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AeroVironment Announces Fiscal 2024 Fourth Quarter and Fiscal Year Results

AeroVironment, Inc. (“AeroVironment” or the “Company”) reported today financial results for the fiscal fourth quarter and year ended April 30, 2024.

Fourth Quarter and Fiscal Year Highlights:

  • Record fourth quarter revenue of $197.0 million and fiscal year revenue of $716.7 million, up 6% and 33%, year-over-year, respectively
  • Fourth quarter net income of $6.0 million and adjusted EBITDA of $22.2 million and fiscal year net income of $60.0 million and adjusted EBITDA of $127.8 million
  • Company on track for nearly 12% top line growth in fiscal year 2025 with expected revenue of between $790 million and $820 million

“AeroVironment has yet again delivered exceptional results this past quarter resulting in record revenue and full year profitability for the company,” said Wahid Nawabi, AeroVironment chairman, president and chief executive officer. “We are pleased to also announce our full year revenue increased 33% from last year’s results. Our Loitering Munitions Segment continues to be a key growth driver for our company, and we have expanded capacity to deliver these much-needed systems to keep up with increasing customer demand.

As the need for our autonomous systems continues to rapidly increase worldwide, AeroVironment stands ready to meet our customer’s needs while delivering solid bottom-line results for our shareholders. We are therefore issuing fiscal year 2025 revenue guidance of between $790 million and $820 million, another record year and double-digit revenue increase from fiscal year 2024.”

FISCAL 2024 FOURTH QUARTER RESULTS

Revenue for the fourth quarter of fiscal 2024 was $197.0 million, an increase of 6% as compared to $186.0 million for the fourth quarter of fiscal 2023, reflecting higher product sales of $23.1 million, partially offset by a decrease in service revenue of $12.1 million. From a segment standpoint, the year-over-year increase was due to revenue growth in Loitering Munitions Systems (“LMS”) of 74%, partially offset by decreases in UnCrewed Systems (“UxS”), the renamed Unmanned Systems segment, of 15% and MacCready Works (“MW”) of 9%.

Gross margin for the fourth quarter of fiscal 2024 was $75.6 million, an increase of 11% as compared to $68.4 million for the fourth quarter of fiscal 2023, reflecting higher service margin of $8.0 million, partially offset by lower product gross margin of $0.8 million. As a percentage of revenue, gross margin increased to 38% from 37%, primarily due to a decrease in the proportion of service revenue to total revenue driven by the closure of COCO site locations, partially offset by product mix. Gross margin was favorably impacted by a decrease in depreciation charges for in-service assets of $4.4 million related to the closure of COCO site locations during fiscal year 2023. Gross margin was negatively impacted by $3.9 million of intangible amortization expense and other related non-cash purchase accounting expenses in the fourth quarter of fiscal 2024 as compared to $3.6 million in the fourth quarter of fiscal 2023.

Income from operations for the fourth quarter of fiscal 2024 was $5.9 million as compared to loss from operations of $(165.7) million for the fourth quarter of last fiscal year. The increase year-over-year was primarily due to the MUAS goodwill impairment of $156.0 million recorded during the fourth quarter of fiscal 2023, lower selling, general and administrative (“SG&A”) expense of $27.0 million inclusive of $34.1 million of accelerated intangible amortization expenses associated with the closure of all of the Company’s MUAS COCO sites during the fourth quarter of fiscal 2023, and higher gross margin of $7.2 million, partially offset by an increase in research and development (“R&D”) expense of $18.6 million.

Other loss, net, for the fourth quarter of fiscal 2024 was $1.5 million, as compared to $0.8 million for the fourth quarter of last fiscal year. The increase in other loss, net was primarily due to increases in net unrealized losses on investment holdings, partially offset by a decrease in interest expense.

Provision for (benefit from) income taxes for the fourth quarter of fiscal 2024 was $1.8 million, as compared to $(6.3) million for the fourth quarter of last fiscal year. The increase in provision for income taxes was primarily attributable to the increase in net income before income taxes.

Net income attributable to AeroVironment for the fourth quarter of fiscal 2024 was $6.0 million, or $0.22 per diluted share, as compared to net loss of $(160.5) million, or $(6.31) per diluted share, in the prior-year period, respectively.

