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Fundado el 20 de mayo de 2013

AeroVironment, Inc. Announces Fiscal 2020 Full Year and Fourth Quarter Results

SIMI VALLEY, Calif.–(BUSINESS WIRE)–AeroVironment, Inc. (NASDAQ: AVAV), a global leader in unmanned aircraft systems (UAS), today reported financial results for its full year and fourth quarter ended April 30, 2020.


  • Record fourth quarter and full year revenue of $135.2 million and $367.3 million, an increase of 54 percent and 17 percent year-over-year, respectively
  • Fourth quarter diluted earnings per share from continuing operations and non-GAAP diluted earnings per share from continuing operations of $0.73 and $0.75, an increase of 47 cents and 49 cents year-over-year, respectively
  • Record funded backlog of $208.1 million, providing strong momentum toward a fourth consecutive year of profitable growth

“Our team delivered outstanding results in our fourth quarter and full fiscal year 2020. We established new records for highest quarterly revenue, highest fiscal year revenue, and highest funded backlog for the full fiscal year 2020. With continued focus on our business strategy, coupled with excellent execution by our committed and talented team, we delivered our third consecutive year of profitable, double-digit topline growth,” said Wahid Nawabi, AeroVironment president and chief executive officer. “Strong growth in small unmanned aircraft systems revenue reflects continued global demand for our market leading UAS solutions, while significant progress in tactical missile systems and HAPS advances our strategy for long-term value creation.”

“We achieved numerous significant milestones this fiscal year, including successfully completing initial flight tests of the HAWK30 solar-HAPS system, securing the largest U.S. Army LMAMS order to date for our Switchblade system, successfully demonstrating a larger variant of Switchblade, progressing in the development of next generation autonomy capabilities and growing our international customer base to 50 allied nations. Presented with the unprecedented circumstances driven by the COVID-19 pandemic, our team continued to deliver exceptional results while maintaining a strong focus on safety and serving our customers around the world. We continue to build on our momentum as we enter fiscal year 2021 and are confident in our ability to enhance shareholder value over the near- and long-term,” Mr. Nawabi added.

FISCAL 2020 FOURTH QUARTER RESULTS

Revenue for the fourth quarter of fiscal 2020 was $135.2 million, an increase of 54% from the fourth quarter of fiscal 2019 revenue of $87.9 million. The increase in revenue was due to an increase in product sales of $37.4 million and an increase in service revenue of $9.9 million.

Gross margin for the fourth quarter of fiscal 2020 was $53.2 million, an increase of 44% from the fourth quarter of fiscal 2019 gross margin of $37.0 million. The increase in gross margin was primarily due to an increase in product margin of $10.8 million and an increase in service margin of $5.3 million. As a percentage of revenue, gross margin decreased to 39% from 42%. The decrease in gross margin percentage was primarily due to an unfavorable product mix and an increase in intangible asset amortization expense of $0.7 million associated with our acquisition of Pulse Aerospace in June 2019.

Income from continuing operations for the fourth quarter of fiscal 2020 was $21.3 million, an increase of $16.2 million from the fourth quarter of fiscal 2019 income from continuing operations of $5.1 million. The increase in income from continuing operations was primarily a result of an increase in gross margin of $16.1 million and a decrease in selling, general and administrative (“SG&A”) expense of $3.9 million, partially offset by an increase in research and development (“R&D”) expense of $3.9 million. SG&A expense for the fourth quarter of fiscal 2019 included impairment charges of $4.4 million related to the long-lived assets of our commercial UAS Quantix solution.

Other income, net, for the fourth quarter of fiscal 2020 was $1.2 million compared to $2.8 million for the fourth quarter of fiscal 2019. The decrease in other income, net was primarily due to a decrease in income from transition services performed on behalf of the buyer of the discontinued EES business.

Provision for (benefit from) income taxes for the fourth quarter of fiscal 2020 was a provision of $2.6 million compared to a benefit of $0.1 million for the fourth quarter of fiscal 2019. The increase in provision for income taxes was primarily due to the increase in income before income taxes.

