AeroVironment Announces Fiscal 2024 Fourth Quarter and Fiscal Year Results
AeroVironment reported record fiscal Q4 2024 revenue of $197 million, a 6% increase YoY, and full-year revenue of $716.7 million, up 33% YoY. The company achieved a Q4 net income of $6 million and an adjusted EBITDA of $22.2 million. For the fiscal year, net income reached $60 million with an adjusted EBITDA of $127.8 million. AeroVironment forecasts fiscal 2025 revenue between $790 million and $820 million, indicating nearly 12% top-line growth. The Loitering Munitions Segment significantly contributed to the revenue increase with 74% YoY growth. Gross margin increased to 38% due to higher service margins. However, funded backlog decreased to $400.2 million from $424.1 million YoY. The company projects fiscal 2025 net income between $74 million and $83 million, adjusted EBITDA between $143 million and $153 million, and non-GAAP EPS between $3.18 and $3.49 per diluted share.
- Record Q4 revenue of $197 million, up 6% YoY.
- Full-year revenue of $716.7 million, up 33% YoY.
- Q4 net income of $6 million and adjusted EBITDA of $22.2 million.
- Fiscal year net income of $60 million and adjusted EBITDA of $127.8 million.
- Fiscal 2025 revenue guidance of $790 million to $820 million, indicating nearly 12% growth.
- Loitering Munitions Segment revenue grew 74% YoY.
- Gross margin increased to 38% from 37%.
- Funded backlog decreased to $400.2 million from $424.1 million YoY.
AeroVironment's fiscal 2024 results and outlook for fiscal year 2025 present significant considerations for investors. The company's
From a profitability standpoint, the adjusted EBITDA of
The company's increased R&D expenditure by
The defense industry is characterized by long-term contracts and substantial investments in innovation. AeroVironment's strong revenue growth of
However, the decline in other segments like UnCrewed Systems by
Looking forward, AeroVironment's forecasted revenue growth of nearly
AeroVironment's emphasis on advanced technological solutions, particularly in their Loitering Munitions Systems, positions them well in the evolving defense sector. The
Investments in R&D, up by
For retail investors, the takeaway is clear: while AeroVironment's R&D investment and segment growth in advanced technologies are promising, it is essential to monitor how these investments translate into sustainable multi-segment growth and market penetration.
Fourth Quarter and Fiscal Year Highlights:
-
Record fourth quarter revenue of
and fiscal year revenue of$197.0 million , up$716.7 million 6% and33% , year-over-year, respectively -
Fourth quarter net income of
and adjusted EBITDA of$6.0 million and fiscal year net income of$22.2 million and adjusted EBITDA of$60.0 million $127.8 million -
Company on track for nearly
12% top line growth in fiscal year 2025 with expected revenue of between and$790 million $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
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
FISCAL 2024 FOURTH QUARTER RESULTS
Revenue for the fourth quarter of fiscal 2024 was
Gross margin for the fourth quarter of fiscal 2024 was
Income from operations for the fourth quarter of fiscal 2024 was
Other loss, net, for the fourth quarter of fiscal 2024 was
Provision for (benefit from) income taxes for the fourth quarter of fiscal 2024 was
Net income attributable to AeroVironment for the fourth quarter of fiscal 2024 was
Non-GAAP adjusted EBITDA for the fourth quarter of fiscal 2024 was
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
FISCAL 2025 — OUTLOOK FOR THE FULL YEAR
For fiscal year 2025, the Company expects revenue of between
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
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
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
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 |
|
|
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, |
|
|
|
|
|
|
||
Authorized shares—10,000,000; none issued or outstanding at April 30, 2024 and April 30, 2023 |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
|
|
|
|
||
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 |
|
$ |
— |
|
|
$ |
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20240626425775/en/
Jonah Teeter-Balin
+1 (805) 520-8350 x4278
https://investor.avinc.com/contact-and-faq/contact-us
Source: AeroVironment, Inc.
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