated balance sheet, is as follows:
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Restructuring (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Restructuring Cost by Type and Changes in Liability | The following table is a summary of the restructuring costs by type for the year ended January 31, 2024:
The following table presents the details of liability for Severance and Employee Related Cost:
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| Summarizes Restructuring Costs | The following table summarizes restructuring costs included in the accompanying consolidated statement of income as of January 31, 2024:
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| Summarized Cost of Product Retrofit Program |
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Changes in Fair value of Level 3 Financial Liability | Our long-term debt, including the current portion, not reflected in the financial statements at fair value, is reflected in the table below:
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Acquisitions - Summary of Purchase Price of Acquisition Allocated on Basis of Fair Value (Detail) - USD ($) $ in Thousands |
Jan. 31, 2024 |
Jan. 31, 2023 |
Aug. 04, 2022 |
|---|---|---|---|
| Business Acquisition [Line Items] | |||
| Goodwill | $ 14,633 | $ 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 |
12 Months Ended | |
|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
|
| Business Acquisition Pro Forma Information [Line Items] | ||
| Revenue | $ 18,147 | $ 12,515 |
| Earnings before Taxes | $ 2,616 | $ 1,571 |
Acquisitions - Summary of Acquired Identifiable Intangible Asset (Detail) - Customer Contract Relationships [Member] $ in Thousands |
Jan. 31, 2024
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 |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
[1] | Jan. 31, 2022 |
|||
| Disaggregation of Revenue [Line Items] | ||||||
| Total Revenue | $ 148,086 | $ 142,527 | $ 117,480 | |||
| United States [Member] | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Total Revenue | 84,757 | 83,559 | 68,185 | |||
| Europe [Member] | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Total Revenue | 41,761 | 38,859 | 31,922 | |||
| Canada [Member] | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Total Revenue | 8,742 | 8,690 | 6,519 | |||
| Asia [Member] | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Total Revenue | 7,216 | 5,547 | 5,926 | |||
| Central and South America [Member] | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Total Revenue | 4,221 | 4,589 | 3,271 | |||
| Other [Member] | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Total Revenue | $ 1,389 | $ 1,283 | $ 1,657 | |||
| ||||||
Revenue Recognition - Summary of Revenues Disaggregated by Primary Product Type (Detail) - USD ($) $ in Thousands |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2022 |
||||
| Disaggregation of Revenue [Line Items] | ||||||
| Total Revenue | $ 148,086 | $ 142,527 | [1] | $ 117,480 | ||
| Hardware [Member] | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Total Revenue | 49,440 | 42,445 | 31,492 | |||
| Supplies [Member] | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Total Revenue | 79,252 | 82,072 | 73,244 | |||
| Service and Other [Member] | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Total Revenue | $ 19,394 | $ 18,010 | $ 12,744 | |||
| ||||||
Revenue Recognition - Additional Information (Detail) - USD ($) |
12 Months Ended | |||
|---|---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2022 |
Dec. 31, 2022 |
|
| Contract liabilities and extended warranties | $ 530,000 | $ 412,000 | ||
| Revenue recognized | 704,000 | |||
| Contract assets balance | 1,300,000 | |||
| Amortization of incremental direct costs | 75,000 | 75,000 | $ 60,000 | |