Equity method investment loss, net of tax, for the fourth quarter of fiscal 2020 was $2.1 million compared to $1.9 million for the fourth quarter of fiscal 2019 primarily associated with our investment in HAPSMobile, Inc. joint venture formed in December 2017.

Net income attributable to AeroVironment for the fourth quarter of fiscal 2020 was $17.5 million compared to $5.7 million for the fourth quarter of fiscal 2019.

Earnings per diluted share from continuing operations attributable to AeroVironment for the fourth quarter of fiscal 2020 was $0.73 compared to $0.26 for the fourth quarter of fiscal 2019.

Non-GAAP earnings per diluted share from continuing operations was $0.75 for the fourth quarter of fiscal 2020 compared to $0.26 for the fourth quarter of fiscal 2019.

FISCAL 2020 FULL YEAR RESULTS

Revenue for fiscal 2020 was $367.3 million, an increase of 17% from fiscal 2019 revenue of $314.3 million. The increase in revenue was primarily due to an increase in product sales of $44.7 million and an increase in service revenue of $8.3 million.

Gross margin for fiscal 2020 was $153.1 million, an increase of 19% from fiscal 2019 gross margin of $128.4 million. The increase in gross margin was primarily due to an increase in product margin of $19.0 million and an increase in service margin of $5.7 million. As a percentage of revenue, gross margin increased to 42% from 41%. The increase in gross margin percentage was primarily due to an increase in the proportion of product sales to total revenue, partially offset by an increase in intangible asset amortization expense of $2.5 million associated with our acquisition of Pulse Aerospace in June 2019.

Income from continuing operations for fiscal 2020 was $47.1 million, an increase of 39% from fiscal 2019 income from continuing operations of $33.8 million. The increase in income from continuing operations was primarily a result of an increase in gross margin of $24.7 million and a decrease in SG&A expense of $0.9 million, partially offset by an increase in R&D expense of $12.2 million. SG&A expense for fiscal 2019 included impairment charges of $4.4 million related to the long-lived assets of our commercial UAS Quantix solution.

Other income, net for fiscal 2020 was $5.5 million compared to $16.7 million for fiscal 2019. The decrease in other income, net was primarily due to a one-time gain from a litigation settlement of $0.26 per diluted share in fiscal 2019 and a decrease in income from transition services performed on behalf of the buyer of the discontinued EES business.

Provision for income taxes for fiscal 2020 was $5.8 million compared to $4.6 million for fiscal 2019. The increase in provision for income taxes was primarily due to an increase in income before income taxes.

Equity method investment loss, net of tax for fiscal 2020 was $5.5 million compared to $3.9 million for fiscal 2019. The equity method loss is primarily associated with our investment in the HAPSMobile Inc. joint venture formed in December 2017.

Net income attributable to AeroVironment for fiscal 2020 was $41.1 million compared to $47.4 million for fiscal 2019. Fiscal 2019 included a one-time gain from a litigation settlement of $0.26 per diluted share.

Earnings per diluted share from continuing operations attributable to AeroVironment for fiscal 2020 was $1.72 compared to $1.74 for fiscal 2019. Fiscal 2019 included a one-time gain from a litigation settlement of $0.26 per diluted share.

Non-GAAP earnings per diluted share from continuing operations for fiscal 2020 was $1.84 compared to $1.48 for fiscal 2019 which excludes a one-time gain from a litigation settlement of $0.26 per diluted share.

BACKLOG

As of April 30, 2020, funded backlog (remaining performance obligations under firm orders for which funding is currently appropriated to us under a customer contract) was $208.1 million compared to $164.3 million as of April 30, 2019.

FISCAL 2021 — OUTLOOK FOR THE FULL YEAR

For fiscal 2021, the Company expects to generate revenue between $390 million and $410 million, operating margin of between 12% and 12.5%, and earnings per diluted share of $1.65 to $1.85. This financial guidance assumes approximately 7% ownership of the HAPSMobile joint venture. The Company expects non-GAAP earnings per diluted share, which excludes amortization of acquired intangible assets, to be between $1.74 and $1.94.

