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 administrative
(“SG&A”) expense of $39.7 million, inclusive of $34.1 million
of accelerated intangible amortization expenses associated with the
closure of all of the Company’s MUAS COCO sites, and higher
research and development (“R&D”) expense of $2.8 million,
partially offset by an increase in gross margin of $19.8
million.
Other loss, net, for the fourth quarter of fiscal 2023 was
$(0.8) million, as compared to other income, net, of $5.3 million
for the fourth quarter of last fiscal year. The increase in
interest expense was primarily due to an increase in interest rates
on the Company’s debt facility. Other loss, net for the fourth
quarter of fiscal 2023 includes unrealized gains and losses
associated with changes in the fair market value of equity security
investments. Other income, net for the fourth quarter of fiscal
2022 included a $6.5 million gain related to the sale of ownership
in HAPSMobile Inc.
Benefit from income taxes for the fourth quarter of fiscal 2023
was $(6.3) million, as compared to provision for income taxes of
$15.5 million for the fourth quarter of last fiscal year. The
increase in benefit from income taxes was primarily due to an
increase in loss before income taxes partially offset by
non-deductible goodwill impairment expenses.
Equity method investment loss, net of tax, for the fourth
quarter of fiscal 2023 was $(0.3) million, as compared to equity
method investment income $4.4 million for the fourth quarter of
last fiscal year. Subsequent to the sale of the equity interest in
HAPSMobile during the three months ended April 30, 2022, equity
method investment loss, net of tax no longer includes activity from
HAPSMobile.
Net loss attributable to AeroVironment for the fourth quarter of
fiscal 2023 was $(160.5) million, or $(6.31) per diluted share, as
compared to net income attributable to AeroVironment of $7.3
million, or $0.29 per diluted share, in the prior-year period,
respectively. Net loss for the fourth quarter of fiscal 2023
included goodwill impairment charges of $156.0 million and
accelerated intangible amortization expenses of $34.1 million.
Non-GAAP adjusted EBITDA for the fourth quarter of fiscal 2023
was approximately $46 million and non-GAAP earnings per diluted
share were $0.99, as compared to approximately $29 million and
$0.12, respectively, for the fourth quarter of fiscal 2022.
BACKLOG
As of April 30, 2023, funded backlog (defined as remaining
performance obligations under firm orders for which funding is
currently appropriated to us under a customer contract) was $424.1
million, as compared to $210.8 million as of April 30, 2022.
FISCAL 2024 — OUTLOOK FOR THE FULL YEAR
For fiscal year 2024, the Company expects revenue of between
$630 million and $660 million, net income of between $50 and $58
million, Non-GAAP adjusted EBITDA of between $110 million and $120
million, earnings per diluted share of between $1.91 and $2.21 and
non-GAAP earnings per diluted share, which excludes amortization of
intangible assets, other non-cash purchase accounting expenses and
equity securities investments gains or losses, of between $2.30 and
$2.60.
The foregoing estimates are forward-looking and reflect
management’s view of current and future market conditions, subject
to certain risks and uncertainties, including certain assumptions
with respect to our ability to efficiently and on a timely basis
integrate acquisitions, obtain and retain government contracts,
changes in the timing and/or amount of government spending, react
to changes in the demand for our products and services, activities
of competitors, changes in the regulatory environment, and general
economic and business conditions in the United States and elsewhere
in the world. Investors are reminded that actual results may differ
materially from these estimates.
CONFERENCE CALL AND PRESENTATION
In conjunction with this release, AeroVironment, Inc. will host
a conference call today, Tuesday, June 27, 2023, at 4:30 pm Eastern
Time that will be webcast live. Wahid Nawabi, chairman, president
and chief executive officer, Kevin P. McDonnell, chief financial
officer and Jonah Teeter-Balin, senior director corporate
development and investor relations, will host the call.
Investors may access the call by registering via the following
participant registration link up to ten minutes prior to the start
time.
Participant registration URL:
https://register.vevent.com/register/BIf8cf27bdf83c46e38f1159f9e5d33d93
Investors may also listen to the live audio webcast via the
Investor Relations page of the AeroVironment, Inc. website,
http://investor.avinc.com. Please allow 15 minutes prior to the
call to download and install any necessary audio software.