| Deferred incremental direct contract costs reported in other current assets | $ 100,000 | |||
| Capitalized contract costs amounts incurred amortization period | 17 years | |||
| Aerospace Customer [Member] | ||||
| Deferred Revenue | $ 800,000 | 2,150,000 | ||
| Deferred incremental direct contract costs reported in other assets | 1,200,000 | |||
| Contract with customer liability | $ 3,250,000 | |||
| Revenue recognized | $ 1,300,000 | $ 1,100,000 | ||
Intangible Assets - Additional Information (Detail) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2022 |
|
| Impairment of Intangible Assets (Excluding Goodwill) [Abstract] | |||
| Impairments of intangible assets | $ 0 | $ 0 | $ 0 |
| Amortization expense | $ 2,400,000 | $ 1,900,000 | $ 2,200,000 |
Intangible Assets - Summary of Estimated Amortization Expense (Detail) $ in Thousands |
Jan. 31, 2024
USD ($)
|
|---|---|
| Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
| 2025 | $ 1,723 |
| 2026 | 1,723 |
| 2027 | 1,723 |
| 2028 | 1,723 |
| 2029 | $ 1,281 |
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands |
Jan. 31, 2024 |
Jan. 31, 2023 |
|---|---|---|
| Inventory Disclosure [Abstract] | ||
| Materials and Supplies | $ 39,078 | $ 38,387 |
| Work-in-Progress | 1,054 | 1,146 |
| Finished Goods | 15,645 | 23,221 |
| Inventory, Gross | 55,777 | 62,754 |
| Inventory Reserve | (9,406) | (11,430) |
| Inventories | $ 46,371 | $ 51,324 |
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands |
Jan. 31, 2024 |
Jan. 31, 2023 |
|---|---|---|
| Property, Plant and Equipment [Abstract] | ||
| Land and Land Improvements | $ 2,304 | $ 2,304 |
| Buildings and Leasehold Improvements | 14,381 | 14,158 |
| Machinery and Equipment | 26,123 | 24,960 |
| Computer Equipment and Software | 14,238 | 13,972 |
| Gross Property, Plant and Equipment | 57,046 | 55,394 |
| Accumulated Depreciation | (42,861) | (41,106) |
| Net Property Plant and Equipment | $ 14,185 | $ 14,288 |
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2022 |
|
| Property, Plant and Equipment [Line Items] | |||
| Depreciation expense on property, plant and equipment | $ 1.8 | $ 2.0 | $ 1.7 |
| Nonoperating Income (Expense) [Member] | |||
| Property, Plant and Equipment [Line Items] | |||
| Capitalized Computer Software, Impairments | $ 0.7 | ||
Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands |
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2022 |
Jan. 31, 2021 |
|---|---|---|---|---|
| Payables and Accruals [Abstract] | ||||
| Warranty | $ 711 | $ 1,072 | $ 834 | $ 730 |
| Professional Fees | 375 | 311 | ||
| Current portion of Lease Liability | 233 | 275 | ||
| Accrued Property & Sales Tax | 209 | 187 | ||
| Stockholder Relation Fees | 94 | 86 | ||
| Dealer Commissions | 64 | 78 | ||
| Other Accrued Expenses | 1,020 | 1,299 | ||
| Total | $ 2,706 | $ 3,308 | ||
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Total | Total |
Credit Agreement and Long- Term Debt - Schedule of Long Term Debt in the Accompanying Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands |
Jan. 31, 2024 |
Jan. 31, 2023 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Total Long Term Debt | $ 12,972 | $ 14,250 |
| Less: Debt Issuance Costs, net of accumulated amortization | 80 | 110 |
| Current Portion of Long-Term Debt | 2,842 | 2,100 |
| Long-Term Debt, net of current portion | 10,050 | 12,040 |
| Term Loan Due August 4, 2027 [Member] | ||
| Debt Instrument [Line Items] | ||
| Total Long Term Debt | 12,150 | $ 14,250 |
| Equipment Loan Due January 23, 2029 [Member] | ||
| Debt Instrument [Line Items] | ||
| Total Long Term Debt | $ 822 |
Credit Agreement and Long- Term Debt - Schedule of Long Term Debt in the Accompanying Consolidated Balance Sheets (Parenthetical) (Details) |
12 Months Ended | |
|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
|
| Term Loan Due August 4, 2027 [Member] | ||
