AeroVironment, Inc. Announces Fiscal 2021 Third Quarter Results

– Financial Tables Follow –

AeroVironment, Inc.

Consolidated Statements of Operations (Unaudited)

(In thousands except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

January 30,

 

January 25,

 

January 30,

 

January 25,

 

 

2021

 

2020

 

2021

 

2020

Revenue:

 

 

 

 

 

 

 

 

 

Product sales

 

$

58,348

 

$

36,432

 

$

182,233

 

$

159,657

 

Contract services

 

 

20,434

 

 

25,459

 

 

76,664

 

 

72,416

 

 

 

 

78,782

 

 

61,891

 

 

258,897

 

 

232,073

 

Cost of sales:

 

 

 

 

 

 

 

 

 

Product sales

 

 

35,746

 

 

21,034

 

 

102,039

 

 

82,244

 

Contract services

 

 

14,395

 

 

17,361

 

 

51,955

 

 

49,895

 

 

 

 

50,141

 

 

38,395

 

 

153,994

 

 

132,139

 

Gross margin:

 

 

 

 

 

 

 

 

 

Product sales

 

 

22,602

 

 

15,398

 

 

80,194

 

 

77,413

 

Contract services

 

 

6,039

 

 

8,098

 

 

24,709

 

 

22,521

 

 

 

 

28,641

 

 

23,496

 

 

104,903

 

 

99,934

 

Selling, general and administrative

 

 

15,652

 

 

13,223

 

 

42,640

 

 

43,146

 

Research and development

 

 

13,631

 

 

11,381

 

 

36,710

 

 

30,948

 

(Loss) income from operations

 

 

(642

)

 

(1,108

)

 

25,553

 

 

25,840

 

Other income:

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

94

 

 

1,122

 

 

417

 

 

3,717

 

Other (expense) income, net

 

 

(37

)

 

120

 

 

68

 

 

632

 

(Loss) income before income taxes

 

 

(585

)

 

134

 

 

26,038

 

 

30,189

 

(Benefit from) provision for income taxes

 

 

(924

)

 

(38

)

 

2,774

 

 

3,203

 

Equity method investment loss, net of tax

 

 

(81

)

 

(1,200

)

 

(10,891

)

 

(3,410

)

Net income (loss)

 

 

258

 

 

(1,028

)

 

12,373

 

 

23,576

 

Net (income) loss attributable to noncontrolling interest

 

 

(47

)

 

20

 

 

12

 

 

27

 

Net income (loss) attributable to AeroVironment, Inc.

 

$

211

 

$

(1,008

)

$

12,385

 

$

23,603

 

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

 

 

 

 

 

 

 

 

 

Basic

 

$

0.01

 

$

(0.04

)

$

0.52

 

$

0.99

 

Diluted

 

$

0.01

 

$

(0.04

)

$

0.51

 

$

0.98

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

 

23,942,782

 

 

23,821,145

 

 

23,924,017

 

 

23,790,788

 

Diluted

 

 

24,260,874

 

 

23,821,145

 

 

24,216,371

 

 

24,076,195

 

AeroVironment, Inc.

Consolidated Balance Sheets

(In thousands except share data)

 

 

 

 

 

 

 

 

 

January 30,

 

April 30,

 

 

2021

 

2020

 

 

(Unaudited)

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

324,543

 

 

$

255,142

Short-term investments

 

 

48,499

 

 

 

47,507

Accounts receivable, net of allowance for doubtful accounts of $565 at January 30, 2021 and $1,190 at April 30, 2020

 

 

26,621

 

 

 

73,660

Unbilled receivables and retentions

 

 

61,084

 

 

 

75,837

Inventories

 

 

53,104

 

 

 

45,535

Prepaid expenses and other current assets

 

 

7,693

 

 

 

6,246

Total current assets

 

 

521,544

 

 

 

503,927

Long-term investments

 

 

11,222

 

 

 

15,030

Property and equipment, net

 