Non-GAAP adjusted EBITDA for the fourth quarter of fiscal 2024 was $22.2 million and non-GAAP earnings per diluted share were $0.43, as compared to $46.4 million and $0.99, respectively, for the fourth quarter of fiscal 2023.

BACKLOG

As of April 30, 2024, funded backlog (defined as remaining performance obligations under firm orders for which funding is currently appropriated to us under a customer contract) was $400.2 million, as compared to $424.1 million as of April 30, 2023. Funded backlog as of April 30, 2024 does not include new orders related to recently announced program wins such as the Low Altitude Stalking and Strike Ordnance or “LASSO” program, Organic Precision Fires-Light or “OPF-L” program, the Replicator Initiative and the Ukraine Aid Initiative as well as our first Lithuanian order for Switchblade 300 and 600.

FISCAL 2025 — OUTLOOK FOR THE FULL YEAR

For fiscal year 2025, the Company expects revenue of between $790 million and $820 million, net income of between $74 million and $83 million, Non-GAAP adjusted EBITDA of between $143 million and $153 million, earnings per diluted share of between $2.61 and $2.92 and non-GAAP earnings per diluted share, which excludes amortization of intangible assets, other non-cash purchase accounting expenses and equity securities investments gains or losses, of between $3.18 and $3.49.

The foregoing estimates are forward-looking and reflect management’s view of current and future market conditions, subject to certain risks and uncertainties, including certain assumptions with respect to our ability to efficiently and on a timely basis integrate acquisitions, obtain and retain government contracts, changes in the timing and/or amount of government spending, react to changes in the demand for our products and services, activities of competitors, changes in the regulatory environment, and general economic and business conditions in the United States and elsewhere in the world. Investors are reminded that actual results may differ materially from these estimates.

CONFERENCE CALL AND PRESENTATION

In conjunction with this release, AeroVironment, Inc. will host a conference call today, Wednesday, June 26, 2024, at 4:30 pm Eastern Time that will be webcast live. Wahid Nawabi, chairman, president and chief executive officer, Kevin P. McDonnell, chief financial officer and Jonah Teeter-Balin, senior director corporate development and investor relations, will host the call.

Investors may access the call by registering via the following participant registration link up to ten minutes prior to the start time.

Participant registration URL: https://register.vevent.com/register/BIda168288195747ed8cf612e20a3e0343

Investors may also listen to the live audio webcast via the Investor Relations page of the AeroVironment, Inc. website, http://investor.avinc.com. Please allow 15 minutes prior to the call to download and install any necessary audio software.

A supplementary investor presentation for the fourth quarter fiscal year 2024 can be accessed at https://investor.avinc.com/events-and-presentations.

Audio Replay

An audio replay of the event will be archived on the Investor Relations section of the Company's website at http://investor.avinc.com.

ABOUT AEROVIRONMENT, INC.

AeroVironment (NASDAQ: AVAV) provides technology solutions at the intersection of robotics, sensors, software analytics and connectivity that deliver more actionable intelligence so you can Proceed with Certainty. Headquartered in Virginia, AeroVironment is a global leader in intelligent, multi-domain robotic systems, and serves defense, government and commercial customers. For more information, visit www.avinc.com.

FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “project,” “plan,” or words or phrases with similar meaning. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from the forward-looking statements.

Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the impact of our ability to successfully close and integrate acquisitions into our operations and avoid disruptions from acquisition transactions that will harm our business; the recording of goodwill and other intangible assets as part of acquisitions that are subject to potential impairments in the future and any realization of such impairments; any actual or threatened disruptions to our relationships with our distributors, suppliers, customers and employees, including shortages in components for our products; the ability to timely and sufficiently integrate international operations into our ongoing business and compliance programs; reliance on sales to the U.S. government, including uncertainties in classification, pricing or potentially burdensome imposed terms for certain types of government contracts; availability of U.S. government funding for defense procurement and R&D programs; our ability to win U.S. and international government R&D and procurement programs; changes in the timing and/or amount of government spending, including due to continuing resolutions; adverse impacts of a U.S. government shutdown; our reliance on limited relationships to fund our development of HAPS UAS; our ability to execute contracts for anticipated sales, perform under such contracts and other existing contracts and obtain new contracts; risks related to our international business, including compliance with export control laws; the extensive and increasing regulatory requirements governing our contracts with the U.S. government and international customers; the consequences to our financial position, business and reputation that could result from failing to comply with such regulatory requirements; unexpected technical and marketing difficulties inherent in major research and product development efforts; the impact of potential security and cyber threats or the risk of unauthorized access to and resulting misuse of our, our customers’ and/or our suppliers’ information and systems; failure to remain a market innovator, to create new market opportunities or to expand into new markets; our ability to increase production capacity to support anticipated growth; unexpected changes in significant operating expenses, including components and raw materials; failure to develop new products or integrate new technology into current products; any increase in litigation activity or unfavorable results in legal proceedings, including pending class actions; our ability to respond and adapt to legal, regulatory and government budgetary changes, including those resulting from the impact of pandemics and similar outbreaks; our ability to comply with the covenants in our loan documents; our ability to attract and retain skilled employees; the impact of inflation; and general economic and business conditions in the United States and elsewhere in the world; and the failure to establish and maintain effective internal control over financial reporting. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.

