AeroVironment, Inc. Announces Fourth Quarter and Full Fiscal 2021 Year Results
AeroVironment reported record financial results for Q4 and FY 2021, with revenues of $136.0 million and $394.9 million, respectively. The diluted EPS from continuing operations was $0.96 for FY 2021. A strategic acquisition of Arcturus UAV boosted the Medium Unmanned Aircraft Systems segment. Despite these successes, operating income decreased to $17.8 million in Q4 due to rising SG&A and R&D costs, leading to a net income drop to $10.9 million. Looking ahead, FY 2022 guidance suggests revenues between $560 million and $580 million.
- Record full fiscal year and Q4 revenue of $394.9 million and $136.0 million respectively.
- Acquisition of Arcturus UAV contributed $15.8 million to revenue in the MUAS segment.
- Non-GAAP diluted EPS up to $2.10 for FY 2021, compared to $1.84 for FY 2020.
- Increased funded backlog to $211.8 million, signaling strong demand.
- Operating income decreased to $17.8 million in Q4, down from $21.3 million in Q4 2020.
- Net income fell to $10.9 million for Q4 FY 2021 from $17.5 million in Q4 FY 2020.
- Increased SG&A expenses by $8.5 million and R&D expenses by $1.5 million in Q4.
AeroVironment, Inc. (NASDAQ: AVAV), a global leader in intelligent, multi-domain robotic systems, today reported financial results for its fourth quarter and full fiscal year ended April 30, 2021.
AeroVironment Offers a Portfolio of Intelligent, Multi-Domain Robotic Systems for Defense, Civil and Commercial Customers (Photo: Business Wire)
-
Record fourth quarter and full fiscal year revenue of
$136.0 million and$394.9 million -
Full fiscal year diluted EPS from continuing operations of
$0.96 and non-GAAP diluted EPS from continuing operations of$2.10 -
Record funded backlog of
$211.8 million - Closed two strategic acquisitions in the fourth quarter and a third in May 2021 that expand and enhance our product portfolio
“Our team again delivered record fourth quarter and full fiscal year 2021 revenue, representing a fourth consecutive year of profitable topline growth,” said Wahid Nawabi, AeroVironment president and chief executive officer. “In addition to producing solid financial and operational results despite the continued macroeconomic challenges our industry and economy are experiencing, we expanded our total addressable markets with the strategic acquisitions of Arcturus UAV, Progeny Systems ISG and Telerob. We continued our momentum over the course of the year securing a key initial contract for our new anti-armor Switchblade 600 loitering missile system, completing the fifth successful test flight of the Sunglider solar HAPS and demonstrating broadband LTE communication from the stratosphere. The AeroVironment team also made aviation history by developing critical propulsion and structural elements of the Ingenuity Mars Helicopter, the first aircraft to take flight in the atmosphere of another world.”
“We executed our growth strategy effectively in fiscal year 2021 and are well positioned to achieve significant revenue and adjusted EBITDA growth in fiscal year 2022 with our expanded team, geographic footprint and broad portfolio of intelligent, multi-domain robotic systems,” Mr. Nawabi added.
FISCAL 2021 FOURTH QUARTER RESULTS
Revenue for the fourth quarter of fiscal 2021 was
Gross margin for the fourth quarter of fiscal 2021 was
Income from operations for the fourth quarter of fiscal 2021 was
Other expense, net, for the fourth quarter of fiscal 2021 was
(Benefit) provision for income taxes for the fourth quarter of fiscal 2021 was a benefit of
Equity method investment income (loss), net of tax, for the fourth quarter of fiscal 2021 was income of
Net income attributable to AeroVironment for the fourth quarter of fiscal 2021 was
Earnings per diluted share from continuing operations attributable to AeroVironment for the fourth quarter of fiscal 2021 was
Non-GAAP earnings per diluted share from continuing operations was
FISCAL 2021 FULL YEAR RESULTS
Revenue for fiscal 2021 was
Gross margin for fiscal 2021 was
Income from operations for fiscal 2021 was
Other expense, net, for fiscal 2021 was
Provision for income taxes for fiscal 2021 was
Equity method investment loss, net of tax, for fiscal 2021 was
Net income attributable to AeroVironment for fiscal 2021 was
Earnings per diluted share from continuing operations attributable to AeroVironment for fiscal 2021 was
Non-GAAP earnings per diluted share from continuing operations was
BACKLOG
As of April 30, 2021, funded backlog (remaining performance obligations under firm orders for which funding is currently appropriated to us under a customer contract) was
FISCAL 2022 — OUTLOOK FOR THE FULL YEAR
For fiscal year 2022 the Company continues to expect 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, and including certain assumptions with respect to our ability to efficiently and on a timely basis integrate our acquisitions, obtain and retain government contracts, changes in the timing and/or amount of government spending, 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, Tuesday, June 29, 2021, at 1:30 pm Pacific Time that will be webcast live. Wahid Nawabi, president and chief executive officer, Kevin P. McDonnell, chief financial officer and Steven A. Gitlin, chief marketing officer and vice president of investor relations, will host the call.