A supplementary investor presentation for the fourth quarter
fiscal year 2023 can be accessed at
https://investor.avinc.com/events-and-presentations.
Audio Replay
An audio replay of the event will be archived on the Investor
Relations section of the Company's website at
http://investor.avinc.com.
ABOUT AEROVIRONMENT, INC.
AeroVironment (NASDAQ: AVAV) provides technology solutions at
the intersection of robotics, sensors, software analytics and
connectivity that deliver more actionable intelligence so you can
Proceed with Certainty. Headquartered in Virginia,
AeroVironment is a global leader in intelligent, multi-domain
robotic systems, and serves defense, government and commercial
customers. For more information, visit www.avinc.com.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" as that
term is defined in the Private Securities Litigation Reform Act of
1995. Forward-looking statements include, without limitation, any
statement that may predict, forecast, indicate or imply future
results, performance or achievements, and may contain words such as
“believe,” “anticipate,” “expect,” “estimate,” “intend,” “project,”
“plan,” or words or phrases with similar meaning. Forward-looking
statements are based on current expectations, forecasts and
assumptions that involve risks and uncertainties, including, but
not limited to, economic, competitive, governmental and
technological factors outside of our control, that may cause our
business, strategy or actual results to differ materially from the
forward-looking statements.
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 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
that are subject to potential impairments in the future and any
realization of such impairments; any disruptions or threatened
disruptions to our relationships with our distributors, suppliers,
customers and employees, including shortages in components for our
products; the ability to timely and sufficiently integrate
international operations into our ongoing business and compliance
programs; reliance on sales to the U.S. government, including
uncertainties in classification, pricing or potentially burdensome
imposed terms for certain types of government contracts;
availability of U.S. government funding for defense procurement and
R&D programs; changes in the timing and/or amount of government
spending; our reliance on limited relationships to fund our
development of HAPS UAS; our ability to perform under existing
contracts and obtain new contracts; risks related to our
international business, including compliance with export control
laws; potential need for changes in our long-term strategy in
response to future developments; the extensive and increasing
regulatory requirements governing our contracts with the U.S.
government and international customers; the consequences to our
financial position, business and reputation that could result from
failing to comply with such regulatory requirements; unexpected
technical and marketing difficulties inherent in major research and
product development efforts; the impact of potential security and
cyber threats or the risk of unauthorized access to our, our
customers’ and/or our suppliers’ information and systems; changes
in the supply and/or demand and/or prices for our products and
services; increased competition; uncertainty in the customer
adoption rate of commercial use unmanned aircraft systems; failure
to remain a market innovator, to create new market opportunities or
to expand into new markets; unexpected changes in significant
operating expenses, including components and raw materials; failure
to develop new products or integrate new technology into current
products; unfavorable results in legal proceedings; our ability to
respond and adapt to unexpected legal, regulatory and government
budgetary changes, including those resulting from the COVID-19
pandemic or future pandemics, such as supply chain disruptions and
delays, potential governmentally-mandated shutdowns, travel
restrictions and site access, diversion of government resources to
non-defense priorities, and other business restrictions affecting
our ability to manufacture and sell our products and provide our
services; our ability to comply with the covenants in our loan
documents; our ability to attract and retain skilled employees; the
impact of inflation; and general economic and business conditions
in the United States and elsewhere in the world; and the failure to
establish and maintain effective internal control over financial
reporting. For a further list and description of such risks and
uncertainties, see the reports we file with the Securities and
Exchange Commission. We do not intend, and undertake no obligation,
to update any forward-looking statements, whether as a result of
new information, future events or otherwise.
NON-GAAP MEASURES
In addition to the financial measures prepared in accordance
with generally accepted accounting principles (GAAP), this earnings
release also contains non-GAAP financial measures. See in the
financial tables below the calculation of these measures, the
reasons why we believe these measures provide useful information to
investors, and a reconciliation of these measures to the most
directly comparable GAAP measures.
AeroVironment, Inc.
