AeroVironment, Inc. (“AeroVironment” or the “Company”) reported
today financial results for the fiscal fourth quarter and year
ended April 30, 2024.
Fourth Quarter and Fiscal Year Highlights:
- Record fourth quarter revenue of $197.0 million and fiscal year
revenue of $716.7 million, up 6% and 33%, year-over-year,
respectively
- Fourth quarter net income of $6.0 million and adjusted EBITDA
of $22.2 million and fiscal year net income of $60.0 million and
adjusted EBITDA of $127.8 million
- Company on track for nearly 12% top line growth in fiscal year
2025 with expected revenue of between $790 million and $820
million
“AeroVironment has yet again delivered exceptional results this
past quarter resulting in record revenue and full year
profitability for the company,” said Wahid Nawabi, AeroVironment
chairman, president and chief executive officer. “We are pleased to
also announce our full year revenue increased 33% from last year’s
results. Our Loitering Munitions Segment continues to be a key
growth driver for our company, and we have expanded capacity to
deliver these much-needed systems to keep up with increasing
customer demand.
As the need for our autonomous systems continues to rapidly
increase worldwide, AeroVironment stands ready to meet our
customer’s needs while delivering solid bottom-line results for our
shareholders. We are therefore issuing fiscal year 2025 revenue
guidance of between $790 million and $820 million, another record
year and double-digit revenue increase from fiscal year 2024.”
FISCAL 2024 FOURTH QUARTER RESULTS
Revenue for the fourth quarter of fiscal 2024 was $197.0
million, an increase of 6% as compared to $186.0 million for the
fourth quarter of fiscal 2023, reflecting higher product sales of
$23.1 million, partially offset by a decrease in service revenue of
$12.1 million. From a segment standpoint, the year-over-year
increase was due to revenue growth in Loitering Munitions Systems
(“LMS”) of 74%, partially offset by decreases in UnCrewed Systems
(“UxS”), the renamed Unmanned Systems segment, of 15% and MacCready
Works (“MW”) of 9%.
Gross margin for the fourth quarter of fiscal 2024 was $75.6
million, an increase of 11% as compared to $68.4 million for the
fourth quarter of fiscal 2023, reflecting higher service margin of
$8.0 million, partially offset by lower product gross margin of
$0.8 million. As a percentage of revenue, gross margin increased to
38% from 37%, primarily due to a decrease in the proportion of
service revenue to total revenue driven by the closure of COCO site
locations, partially offset by product mix. Gross margin was
favorably impacted by a decrease in depreciation charges for
in-service assets of $4.4 million related to the closure of COCO
site locations during fiscal year 2023. Gross margin was negatively
impacted by $3.9 million of intangible amortization expense and
other related non-cash purchase accounting expenses in the fourth
quarter of fiscal 2024 as compared to $3.6 million in the fourth
quarter of fiscal 2023.
Income from operations for the fourth quarter of fiscal 2024 was
$5.9 million as compared to loss from operations of $(165.7)
million for the fourth quarter of last fiscal year. The increase
year-over-year was primarily due to the MUAS goodwill impairment of
$156.0 million recorded during the fourth quarter of fiscal 2023,
lower selling, general and administrative (“SG&A”) expense of
$27.0 million inclusive of $34.1 million of accelerated intangible
amortization expenses associated with the closure of all of the
Company’s MUAS COCO sites during the fourth quarter of fiscal 2023,
and higher gross margin of $7.2 million, partially offset by an
increase in research and development (“R&D”) expense of $18.6
million.
Other loss, net, for the fourth quarter of fiscal 2024 was $1.5
million, as compared to $0.8 million for the fourth quarter of last
fiscal year. The increase in other loss, net was primarily due to
increases in net unrealized losses on investment holdings,
partially offset by a decrease in interest expense.
Provision for (benefit from) income taxes for the fourth quarter
of fiscal 2024 was $1.8 million, as compared to $(6.3) million for
the fourth quarter of last fiscal year. The increase in provision
for income taxes was primarily attributable to the increase in net
income before income taxes.
Net income attributable to AeroVironment for the fourth quarter
of fiscal 2024 was $6.0 million, or $0.22 per diluted share, as
compared to net loss of $(160.5) million, or $(6.31) per diluted
share, in the prior-year period, respectively.
Non-GAAP adjusted EBITDA for the fourth quarter of fiscal 2024
was $22.2 million and non-GAAP earnings per diluted share were
$0.43, as compared to $46.4 million and $0.99, respectively, for
the fourth quarter of fiscal 2023.
