AeroVironment, Inc. (NASDAQ: AVAV), a global leader in
intelligent, multi-domain robotic systems, today reported financial
results for the fiscal third quarter ended January 28, 2023.
Third Quarter Highlights
- Third quarter revenue of $134.4 million, up 49%
year-over-year
- Third quarter gross margin of $45.5 million, an increase of
112% year-over-year; gross margin percentage of 34% rose
approximately 1,000 basis points
- Third quarter net loss attributable to AeroVironment of $(0.7)
million and non-GAAP adjusted EBITDA of $23 million
- Record funded backlog of $413.9 million as of January 28, 2023,
an increase of 83% year-over-year
“This quarter once again demonstrated the ongoing robust
strength of our business, with performance that met or exceeded our
expectations,” said Wahid Nawabi, AeroVironment chairman, president
and chief executive officer. “Our performance, reflects strong,
growing demand for our broad portfolio of innovative unmanned
robotics solutions, with results particularly driven by the
significant rise in orders for our advanced Puma and Switchblade
systems. AeroVironment’s products and services are proving to be
essential to Ukraine’s defense efforts, of which we’re very
proud.
“This quarter’s performance sets the stage for a strong finish
to fiscal 2023 – a transformational year for the Company – and we
have modestly increased our top line guidance accordingly. We have
also reduced our EPS guidance based on two non-cash impacts;
accelerated depreciation tied to our Medium UAS business and
greater than expected unrealized losses tied to our equity
investments. We believe the Company is well positioned for even
better results going forward, as we leverage our attractive,
cutting-edge portfolio of products and services to drive continued
double-digit organic top-line growth and solid bottom line
results.”
FISCAL 2023 THIRD QUARTER RESULTS
Revenue for the third quarter of fiscal 2023 was $134.4 million,
an increase of 49% from the third quarter of fiscal 2022 revenue of
$90.1 million. The increase in revenue reflects an increase in
product sales of $48.6 million, partially offset by a decrease in
service revenue of $4.3 million. The overall increase in revenue
was primarily due to an increase in revenue in the Small UAS
segment of $45.0 million and the Tactical Missile Systems (“TMS”)
segment of $5.4 million, partially offset by a decrease in revenue
in the Medium UAS segment of $5.8 million.
Gross margin for the third quarter of fiscal 2023 was $45.5
million, an increase of 112% from the third quarter of fiscal 2022
gross margin of $21.4 million. The increase in gross margin
reflects higher product margin of $23.0 million and higher service
margin of $1.0 million. As a percentage of revenue, gross margin
increased to 34% from 24%. The increase in gross margin percentage
was primarily related to a favorable product mix and a decrease in
non-cash purchase accounting related expenses. Gross margin was
negatively impacted by $3.3 million of intangible amortization
expense and other related non-cash purchase accounting expenses in
the third quarter of fiscal 2023 as compared to $5.1 million in the
third quarter of fiscal 2022.
Income from operations for the third quarter of fiscal 2023 was
$4.6 million, an increase of $18.7 million from the third quarter
of fiscal 2022 loss from operations of $14.1 million. The increase
in income from operations was primarily the result of an increase
in gross margin of $24.1 million, partially offset by an increase
in research and development (“R&D”) expense of $3.1 million and
an increase in selling, general and administrative (“SG&A”)
expense of $2.2 million.
Other loss, net, for the third quarter of fiscal 2023 was $5.4
million, as compared to $1.5 million for the third quarter of
fiscal 2022. The increase in interest expense was primarily due to
an increase in interest rates on the Company’s debt facility. Other
loss, net for the third quarter of fiscal 2023 includes unrealized
losses associated with decreases in the fair market value of equity
security investments.
Benefit from income taxes for the third quarter of fiscal 2023
was $0.5 million, as compared to a benefit from income taxes of
$(15.4) million for the third quarter of fiscal 2022. The decrease
in benefit from income taxes was primarily due to a change in
estimate of the full year expected pre-tax loss during the prior
year quarter.
Equity method investment loss, net of tax, for the third quarter
of fiscal 2023 was $(0.4) million, as compared to equity method
investment income $0.2 million for the third quarter of fiscal
2022. Subsequent to the sale of the equity interest in HAPSMobile
during the three months ended April 30, 2022, equity method
investment loss, net of tax no longer includes activity from
HAPSMobile.
Net loss attributable to AeroVironment for the third quarter of
fiscal 2023 was $0.7 million, or $(0.03) per diluted share, as
compared to net income of $10 thousand, or $0 per diluted share,
for the third quarter of fiscal 2022, respectively.
Non-GAAP adjusted EBITDA for the third quarter of fiscal 2023
was approximately $23 million and non-GAAP earnings per diluted
share was $0.33, as compared to approximately $6 million and $0.31,
respectively, for the third quarter of fiscal 2022.
