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 second quarter fiscal 2022 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 of 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; 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, to create new market opportunities or to expand into new markets; changes in significant operating expenses, including components and raw materials; failure to develop new products or integrate new technology into current products; risk of litigation, including but not limited to pending litigation arising from the sale of our EES business; 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; our ability to comply with the covenants in our loan documents; our ability to attract and retain skilled employees; 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 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.
– Financial Tables Follow –
AeroVironment, Inc. |
||||||||||||||||
Consolidated Statements of Operations (Unaudited) |
||||||||||||||||
(In thousands except share and per share data) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
October 30, |
|
October 31, |
|
October 30, |
|
October 31, |
||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
| Product sales |
|
$ |
70,998 |
|
|
$ |
65,528 |
|
|
$ |
124,114 |
|
|
$ |
123,885 |
|
| Contract services |
|
|
51,010 |
|
|
|
27,137 |
|
|
|
98,903 |
|
|
|
56,230 |
|
|
|
|
|
122,008 |
|
|
|
92,665 |
|
|
|
223,017 |
|
|
|
180,115 |
|
| Cost of sales: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
| Product sales |
|
|
38,937 |
|
|
|
34,209 |
|
|
|
71,527 |
|
|
|
66,293 |
|
| Contract services |
|
|
40,616 |
|
|
|
17,605 |
|
|
|
80,312 |
|
|
|
37,560 |
|
|
|
|
|
79,553 |
|
|
|
51,814 |
|
|
|
151,839 |
|
|
|
103,853 |
|
| Gross margin: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
| Product sales |
|
|
32,061 |
|
|
|
31,319 |
|
|
|
52,587 |
|
|
|
57,592 |
|
| Contract services |
|
|
10,394 |
|
|
|
9,532 |
|
|
|
18,591 |
|
|
|
18,670 |
|
|
|
|
|
42,455 |
|
|
|
40,851 |
|
|
|
71,178 |
|
|
|
76,262 |
|
| Selling, general and administrative |
|
|
24,819 |
|
|
|
14,977 |
|
|
|
51,947 |
|
|
|
26,988 |
|
| Research and development |
|
|
14,297 |
|
|
|
11,976 |
|
|
|
28,005 |
|
|
|
23,079 |
|
| Income (loss) from operations |
|
|
3,339 |
|
|
|
13,898 |
|
|
|
(8,774 |
) |
|
|
26,195 |
|
| Other (loss) income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
| Interest (expense) income, net |
|
|
(1,379 |
) |
|
|
115 |
|
|
|
(2,654 |
) |
|
|
323 |
|
| Other (expense) income, net |
|
|
(10,048 |
) |
|
|
72 |
|
|
|
(10,394 |
) |
|
|
105 |
|
| (Loss) income before income taxes |
|
|
(8,088 |
) |
|
|
14,085 |
|
|
|
(21,822 |
) |
|
|
26,623 |
|
| (Benefit from) provision for income taxes |
|
|
(9,511 |
) |
|
|
2,491 |
|
|
|
(10,468 |
) |
|
|
3,698 |
|
| Equity method investment income (loss), net of tax |
|
|
1,133 |
|
|
|
(9,522 |
) |
|
|
(8 |
) |
|
|
(10,810 |
) |
| Net income (loss) |
|
|
2,556 |
|
|
|
2,072 |
|
|
|
(11,362 |
) |
|
|
12,115 |
|
| Net (income) loss attributable to noncontrolling interest |
|
|
(31 |
) |
|
|
22 |
|
|
|
(94 |
) |
|
|
59 |
|
| Net income (loss) attributable to AeroVironment, Inc. |
|
$ |
2,525 |
|
|
$ |
2,094 |
|
|
$ |
(11,456 |
) |
|
$ |
12,174 |
|