BACKLOG
As of April 30, 2024, funded backlog (defined as remaining
performance obligations under firm orders for which funding is
currently appropriated to us under a customer contract) was $400.2
million, as compared to $424.1 million as of April 30, 2023. Funded
backlog as of April 30, 2024 does not include new orders related to
recently announced program wins such as the Low Altitude Stalking
and Strike Ordnance or “LASSO” program, Organic Precision
Fires-Light or “OPF-L” program, the Replicator Initiative and the
Ukraine Aid Initiative as well as our first Lithuanian order for
Switchblade 300 and 600.
FISCAL 2025 — OUTLOOK FOR THE FULL YEAR
For fiscal year 2025, the Company expects revenue of between
$790 million and $820 million, net income of between $74 million
and $83 million, Non-GAAP adjusted EBITDA of between $143 million
and $153 million, earnings per diluted share of between $2.61 and
$2.92 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 $3.18 and $3.49.
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, Wednesday, June 26, 2024, 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/BIda168288195747ed8cf612e20a3e0343
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 2024 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 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
that are subject to potential impairments in the future and any
realization of such impairments; any actual 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; our ability to win U.S. and international
government R&D and procurement programs; changes in the timing
and/or amount of government spending, including due to continuing
resolutions; adverse impacts of a U.S. government shutdown; our
reliance on limited relationships to fund our development of HAPS
UAS; our ability to execute contracts for anticipated sales,
perform under such contracts and other existing contracts and
obtain new contracts; risks related to our international business,
including compliance with export control laws; 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
and resulting misuse of our, our customers’ and/or our suppliers’
information and systems; failure to remain a market innovator, to
create new market opportunities or to expand into new markets; our
ability to increase production capacity to support anticipated
growth; unexpected changes in significant operating expenses,
including components and raw materials; failure to develop new
products or integrate new technology into current products; any
increase in litigation activity or unfavorable results in legal
proceedings, including pending class actions; our ability to
respond and adapt to legal, regulatory and government budgetary
changes, including those resulting from the impact of pandemics and
similar outbreaks; 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,
2024
2023
2024
2023
(Unaudited)
(Unaudited)
Revenue:
Product sales
$
164,598
$
141,529
$
585,771
$
353,062
Contract services
32,381
44,512
130,949
187,474
196,979
186,041
716,720
540,536
Cost of sales:
Product sales
100,048
76,209
340,174
203,419
Contract services
21,297
41,432
92,615
163,603
121,345
117,641
432,789
367,022
Gross margin:
Product sales
64,550
65,320
245,597
149,643
Contract services
11,084
3,080
38,334
23,871
75,634
68,400
283,931
173,514
Selling, general and administrative
34,620
61,603
114,420
131,905
Research and development
35,069
16,462
97,687
64,255
Impairment of goodwill
—
156,017
—
156,017
Income (loss) from operations
5,945
(165,682
)
71,824
(178,663
)
Other (loss) income:
Interest expense, net
(148
)
(2,646
)
(4,220
)
(9,368
)
Other (expense) income, net
(1,390
)
1,837
(4,373
)
(346
)
Income (loss) before income taxes
4,407
(166,491
)
63,231
(188,377
)
Provision for (benefit from) income
taxes
(1,819
)
(6,281
)
1,891
(14,663
)
Equity method investment loss, net of
tax
(180
)
(263
)
(1,674
)
(2,453
)
Net income (loss)
6,046
(160,473
)
59,666
(176,167
)
Net income attributable to noncontrolling
interest
—
—
—
(45
)
Net income (loss) attributable to
AeroVironment, Inc.
$
6,046
$
(160,473
)
$
59,666
$
(176,212
)
Net income (loss) per share attributable
to AeroVironment, Inc.
Basic
$
0.22
$
(6.31
)
$
2.19
$
(7.04
)
Diluted
$
0.22
$
(6.31
)
$
2.18
$
(7.04
)
Weighted-average shares outstanding:
Basic
27,916,276
25,451,034
27,203,417
25,044,881
Diluted
28,096,737
25,451,034
27,327,993
25,044,881
AeroVironment, Inc.