The foregoing estimates are forward-looking and reflect management’s view of current and future market conditions, including certain assumptions with respect to our ability to 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.

UPDATED CONFERENCE CALL AND PRESENTATION

In conjunction with this release, AeroVironment, Inc. will host a conference call today, Tuesday June 23, 2020, at 1:30 pm Pacific Time that will be webcast live. Wahid Nawabi, president and chief executive officer, Kevin P. McDonnell, chief financial officer and Steven A. Gitlin, vice president of investor relations, will host the call.

4:30 PM ET

3:30 PM CT

2:30 PM MT

1:30 PM PT

Investors may dial into the call by using the following updated telephone numbers, (877) 561-2749 (U.S.) or (678) 809-1029 (international) and providing the conference ID 3557035 five to ten minutes prior to the start time to allow for registration.

Investors with Internet access may 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 fourth quarter and full fiscal 2020 can be accessed at https://investor.avinc.com/events-and-presentations.

Updated Audio Replay Options

An audio replay of the event will be archived on the Investor Relations page of the company’s website, at http://investor.avinc.com. The audio replay will also be available via telephone from Tuesday June 23, 2020, at approximately 4:00 p.m. Pacific Time through June 30, 2020, at 11:59 p.m. Pacific Time. Dial (855) 859-2056 (U.S.) or (404) 537-3406 (international) and provide the conference ID 3557035.

ABOUT AEROVIRONMENT, INC.

AeroVironment (NASDAQ: AVAV) provides customers with more actionable intelligence so they can proceed with certainty. Based in California, AeroVironment is a global leader in unmanned aircraft systems and tactical missile 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, reliance on sales to the U.S. government; 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; changes in the supply and/or demand and/or prices for our products and services; the activities of competitors and increased competition; failure of the markets in which we operate to grow; uncertainty in the customer adoption rate of commercial use unmanned aircraft systems; failure to remain a market innovator and create new market opportunities; changes in significant operating expenses, including components and raw materials; failure to develop new products; the extensive regulatory requirements governing our contracts with the U.S. government; risk of litigation, including but not limited to pending litigation arising from the sale of our EES business; the impact of our recent acquisition of Pulse Aerospace, LLC and our ability to successfully integrate it into our operations; product liability, infringement and other claims; changes in the regulatory environment; the impact of the outbreak related to the strain of coronavirus known as COVID-19 on our business operations; and general economic and business conditions in the United States and elsewhere in the world. 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 a non-GAAP financial measure. See in the financial tables below the calculation of this measure, the reasons why we believe this measure provides useful information to investors, and a reconciliation of this measure to the most directly comparable GAAP.

AeroVironment, Inc.

Consolidated Statements of Operations (Unaudited)

(In thousands except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

 

April 30,

 

April 30,

 

April 30,

 

April 30,

 

 

2020

 

2019

 

2020

 

2019

 

 

 

(Unaudited)

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Product sales

 

$

97,101

 

 

$

59,696

 

 

$

256,758

 

 

$

212,089

 

Contract services

 

 

38,122

 

 

 

28,234

 

 

 

110,538

 

 

 

102,185

 

 

 

 

135,223

 

 

 

87,930

 

 

 

367,296

 

 

 

314,274

 

Cost of sales:

 

 

 

 

 

 

 

 

 

 

 

 

Product sales

 

 

56,887

 

 

 

30,331

 

 

 

139,131

 

 

 

113,489

 

Contract services

 

 

25,168

 

 

 

20,576

 

 

 

75,063

 

 

 

72,382

 

 

 

 

82,055

 

 

 

50,907

 

 

 

214,194

 

 

 

185,871

 

Gross margin:

 

 

 

 

 

 

 

 

 

 

 

 

Product sales

 

 

40,214

 

 

 

29,365

 

 

 

117,627

 

 

 

98,600

 

Contract services

 

 

12,954

 

 

 

7,658

 

 

 

35,475

 

 

 

29,803

 

 

 

 

53,168

 

 

 

37,023

 

 

 

153,102

 