| Debt Instrument [Line Items] | ||
| Interest rate | 7.56% | 6.78% |
| Debt instrument, description of variable rate basis | Term Loan (7.56% as of January 31, 2024 and 6.78% as of January 31, 2023); maturity date of August 4, 2027 | |
| Debt instrument, maturity date | Aug. 04, 2027 | Aug. 04, 2027 |
| Equipment Loan Due January 23, 2029 [Member] | ||
| Debt Instrument [Line Items] | ||
| Interest rate | 7.06% | |
| Debt instrument, maturity date | Jan. 23, 2029 | |
Credit Agreement and Long- Term Debt- Schedule of Required Principal Payments Remaining on Long Term Debt Outstanding (Detail) - Term Loan [Member] $ in Thousands |
Jan. 31, 2024
USD ($)
|
|---|---|
| Debt Instrument [Line Items] | |
| Fiscal 2025 | $ 2,842 |
| Fiscal 2026 | 2,852 |
| Fiscal 2027 | 2,864 |
| Fiscal 2028 | 4,226 |
| Fiscal 2029 | 188 |
| Long-term Debt | $ 12,972 |
Paycheck Protection Program Loan - Additional information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Jan. 31, 2022 |
Jun. 15, 2021 |
Jul. 30, 2022 |
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2022 |
May 06, 2020 |
|
| Gain on Extinguishment of Debt – PPP Loan | $ 0 | $ 0 | $ 4,466 | ||||
| Paycheck Protection Program Loan [Member] | Green wood Credit Union [Member] | |||||||
| Debt instrument face amount | $ 4,400 | ||||||
| Loan, payment terms | The PPP Loan, originally scheduled to mature on May 6, 2022, was unsecured and bore interest at a rate of 1.0% per annum, accruing from the loan date. | ||||||
| Loan, maturity date | May 06, 2022 | ||||||
| Loan, interest rate | 1.00% | 1.00% | |||||
| Amount of PPP loan forgiven | $ 4,400 | ||||||
| Gain on Extinguishment of Debt – PPP Loan | $ 4,500 | ||||||
Royalty Obligation - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Jan. 31, 2018 |
Jan. 31, 2023 |
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2022 |
|
| Guaranteed Minimum Royalty Payments | $ 11,500 | ||||
| Royalty Obligation, Current | $ 1,725 | 1,700 | $ 1,725 | ||
| Royalty Obligation Non Current | 3,415 | 2,093 | 3,415 | ||
| Excess Royalty Payments | 100 | ||||
| Accrued Royalties, Current, Excess Royalty Payment Due | $ 562 | 935 | 562 | ||
| Honeywell Asset Purchase and License Agreement [Member] | |||||
| Payment Term Period | 10 years | ||||
| Payment Maturity Date | Sep. 30, 2028 | ||||
| Minimum Royalty Payment Obligation | $ 15,000 | ||||
| Royalty Obligation, Current | 1,500 | ||||
| Royalty Obligation Non Current | 1,700 | ||||
| Excess Royalty Payments | 2,300 | $ 1,300 | $ 500 | ||
| Accrued Royalties, Current, Excess Royalty Payment Due | $ 900 | ||||
Leases - Additional Information (Detail) |
Jan. 31, 2024 |
|---|---|
| Leases [Abstract] | |
| Operating Lease, Weighted Average Remaining Lease Term | 3 years 1 month 6 days |
| Operating Lease, Weighted Average Discount Rate, Percent | 4.38% |
Leases - Schedule Of Balance Sheet And Other Information Related To Operating Leases (Detail) - USD ($) $ in Thousands |
Jan. 31, 2024 |
Jan. 31, 2023 |
|---|---|---|
| Operating Leases [Abstract] | ||
| Lease Assets | $ 603 | $ 794 |
| Lease Liabilities - Current | 233 | 275 |
| Lease Liabilities - Long Term | $ 415 | $ 555 |
Leases - Lease Cost Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
|
| General and Administrative Expense [Member] | ||
| Operating Lease Costs | $ 470 | $ 460 |
Leases - Maturities of lease liabilities (Detail) $ in Thousands |
Jan. 31, 2024
USD ($)
|
|---|---|
| Leases [Abstract] | |
| 2025 | $ 256 |
| 2026 | 197 |
| 2027 | 148 |
| 2028 | 92 |
| 2029 | 0 |
| Thereafter | 0 |
| Total Lease Payments | 693 |
| Less: Imputed Interest | (45) |
| Total Lease Liabilities | $ 648 |
Leases - Supplemental cash flow information (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
|
| Cash paid for amounts included in the measurement of lease liabilities [Abstract] | ||