| Net income (loss) per share attributable to AeroVironment, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
||||
| Basic |
|
$ |
0.10 |
|
|
$ |
0.09 |
|
|
$ |
(0.47 |
) |
|
$ |
0.51 |
|
| Diluted |
|
$ |
0.10 |
|
|
$ |
0.09 |
|
|
$ |
(0.47 |
) |
|
$ |
0.50 |
|
| Weighted-average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
| Basic |
|
|
24,641,614 |
|
|
|
23,936,950 |
|
|
|
24,630,838 |
|
|
|
23,914,737 |
|
| Diluted |
|
|
24,885,870 |
|
|
|
24,196,912 |
|
|
|
24,630,838 |
|
|
|
24,190,316 |
|
| AeroVironment, Inc. |
||||||||
| Consolidated Balance Sheets |
||||||||
| (In thousands except share data) |
||||||||
|
|
|
|
|
|
|
|
||
|
|
|
October 30, |
|
April 30, |
||||
|
|
|
2021 |
|
2021 |
||||
|
|
|
(Unaudited) |
|
|
|
|||
| Assets |
|
|
|
|
|
|
||
| Current assets: |
|
|
|
|
|
|
||
| Cash and cash equivalents |
|
$ |
104,770 |
|
|
$ |
148,741 |
|
| Short-term investments |
|
|
6,311 |
|
|
|
31,971 |
|
| Accounts receivable, net of allowance for doubtful accounts of $566 at October 30, 2021 and $595 at April 30, 2021 |
|
|
26,552 |
|
|
|
62,647 |
|
| Unbilled receivables and retentions |
|
|
119,031 |
|
|
|
71,632 |
|
| Inventories |
|
|
81,944 |
|
|
|
71,646 |
|
| Income taxes receivable |
|
|
11,708 |
|
|
|
— |
|
| Prepaid expenses and other current assets |
|
|
13,761 |
|
|
|
15,001 |
|
| Total current assets |
|
|
364,077 |
|
|
|
401,638 |
|
| Long-term investments |
|
|
11,271 |
|
|
|
12,156 |
|
| Property and equipment, net |
|
|
68,217 |
|
|
|
58,896 |
|
| Operating lease right-of-use assets |
|
|
26,058 |
|
|
|
22,902 |
|
| Deferred income taxes |
|
|
2,900 |
|
|
|
2,061 |
|
| Intangibles, net |
|
|
110,620 |
|
|
|
106,268 |
|
| Goodwill |
|
|
335,888 |
|
|
|
314,205 |
|
| Other assets |
|
|
6,276 |
|
|
|
10,440 |
|
| Total assets |
|
$ |
925,307 |
|
|
$ |
928,566 |
|
| Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
| Accounts payable |
|
$ |
21,443 |
|
|
$ |
24,841 |
|
| Wages and related accruals |
|
|
21,697 |
|
|
|
28,068 |
|
| Customer advances |
|
|
10,322 |
|
|
|
7,183 |
|
| Current portion of long-term debt |
|
|
10,000 |
|
|
|
10,000 |
|
| Current operating lease liabilities |
|
|
6,440 |
|
|
|
6,154 |
|
| Income taxes payable |
|
|
214 |
|
|
|
861 |
|
| Other current liabilities |
|
|
31,313 |
|
|
|
19,078 |
|
| Total current liabilities |
|
|
101,429 |
|
|
|
96,185 |
|
| Long-term debt, net of current portion |
|
|
182,769 |
|
|
|
187,512 |
|
| Non-current operating lease liabilities |
|
|
21,665 |
|
|
|
19,103 |
|
| Other non-current liabilities |
|
|
10,302 |
|
|
|
10,141 |
|
| Liability for uncertain tax positions |
|
|
3,518 |
|
|
|
3,518 |
|
| Deferred income taxes |
|
|
5,390 |
|
|
|
— |
|
| Commitments and contingencies |
|
|
|
|
|
|
|
|
| Stockholders’ equity: |
|
|
|
|
|
|
|
|
| Preferred stock, $0.0001 par value: |
|
|
|
|
|
|
|
|
| Authorized shares—10,000,000; none issued or outstanding at October 30, 2021 and April 30, 2021 |
|
|
— |
|
|
|
— |
|
| Common stock, $0.0001 par value: |
|
|
|
|
|
|
|
|
| Authorized shares—100,000,000 |
|
|
|
|
|
|
|
|
| Issued and outstanding shares—24,805,829 shares at October 30, 2021 and 24,777,295 shares at April 30, 2021 |
|
|
2 |
|
|
|
2 |
|
| Additional paid-in capital |
|
|
261,612 |
|
|
|
260,327 |
|
| Accumulated other comprehensive (loss) income |
|
|
(1,677 |
) |
|
|
343 |
|
| Retained earnings |