 

 

128,403

 

Selling, general and administrative

 

 

16,344

 

 

 

20,277

 

 

 

59,490

 

 

 

60,343

 

Research and development

 

 

15,529

 

 

 

11,603

 

 

 

46,477

 

 

 

34,234

 

Income from continuing operations

 

 

21,295

 

 

 

5,143

 

 

 

47,135

 

 

 

33,826

 

Other income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

1,111

 

 

 

1,426

 

 

 

4,828

 

 

 

4,672

 

Other income, net

 

 

75

 

 

 

1,339

 

 

 

707

 

 

 

11,980

 

Income from continuing operations before income taxes

 

 

22,481

 

 

 

7,908

 

 

 

52,670

 

 

 

50,478

 

Provision for (benefit from) income taxes

 

 

2,645

 

 

 

(83

)

 

 

5,848

 

 

 

4,641

 

Equity method investment loss, net of tax

 

 

(2,077

)

 

 

(1,873

)

 

 

(5,487

)

 

 

(3,944

)

Net income from continuing operations

 

 

17,759

 

 

 

6,118

 

 

 

41,335

 

 

 

41,893

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) gain on sale of business, net of tax

 

 

(265

)

 

 

38

 

 

 

(265

)

 

 

8,490

 

Loss from discontinued operations, net of tax

 

 

 

 

 

(453

)

 

 

 

 

 

(2,964

)

Net (loss) income from discontinued operations

 

 

(265

)

 

 

(415

)

 

 

(265

)

 

 

5,526

 

Net income

 

 

17,494

 

 

 

5,703

 

 

 

41,070

 

 

 

47,419

 

Net (income) loss attributable to noncontrolling interest

 

 

(23

)

 

 

(21

)

 

 

4

 

 

 

19

 

Net income attributable to AeroVironment, Inc.

 

$

17,471

 

 

$

5,682

 

 

$

41,074

 

 

$

47,438

 

Net income (loss) per share attributable to AeroVironment, Inc.—Basic

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.74

 

 

$

0.26

 

 

$

1.74

 

 

$

1.77

 

Discontinued operations

 

 

(0.01

)

 

 

(0.02

)

 

 

(0.01

)

 

 

0.23

 

Net income per share attributable to AeroVironment, Inc.—Basic

 

$

0.73

 

 

$

0.24

 

 

$

1.73

 

 

$

2.00

 

Net income (loss) per share attributable to AeroVironment, Inc.—Diluted

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.73

 

 

$

0.26

 

 

$

1.72

 

 

$

1.74

 

Discontinued operations

 

 

(0.01

)

 

 

(0.02

)

 

 

(0.01

)

 

 

0.23

 

Net income per share attributable to AeroVironment, Inc.—Diluted

 

$

0.72

 

 

$

0.24

 

 

$

1.71

 

 

$

1.97

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

23,849,575

 

 

 

23,718,030

 

 

 

23,806,208

 

 

 

23,663,410

 

Diluted

 

 

24,133,809

 

 

 

24,094,717

 

 

 

24,088,167

 

 

 

24,071,713

 

AeroVironment, Inc.

Consolidated Balance Sheets

(In thousands except share data)

 

 

 

 

 

 

 

 

 

April 30,

 

 

2020

 

2019

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

255,142

 

$

172,708

Held-to-maturity short-term investments

 

 

 

 

150,487

Available-for-sale short-term investments

 

 

47,507

 

 

Accounts receivable, net of allowance for doubtful accounts of $1,190 at April 30, 2020 and $1,041 at April 30, 2019

 

 

73,660

 

 

31,051

Unbilled receivables and retentions

 

 

75,837

 

 

53,047

Inventories

 

 

45,535

 

 

54,056

Prepaid expenses and other current assets

 

 

6,246

 

 

7,418

Income taxes receivable

 

 

 

 

821

Total current assets

 

 

503,927

 

 

469,588

Held-to-maturity long-term investments

 

 

 

 

9,386

Available-for-sale long-term investments

 

 

15,030

 

 

Property and equipment, net

 

 

