Pay vs Performance Disclosure
Apr. 30, 2025
USD ($)
Apr. 30, 2024
USD ($)
Apr. 30, 2023
USD ($)
Apr. 30, 2022
USD ($)
Apr. 30, 2021
USD ($)
Pay Versus Performance
Pay Versus Performance Table
The following table sets forth information concerning the compensation of our NEOs for each of the fiscal years ended April 30, 2021, 2022, 2023, 2024 and 2025, and our financial performance for each such fiscal year:
| | | | | | | | | | | | | | | | Value of Initial Fixed $100 Investment Based On: | | | | | | | | |||
| Fiscal Year (a) | | | Summary Compensation Table Total for PEO1 (b) | | | Compensation Actually Paid to PEO (c) | | | Average Summary Compensation Table Total for non-PEO NEOs (d) | | | Average Compensation Actually Paid to non-PEO NEOs1 (e) | | | Total Shareholder Return (f) | | | Peer Group Total Shareholder Return2 (g) | | | Net Income ($ in Thousands) (h) | | | Revenue3 ($ in Thousands) (i) | |
| 2025 | | | $7,405,129 | | | $6,571,539 | | | $1,755,984 | | | $1,367,691 | | | $251.44 | | | $227.31 | | | $43,619.0 | | | $820,627 | |
| 2024 | | | $7,602,053 | | | $16,053,755 | | | $1,649,861 | | | $3,278,625 | | | $265.17 | | | $188.64 | | | $59,666.0 | | | $716,720 | |
| 2023 | | | $4,904,510 | | | $6,973,761 | | | $1,210,207 | | | $1,219,831 | | | $167.09 | | | $148.86 | | | $(176,167.0) | | | $540,536 | |
| 2022 | | | $3,524,268 | | | $(1,040,038) | | | $1,184,605 | | | $149,399 | | | $133.29 | | | $134.09 | | | $(4,185.0) | | | $445,732 | |
| 2021 | | | $2,524,773 | | | $6,491,363 | | | $743,648 | | | $1,273,866 | | | $183.16 | | | $138.64 | | | $23,345.0 | | | $394,912 | |
1.
Amounts represent compensation actually paid to our PEO and the average compensation actually paid to our remaining NEOs for the relevant fiscal year, as determined under SEC rules (and described below), which includes the individuals indicated in the table below for each fiscal year:
| Year | | | PEO | | | Non-PEO NEOs | |
| 2025 | | | Wahid Nawabi | | | Kevin McDonnell, Melissa Brown, Trace Stevenson and Brett Hush | |
| 2024 | | | Wahid Nawabi | | | Kevin McDonnell, Melissa Brown, Trace Stevenson and Brett Hush | |
| 2023 | | | Wahid Nawabi | | | Kevin McDonnell, Melissa Brown and Alison Roelke | |
| 2022 | | | Wahid Nawabi | | | Kevin McDonnell, Kenneth Karklin, Melissa Brown and Alison Roelke | |
| 2021 | | | Wahid Nawabi | | | Kevin McDonnell, Kenneth Karklin, Melissa Brown and Alison Roelke | |
The amounts reported in the “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid to Non-PEO NEOs” columns do not reflect the actual compensation paid to or realized by our Chief Executive Officer or our other Named Executive Officers during each applicable year. The calculation of compensation actually paid for purposes of this table includes point-in-time fair values of stock awards and these values will fluctuate based on our stock price, various accounting valuation assumptions and projected performance related to our performance awards. Compensation actually paid to our NEOs represents the “Total” compensation reported in the Summary Compensation Table for the applicable fiscal year, as adjusted in accordance with SEC rules. The adjustments for fiscal year 2025 are reflected in the table below:
| | | | PEO 1 | | | NEO | |
| Prior FYE Current FYE Fiscal Year | | | 4/30/2024 4/30/2025 2025 | | | 4/30/2024 4/30/2025 2025 | |
| SCT Total | | | $7,405,129 | | | $1,755,984 | |
| - Grant Date Fair Value of Option Awards and Stock Awards Granted in Fiscal Year | | | $(5,494,534) | | | $(908,644) | |
| + Fair Value at Fiscal Year-End of Outstanding and Unvested Option Awards and Stock Awards Granted in Fiscal Year | | | $4,739,180 | | | $783,729 | |
| + Change in Fair Value of Outstanding and Unvested Option Awards and Stock Awards Granted in Prior Fiscal Years | | | $(635,882) | | | $(114,216) | |
| + Fair Value at Vesting of Option Awards and Stock Awards Granted in Fiscal Year That Vested During Fiscal Year | | | $0 | | | $0 | |
| + Change in Fair Value as of Vesting Date of Option Awards and Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year | | | $557,646 | | | $52,565 | |
| - Fair Value as of Prior Fiscal Year-End of Option Awards and Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year | | | $0 | | | $(201,728) | |
| Compensation Actually Paid | | | $6,571,539 | | | $1,367,691 | |
Adjustments include the following assumptions used to calculate the fair value of the awards at each valuation date in accordance with ASC 718: (i) for awards of restricted stock, adjustments reflected are based on the fair value of the awards as of the applicable valuation date calculated by multiplying the change in stock price at each fiscal year end presented by the number of shares of restricted stock outstanding on such valuation date, and (ii) for PRSU awards, adjustments reflected are based on the fair value of the awards as of the applicable valuation date calculated by multiplying the stock price at each fiscal year end by the number of PSUs outstanding and by the estimated probability of achieving the performance target that was used to calculate our ASC Topic 718 expense for each fiscal year. For additional information regarding the valuation assumptions used in the calculation of these amounts, refer to Notes 13 and 14 to the financial statements included in our annual report on Form 10-K for our fiscal year ended April 30, 2025, as filed with the SEC.
