AeroVironment, Inc. (NASDAQ:AVAV) Q4 2024 Earnings Conference Call June 26, 2024 4:30 PM ET Company Participants Jonah Teeter-Balin - Senior Director, Corporate Development & Investor Relations Wahid Nawabi - Chairman, President & Chief Executive Officer Kevin McDonnell - Senior Vice President & Chief Financial Officer Conference Call Participants Greg Konrad - Jefferies Peter Arment - Baird Ken Herbert - RBC Bryce Sandberg - William Blair Andre Madrid - BTIG Operator Good day, and thank you for standing by ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended April 30, 2024 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number 001-33261 AEROVIRONMENT, INC. (Exact name of registrant as specified in its charter) Delaware 95-2705790 (State or other jurisdiction of ...

AeroVironment (AVAV) reported $196.98 million in revenue for the quarter ended April 2024, representing a year-over-year increase of 5.9%. EPS of $0.43 for the same period compares to $0.99 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $187.79 million, representing a surprise of +4.90%. The company delivered an EPS surprise of +104.76%, with the consensus EPS estimate being $0.21.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- ...

AeroVironment (AVAV) came out with quarterly earnings of $0.43 per share, beating the Zacks Consensus Estimate of $0.21 per share. This compares to earnings of $0.99 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 104.76%. A quarter ago, it was expected that this maker of unmanned aircrafts would post earnings of $0.32 per share when it actually produced earnings of $0.63, delivering a surprise of 96.88%.Over the last four qua ...

Fourth Quarter Fiscal Year 2024 Earnings Presentation June 26, 2024 Slide 1 | © 2024 AeroVironment, Inc. Safe Harbor Statement 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 close and integrate acquisitions into our operations and avoid disruptions from acquisition transactions that will harm our business; the recording of goodwill and other intangible assets as part of acquisitions t ...

Revenue and Income - Record fourth quarter revenue of $197.0 million, up 6% year-over-year, and fiscal year revenue of $716.7 million, up 33% year-over-year[1] - Fourth quarter net income of $6.0 million, compared to a net loss of $(160.5) million in the prior-year period[6] - Fiscal year 2025 revenue guidance is between $790 million and $820 million, indicating nearly 12% top line growth[2] - Net income for the year ended April 30, 2024, was $59,666, compared to a loss of $176,167 for the previous year[22] - For the fiscal year ending April 30, 2025, the company expects net income to be between $74 million and $83 million, compared to $60 million for the fiscal year ended April 30, 2024[31] Adjusted EBITDA and Earnings Per Share - Adjusted EBITDA for the fourth quarter was $22.2 million, down from $46.4 million in the fourth quarter of fiscal 2023[7] - Adjusted earnings per diluted share for the three months ended April 30, 2024, were $0.43, compared to $0.99 for the same period last year, reflecting a decline of approximately 56.6%[27] - The company forecasts earnings per diluted share for the fiscal year ending April 30, 2025, to be between $2.61 and $2.92, with adjusted earnings per diluted share projected to be between $3.18 and $3.49[30] Segment Performance - Loitering Munitions Systems segment revenue grew by 74% year-over-year, driving overall revenue growth[3] - Product sales revenue for the three months ended April 30, 2024, was $164,598, an increase of 16.3% compared to $141,529 for the same period in 2023[17] - Contract services revenue for the three months ended April 30, 2024, was $32,381, a decrease of 27.4% compared to $44,512 for the same period in 2023[17] - Product sales in the UxS segment for the three months ended April 30, 2024, were $96,365, down from $107,572 in the same period last year, a decrease of about 10.5%[23][24] Financial Position - Total current assets increased to $515,581 as of April 30, 2024, from $477,002 as of April 30, 2023, representing an increase of 8.5%[20] - Total assets increased to $1,015,860 as of April 30, 2024, compared to $824,577 as of April 30, 2023, reflecting a growth of 23.2%[20] - Total stockholders' equity rose to $822,745 as of April 30, 2024, from $550,970 as of April 30, 2023, indicating a significant increase of 49.2%[20] - Long-term debt decreased to $17,092 as of April 30, 2024, from $125,904 as of April 30, 2023, showing a reduction of 86.4%[20] Expenses and Cash Flow - Research and development expenses for the three months ended April 30, 2024, were $35,069, an increase of 113.2% compared to $16,462 for the same period in 2023[17] - Cash provided by operating activities for the year ended April 30, 2024, was $15,292, an increase from $11,400 in the previous year[22] - Cash, cash equivalents, and restricted cash at the end of the period were $73,301, down from $132,859 at the beginning of the period, indicating a decrease of approximately 44.5%[22] - The company reported a stock-based compensation expense of $17,069 for the year ended April 30, 2024, compared to $10,765 in the previous year, an increase of approximately 58.5%[22] Management Insights - Management emphasizes that non-GAAP measures, such as adjusted EBITDA, provide useful insights into long-term profitability trends and operational performance[33] - The company is expanding capacity to meet increasing customer demand for autonomous systems[2] - The company is focusing on enhancing its cloud computing arrangements, with amortization costs of $0.6 million for the three months ended April 30, 2024[28]

Core Viewpoint - AeroVironment's stock has experienced volatility, hitting an all-time high before facing significant declines, raising concerns about its valuation amidst new product launches [1][4]. Group 1: Stock Performance - AeroVironment's stock reached a new all-time high closing price of $219, followed by an intraday high of $224, but subsequently fell by 7.2% on Thursday and another 7.2% on Friday, resulting in a weekly loss of 11.9% [1]. - The current valuation of AeroVironment's stock stands at 83 times forward earnings, prompting investor caution [4]. Group 2: New Product Launch - The company introduced the JUMP 20 uncrewed aircraft system (UAS), which is significantly larger than its previous products, weighing 200 pounds compared to the 4-pound Raven surveillance drone [2]. - JUMP 20 features a medium vertical takeoff and landing (VTOL) design and operates on a "heavy fuel" engine, offering a range of 115 miles, which is superior to the 6-mile range of the Raven [2]. Group 3: Product Limitations - Despite its advantages, the JUMP 20 has a limited endurance of only 13 hours, compared to over 24 hours for the T20, and can carry a maximum payload of 30 pounds, less than the 50 pounds capacity of the T20 [3]. Group 4: Market Potential - The U.S. Army has shown interest in purchasing at least one JUMP 20 drone, with potential for more orders to replace existing Textron Shadow drones, but the financial success of the product remains uncertain [4].

Wall Street analysts expect AeroVironment (AVAV) to post quarterly earnings of $0.21 per share in its upcoming report, which indicates a year-over-year decline of 78.8%. Revenues are expected to be $187.79 million, up 0.9% from the year-ago quarter.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.Before a company reveals its earnings, it is vital to tak ...

In arguably most cases, it’s easier to sell the narrative that beaten-down enterprises represent stocks to buy over the long run than it is to state that high-flying entities could jump even higher. Maybe it has to do with humans’ natural proclivity to seek out discounts. Or it could have to do with recent biases, with sectors such as meme stocks suffering huge declines from their peaks.Whatever it is, the idea of buying securities that have already gained so much – in this case 50% since the start of the y ...

When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?Let's take a look at what these Wall Street heavyweights have to say about AeroVironment (AVAV) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.AeroVironment currently has an average brokerage recommend ...