AeroVironment(AVAV) - 2024 Q4 - Annual Results

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]