AeroVironment, Inc. (NASDAQ: AVAV), a global leader in
intelligent, multi-domain robotic systems, today reported financial
results for the fiscal second quarter ended October 29, 2022.
Second Quarter Highlights
- Strong bookings of $197.3 million in the second quarter
- Second quarter revenue in line with expectations of $111.6
million
- Raising FY23 revenue guidance to between $505 million and $525
million
- $86 Million FMS order received in November resulting in record
funded backlog of $388.2 million as of November 26, 2022
“Our second quarter results came in line or slightly better than
expectations and, given recent awards and accelerating demand
across our portfolio, we are increasing our revenue guidance for
fiscal year 2023,” said Wahid Nawabi, AeroVironment chairman,
president and chief executive officer. “In November, we were
awarded a Puma Small UAS systems contract with a ceiling value of
$176 million and initial funding of $86 million. This award is the
largest FMS order in the company’s history, and we expect shipments
to start next quarter and continue over the next 6-12 months. This
award, combined with our record backlog, gives us confidence to
raise revenue guidance even as we continue managing ongoing supply
chain constraints and inflationary cost pressures.
“In addition, we are also slightly reducing our profitability
outlook for fiscal year 2023 due to increased R&D investments
targeted at additional growth opportunities and accelerated Medium
UAS asset depreciation related to a shift in US DOD funding
priorities. We expect margins will recover and backlog will
increase throughout the second half of fiscal year 2023 setting the
stage for profitable organic double-digit growth in fiscal year
2024 and beyond.”
FISCAL 2023 SECOND QUARTER RESULTS
Revenue for the second quarter of fiscal 2023 was $111.6
million, a decrease of 9% from the second quarter of fiscal 2022
revenue of $122.0 million. The decrease in revenue reflects a
decline in product sales of $8.7 million and service revenue of
$1.8 million. The overall decrease in revenue was primarily due to
a decrease in revenue in the Small UAS segment of $28.0 million,
partially offset by an increase in revenue from the Tactical
Missile Systems (“TMS”) segment of $12.7 million and an increase in
customer-funded research and development revenue of $4.2
million.
Gross margin for the second quarter of fiscal 2023 was $25.9
million, a decrease of 39% from the second quarter of fiscal 2022
gross margin of $42.5 million. The decrease in gross margin
reflects lower product margin of $9.2 million and lower service
margin of $7.4 million. As a percentage of revenue, gross margin
decreased to 23% from 35%. The decrease in gross margin percentage
was primarily related to unfavorable product mix and accelerated
depreciation charges related to the anticipated completion of
certain MUAS COCO site locations of $4.5 million. Gross margin was
negatively impacted by $4.0 million of intangible amortization
expense and other related non-cash purchase accounting expenses in
the second quarter of fiscal 2023 as compared to $5.5 million in
the second quarter of fiscal 2022.
Loss from operations for the second quarter of fiscal 2023 was
$14.3 million, a decrease of $17.6 million from the second quarter
of fiscal 2022 income from operations of $3.3 million. The decrease
in income from operations was primarily the result of a decrease in
gross margin of $16.6 million and an increase in research and
development (“R&D”) expense of $2.3 million, partially offset
by a decrease in selling, general and administrative (“SG&A”)
expense of $1.2 million. The decrease in SG&A expense reflects
a decrease in intangible amortization expense and other related
non-cash purchase accounting expenses of $1.0 million.
Other loss, net, for the second quarter of fiscal 2023 was $1.5
million, as compared to $11.4 million for the second quarter of
fiscal 2022. The second quarter of fiscal 2022 included legal
expenses of $10.0 million for the settlement of all claims from the
buyers of our former EES business. The increase in interest expense
was primarily due to an increase in interest rates. Other income,
net for the second quarter of fiscal 2023 includes unrealized gains
associated with the increases in the fair market value for equity
security investments.
Benefit from income taxes for the second quarter of fiscal 2023
was $(10.5) million, as compared to a benefit from income taxes of
$(9.5) million for the second quarter of fiscal 2022. The increase
in benefit from income taxes was primarily due to expected federal
R&D tax credits and foreign-derived intangible income
deductions.