Consolidated Statements of
Operations
(In thousands except share and
per share data)
Three Months Ended
Year Ended
April 30,
April 30,
April 30,
April 30,
2023
2022
2023
2022
(Unaudited)
(Unaudited)
Revenue:
Product sales
$
141,529
$
73,970
$
353,062
$
240,683
Contract services
44,512
58,652
187,474
205,049
186,041
132,622
540,536
445,732
Cost of sales:
Product sales
76,209
39,775
203,419
140,596
Contract services
41,432
44,225
163,603
163,900
117,641
84,000
367,022
304,496
Gross margin:
Product sales
65,320
34,195
149,643
100,087
Contract services
3,080
14,427
23,871
41,149
68,400
48,622
173,514
141,236
Selling, general and administrative
61,603
21,938
131,905
96,434
Research and development
16,462
13,671
64,255
54,689
Impairment of goodwill
156,017
—
156,017
—
(Loss) income from operations
(165,682
)
13,013
(178,663
)
(9,887
)
Other (loss) income:
Interest expense, net
(2,646
)
(1,276
)
(9,368
)
(5,440
)
Other income (expense), net
1,837
47
(346
)
(10,313
)
Sale of ownership in HAPSMobile Inc. joint
venture
—
6,497
—
6,497
(Loss) income before income taxes
(166,491
)
18,281
(188,377
)
(19,143
)
(Benefit from) provision for income
taxes
(6,281
)
15,495
(14,663
)
(10,369
)
Equity method investment (loss) income,
net of tax
(263
)
4,426
(2,453
)
4,589
Net (loss) income
(160,473
)
7,212
(176,167
)
(4,185
)
Net loss (income) attributable to
noncontrolling interest
—
46
(45
)
(3
)
Net (loss) income attributable to
AeroVironment, Inc.
$
(160,473
)
$
7,258
$
(176,212
)
$
(4,188
)
Net (loss) income per share attributable
to AeroVironment, Inc.
Basic
$
(6.31
)
$
0.29
$
(7.04
)
$
(0.17
)
Diluted
$
(6.31
)
$
0.29
$
(7.04
)
$
(0.17
)
Weighted-average shares outstanding:
Basic
25,451,034
24,768,901
25,044,881
24,685,534
Diluted
25,451,034
24,936,176
25,044,881
24,685,534
AeroVironment, Inc.
Consolidated Balance
Sheets
(In thousands except share
data)
April 30,
2023
2022
Assets
(Unaudited)
Current assets:
Cash and cash equivalents
$
132,859
$
77,231
Short-term investments
—
24,716
Accounts receivable, net of allowance for
doubtful accounts of $156 at April 30, 2023 and $592 at April 30,
2022
87,633
60,170
Unbilled receivables and retentions
105,653
104,194
Inventories, net
138,814
90,629
Income taxes receivable
—
442
Prepaid expenses and other current
assets
12,043
11,527
Total current assets
477,002
368,909
Long-term investments
23,613
15,433
Property and equipment, net
39,795
62,296
Operating lease right-of-use assets
27,363
26,769
Deferred income taxes
27,206
7,290
Intangibles, net
43,577
97,224
Goodwill
180,801
334,347
Other assets
5,220
1,932
Total assets
$
824,577
$
914,200
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable
$
31,355
$
19,244
Wages and related accruals
35,637
25,398
Customer advances
16,645
8,968
Current portion of long-term debt
7,500
10,000
Current operating lease liabilities
8,229
6,819
Income taxes payable
2,342
759
Other current liabilities
19,626
30,203
Total current liabilities
121,334
101,391
Long-term debt, net of current portion
125,904
177,840
Non-current operating lease
liabilities
21,189
21,915
Other non-current liabilities
746
768
Liability for uncertain tax positions
2,705
1,450
Deferred income taxes
1,729
2,626
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value:
Authorized shares—10,000,000; none issued
or outstanding at April 30, 2023 and April 30, 2022
—
—
Common stock, $0.0001 par value:
Authorized shares—100,000,000
Issued and outstanding shares—26,216,897
shares at April 30, 2023 and 24,951,287 shares at April 30,
2022
4
2
Additional paid-in capital
384,397
267,248
Accumulated other comprehensive loss
(4,452
)
(6,514
)
Retained earnings
171,021
347,233
Total AeroVironment, Inc. stockholders’
equity
550,970
607,969
Noncontrolling interest
—
241
Total equity
550,970
608,210
Total liabilities and stockholders’
equity
$
824,577
$
914,200
AeroVironment, Inc.
