Aerovironment, Inc. · NASDAQ:AVAV
Aerovironment — Q4 FY2021 Earnings Presentation
13 slides from Aerovironment's earnings presentation, Jun 29, 2021
Slide 1: Fourth Quarter and Full Fiscal Year 2021 Earnings Presentation
FOURTH QUARTER AND FULL FISCAL YEAR 2021 EARNINGS PRESENTATION June 29, 2021 052620 Slide 1 © 2021 AeroVironment, Inc.
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: Fiscal Year 2021 Key Message
FISCAL YEAR 2021 KEY MESSAGE o Focused on unique value proposition centered around innovation, customer intimacy and agility to help our customers succeed o Delivered fourth consecutive year of profitable revenue growth in the midst of the global pandemic o Deployed balance sheet to expand solutions
Slide 4: Full Fiscal Year 2021 Results
FULL FISCAL YEAR 2021 RESULTS Full Fiscal Year Year-Over- Metric Notes 2021 Year Change Revenue $395 million +7.5% Record annual revenue Gross profit $164.6 million +7.5% Increase in product margin resulted in higher gross profit Lower EPS from legal accrual, HAPSMobile impairment of EPS (diluted) $
Slide 5: Closed Three Strategic Acquisitions
CLOSED THREE STRATEGIC ACQUISITIONS Acquisition Status Benefits • Expands reach into >$1 billion annual Group 2 & 3 segments1 Closed Arcturus UAV • Increases program diversification with key USSOCOM and US Army customers 2/19/21 • Introduces attractive contractor-owned, contractor-operated (“COCO”)
Slide 6: Increased Year-Over-Year Q4 Revenue in Small UAS and MUAS
INCREASED YEAR-OVER-YEAR Q4 REVENUE IN SMALL UAS AND MUAS Offsets Lower HAPS, TMS and Other Revenue Quarterly Revenue By Product Line $160,000 $135,223 $136,015 $140,000 Revenue in thousands $120,000 $100,000 $92,665 $87,450 $78,782 $80,000 $60,000 $40,000 $20,000 $- Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21
Slide 7: Reported Favorable Fourth Quarter Product Margin
REPORTED FAVORABLE FOURTH QUARTER PRODUCT MARGIN Drove Increases in Gross Margin and Non-GAAP EPS $1.20 100% 50% Percentage of Quarterly Revenue 90% 45% 1.04 2 $1.00 80% 40% Non-GAAP Diluted EPS 70% 35% Gross Margin $0.80 0.75 1 60% 30% 50% 25% $0.60 40% 20% 30% 15% $0.40 20% 10% 10% 5% $0.20 0% 0%
Slide 8: Achieved Highest Fourth Quarter Visibility in Five Years
ACHIEVED HIGHEST FOURTH QUARTER VISIBILITY IN FIVE YEARS Set Higher Revenue Guidance $600 Revenue Guidance Range as of 6/29/21: $560 million to $580 million $500 Revenue (millions) $400 Revenue Anticipated This FY from Unfunded Backlog 61% visibility 1 $43.1 Revenue Anticipated This FY from Qtr-To-D
Slide 9: Guidance and Expectations for Fiscal Year 2022
GUIDANCE AND EXPECTATIONS FOR FISCAL YEAR 2022 Fiscal Year 2021 Fiscal Year 2022 Expected Change As of 6/29/21 Results Expectations 1 (to midpoint) Revenue $395 million $560 million - $580 million +44% Net Income from continuing operations $23 million $32 - $37 million +50% Adjusted EBITDA 2 $72 mil
Slide 10: Investor Relations
Investor Relations ir@avinc.com 052620 Slide 10 © 2021 AeroVironment, Inc. +1 (805) 520-8350
Slide 11: Appendix A – Reconciliation of Non-GAAP Diluted Earnings Per Share
APPENDIX A – RECONCILIATION OF NON-GAAP DILUTED EARNINGS PER SHARE (UNAUDITED) Three Months Ended Three Months Ended Year Ended Year Ended April 30, 2021 April 30, 2020 April 30, 2021 April 30, 2020 Earnings per diluted share $ 0.44 $ 0.73 $ 0.96 $ 1.72 Acquisition related expenses 0.12 - 0.26 0.04
Slide 12: Appendix B – Reconciliation of Fiscal Year 2022 Non-GAAP Diluted EPS Expectations
APPENDIX B – RECONCILIATION OF FISCAL YEAR 2022 NON-GAAP DILUTED EARNINGS PER SHARE EXPECTATIONS (UNAUDITED) Fiscal year ending April 30, 2022 Forecast earnings per diluted share $ 1.31 – 1.51 Acquisition related expenses 0.13 Amortization of acquired intangible assets 1.06 Forecast earnings per dil
Slide 13: Appendix C – Reconciliation of Non-GAAP Adjusted EBITDA
APPENDIX C – RECONCILIATION OF FISCAL YEAR 2020-2021 ACTUAL AND 2022 FORECAST NON-GAAP ADJUSTED EBITDA (UNAUDITED) Fiscal year ending Fiscal year ending April Fiscal year ending April 30, 2022 30, 2020 April 30, 2021 (preliminary expectations1) (in millions) Net income from continuing operations $ 4