4:30 PM ET
3:30 PM CT
2:30 PM MT
1:30 PM PT
Investors may dial into the call by using the following telephone numbers, (877) 561-2749 (U.S.) or (678) 809-1029 (international) and providing the conference ID 5370008 five to ten minutes prior to the start time to allow for registration.
Investors with Internet access may 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 and full fiscal 2021 can be accessed at https://investor.avinc.com/events-and-presentations.
Audio Replay Options
An audio replay of the event will be archived on the Investor Relations page of the company's website, at http://investor.avinc.com. The audio replay will also be available via telephone from Tuesday, June 29, 2021, at approximately 4:30 p.m. Pacific Time through July 6, 2021, at 4:30 p.m. Pacific Time. Dial (855) 859-2056 (U.S.) or (404) 537-3406 (international) and provide the conference ID 5370008.
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. Celebrating 50 years of innovation, 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 recent acquisitions of Arcturus UAV, Telerob and ISG and our ability to successfully integrate them into our operations; the risk that disruptions will occur from the transactions that will harm our business; any disruptions 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 and related to our development of HAPS UAS; availability of U.S. government funding for defense procurement and R&D programs; changes in the timing and/or amount of government spending; our ability to perform under existing contracts and obtain new contracts; risks related to our international business, including compliance with export control laws; potential need for changes in our long-term strategy in response to future developments; the extensive 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; changes in the supply and/or demand and/or prices for our products and services; the activities of competitors and increased competition; failure of the markets in which we operate to grow; uncertainty in the customer adoption rate of commercial use unmanned aircraft systems; failure to remain a market innovator, to create new market opportunities or to expand into new markets; changes in significant operating expenses, including components and raw materials; failure to develop new products or integrate new technology into current products; risk of litigation, including but not limited to pending litigation arising from the sale of our EES business; product liability, infringement and other claims; changes in the regulatory environment; the impact of the outbreak related to the strain of coronavirus known as COVID-19 on our business operations; and general economic and business conditions in the United States and elsewhere in the world. 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. |
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Consolidated Statements of Operations |
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(In thousands except share and per share data) |
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Three Months Ended |
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Year Ended |
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April 30, |
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April 30, |
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April 30, |
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April 30, |
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2021 |