Consolidated Balance
Sheets
(In thousands except share
data)
April 30,
2024
2023
Assets
(Unaudited)
Current assets:
Cash and cash equivalents
$
73,301
$
132,859
Accounts receivable, net of allowance for
doubtful accounts of $159 at April 30, 2024 and $156 at April 30,
2023
70,305
87,633
Unbilled receivables and retentions
199,474
105,653
Inventories, net
150,168
138,814
Prepaid expenses and other current
assets
22,333
12,043
Total current assets
515,581
477,002
Long-term investments
20,960
23,613
Property and equipment, net
46,602
39,795
Operating lease right-of-use assets
30,033
27,363
Deferred income taxes
41,303
27,206
Intangibles, net
72,224
43,577
Goodwill
275,652
180,801
Other assets
13,505
5,220
Total assets
$
1,015,860
$
824,577
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable
$
48,298
$
31,355
Wages and related accruals
44,312
35,637
Customer advances
11,192
16,645
Current portion of long-term debt
10,000
7,500
Current operating lease liabilities
9,841
8,229
Income taxes payable
4,162
2,342
Other current liabilities
17,074
19,626
Total current liabilities
144,879
121,334
Long-term debt, net of current portion
17,092
125,904
Non-current operating lease
liabilities
22,745
21,189
Other non-current liabilities
2,132
746
Liability for uncertain tax positions
5,603
2,705
Deferred income taxes
664
1,729
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value:
Authorized shares—10,000,000; none issued
or outstanding at April 30, 2024 and April 30, 2023
—
—
Common stock, $0.0001 par value:
Authorized shares—100,000,000
Issued and outstanding shares—28,134,438
shares at April 30, 2024 and 26,216,897 shares at April 30,
2023
4
4
Additional paid-in capital
597,646
384,397
Accumulated other comprehensive loss
(5,592
)
(4,452
)
Retained earnings
230,687
171,021
Total stockholders’ equity
822,745
550,970
Total liabilities and stockholders’
equity
$
1,015,860
$
824,577
AeroVironment, Inc.
Consolidated Statements of
Cash Flows
(In thousands)
Year Ended April 30,
2024
2023
2022
Operating activities
Net income (loss)
$
59,666
$
(176,167
)
$
(4,185
)
Adjustments to reconcile net income (loss)
to cash provided by (used in) operating activities:
Depreciation and amortization
35,749
99,999
60,825
Impairment of goodwill
—
156,017
—
Loss (gain) from equity method
investments
1,674
2,453
(5,889
)
Loss on deconsolidation of previously
controlled subsidiary
—
189
—
Amortization of debt issuance costs
1,009
845
789
Provision for doubtful accounts
4
99
(6
)
Reserve for inventory excess and
obsolescence
13,937
8,136
2,271
Other non-cash expense, net
1,316
1,995
649
Non-cash lease expense
10,400
8,048
6,814
Loss on foreign currency transactions
22
119
233
Unrealized loss on available-for-sale
equity securities, net
3,945
132
—
Deferred income taxes
(23,290
)
(18,661
)
(7,282
)
Stock-based compensation
17,069
10,765
5,390
Loss on disposal of property and
equipment
621
1,497
8,277
Amortization of debt securities
discount
—
125
242
Changes in operating assets and
liabilities, net of acquisitions:
Accounts receivable
19,208
(27,423
)
3,084
Unbilled receivables and retentions
(92,850
)
(1,446
)
(31,883
)
Inventories
(23,045
)
(61,846
)
(29,431
)
Income taxes receivable
—
442
(442
)
Prepaid expenses and other assets
(20,279
)
(3,821
)
(4,534
)
Accounts payable
12,968
12,538
(7,044
)
Other liabilities
(2,832
)
(2,635
)
(7,496
)
Net cash provided by (used in) operating
activities
15,292
11,400
(9,618
)
Investing activities
Acquisition of property and equipment
(22,983
)
(14,868
)
(22,289
)
Equity method investments
(3,074
)
(5,778
)
(6,884
)
Equity security investments
—
(5,100
)
—
Business acquisitions, net of cash
acquired
(24,157
)
(5,105
)
(46,150
)
Acquisition of intangibles
(1,500
)
—
—
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
Purchases of available-for-sale
investments
—
(1,326
)
(23,882
)
Other
—
(250
)
224
Net cash used in investing activities
(51,714
)
(7,003
)
(52,288
)
Financing activities
Principal payments of term loan
(107,000
)
(55,000
)
(10,000
)
Holdback and retention payments for
business acquisition
(500
)
—
(7,814
)
Payment of contingent consideration
(2,132
)
—
—
Proceeds from shares issued, net of
issuance costs
88,437
104,649
—
Payment of debt issuance costs
(37
)
—
(293
)
Tax withholding payment related to net
settlement of equity awards
(1,596
)
(1,065
)
(1,245
)
Exercise of stock options
—
2,278
2,776
Other
(24
)
(28
)
(31
)
Net cash (used in) provided by financing
activities
(22,852
)
50,834
(16,607
)
Effects of currency translation on cash
and cash equivalents
(284
)
397
(1,319
)
Net (decrease) increase in cash, cash
equivalents, and restricted cash
(59,558
)
55,628
(79,832
)
Cash, cash equivalents and restricted cash
at beginning of period
132,859
77,231
157,063
Cash, cash equivalents and restricted cash
at end of period
$
73,301
$
132,859
$
77,231
Supplemental disclosures of cash flow
information
Cash paid, net during the period for:
Income taxes
$
20,438
$
2,911
$
1,879
Interest
$
6,823
$
10,229
$
5,025
Non-cash activities
Issuance of common stock for business
acquisition
$
109,820
$
—
$
—
Unrealized gain (loss) on
available-for-sale investments, net of deferred tax expense of $0,
$0 and $8 for the fiscal years ended April 30, 2024, 2023 and 2022,
respectively
$
—
$
53
$
(43
)
Change in foreign currency translation
adjustments
$
(1,140
)
$
2,009
$
6,814
Issuances of inventory to property and
equipment, ISR in-service assets
$
—
$
6,306
$
17,481
Acquisitions of property and equipment
included in accounts payable
$
986
$
721
$
1,117
AeroVironment, Inc.