 

22,920

 

 

 

21,694

Operating lease right-of-use assets

 

 

11,281

 

 

 

8,793

Deferred income taxes

 

 

5,821

 

 

 

4,928

Intangibles, net

 

 

11,552

 

 

 

13,637

Goodwill

 

 

6,340

 

 

 

6,340

Other assets

 

 

312

 

 

 

10,605

Total assets

 

$

590,992

 

 

$

584,954

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

15,837

 

 

$

19,859

Wages and related accruals

 

 

20,081

 

 

 

23,972

Customer advances

 

 

4,279

 

 

 

7,899

Current operating lease liabilities

 

 

4,403

 

 

 

3,380

Income taxes payable

 

 

2,370

 

 

 

1,065

Other current liabilities

 

 

9,158

 

 

 

10,778

Total current liabilities

 

 

56,128

 

 

 

66,953

Non-current operating lease liabilities

 

 

8,426

 

 

 

6,833

Other non-current liabilities

 

 

243

 

 

 

250

Liability for uncertain tax positions

 

 

1,017

 

 

 

1,017

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.0001 par value:

 

 

 

 

 

 

Authorized shares—10,000,000; none issued or outstanding at January 30, 2021 and April 30, 2020

 

 

 

 

 

Common stock, $0.0001 par value:

 

 

 

 

 

 

Authorized shares—100,000,000

 

 

 

 

 

 

Issued and outstanding shares—24,102,691 shares at January 30, 2021 and 24,063,639 shares at April 30, 2020

 

 

2

 

 

 

2

Additional paid-in capital

 

 

184,366

 

 

 

181,481

Accumulated other comprehensive income

 

 

347

 

 

 

328

Retained earnings

 

 

340,475

 

 

 

328,090

Total AeroVironment, Inc. stockholders’ equity

 

 

525,190

 

 

 

509,901

Noncontrolling interest

 

 

(12

)

 

 

Total equity

 

 

525,178

 

 

 

509,901

Total liabilities and stockholders’ equity

 

$

590,992

 

 

$

584,954

AeroVironment, Inc.

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

January 30,

 

January 25,

 

 

2021

 

2020

Operating activities

 

 

 

 

Net income

 

$

12,373

 

$

23,576

 

Adjustments to reconcile net income to cash provided by operating activities:

 

 

 

 

 

Depreciation and amortization

 

 

8,650

 

 

7,107

 

Losses from equity method investments

 

 

10,891

 

 

3,410

 

Realized gain from sale of available-for-sale investments

 

 

(11

)

 

 

Provision for doubtful accounts

 

 

(145

)

 

(2

)

Other non-cash income

 

 

(473

)

 

(719

)

Non-cash lease expense

 

 

3,592

 

 

3,453

 

Loss on foreign currency transactions

 

 

1

 

 

 

Deferred income taxes

 

 

(897

)

 

(946

)

Stock-based compensation

 

 

4,754

 

 

4,751

 

Loss (gain) on sale of property and equipment

 

 

2

 

 

(71

)

Amortization of debt securities

 

 

143

 

 

(1,291

)

Changes in operating assets and liabilities, net of acquisitions:

 

 

 

 

 

Accounts receivable

 

 

47,184

 

 

3,245

 

Unbilled receivables and retentions

 

 

14,753

 

 

(24,364

)

Inventories

 

 

(7,569

)

 

(10,766

)

Income tax receivable

 

 

 

 

821

 

Prepaid expenses and other assets

 

 

(1,622

)

 

216

 

Accounts payable

 

 

(3,346

)

 

(1,301

)

Other liabilities

 

 

(9,318

)

 

7,947

 

Net cash provided by operating activities

 

 

78,962

 

 

15,066

 

Investing activities

 

 

 

 

 

Acquisition of property and equipment

 

 

(8,472

)

 

(8,504

)

Equity method investments

 

 

(2,150

)

 

(9,551

)