Consolidated Statements of
Cash Flows
(In thousands)
Year Ended April 30,
2023
2022
2021
(Unaudited)
Operating activities
Net (loss) income
$
(176,167
)
$
(4,185
)
$
23,345
Adjustments to reconcile net (loss) income
from operations to cash provided by (used in) operating
activities:
Depreciation and amortization
99,999
60,825
19,262
Impairment of goodwill
156,017
—
—
Loss (income) from equity method
investments
2,453
(5,889
)
10,481
Loss on deconsolidation of previously
controlled subsidiary
189
—
—
Amortization of debt issuance costs
845
789
145
Realized gain from sale of
available-for-sale investments
—
—
(11
)
Provision for doubtful accounts
99
(6
)
(114
)
Reserve for inventory excess and
obsolescence
8,136
2,271
1,178
Other non-cash expense (income), net
1,995
649
(449
)
Non-cash lease expense
8,048
6,814
5,150
Loss on foreign currency transactions
119
233
1
Unrealized loss on available-for-sale
equity securities, net
132
—
—
Deferred income taxes
(18,661
)
(7,282
)
(1,694
)
Stock-based compensation
10,765
5,390
6,932
Loss on disposal of property and
equipment
1,497
8,277
123
Amortization of debt securities
discount
125
242
309
Changes in operating assets and
liabilities, net of acquisitions:
Accounts receivable
(27,423
)
3,084
17,177
Unbilled receivables and retentions
(1,446
)
(31,883
)
8,381
Inventories
(61,846
)
(29,431
)
(6,357
)
Income taxes receivable
442
(442
)
—
Prepaid expenses and other assets
(3,821
)
(4,534
)
(6,104
)
Accounts payable
12,538
(7,044
)
2,565
Other liabilities
(2,635
)
(7,496
)
6,212
Net cash provided by (used in) operating
activities
11,400
(9,618
)
86,532
Investing activities
Acquisition of property and equipment
(14,868
)
(22,289
)
(11,263
)
Equity method investments
(5,778
)
(6,884
)
(2,675
)
Equity security investments
(5,100
)
—
—
Business acquisitions, net of cash
acquired
(5,105
)
(46,150
)
(385,614
)
Proceeds from sale of ownership in equity
method investment
—
6,497
—
Proceeds from loan repayment
—
4,345
—
Proceeds from deconsolidation of
previously controlled subsidiary, net of cash deconsolidated
(635
)
—
—
Redemptions of available-for-sale
investments
26,059
35,851
146,425
Purchases of available-for-sale
investments
(1,326
)
(23,882
)
(125,644
)
Other
(250
)
224
—
Net cash used in investing activities
(7,003
)
(52,288
)
(378,771
)
Financing activities
Principal payments of term loan
(55,000
)
(10,000
)
—
Holdback and retention payments for
business acquisition
—
(7,814
)
(1,492
)
Proceeds from shares issued, net of
issuance costs
104,649
—
—
Tax withholding payment related to net
settlement of equity awards
(1,065
)
(1,245
)
(1,992
)
Exercise of stock options
2,278
2,776
1,522
Payment of debt issuance costs
—
(293
)
(3,878
)
Proceeds from long-term debt
—
—
200,000
Other
(28
)
(31
)
—
Net cash provided by (used in) financing
activities
50,834
(16,607
)
194,160
Effects of currency translation on cash
and cash equivalents
397
(1,319
)
—
Net increase (decrease) in cash, cash
equivalents, and restricted cash
55,628
(79,832
)
(98,079
)
Cash, cash equivalents and restricted cash
at beginning of period
77,231
157,063
255,142
Cash, cash equivalents and restricted cash
at end of period
$
132,859
$
77,231
$
157,063
Supplemental disclosures of cash flow
information
Cash paid, net during the period for:
Income taxes
$
2,911
$
1,879
$
2,405
Interest
$
10,229
$
5,025
$
—
Non-cash activities
Unrealized (gain) loss on investments, net
of deferred tax expense of $0, $8, and $1 for the fiscal years
ended 2023, 2022 and 2021, respectively
$
53
$
(43
)
$
(60
)
Issuance of common stock for business
acquisition
$
—
$
—
$
72,384
Change in foreign currency translation
adjustments
$
2,009
$
(6,814
)
$
75
Issuances of inventory to property and
equipment, ISR in-service assets
$
6,306
$
17,481
$
769
Acquisitions of property and equipment
included in accounts payable
$
721
$
1,117
$
756
AeroVironment, Inc.