Equity method investment loss, net of tax, for the second
quarter of fiscal 2023 was $(1.3) million, as compared to equity
method investment income $1.1 million for the second quarter of
fiscal 2022. Subsequent to the sale of the equity interest in
HAPSMobile during the three months ended April 30, 2022, equity
method investment loss, net of tax no longer includes activity from
HAPSMobile.
Net loss attributable to AeroVironment for the second quarter of
fiscal 2023 was $6.7 million, or $(0.27) per diluted share, as
compared to net income of $2.5 million, or $0.10 per diluted share,
for the second quarter of fiscal 2022.
Non-GAAP adjusted EBITDA for the second quarter of fiscal 2023
was $6.8 million and non-GAAP earnings per diluted share was $0, as
compared to $21.9 million and $0.78 for the second quarter of
fiscal 2022.
BACKLOG
As of October 29, 2022, funded backlog (defined as remaining
performance obligations under firm orders for which funding is
currently appropriated to the Company under a customer contract)
was $293.1 million, as compared to $210.8 million as of April 30,
2022. As of November 26, 2022, funded backlog was $388.2
million.
FISCAL 2023 — OUTLOOK FOR THE FULL YEAR
For the fiscal year 2023, the Company now expects revenue of
between $505 million and $525 million, net income of between $8
million and $17 million, Non-GAAP adjusted EBITDA of between $84
million and $92 million, earnings per diluted share of between
$0.33 and $0.65 and non-GAAP earnings per diluted share, which
excludes amortization of intangible assets and other non-cash
purchase accounting expenses, of between $1.26 and $1.58.
The foregoing estimates are forward-looking and reflect
management’s view of current and future market conditions, subject
to certain risks and uncertainties, and including certain
assumptions with respect to our ability to efficiently and on a
timely basis integrate our acquisitions, obtain and retain
government contracts, changes in the timing and/or amount of
government spending, changes in the demand for our products and
services, activities of competitors, changes in the regulatory
environment, and general economic and business conditions in the
United States and elsewhere in the world. Investors are reminded
that actual results may differ materially from these estimates.
CONFERENCE CALL AND PRESENTATION
In conjunction with this release, AeroVironment, Inc. will host
a conference call today, Tuesday, December 6, 2022, at 4:30 pm
Eastern Time that will be webcast live. Wahid Nawabi, chairman,
president and chief executive officer, Kevin P. McDonnell, chief
financial officer and Jonah Teeter-Balin, senior director corporate
development and investor relations, will host the call.
New this quarter, investors may access the call by registering
via the following participant registration link up to ten minutes
prior to the start time.
Participant registration URL:
https://register.vevent.com/register/BI917865171ebf49738b3207daea259095
Investors may also listen to the live audio webcast via the
Investor Relations page of the AeroVironment, Inc. website,
http://investor.avinc.com. Please allow 15 minutes prior to the
call to download and install any necessary audio software.
A supplementary investor presentation for the second quarter
fiscal year 2023 can be accessed at
https://investor.avinc.com/events-and-presentations.
Audio Replay
An audio replay of the event will be archived on the Investor
Relations section of the Company's website at
http://investor.avinc.com.
ABOUT AEROVIRONMENT, INC.
AeroVironment (NASDAQ: AVAV) provides technology solutions at
the intersection of robotics, sensors, software analytics and
connectivity that deliver more actionable intelligence so you can
Proceed with Certainty. Headquartered in Virginia,
AeroVironment is a global leader in intelligent, multi-domain
robotic systems, and serves defense, government and commercial
customers. For more information, visit www.avinc.com.
FORWARD-LOOKING STATEMENTS
This press release contains "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 imply future
results, performance or achievements, and may contain words such as
“believe,” “anticipate,” “expect,” “estimate,” “intend,” “project,”
“plan,” or words or phrases with similar meaning. Forward-looking
statements are based on current expectations, forecasts and
assumptions that involve risks and uncertainties, including, but
not limited to, economic, competitive, governmental and
technological factors outside of our control, that may cause our
business, strategy or actual results to differ materially from the
forward-looking statements.