Business acquisition, net of cash acquired

 

 

 

 

(18,641

)

Proceeds from sale of property and equipment

 

 

 

 

81

 

Redemptions of held-to-maturity investments

 

 

 

 

166,917

 

Purchases of held-to-maturity investments

 

 

 

 

(162,517

)

Redemptions of available-for-sale investments

 

 

130,066

 

 

41,150

 

Purchases of available-for-sale investments

 

 

(125,644

)

 

(59,297

)

Net cash used in investing activities

 

 

(6,200

)

 

(50,362

)

Financing activities

 

 

 

 

 

Tax withholding payment related to net settlement of equity awards

 

 

(1,955

)

 

(1,009

)

Holdback and retention payments for business acquisition

 

 

(1,492

)

 

 

Exercise of stock options

 

 

86

 

 

93

 

Net cash used in financing activities

 

 

(3,361

)

 

(916

)

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

 

 

69,401

 

 

(36,212

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

255,142

 

 

172,708

 

Cash, cash equivalents and restricted cash at end of period

 

$

324,543

 

$

136,496

 

Supplemental disclosures of cash flow information

 

 

 

 

 

Cash paid, net during the period for:

 

 

 

 

 

Income taxes

 

$

2,364

 

$

518

 

Non-cash activities

 

 

 

 

 

Unrealized loss on available-for-sale investments, net of deferred tax benefit of $2

 

$

56

 

$

 

Change in foreign currency translation adjustments

 

$

75

 

$

67

 

Acquisitions of property and equipment included in accounts payable

 

$

746

 

$

263

 

AeroVironment, Inc.

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

 

 

 

 

 

 

 

 

 

 

 

 

Three Months

Ended

 

Three Months

Ended

Nine Months

Ended

 

Nine Months

Ended

 

 

January 30, 2021

 

January 25, 2020

January 30, 2021

 

January 25, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per diluted share

 

$

0.01

 

$

(0.04

)

$

0.51

 

$

0.98

Acquisition-related expenses

 

 

0.11

 

 

0.01

 

 

0.14

 

 

0.03

Amortization of acquired intangible assets

 

 

0.02

 

 

0.02

 

 

0.06

 

 

0.06

HAPSMobile Inc. JV impairment of investment in Loon LLC

 

 

 

 

 

 

0.35

 

 

Earnings (loss) per diluted share as adjusted (Non-GAAP)

 

$

0.14

 

 

(0.01

)

$

1.06

 

$

1.07

Reconciliation of Forecast Earnings per Diluted Share (Unaudited)

 

 

 

 

 

 

Fiscal year ending

 

 

April 30, 2021

Forecast earnings per diluted share

 

$

0.76 - 0.96

Acquisition-related expenses

 

 

0.40

Amortization of acquired intangible assets

 

 

0.23

HAPSMobile Inc. JV impairment of investment in Loon LLC

 

 

0.35

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

 

$

1.74 - 1.94

Reconciliation of Fiscal Year 2020 Actual, and 2021 and 2022 Forecast Non-GAAP adjusted EBITDA (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal year ending

 

Fiscal year ending

 

Fiscal year ending

(in millions)

 

April 30, 2020

 

April 30, 2021

 

April 30, 2022

Net income from continuing operations

 

$

41

 

 

$

18 - 23

 

$

35 - 40

Interest (income) expense, net

 

 

(5

)

 

 

1

 

 

5

Provision for income taxes

 

 

6

 

 

 

2

 

 

4

Depreciation and amortization

 

 

10

 

 

 

21

 

 

64

EBITDA (Non-GAAP)

 

 

52

 

 

 

42 - 47

 

 

108 - 113

Equity Method Investment

 

 

6

 

 

 

11

 

 

-

Deal and integration costs

 

 

1

 

 

 

11

 

 

2

Adjusted EBITDA (Non-GAAP)

 

$

59

 

 

$

64 - 69

 

$

110 - 115


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