AeroVironment(US:AVAV)2020-06-24 02:32Financial Data and Key Metrics Changes - AeroVironment reported record fourth quarter revenue of $135.2 million, an increase of 54% from $87.9 million in the prior year [9][23] - Full year revenue reached $367.3 million, up 17% from $314.3 million in fiscal 2019 [9][27] - Full year diluted earnings per share from continuing operations was $1.72, slightly down from $1.74 in fiscal 2019, but non-GAAP earnings per diluted share increased to $1.84 from $1.48 [10][28] Business Line Data and Key Metrics Changes - Small unmanned aircraft systems (UAS) accounted for 62% of total revenue, generating $225.9 million, while tactical missile systems (TMS) contributed $63.8 million, representing 17% of total revenue [11][27] - HAPS (High Altitude Pseudo-Satellite) generated $60.9 million, also 17% of total revenue, with expectations for flat growth in fiscal 2021 [17][28] Market Data and Key Metrics Changes - International revenue for the year was $166.2 million, with $50.6 million in the fourth quarter [73] - The UK emerged as the largest international customer, indicating strong demand for AeroVironment's solutions in foreign markets [14] Company Strategy and Development Direction - The company aims to enhance its leadership in robotic sensor, software analytics, and connectivity technologies, with a focus on diversity and inclusion within its workforce [7][8] - AeroVironment is positioned to disrupt the legacy missile market with its Switchblade family of loitering missile systems, which has secured significant contracts [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving fiscal year 2021 revenue guidance of $390 million to $410 million, despite potential impacts from COVID-19 and supply chain delays [34][36] - The company anticipates a slightly lower top-line growth rate due to the ongoing pandemic and its effects on customer funding and procurement decisions [35][36] Other Important Information - The funded backlog as of April 30, 2020, was a record $208.1 million, providing strong momentum for future growth [10][30] - The company has transitioned to a hybrid work structure due to COVID-19, ensuring safety while maintaining productivity [20][21] Q&A Session Summary Question: Guidance on revenue growth and contract ramp-up - Management indicated that the first half of fiscal 2021 is expected to represent about 40% of total revenue, with a diverse portfolio allowing for flexibility in growth [40] Question: Drivers of growth in fiscal 2021 - The majority of growth is anticipated to come from small UAS and TMS, with HAPS expected to remain flat [43] Question: Impact of continuing resolution for DoD on guidance - Management has accounted for potential impacts from the continuing resolution and remains confident in achieving the provided guidance [46] Question: Relative impact of COVID-19 on guidance - Management noted that while there are delays, they are manageable, and the strong backlog supports their growth outlook [58] Question: International sales and opportunities - The company has 50 international allies as customers and is actively pursuing opportunities for TMS internationally, with a positive outlook for future sales [54]