|
|
339,965 |
|
|
|
351,421 |
|
| Total AeroVironment, Inc. stockholders’ equity |
|
|
599,902 |
|
|
|
612,093 |
|
| Noncontrolling interest |
|
|
332 |
|
|
|
14 |
|
| Total equity |
|
|
600,234 |
|
|
|
612,107 |
|
| Total liabilities and stockholders’ equity |
|
$ |
925,307 |
|
|
$ |
928,566 |
|
| AeroVironment, Inc. |
||||||||
| Consolidated Statements of Cash Flows (Unaudited) |
||||||||
| (In thousands) |
||||||||
|
|
|
|
|
|
|
|
||
|
|
|
Six Months Ended |
||||||
|
|
|
October 30, |
|
October 31, |
||||
|
|
|
2021 |
|
2020 |
||||
| Operating activities |
|
|
|
|
|
|||
| Net (loss) income |
|
$ |
(11,362 |
) |
|
$ |
12,115 |
|
| Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities: |
|
|
|
|
|
|
||
| Depreciation and amortization |
|
|
30,019 |
|
|
|
5,693 |
|
| (Income) losses from equity method investments, net |
|
|
(520 |
) |
|
|
10,810 |
|
| Amortization of debt issuance costs |
|
|
258 |
|
|
|
— |
|
| Realized gain from sale of available-for-sale investments |
|
|
— |
|
|
|
(11 |
) |
| Provision for doubtful accounts |
|
|
(35 |
) |
|
|
(156 |
) |
| Other non-cash expense (income) |
|
|
157 |
|
|
|
(473 |
) |
| Non-cash lease expense |
|
|
3,358 |
|
|
|
2,393 |
|
| Loss on foreign currency transactions |
|
|
30 |
|
|
|
2 |
|
| Deferred income taxes |
|
|
(840 |
) |
|
|
(621 |
) |
| Stock-based compensation |
|
|
2,342 |
|
|
|
3,509 |
|
| Loss on disposal of property and equipment |
|
|
3,036 |
|
|
|
2 |
|
| Amortization of debt securities |
|
|
113 |
|
|
|
(12 |
) |
| Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
||
| Accounts receivable |
|
|
37,134 |
|
|
|
43,115 |
|
| Unbilled receivables and retentions |
|
|
(46,619 |
) |
|
|
5,264 |
|
| Inventories |
|
|
(10,075 |
) |
|
|
(6,244 |
) |
| Income taxes receivable |
|
|
(10,667 |
) |
|
|
— |
|
| Prepaid expenses and other assets |
|
|
272 |
|
|
|
(1,029 |
) |
| Accounts payable |
|
|
(3,587 |
) |
|
|
(5,028 |
) |
| Other liabilities |
|
|
3,642 |
|
|
|
(10,736 |
) |
| Net cash (used in) provided by operating activities |
|
|
(3,344 |
) |
|
|
58,593 |
|
| Investing activities |
|
|
|
|
|
|
||
| Acquisition of property and equipment |
|
|
(13,147 |
) |
|
|
(6,052 |
) |
| Equity method investments |
|
|
(6,245 |
) |
|
|
(1,173 |
) |
| Business acquisitions, net of cash acquired |
|
|
(46,150 |
) |
|
|
— |
|
| Redemptions of available-for-sale investments |
|
|
30,531 |
|
|
|
92,226 |
|
| Purchases of available-for-sale investments |
|
|
— |
|
|
|
(116,945 |
) |
| Other |
|
|
224 |
|
|
|
— |
|
| Net cash used in investing activities |
|
|
(34,787 |
) |
|
|
(31,944 |
) |
| Financing activities |
|
|
|
|
|
|
||
| Principal payment of loan |
|
|
(5,000 |
) |
|
|
— |
|
| Holdback and retention payments for business acquisition |
|
|
(5,991 |
) |
|
|
— |
|
| Tax withholding payment related to net settlement of equity awards |
|
|
(1,176 |
) |
|
|
(1,778 |
) |
| Exercise of stock options |
|
|
119 |
|
|
|
86 |
|
| Other |
|
|
(16 |
) |
|
|
— |
|
| Net cash used in financing activities |
|
|
(12,064 |
) |
|
|
(1,692 |
) |
| Effects of currency translation on cash and cash equivalents |
|
|
(275 |
) |
|
|
— |
|
| Net (decrease) increase in cash, cash equivalents, and restricted cash |
|
|
(50,470 |
) |
|
|
24,957 |
|
| Cash, cash equivalents and restricted cash at beginning of period |
