Aerovironment, Inc. · NASDAQ:AVAV
Aerovironment — Q3 2024 Earnings Presentation
15 slides from Aerovironment's earnings presentation, Mar 4, 2024
Slide 1: Third Quarter Fiscal Year 2024 Earnings Presentation
Third Quarter Fiscal Year 2024 Earnings Presentation March 4, 2024 Slide 1 | © 2024 AeroVironment, Inc.
Slide 2: Safe Harbor Statement
Safe Harbor Statement 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, performa
Slide 3: Third Quarter Fiscal Year 2024 Key Messages
Third Quarter Fiscal Year 2024 Key Messages Achieved record third-quarter revenue of Loitering munitions segment delivered $187 million, a nearly 40% increase record quarterly revenue and continues to YoY with strong bottom-line results ramp production to meet surging demand Given strong performance
Slide 4: Third Quarter Results Fiscal Year 2024
Third Quarter Results Fiscal Year 2024 Year-Over- Metric Q3 FY24 Year Change Notes Overall increase driven by higher sales in UMS segment and Revenue $186.6 m +39% record sales in LMS segment. Increase driven by higher sales volume, greater mix of product GAAP Gross Margin $67.3 m +48% sales, and hi
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 $186.6 100% 60% $180.8 32% 24% 22% 19% 16% Percentage Quarterly Revenue $180.0 90% $160.0 $152.3 50% 80% $140.0 $134.4 70% 43% 42% Gross Margin 40% Revenue in millions $120.0 60% 37% 36% 34% $100.0 5
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% $0.70 $0.63 49% 50% 47% 47% $0.60 41% 45% 40% 43% 38% 40% $0.50 39% 38% 36% 28% 28% 30% 26% $0.40 $0.33 20% 13% $0.30 10% $0.20 0% Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 $0.10 Adj Product Mar
Slide 7: Updated Guidance: Fiscal 2024 Outlook
Updated Guidance: Fiscal 2024 Outlook EXPECTED % CHANGE AS OF 03/04/2024 FY23 RESULTS FY24 REVISED GUIDANCE (TO MIDPOINT) Revenue $541 million $700 million - $710 million 30% Increasing and Net (Loss)/Income5 ($176 million) $51 million – $55 million --- narrowing FY24 Guidance ranges due Adjusted EB
Slide 8: Visibility for FY24
Visibility for FY24 REVENUE (MILLIONS) Revenue Revenue Revenue Revenue Guidance Range: Guidance Range: Guidance Range: Guidance Range: $630m to $660m $645m to $675m $685m to $705m $700m to $710m $900 78% visibility1 100%+ visibility2 98% visibility3 100% visibility4 $800 $700 $14.7 $3.3 $1.2 Guidanc
Slide 9: Financial Tables
Financial Tables Slide 9 © 2024 AeroVironment, Inc.
Slide 10: Appendix A – Reconciliation of Non-GAAP Earnings Per Diluted Share
APPENDIX A – RECONCILIATION OF NON-GAAP EARNINGS PER DILUTED SHARE (UNAUDITED) Slide 10 | © 2024 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) Fiscal year ending April 30, 2024 Forecast earnings per diluted share $ 1.86 - 2.00 Acquisition-related expenses 0.05 Amortization of acquired intangible assets and other purchase accounting
Slide 12: Appendix C – GAAP to Non-GAAP Reconciliation of Adjusted Gross Margin
APPENDIX C – GAAP TO NON-GAAP RECONCILIATION OF ADJUSTED GROSS MARGIN Fiscal 3rd Quarter Fiscal 4th Quarter Fiscal 1st Quarter Fiscal 2nd Quarter Fiscal 3rd Quarter (in thousands) FY2023 FY2023 FY2024 FY2024 FY2024 Products Gross Margin $ 36,350 $ 65,320 $ 57,863 $ 66,747 $ 56,437 Intangible Amortiz
Slide 13: Appendix D – Historical Adjusted EBITDA Reconciliation
APPENDIX D – HISTORICAL ADJUSTED EBITDA RECONCILIATION – Fiscal 3rd Quarter Fiscal 4th Quarter Full Fiscal Year Fiscal 1st Quarter Fiscal 2nd Quarter Fiscal 3rd Quarter (in thousands) FY2023 FY2023 FY23 FY2024 FY2024 FY2024 Net Income from continued operations $ (676) $ (160,473) $ (176,212) $ 21,89
Slide 14: Appendix E – Reconciliation of Non-GAAP Fiscal Year 2024 Adjusted EBITDA Expectations
APPENDIX E – RECONCILIATION OF NON-GAAP FISCAL YEAR 2024 ADJUSTED EBITDA EXPECTATIONS Fiscal year ending Fiscal year ended (in millions) April 30, 2024 April 30, 2023 Net income (loss) $ 51 - 55 $ (176) Interest expense, net 5 9 Provision for (benefit from) income taxes 3-4 (15) Depreciation and amo
Slide 15: Appendix F – Reconciliation of Fiscal Year 2023 Non-GAAP Earnings Per Diluted Share
APPENDIX F – RECONCILIATION OF FISCAL YEAR 2023 NON-GAAP EARNINGS PER DILUTED SHARE (UNAUDITED) 052620 Slide 15 | © 2024 AeroVironment, Inc.