$SWBI
SMITH & WESSON BRANDS, INC.

2021 Q3 Form 10-Q Financial Statement

#000095017021001618 Filed on September 01, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3
Revenue $274.6M $229.9M
YoY Change 19.45% 85.89%
Cost Of Revenue $144.7M $137.5M
YoY Change 5.24% 81.32%
Gross Profit $129.9M $92.42M
YoY Change 40.59% 93.14%
Gross Profit Margin 47.32% 40.2%
Selling, General & Admin $28.25M $31.78M
YoY Change -11.1% -26.92%
% of Gross Profit 21.74% 34.38%
Research & Development $1.808M $1.906M
YoY Change -5.14% -40.97%
% of Gross Profit 1.39% 2.06%
Depreciation & Amortization $7.466M $12.90M
YoY Change -42.12% -9.79%
% of Gross Profit 5.75% 13.96%
Operating Expenses $30.06M $33.68M
YoY Change -10.76% -27.89%
Operating Profit $99.89M $58.74M
YoY Change 70.04% 5039.37%
Interest Expense -$544.0K -$1.316M
YoY Change -58.66% -49.38%
% of Operating Profit -0.54% -2.24%
Other Income/Expense, Net $116.0K -$1.249M
YoY Change -109.29% -52.36%
Pretax Income $100.0M $57.49M
YoY Change 73.93% -3987.36%
Income Tax $23.12M $14.19M
% Of Pretax Income 23.12% 24.69%
Net Earnings $76.88M $48.39M
YoY Change 58.9% -2395.3%
Net Earnings / Revenue 28.0% 21.05%
Basic Earnings Per Share $1.59 $0.87
Diluted Earnings Per Share $1.57 $0.86
COMMON SHARES
Basic Shares Outstanding 48.39M 55.49M
Diluted Shares Outstanding 49.05M 56.28M

Balance Sheet

Concept 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $171.4M $65.30M
YoY Change 162.5% 112.7%
Cash & Equivalents $171.4M $65.63M
Short-Term Investments
Other Short-Term Assets $8.504M $11.00M
YoY Change -22.69% 17.02%
Inventory $97.14M $149.6M
Prepaid Expenses
Receivables $41.20M $101.4M
Other Receivables $0.00 $600.0K
Total Short-Term Assets $318.3M $327.9M
YoY Change -2.94% 6.49%
LONG-TERM ASSETS
Property, Plant & Equipment $144.1M $156.8M
YoY Change -8.06% -10.08%
Goodwill $19.02M $83.61M
YoY Change -77.25% -54.13%
Intangibles $4.360M $69.84M
YoY Change -93.76% -19.83%
Long-Term Investments
YoY Change
Other Assets $11.41M $17.67M
YoY Change -35.47% -15.06%
Total Long-Term Assets $174.4M $330.3M
YoY Change -47.19% -28.9%
TOTAL ASSETS
Total Short-Term Assets $318.3M $327.9M
Total Long-Term Assets $174.4M $330.3M
Total Assets $492.7M $658.2M
YoY Change -25.15% -14.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.58M $53.83M
YoY Change 1.4% 82.17%
Accrued Expenses $47.82M $54.10M
YoY Change -11.62% 0.37%
Deferred Revenue $2.364M $8.010M
YoY Change -70.49%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.101M $1.000M
YoY Change 10.1% -98.76%
Total Short-Term Liabilities $138.8M $145.3M
YoY Change -4.46% -11.64%
LONG-TERM LIABILITIES
Long-Term Debt $38.51M $63.90M
YoY Change -39.74% -54.42%
Other Long-Term Liabilities $14.38M $11.88M
YoY Change 21.0% -21.26%
Total Long-Term Liabilities $14.38M $11.88M
YoY Change 21.0% -21.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $138.8M $145.3M
Total Long-Term Liabilities $14.38M $11.88M
Total Liabilities $192.6M $221.1M
YoY Change -12.89% -32.88%
SHAREHOLDERS EQUITY
Retained Earnings $398.2M $390.1M
YoY Change 2.08% -2.68%
Common Stock $274.1M $269.3M
YoY Change 1.81% 1.88%
Preferred Stock
YoY Change
Treasury Stock (at cost) $372.4M $222.4M
YoY Change 67.45% 0.0%
Treasury Stock Shares $26.25M $18.17M
Shareholders Equity $300.1M $437.1M
YoY Change
Total Liabilities & Shareholders Equity $492.7M $658.2M
YoY Change -25.15% -14.8%

Cashflow Statement

Concept 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $76.88M $48.39M
YoY Change 58.9% -2395.3%
Depreciation, Depletion And Amortization $7.466M $12.90M
YoY Change -42.12% -9.79%
Cash From Operating Activities $109.1M $84.23M
YoY Change 29.51% -389.07%
INVESTING ACTIVITIES
Capital Expenditures $5.769M $6.465M
YoY Change -10.77% 74.97%
Acquisitions
YoY Change
Other Investing Activities $70.00K
YoY Change
Cash From Investing Activities -$5.768M -$7.647M
YoY Change -24.57% 100.29%
FINANCING ACTIVITIES
Cash Dividend Paid $3.844M $0.00
YoY Change
Common Stock Issuance & Retirement, Net $40.00M $0.00
YoY Change
Debt Paid & Issued, Net $0.00 $135.0M
YoY Change -100.0% 8471.43%
Cash From Financing Activities -44.92M -136.0M
YoY Change -66.96% -699.69%
NET CHANGE
Cash From Operating Activities 109.1M 84.23M
Cash From Investing Activities -5.768M -7.647M
Cash From Financing Activities -44.92M -136.0M
Net Change In Cash 58.40M -59.38M
YoY Change -198.34% 477.5%
FREE CASH FLOW
Cash From Operating Activities $109.1M $84.23M
Capital Expenditures $5.769M $6.465M
Free Cash Flow $103.3M $77.77M
YoY Change 32.86% -336.85%

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IncreaseDecreaseInInventories
-23767000
CY2021Q3 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
96000
CY2020Q3 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
973000
CY2021Q3 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-21988000
CY2020Q3 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-14340000
CY2021Q3 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2443000
