Aerovironment, Inc. · NASDAQ:AVAV
Aerovironment — Q2 FY2020 Earnings Presentation
12 slides from Aerovironment's earnings presentation, Dec 3, 2019
Slide 1: Second Quarter Fiscal Year 2020 Earnings Presentation
1 Second Quarter Fiscal Year 2020 Earnings Presentation December 3, 2019
Slide 2: Second Quarter Fiscal Year 2020 Key Messages
3 Second Quarter Fiscal Year 2020 Key Messages Our team’s track record of delivering excellent quarterly results continues We are successfully executing our plan and remain on-track to achieve our fiscal year 2020 objectives We continue to make great progress on our strategic growth initiatives, par
Slide 3: Outstanding Second Quarter Fiscal Year 2020 Results
4 Outstanding Second Quarter Fiscal Year 2020 Results Metric 2nd Qtr. Fiscal Year 2020 Year-Over-Year Change Highlights Revenue $83.3 million +14% Strong small UAS sales Gross profit $35.2 million +24% Favorable revenue mix GAAP EPS (diluted) $0.31 +$0.02 No one-time items in second quarter fiscal y
Slide 4: Favorable Revenue Mix and Higher Volume Driving Strong Results
5 Favorable Revenue Mix and Higher Volume Driving Strong Results * Excludes Q2 Fiscal Year 2020 amortization of intangible assets & acquisition-related expenses of $0.03 0.29 0.34 * $0.26 $0.27 $0.28 $0.29 $0.30 $0.31 $0.32 $0.33 $0.34 $0.35 Q2 FY19 Q2 FY20 NON - GAAP Diluted EPS 64% 66% 68% 76% 69%
Slide 5: Second Quarter Business Highlights
6 December 3, 2019 AeroVironment, Inc Second Quarter Fiscal Year 2020 Business Highlights Won U.S. Army FCS contract worth up to $55 million Won more than $20 million in international small UAS awards Launched Puma LE: Group 2 capabilities in a Group 1 footprint Successfully completed first two HAWK
Slide 6: Government Fiscal Year 2019 Procurement Appropriations Conversion to AeroVironment Contract Awards
7 Government Fiscal Year 2019 Procurement Appropriations Conversion to AeroVironment Contract Awards *Submitted Proposal For Switchblade – Anticipate up to $160M contract award for Army/Marines LMAMS by fiscal fourth qtr.; funds can extend into subsequent fiscal years * $46.0 $45.2 $13.5 $12.4 $110.
Slide 7: Making Significant Progress on HAPS Program – Currently In Flight Test Phase
8 Making Significant Progress on HAPS Program– Currently In Flight Test Phase SoftBank Corp. owns approximately 95% of HAPSMobile Inc. & AeroVironment owns approximately 5% Flight test underway - HAWK30 solar HAPS unmanned aircraft system to deliver next generation connectivity (i.e., 5G mobile, IoT
Slide 8: Strong Funded Backlog and High Visibility Support Expected Year-Over-Year Revenue Growth
9 Strong Funded Backlog and High Visibility Support Expected Fiscal Year 2020 Year-Over-Year Revenue Growth 55% visibility 75% visibility Continued strong funded backlog supports high visibility Revenue Guidance Range as of 12/3/19: $350 million to $370 million 89% visibility $86.9 $170.2 $151.7 $15
Slide 9: Expectations
10 Fiscal Year 2020 Expectations Fiscal Year 2019 Actuals Current Expectations (12/3/19) Revenue $314 million $350 million to $370 million Earnings Per Share (diluted) $1.74 $1.35 to $1.55 Non-GAAP Earnings Per Share (diluted) $1.481 $1.47 to $1.672 First half revenue as a percentage of full year re
Slide 10: For more information
11 For more information: Steven Gitlin Vice President Investor Relations ir@avinc.com +1 (805) 520-8350
Slide 11: Appendix – Reconciliation of Non-GAAP Diluted Earnings Per Share
12 Appendix – Reconciliation of Non-GAAP Diluted Earnings Per Share (Unaudited) Three Months Ended Three Months Ended Six Months Ended Six Months Ended October 26, 2019 October 27, 2018 October 26, 2019 October 27, 2018 Earnings per diluted share from continuing operations $ 0.31 $ 0.29 $ 1.02 $ 1.1
Slide 12: Appendix – Reconciliation of Non-GAAP Diluted Earnings Per Share Expectations
13 Appendix – Reconciliation of Fiscal Year 2020 Non-GAAP Diluted Earnings Per Share Expectations (Unaudited) d s Fiscal year ending April 30, 2020 Expected earnings per diluted share (GAAP) $ 1.35 – 1.55 Acquisition related expenses 0.03 Amortization of acquired intangible assets 0.08 Expected earn