Aerovironment, Inc. · NASDAQ:AVAV
Aerovironment — Q2 FY2022 Earnings Presentation
13 slides from Aerovironment's earnings presentation, Dec 7, 2021
Slide 1: Second Quarter Fiscal Year 2022 Earnings Presentation
SECOND QUARTER FISCAL YEAR 2022 EARNINGS PRESENTATION Dec 7, 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: 2nd Quarter Fiscal Year 2022 Key Messages
2ND QUARTER FISCAL YEAR 2022 KEY MESSAGES o Achieved Q2 performance and first half results in line with expectations o Reducing full year outlook due to supply chain delays, extended procurement cycles due to the global COVID-19 pandemic, slower decision making in Washington, and staffing shortages
Slide 4: Second Quarter Results Fiscal Year 2022
SECOND QUARTER RESULTS FISCAL YEAR 2022 Year-Over- Metric Q2 FY22 Notes Year Change Revenue $122 million +32% Consistent with expectations Driven by increased sales volumes partially offset by GAAP Gross $42.5 million +4% increasing mix of services, intangible amortization expenses profit and other
Slide 5: Revenue Mix by Segment and Type
REVENUE MIX BY SEGMENT AND TYPE Quarterly Revenue By Segment Quarterly Revenue by Type $160,000 100% 50% 29% 26% 29% 47% 42% $136,015 90% 45% $140,000 44% 44% $122,008 Percentage Quarterly Revenue Revenue in thousands $120,000 80% 40% $101,009 36% $100,000 70% 35% 35% $92,665 Gross Margin $78,782 60
Slide 6: Adjusted Profitability by Type and Non-GAAP EPS
ADJUSTED PROFITABILITY BY TYPE AND NON-GAAP EPS 1 60% $0.90 51% Percentage Adjusted Gross Margin1 49% 48% $0.80 50% 45% 46% 42% $0.70 40% Non-GAAP Diluted EPS2 40% 39% 35% $0.60 37% 32% 30% 30% 32% $0.50 27% 22% $0.40 0.78 20% $0.30 0.48 10% $0.20 $0.10 0% Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY22 Q2 FY22 $-
Slide 7: Visibility Supports Revised Full Year Expectations
VISIBILITY SUPPORTS REVISED FULL YEAR EXPECTATIONS $600 Revenue Guidance Range as of 6/28/21: $560 million to $580 million $500 Revenue Guidance Range as of 12/7/21: 90% visibility 2 $440 million to $460 million $6.0 Revenue (millions) $400 66% visibility 1 $5.2 61% visibility 1 $39.9 $43.1 $18.4 $3
Slide 8: Updated Guidance: Fiscal 2022 Outlook
UPDATED GUIDANCE: FISCAL 2022 OUTLOOK Fiscal Year 2021 Fiscal Year 2022 Revised Expected Change As of 12/7/21 Results Expectations 2 (to midpoint) Revenue $395 million $440 million - $460 million +14% Net Income/(Loss) from continuing $23 million ($12) million – ($8) million (143%) operations Adjust
Slide 9: Investor Relations
Investor Relations ir@avinc,com 052620 Slide 9 © 2021 AeroVironment, Inc. +1 (805) 520-8350
Slide 10: Appendix A – Reconciliation of Non-GAAP (Loss) Earnings per Diluted Share
APPENDIX A – RECONCILIATION OF NON-GAAP (LOSS) EARNINGS PER DILUTED SHARE (UNAUDITED) 052620 Slide 10 © 2021 AeroVironment, Inc.
Slide 11: 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) 052620 Slide 11 © 2021 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 Fiscal 2nd Quarter Fiscal 3rd Quarter Fiscal 4th Quarter Fiscal 1st Quarter Fiscal 2nd Quarter (in thousands) FY 2021 FY 2021 FY 2021 FY 2022 FY 2022 Adjusted Gross Margin Products Gross Margin $ 31,319 $ 22,602 $ 48,980 $ 20,526
Slide 13: Appendix D – GAAP to Non-GAAP Reconciliation of Adjusted EBITDA
APPENDIX D – GAAP TO NON-GAAP RECONCILIATION OF ADJUSTED EBITDA 052620 Slide 13 © 2021 AeroVironment, Inc.