21,694

 

 

16,905

Operating lease right-of-use assets

 

 

8,793

 

 

Deferred income taxes

 

 

4,928

 

 

6,685

Intangibles, net

 

 

13,637

 

 

459

Goodwill

 

 

6,340

 

 

Other assets

 

 

10,605

 

 

5,821

Total assets

 

$

584,954

 

$

508,844

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

19,859

 

$

15,972

Wages and related accruals

 

 

23,972

 

 

18,507

Customer advances

 

 

7,899

 

 

2,962

Current operating lease liabilities

 

 

3,380

 

 

Income taxes payable

 

 

1,065

 

 

Other current liabilities

 

 

10,778

 

 

7,425

Total current liabilities

 

 

66,953

 

 

44,866

Deferred rent

 

 

 

 

1,173

Non-current operating lease liabilities

 

 

6,833

 

 

Other non-current liabilities

 

 

250

 

 

150

Deferred tax liability

 

 

 

 

29

Liability for uncertain tax positions

 

 

1,017

 

 

51

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.0001 par value:

 

 

 

 

 

 

Authorized shares—10,000,000; none issued or outstanding at April 30, 2020 and April 30, 2019

 

 

 

 

Common stock, $0.0001 par value:

 

 

 

 

 

 

Authorized shares—100,000,000

 

 

 

 

 

 

Issued and outstanding shares—24,063,639 shares at April 30, 2020 and 23,946,293 shares at April 30, 2019

 

 

2

 

 

2

Additional paid-in capital

 

 

181,481

 

 

176,216

Accumulated other comprehensive income

 

 

328

 

 

2

Retained earnings

 

 

328,090

 

 

286,351

Total AeroVironment, Inc. stockholders’ equity

 

 

509,901

 

 

462,571

Noncontrolling interest

 

 

 

 

4

Total equity

 

 

509,901

 

 

462,575

Total liabilities and stockholders’ equity

 

$

584,954

 

$

508,844

AeroVironment, Inc.

Consolidated Statements of Cash Flows

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended April 30,

 

 

2020

 

 

2019

 

 

2018

 

Operating activities

 

 

 

 

 

 

 

Net income

 

$

41,070

 

 

$

47,419

 

 

$

17,647

 

Loss (gain) on sale of business, net of tax

 

 

265

 

 

 

(8,490

)

 

 

 

Loss from discontinued operations, net of tax

 

 

 

 

 

2,964

 

 

 

3,887

 

Net income from continuing operations

 

 

41,335

 

 

 

41,893

 

 

 

21,534

 

Adjustments to reconcile net income from continuing operations to cash provided by operating activities from continuing operations:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

9,888

 

 

 

7,669

 

 

 

5,982

 

Losses from equity method investments

 

 

5,487

 

 

 

3,944

 

 

 

1,283

 

Realized gain from sale of available-for-sale investments

 

 

(180

)

 

 

 

 

 

 

Impairment of long-lived assets

 

 

 

 

 

4,398

 

 

 

255

 

Provision for doubtful accounts

 

 

388

 

 

 

(39

)

 

 

977

 

Impairment of intangible assets and goodwill

 

 

 

 

 

 

 

 

1,021

 

Other non-cash gain, net

 

 

(703

)

 

 

 

 

 

 

Non-cash lease expense

 

 

4,574

 

 

 

 

 

 

 

Loss (gain) on foreign currency transactions

 

 

1

 

 

 

38

 

 

 

(87

)

Deferred income taxes

 

 

3,419

 

 

 

4,792

 

 

 

2,853

 

Stock-based compensation

 

 

6,227

 

 

 

6,985

 

 

 

4,956

 

(Gain) loss on sale of property and equipment

 

 

(71

)

 

 

76

 

 

 

20

 

Amortization of debt securities

 

 

(1,423

)

 

 

(1,506

)

 

 

1,424

 

Changes in operating assets and liabilities, net of acquisitions:

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(42,869

)

 

 

25,821

 

 

 

11,070

 

Unbilled receivables and retentions

 

 

(22,790

)

 