BACKLOG
As of January 28, 2023, funded backlog (defined as remaining
performance obligations under firm orders for which funding is
currently appropriated to the Company under a customer contract)
was $413.9 million, as compared to $210.8 million as of April 30,
2022.
FISCAL 2023 — OUTLOOK FOR THE FULL YEAR
For the fiscal year 2023, the Company now expects revenue of
between $510 million and $525 million, net income of between $0 and
$5 million, Non-GAAP adjusted EBITDA of between $89 million and $95
million, earnings per diluted share of between $0.01 and $0.21 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 $1.13 and
$1.33.
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, Monday, March 6, 2023, 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.
New this quarter, 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/BIac3afa4fd07640f5babfc44519728c67
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 third quarter
fiscal year 2023 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 integrate
acquisitions into our operations and avoid disruptions from
acquisition 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, 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; changes in the timing
and/or amount of government spending; our reliance on limited
relationships to fund our development of HAPS UAS; 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 or the risk of unauthorized access to our, our
customers’ and/or our suppliers’ information and systems; changes
in the supply and/or demand and/or prices for our products and
services; increased competition; 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; unexpected changes in significant
operating expenses, including components and raw materials; failure
to develop new products or integrate new technology into current
products; unfavorable results in legal proceedings; our ability to
respond and adapt to unexpected legal, regulatory and government
budgetary changes, including those resulting from the COVID-19
pandemic or future pandemics, such as supply chain disruptions and
delays, potential governmentally-mandated shutdowns, travel
restrictions and site access, diversion of government resources to
non-defense priorities, and other business restrictions affecting
our ability to manufacture and sell our products and provide our
services; 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 (Unaudited)
(In thousands except share and
per share data)
Three Months Ended
Nine Months Ended
January 28,
January 29,
January 28,
January 29,
2023
2022
2023
2022
(Unaudited)
(Unaudited)
Revenue:
Product sales
$
91,216
$
42,599
$
211,533
$
166,713
Contract services
43,179
47,494
142,962
146,397
134,395
90,093
354,495
313,110
Cost of sales:
Product sales
54,866
29,294
127,210
100,821
Contract services
34,019
39,363
122,171
119,675
88,885
68,657
249,381
220,496
Gross margin:
Product sales
36,350
13,305
84,323
65,892
Contract services
9,160
8,131
20,791
26,722
45,510
21,436
105,114
92,614
Selling, general and administrative
24,746
22,549
70,302
74,496
Research and development
16,157
13,013
47,793
41,018
Income (loss) from operations
4,607
(14,126
)
(12,981
)
(22,900
)
Other (loss) income:
Interest expense, net
(2,810
)
(1,510
)
(6,722
)
(4,164
)
Other (expense) income, net
(2,587
)
34
(2,183
)
(10,360
)
Loss before income taxes
(790
)
(15,602
)
(21,886
)
(37,424
)
Benefit from income taxes
(531
)
(15,396
)
(8,382
)
(25,864
)
Equity method investment (loss) income,
net of tax
(417
)
171
(2,190
)
163
Net loss
(676
)
(35
)
(15,694
)
(11,397
)
Net loss (income) attributable to
noncontrolling interest
—
45
(45
)
(49
)
Net (loss) income attributable to
AeroVironment, Inc.
$
(676
)
$
10
$
(15,739
)
$
(11,446
)
Net loss per share attributable to
AeroVironment, Inc.
Basic
$
(0.03
)
$
—
$
(0.63
)
$
(0.46
)
Diluted
$
(0.03
)
$
—
$
(0.63
)
$
(0.46
)
Weighted-average shares outstanding:
Basic
25,012,412
24,710,991
24,906,977
24,657,846
Diluted
25,012,412
24,879,643
24,906,977
24,657,846
AeroVironment, Inc.
