Aerovironment, Inc. · NASDAQ:AVAV
Aerovironment — Q4 2023 Earnings Presentation
14 slides from Aerovironment's earnings presentation, Jun 27, 2023
Slide 1: Fourth Quarter Fiscal Year 2023 Earnings Presentation
Fourth Quarter Fiscal Year 2023 Earnings Presentation June 27, 2023 052620 Slide 1 © 2023 AeroVironment, Inc.
Slide 2: Safe Harbor Statement
Safe Harbor Statement 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 imp
Slide 3: Fourth Quarter Fiscal Year 2023 Key Messages
Fourth Quarter Fiscal Year 2023 Key Messages Record 4th quarter revenue driven by Exited year with record funded backlog of strong performance across the portfolio $424 million as of April 30th doubling YoY led by SUAS and TMS segments Expecting FY2024 revenues of $630 to Experiencing robust growth
Slide 4: Fourth Quarter Results Fiscal Year 2023
Fourth Quarter Results Fiscal Year 2023 Year-Over- Metric Q4 FY23 Year Change Notes Overall increase in revenue primarily due to increases in Revenue $186.0 m +40% revenue in SUAS, TMS, and Other segments, partially offset by a decrease in revenue in MUAS segment Increase reflects higher product mar
Slide 5: Revenue Mix by Segment and Type
Revenue Mix by Segment and Type QUARTERLY REVENUE BY SEGMENT QUARTERLY REVENUE BY TYPE $200.0 $186.0 100% 50% 44% 47% 44% Percentage Quarterly Revenue $180.0 90% 32% 24% 45% $160.0 80% 40% $140.0 $132.6 $134.4 37% 37% 70% 34% 35% Gross Margin $120.0 $108.5 $111.6 Revenue in millions 60% 31% 30% $100
Slide 6: Adjusted Profitability by Type and Non-GAAP EPS
Adjusted Profitability by Type and Non-GAAP EPS PERCENTAGE ADJUSTED GROSS MARGIN1 NON-GAAP DILUTED EPS2 60% $1.20 49% 50% 47% $1.00 45% 41% 38% $0.80 40% 40% 39% 34% 36% 30% 28% $0.60 27% 26% 22% 0.99 20% $0.40 12% 13% 10% $0.20 0.12 0% $- Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 $(0.20) Adj Product
Slide 7: Updated Guidance: Fiscal 2024 Outlook
Updated Guidance: Fiscal 2024 Outlook EXPECTED % CHANGE AS OF 6/27/2023 FY23 RESULTS FY24 GUIDANCE (TO MIDPOINT) Revenue $541 million $630 million - $660 million 19% Net (Loss)/Income5 ($176 million) $50 million – $58 million --- Adjusted EBITDA 3 $90 million $110 million–$120 million4 28% Earnings/
Slide 8: Visibility for FY24
Visibility for FY24 REVENUE (MILLIONS) Revenue Guidance Range: $600 $630 to $660 million 78% visibility 1 $500 $17.9 $103.6 Company $400 visibility supports 71% revised revenue $300 visibility1 Revenue Anticipated This FY guidance range from Unfunded Backlog Revenue Anticipated This FY $200 $384.0 f
Slide 9: Financial Tables
Financial Tables 052620 Slide 9 © 2023 AeroVironment, Inc.
Slide 10: Appendix A – Reconciliation of Fiscal Year 2023 and 2022 Non-GAAP EPS
APPENDIX A – RECONCILIATION OF FISCAL YEAR 2023 AND 2022 NON-GAAP EARNINGS PER DILUTED SHARE (UNAUDITED) 052620 Slide 10 | © 2023 AeroVironment, Inc.
Slide 11: Appendix B – Reconciliation of Fiscal Year 2024 Non-GAAP Diluted EPS Expectations
APPENDIX B – RECONCILIATION OF FISCAL YEAR 2024 NON-GAAP DILUTED EARNINGS PER SHARE EXPECTATIONS (UNAUDITED) 052620 Slide 11 | © 2023 AeroVironment, Inc.
Slide 12: Appendix C – GAAP to Non-GAAP Reconciliation of Adjusted Gross Margin
APPENDIX C – GAAP TO NON-GAAP RECONCILIATION OF ADJUSTED GROSS MARGIN 052620 Slide 12 | © 2023 AeroVironment, Inc.
Slide 13: Appendix D – Historical Adjusted EBITDA Reconciliation
APPENDIX D – HISTORICAL ADJUSTED EBITDA RECONCILIATION 052620 Slide 13 | © 2023 AeroVironment, Inc.
Slide 14: Appendix E – GAAP to Non-GAAP Reconciliation of Adjusted EBITDA
APPENDIX E – GAAP TO NON-GAAP RECONCILIATION OF ADJUSTED EBITDA 052620 Slide 14 | © 2023 AeroVironment, Inc.