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2020 |
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2021 |
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2020 |
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(Unaudited) |
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Revenue: |
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Product sales |
|
$ |
96,655 |
|
|
$ |
97,101 |
|
|
$ |
278,888 |
|
|
$ |
256,758 |
|
|
Contract services |
|
|
39,360 |
|
|
|
38,122 |
|
|
|
116,024 |
|
|
|
110,538 |
|
|
|
|
|
136,015 |
|
|
|
135,223 |
|
|
|
394,912 |
|
|
|
367,296 |
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|
Cost of sales: |
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Product sales |
|
|
47,675 |
|
|
|
56,887 |
|
|
|
149,714 |
|
|
|
139,131 |
|
|
Contract services |
|
|
28,685 |
|
|
|
25,168 |
|
|
|
80,640 |
|
|
|
75,063 |
|
|
|
|
|
76,360 |
|
|
|
82,055 |
|
|
|
230,354 |
|
|
|
214,194 |
|
|
Gross margin: |
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|
|
|
|
|
|
|
|
|
|
|
|
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Product sales |
|
|
48,980 |
|
|
|
40,214 |
|
|
|
129,174 |
|
|
|
117,627 |
|
|
Contract services |
|
|
10,675 |
|
|
|
12,954 |
|
|
|
35,384 |
|
|
|
35,475 |
|
|
|
|
|
59,655 |
|
|
|
53,168 |
|
|
|
164,558 |
|
|
|
153,102 |
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|
Selling, general and administrative |
|
|
24,841 |
|
|
|
16,344 |
|
|
|
67,481 |
|
|
|
59,490 |
|
|
Research and development |
|
|
17,054 |
|
|
|
15,529 |
|
|
|
53,764 |
|
|
|
46,477 |
|
|
Income from continuing operations |
|
|
17,760 |
|
|
|
21,295 |
|
|
|
43,313 |
|
|
|
47,135 |
|
|
Other income: |
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|
|
|
|
|
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|
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Interest (expense) income, net |
|
|
(1,035 |
) |
|
|
1,111 |
|
|
|
(618 |
) |
|
|
4,828 |
|
|
Other (expense) income, net |
|
|
(8,398 |
) |
|
|
75 |
|
|
|
(8,330 |
) |
|
|
707 |
|
|
Income before income taxes |
|
|
8,327 |
|
|
|
22,481 |
|
|
|
34,365 |
|
|
|
52,670 |
|
|
(Benefit from) provision for income taxes |
|
|
(2,235 |
) |
|
|
2,645 |
|
|
|
539 |
|
|
|
5,848 |
|
|
Equity method investment income (loss), net of tax |
|
|
410 |
|
|
|
(2,077 |
) |
|
|
(10,481 |
) |
|
|
(5,487 |
) |
|
Net income from continuing operations |
|
|
10,972 |
|
|
|
17,759 |
|
|
|
23,345 |
|
|
|
41,335 |
|
|
Discontinued operations: |
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|
|
|
|
|
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Loss on sale of business, net of tax benefit of |
|
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— |
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|
|
(265 |
) |
|
|
— |
|
|
|
(265 |
) |
|
Net loss from discontinued operations |
|
|
— |
|
|
|
(265 |
) |
|
|
— |
|
|
|
(265 |
) |
|
Net income |
|
|
10,972 |
|
|
|
17,494 |
|
|
|
23,345 |
|
|
|
41,070 |
|
|
Net (income) loss attributable to noncontrolling interest |
|
|
(26 |
) |
|
|
(23 |
) |
|
|
(14 |
) |
|
|
4 |
|
|
Net income attributable to AeroVironment, Inc. |
|
$ |
10,946 |
|
|
$ |
17,471 |
|
|
$ |
23,331 |
|
|
$ |
41,074 |
|
|
Net income (loss) per share attributable to AeroVironment, Inc.—Basic |
|
|
|
|
|
|
|
|
|
|
|
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|
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Continuing operations |
|
$ |
0.45 |
|
|
$ |
0.74 |
|
|
$ |
0.97 |
|
|
$ |
1.74 |
|
|
Discontinued operations |