NON-GAAP MEASURES

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains non-GAAP financial measures. See in the financial tables below the calculation of these measures, the reasons why we believe these measures provide useful information to investors, and a reconciliation of these measures to the most directly comparable GAAP measures.

 AeroVironment, Inc.

Consolidated Statements of Operations

(In thousands except share and per share data)

 

 

 

Three Months Ended

 

Year Ended

 

 

April 30,

 

April 30,

 

April 30,

 

April 30,

 

 

2024

 

2023

 

2024

 

2023

 

 

(Unaudited)

 

(Unaudited)

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Product sales

 

$

164,598

 

 

$

141,529

 

 

$

585,771

 

 

$

353,062

 

Contract services

 

 

32,381

 

 

 

44,512

 

 

 

130,949

 

 

 

187,474

 

 

 

 

196,979

 

 

 

186,041

 

 

 

716,720

 

 

 

540,536

 

Cost of sales:

 

 

 

 

 

 

 

 

 

 

 

 

Product sales

 

 

100,048

 

 

 

76,209

 

 

 

340,174

 

 

 

203,419

 

Contract services

 

 

21,297

 

 

 

41,432

 

 

 

92,615

 

 

 

163,603

 

 

 

 

121,345

 

 

 

117,641

 

 

 

432,789

 

 

 

367,022

 

Gross margin:

 

 

 

 

 

 

 

 

 

 

 

 

Product sales

 

 

64,550

 

 

 

65,320

 

 

 

245,597

 

 

 

149,643

 

Contract services

 

 

11,084

 

 

 

3,080

 

 

 

38,334

 

 

 

23,871

 

 

 

 

75,634

 

 

 

68,400

 

 

 

283,931

 

 

 

173,514

 

Selling, general and administrative

 

 

34,620

 

 

 

61,603

 

 

 

114,420

 

 

 

131,905

 

Research and development

 

 

35,069

 

 

 

16,462

 

 

 

97,687

 

 

 

64,255

 

Impairment of goodwill

 

 

 

 

 

156,017

 

 

 

 

 

 

156,017

 

Income (loss) from operations

 

 

5,945

 

 

 

(165,682

)

 

 

71,824

 

 

 

(178,663

)

Other (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(148

)

 

 

(2,646

)

 

 

(4,220

)

 

 

(9,368

)

Other (expense) income, net

 

 

(1,390

)

 

 

1,837

 

 

 

(4,373

)

 

 

(346

)

Income (loss) before income taxes

 

 

4,407

 

 

 

(166,491

)

 

 

63,231

 

 

 

(188,377

)

Provision for (benefit from) income taxes

 

 

(1,819

)

 

 

(6,281

)

 

 

1,891

 

 

 

(14,663

)

Equity method investment loss, net of tax

 

 

(180

)

 

 

(263

)

 

 

(1,674

)

 

 

(2,453

)

Net income (loss)

 

 

6,046

 

 

 

(160,473

)

 

 

59,666

 

 

 

(176,167

)

Net income attributable to noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

(45

)

Net income (loss) attributable to AeroVironment, Inc.

