Aerovironment, Inc. · NASDAQ:AVAV
Aerovironment — Q2 2024 Earnings Presentation
15 slides from Aerovironment's earnings presentation, Dec 5, 2023
Slide 1: Second Quarter Fiscal Year 2024 Earnings Presentation
Second Quarter Fiscal Year 2024 Earnings Presentation December 5, 2023 052620 Slide 1 | © 2022 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: Second Quarter Fiscal Year 2024 Key Messages
Second Quarter Fiscal Year 2024 Key Messages Achieved second quarter results ahead Achieved healthy backlog of $487 million of our expectations, with revenue of as of October 28th providing solid visibility $181 million, a 62% increase YoY, best for quarters ahead Q2 in company history and strong bo
Slide 4: Second Quarter Results Fiscal Year 2024
Second Quarter Results Fiscal Year 2024 Year-Over- Metric Q2 FY24 Year Change Notes Overall increase driven by higher product sales. Increase in Revenue $180.8 m +62% UMS revenue, partially offset by decrease in MW, LMS revenue, and lower service revenue. Increase reflects higher product margins and
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% $180.8 44% 32% 24% Percentage Quarterly Revenue $180.0 90% 22% 19% 45% 43% 42% $160.0 $152.3 80% 40% $140.0 $134.4 37% 70% 34% 35% Gross Margin Revenue in millions $120.0 $111.6 60% 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% 47% $1.00 41% 43% 38% 45% $0.80 40% 39% 36% 30% 26% 28% 28% $0.60 27% 0.97 20% $0.40 13% 12% 10% $0.20 0.01 0% $- Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 $(0.20) Adj Product
Slide 7: Updated Guidance: Fiscal 2024 Outlook
Updated Guidance: Fiscal 2024 Outlook EXPECTED % CHANGE AS OF 12/5/2023 FY23 RESULTS FY24 REVISED GUIDANCE (TO MIDPOINT) Revenue $541 million $685 million - $705 million 28% Increasing and narrowing FY24 midpoint Revenue Net (Loss)/Income5 ($176 million) $45 million – $51 million --- and Adjusted EB
Slide 8: Visibility for FY24
Visibility for FY24 REVENUE (MILLIONS) Revenue Revised Revenue Guidance Guidance Range: Range: $645 to $685 to $705 $800 $675 million as million as of Revenue Guidance of 9/5/23 12/5/23 Range: $630 to 98% visibility3 $700 $660 million 100%+ visibility2 $14.7 $8.0 $38.8 $600 78% visibility1 $0.7 Guid
Slide 9: Financial Tables
Financial Tables 052620 Slide 9 © 2023 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) 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 – Reconciliation of Non-GAAP Fiscal Year 2024 Adjusted EBITDA Expectations
APPENDIX E – RECONCILIATION OF NON-GAAP FISCAL YEAR 2024 ADJUSTED EBITDA EXPECTATIONS 052620 Slide 14 | © 2023 AeroVironment, Inc.
Slide 15: Appendix F – Reconciliation of Fiscal Year 2023 Non-GAAP EPS
APPENDIX F – RECONCILIATION OF FISCAL YEAR 2023 NON-GAAP EARNINGS PER DILUTED SHARE (UNAUDITED) 052620 Slide 15 | © 2023 AeroVironment, Inc.