Aerovironment, Inc. · NASDAQ:AVAV

Aerovironment — Q4 FY2022 Earnings Presentation

14 slides from Aerovironment's earnings presentation, Jun 28, 2022

  1. Slide 1: Fourth Quarter Fiscal Year 2022 Earnings Presentation

    FOURTH QUARTER FISCAL YEAR 2022 EARNINGS PRESENTATION Jun 28, 2022 052620 Slide 1 © 2022 AeroVironment, Inc.

  2. 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

  3. Slide 3: 4th Quarter Fiscal Year 2022 Key Messages

    4TH QUARTER FISCAL YEAR 2022 KEY MESSAGES o Despite continued supply chain constraints, tight labor markets and elevated material costs, the company performed largely as expected in the 4th quarter and met revised guidance for the year o Backlog fell slightly reflecting ongoing contracting delays an

  4. Slide 4: Fourth Quarter Results Fiscal Year 2022

    FOURTH QUARTER RESULTS FISCAL YEAR 2022 Year-Over- Metric Q4 FY22 Notes Year Change Increases in acquired business segments offset by declines Revenue $132.6 million -2% in core business segments GAAP Gross Decreases reflecting heavier mix of service revenue and $48.6 million -18% profit incremental

  5. 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% 47% 42% 53% 44% $140,000 $136,015 $132,622 90% 45% 44% $122,008 Revenue in thousands Percentage Quarterly Revenue $120,000 80% 40% $101,009 37% $100,000 $90,093 70% 35% 35% Gross Margin $80,0

  6. Slide 6: Adjusted Profitability by Type and Non-GAAP EPS

    ADJUSTED PROFITABILITY BY TYPE AND NON-GAAP EPS 60% $1.20 51% Percentage Adjusted Gross Margin1 48% 49% 50% 46% $1.00 42% Non-GAAP Diluted EPS2 40% 37% 40% 39% $0.80 32% 30% 32% 28% 27% 29% $0.60 22% 23% 1.04 20% $0.40 10% $0.20 0.30 0% Q4 FY21 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 $- Adj Product Margin A

  7. Slide 7: Updated Guidance: Fiscal 2023 Outlook

    UPDATED GUIDANCE: FISCAL 2023 OUTLOOK Fiscal Year 2022 Expected % Change As of 4/30/2022 FY23 Guidance Results (to midpoint) Revenue $446 million $490 million - $520 million 13% Net Income/(Loss) ($4 million) $11 million – $18 million --- Adjusted EBITDA 1, 2 $62 million $82 million – $92 million 43

  8. Slide 8: Visibility for FY23

    VISIBILITY FOR FY23 $600 $500 Revenue Guidance Range: $490 million to $520 million Revenue (millions) $400 57% visibility 1 $300 Revenue Anticipated This FY from Unfunded Backlog $27.1 $59.2 $200 Revenue Anticipated This FY from Qtr-To-Date Bookings Revenue Anticipated This FY from Funded Backlog $1

  9. Slide 9: Investor Relations

    Investor Relations ir@avinc,com 052620 Slide 9 © 2022 AeroVironment, Inc. +1 (805) 520-8350

  10. Slide 10: Appendix A – Reconciliation of Non-GAAP Earnings (Loss) per Diluted Share

    APPENDIX A – RECONCILIATION OF NON-GAAP EARNINGS (LOSS) PER DILUTED SHARE (UNAUDITED) Three Months Three Months Ended Ended Year Ended Year Ended April 30, 2022 April 30, 2021 April 30, 2022 April 30, 2021 Earnings (loss) per diluted share $ 0.29 $ 0.44 $ (0.17) $ 0.96 Acquisition-related expenses 0

  11. Slide 11: Appendix B – Reconciliation of Fiscal Year 2023 Non-GAAP Diluted EPS Expectations

    APPENDIX B – RECONCILIATION OF FISCAL YEAR 2023 NON-GAAP DILUTED EARNINGS PER SHARE EXPECTATIONS (UNAUDITED) Fiscal year ending April 30, 2023 Forecast earnings per diluted share $ 0.42 - 0.72 Acquisition-related expenses 0.01 Amortization of acquired intangible assets and other purchase accounting

  12. 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 4th Quarter Fiscal 1st Quarter Fiscal 2nd Quarter Fiscal 3rd Quarter Fiscal 4th Quarter (in thousands) FY2021 FY2022 FY2022 FY2022 FY2022 Adjusted Gross Margin Products Gross Margin $48,980 $20,526 $32,061 $13,305 $34,195 I

  13. Slide 13: Appendix D – GAAP to Non-GAAP Reconciliation of Adjusted EBITDA

    APPENDIX D – GAAP TO NON-GAAP RECONCILIATION OF ADJUSTED EBITDA Fiscal year ending Fiscal year ended (in millions) April 30, 2023 April 30, 2022 Net income (loss) $ 11 - 18 $ (4) Interest expense, net 8 5 Benefit from income taxes (5) - (2) (10) Depreciation and amortization 60 61 EBITDA (Non-GAAP)

  14. Slide 14: Appendix E – Historical Adjusted EBITDA Reconciliation

    APPENDIX E – HISTORICAL ADJUSTED EBITDA RECONCILIATION Q1 Q2 Q3 Q4 FY21 Q1 Q2 Q3 Q4 FY22 Net Income 10,080 2,094 211 10,946 23,331 (13,981) 2,525 10 7,258 (4,188) Interest Expense / (Income), net (208) (115) (94) 1,035 618 1,275 1,379 1,510 1,276 5,440 Tax provision / (benefit) 1,207 2,491 (924) (2,

AeroVironment — Q4 FY2022 Earnings Presentation on 6ix