 

$

6,046

 

 

$

(160,473

)

 

$

59,666

 

 

$

(176,212

)

Net income (loss) per share attributable to AeroVironment, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.22

 

 

$

(6.31

)

 

$

2.19

 

 

$

(7.04

)

Diluted

 

$

0.22

 

 

$

(6.31

)

 

$

2.18

 

 

$

(7.04

)

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

27,916,276

 

 

 

25,451,034

 

 

 

27,203,417

 

 

 

25,044,881

 

Diluted

 

 

28,096,737

 

 

 

25,451,034

 

 

 

27,327,993

 

 

 

25,044,881

 

AeroVironment, Inc.

Consolidated Balance Sheets

(In thousands except share data)

 

 

April 30,

 

 

2024

 

2023

 

 

 

 

 

 

 

Assets

 

(Unaudited)

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

73,301

 

 

$

132,859

 

Accounts receivable, net of allowance for doubtful accounts of $159 at April 30, 2024 and $156 at April 30, 2023

 

 

70,305

 

 

 

87,633

 

Unbilled receivables and retentions

 

 

199,474

 

 

 

105,653

 

Inventories, net

 

 

150,168

 

 

 

138,814

 

Prepaid expenses and other current assets

 

 

22,333

 

 

 

12,043

 

Total current assets

 

 

515,581

 

 

 

477,002

 

Long-term investments

 

 

20,960

 

 

 

23,613

 

Property and equipment, net

 

 

46,602

 

 

 

39,795

 

Operating lease right-of-use assets

 

 

30,033

 

 

 

27,363

 

Deferred income taxes

 

 

41,303

 

 

 

27,206

 

Intangibles, net

 

 

72,224

 

 

 

43,577

 

Goodwill

 

 

275,652

 

 

 

180,801

 

Other assets

 

 

13,505

 

 

 

5,220

 

Total assets

 

$

1,015,860

 

 

$

824,577

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

48,298

 

 

$

31,355

 

Wages and related accruals

 

 

44,312

 

 

 

35,637

 

Customer advances

 

 

11,192

 

 

 

16,645

 

Current portion of long-term debt

 

 

10,000

 

 

 

7,500

 

Current operating lease liabilities

 

 

9,841

 

 

 

8,229

 

Income taxes payable

 

 

4,162

 

 

 

2,342

 

Other current liabilities

 

 

17,074

 

 

 

19,626

 

Total current liabilities

 

 

144,879

 

 

 

121,334

 

Long-term debt, net of current portion

 

 

17,092

 

 

 

125,904

 

Non-current operating lease liabilities

 

 

22,745

 

 

 

21,189

 

Other non-current liabilities

 

 

2,132

 

 

 

746

 

Liability for uncertain tax positions

 

 

5,603

 

 

 

2,705

 

Deferred income taxes

 

 

664

 

 

 

1,729

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.0001 par value:

 

 

 

 

 

 

Authorized shares—10,000,000; none issued or outstanding at April 30, 2024 and April 30, 2023

 

 

 

 

 

 

Common stock, $0.0001 par value:

 

 

 

 

 

 

Authorized shares—100,000,000

 

 

 

 

 

 

Issued and outstanding shares—28,134,438 shares at April 30, 2024 and 26,216,897 shares at April 30, 2023

 

 

4

 

 

 

4

 

Additional paid-in capital

 

 

597,646

 

 

 

384,397

 

Accumulated other comprehensive loss

 

 

(5,592

)

 

 

(4,452

)

Retained earnings

 

 

230,687

 

 

 

171,021

 

Total stockholders’ equity

 

 

822,745

 

 

 

550,970

 

Total liabilities and stockholders’ equity

 

$

1,015,860

 

 

$

824,577

 

AeroVironment, Inc.

Consolidated Statements of Cash Flows

(In thousands) 

 

 

 

Year Ended April 30,

 

 

2024

 

2023

 

2022

Operating activities

 

 

 

 

 

 

 

Net income (loss)

 

$

59,666

 

 

$

(176,167

)

 

$

(4,185

)

Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

35,749

 

 

 

99,999

 

 

 

60,825

 

Impairment of goodwill

 

 

 

 

 

156,017

 

 

 

 

Loss (gain) from equity method investments

 

 

1,674

 

 

 

2,453

 

 

 

(5,889

)

Loss on deconsolidation of previously controlled subsidiary

 

 

 

 

 

189

 

 

 

 

Amortization of debt issuance costs

 

 

1,009

 

 

 

845

 

 

 

789

 

Provision for doubtful accounts

 

 

4

 

 

 

99

 

 

 

(6

)