CY2020Q3 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
7769000
CY2021Q3 us-gaap Increase Decrease In Accrued Salaries
IncreaseDecreaseInAccruedSalaries
-9114000
CY2020Q3 us-gaap Increase Decrease In Accrued Salaries
IncreaseDecreaseInAccruedSalaries
-1664000
CY2021Q3 swbi Increase Decrease In Deferred Profit Sharing
IncreaseDecreaseInDeferredProfitSharing
3834000
CY2020Q3 swbi Increase Decrease In Deferred Profit Sharing
IncreaseDecreaseInDeferredProfitSharing
3405000
CY2021Q3 swbi Increase Decrease In Accrued Liabilities And Deferred Revenue
IncreaseDecreaseInAccruedLiabilitiesAndDeferredRevenue
405000
CY2020Q3 swbi Increase Decrease In Accrued Liabilities And Deferred Revenue
IncreaseDecreaseInAccruedLiabilitiesAndDeferredRevenue
-18638000
CY2021Q3 swbi Increase Decrease In Product Warranty Accrual
IncreaseDecreaseInProductWarrantyAccrual
-297000
CY2020Q3 swbi Increase Decrease In Product Warranty Accrual
IncreaseDecreaseInProductWarrantyAccrual
-175000
CY2021Q3 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-1677000
CY2020Q3 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-796000
CY2021Q3 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-305000
CY2020Q3 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-1225000
CY2021Q3 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
109087000
CY2020Q3 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
81723000
CY2021Q3 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
0
CY2020Q3 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
2507000
CY2021Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
109087000
CY2020Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
84230000
CY2021Q3 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
69000
CY2020Q3 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
187000
CY2021Q3 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
70000
CY2020Q3 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0
CY2021Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5769000
CY2020Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6465000
CY2021Q3 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-5768000
CY2020Q3 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-6652000
CY2021Q3 us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
0
CY2020Q3 us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
-995000
CY2021Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-5768000
CY2020Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7647000
CY2021Q3 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
264000
CY2020Q3 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
238000
CY2021Q3 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0
CY2020Q3 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
135000000
CY2021Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
40000000
CY2020Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
CY2021Q3 us-gaap Payments Of Dividends
PaymentsOfDividends
3844000
CY2020Q3 us-gaap Payments Of Dividends
PaymentsOfDividends
0
CY2021Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
CY2020Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
268000
CY2021Q3 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
815000
CY2020Q3 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
997000
CY2021Q3 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-44923000
CY2020Q3 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-135967000
CY2021Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-44923000
CY2020Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-135967000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
58396000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-59384000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
113017000
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
125011000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
171413000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
65627000
CY2021Q3 us-gaap Interest Paid Net
InterestPaidNet
538000
CY2020Q3 us-gaap Interest Paid Net
InterestPaidNet
1556000
CY2021Q3 us-gaap Income Taxes Paid
IncomeTaxesPaid
1131000
CY2020Q3 us-gaap Income Taxes Paid
IncomeTaxesPaid
1689000
CY2021Q3 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
435000
CY2020Q3 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
986000
CY2021Q3 swbi Receivable For Exercise Of Options To Acquire Common Stock
ReceivableForExerciseOfOptionsToAcquireCommonStock
0
CY2020Q3 swbi Receivable For Exercise Of Options To Acquire Common Stock
ReceivableForExerciseOfOptionsToAcquireCommonStock
1250000
CY2021Q3 us-gaap Nature Of Operations
NatureOfOperations