| Cash paid for operating lease liabilities | $ 350 | $ 314 |
Shareholders' Equity - Additional information (Detail) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
|
| Equity [Abstract] | ||
| Company shares given to employees, shares | 26,731 | 17,752 |
| Company shares given to employees, value | $ 0.4 | $ 0.3 |
Share-Based Compensation - Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2022 |
|
| Share-based Compensation [Abstract] | |||
| Stock Options | $ 0 | $ 7 | $ 210 |
| Restricted Stock Awards and Restricted Stock Units | 1,322 | 1,271 | 1,266 |
| Employee Stock Purchase Plan | 25 | 12 | 17 |
| Total | $ 1,347 | $ 1,290 | $ 1,493 |
Share-Based Compensation - Aggregated Information Regarding Stock Options Granted (Detail) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2022 |
|
| Share-based Compensation [Abstract] | |||
| Beginning balance, Number of Options | 547,199 | 598,043 | 622,083 |
| Granted, Number of Options | 0 | 0 | 0 |
| Exercised, Number of Options | (9,100) | (42,944) | (6,425) |
| Forfeited, Number of Options | (10,525) | (5,500) | (17,615) |
| Cancelled, Number of Options | (4,225) | (2,400) | 0 |
| Ending balance, Number of Options | 523,349 | 547,199 | 598,043 |
| Beginning balance, Weighted-Average Exercise Price Per Share | $ 15.16 | $ 14.67 | $ 14.63 |
| Granted, Weighted-Average Exercise Price Per Share | 0 | 0 | 0 |
| Exercised, Weighted-Average Exercise Price Per Share | 11.54 | 8.74 | 9.34 |
| Forfeited, Weighted-Average Exercise Price Per Share | 15.2 | 15.42 | 15.09 |
| Cancelled, Weighted-Average Exercise Price Per Share | 10.5 | 8.09 | 0 |
| Ending balance, Weighted-Average Exercise Price Per Share | $ 15.26 | $ 15.16 | $ 14.67 |
Income Taxes - Components of Income before Income Taxes (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2022 |
|
| Income Tax Disclosure [Abstract] | |||
| Domestic | $ 5,448 | $ 1,773 | $ 5,046 |
| Foreign | 625 | 1,637 | 1,988 |
| Income before Income Taxes | $ 6,073 | $ 3,410 | $ 7,034 |
Income Taxes - Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2022 |
|
| Current: | |||
| Federal | $ 966 | $ 902 | $ (183) |
| State | 71 | 313 | 76 |
| Foreign | 420 | 870 | 501 |
| Current Income Tax Expense | 1,457 | 2,085 | 394 |
| Deferred: | |||
| Federal | (32) | (1,053) | 180 |
| State | 2 | (315) | 177 |
| Foreign | (48) | 32 | (146) |
| Deferred Income Tax Expense Total | (78) | (1,336) | 211 |
| Total | $ 1,379 | $ 749 | $ 605 |
Income Taxes - Reconciliation of income tax provision/(benefit) With The Amount Computed By Applying The Statutory Federal Income Tax Rate To The Income Before Income Tax Provision/(benefit) (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2022 |
|
| Income Tax Disclosure [Abstract] | |||
| Income Tax Provision at Statutory Rate | $ 1,275 | $ 716 | $ 1,477 |
| Change in Valuation Allowance | 73 | 182 | 57 |
| Foreign Rate Differential | 197 | 157 | 61 |
| Change in Reserves Related to ASC 740 Liability | 60 | 93 | (245) |
| Meals and Entertainment | 14 | 0 | 9 |
| Foreign Derived Intangible Income | (98) | (180) | (55) |
| R&D Credits | (160) | (160) | (180) |
| Share Based Compensation | (43) | (52) | (95) |
| Return to Provision Adjustment | 12 | (22) | 368 |
| State Taxes, Net of Federal Tax Effect | 56 | (2) | 143 |
| PPP Loan Forgiveness | (937) | ||
| Other | (7) | 17 | 2 |
| Total | $ 1,379 | $ 749 | $ 605 |
Income Taxes - Tax Effects of Temporary Differences that gave Rise to Significant Portions of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands |
Jan. 31, 2024 |
Jan. 31, 2023 |
||
|---|---|---|---|---|
| Deferred Tax Assets: | ||||
| Inventory | $ 2,242 | $ 2,710 | ||
| Honeywell Royalty Liability | 3,561 | 3,008 | ||
| State R&D Credits | 2,160 | 1,851 | ||
| Share-Based Compensation | 590 | 620 | ||
| Bad Debt | 134 | 180 | ||