Reserve for inventory excess and obsolescence

 

 

13,937

 

 

 

8,136

 

 

 

2,271

 

Other non-cash expense, net

 

 

1,316

 

 

 

1,995

 

 

 

649

 

Non-cash lease expense

 

 

10,400

 

 

 

8,048

 

 

 

6,814

 

Loss on foreign currency transactions

 

 

22

 

 

 

119

 

 

 

233

 

Unrealized loss on available-for-sale equity securities, net

 

 

3,945

 

 

 

132

 

 

 

 

Deferred income taxes

 

 

(23,290

)

 

 

(18,661

)

 

 

(7,282

)

Stock-based compensation

 

 

17,069

 

 

 

10,765

 

 

 

5,390

 

Loss on disposal of property and equipment

 

 

621

 

 

 

1,497

 

 

 

8,277

 

Amortization of debt securities discount

 

 

 

 

 

125

 

 

 

242

 

Changes in operating assets and liabilities, net of acquisitions:

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

19,208

 

 

 

(27,423

)

 

 

3,084

 

Unbilled receivables and retentions

 

 

(92,850

)

 

 

(1,446

)

 

 

(31,883

)

Inventories

 

 

(23,045

)

 

 

(61,846

)

 

 

(29,431

)

Income taxes receivable

 

 

 

 

 

442

 

 

 

(442

)

Prepaid expenses and other assets

 

 

(20,279

)

 

 

(3,821

)

 

 

(4,534

)

Accounts payable

 

 

12,968

 

 

 

12,538

 

 

 

(7,044

)

Other liabilities

 

 

(2,832

)

 

 

(2,635

)

 

 

(7,496

)

Net cash provided by (used in) operating activities

 

 

15,292

 

 

 

11,400

 

 

 

(9,618

)

Investing activities

 

 

 

 

 

 

 

 

 

Acquisition of property and equipment

 

 

(22,983

)

 

 

(14,868

)

 

 

(22,289

)

Equity method investments

 

 

(3,074

)

 

 

(5,778

)

 

 

(6,884

)

Equity security investments

 

 

 

 

 

(5,100

)

 

 

 

Business acquisitions, net of cash acquired

 

 

(24,157

)

 

 

(5,105

)

 

 

(46,150

)

Acquisition of intangibles

 

 

(1,500

)

 

 

 

 

 

 

Proceeds from sale of ownership in equity method investment

 

 

 

 

 

 

 

 

6,497

 

Proceeds from loan repayment

 

 

 

 

 

 

 

 

4,345

 

Proceeds from deconsolidation of previously controlled subsidiary, net of cash deconsolidated

 

 

 

 

 

(635

)

 

 

 

Redemptions of available-for-sale investments

 

 

 

 

 

26,059

 

 

 

35,851

 

Purchases of available-for-sale investments

 

 

 

 

 

(1,326

)

 

 

(23,882

)

Other

 

 

 

 

 

(250

)

 

 

224

 

Net cash used in investing activities

 

 

(51,714

)

 

 

(7,003

)

 

 

(52,288

)

Financing activities

 

 

 

 

 

 

 

 

 

Principal payments of term loan

 

 

(107,000

)

 

 

(55,000

)

 

 

(10,000

)

Holdback and retention payments for business acquisition

 

 

(500

)

 

 

 

 

 

(7,814

)

Payment of contingent consideration

 

 

(2,132

)

 

 

 

 

 

 

Proceeds from shares issued, net of issuance costs

 

 

88,437

 

 

 

104,649

 

 

 

 

Payment of debt issuance costs

 

 

(37

)

 

 

 

 

 

(293

)

Tax withholding payment related to net settlement of equity awards

 

 

(1,596

)

 

 

(1,065

)

 

 

(1,245

)

Exercise of stock options

 

 

 

 

 

2,278

 

 

 

2,776

 

Other

 

 

(24

)

 

 

(28

)

 

 

(31

)

Net cash (used in) provided by financing activities

 

 

(22,852

)

 

 

50,834

 

 

 

(16,607

)

Effects of currency translation on cash and cash equivalents

 

 

(284

)

 

 

397

 

 

 

(1,319

)

Net (decrease) increase in cash, cash equivalents, and restricted cash

 

 

(59,558

)

 

 

55,628

 

 

 

(79,832

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

132,859

 

