Aerovironment, Inc. · NASDAQ:AVAV
Aerovironment — Raymond James TMT & Consumer Conference 2024
31 slides from Aerovironment's conference presentation, December 2024
Slide 1: Raymond James New York, December 2024
LEADING RAYMOND JAMES // NEW YORK // DECEMBER 2024 KEVIN MCDONELL // CFO Slide 1 © 2024 AeroVironment, Inc. – Proprietary Information
Slide 2: Safe Harbor Statement
SECOND QUARTER FISCAL YEAR 2025 Safe Harbor Statement Certain words in this presentation may contain "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, f
Slide 3: Additional Information
Additional Information ADDITIONAL INFORMATION AND WHERE TO FIND IT This presentation references the proposed transaction between AeroVironment and BlueHalo. In connection with the proposed transaction, AeroVironment will file with the SEC a registration statement on Form S-4, which will include a pr
Slide 4: Corporate Snapshot
CORPORATE OVERVIEW Corporate Snapshot AVAV Arlington, VA 1971 ~1,450 NASDAQ HQ FOUNDED EMPLOYEES GLOBAL FOOTPRINT ANNUAL REVENUE (m) $716 $541 $395 $446 $367 2020 2021 2022 2023 2024 Fiscal Year Ending April 30 Operate in three business segments LMS UxS MW 55+ 35,000+ Loitering Munitions Uncrewed Sy
Slide 5: Our Unmatched Portfolio
OUR UNMATCHED PORTFOLIO: Accomplishing Missions in the Most Demanding Environments Group 2-3 UAVS Group 1-2 UAVS Loitering Munitions Slide 5 © 2024 AeroVironment, Inc. – Proprietary Information
Slide 6: AV Product Mix
AV PRODUCT MIX Smart solutions that respond to evolving customer needs PLATFORMS Group 1 UAVs Communications Command and Control Autonomy / AI Group 2-3 UAVs Computer Vision / Object ID Loitering Munitions Visual Navigation Lethal Drones Flight Control Systems Ground Robots Advanced Solutions Logist
Slide 7: AV Core Differentiator: Technology
CORPORATE OVERVIEW AV Core Differentiator: Technology Unmatched Portfolio of Hardware Platforms Enabled by Market Leading Technologies and Software o AVACORE (Software suite enabling AI and autonomous solutions) LMS UGV o SPOTR-Edge Image Analytics o ARK (Autonomy Retrofit Kit) o VNS (Visual Navigat
Slide 8: AV's Autonomous Solutions Help Solve Future Challenges of UAS Warfare
CORPORATE OVERVIEW AV’s Autonomous Solutions Help Solve Future Challenges of UAS Warfare DATALINKS ARE GPS IS AIR DEFENSE RAPIDLY COMPROMISED UNRELIABLE SYSTEMS EVOLVING BATTLEFIELD AV is well positioned to solve these problems as we move toward more autonomous solutions Slide 8 © 2024 AeroVironment
Slide 9: We Operate in Three Business Segments
CORPORATE OVERVIEW We Operate in Three Business Segments LOITERING MUNITION SYSTEMS UNCREWED SYSTEMS MACCREADY WORKS LMS UxS MW o Leading supplier to U.S. DoD for o SUAS, MUAS + UGV Business Units o Classified & Un-Classified Projects past 10 years o Leader in our markets o Center of Excellence Mach
Slide 10: Loitering Munition Systems // LMS
CORPORATE OVERVIEW Loitering Munition Systems // LMS SWITCHBLADE is a tube-launched, rapidly deployable and highly maneuverable armed UAV with high-performance optics and scalable munition payloads. Switchblade products enable warfighters to easily launch, track and engage beyond-line-of-sight targe
Slide 11: Uncrewed Systems // UxS
CORPORATE OVERVIEW Uncrewed Systems // UxS AV’s uncrewed systems provide reconnaissance, surveillance and critical observation and communications capabilities for actionable intelligence while reducing risk to individual warfighters. Our UGVs help responders remove, contain or neutralize hazards wit
Slide 12: P550 - Battlefield Adaptable
Carry up to ~15lb* @ 120+ min of flight P550 - Battlefield Adaptable - Rugged, Reliable, Portable, All-weather Tactical eVTOL Platform Easily Configure P550 to meet the needs of any mission with Single & Multiple Payload options Unique Payload Sled with Common Payload Interfaces allows for easy swap
Slide 13: MacCready WORKS // MW
CORPORATE OVERVIEW MacCready WORKS // MW Learning and Active Space Ventures MacCready Works functions as our center of excellence developing Perception (LEAP) cutting-edge technologies across our business segments including AI empowered data analytics and next generation autonomous solutions. Produc
Slide 14: BlueHalo Acquisition
BLUEHALO ACQUISITION Slide 14 © 2024 AeroVironment, Inc. – Proprietary Information
Slide 15: Transaction Overview
AEROVIRONMENT TO ACQUIRE BLUEHALO Transaction Overview ▪ AeroVironment to acquire BlueHalo in all stock transaction Terms ▪ AVAV shareholders to own 60.5% and BlueHalo shareholders to own 39.5% of the combined company(1) ▪ Implied Enterprise Value of ~$4.1B(2), inclusive of BlueHalo debt and $100M t
Slide 16: Next Generation Defense Technology Prime
AEROVIRONMENT TO ACQUIRE BLUEHALO : Next Generation Defense Technology Prime REVENUE MIX BY MISSION AREA ~2,400 33 EMPLOYEES FACILITIES Space Technologies Space Technologies C-UAS Advanced solutions, technologies and effects for space; ground-based systems for situational awareness, Electronic Warfa