| Warranty Reserve | 171 | 258 | ||
| Compensation Accrual | 276 | 248 | ||
| Net Operating Loss | 199 | 135 | ||
| ASC 842 Adjustment - Lease Liability | 38 | 53 | ||
| Unrecognized State Tax Benefits | 49 | 58 | ||
| Foreign Tax Credit | 154 | 154 | ||
| Deferred Service Contract Revenue | 100 | 90 | ||
| Section 174 Capitalization | [1] | 1,981 | 1,175 | |
| Other | 381 | 281 | ||
| Deferred Tax Assets, Total | 12,036 | 10,821 | ||
| Deferred Tax Liabilities: | ||||
| Accumulated Tax Depreciation in Excess of Book Depreciation | 1,491 | 1,037 | ||
| Intangibles | 989 | 694 | ||
| ASC 842 Adjustment - Lease Liability | 33 | 50 | ||
| Other | 206 | 180 | ||
| Deferred Tax Liabilities, Total | 2,719 | 1,961 | ||
| Subtotal | 9,317 | 8,860 | ||
| Valuation Allowance | (2,534) | (2,120) | ||
| Net Deferred Tax Assets | 6,783 | 6,740 | ||
| Deferred taxes are reflected in the consolidated balance sheet as follows: | ||||
| Deferred Tax Assets | 6,882 | 6,907 | ||
| Deferred Tax Liabilities | (99) | (167) | ||
| Total Net Deferred Tax Assets | $ 6,783 | $ 6,740 | ||
| ||||
Income Taxes - Tax Effects of Temporary Differences that gave Rise to Significant Portions of Deferred Tax Assets and Liabilities (Parenthetical) (Detail) $ in Millions |
12 Months Ended |
|---|---|
|
Jan. 31, 2024
USD ($)
| |
| Income Tax Disclosure [Abstract] | |
| Increase decrease in deferred tax assets | $ 0.8 |
Income Taxes - Change in Balance of Unrecognized Tax Benefits, Excluding Interest and Penalties (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2022 |
|
| Income Tax Disclosure [Abstract] | |||
| Balance ,beginning of the year | $ 414 | $ 303 | $ 384 |
| Increases in prior period tax positions | 0 | 24 | 63 |
| Increases in current period tax positions | 162 | 136 | 67 |
| Reductions related to lapse of statutes of limitations | (71) | (49) | (211) |
| Balance, end of the year | $ 505 | $ 414 | $ 303 |
Nature of Operations, Segment Reporting and Geographical Information - Additional Information (Detail) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
|
Jan. 31, 2024
USD ($)
Segment
Customer
|
Jan. 31, 2023
USD ($)
Customer
|
Jan. 31, 2022
Customer
|
|
| Segment Reporting Information [Line Items] | |||
| Number of reporting segments | Segment | 2 | ||
| Customer accounted for greater than 10% of net sales | Customer | 0 | 0 | 0 |
| Goodwill assigned | $ 14,633 | $ 14,658 | |
| T&M [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Goodwill assigned | 4,500 | 4,500 | |
| Product Identification [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Goodwill assigned | $ 10,100 | $ 10,100 |
Nature of Operations, Segment Reporting and Geographical Information - Net Sales and Segment Operating Profit for Each Reporting Segment (Detail) - USD ($) $ in Thousands |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2022 |
||||
| Segment Reporting Information [Line Items] | ||||||
| Revenue | $ 148,086 | $ 142,527 | [1] | $ 117,480 | ||
| Corporate Expenses | 11,491 | 11,435 | 9,553 | |||
| Operating Income | 8,796 | 5,443 | 4,256 | |||
| Other Income (Expense), Net | $ (2,723) | $ (2,033) | $ 2,778 | |||
| Segment Operating Profit % of Net Sales | 13.70% | 11.80% | 11.80% | |||
| Income before Income Taxes | $ 6,073 | $ 3,410 | $ 7,034 | |||
| Income Tax Provision | 1,379 | 749 | 605 | |||
| Net Income | 4,694 | 2,661 | 6,429 | |||
| Operating Segments [Member] | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Operating Income | 20,287 | 16,878 | 13,809 | |||
| Operating Segments [Member] | Product Identification [Member] | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Revenue | 104,041 | 103,089 | 90,915 | |||
| Operating Income | $ 10,087 | $ 7,889 | $ 10,411 | |||
| Segment Operating Profit % of Net Sales | 9.70% | 7.70% | 11.50% | |||