Reportable Segment Results
(Unaudited)
(In thousands)
Three Months Ended April 30,
2024
UxS
LMS
MW
Total
Revenue:
Product sales
$
96,365
$
68,218
$
15
$
164,598
Contract services
7,371
5,545
19,465
32,381
$
103,736
$
73,763
$
19,480
$
196,979
Segment adjusted income (loss) from
operations
$
9,074
$
12,717
$
(10,079
)
Three Months Ended April 30,
2023
UxS
LMS
MW
Total
Revenue:
Product sales
$
107,572
$
33,911
$
46
$
141,529
Contract services
14,600
8,586
21,326
44,512
$
122,172
$
42,497
$
21,372
$
186,041
Segment adjusted income (loss) from
operations
$
25,354
$
7,230
$
(435
)
AeroVironment, Inc.
Reconciliation of non-GAAP
Earnings per Diluted Share (Unaudited)
Three Months Ended
Three Months Ended
Year Ended
Year Ended
April 30, 2024
April 30, 2023
April 30, 2024
April 30, 2023
Earnings (loss) per diluted share
$
0.22
$
(6.31
)
$
2.18
$
(7.04
)
Acquisition-related expenses
0.01
0.01
0.06
0.05
Amortization of acquired intangible assets
and other purchase accounting adjustments
0.15
0.23
0.54
0.92
Equity method and equity securities
investments activity, net
0.05
(0.06
)
0.21
0.10
Goodwill impairment
—
6.10
—
6.19
Accelerated intangible amortization
—
1.02
—
1.04
Earnings per diluted share as adjusted
(Non-GAAP)
$
0.43
$
0.99
$
2.99
$
1.26
Reconciliation of non-GAAP adjusted
EBITDA (Unaudited)
Three Months Ended
Three Months Ended
Year Ended
Year Ended
(in millions)
April 30, 2024
April 30, 2023
April 30, 2024
April 30, 2023
Net income (loss)
$
6.0
$
(160.5
)
$
59.7
$
(176.2
)
Interest expense, net
0.1
2.6
4.2
9.4
Provision for (benefit from) income
taxes
(1.8
)
(6.3
)
1.9
(14.7
)
Depreciation and amortization
10.9
52.0
35.7
100.0
EBITDA (Non-GAAP)
15.2
(112.2
)
101.5
(81.5
)
Stock-based compensation
4.6
3.7
17.1
10.8
Equity method and equity securities
investments activity, net
1.4
(1.5
)
5.6
2.6
Amortization of cloud computing
arrangement implementation
0.6
0.1
1.5
0.7
Acquisition-related expenses
0.4
0.3
2.1
1.4
Goodwill impairment
—
156.0
—
156.0
Adjusted EBITDA (Non-GAAP)
$
22.2
$
46.4
$
127.8
$
90.0
Reconciliation of Forecast
Earnings per Diluted Share (Unaudited)
Fiscal year ending
April 30, 2025
Forecast earnings per diluted share
$
2.61 - 2.92
Amortization of acquired intangible assets
and other purchase accounting adjustments
0.51
Equity method and equity securities
investments activity, net
0.06
Forecast earnings per diluted share as
adjusted (Non-GAAP)
$
3.18 - 3.49
Reconciliation of 2025
Forecast and Fiscal Year 2024 Actual Non-GAAP adjusted EBITDA
(Unaudited)
Fiscal year ending
Fiscal year ended
(in millions)
April 30, 2025
April 30, 2024
Net income
$
74 - 83
$
60
Interest expense, net
2
4
Provision for income taxes
7
2
Depreciation and amortization
36
36
EBITDA (Non-GAAP)
119 - 129
102
Stock-based compensation
20
17
Equity method and equity securities
investments activity, net
2
6
Amortization of cloud computing
arrangement implementation
2
2
Acquisition-related expenses
—
2
Adjusted EBITDA (Non-GAAP)
$
143 - 153
$
128
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/20240626425775/en/
Jonah Teeter-Balin +1 (805) 520-8350 x4278
https://investor.avinc.com/contact-and-faq/contact-us
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