Factors that could cause actual results to differ materially
from the forward-looking statements include, but are not limited
to, the impact of our recent acquisitions, including but not
limited to Arcturus UAV, Telerob and ISG and our ability to
successfully integrate them into our operations; the risk that
disruptions will occur from the transactions that will harm our
business; any disruptions or threatened disruptions to our
relationships with our distributors, suppliers, customers and
employees, including shortages in components for our products; the
ability to timely and sufficiently integrate international
operations into our ongoing business and compliance programs;
reliance on sales to the U.S. government and related to our
development of HAPS UAS; availability of U.S. government funding
for defense procurement and R&D programs; changes in the timing
and/or amount of government spending; our ability to perform under
existing contracts and obtain new contracts; risks related to our
international business, including compliance with export control
laws; potential need for changes in our long-term strategy in
response to future developments; the extensive regulatory
requirements governing our contracts with the U.S. government and
international customers; the consequences to our financial
position, business and reputation that could result from failing to
comply with such regulatory requirements; unexpected technical and
marketing difficulties inherent in major research and product
development efforts; the impact of potential security and cyber
threats or the risk of unauthorized access to our, our customers’
and/or our suppliers’ information and systems; changes in the
supply and/or demand and/or prices for our products and services;
increased competition; uncertainty in the customer adoption rate of
commercial use unmanned aircraft systems; failure to remain a
market innovator, to create new market opportunities or to expand
into new markets; unexpected changes in significant operating
expenses, including components and raw materials; failure to
develop new products or integrate new technology into current
products; unfavorable results in legal proceedings; our ability to
respond and adapt to unexpected legal, regulatory and government
budgetary changes, including those resulting from the ongoing
COVID-19 pandemic, such as supply chain disruptions, vaccine
mandates, the threat of future variants and potential
governmentally-mandated shutdowns, quarantine policies, travel
restrictions and social distancing, curtailment of trade, diversion
of government resources to non-defense priorities, and other
business restrictions affecting our ability to manufacture and sell
our products and provide our services; our ability to comply with
the covenants in our loan documents; our ability to attract and
retain skilled employees; the impact of inflation; and general
economic and business conditions in the United States and elsewhere
in the world; and the failure to establish and maintain effective
internal control over financial reporting. For a further list and
description of such risks and uncertainties, see the reports we
file with the Securities and Exchange Commission. We do not intend,
and undertake no obligation, to update any forward-looking
statements, whether as a result of new information, future events
or otherwise.
NON-GAAP MEASURES
In addition to the financial measures prepared in accordance
with generally accepted accounting principles (GAAP), this earnings
release also contains non-GAAP financial measures. See in the
financial tables below the calculation of these measures, the
reasons why we believe these measures provide useful information to
investors, and a reconciliation of these measures to the most
directly comparable GAAP measures.
AeroVironment, Inc.
Consolidated Statements of
Operations (Unaudited)
(In thousands except share and
per share data)
Three Months Ended
Six Months Ended
October 29,
October 30,
October 29,
October 30,
2022
2021
2022
2021
(Unaudited)
(Unaudited)
Revenue:
Product sales
$
62,343
$
70,998
$
120,317
$
124,114
Contract services
49,241
51,010
99,783
98,903
111,584
122,008
220,100
223,017
Cost of sales:
Product sales
39,445
38,937
72,344
71,527
Contract services
46,249
40,616
88,152
80,312
85,694
79,553
160,496
151,839
Gross margin:
Product sales
22,898
32,061
47,973
52,587
Contract services
2,992
10,394
11,631
18,591
25,890
42,455
59,604
71,178
Selling, general and administrative
23,613
24,819
45,556
51,947
Research and development
16,591
14,297
31,636
28,005
(Loss) income from operations
(14,314
)
3,339
(17,588
)
(8,774
)
Other (loss) income:
Interest expense, net
(2,309
)
(1,379
)
(3,912
)
(2,654
)
Other income (expense), net
810
(10,048
)
404
(10,394
)
Loss before income taxes
(15,813
)
(8,088
)
(21,096
)
(21,822
)
Benefit from income taxes
(10,457
)
(9,511
)
(7,851
)
(10,468
)
Equity method investment (loss) income,
net of tax
(1,273
)
1,133
(1,773
)
(8
)
Net (loss) income
(6,629
)
2,556
(15,018
)
(11,362
)
Net income attributable to noncontrolling
interest
(39
)
(31
)
(45
)
(94
)
Net (loss) income attributable to
AeroVironment, Inc.
$
(6,668
)
$
2,525
$
(15,063
)
$
(11,456
)
Net (loss) income per share attributable
to AeroVironment, Inc.