| Operating Segments [Member] | T&M [Member] | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Revenue | $ 44,045 | $ 39,438 | $ 26,565 | |||
| Operating Income | $ 10,200 | $ 8,989 | $ 3,398 | |||
| Segment Operating Profit % of Net Sales | 23.20% | 22.80% | 12.80% | |||
| Corporate Expenses [Member] | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Corporate Expenses | $ 11,491 | $ 11,435 | $ 9,553 | |||
| ||||||
Nature of Operations, Segment Reporting and Geographical Information - Summary of Other Information by Segment (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2022 |
|
| Segment Reporting Information [Line Items] | |||
| Assets | $ 133,251 | $ 139,207 | |
| Depreciation and Amortization | 4,266 | 3,916 | $ 3,994 |
| Capital Expenditures | 1,696 | 229 | 1,796 |
| Operating Segments [Member] | Product Identification [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Assets | 64,686 | 69,607 | |
| Depreciation and Amortization | 2,572 | 2,219 | 1,157 |
| Capital Expenditures | 1,686 | 121 | 847 |
| Operating Segments [Member] | T&M [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Assets | 61,125 | 60,730 | |
| Depreciation and Amortization | 1,694 | 1,697 | 2,837 |
| Capital Expenditures | 10 | 108 | $ 949 |
| Corporate Expenses [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Assets | $ 7,440 | $ 8,870 | |
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2022 |
|
| Postemployment Benefits [Abstract] | |||
| Contributions paid or accrued amounted | $ 0.5 | $ 0.5 | $ 0.5 |
Product Warranty Liability - Activity in Product Warranty Liability (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2022 |
|
| Product Warranties Disclosures [Abstract] | |||
| Balance, beginning of the year | $ 1,072 | $ 834 | $ 730 |
| Provision for Warranty Expense | 1,181 | 2,077 | 2,174 |
| Cost of Warranty Repairs | (1,542) | (1,839) | (2,070) |
| Balance, end of the year | $ 711 | $ 1,072 | $ 834 |
Product Warranty Liability - Additional Information (Detail) |
12 Months Ended |
|---|---|
|
Jan. 31, 2023
USD ($)
| |
| Product Warranties Disclosures [Abstract] | |
| Reimbursement received from vendor | $ 975,000 |
Restructuring - Additional Information (Detail) |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
|
Jan. 31, 2024
USD ($)
Printer
|
Jul. 29, 2023
USD ($)
|
Jan. 31, 2024
USD ($)
Printer
|
|
| Restructuring Cost and Reserve [Line Items] | |||
| Pre-tax restructuring | $ 2,576,000 | ||
| Net reversal to restructuring charge | $ 75,000 | (75,000) | |
| Product Retrofit Program [Member] | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Pre-tax restructuring | $ 600,000 | ||
| Net reversal to restructuring charge | $ 210,000 | ||
| Number of printers sold to customers | Printer | 150 | 150 | |
| Expected restructuring expense | $ 900,000 | ||
| Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of Revenue | ||
| Balance in restructuring liability | $ 0 | $ 0 | |
| PI Segment Restructuring Plan [Member] | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Pre-tax restructuring | $ 2,700,000 | ||
Restructuring - Summary of Restructuring Cost by Type (Detail) - USD ($) |
3 Months Ended | 12 Months Ended |
|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2024 |
|
| Restructuring Cost and Reserve [Line Items] | ||
| Restructuring Charges | $ 2,651,000 | |
| Change in Estimates | $ 75,000 | (75,000) |
| Restructuring Costs | 2,576,000 | |
| Inventory Write-Off [Member] | ||
| Restructuring Cost and Reserve [Line Items] | ||
| Restructuring Charges | 1,991,000 | |
| Restructuring Costs | 1,991,000 | |
| Severance and Employee Related Costs [Member] | ||
| Restructuring Cost and Reserve [Line Items] | ||
| Restructuring Charges | 611,000 | |
| Change in Estimates | (75,000) | |
| Restructuring Costs | 536,000 | |
| Facility Exit and Other Restructuring Costs [Member] | ||
