Aerovironment, Inc. · NASDAQ:AVAV
Aerovironment — Q1 2021 Earnings Presentation
12 slides from Aerovironment's earnings presentation, Sep 9, 2020
Slide 1: First Quarter Fiscal Year 2021 Earnings Presentation
FIRST QUARTER FISCAL YEAR 2021 EARNINGS PRESENTATION September 9, 2020 052620 Slide 1 © 2020 AeroVironment, Inc. – Proprietary Information
Slide 2: Safe Harbor Statement
Safe Harbor Statement o Certain statements in this presentation may constitute "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 i
Slide 3: First Quarter Fiscal Year 2021 Key Messages
First Quarter Fiscal Year 2021 Key Messages 1. Despite unprecedented COVID-19 pandemic and resulting global economic challenges, on track to achieve our fiscal year 2021 objectives 2. Continue to make progress on key growth initiatives within our tactical UAS, tactical missile systems and HAPS produ
Slide 4: Summary of First Quarter Fiscal Year 2021 Results
Summary of First Quarter Fiscal Year 2021 Results First Quarter Year-Over- Metric Fiscal Year Notes Year Change 2021 Revenue $87.5 million 0.6% Consistent with plan Gross profit $35.4 million (14%) Shift in revenue mix resulted in lower gross profit margin EPS (diluted) $0.42 ($0.29) Affected by low
Slide 5: Non-GAAP Diluted EPS Percentage of Quarterly Revenue
A Shift in Product vs. Service Revenue Contributed to Lower Gross Margin, and Lower First Quarter Earnings Year-Over-Year 100% 50% $0.80 31% 41% 28% 33% 45% 24% $0.70 Percentage of Quarterly Revenue 40% 75% $0.60 Non-GAAP Diluted EPS 35% $0.50 Gross Margin 30% 50% 25% $0.40 0.74* 20% 76% $0.30 69% 7
Slide 6: Quarterly Revenue By Product Line
Higher Year-Over-Year First Quarter TMS, HAPS and Other Revenue Partially Offset by Lower Small UAS Revenue Quarterly Revenue By Product Line $160,000 $140,000 Revenue in thousands $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $- Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21 Other $2,244 $2,797 $5,256
Slide 7: Growing Visibility Supports Full Fiscal Year Revenue Expectations
Growing Visibility Supports Full Fiscal Year Revenue Expectations $400 Revenue Guidance Range as of 9/9/20: $390 million to $410 million $300 71% visibility Revenue (millions) $29.6 Revenue Anticipated This FY from Unfunded 60% visibility Backlog $20.3 $31.1 Revenue Anticipated This FY from Qtr-To-
Slide 8: HAPS Program Funding
HAPS Program Funding Total HAPS Contract Value $166.1 million Initial Contract Value (Jan 2018) $65.0 million Total HAPS Revenue Recognized $154.8 million HAPS Revenue in First Quarter Fiscal Year 2021 $16.4 million # of Contract Modifications 11 # Successful Test Flights 4 Current AeroVironment Equ
Slide 9: Fiscal Year 2020 Results and Fiscal Year 2021 Expectations
Fiscal Year 2020 Results and Fiscal Year 2021 Expectations Fiscal Year 2020 Current Fiscal Year 2021 Actuals Expectations (9/9/20) Revenue $367 million $390 million to $410 million Operating Income Margin 13% 12% – 12.5% Earnings Per Share (diluted) $1.72 $1.65 to $1.85 Non-GAAP Earnings Per Share (
Slide 10: For more information: Steven Gitlin, Vice President Investor Relations
For more information: Steven Gitlin Vice President Investor Relations ir@avinc.com +1 (805) 520-8350 052620 Slide 10 © 2020 AeroVironment, Inc. – Proprietary Information
Slide 11: Appendix – Reconciliation of Non-GAAP Diluted Earnings Per Share
Appendix – Reconciliation of Non-GAAP Diluted Earnings Per Share (Unaudited) Three Months Ended Three Months Ended August 1, 2020 July 27, 2019 Earnings per diluted share from continuing operations $ 0.42 $ 0.71 Acquisition related expenses - 0.01 Amortization of acquired intangible assets 0.02 0.02
Slide 12: Appendix – Reconciliation of Non-GAAP Diluted Earnings Per Share Expectations
Appendix – Reconciliation of Fiscal Year 2021 Non-GAAP Diluted Earnings Per Share Expectations (Unaudited) Fiscal year ending April 30, 2021 Forecasted earnings per diluted share $ 1.65 - 1.85 Amortization of acquired intangible assets 0.09 Forecasted earnings per diluted share as adjusted (Non-GAAP