|
|
157,063 |
|
|
|
255,142 |
|
| Cash, cash equivalents and restricted cash at end of period |
|
$ |
106,593 |
|
|
$ |
280,099 |
|
| Supplemental disclosures of cash flow information |
|
|
|
|
|
|
||
| Cash paid, net during the period for: |
|
|
|
|
|
|
||
| Income taxes |
|
$ |
1,923 |
|
|
$ |
2,364 |
|
| Interest |
|
$ |
2,283 |
|
|
$ |
— |
|
| Non-cash activities |
|
|
|
|
|
|
||
| Unrealized loss on available-for-sale investments, net of deferred tax benefit of $0 and $1 for the six months ended October 30, 2021 and October 31, 2020, respectively |
|
$ |
3 |
|
|
$ |
61 |
|
| Change in foreign currency translation adjustments |
|
$ |
(2,017 |
) |
|
$ |
75 |
|
| Issuances of inventory to property and equipment, ISR in-service assets |
|
$ |
12,472 |
|
|
$ |
— |
|
| Acquisitions of property and equipment included in accounts payable |
|
$ |
415 |
|
|
$ |
818 |
|
| AeroVironment, Inc. |
||||||||||||||||||||
| Reportable Segment Results (Unaudited) |
||||||||||||||||||||
| (In thousands) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
Three Months Ended October 30, 2021 |
||||||||||||||||||
|
|
|
Small UAS |
|
TMS |
|
MUAS |
|
All other |
|
Total |
||||||||||
| Revenue |
|
$ |
54,714 |
|
$ |
18,418 |
|
$ |
26,525 |
|
|
$ |
22,351 |
|
|
$ |
122,008 |
|||
| Gross margin |
|
|
27,754 |
|
|
|
6,222 |
|
|
|
2,223 |
|
|
|
6,256 |
|
|
|
42,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| Income (loss) from operations |
|
|
13,377 |
|
|
|
47 |
|
|
|
(7,000 |
) |
|
|
(3,085 |
) |
|
|
3,339 |
|
| Acquisition-related expenses |
|
|
297 |
|
|
|
163 |
|
|
|
108 |
|
|
|
280 |
|
|
|
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 |
) |
|
$ |
452 |
|
|
$ |
14,509 |
|
|
|
|
Three Months Ended October 31, 2020 |
||||||||||||||||||
|
|
|
Small UAS |
|
TMS |
|
MUAS |
|
All other |
|
Total |
||||||||||
| Revenue |
|
$ |
58,265 |
|
$ |
18,961 |
|
|
$ |
- |
|
|
$ |
15,439 |
|
|
$ |
92,665 |
||
| Gross margin |
|
|
29,695 |
|
|
|
5,943 |
|
|
|
- |
|
|
|
5,213 |
|
|
|
40,851 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| Income (loss) from operations |
|
|
15,386 |
|
|
|
(995 |
) |
|
|
- |
|
|
|
(493 |
) |
|
|
13,898 |
|
| Acquisition-related expenses |
|
|
171 |
|
|
|
94 |
|
|
|
58 |
|
|
91 |
|
|
|
414 |
|
|
| Amortization of acquired intangible assets and other purchase accounting adjustments |
|
|
715 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
715 |
|
| Adjusted income (loss) from operations |
|
$ |
16,272 |
|
|
$ |
(901 |
) |
|
$ |
58 |
|
|
$ |
(402 |
) |
|
$ |
15,027 |
|
|
|
|
Six Months Ended October 30, 2021 |
||||||||||||||||||
|
|
|
Small UAS |
|
TMS |
|
MUAS |
|
All other |
|
Total |
||||||||||
| Revenue |
|
$ |
94,638 |
|
$ |
37,594 |
|
|
$ |
48,904 |
|
|
$ |
41,881 |
|
|
$ |
223,017 |
|
|
| Gross margin |
|
|
44,674 |
|
|
|
12,211 |
|
|
|
5,404 |
|
|
|
8,889 |
|
|
|
71,178 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| Income (loss) from operations |
|
|
15,335 |
|
|
|
(416 |
) |
|
|
(13,381 |
) |
|
|
(10,312 |
) |
|
|
(8,774 |
) |
| Acquisition-related expenses |
|
|
721 |
|
|
|
414 |
|
|
|
1,492 |
|
|
|
1,475 |
|
|
|
4,102 |
|
| Amortization of acquired intangible assets and other purchase accounting adjustments |
|
|
1,414 |
|
|
|
- |
|
|
|
11,549 |
|
|
|
6,483 |
|
|
|
19,446 |
|