Reportable Segment Results
(Unaudited)
(In thousands)
Three Months Ended April 30,
2023
SUAS
TMS
MUAS
All other
Total
Revenue
$
94,595
$
42,497
$
8,379
$
40,570
$
186,041
Gross margin
54,819
14,513
(14,390
)
13,458
68,400
Income (loss) from operations
40,219
7,230
(215,917
)
2,786
(165,682
)
Impairment of goodwill and accelerated
amortization
-
-
190,166
-
190,166
Acquisition-related expenses
-
-
135
61
196
Amortization of acquired intangible assets
and other purchase accounting adjustments
669
-
5,516
1,284
7,469
Adjusted income (loss) from operations
$
40,888
$
7,230
$
(20,100
)
$
4,131
$
32,149
Three Months Ended April 30,
2022
SUAS
TMS
MUAS
All other
Total
Revenue
$
59,198
$
20,217
$
23,083
$
30,124
$
132,622
Gross margin
30,429
7,065
416
10,712
48,622
Income (loss) from operations
17,251
(1,414
)
(5,710
)
2,886
13,013
Acquisition-related expenses
-
-
221
148
369
Amortization of acquired intangible assets
and other purchase accounting adjustments
707
-
4,986
2,211
7,904
Adjusted income (loss) from operations
$
17,958
$
(1,414
)
$
(503
)
$
5,245
$
21,286
AeroVironment, Inc.
Reconciliation of non-GAAP
Earnings per Diluted Share (Unaudited)
Three Months Ended
Three Months Ended
Year Ended
Year Ended
April 30, 2023
April 30, 2022
April 30, 2023
April 30, 2022
(Loss) earnings per diluted share
$
(6.31
)
$
0.29
$
(7.04
)
$
(0.17
)
Acquisition-related expenses
0.01
0.02
0.05
0.18
Amortization of acquired intangible assets
and other purchase accounting adjustments
0.23
0.25
0.92
1.17
Equity method and equity securities
investments activity, net
(0.06
)
(0.18
)
0.10
(0.19
)
Goodwill impairment
6.10
—
6.19
—
Accelerated intangible amortization
1.02
—
1.04
—
Sale of ownership in HAPSMobile Inc. joint
venture
—
(0.26
)
—
(0.25
)
Legal accrual related to our former EES
business
—
—
—
0.32
Earnings per diluted share as adjusted
(Non-GAAP)
$
0.99
$
0.12
$
1.26
$
1.06
Reconciliation of non-GAAP
adjusted EBITDA (Unaudited)
Three Months Ended
Three Months Ended
Year Ended
Year Ended
(in millions)
April 30, 2023
April 30, 2022
April 30, 2023
April 30, 2022
Net (loss) income
$
(160
)
$
7
$
(176
)
$
(4
)
Interest expense, net
3
1
9
5
Provision for (benefit from) income
taxes
(7
)
15
(15
)
(10
)
Depreciation and amortization
52
14
100
61
EBITDA (Non-GAAP)
(112
)
37
(82
)
52
Amortization of purchase accounting
adjustment included in loss on disposal of property and
equipment
—
—
—
1
Amortization of cloud computing
arrangement implementation
—
—
1
—
Stock-based compensation
4
2
11
5
Equity method and equity securities
investments activity, net
(2
)
(4
)
3
(5
)
Acquisition-related expenses
—
—
1
5
Goodwill impairment
156
—
156
—
Sale of ownership in HAPSMobile Inc. joint
venture
—
(6
)
—
(6
)
Legal accrual related to our former EES
business
—
—
—
10
Adjusted EBITDA (Non-GAAP)
$
46
$
29
$
90
$
62
Reconciliation of Forecast
Earnings per Diluted Share (Unaudited)
Fiscal year ending
April 30, 2024
Forecast earnings per diluted share
$
1.91 - 2.21
Acquisition-related expenses
0.01
Amortization of acquired intangible assets
and other purchase accounting adjustments
0.34
Equity method and equity securities
investments activity, net
0.04
Forecast earnings per diluted share as
adjusted (Non-GAAP)
$
2.30 - 2.60
Reconciliation of 2024
Forecast and Fiscal Year 2023 Actual Non-GAAP adjusted EBITDA
(Unaudited)
Fiscal year ending
Fiscal year ended
(in millions)
April 30, 2024
April 30, 2023
Net income (loss)
$
50 - 58
$
(176
)
Interest expense, net
8
9
Provision for income taxes
4 - 6
(15
)
Depreciation and amortization
35
100