Basic
$
(0.27
)
$
0.10
$
(0.61
)
$
(0.47
)
Diluted
$
(0.27
)
$
0.10
$
(0.61
)
$
(0.47
)
Weighted-average shares outstanding:
Basic
24,900,873
24,641,614
24,852,219
24,630,838
Diluted
24,900,873
24,885,870
24,852,219
24,630,838
AeroVironment, Inc.
Consolidated Balance
Sheets
(In thousands except share
data)
October 29,
April 30,
2022
2022
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$
101,417
$
77,231
Short-term investments
—
24,716
Accounts receivable, net of allowance for
doubtful accounts of $74 at October 29, 2022 and $592 at April 30,
2022
31,664
60,170
Unbilled receivables and retentions
92,457
104,194
Inventories, net
109,810
90,629
Income taxes receivable
8,940
442
Prepaid expenses and other current
assets
13,244
11,527
Total current assets
357,532
368,909
Long-term investments
22,462
15,433
Property and equipment, net
52,415
62,296
Operating lease right-of-use assets
25,580
26,769
Deferred income taxes
8,098
7,290
Intangibles, net
88,660
97,224
Goodwill
334,963
334,347
Other assets
1,972
1,932
Total assets
$
891,682
$
914,200
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable
$
26,317
$
19,244
Wages and related accruals
25,049
25,398
Customer advances
7,074
8,968
Current portion of long-term debt
10,000
10,000
Current operating lease liabilities
7,564
6,819
Income taxes payable
26
759
Other current liabilities
27,824
30,203
Total current liabilities
103,854
101,391
Long-term debt, net of current portion
155,622
177,840
Non-current operating lease
liabilities
20,043
21,915
Other non-current liabilities
748
768
Liability for uncertain tax positions
1,450
1,450
Deferred income taxes
2,482
2,626
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value:
Authorized shares—10,000,000; none issued
or outstanding at October 29, 2022 and April 30, 2022
—
—
Common stock, $0.0001 par value:
Authorized shares—100,000,000
Issued and outstanding shares—25,157,618
shares at October 29, 2022 and 24,951,287 shares at April 30,
2022
4
2
Additional paid-in capital
283,789
267,248
Accumulated other comprehensive loss
(8,480
)
(6,514
)
Retained earnings
332,170
347,233
Total AeroVironment, Inc. stockholders’
equity
607,483
607,969
Noncontrolling interest
—
241
Total equity
607,483
608,210
Total liabilities and stockholders’
equity
$
891,682
$
914,200
AeroVironment, Inc.
Consolidated Statements of
Cash Flows (Unaudited)
(In thousands)
Six Months Ended
October 29,
October 30,
2022
2021
Operating activities
Net loss
$
(15,018
)
$
(11,362
)
Adjustments to reconcile net loss from
operations to cash provided by (used in) operating activities:
Depreciation and amortization
32,275
30,019
Loss (income) from equity method
investments
1,773
(520
)
Loss on deconsolidation of previously
controlled subsidiary
189
—
Amortization of debt issuance costs
422
258
Provision for doubtful accounts
19
(35
)
Other non-cash expense, net
565
157
Non-cash lease expense
3,775
3,358
(Gain) loss on foreign currency
transactions
(59
)
30
Unrealized gain on available-for-sale
equity securities, net
(928
)
—
Deferred income taxes
(808
)
(840
)
Stock-based compensation
4,402
2,342
Loss on disposal of property and
equipment
825
3,036
Amortization of debt securities
125
113
Changes in operating assets and
liabilities, net of acquisitions:
Accounts receivable