| Adjusted income (loss) from operations |
|
$ |
17,470 |
|
|
$ |
(2 |
) |
|
$ |
(340 |
) |
|
$ |
(2,354 |
) |
|
$ |
14,774 |
|
|
|
|
Six Months Ended October 31, 2020 |
||||||||||||||||||
|
|
|
Small UAS |
|
TMS |
|
MUAS |
|
All other |
|
Total |
||||||||||
| Revenue |
|
$ |
114,467 |
|
$ |
28,495 |
|
|
$ |
- |
|
|
$ |
37,153 |
|
$ |
180,115 |
|||
| Gross margin |
|
|
57,178 |
|
|
|
7,863 |
|
|
|
- |
|
|
|
11,221 |
|
|
|
76,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| Income (loss) from operations |
|
|
30,583 |
|
|
|
(5,140 |
) |
|
|
- |
|
|
|
752 |
|
|
|
26,195 |
|
| Acquisition-related expenses |
|
|
171 |
|
|
|
94 |
|
|
|
58 |
|
|
91 |
|
|
|
414 |
|
|
| Amortization of acquired intangible assets and other purchase accounting adjustments |
|
|
1,376 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,376 |
|
| Adjusted income (loss) from operations |
|
$ |
32,130 |
|
|
$ |
(5,046 |
) |
|
$ |
58 |
|
|
$ |
843 |
|
|
$ |
27,985 |
|
| AeroVironment, Inc. |
||||||||||||||||
| Reconciliation of non-GAAP Earnings per Diluted Share (Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
Three Months |
|
Three Months |
|
Six Months |
|
Six Months |
||||||||
| Ended |
Ended |
Ended |
Ended |
|||||||||||||
|
|
|
October 30, 2021 |
|
October 31, 2020 |
|
October 30, 2021 |
|
October 31, 2020 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
| Earnings (loss) per diluted share |
|
$ |
0.10 |
|
$ |
0.09 |
|
$ |
(0.47 |
) |
|
$ |
0.50 |
|||
| Acquisition-related expenses |
|
|
0.03 |
|
|
|
0.02 |
|
|
|
0.15 |
|
|
|
0.02 |
|
| Amortization of acquired intangible assets and other purchase accounting adjustments |
|
|
0.33 |
|
|
|
0.02 |
|
|
|
0.62 |
|
|
|
0.04 |
|
| HAPSMobile Inc. JV impairment of investment in Loon LLC |
|
|
— |
|
|
|
0.35 |
|
|
|
— |
|
|
|
0.35 |
|
| Legal accrual related to our former EES business |
|
|
0.32 |
|
|
|
— |
|
|
|
0.32 |
|
|
|
— |
|
| Earnings per diluted share as adjusted (Non-GAAP) |
|
$ |
0.78 |
|
|
|
0.48 |
|
|
$ |
0.62 |
|
|
$ |
0.91 |
|
| Reconciliation of Forecast Earnings per Diluted Share (Unaudited) |
|||
|
|
|
|
|
|
|
|
Fiscal year ending |
|
|
|
|
April 30, 2022 |
|
| Forecast loss per diluted share |
|
$ |
(0.47) - (0.33) |
| Acquisition-related expenses |
|
|
0.16 |
| Amortization of acquired intangible assets and other purchase accounting adjustments |
|
|
1.22 |
| Legal accrual related to our former EES business |
|
|
0.32 |
| Forecast earnings per diluted share as adjusted (Non-GAAP) |
|
$ |
1.23 - 1.37 |
| Reconciliation of Fiscal Year 2021 Actual and 2022 Forecast Non-GAAP adjusted EBITDA (Unaudited) |
||||||
|
|
|
|
|
|
|
|
|
|
|
Fiscal year ending |
|
Fiscal year ending |
||
| (in millions) |
|
April 30, 2022 |
|
April 30, 2021 |
||
| Net (loss) income |
|
$ |
(12) - (8) |
|
$ |
23 |
| Interest expense, net |
|
|
5 |
|
|
1 |
| Benefit from income taxes |
|
|
(12) - (9) |
|
|
1 |
| Depreciation and amortization |
|
|
65 |
|
|
19 |
| EBITDA (Non-GAAP) |
|
|
46 - 53 |
|
|
44 |
| HAPSMobile Inc. JV impairment of investment in Loon LLC |
|
|
— |
|
|
10 |
| Equity method investment gain |
|
|
(2) |
|
|
— |
| Legal accrual related to our former EES business |
|
|
10 |
|
|
9 |
| Acquisition-related expenses |
|
|
5 - 4 |
|
|
9 |
| Adjusted EBITDA (Non-GAAP) |
|
$ |
59 - 65 |
|
$ |
72 |