Consolidated Balance
Sheets
(In thousands except share
data)
January 28,
April 30,
2023
2022
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$
78,276
$
77,231
Short-term investments
—
24,716
Accounts receivable, net of allowance for
doubtful accounts of $61 at January 28, 2023 and $592 at April 30,
2022
52,871
60,170
Unbilled receivables and retentions
109,289
104,194
Inventories, net
125,942
90,629
Income taxes receivable
9,180
442
Prepaid expenses and other current
assets
15,323
11,527
Total current assets
390,881
368,909
Long-term investments
19,319
15,433
Property and equipment, net
45,388
62,296
Operating lease right-of-use assets
28,336
26,769
Deferred income taxes
8,540
7,290
Intangibles, net
83,442
97,224
Goodwill
336,555
334,347
Other assets
8,741
1,932
Total assets
$
921,202
$
914,200
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable
$
26,420
$
19,244
Wages and related accruals
27,135
25,398
Customer advances
22,553
8,968
Current portion of long-term debt
10,000
10,000
Current operating lease liabilities
7,794
6,819
Income taxes payable
26
759
Other current liabilities
22,469
30,203
Total current liabilities
116,397
101,391
Long-term debt, net of current portion
155,763
177,840
Non-current operating lease
liabilities
22,630
21,915
Other non-current liabilities
742
768
Liability for uncertain tax positions
1,450
1,450
Deferred income taxes
2,707
2,626
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value:
Authorized shares—10,000,000; none issued
or outstanding at January 28, 2023 and April 30, 2022
—
—
Common stock, $0.0001 par value:
Authorized shares—100,000,000
Issued and outstanding shares—25,264,025
shares at January 28, 2023 and 24,951,287 shares at April 30,
2022
4
2
Additional paid-in capital
295,070
267,248
Accumulated other comprehensive loss
(5,055
)
(6,514
)
Retained earnings
331,494
347,233
Total AeroVironment, Inc. stockholders’
equity
621,513
607,969
Noncontrolling interest
—
241
Total equity
621,513
608,210
Total liabilities and stockholders’
equity
$
921,202
$
914,200
AeroVironment, Inc.
Consolidated Statements of
Cash Flows (Unaudited)
(In thousands)
Nine Months Ended
January 28,
January 29,
2023
2022
Operating activities
Net loss
$
(15,694
)
$
(11,397
)
Adjustments to reconcile net loss from
operations to cash provided by (used in) operating activities:
Depreciation and amortization
48,109
47,437
Loss (income) from equity method
investments
2,190
(799
)
Loss on deconsolidation of previously
controlled subsidiary
189
—
Amortization of debt issuance costs
634
386
Provision for doubtful accounts
5
(20
)
Other non-cash expense, net
935
440
Non-cash lease expense
5,866
5,033
Loss on foreign currency transactions
38
34
Unrealized loss on available-for-sale
equity securities, net
1,798
—
Deferred income taxes
(1,250
)
(1,195
)
Stock-based compensation
7,108
3,957
Loss on disposal of property and
equipment
1,193
5,063
Amortization of debt securities
discount
125
117
Changes in operating assets and
liabilities, net of acquisitions:
Accounts receivable
6,847
21,901
Unbilled receivables and retentions
(5,098
)
(25,597
)
Inventories
(39,324
)
(21,590
)
Income taxes receivable
(9,388
)
(26,208
)
Prepaid expenses and other assets
(3,114
)
1,789
Accounts payable
7,789
(10,720
)
Other liabilities
(157
)
(11,807
)
Net cash provided by (used in) operating
activities
8,801
(23,176
)
Investing activities
Acquisition of property and equipment
(10,116
)
(17,064
)
Equity method investments
(2,774
)
(6,884
)
Equity security investments
(5,100
)
—
Business acquisitions, net of cash
acquired
(5,105
)
(46,150
)
Proceeds from deconsolidation of
previously controlled subsidiary, net of cash deconsolidated
(635
)
—
Redemptions of available-for-sale
investments
25,945
35,851
Purchases of available-for-sale
investments
(1,326
)
(2,987
)
Other
—
225
Net cash provided by (used in) investing
activities
889
(37,009
)
Financing activities
Principal payments of term loan
(22,500
)
(7,500
)
Holdback and retention payments for
business acquisition
—
(5,991
)
Proceeds from shares issued, net of
issuance costs
20,104
—
Tax withholding payment related to net
settlement of equity awards
(853
)
(1,176
)
Exercise of stock options
868
2,776
Other
(21
)
(23
)
Net cash used in financing activities
(2,402
)
(11,914
)
Effects of currency translation on cash
and cash equivalents
695
(613
)
Net increase (decrease) in cash, cash
equivalents, and restricted cash
7,983
(72,712
)
Cash, cash equivalents and restricted cash
at beginning of period
77,231
157,063
Cash, cash equivalents and restricted cash
at end of period
$
85,214
$
84,351
Supplemental disclosures of cash flow
information
Cash paid, net during the period for:
Income taxes
$
1,192
$
1,923
Interest
$
5,697
$
3,465
Non-cash activities
Unrealized (gain) loss on
available-for-sale investments, net of deferred tax expense of $0
and $1 for the nine months ended January 28, 2023 and January 29,
2022, respectively
$
(26
)
$
6
Change in foreign currency translation
adjustments
$
1,433
$
(3,771
)
Issuances of inventory to property and
equipment, ISR in-service assets
$
4,677
$
16,680
Acquisitions of property and equipment
included in accounts payable
$
731
$
626
AeroVironment, Inc.