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">(1) Organization:</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:8.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">We are one of the world’s leading manufacturers and designers of firearms. We manufacture a wide array of handguns (including revolvers and pistols), long guns (including modern sporting rifles, bolt action rifles, and muzzleloaders), handcuffs, suppressors, and other firearm-related products for sale to a wide variety of customers, including firearm enthusiasts, collectors, hunters, sportsmen, competitive shooters, individuals desiring home and personal protection, law enforcement and security agencies and officers, and military agencies in the United States and throughout the world. We sell our products under the Smith &amp; Wesson, M&amp;P, Thompson/Center Arms, and Gemtech brands. We manufacture our products at our facilities in Springfield, Massachusetts; Houlton, Maine; and Deep River, Connecticut. We also sell our manufacturing services to other businesses to level-load our factories. We sell those services under our Smith &amp; Wesson and Smith &amp; Wesson Precision Components brands.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span> </p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">On November 13, 2019, we announced that we were proceeding with a plan to spin-off our outdoor products and accessories business and create an independent publicly traded company to conduct that business, or the Separation. On August 24, 2020, or the Distribution Date, we completed the Separation. See also Note 3 — </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Discontinued Operations</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">, for more information.</span></p>
CY2021Q3 us-gaap Basis Of Accounting
BasisOfAccounting
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">(2) Basis of Presentation:</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;"> </span></p><div style="font-size:10.0pt;font-family:Times New Roman;"><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Interim Financial Information –</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> The condensed consolidated balance sheet as of July 31, 2021, the condensed consolidated statements of income for the three months ended July 31, 2021 and 2020, the condensed consolidated statements of changes in stockholders’ equity for the three months ended July 31, 2021 and 2020, and the condensed consolidated statements of cash flows for the three months ended July 31, 2021 and 2020 have been prepared by us without audit. In our opinion, all adjustments, which include only normal recurring adjustments necessary to fairly present the financial position, results of operations, changes in stockholders’ equity, and cash flows for the three months ended July 31, 2021 and for the periods presented, have been included. All intercompany transactions have been eliminated in consolidation. The consolidated balance sheet as of April 30, 2021 has been derived from our audited consolidated financial statements.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p></div><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="font-size:10.0pt;font-family:Times New Roman;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2021. The results of operations for the three months ended</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:Times New Roman;"> </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">July 31, 2021</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:8.0pt;font-family:Times New Roman;"> </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">may</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:Times New Roman;"> </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">not be indicative of the results that may be expected for the fiscal year ending April 30, 2022</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">, or any other period.</span></span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:12.0pt;font-family:Times New Roman;"> </span></p><span style="font-size:10.0pt;font-family:Times New Roman;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">In December 2019, the FASB issued ASU No. 2019-12, "</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Income Taxes</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> (Topic 740): Simplifying the Accounting for Income Taxes," an update that amends and simplifies the accounting for income taxes by removing certain exceptions in the existing guidance and providing new guidance to reduce complexity in certain areas. The guidance went into effect at the start of this fiscal year ending April 30, 2022 with early adoption permitted. We have reviewed the amendments in this update and determined that there were no material changes or impacts on our condensed consolidated financial statements.</span></span><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;"/>
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1349000
CY2021Q3 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
one share of AOUT common stock for every four shares of our common
CY2021Q3 us-gaap Business Exit Costs1
BusinessExitCosts1
3600000