| Restructuring Cost and Reserve [Line Items] | ||
| Restructuring Charges | 49,000 | |
| Restructuring Costs | $ 49,000 |
Restructuring - Summarizes Restructuring Costs (Detail) $ in Thousands |
12 Months Ended |
|---|---|
|
Jan. 31, 2024
USD ($)
| |
| Restructuring Cost and Reserve [Line Items] | |
| Restructuring Costs | $ 2,576 |
| Cost of Revenue [Member] | |
| Restructuring Cost and Reserve [Line Items] | |
| Restructuring Costs | 2,064 |
| Selling & Marketing [Member] | |
| Restructuring Cost and Reserve [Line Items] | |
| Restructuring Costs | 400 |
| Research & Development [Member] | |
| Restructuring Cost and Reserve [Line Items] | |
| Restructuring Costs | 29 |
| General & Administrative [Member] | |
| Restructuring Cost and Reserve [Line Items] | |
| Restructuring Costs | $ 83 |
Restructuring - Details of Changes in Restructuring Liability (Details) - USD ($) |
3 Months Ended | 12 Months Ended |
|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2024 |
|
| Restructuring Cost and Reserve [Line Items] | ||
| Restructuring Charges | $ 2,651,000 | |
| Change in Estimates | $ 75,000 | (75,000) |
| Severance and Employee Related Costs [Member] | ||
| Restructuring Cost and Reserve [Line Items] | ||
| Restructuring Charges | 611,000 | |
| Cash Paid | (524,000) | |
| Effects of Foreign Exchange | (12,000) | |
| Change in Estimates | $ (75,000) |
Restructuring - Summarized Cost of Product Retrofit Program (Detail) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2024 |
Jan. 31, 2024 |
Jul. 29, 2023 |
|
| Restructuring Cost and Reserve [Line Items] | ||||
| Change in Estimates | $ 75,000 | $ (75,000) | ||
| Product Retrofit Program [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Change in Estimates | $ 210,000 | |||
| Product Retrofit Program [Member] | Cost of Revenue [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Provision for Product Retrofit Program | $ 852,000 | |||
| Cost of Repairs and Replacements incurred | $ (642,000) | |||
| Change in Estimates | $ (210,000) |
Concentration of Risk - Additional Information (Detail) - Vendor [Member] - Customer [Member] |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2022 |
|
| Purchases [Member] | |||
| Concentration Risk [Line Items] | |||
| Concentration Risk, Percentage | 18.70% | 23.30% | |
| Purchases [Member] | Two Vendors [Member] | |||
| Concentration Risk [Line Items] | |||
| Concentration Risk, Percentage | 23.50% | ||
| Trade Accounts Payables [Member] | |||
| Concentration Risk [Line Items] | |||
| Concentration Risk, Percentage | 46.90% | 16.20% | 15.40% |
Commitments and Contingencies - Additional Information (Detail) $ in Millions |
Jan. 31, 2024
USD ($)
|
|---|---|
| Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
| Purchase obligation | $ 25.8 |
| Purchase obligation, to be paid, year one | $ 23.1 |
Fair Value Measurements - Schedule of Company's Long-Term Debt Including the Current Portion Not Reflected in Financial Statements at Fair Value (Detail) - USD ($) $ in Thousands |
Jan. 31, 2024 |
Jan. 31, 2023 |
|---|---|---|
| Fair Value [Member] | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Long-Term Debt and Related Current Maturities | $ 13,026 | $ 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 | 13,026 | 14,310 |
| Carrying Value [Member] | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Long-Term Debt and Related Current Maturities | $ 12,972 | $ 14,250 |
Schedule II - Valuation and Qualifying Accounts and Reserves (Detail) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2022 |
|
| SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
| Balance at Beginning of Year | $ 731 | $ 826 | $ 1,054 |
| Provision/(Benefit) Charged to Operations | (113) | 100 | 50 |
| Deductions | 0 | (195) | (278) |
| Balance at End of Year | $ 618 | $ 731 | $ 826 |