|
|
— |
|
|
|
(0.01 |
) |
|
|
— |
|
|
|
(0.01 |
) |
|
Net income per share attributable to AeroVironment, Inc.—Basic |
|
$ |
0.45 |
|
|
$ |
0.73 |
|
|
$ |
0.97 |
|
|
$ |
1.73 |
|
|
Net income (loss) per share attributable to AeroVironment, Inc.—Diluted |
|
|
|
|
|
|
|
|
|
|
|
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|
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Continuing operations |
|
$ |
0.44 |
|
|
$ |
0.73 |
|
|
$ |
0.96 |
|
|
$ |
1.72 |
|
|
Discontinued operations |
|
|
— |
|
|
|
(0.01 |
) |
|
|
— |
|
|
|
(0.01 |
) |
|
Net income per share attributable to AeroVironment, Inc.—Diluted |
|
$ |
0.44 |
|
|
$ |
0.72 |
|
|
$ |
0.96 |
|
|
$ |
1.71 |
|
|
Weighted-average shares outstanding: |
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|
|
|
|
|
|
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|
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Basic |
|
|
24,434,344 |
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|
|
23,849,575 |
|
|
|
24,049,851 |
|
|
|
23,806,208 |
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Diluted |
|
|
24,779,877 |
|
|
|
24,133,809 |
|
|
|
24,362,656 |
|
|
|
24,088,167 |
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AeroVironment, Inc. |
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Consolidated Balance Sheets |
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(In thousands except share data) |
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April 30, |
|
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|
|
2021 |
|
2020 |
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Assets |
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Current assets: |
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|
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|
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|
Cash and cash equivalents |
|
$ |
148,741 |
|
$ |
255,142 |
|
Short-term investments |
|
|
31,971 |
|
|
47,507 |
|
Accounts receivable, net of allowance for doubtful accounts of |
|
|
62,647 |
|
|
73,660 |
|
Unbilled receivables and retentions |
|
|
71,632 |
|
|
75,837 |
|
Inventories |
|
|
71,646 |
|
|
45,535 |
|
Prepaid expenses and other current assets |
|
|
15,001 |
|
|
6,246 |
|
Total current assets |
|
|
401,638 |
|
|
503,927 |
|
Long-term investments |
|
|
12,156 |
|
|
15,030 |
|
Property and equipment, net |
|
|
58,896 |
|
|
21,694 |
|
Operating lease right-of-use assets |
|
|
22,902 |
|
|
8,793 |
|
Deferred income taxes |
|
|
2,061 |
|
|
4,928 |
|
Intangibles, net |
|
|
106,268 |
|
|
13,637 |
|
Goodwill |
|
|
314,205 |
|
|
6,340 |
|
Other assets |
|
|
10,440 |
|
|
10,605 |
|
Total assets |
|
$ |
928,566 |
|
$ |
584,954 |
|
Liabilities and stockholders’ equity |
|
|
|
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Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
|
$ |
24,841 |
|
$ |
19,859 |
|
Wages and related accruals |
|
|
28,068 |
|
|
23,972 |
|
Customer advances |
|
|
7,183 |
|
|
7,899 |
|
Current portion of long-term debt |
|
|
10,000 |
|
|
— |
|
Current operating lease liabilities |
|
|
6,154 |
|
|
3,380 |
|
Income taxes payable |
|
|
861 |
|
|
1,065 |
|
Other current liabilities |
|
|
19,078 |
|
|
10,778 |
|
Total current liabilities |
|
|
96,185 |
|
|
66,953 |
|
Long-term debt, net of current portion |
|
|
187,512 |
|
|
— |
|
Non-current operating lease liabilities |
|
|
19,103 |
|
|
6,833 |
|
Other non-current liabilities |
|
|
10,141 |
|
|
250 |
|
Liability for uncertain tax positions |
|
|
