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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Apr. 30, 2018	Jun. 20, 2018	Oct. 28, 2017
Document and Entity Information
Entity Registrant Name	AeroVironment Inc
Entity Central Index Key	0001368622
Document Type	10-K
Document Period End Date	Apr. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1,074.2
Entity Common Stock, Shares Outstanding		23,906,534
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 30, 2018	Apr. 30, 2017
Current assets:
Cash and cash equivalents	$ 143,517	$ 79,904
Short-term investments	113,649	119,971
Accounts receivable, net of allowance for doubtful accounts of $1,080 at April 30, 2018 and $104 at April 30, 2017	56,813	68,719
Unbilled receivables and retentions (inclusive of related party unbilled receivables of $3,145 at April 30, 2018)	13,076	14,120
Inventories, net	38,640	40,908
Prepaid expenses and other current assets	5,103	5,533
Current assets of discontinued operations	28,349	24,930
Total current assets	399,147	354,085
Long-term investments	40,656	42,096
Property and equipment, net	19,219	15,962
Deferred income taxes	11,168	15,089
Other assets	2,721	2,010
Long-term assets of discontinued operations		3,258
Total assets	472,911	432,500
Current liabilities:
Accounts payable	21,340	15,896
Wages and related accruals	16,851	10,947
Income taxes payable	4,085	1,418
Customer advances	2,145	2,057
Other current liabilities	6,892	8,444
Current liabilities of discontinued operations	9,184	9,301
Total current liabilities	60,497	48,063
Deferred rent	1,536	1,719
Capital lease obligations - net of current portion		161
Other non-current liabilities	622	184
Deferred tax liability	67	116
Liability for uncertain tax positions	49	64
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value: Authorized shares—10,000,000; none issued or outstanding at April 30, 2018 and April 30, 2017
Common stock, $0.0001 par value: Authorized shares—100,000,000 Issued and outstanding shares—23,908,736 shares at April 30, 2018 and 23,630,419 at April 30, 2017	2	2
Additional paid-in capital	170,139	162,150
Accumulated other comprehensive loss	(21)	(127)
Retained earnings	239,997	219,929
Total AeroVironment stockholders' equity	410,117	381,954
Noncontrolling interest	23	239
Total equity	410,140	382,193
Total liabilities and stockholders' equity	$ 472,911	$ 432,500

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Apr. 30, 2018	Apr. 30, 2017
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 1,080	$ 104
Due from Related Parties	$ 3,145
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, Authorized shares	10,000,000	10,000,000
Preferred stock, issued shares	0	0
Preferred stock, outstanding shares	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, Authorized shares	100,000,000	100,000,000
Common stock, Issued shares	23,908,736	23,630,419
Common stock, outstanding shares	23,908,736	23,630,419

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Revenue:
Product sales	$ 195,330	$ 159,630	$ 162,032
Contract services (inclusive of related party revenue of $29,597 for the year ended April 30, 2018)	75,722	69,310	71,706
Total revenue	271,052	228,940	233,738
Cost of sales:
Product sales	111,990	88,963	85,089
Contract services	50,174	44,792	43,075
Total cost of sales	162,164	133,755	128,164
Gross margin:
Product sales	83,340	70,667	76,943
Contract services	25,548	24,518	28,631
Total gross margin	108,888	95,185	105,574
Selling, general and administrative	50,826	47,642	50,463
Research and development	26,433	28,465	35,040
Income from operations	31,629	19,078	20,071
Other income (expense):
Interest income, net	2,240	1,618	1,032
Other (expense) income, net	(49)	172	(2,589)
Income from continuing operations before income taxes	33,820	20,868	18,514
Provision (benefit) for income taxes	10,177	4,138	2,983
Equity method investment activity, net of tax	(1,283)	(119)	(138)
Net income from continuing operations	22,360	16,611	15,393
Loss from discontinued operations, net of tax	(2,508)	(4,154)	(6,427)
Net income	19,852	12,457	8,966
Net loss attributable to noncontrolling interest	216	22
Net income attributable to AeroVironment	$ 20,068	$ 12,479	$ 8,966
Net (loss) income per share attributable to AeroVironment:
Basic, continuing (in dollars per share)	$ 0.97	$ 0.72	$ 0.67
Basic, discontinuing (in dollars per share)	(0.11)	(0.18)	(0.28)
Net income per share attributable to AeroVironment - Basic (in dollars per share)	0.86	0.54	0.39
Diluted, continuing (in dollars per share)	0.95	0.72	0.67
Diluted, discontinued (in dollars per share)	(0.11)	(0.18)	(0.28)
Net income per share attributable to AeroVironment - Diluted (in dollars per share)	$ 0.84	$ 0.54	$ 0.39
Weighted average shares outstanding:
Basic (in shares)	23,471,241	23,059,045	22,936,413
Diluted (in shares)	23,813,772	23,307,738	23,153,493

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) $ in Thousands	12 Months Ended
	Apr. 30, 2018 USD ($)
CONSOLIDATED STATEMENTS OF INCOME
Revenue from Related Parties	$ 29,597

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2015
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 19,852	$ 12,457	$ 8,966
Other comprehensive income:
Change in foreign currency translation adjustments	36
Unrealized gain on investments, net of deferred tax expense of $25, $43, and $18 for the fiscal years ended 2018, 2017, and 2016 respectively	70	74	27
Total comprehensive income	19,958	12,531	8,993
Net loss attributable to noncontrolling interest	216	22
Comprehensive (loss) income attributable to AeroVironment	$ 20,174	$ 12,553	$ 8,993

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unrealized gain on investments, net of deferred tax expense (benefit)	$ 25	$ 43	$ 18