Reportable Segment Results
(Unaudited)
(In thousands)
Three Months Ended January 28,
2023
Small UAS
TMS
MUAS
HAPS
All other
Total
Revenue
$
69,376
$
24,015
$
15,405
$
8,938
$
16,661
$
134,395
Gross margin
32,937
7,841
(2,008
)
2,733
4,007
45,510
Income (loss) from operations
18,548
(129
)
(11,824
)
1,334
(3,322
)
4,607
Acquisition-related expenses
-
-
129
-
157
286
Amortization of acquired intangible assets
and other purchase accounting adjustments
669
-
5,215
-
1,262
7,146
Adjusted income (loss) from operations
$
19,217
$
(129
)
$
(6,480
)
$
1,334
$
(1,903
)
$
12,039
Three Months Ended January 29,
2022
Small UAS
TMS
MUAS
HAPS
All other
Total
Revenue
$
24,366
$
18,603
$
21,168
$
9,543
$
16,413
$
90,093
Gross margin
8,656
5,209
335
3,173
4,063
21,436
Income (loss) from operations
(3,606
)
(1,289
)
(8,623
)
1,574
(2,182
)
(14,126
)
Acquisition-related expenses
99
54
41
19
155
368
Amortization of acquired intangible assets
and other purchase accounting adjustments
707
-
5,641
2
3,033
9,383
Adjusted income (loss) from operations
$
(2,800
)
$
(1,235
)
$
(2,941
)
$
1,595
$
1,006
$
(4,375
)
AeroVironment, Inc.
Reconciliation of non-GAAP
Earnings per Diluted Share (Unaudited)
Three Months Ended
Three Months Ended
Nine Months Ended
Nine Months Ended
January 28, 2023
January 29, 2022
January 28, 2023
January 29, 2022
(Loss) earnings per diluted share
$
(0.03
)
$
—
$
(0.63
)
$
(0.46
)
Acquisition-related expenses
0.01
0.02
0.04
0.16
Amortization of acquired intangible assets
and other purchase accounting adjustments
0.22
0.30
0.69
0.92
Equity method and equity securities
investments activity, net
0.13
(0.01
)
0.16
(0.01
)
Legal accrual related to our former EES
business
—
—
—
0.32
Earnings per diluted share as adjusted
(Non-GAAP)
$
0.33
$
0.31
$
0.26
$
0.93
Reconciliation of non-GAAP
adjusted EBITDA (Unaudited)
Three Months Ended
Three Months Ended
Nine Months Ended
Nine Months Ended
(in millions)
January 28, 2023
January 29, 2022
January 28, 2023
January 29, 2022
Net (loss) income
$
(1
)
$
—
$
(16
)
$
(11
)
Interest expense, net
3
2
7
4
Benefit from income taxes
(1
)
(15
)
(8
)
(26
)
Depreciation and amortization
16
17
48
48
EBITDA (Non-GAAP)
17
4
31
15
Amortization of purchase accounting
adjustment included in loss on disposal of property and
equipment
—
2
—
1
Stock-based compensation
3
—
7
4
Equity method and equity securities
investments activity, net
3
—
4
—
Acquisition-related expenses
—
—
1
5
Legal accrual related to our former EES
business
—
—
—
10
Adjusted EBITDA (Non-GAAP)
$
23
$
6
$
43
$
35
Reconciliation of Forecast
Earnings per Diluted Share (Unaudited)
Fiscal year ending
April 30, 2023
Forecast (loss) earnings per diluted
share
$
0.01 - 0.21
Acquisition-related expenses
0.05
Amortization of acquired intangible assets
and other purchase accounting adjustments
0.91
Equity method and equity securities
investments activity, net
0.16
Forecast earnings per diluted share as
adjusted (Non-GAAP)
$
1.13 - 1.33
Reconciliation of 2023
Forecast and Fiscal Year 2022 Actual Non-GAAP adjusted EBITDA
(Unaudited)
Fiscal year ending
Fiscal year ended
(in millions)
April 30, 2023
April 30, 2022
Net income (loss)
$
0 - 5
$
(4
)
Interest expense, net
10
5
Benefit from income taxes
(4) - (3
)
(10
)
Depreciation and amortization
69
61
EBITDA (Non-GAAP)
75 - 81
52
Amortization of purchase accounting
adjustment included in loss on disposal of property and
equipment
—
1
Stock-based compensation
9
5
Sale of ownership in HAPSMobile Inc. joint
venture
—
(6
)
Equity method and equity securities
investments activity, net
4
(5
)
Legal accrual related to our former EES
business
—
10
Acquisition-related expenses
1
5
Adjusted EBITDA (Non-GAAP)
$
89 - 95
$
62
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, 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 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 stock-based compensation, acquisition related expenses,
equity method investment gains or losses, equity securities
investments 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/20230306005733/en/
Jonah Teeter-Balin +1 (805) 520-8350 x4278
https://investor.avinc.com/contact-us
AeroVironment (NASDAQ:AVAV)
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