3,518 |
|
|
1,017 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
Preferred stock, |
|
|
|
|
|
|
|
Authorized shares—10,000,000; none issued or outstanding at April 30, 2021 and April 30, 2020 |
|
|
— |
|
|
— |
|
Common stock, |
|
|
|
|
|
|
|
Authorized shares—100,000,000 |
|
|
|
|
|
|
|
Issued and outstanding shares—24,777,295 shares at April 30, 2021 and 24,063,639 shares at April 30, 2020 |
|
|
2 |
|
|
2 |
|
Additional paid-in capital |
|
|
260,327 |
|
|
181,481 |
|
Accumulated other comprehensive income |
|
|
343 |
|
|
328 |
|
Retained earnings |
|
|
351,421 |
|
|
328,090 |
|
Total AeroVironment, Inc. stockholders’ equity |
|
|
612,093 |
|
|
509,901 |
|
Noncontrolling interest |
|
|
14 |
|
|
— |
|
Total equity |
|
|
612,107 |
|
|
509,901 |
|
Total liabilities and stockholders’ equity |
|
$ |
928,566 |
|
$ |
584,954 |
|
AeroVironment, Inc. |
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Consolidated Statements of Cash Flows |
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(In thousands) |
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|||
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Year Ended April 30, |
|
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|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
|||
Operating activities |
|
|
|
|
|
|
|
|
|||||
Net income |
|
$ |
23,345 |
|
|
$ |
41,070 |
|
|
$ |
47,419 |
|
|
Loss (gain) on sale of business, net of tax |
|
|
— |
|
|
|
265 |
|
|
|
(8,490 |
) |
|
Loss from discontinued operations, net of tax |
|
|
— |
|
|
|
— |
|
|
|
2,964 |
|
|
Net income from continuing operations |
|
|
23,345 |
|
|
|
41,335 |
|
|
|
41,893 |
|
|
Adjustments to reconcile net income from continuing operations to cash provided by operating activities from continuing operations: |
|
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization |
|
|
19,262 |
|
|
|
9,888 |
|
|
|
7,669 |
|
|
Losses from equity method investments, net |
|
|
10,481 |
|
|
|
5,487 |
|
|
|
3,944 |
|
|
Amortization of debt issuance costs |
|
|
145 |
|
|
|
— |
|
|
|
— |
|
|
Realized gain from sale of available-for-sale investments |
|
|
(11 |
) |
|
|
(180 |
) |
|
|
— |
|
|
Impairment of long-lived assets |
|
|
— |
|
|
|
— |
|
|
|
4,398 |
|
|
Provision for doubtful accounts |
|
|
(114 |
) |
|
|
388 |
|
|
|
(39 |
) |
|
Other non-cash gain, net |
|
|
(449 |
) |
|
|
(703 |
) |
|
|
— |
|
|
Non-cash lease expense |
|
|
5,150 |
|
|
|
4,574 |
|
|
|
— |
|
|
Loss on foreign currency transactions |
|
|
1 |
|
|
|
1 |
|
|
|
38 |
|
|
Deferred income taxes |
|
|
(1,694 |
) |
|
|
3,419 |
|
|
|
4,792 |
|
|
Stock-based compensation |
|
|
6,932 |
|
|
|
6,227 |
|
|
|
6,985 |
|
|
Loss (gain) on sale of property and equipment |
|
|
123 |
|
|
|
(71 |
) |
|
|
76 |
|
|
Amortization of debt securities |
|
|
309 |
|
|
|
(1,423 |
) |
|
|
(1,506 |
) |
|
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
|
|
|
|||
Accounts receivable |
|
|
17,177 |
|
|
|
(42,869 |
) |
|
|
25,821 |
|
|
Unbilled receivables and retentions |
|
|
8,381 |
|
|
|
(22,790 |
) |
|
|
(36,175 |
) |
|
Inventories |
|
|
(5,179 |
) |
|
|
8,855 |
|
|
|
(16,631 |
) |
|
Income tax receivable |
|
|
— |
|
|
|
821 |
|
|
|
(821 |
) |
|
Prepaid expenses and other assets |
|
|
(6,104 |
) |
|
|
831 |
|
|
|
(2,401 |
) |
|
Accounts payable |
|
|
2,565 |
|
|
|
3,127 |
|
|
|
(7,054 |
) |
|
Other liabilities |
|
|
6,212 |
|
|
|
8,180 |
|
|
|
(4,043 |
) |
|
Net cash provided by operating activities |
|
|
86,532 |
|
|
|
25,097 |
|
|
|
26,946 |
|
|
Investing activities |
|
|