 

 

77,231

 

 

 

157,063

 

Cash, cash equivalents and restricted cash at end of period

 

$

73,301

 

 

$

132,859

 

 

$

77,231

 

Supplemental disclosures of cash flow information

 

 

 

 

 

 

 

 

 

Cash paid, net during the period for:

 

 

 

 

 

 

 

 

 

Income taxes

 

$

20,438

 

 

$

2,911

 

 

$

1,879

 

Interest

 

$

6,823

 

 

$

10,229

 

 

$

5,025

 

Non-cash activities

 

 

 

 

 

 

 

 

 

Issuance of common stock for business acquisition

 

$

109,820

 

 

$

 

 

$

 

Unrealized gain (loss) on available-for-sale investments, net of deferred tax expense of $0, $0 and $8 for the fiscal years ended April 30, 2024, 2023 and 2022, respectively

 

$

 

 

$

53

 

 

$

(43

)

Change in foreign currency translation adjustments

 

$

(1,140

)

 

$

2,009

 

 

$

6,814

 

Issuances of inventory to property and equipment, ISR in-service assets

 

$

 

 

$

6,306

 

 

$

17,481

 

Acquisitions of property and equipment included in accounts payable

 

$

986

 

 

$

721

 

 

$

1,117

AeroVironment, Inc.

Reportable Segment Results (Unaudited)

(In thousands)

 

 

 

Three Months Ended April 30, 2024

 

 

UxS

 

LMS

 

MW

 

Total

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Product sales

 

$

96,365

 

$

68,218

 

$

15

 

 

$

164,598

Contract services

 

 

7,371

 

 

5,545

 

 

19,465

 

 

 

32,381

 

 

$

103,736

 

$

73,763

 

$

19,480

 

 

$

196,979

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment adjusted income (loss) from operations

 

$

9,074

 

$

12,717

 

$

(10,079

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended April 30, 2023

 

 

UxS

 

LMS

 

MW

 

Total

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Product sales

 

$

107,572

 

$

33,911

 

$

46

 

 

$

141,529

Contract services

 

 

14,600

 

 

8,586

 

 

21,326

 

 

 

44,512

 

 

$

122,172

 

$

42,497

 

$

21,372

 

 

$

186,041

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment adjusted income (loss) from operations

 

$

25,354

 

$

7,230

 

$

(435

)

 

 

 

AeroVironment, Inc.

Reconciliation of non-GAAP Earnings per Diluted Share (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Three Months Ended

 

Year Ended

 

Year Ended

 

 

April 30, 2024

 

April 30, 2023

 

April 30, 2024

 

April 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per diluted share

 

$

0.22

 

$

(6.31

)

 

$

2.18

 

$

(7.04

)

Acquisition-related expenses

 

 

0.01

 

 

0.01

 

 

 

0.06

 

 

0.05

 

Amortization of acquired intangible assets and other purchase accounting adjustments

 

 

0.15

 

 

0.23

 

 

 

0.54

 

 

0.92

 

Equity method and equity securities investments activity, net

 

 

0.05

 

 

(0.06

)

 

 

0.21

 

 

0.10

 

Goodwill impairment

 

 

 

 

6.10

 

 

 

 

 

6.19

 

Accelerated intangible amortization

 

 

 

 

1.02

 

 

 

 

 

1.04

 

Earnings per diluted share as adjusted (Non-GAAP)

 

$

0.43

 

$

0.99

 

 

$

2.99

 

$

1.26

 

Reconciliation of non-GAAP adjusted EBITDA (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Three Months Ended

 

Year Ended

 

Year Ended

(in millions)

 

April 30, 2024

 

April 30, 2023

 

April 30, 2024

 

April 30, 2023

Net income (loss)

 

$

6.0

 

 

$

(160.5

)

 

$

59.7

 

$

(176.2

)

Interest expense, net

 

 

0.1

 

 

 

2.6

 

 

 

4.2

 

 

9.4

 

Provision for (benefit from) income taxes

 

 

(1.8

)

 

 

(6.3

)

 

 

1.9

 

 

(14.7

)

Depreciation and amortization

 

 

10.9

 

 

 

52.0

 

 

 

35.7

 

 

100.0

 

EBITDA (Non-GAAP)

 

 

15.2

 

 

 

(112.2

)

 