28,012
37,134
Unbilled receivables and retentions
11,696
(46,619
)
Inventories
(23,836
)
(10,075
)
Income taxes receivable
(8,539
)
(10,667
)
Prepaid expenses and other assets
(1,117
)
272
Accounts payable
6,823
(3,587
)
Other liabilities
(8,664
)
3,642
Net cash provided by (used in) operating
activities
31,932
(3,344
)
Investing activities
Acquisition of property and equipment
(7,587
)
(13,147
)
Equity method investments
(2,774
)
(6,245
)
Equity security investments
(5,100
)
—
Business acquisitions, net of cash
acquired
(5,105
)
(46,150
)
Proceeds from deconsolidation of
previously controlled subsidiary, net of cash deconsolidated
(635
)
—
Redemptions of available-for-sale
investments
25,945
30,531
Purchases of available-for-sale
investments
(1,326
)
—
Other
—
224
Net cash provided by (used in) investing
activities
3,418
(34,787
)
Financing activities
Principal payments of term loan
(22,500
)
(5,000
)
Holdback and retention payments for
business acquisition
—
(5,991
)
Proceeds from shares issued, net of
issuance costs
11,778
—
Tax withholding payment related to net
settlement of equity awards
(853
)
(1,176
)
Exercise of stock options
682
119
Other
(14
)
(16
)
Net cash used in financing activities
(10,907
)
(12,064
)
Effects of currency translation on cash
and cash equivalents
(257
)
(275
)
Net increase (decrease) in cash, cash
equivalents, and restricted cash
24,186
(50,470
)
Cash, cash equivalents and restricted cash
at beginning of period
77,231
157,063
Cash, cash equivalents and restricted cash
at end of period
$
101,417
$
106,593
Supplemental disclosures of cash flow
information
Cash paid, net during the period for:
Income taxes
$
718
$
1,923
Interest
$
3,398
$
2,283
Non-cash activities
Unrealized (gain) loss on
available-for-sale investments, net of deferred tax expense of $0
for the six months ended October 29, 2022 and October 30, 2021,
respectively
$
(26
)
$
3
Change in foreign currency translation
adjustments
$
(1,992
)
$
(2,017
)
Issuances of inventory to property and
equipment, ISR in-service assets
$
4,085
$
12,472
Acquisitions of property and equipment
included in accounts payable
$
810
$
415
AeroVironment, Inc.
Reportable Segment Results
(Unaudited)
(In thousands)
Three Months Ended October 29,
2022
Small UAS
TMS
MUAS
HAPS
All other
Total
Revenue
$
26,681
$
31,101
$
27,281
$
9,066
$
17,455
$
111,584
Gross margin
12,319
12,636
(6,884
)
3,001
4,818
25,890
Income (loss) from operations
(2,079
)
2,004
(15,242
)
1,564
(561
)
(14,314
)
Acquisition-related expenses
-
-
119
-
450
569
Amortization of acquired intangible assets
and other purchase accounting adjustments
669
-
5,897
-
1,276
7,842
Adjusted income (loss) from operations
$
(1,410
)
$
2,004
$
(9,226
)
$
1,564
$
1,165
$
(5,903
)
Three Months Ended October 30,
2021
Small UAS
TMS
MUAS
HAPS
All other
Total
Revenue
$
54,714
$
18,418
$
26,525
$
10,342
$
12,009
$
122,008
Gross margin
27,754
6,222
2,223
3,944
2,312
42,455
Income (loss) from operations
13,377
47
(7,000
)
2,073
(5,158
)
3,339
Acquisition-related expenses
297
163
108
58
222
848
Amortization of acquired intangible assets
and other purchase accounting adjustments
707
-
6,358
-
3,257
10,322
Adjusted income (loss) from operations
$
14,381
$
210
$
(534
)
$
2,131
$
(1,679
)
$
14,509
AeroVironment, Inc.
