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.
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the full release here:
https://www.businesswire.com/news/home/20210629005997/en/
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 $136.0
million, representing an increase from the fourth quarter of fiscal
2020 revenue of $135.2 million. The increase was due to an increase
in revenue in our Medium Unmanned Aircraft Systems (MUAS) segment
of $15.8 million resulting from our acquisition of Arcturus UAV in
February 2021, partially offset by a decrease in revenue in our
Unmanned Aircraft Systems (UAS) segment of $15.0 million. The
decrease in UAS segment revenue was due to a decrease in service
revenue of $14.2 million and a decrease in product sales of $0.8
million. Our UAS segment consists of our existing small UAS,
tactical missile systems and HAPS product lines and the recently
acquired Progeny Systems Corporation’s Intelligent Systems Group
(“ISG”).
Gross margin for the fourth quarter of fiscal 2021 was $59.7
million, an increase of 12% from the fourth quarter of fiscal 2020
gross margin of $53.2 million. The increase in gross margin was
primarily due to an increase in product margin of $8.8 million,
partially offset by a decrease in service margin of $2.3 million.
As a percentage of revenue, gross margin increased to 44% from 39%.
The increase in gross margin percentage was primarily due to a
favorable product and services mix. Cost of sales for the fourth
quarter of fiscal 2021 included $2.6 million of intangible
amortization expense and other related non-cash purchase accounting
expenses as compared to $0.6 million in the fourth quarter of
fiscal 2020.
Income from operations for the fourth quarter of fiscal 2021 was
$17.8 million, a decrease of $3.5 million from the fourth quarter
of fiscal 2020 income from continuing operations of $21.3 million.
The decrease in income from operations was primarily a result of an
increase in selling, general and administrative (“SG&A”)
expense of $8.5 million and an increase in research and development
(“R&D”) expense of $1.5 million, partially offset by an
increase in gross margin of $6.5 million. The increase in SG&A
expense for the fourth quarter of fiscal 2021 was primarily due to
an increase in acquisition-related expenses of $3.3 million
associated with the acquisitions of Arcturus UAV, ISG and Telerob
GmbH (“Telerob”), and an increase in intangible amortization
expense of $2.8 million.
Other expense, net, for the fourth quarter of fiscal 2021 was
$9.4 million, as compared to other income, net of $1.2 million for
the fourth quarter of fiscal 2020. The increase in other expense,
net was primarily due to a legal accrual related to our former EES
business, an increase in interest expense of $0.9 million resulting
from the term debt issued concurrent with the acquisition of
Arcturus UAV, and a decrease in interest income due to a
combination of a decrease in the average interest rates earned on
our investment portfolio and a decrease in the average investment
balances.
(Benefit) provision for income taxes for the fourth quarter of
fiscal 2021 was a benefit of $2.2 million, as compared to a
provision of $2.6 million for the fourth quarter of fiscal 2020.
The increase in benefit from income taxes was primarily due to the
decrease in income before income taxes and an increase in certain
federal income tax credits.
Equity method investment income (loss), net of tax, for the
fourth quarter of fiscal 2021 was income of $0.4 million, as
compared to loss of $2.1 million for the fourth quarter of fiscal
2020. The equity method income during the fourth quarter of fiscal
2021 resulted from our investment in a limited partnership
fund.
Net income attributable to AeroVironment for the fourth quarter
of fiscal 2021 was $10.9 million, as compared to $17.5 million for
the fourth quarter of fiscal 2020. The fourth quarter of fiscal
2021 included a $9.3 million legal accrual related to our former
EES business.
Earnings per diluted share from continuing operations
attributable to AeroVironment for the fourth quarter of fiscal 2021
was $0.44, as compared to $0.73 for the fourth quarter of fiscal
2020.
Non-GAAP earnings per diluted share from continuing operations
was $1.04 for the fourth quarter of fiscal 2021, as compared to
$0.75 for the fourth quarter of fiscal 2020.
FISCAL 2021 FULL YEAR RESULTS
Revenue for fiscal 2021 was $394.9 million, an increase of 8%
from fiscal 2020 revenue of $367.3 million. The increase in revenue
was due to an increase in product sales of $22.1 million and an
increase in service revenue of $5.5 million. Fiscal 2021 revenue in
our UAS segment increased $11.8 million from fiscal 2020. Fiscal
2021 included revenue in our MUAS segment of $15.8 million
resulting from our acquisition of Arcturus UAV in February
2021.