CY2021Q3 swbi Operating Lease Right Of Use Asset Gross
OperatingLeaseRightOfUseAssetGross
7154000
CY2021Q3 swbi Operating Lease Right Of Use Asset Accumulated Amortization
OperatingLeaseRightOfUseAssetAccumulatedAmortization
2631000
CY2021Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4523000
CY2021Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3344000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
4693000
CY2021Q3 swbi Finance Lease Right Of Use Asset Gross
FinanceLeaseRightOfUseAssetGross
40986000
CY2021Q3 swbi Finance Lease Right Of Use Asset Accumulated Depreciation
FinanceLeaseRightOfUseAssetAccumulatedDepreciation
4757000
CY2021Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
36229000
CY2021Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
1101000
CY2021Q3 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
38509000
CY2021Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
39610000
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
371000
CY2021Q3 swbi Short Term Operating Lease Cost
ShortTermOperatingLeaseCost
33000
CY2021Q3 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
525000
CY2021Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
497000
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y10M24D
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.045
CY2021Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P17Y2M12D
CY2021Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.050
CY2021Q3 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
1401000
CY2021Q3 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
1897000
CY2021Q3 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
1930000
CY2021Q3 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
1964000
CY2021Q3 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
1998000
CY2021Q3 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
26514000
CY2021Q3 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
35704000
CY2021Q3 swbi Sublease Receipts Amounts Representing Interest
SubleaseReceiptsAmountsRepresentingInterest
-13024000
CY2021Q3 swbi Present Value Of Sublease Receipts
PresentValueOfSubleaseReceipts
22680000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1179000
CY2021Q3 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
2295000
CY2021Q3 swbi Lessee Operating And Finance Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingAndFinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
3474000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1584000
CY2021Q3 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
3071000
CY2021Q3 swbi Lessee Operating And Finance Lease Liability Payments Due Year One
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearOne
4655000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1576000
CY2021Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
3125000
CY2021Q3 swbi Lessee Operating And Finance Lease Liability Payments Due Year Two
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearTwo
4701000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
334000
CY2021Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
3180000
CY2021Q3 swbi Lessee Operating And Finance Lease Liability Payments Due Year Three
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearThree
3514000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
311000
CY2021Q3 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
3235000
CY2021Q3 swbi Lessee Operating And Finance Lease Liability Payments Due Year Four
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearFour
3546000
CY2021Q3 swbi Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
404000
CY2021Q3 swbi Finance Lease Liability Payments Due After Year Four
FinanceLeaseLiabilityPaymentsDueAfterYearFour
45548000
CY2021Q3 swbi Lessee Operating And Finance Lease Liability Payments Due After Year Four
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueAfterYearFour
45952000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
5388000
CY2021Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
60454000
CY2021Q3 swbi Lessee Operating And Finance Lease Liability Payments Due
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDue
65842000
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
695000
CY2021Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
20844000
CY2021Q3 swbi Lessee Operating And Finance Lease Liability Undiscounted Excess Amount
LesseeOperatingAndFinanceLeaseLiabilityUndiscountedExcessAmount
21539000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
4693000
CY2021Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
39610000
CY2021Q3 swbi Operating And Finance Lease Liability
OperatingAndFinanceLeaseLiability
44303000
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1349000
CY2021Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
1101000
CY2021Q3 swbi Operating And Finance Lease Liability Current
OperatingAndFinanceLeaseLiabilityCurrent
2450000