Reconciliation of non-GAAP
(Loss) Earnings per Diluted Share (Unaudited)
Three Months Ended
Three Months Ended
Six Months Ended
Six Months Ended
October 29, 2022
October 30, 2021
October 29, 2022
October 30, 2021
(Loss) earnings per diluted share
$
(0.27
)
$
0.10
$
(0.61
)
$
(0.47
)
Acquisition-related expenses
0.02
0.03
0.03
0.15
Amortization of acquired intangible assets
and other purchase accounting adjustments
0.25
0.33
0.47
0.62
Legal accrual related to our former EES
business
—
0.32
—
0.32
Earnings (loss) per diluted share as
adjusted (Non-GAAP)
$
—
$
0.78
$
(0.11
)
$
0.62
Reconciliation of non-GAAP
adjusted EBITDA (Unaudited)
Three Months Ended
Three Months Ended
Six Months Ended
Six Months Ended
(in millions)
October 29, 2022
October 30, 2021
October 29, 2022
October 30, 2021
Net (loss) income
$
(7
)
$
3
$
(15
)
$
(11
)
Interest expense, net
2
1
4
3
Benefit from income taxes
(10
)
(10
)
(8
)
(10
)
Depreciation and amortization
19
17
32
30
EBITDA (Non-GAAP)
4
11
13
12
Amortization of purchase accounting
adjustment included in loss on disposal of property and
equipment
—
1
—
1
Stock-based compensation
2
—
4
2
Equity method and equity securities
investments activity, net
—
(1
)
2
—
Acquisition-related expenses
1
1
1
4
Legal accrual related to our former EES
business
—
10
—
10
Adjusted EBITDA (Non-GAAP)
$
7
$
22
$
20
$
29
Reconciliation of Forecast Earnings per
Diluted Share (Unaudited)
Fiscal year ending
April 30, 2023
Forecast earnings per diluted share
$
0.33 - 0.65
Acquisition-related expenses
0.02
Amortization of acquired intangible assets
and other purchase accounting adjustments
0.91
Forecast earnings per diluted share as
adjusted (Non-GAAP)
$
1.26 - 1.58
Reconciliation of 2023 Forecast and Fiscal
Year 2022 Actual Non-GAAP adjusted EBITDA (Unaudited)
Fiscal year ending
Fiscal year ended
(in millions)
April 30, 2023
April 30, 2022
Net income (loss)
$
8 - 17
$
(4
)
Interest expense, net
9
5
Benefit from income taxes
(6) - (7
)
(10
)
Depreciation and amortization
63
61
EBITDA (Non-GAAP)
74 - 82
52
Amortization of purchase accounting
adjustment included in loss on disposal of property and
equipment
—
1
Stock-based compensation
8
5
Sale of ownership in HAPSMobile Inc. joint
venture
—
(6
)
Equity method and equity securities
investments activity, net
1
(5
)
Legal accrual related to our former EES
business
—
10
Acquisition-related expenses
1
5
Adjusted EBITDA (Non-GAAP)
$
84 - 92
$
62
Statement Regarding Non-GAAP Measures
The non-GAAP measures set forth above should be considered in
addition to, and not as a replacement for or superior to, the
comparable GAAP measures, and may not be comparable to similarly
titled measures reported by other companies. Management believes
that these measures provide useful information to investors by
offering additional ways of viewing our results that, when
reconciled to the corresponding GAAP measures, help our investors
to understand the long-term profitability trends of our business
and compare our profitability to prior and future periods and to
our peers. In addition, management uses these non-GAAP measures to
evaluate our operating and financial performance.
Non-GAAP Adjusted Operating Income
Adjusted operating income is defined as operating income before
intangible amortization, amortization of non-cash purchase
accounting adjustments, and acquisition related expenses.
Non-GAAP Earnings per Diluted Share
We exclude the acquisition-related expenses, amortization of
acquisition-related intangible assets and one-time non-operating
items because we believe this facilitates more consistent
comparisons of operating results over time between our newly
acquired and existing businesses, and with our peer companies. We
believe, however, that it is important for investors to understand
that such intangible assets contribute to revenue generation and
that intangible asset amortization will recur in future periods
until such intangible assets have been fully amortized.
Adjusted EBITDA (Non-GAAP)
Adjusted EBITDA is defined as net income before interest income,
interest expense, income tax expense (benefit) and depreciation and
amortization including amortization of purchase accounting
adjustments, adjusted for the impact of certain other items,
including stock-based compensation, acquisition related expenses,
equity method investment gains or losses, equity securities
investments gains or losses, and one-time non-operating gains or
losses. We present Adjusted EBITDA, which is not a recognized
financial measure under U.S. GAAP, because we believe it is
frequently used by analysts, investors and other interested parties
to evaluate companies in our industry. We believe this facilitates
more consistent comparisons of operating results over time between
our newly acquired and existing businesses, and with our peer
companies. We believe, however, that it is important for investors
to understand that such intangible assets contribute to revenue
generation, intangible asset amortization will recur in future
periods until such intangible assets have been fully amortized and
that interest and income tax expenses will recur in future periods.
In addition, Adjusted EBITDA may not be comparable to similarly
titled measures used by other companies in our industry or across
different industries.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221206005976/en/
Jonah Teeter-Balin +1 (805) 520-8350 x4278
https://investor.avinc.com/contact-us
AeroVironment (NASDAQ:AVAV)
Historical Stock Chart
From Mar 2023 to Mar 2023
AeroVironment (NASDAQ:AVAV)
Historical Stock Chart
From Mar 2022 to Mar 2023