 

101.5

 

 

(81.5

)

Stock-based compensation

 

 

4.6

 

 

 

3.7

 

 

 

17.1

 

 

10.8

 

Equity method and equity securities investments activity, net

 

 

1.4

 

 

 

(1.5

)

 

 

5.6

 

 

2.6

 

Amortization of cloud computing arrangement implementation

 

 

0.6

 

 

 

0.1

 

 

 

1.5

 

 

0.7

 

Acquisition-related expenses

 

 

0.4

 

 

 

0.3

 

 

 

2.1

 

 

1.4

 

Goodwill impairment

 

 

 

 

 

156.0

 

 

 

 

 

156.0

 

Adjusted EBITDA (Non-GAAP)

 

$

22.2

 

 

$

46.4

 

 

$

127.8

 

$

90.0

 

 

Reconciliation of Forecast Earnings per Diluted Share (Unaudited)

 

 

 

 

 

 

Fiscal year ending

 

 

April 30, 2025

Forecast earnings per diluted share

 

$

2.61 - 2.92

Amortization of acquired intangible assets and other purchase accounting adjustments

 

 

0.51

Equity method and equity securities investments activity, net

 

 

0.06

Forecast earnings per diluted share as adjusted (Non-GAAP)

 

$

3.18 - 3.49

Reconciliation of 2025 Forecast and Fiscal Year 2024 Actual Non-GAAP adjusted EBITDA (Unaudited)

 

 

 

 

 

 

 

 

 

Fiscal year ending

 

Fiscal year ended

(in millions)

 

April 30, 2025

 

April 30, 2024

Net income

 

$

74 - 83

 

$

60

Interest expense, net

 

 

2

 

 

4

Provision for income taxes

 

 

7

 

 

2

Depreciation and amortization

 

 

36

 

 

36

EBITDA (Non-GAAP)

 

 

119 - 129

 

 

102

Stock-based compensation

 

 

20

 

 

17

Equity method and equity securities investments activity, net

 

 

2

 

 

6

Amortization of cloud computing arrangement implementation

 

 

2

 

 

2

Acquisition-related expenses

 

 

 

 

2

Adjusted EBITDA (Non-GAAP)

 

$

143 - 153

 

$

128

Statement Regarding Non-GAAP Measures

The non-GAAP measures set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measures, and may not be comparable to similarly titled measures reported by other companies. Management believes that these measures provide useful information to investors by offering additional ways of viewing our results that, when reconciled to the corresponding GAAP measures, help our investors to understand the long-term profitability trends of our business and compare our profitability to prior and future periods and to our peers. In addition, management uses these non-GAAP measures to evaluate our operating and financial performance.

Non-GAAP Adjusted Operating Income

Adjusted operating income is defined as operating income before intangible amortization, amortization of non-cash purchase accounting adjustments, goodwill impairment and acquisition related expenses.

Non-GAAP Earnings per Diluted Share

We exclude the acquisition-related expenses, amortization of acquisition-related intangible assets, equity securities investments gains or losses, goodwill impairment and one-time non-operating items because we believe this facilitates more consistent comparisons of operating results over time between our newly acquired and existing businesses, and with our peer companies. We believe, however, that it is important for investors to understand that such intangible assets contribute to revenue generation and that intangible asset amortization will recur in future periods until such intangible assets have been fully amortized.

Adjusted EBITDA (Non-GAAP)

Adjusted EBITDA is defined as net income before interest income, interest expense, income tax expense (benefit) and depreciation and amortization including amortization of purchase accounting adjustments, adjusted for the impact of certain other non-cash items, including amortization of implementation of cloud computing arrangements, stock-based compensation, acquisition related expenses, equity method investment gains or losses, equity securities investments gains or losses, goodwill impairment and one-time non-operating gains or losses. We present Adjusted EBITDA, which is not a recognized financial measure under U.S. GAAP, because we believe it is frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We believe this facilitates more consistent comparisons of operating results over time between our newly acquired and existing businesses, and with our peer companies. We believe, however, that it is important for investors to understand that such intangible assets contribute to revenue generation, intangible asset amortization will recur in future periods until such intangible assets have been fully amortized and that interest and income tax expenses will recur in future periods. In addition, Adjusted EBITDA may not be comparable to similarly titled measures used by other companies in our industry or across different industries.

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