AeroVironment Inc. Files 10-Q for Period Ending January 27, 2024

TL;DR

<b>AeroVironment Inc. filed its quarterly 10-Q report for the period ending January 27, 2024.</b>

AI Summary

AeroVironment Inc (AVAV) filed a Quarterly Report (10-Q) with the SEC on March 5, 2024. AeroVironment Inc. reported financial results for the period ending January 27, 2024. The filing is a 10-Q, indicating a quarterly report. The company's fiscal year ends on April 30. The filing was submitted on March 5, 2024. AeroVironment Inc. is in the Aircraft industry, SIC code 3721.

Why It Matters

For investors and stakeholders tracking AeroVironment Inc, this filing contains several important signals. This 10-Q filing provides investors with an update on AeroVironment's financial performance and position during the most recent fiscal quarter. Understanding the details within this report is crucial for assessing the company's operational health, growth trajectory, and potential risks moving forward.

Risk Assessment

Risk Level: medium — AeroVironment Inc shows moderate risk based on this filing. The company operates in the aircraft industry, which can be subject to significant regulatory changes and market volatility, as indicated by its SIC code 3721.

Analyst Insight

Review the detailed financial statements and management discussion in the 10-Q to understand revenue trends, profitability, and any new business developments.

Key Numbers

• 2024-01-27 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-03-05 — Filing Date (FILED AS OF DATE)
• 0430 — Fiscal Year End (FISCAL YEAR END)
• 3721 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• AeroVironment Inc. (company) — FILER
• 0001368622 (company) — CENTRAL INDEX KEY
• 3721 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (company) — STATE OF INCORPORATION
• 0430 (company) — FISCAL YEAR END
• 2024-01-27 (date) — CONFORMED PERIOD OF REPORT
• 2024-03-05 (date) — FILED AS OF DATE
• 2024-03-04 (date) — DATE AS OF CHANGE

FAQ

Industry Context

AeroVironment Inc. operates in the aircraft manufacturing sector, a field often characterized by technological innovation and government contracts.

Regulatory Implications

Companies in the aerospace and defense sector are subject to various regulations, including those related to manufacturing standards, export controls, and government procurement processes.

What Investors Should Do

1. Analyze the revenue and net income figures for the reported quarter and compare them to previous periods.
2. Examine any disclosed risk factors or management discussions that might impact future performance.
3. Check for any updates on new contracts, product developments, or strategic partnerships mentioned in the filing.

Key Dates

• 2024-01-27: Quarterly Period End — End of the reporting period for the 10-Q.
• 2024-03-05: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is a 10-Q filing, providing a quarterly update. A comparison to the previous quarter's 10-Q and the prior year's 10-Q would be necessary for a full trend analysis.

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share AVAV The NASDAQ Stock Mar

Filing Documents

• avav-20240127x10q.htm (10-Q) — 2806KB
• avav-20240127xex31d1.htm (EX-31.1) — 15KB
• avav-20240127xex31d2.htm (EX-31.2) — 15KB
• avav-20240127xex32.htm (EX-32) — 9KB
• 0001558370-24-002395.txt (&nbsp;) — 12189KB
• avav-20240127.xsd (EX-101.SCH) — 76KB
• avav-20240127_cal.xml (EX-101.CAL) — 93KB
• avav-20240127_def.xml (EX-101.DEF) — 315KB
• avav-20240127_lab.xml (EX-101.LAB) — 655KB
• avav-20240127_pre.xml (EX-101.PRE) — 510KB
• avav-20240127x10q_htm.xml (XML) — 2529KB

Financial Statements

Financial Statements : Condensed Consolidated Balance Sheets as of January 27, 2024 (Unaudited) and April 30, 2023 3 Condensed Consolidated Statements of Operations for the three and nine months ended January 27, 2024 (Unaudited) and January 28, 2023 (Unaudited) 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended January 27, 2024 (Unaudited) and January 28, 2023 (Unaudited) 5 Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended January 27, 2024 (Unaudited) and January 28, 2023 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows for the nine months ended January 27, 2024 (Unaudited) and January 28, 2023 (Unaudited) 8 Notes to Condensed Consolidated Financial Statements (Unaudited) 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 48 Item 4.

Controls and Procedures

Controls and Procedures 48

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 50 Item 1A.

Risk Factors

Risk Factors 50 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50 Item 3. Defaults Upon Senior Securities 50 Item 4. Mine Safety Disclosures 50 Item 5. Other Information 50 Item 6. Exhibits 51

Signatures

Signatures 52 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS AeroVironment, Inc. Condensed Consolidated Balance Sheet s (In thousands except share and per share data) January 27, April 30, 2024 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 107,694 $ 132,859 Accounts receivable, net of allowance for doubtful accounts of $ 88 at January 27, 2024 and $ 156 at April 30, 2023 53,236 87,633 Unbilled receivables and retentions 148,588 105,653 Inventories, net 161,384 138,814 Income taxes receivable 8,081 — Prepaid expenses and other current assets 21,708 12,043 Total current assets 500,691 477,002 Long-term investments 21,282 23,613 Property and equipment, net 45,053 39,795 Operating lease right-of-use assets 28,904 27,363 Deferred income taxes 21,378 27,206 Intangibles, net 77,597 43,577 Goodwill 275,189 180,801 Other assets 10,205 5,220 Total assets $ 980,299 $ 824,577 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 26,969 $ 31,355 Wages and related accruals 28,443 35,637 Customer advances 17,536 16,645 Current portion of long-term debt 7,500 7,500 Current operating lease liabilities 8,934 8,229 Income taxes payable 797 2,342 Other current liabilities 17,352 19,626 Total current liabilities 107,531 121,334 Long-term debt, net of current portion 31,292 125,904 Non-current operating lease liabilities 21,978 21,189 Other non-current liabilities 2,105 746 Liability for uncertain tax positions 2,705 2,705 Deferred income taxes 1,703 1,729 Commitments and contingencies Stockholders' equity: Preferred stock, $ 0.0001 par value: Authorized shares— 10,000,000 ; none issued or outstanding at January 27, 2024 and April 30, 2023 — — Common stock, $ 0.0001 par value: Authorized shares— 100,000,000 Issued and outstanding shares— 28,136,735 shares at January 27, 2024 and 26,216,897 shares a