|
|
|
|
|
|
|
|
|||
Acquisition of property and equipment |
|
|
(11,263 |
) |
|
|
(11,220 |
) |
|
|
(8,896 |
) |
|
Equity method investments |
|
|
(2,675 |
) |
|
|
(14,498 |
) |
|
|
(7,598 |
) |
|
Business acquisitions, net of cash acquired |
|
|
(385,614 |
) |
|
|
(18,641 |
) |
|
|
— |
|
|
Proceeds from sale of business |
|
|
— |
|
|
|
— |
|
|
|
31,994 |
|
|
Proceeds from sale of property and equipment |
|
|
— |
|
|
|
81 |
|
|
|
— |
|
|
Redemptions of held-to-maturity investments |
|
|
— |
|
|
|
185,917 |
|
|
|
260,918 |
|
|
Purchases of held-to-maturity investments |
|
|
— |
|
|
|
(176,757 |
) |
|
|
(267,122 |
) |
|
Redemptions of available-for-sale investments |
|
|
146,425 |
|
|
|
200,892 |
|
|
|
2,250 |
|
|
Purchases of available-for-sale investments |
|
|
(125,644 |
) |
|
|
(106,607 |
) |
|
|
— |
|
|
Net cash (used in) provided by investing activities |
|
|
(378,771 |
) |
|
|
59,167 |
|
|
|
11,546 |
|
|
Financing activities |
|
|
|
|
|
|
|
|
|
|
|||
Principal payments of capital lease obligations |
|
|
— |
|
|
|
— |
|
|
|
(161 |
) |
|
Payment of contingent consideration |
|
|
— |
|
|
|
(868 |
) |
|
|
— |
|
|
Tax withholding payment related to net settlement of equity awards |
|
|
(1,992 |
) |
|
|
(1,062 |
) |
|
|
(1,094 |
) |
|
Holdback and retention payments for business acquisition |
|
|
(1,492 |
) |
|
|
— |
|
|
|
— |
|
|
Exercise of stock options |
|
|
1,522 |
|
|
|
100 |
|
|
|
71 |
|
|
Payment of debt issuance costs |
|
|
(3,878 |
) |
|
|
— |
|
|
|
— |
|
|
Proceeds from long-term debt |
|
|
200,000 |
|
|
|
— |
|
|
|
— |
|
|
Net cash provided by (used in) financing activities |
|
|
194,160 |
|
|
|
(1,830 |
) |
|
|
(1,184 |
) |
|
Discontinued operations |
|
|
|
|
|
|
|
|
|
|
|||
Operating activities of discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
(7,686 |
) |
|
Investing activities of discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
(431 |
) |
|
Net cash used in discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
(8,117 |
) |
|
Net (decrease) increase in cash, cash equivalents, and restricted cash |
|
|
(98,079 |
) |
|
|
82,434 |
|
|
|
29,191 |
|
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
255,142 |
|
|
|
172,708 |
|
|
|
143,517 |
|
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
157,063 |
|
|
$ |
255,142 |
|
|
$ |
172,708 |
|
|
Supplemental disclosures of cash flow information |
|
|
|
|
|
|
|
|
|
|
|||
Cash paid, net during the period for: |
|
|
|
|
|
|
|
|
|
|
|||
Income taxes |
|
$ |
2,405 |
|
|
$ |
532 |
|
|
$ |
6,780 |
|
|
Non-cash activities |
|
|
|
|
|
|
|
|
|
|
|||
Unrealized (loss) gain on investments, net of deferred tax expense of |
|
$ |
(60 |
) |
|
$ |
50 |
|
|
$ |
57 |
|
|
Issuance of common stock for business acquisition |
|
$ |
72,384 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Change in foreign currency translation adjustments |
|
$ |
75 |
|
|
$ |
276 |
|
|
$ |
(34 |
) |
|
Issuances of inventory to property and equipment, ISR in-service assets |
|
$ |
769 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Acquisitions of property and equipment included in accounts payable |
|
$ |
756 |
|
|
$ |
1,425 |
|
|
$ |
810 |
|
|
AeroVironment, Inc. |
|||||||||||||||
Reportable Segment Results |
|||||||||||||||
(In thousands) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Three Months Ended |
|
Twelve Months Ended |
|||||||||||
|
|
April 30, |
|
April 30, |
|
April 30, |
|
April 30, |
|
||||||
|
|
2021 |
|
|
2020 |
|
2021 |
|
|
2020 |
|
||||
|
|
(Unaudited) |
|
|