Gross margin for fiscal 2021 was $164.6 million, an increase of
7% from fiscal 2020 gross margin of $153.1 million. The increase in
gross margin was primarily due to an increase in product margin of
$11.5 million. As a percentage of revenue, gross margin of 42% was
consistent with that of fiscal 2020. Cost of sales for fiscal 2021
included $4.5 million of intangible amortization expense and other
related non-cash purchase accounting expenses as compared to $2.4
million for fiscal 2020.
Income from operations for fiscal 2021 was $43.3 million, a
decrease of $3.8 million from fiscal 2020 income from operations of
$47.1 million. The decrease in income from operations was primarily
a result of an increase in SG&A expense of $8.0 million and an
increase in R&D expense of $7.3 million, partially offset by an
increase in gross margin of $11.5 million. The increase in SG&A
expense for fiscal 2021 was primary due to an increase in
acquisition-related expenses of $6.5 million associated with the
acquisitions of Arcturus UAV, ISG and Telerob, and an increase in
intangible amortization expense of $2.8 million.
Other expense, net, for fiscal 2021 was $8.9 million, as
compared to other income, net of $5.5 million for fiscal 2020. The
increase in other expense, net was primarily due to a legal accrual
related to our former EES business, a decrease in interest income
due to a combination of a decrease in the average interest rates
earned on our investment portfolio and a decrease in the average
investment balances, and an increase in interest expense of $0.9
million resulting from the term debt issued concurrent with the
acquisition of Arcturus UAV.
Provision for income taxes for fiscal 2021 was $0.5 million, as
compared to $5.8 million for fiscal 2020. The decrease in provision
for income taxes was primarily due to a decrease in income before
income taxes and an increase in certain federal income tax
credits.
Equity method investment loss, net of tax, for fiscal 2021 was
$10.5 million, as compared to $5.5 million for fiscal 2020. Equity
method investment loss, net of tax, for fiscal 2021 included a loss
of $8.4 million for our proportionate share of the HAPSMobile Inc.
joint venture’s impairment of its investment in Loon LLC.
Net income attributable to AeroVironment for fiscal 2021 was
$23.3 million, as compared to $41.1 million for fiscal 2020. Fiscal
2021 included the impairment loss of $8.4 million related to
HAPSMobile Inc.’s investment in Loon LLC and a $9.3 million legal
accrual related to our former EES business.
Earnings per diluted share from continuing operations
attributable to AeroVironment for fiscal 2021 was $0.96, as
compared to $1.72 for fiscal 2020. Fiscal 2021 included the
impairment loss of $8.4 million related to HAPSMobile Inc.’s
investment in Loon LLC and $9.3 million related to a legal accrual
related to our former EES business.
Non-GAAP earnings per diluted share from continuing operations
was $2.10 for fiscal 2021, as compared to $1.84 for fiscal
2020.
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 $211.8 million,
as compared to $208.1 million as of April 30, 2020.
FISCAL 2022 — OUTLOOK FOR THE FULL YEAR
For fiscal year 2022 the Company continues to expect revenue of
between $560 million and $580 million, net income of between $32
million and $37 million, adjusted EBITDA of between $105 million
and $110 million, earnings per diluted share of between $1.31 and
$1.51 and non-GAAP earnings per diluted share, which excludes
acquisition-related expenses and amortization of intangible assets,
of between $2.50 and $2.70.
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.
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,
2021
2020
2021
2020
(Unaudited)
Revenue:
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
Cost of sales:
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:
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
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:
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:
Loss on sale of business, net of tax
benefit of $76
—
(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
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
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:
Basic
24,434,344
23,849,575
24,049,851
23,806,208
Diluted
24,779,877
24,133,809
24,362,656
24,088,167
AeroVironment, Inc.
Consolidated Balance
Sheets
(In thousands except share
data)
April 30,
2021
2020
Assets
Current assets:
Cash and cash equivalents
$
148,741
$
255,142
Short-term investments
31,971
47,507
Accounts receivable, net of allowance for
doubtful accounts of $595 at April 30, 2021 and $1,190 at April 30,
2020
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
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, $0.0001 par value:
Authorized shares—10,000,000; none issued
or outstanding at April 30, 2021 and April 30, 2020
—
—
Common stock, $0.0001 par value:
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.
Consolidated Statements of
Cash Flows
(In thousands)
Year Ended April 30,
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 $1, $14 and $51 for the fiscal years
ended 2021, 2020 and 2019, respectively
$
(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 Ended
Three Months Ended
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/
AeroVironment, Inc. Steven Gitlin +1 (805) 520-8350
ir@avinc.com
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