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Aerovironment Inc (AVAV) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, April 30, 2023

SEC Filings

Aerovironment Inc

CIK: 1730494 Ticker: AVAV

Exhibit 99.1

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AeroVironment Announces Fiscal 2023 Fourth Quarter and Fiscal Year Results

ARLINGTON, VA, June 27, 2023

— AeroVironment, Inc. (“AeroVironment” or the “Company”) reported today financial results for the fiscal fourth quarter and full year ended April 30, 2023.

Fourth Quarter and Fiscal Year Highlights

Record full fiscal year and fourth quarter revenue of $540.5 million and $186.0 million, up 21% and 40% over prior period, respectively
Record funded backlog of $424.1 million as of April 30, 2023
Company on track for nearly 20% top line growth in fiscal year 2024 with expected revenue of between $630 million and $660 million

“I am pleased to report that, as expected, we had a very strong finish to fiscal 2023 to close out the Company’s best year ever,” said Wahid Nawabi, AeroVironment chairman, president and chief executive officer. “With our record setting revenue and backlog, we are well positioned for another strong growth year in Fiscal 2024. Even though AeroVironment was not selected to proceed further with increment 2 of FTUAS, AeroVironment has never been in better shape with regards to its future than it is today. Given our pipeline, record backlog and global tailwinds supporting our broad portfolio of robotic solutions – bolstered by the strong performance of our systems in Ukraine – we are at the beginning of a new phase of growth that will lead to further attractive returns for our shareholders. Last year was really an inflection point in terms of our long-term strategic vision to build the premier unmanned robotic solutions provider in the world. With expanding markets, a newfound appreciation of our solutions by foreign customers, and broad support for our products here at home, the Company is well positioned for great success going forward.”

FISCAL 2023 FOURTH QUARTER RESULTS

Revenue for the fourth quarter of fiscal 2023 was $186.0 million, an increase of 40% as compared to $132.6 million for the fourth quarter of fiscal 2022, reflecting higher product sales of $67.6 million, partially offset by lower service revenue of $14.1 million. From a segment standpoint, the change year-over-year was primarily due to growth in Small UAS (“SUAS”) of $35.4 million and Tactical Missile Systems (“TMS”) of $22.3 million, partially offset by a $14.7 million decline in Medium UAS (“MUAS”) revenue.

Gross margin for the fourth quarter of fiscal 2023 was $68.4 million, an increase of 41% as compared to $48.6 million for the fourth quarter of fiscal 2022, reflecting higher product margin of $31.1 million, partially offset by lower service gross margin of $11.3 million. As a percentage of revenue, gross margin percentage remained consistent at 37%. Gross margin was negatively impacted by $8.0 million of accelerated depreciation and intangible amortization expense and other related non-cash purchase accounting expenses in the fourth quarter of fiscal 2023 as compared to $3.9 million in the fourth quarter of fiscal 2022.

Impairment of goodwill for the fourth quarter of fiscal 2023 was $156.0 million. In May 2023 notification was received that AV was not down selected for a US DoD program of record, which represented a trigger event that indicated that the carrying value of the MUAS reporting unit exceeded its fair value. As a result of the decrease in expected cash flows a goodwill impairment charge of $156.0 million was recorded.

Loss from operations for the fourth quarter of fiscal 2023 was $165.7 million as compared to income from operations of $13.0 million for the fourth quarter of last fiscal year. The decrease year-over-year was primarily due to the goodwill impairment of $156.0 million recorded during the fourth quarter of fiscal 2023 related to MUAS, higher selling, general and

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The following information was filed by Aerovironment Inc (AVAV) on Tuesday, June 27, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Aerovironment Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
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Business Acquisitions
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Changes In Accounting Estimates
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Employee Savings Plan
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Income Taxes Reconciliation (Details)
Intangibles (Tables)
Intangibles, Net
Intangibles, Net (Details)
Intangibles, Net - Estimated Amortization Expense (Details)
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Investments In Companies Accounted For Using The Equity Method (Details)
Investments In Companies Accounted For Using The Equity Method (Tables)
Investments In Companies Accounted For Using The Equity Method - Summarized Financial Information Of Equity Method Investments (Details)
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Leases - Maturities Of Operating Lease Liabilities (Details)
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Organization And Significant Accounting Policies
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Organization And Significant Accounting Policies (Tables)
Organization And Significant Accounting Policies - (Details)
Organization And Significant Accounting Policies - Accounts Receivable (Details)
Organization And Significant Accounting Policies - Accrued Sales Commission (Details)
Organization And Significant Accounting Policies - Concentration Of Credit Risk (Details)
Organization And Significant Accounting Policies - Contract Estimates (Details)
Organization And Significant Accounting Policies - Goodwill (Details)
Organization And Significant Accounting Policies - Intangible Assets (Details)
Organization And Significant Accounting Policies - Long-Lived Assets (Details)
Organization And Significant Accounting Policies - Performance Obligations (Details)
Organization And Significant Accounting Policies - Research And Development (Details)
Organization And Significant Accounting Policies - Revenue By Category (Details)
Pension
Pension (Tables)
Pension - Change In Plan Assets (Details)
Pension - Change In Projected Benefit Obligation (Details)
Pension - Expected Benefits Paid (Details)
Pension - Net Benefit Income (Details)
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Property And Equipment, Net
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Related Party Transactions
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Schedule Ii-Valuation And Qualifying Accounts
Schedule Ii-Valuation And Qualifying Accounts (Details)
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Share Repurchase Plan And Issuances
Share Repurchase Plan And Issuances (Details)
Share Repurchase Plan And Issuances - Shelf Registration (Details)
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Stock-Based Compensation (Tables)
Stock-Based Compensation Non-Vested Stock Options (Details)
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Warranty Reserves (Details)
Warranty Reserves (Tables)
Ticker: AVAV
CIK: 1368622
Form Type: 10-K Annual Report
Accession Number: 0001558370-23-011469
Submitted to the SEC: Tue Jun 27 2023 6:05:50 PM EST
Accepted by the SEC: Wed Jun 28 2023
Period: Sunday, April 30, 2023
Industry: Aircraft

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