|
|
|
|
|
||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
UAS |
|
$ |
120,178 |
|
|
$ |
135,223 |
|
$ |
379,075 |
|
|
$ |
367,296 |
|
MUAS |
|
|
15,837 |
|
|
|
— |
|
|
15,837 |
|
|
|
— |
|
Total |
|
|
136,015 |
|
|
|
135,223 |
|
|
394,912 |
|
|
|
367,296 |
|
Gross margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
UAS |
|
|
56,690 |
|
|
|
53,168 |
|
|
161,593 |
|
|
|
153,102 |
|
MUAS |
|
|
2,965 |
|
|
|
— |
|
|
2,965 |
|
|
|
— |
|
Total |
|
|
59,655 |
|
|
|
53,168 |
|
|
164,558 |
|
|
|
153,102 |
|
Income (loss) from operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
UAS |
|
|
19,629 |
|
|
|
21,295 |
|
|
45,182 |
|
|
|
47,135 |
|
MUAS |
|
|
(1,869 |
) |
|
|
— |
|
|
(1,869 |
) |
|
|
— |
|
Total |
|
|
17,760 |
|
|
|
21,295 |
|
|
43,313 |
|
|
|
47,135 |
|
|
||||||||||||
AeroVironment, Inc. |
||||||||||||
Reconciliation of non-GAAP Earnings per Diluted Share (Unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Three Months
|
|
Three Months
|
|
Year Ended |
|
Year Ended |
||||
|
|
April 30, 2021 |
|
April 30, 2020 |
|
April 30, 2021 |
|
April 30, 2020 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per diluted share |
|
$ |
0.44 |
|
$ |
0.73 |
|
$ |
0.96 |
|
$ |
1.72 |
Acquisition-related expenses |
|
|
0.12 |
|
|
— |
|
|
0.26 |
|
|
0.04 |
Amortization of acquired intangible assets and other purchase accounting adjustments |
|
|
0.18 |
|
|
0.02 |
|
|
0.24 |
|
|
0.08 |
Legal accrual related to our former EES business |
|
|
0.30 |
|
|
— |
|
|
0.30 |
|
|
— |
HAPSMobile Inc. JV impairment of investment in Loon LLC |
|
|
— |
|
|
— |
|
|
0.34 |
|
|
— |
Earnings per diluted share as adjusted (Non-GAAP) |
|
$ |
1.04 |
|
|
0.75 |
|
$ |
2.10 |
|
$ |
1.84 |
Reconciliation of Forecast Earnings per Diluted Share (Unaudited) |
|||
|
|
|
|
|
|
Fiscal year ending |
|
|
|
April 30, 2022 |
|
Forecast earnings per diluted share |
|
$ |
1.31 - 1.51 |
Acquisition-related expenses |
|
|
0.13 |
Amortization of acquired intangible assets |
|
|
1.06 |
Forecast earnings per diluted share as adjusted (Non-GAAP) |
|
$ |
2.50 - 2.70 |
Reconciliation of Fiscal Year 2021 Actual and 2022 Forecast Non-GAAP adjusted EBITDA (Unaudited) |
||||||
|
|
|
|
|
|
|
|
|
Fiscal year ending |
|
Fiscal year ending |
||
(in millions) |
|
April 30, 2021 |
|
April 30, 2022 |
||
Net income from continuing operations |
|
$ |
23 |
|
$ |
32 - 37 |
Interest expense, net |
|
|
1 |
|
|
5 |
Provision for income taxes |
|
|
1 |
|
|
3 |
Depreciation and amortization |
|
|
19 |
|
|
61 |
EBITDA (Non-GAAP) |
|
|
44 |
|
|
101 - 106 |
HAPSMobile Inc. JV impairment of investment in Loon LLC |
|
|
10 |
|
|
— |
Legal accrual related to our former EES business |
|
|
9 |
|
|
— |
Acquisition-related expenses |
|
|
9 |
|
|
4 |
Adjusted EBITDA (Non-GAAP) |
|
$ |
72 |
|
$ |
105 - 110 |
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 Earnings per Diluted Share
We exclude the acquisition-related expenses, amortization of acquisition-related intangible assets 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 items, including acquisition related expenses, equity method investment gains or losses, 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210629005997/en/
FAQ
What were AeroVironment's revenue figures for Q4 FY 2021?
How much net income did AeroVironment generate in Q4 FY 2021?
What is AeroVironment's guidance for FY 2022 revenue?
What were the earnings per diluted share for AeroVironment in FY 2021?
How did AeroVironment's funded backlog change from FY 2020 to FY 2021?
