We report our results of operations in two segments: (1) Firearms (which includes Firearms and Manufacturing Services divisions) and (2) Outdoor Products & Accessories. Our two segments are defined based on the reporting and review process used by the chief operating decision maker, our co-Chief Executive Officers. The Firearms segment has been determined to be a single operating segment and reporting segment based on our reliance on production metrics, such as gross margin per unit produced, units produced per day, incoming orders per day, and revenue produced by trade channel, all of which are particular to the Firearms segment. The Outdoor Products & Accessories segment is evaluated by a measurement of incoming orders per day and sales and gross margin by customer and brand.

The Firearms segment includes our firearms, services, and other components, which we manufacture or provide at our facilities in Springfield, Massachusetts; Houlton, Maine; and Deep River, Connecticut, and our firearm products, which we develop, assemble, and market in our Springfield, Massachusetts facility. The Outdoor Products & Accessories segment includes our accessories products, which we develop, source, market, and distribute at our facilities in Columbia, Missouri, and our electro-optics products, which we develop, market, and assemble in our Wilsonville, Oregon facility. We report operating costs based on the activities performed within each segment.

Segment assets are those directly used in or clearly allocable to a reportable segment’s operations. Assets by business segment are presented in the following table as of January 31, 2020 and April 30, 2019 (in thousands):

	As of January 31, 2020						As of April 30, 2019
	Firearms		Outdoor Products & Accessories		Total		Firearms		Outdoor Products & Accessories		Total
Total assets	$	463,825	$	344,322	$	808,147	$	389,719	$	377,070	$	766,789
Property, plant, and equipment, net		153,532		10,809		164,341		170,549		12,719		183,268
Intangibles, net		5,039		73,307		78,346		4,661		87,179		91,840
Goodwill		19,024		163,243		182,267		19,024		163,245		182,269

Results by business segment are presented in the following tables for the three months ended January 31, 2020 and 2019 (in thousands):

	For the Three Months Ended January 31, 2020 (a)
	Firearms		Outdoor Products & Accessories			Corporate			Intersegment Eliminations			Total
Revenue from external customers	$	126,509	$	40,186		$	—		$	—		$	166,695
Intersegment revenue		907		3,084			—			(3,991	)		—
Total gross revenue		127,416		43,270			—			(3,991	)		166,695
Cost of sales		91,854		24,751			—			(5,113	)		111,492
Gross margin		35,562		18,519			—			1,122			55,203
Operating income/(loss)		10,128		(1,111	)		(7,727	)		9,617			10,907
Income tax expense/(benefit)		5,722		816			(4,265	)		—			2,273

	For the Three Months Ended January 31, 2019 (a)
	Firearms		Outdoor Products & Accessories			Corporate			Intersegment Eliminations			Total
Revenue from external customers	$	123,045	$	38,963		$	—		$	—		$	162,008
Intersegment revenue		578		2,948			—			(3,526	)		—
Total gross revenue		123,623		41,911			—			(3,526	)		162,008
Cost of sales		89,262		22,564			—			(3,877	)		107,949
Gross margin		34,361		19,347			—			351			54,059
Operating income/(loss)		9,792		(13,529	)		(11,427	)		13,131			(2,033	)
Income tax expense/(benefit)		2,461		(459	)		(811	)		—			1,191

Results by business segment are presented in the following tables for the nine months ended January 31, 2020 and 2018 (in thousands):

	For the Nine Months Ended January 31, 2020 (a)
	Firearms		Outdoor Products & Accessories			Corporate			Intersegment Eliminations			Total
Revenue from external customers	$	333,952	$	110,801		$	—		$	—		$	444,753
Intersegment revenue		2,623		13,495			—			(16,118	)		—
Total gross revenue		336,575		124,296			—			(16,118	)		444,753
Cost of sales		233,494		73,119			—			(15,223	)		291,390
Gross margin		103,081		51,177			—			(895	)		153,363
Operating income/(loss)		24,538		(9,535	)		(29,671	)		31,601			16,933
Income tax expense/(benefit)		13,885		947			(11,293	)		—			3,539

	For the Nine Months Ended January 31, 2019 (a)
	Firearms		Outdoor Products & Accessories			Corporate			Intersegment Eliminations			Total
Revenue from external customers	$	338,513	$	124,031		$	—		$	—		$	462,544
Intersegment revenue		2,125		11,087			—			(13,212	)		—
Total gross revenue		340,638		135,118			—			(13,212	)		462,544
Cost of sales		239,639		73,474			—			(13,436	)		299,677
Gross margin		100,999		61,644			—			224			162,867
Operating income/(loss)		34,255		(15,550	)		(33,168	)		37,232			22,769
Income tax expense/(benefit)		9,295		(466	)		(1,430	)		—			7,399