 

(36,175

)

 

 

2,253

 

Inventories

 

 

8,855

 

 

 

(16,631

)

 

 

1,192

 

Income tax receivable

 

 

821

 

 

 

(821

)

 

 

 

Prepaid expenses and other assets

 

 

831

 

 

 

(2,401

)

 

 

139

 

Accounts payable

 

 

3,127

 

 

 

(7,054

)

 

 

5,736

 

Other liabilities

 

 

8,180

 

 

 

(4,043

)

 

 

9,224

 

Net cash provided by operating activities of continuing operations

 

 

25,097

 

 

 

26,946

 

 

 

69,832

 

Investing activities

 

 

 

 

 

 

 

 

 

Acquisition of property and equipment

 

 

(11,220

)

 

 

(8,896

)

 

 

(9,563

)

Equity method investments

 

 

(14,498

)

 

 

(7,598

)

 

 

(3,267

)

Business acquisition, net of cash acquired

 

 

(18,641

)

 

 

 

 

 

 

Proceeds from sale of business

 

 

 

 

 

31,994

 

 

 

 

Proceeds from sale of property and equipment

 

 

81

 

 

 

 

 

 

 

Redemptions of held-to-maturity investments

 

 

185,917

 

 

 

260,918

 

 

 

227,663

 

Purchases of held-to-maturity investments

 

 

(176,757

)

 

 

(267,122

)

 

 

(221,680

)

Redemptions of available-for-sale investments

 

 

200,892

 

 

 

2,250

 

 

 

450

 

Purchases of available-for-sale investments

 

 

(106,607

)

 

 

 

 

 

 

Net cash provided by (used in) investing activities from continuing operations

 

 

59,167

 

 

 

11,546

 

 

 

(6,397

)

Financing activities

 

 

 

 

 

 

 

 

 

Principal payments of capital lease obligations

 

 

 

 

 

(161

)

 

 

(288

)

Payment of contingent consideration

 

 

(868

)

 

 

 

 

 

 

Tax withholding payment related to net settlement of equity awards

 

 

(1,062

)

 

 

(1,094

)

 

 

(397

)

Exercise of stock options

 

 

100

 

 

 

71

 

 

 

2,705

 

Net cash (used in) provided by financing activities from continuing operations

 

 

(1,830

)

 

 

(1,184

)

 

 

2,020

 

Discontinued operations

 

 

 

 

 

 

 

 

 

Operating activities of discontinued operations

 

 

 

 

 

(7,686

)

 

 

(623

)

Investing activities of discontinued operations

 

 

 

 

 

(431

)

 

 

(1,219

)

Net cash used in discontinued operations

 

 

 

 

 

(8,117

)

 

 

(1,842

)

Net increase in cash, cash equivalents, and restricted cash

 

 

82,434

 

 

 

29,191

 

 

 

63,613

 

Cash, cash equivalents, and restricted cash at beginning of period

 

 

172,708

 

 

 

143,517

 

 

 

79,904

 

Cash, cash equivalents, and restricted cash at end of period

 

$

255,142

 

 

$

172,708

 

 

$

143,517

 

Supplemental disclosures of cash flow information

 

 

 

 

 

 

 

 

 

Cash paid, net during the period for:

 

 

 

 

 

 

 

 

 

Income taxes

 

$

532

 

 

$

6,780

 

 

$

1,813

 

Non-cash activities

 

 

 

 

 

 

 

 

 

Unrealized gain on investments, net of deferred tax expense of $14, $51 and $25 for the fiscal years ended 2020, 2019 and 2018, respectively

 

$

50

 

 

$

57

 

 

$

70

 

Reclassification from share-based liability compensation to equity

 

$

 

 

$

 

 

$

384

 

Change in foreign currency translation adjustments

 

$

276

 

 

$

(34

)

 

$

36

 

Acquisitions of property and equipment included in accounts payable

 

$

1,425

 

 

$

810

 

 

$

379

 

Contacts

AeroVironment, Inc.

Steven Gitlin

+1 (805) 520-8350

ir@avinc.com

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