CY2021Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3344000
CY2021Q3 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
38509000
CY2021Q3 swbi Operating And Finance Lease Liability Noncurrent
OperatingAndFinanceLeaseLiabilityNoncurrent
41853000
CY2021Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
1100000
CY2021Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
28419000
CY2021Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
21528000
CY2021Q3 us-gaap Inventory Raw Materials And Purchased Parts Net Of Reserves
InventoryRawMaterialsAndPurchasedPartsNetOfReserves
53289000
CY2021Q2 us-gaap Inventory Raw Materials And Purchased Parts Net Of Reserves
InventoryRawMaterialsAndPurchasedPartsNetOfReserves
41738000
CY2021Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
6878000
CY2021Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
7918000
CY2021Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
8554000
CY2021Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
7293000
CY2021Q3 us-gaap Fifo Inventory Amount
FIFOInventoryAmount
97140000
CY2021Q2 us-gaap Fifo Inventory Amount
FIFOInventoryAmount
78477000
CY2021Q3 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
10722000
CY2021Q2 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
12210000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
76882000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
48385000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48394000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55494000
CY2021Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
656000
CY2020Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
783000
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49050000
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56277000
CY2021Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.59
CY2020Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.78
CY2020Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.09
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.59
CY2021Q3 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
5386000
CY2021Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
4780000
CY2021Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3494000
CY2021Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3451000
CY2021Q3 swbi Accrued Distributor Incentives Current
AccruedDistributorIncentivesCurrent
3446000
CY2021Q2 swbi Accrued Distributor Incentives Current
AccruedDistributorIncentivesCurrent
2414000
CY2021Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3011000
CY2021Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2804000
CY2021Q3 swbi Accrued Rebates And Promotions Current
AccruedRebatesAndPromotionsCurrent
2681000
CY2021Q2 swbi Accrued Rebates And Promotions Current
AccruedRebatesAndPromotionsCurrent
2174000
CY2021Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2364000
CY2021Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2907000
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1349000
CY2021Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1309000
CY2021Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
1101000
CY2021Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
1087000
CY2021Q3 swbi Accrued Expenses And Deferred Revenue Current
AccruedExpensesAndDeferredRevenueCurrent
33554000
CY2021Q2 swbi Accrued Expenses And Deferred Revenue Current
AccruedExpensesAndDeferredRevenueCurrent
33136000
CY2021Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
76882000
CY2020Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
43301000
CY2020Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
5084000
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.87
CY2021Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.57
CY2020Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.77
CY2020Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.09
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.57
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.86
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1500000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
884000
CY2021Q3 swbi Share Based Compensation Arrangement By Share Based Payment Award Performance Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardPerformancePeriod
P3Y
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y7M6D
CY2021Q3 swbi Number Of Product Liability Cases
NumberOfProductLiabilityCases
5
CY2021Q3 swbi Number Of Other Product Liability Claims
NumberOfOtherProductLiabilityClaims
3
CY2021Q3 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2021-08-30
CY2021Q3 us-gaap Dividends Payable Nature
DividendsPayableNature
regular quarterly dividend
CY2021Q3 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.08
CY2021Q3 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2021-09-14
CY2021Q3 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2021-09-28

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