EBITDA (Non-GAAP)
97 - 107
(82
)
Amortization of cloud computing
arrangement implementation
—
1
Stock-based compensation
12
11
Equity method and equity securities
investments activity, net
1
3
Acquisition-related expenses
—
1
Goodwill impairment
—
156
Adjusted EBITDA (Non-GAAP)
$
110 - 120
$
90
Statement Regarding Non-GAAP Measures
The non-GAAP measures set forth above should be considered in
addition to, and not as a replacement for or superior to, the
comparable GAAP measures, and may not be comparable to similarly
titled measures reported by other companies. Management believes
that these measures provide useful information to investors by
offering additional ways of viewing our results that, when
reconciled to the corresponding GAAP measures, help our investors
to understand the long-term profitability trends of our business
and compare our profitability to prior and future periods and to
our peers. In addition, management uses these non-GAAP measures to
evaluate our operating and financial performance.
Non-GAAP Adjusted Operating Income
Adjusted operating income is defined as operating income before
intangible amortization, amortization of non-cash purchase
accounting adjustments, goodwill impairment and acquisition related
expenses.
Non-GAAP Earnings per Diluted Share
We exclude the acquisition-related expenses, amortization of
acquisition-related intangible assets, equity securities
investments gains or losses, goodwill impairment and one-time
non-operating items because we believe this facilitates more
consistent comparisons of operating results over time between our
newly acquired and existing businesses, and with our peer
companies. We believe, however, that it is important for investors
to understand that such intangible assets contribute to revenue
generation and that intangible asset amortization will recur in
future periods until such intangible assets have been fully
amortized.
Adjusted EBITDA (Non-GAAP)
Adjusted EBITDA is defined as net income before interest income,
interest expense, income tax expense (benefit) and depreciation and
amortization including amortization of purchase accounting
adjustments, adjusted for the impact of certain other non-cash
items, including amortization of implementation of cloud computing
arrangements, stock-based compensation, acquisition related
expenses, equity method investment gains or losses, equity
securities investments gains or losses, goodwill impairment and
one-time non-operating gains or losses. We present Adjusted EBITDA,
which is not a recognized financial measure under U.S. GAAP,
because we believe it is frequently used by analysts, investors and
other interested parties to evaluate companies in our industry. We
believe this facilitates more consistent comparisons of operating
results over time between our newly acquired and existing
businesses, and with our peer companies. We believe, however, that
it is important for investors to understand that such intangible
assets contribute to revenue generation, intangible asset
amortization will recur in future periods until such intangible
assets have been fully amortized and that interest and income tax
expenses will recur in future periods. In addition, Adjusted EBITDA
may not be comparable to similarly titled measures used by other
companies in our industry or across different industries.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230627003671/en/
Jonah Teeter-Balin +1 (805) 520-8350 x4278
https://investor.avinc.com/contact-us
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