Slide 17: Combination Advances Strategy and Accelerates Progress
AEROVIRONMENT TO ACQUIRE BLUEHALO Combination Advances Strategy and Accelerates Progress AeroVironment’s Previously Stated Strategy AV Strategy Portfolio of Mission Critical Capabilities Build portfolio of leading-edge solutions utilizing strengths in Uncrewed Immediately adds complementary franchis
Slide 18: Transforming Defense Technology
AEROVIRONMENT TO ACQUIRE BLUEHALO : Transforming Defense Technology Electronic Warfare Space C-UAS & Cyber Space Superiority Directed Energy & C-UAS Electronic Warfare Transitioning a classified space A leading acquisition, tracking, and pointing system Leading program of record driving the control
Slide 19: Space Technologies Overview
AEROVIRONMENT TO ACQUIRE BLUEHALO Space Technologies Overview Delivering solutions for space and ground-based Key Customers Space systems to support orbital warfare, space Superiority domain awareness, resilient communications, command and control Next Gen Revolutionizing space ops with agile, multi
Slide 20: C-UAS Overview
AEROVIRONMENT TO ACQUIRE BLUEHALO C-UAS Overview C-UAS Locust Laser Weapon System coupled with FE-1 Key Customers Directed (codename Freedom Eagle) provides the Energy & warfighter with unmatched battlefield superiority Kinetic against evolving UAS threats Classified AI-enabled RF detect and defeat
Slide 21: Electronic Warfare and Cyber Overview
AEROVIRONMENT TO ACQUIRE BLUEHALO Electronic Warfare and Cyber Overview Advancing tactical superiority with innovative RF Key Customers Electronic solutions and open architecture for actionable Warfare intelligence against global threats Classified Cyber & Delivering advanced digital solutions with
Slide 22: Financial Overview
FINANCIAL OVERVIEW Slide 22 © 2024 AeroVironment, Inc. – Proprietary Information
Slide 23: Last Twelve Months Results
CORPORATE OVERVIEW Last Twelve Months Results Through Q2 FY25 REVENUES BY SEGMENT Metric Q3 FY2024 – Q2 FY2025 KEY PROFIT AND REVENUE DRIVER Revenue $761M Adj. Gross Profit 1 $313M 56% $422M Adj. EBITDA 2 $114M GREATEST GROWTH POTENTIAL Non-GAAP EPS 3 (diluted) $2.42 34% $261M Funded Backlog $467M I
Slide 24: Revenue and Non-GAAP Adjusted EBITDA
CORPORATE OVERVIEW Revenue and Non-GAAP Adjusted EBITDA (Continuing Ops) Achieved incremental revenue growth over past 6 years and expect to continue growing o FY24 profitability improvement represents Non-GAAP Adjusted EBITDA $1,000 favorable mix of product 20% 20% vs. service sales $900 18% 18% 17
Slide 25: Maintaining Revenue, Adjusted EBITDA and Adjusted EPS Guidance
SECOND QUARTER FISCAL YEAR 2025 Maintaining Revenue, Adjusted EBITDA and Adjusted EPS Guidance: F EXPECTED % CHANGE AS OF 12/4/2024 FY24 RESULTS FY25 GUIDANCE (TO MIDPOINT) Revenue $717 million $790 million – $820 million 12% Adjusted EBITDA $128 million1 $143 million – $153 million2 16% Non-GAAP Ea
Slide 26: Visibility for FY25
SECOND QUARTER FISCAL YEAR 2025 Visibility for FY25 REVENUE (MILLIONS) $900 95% Visibility1 $800 Revenue $29.4 $16.3 Guidance Range: $700 80% Visibility1 $790 to $820 Million $41.1 Company $600 visibility $99.0 $338.1 (as of Dec. 4, 2024) $500 55% Visibility1 supports revenue $29.9 guidance range $4
Slide 27: Appendix
Slide 27 © 2024 AeroVironment, Inc. – Proprietary Information
Slide 28: Appendix A – Press Release Table
FINANCIAL TABLES APPENDIX A – PRESS RELEASE TABLE Reconciliation of Non-GAAP Earnings per Diluted Share (Unaudited) Three Months Ended Three Months Ended October 26, 2024 October 28, 2023 Earnings per diluted share $ 0.27 $ 0.66 Acquisition-related expenses 0.10 0.03 Amortization of acquired intangi
Slide 29: Appendix B
FINANCIAL TABLES APPENDIX B GAAP to Non-GAAP Reconciliation of Adjusted Gross Margin (Unaudited) Fiscal 2nd Quarter Fiscal 3rd Quarter Fiscal 4th Quarter Fiscal 1st Quarter Fiscal 2nd Quarter (in thousands) FY2024 FY2024 FY2024 FY2025 FY2025 Products Gross Margin $ 66,747 $ 56,437 $ 64,550 $ 73,985
Slide 30: Appendix C
FINANCIAL TABLES APPENDIX C Historical Non-GAAP Adjusted EBITDA Reconciliation (Unaudited) Fiscal 2nd Quarter Fiscal 3rd Fiscal 4th Full Fiscal Year Fiscal 1st Fiscal 2nd (in thousands) FY2024 Quarter FY2024 Quarter FY2024 FY2024 Quarter FY2025 Quarter FY2025 Net Income from continued operations $ 1
Slide 31: Appendix D
FINANCIAL TABLES APPENDIX D Reconciliation of Fiscal Year 2024 Non-GAAP Earnings per Diluted Share (Unaudited) Fiscal Year Ended April 30, 2024 Earnings per diluted share $ 2.18 Acquisition-related expenses 0.06 Amortization of acquired intangible assets 0.54 Equity method and equity securities inve
AeroVironment — Raymond James TMT & Consumer Conference 2024 on 6ix