2.
For the relevant fiscal year, represents the cumulative TSR (the “Peer Group TSR”) of the SPADE Defense Index, which is the peer group used by the company for purposes of Item 201(e) of Regulation S-K under the Exchange Act in the company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2025.
3.
While we use numerous financial and non-financial performance measures for the purpose of evaluating performance when establishing compensation programs, we have determined that revenue is the financial performance measure that represents the most important performance measure (that is not otherwise required to be disclosed in the table) we use to link compensation actually paid to our Named Executive Officers for the most recently completed fiscal year to the company’s performance.
| Year | | | PEO | | | Non-PEO NEOs | |
| 2025 | | | Wahid Nawabi | | | Kevin McDonnell, Melissa Brown, Trace Stevenson and Brett Hush | |
| 2024 | | | Wahid Nawabi | | | Kevin McDonnell, Melissa Brown, Trace Stevenson and Brett Hush | |
| 2023 | | | Wahid Nawabi | | | Kevin McDonnell, Melissa Brown and Alison Roelke | |
| 2022 | | | Wahid Nawabi | | | Kevin McDonnell, Kenneth Karklin, Melissa Brown and Alison Roelke | |
| 2021 | | | Wahid Nawabi | | | Kevin McDonnell, Kenneth Karklin, Melissa Brown and Alison Roelke | |
2.
For the relevant fiscal year, represents the cumulative TSR (the “Peer Group TSR”) of the SPADE Defense Index, which is the peer group used by the company for purposes of Item 201(e) of Regulation S-K under the Exchange Act in the company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2025
| | | | PEO 1 | | | NEO | |
| Prior FYE Current FYE Fiscal Year | | | 4/30/2024 4/30/2025 2025 | | | 4/30/2024 4/30/2025 2025 | |
| SCT Total | | | $7,405,129 | | | $1,755,984 | |
| - Grant Date Fair Value of Option Awards and Stock Awards Granted in Fiscal Year | | | $(5,494,534) | | | $(908,644) | |
| + Fair Value at Fiscal Year-End of Outstanding and Unvested Option Awards and Stock Awards Granted in Fiscal Year | | | $4,739,180 | | | $783,729 | |
| + Change in Fair Value of Outstanding and Unvested Option Awards and Stock Awards Granted in Prior Fiscal Years | | | $(635,882) | | | $(114,216) | |
| + Fair Value at Vesting of Option Awards and Stock Awards Granted in Fiscal Year That Vested During Fiscal Year | | | $0 | | | $0 | |
| + Change in Fair Value as of Vesting Date of Option Awards and Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year | | | $557,646 | | | $52,565 | |
| - Fair Value as of Prior Fiscal Year-End of Option Awards and Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year | | | $0 | | | $(201,728) | |
| Compensation Actually Paid | | | $6,571,539 | | | $1,367,691 | |
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Pay Versus Performance Tabular List
We believe the following performance measures represent the most important financial performance measures used by us to link compensation actually paid to our NEOs for the fiscal year ended April 30, 2025:
•
Revenue;
•
Adjusted EBIDTA; and
•
Bookings.
3.
While we use numerous financial and non-financial performance measures for the purpose of evaluating performance when establishing compensation programs, we have determined that revenue is the financial performance measure that represents the most important performance measure (that is not otherwise required to be disclosed in the table) we use to link compensation actually paid to our Named Executive Officers for the most recently completed fiscal year to the company’s performance.