Aerovironment, Inc. · NASDAQ:AVAV
Aerovironment — Q2 FY2021 Earnings Presentation
13 slides from Aerovironment's earnings presentation, Dec 8, 2020
Slide 1: Second Quarter Fiscal Year 2021 Earnings Presentation
SECOND QUARTER FISCAL YEAR 2021 EARNINGS PRESENTATION December 8, 2020 052620 Slide 1 © 2020 AeroVironment, Inc. – Proprietary Information
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: Telerob Transaction Summary
Telerob Transaction Summary Transaction • AeroVironment to acquire Telerob Gesellschaft für Fernhantierungstechnik mbH for $45.4 million1 cash; Structure Telerob to become wholly owned subsidiary of AeroVironment • Additional $7.3 million1 in three-year, milestone-based earnout • AeroVironment to pa
Slide 4: Second Quarter Key Messages
Second Quarter Fiscal Year 2021 Key Messages 1. Continue to deliver strong results during unprecedented and challenging COVID-19 pandemic, keeping us on track to achieve fiscal year 2021 objectives 2. Achieved significant milestones during quarter in key growth initiatives within tactical UAS, tacti
Slide 5: Summary of Second Quarter Results
Summary of Second Quarter Fiscal Year 2021 Results Second Quarter Year-Over- Metric Notes Fiscal Year 2021 Year Change Revenue $92.7 million 11% Healthy demand across our portfolio Gross profit $40.9 million 16% Shift in revenue mix resulted in higher gross profit margin Adversely affected by HAPSMo
Slide 6: Quarterly Revenue By Product Line
Year-Over-Year Increases in Second Quarter TMS and Other Revenue Offset Lower HAPS and Small UAS Revenue Quarterly Revenue By Product Line $160,000 $140,000 Revenue in thousands $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $- Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21 Q2 FY21 Other $2,797 $5,256 $6,466 $5
Slide 7: Non-GAAP Diluted EPS and Gross Margin Trends
Shift in Second Quarter Revenue Mix Contributed to Higher Gross Margin and Higher Non-GAAP Earnings Year-Over-Year 100% 45% $0.60 90% 44% 31% 28% $0.50 Percentage of Quarterly Revenue 33% 80% 41% 43% 29% Non-GAAP Diluted EPS 70% 42% $0.40 Gross Margin 60% 41% 50% 40% $0.30 40% 39% 0.48* 69% 72% 71%
Slide 8: Growing Visibility Supports Full Fiscal Year Revenue Expectations
Growing Visibility Supports Full Fiscal Year Revenue Expectations $400 Revenue Guidance Range as of 12/8/20: $390 million to $410 million 83% visibility $30.3 $300 71% visibility $3.8 Revenue (millions) $29.6 Revenue Anticipated This FY from Unfunded 60% visibility Backlog $20.3 $119.8 $31.1 Revenue
Slide 9: HAPS Contract Supports Program Expansion
HAPS Contract Supports Program Expansion Total HAPS Contract Value $173.8 million Initial Contract Value (Jan 2018) $65.0 million Total HAPS Revenue Recognized $166.2 million HAPS Revenue in Second Quarter Fiscal Year 2021 $11.5 million # of Contract Modifications 13 # Successful Test Flights 5 Curr
Slide 10: Fiscal Year 2020 Results and Fiscal Year 2021 Expectations
Fiscal Year 2020 Results and Fiscal Year 2021 Expectations Fiscal Year 2020 Current Fiscal Year 2021 Actuals Expectations (12/8/20) Revenue $367 million $390 million to $410 million Operating Income Margin 13% 12% – 12.5% Earnings Per Share (diluted) $1.72 $1.28 to $1.481,4 Non-GAAP Earnings Per Sha
Slide 11: Investor Relations
Investor Relations ir@avinc.com 052620 Slide 11 © 2020 AeroVironment, Inc. – Proprietary Information +1 (805) 520-8350
Slide 12: Appendix – Reconciliation of Non-GAAP Diluted Earnings Per Share
Appendix – Reconciliation of Non-GAAP Diluted Earnings Per Share (Unaudited) Three Months Ended Three Months Ended Six Months Ended Six Months Ended October 31, 2020 October 26, 2019 October 31, 2020 October 26, 2019 Earnings per diluted share $ 0.09 $ 0.31 $ 0.50 $ 1.02 Acquisition related expenses
Slide 13: Appendix – Reconciliation of Non-GAAP Diluted EPS Expectations
Appendix – Reconciliation of Fiscal Year 2021 Non-GAAP Diluted Earnings Per Share Expectations (Unaudited) Fiscal year ending April 30, 2021 Forecast earnings per diluted share $ 1.28 - 1.48 Acquisition related expenses 0.02 Amortization of acquired intangible assets 0.09 HAPSMobile Inc. joint ventu