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Parent	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest	Total
Increase (Decrease) in Stockholders' Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest							$ 348,912,000
Balance at Apr. 30, 2015	$ 348,912,000	$ 2,000	$ 148,293,000	$ 201,975,000	$ (1,358,000)
Balance (in shares) at Apr. 30, 2015		23,314,640
Increase (Decrease) in Stockholders' Equity
Net income (loss)							8,966,000
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	8,966,000			8,966,000
Unrealized loss on investments	27,000				27,000		27,000
Reclassifications out of accumulated other comprehensive loss	1,130,000				1,130,000		1,130,000
Stock options exercised	1,122,000		1,122,000				1,122,000
Stock options exercised (in shares)		84,881
Restricted stock awards (in shares)		191,548
Restricted stock awards forfeited (in shares)		(46,753)
Tax withholding payment related to net share settlement of equity awards	(29,000)		(29,000)				(29,000)
Tax withholding payment related to net share settlement of equity awards (in shares)		(1,130)
Reclassification from share-based liability compensation to equity	228,000		228,000				228,000
Tax benefit from stock-based compensation	98,000		98,000				98,000
Purchases of common stock for retirement	(3,756,000)			(3,756,000)			(3,756,000)
Purchases of common stock for retirement (in shares)		(183,261)
Stock-based compensation	4,562,000		4,562,000				4,562,000
Balance at Apr. 30, 2016	361,260,000	$ 2,000	154,274,000	207,185,000	(201,000)
Balance (in shares) at Apr. 30, 2016		23,359,925
Increase (Decrease) in Stockholders' Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest							361,260,000
Net income (loss)							12,457,000
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	12,479,000			12,479,000
Net loss attributable to noncontrolling interest						$ (22,000)	22,000
Unrealized loss on investments	74,000				74,000		74,000
Stock options exercised	3,865,000		3,865,000				3,865,000
Stock options exercised (in shares)		204,130
Restricted stock awards (in shares)		126,557
Restricted stock awards forfeited (in shares)		(60,017)
Tax withholding payment related to net share settlement of equity awards	(5,000)		(5,000)				(5,000)
Tax withholding payment related to net share settlement of equity awards (in shares)		(176)
Reclassification from share-based liability compensation to equity	307,000		307,000				307,000
Tax benefit from stock-based compensation							0
Purchases of common stock for retirement						261,000	261,000
Stock-based compensation	3,709,000		3,709,000				3,709,000
Balance at Apr. 30, 2017	381,954,000	$ 2,000	162,150,000	219,929,000	(127,000)	239,000	381,954,000
Balance (in shares) at Apr. 30, 2017		23,630,419
Increase (Decrease) in Stockholders' Equity
Adoption of ASU 2016-09 \| Accounting Standards Update 2016-09	265,000			265,000			265,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest							382,193,000
Net income (loss)							19,852,000
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	20,068,000			20,068,000
Net loss attributable to noncontrolling interest						(216,000)	216,000
Unrealized loss on investments	70,000				70,000		70,000
Foreign currency translation	36,000				36,000		36,000
Stock options exercised	2,705,000		2,705,000				2,705,000
Stock options exercised (in shares)		153,211
Restricted stock awards (in shares)		140,787
Restricted stock awards forfeited (in shares)		(6,834)
Tax withholding payment related to net share settlement of equity awards	(397,000)		(397,000)				(397,000)
Tax withholding payment related to net share settlement of equity awards (in shares)		(8,847)
Reclassification from share-based liability compensation to equity	384,000		384,000				384,000
Tax benefit from stock-based compensation							0
Stock-based compensation	5,297,000		5,297,000				5,297,000
Balance at Apr. 30, 2018	$ 410,117,000	$ 2,000	$ 170,139,000	$ 239,997,000	$ (21,000)	$ 23,000	410,117,000
Balance (in shares) at Apr. 30, 2018		23,908,736
Increase (Decrease) in Stockholders' Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest							$ 410,140,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Operating activities
Net income	$ 19,852	$ 12,457	$ 8,966
Loss from discontinued operations, net of tax	(2,508)	(4,154)	(6,427)
Net income from continuing operations	22,360	16,611	15,393
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation and amortization	5,982	5,054	3,855
Loss from equity method investments	1,283	119	138
Impairment of available-for-sale securities			2,186
Impairment of long-lived assets	255	46
Provision for doubtful accounts	977	48	18
Impairment of intangible assets and goodwill	1,021
(Gains) losses on foreign currency transactions	(87)	284	63
Loss on sale of equity securities			219
Deferred income taxes	3,835	(52)	(2,912)
Gain on business acquisition		(584)
Stock-based compensation	4,956	3,392	4,002
Tax benefit from exercise of stock options			161
Excess tax benefit from stock-based compensation			(39)
Loss (Gain) on disposition of property and equipment	20	44
Amortization of held-to-maturity investments	1,424	2,382	3,875
Changes in operating assets and liabilities:
Accounts receivable	11,211	(19,608)	(20,645)
Unbilled receivables and retentions	903	4,667	(1,555)
Inventories	2,268	(19,225)	480
Prepaid expenses and other assets	419	(1,484)	439
Accounts payable	5,736	545	(2,851)
Other liabilities	7,872	(233)	3,221
Net cash provided by (used in) operating activities of continuing operations	70,436	(7,994)	6,047
Investing activities
Acquisition of property and equipment	(9,563)	(9,017)	(6,121)
Equity method investments	(3,267)		(295)
Business acquisition, net of cash acquired		(430)
Redemptions of held-to-maturity investments	227,663	121,522	84,433
Purchases of held-to-maturity investments	(221,680)	(148,991)	(94,954)
Redemptions of available-for-sale investments	450	400	987
Net cash used in investing activities from continuing operations	(6,397)	(36,516)	(15,950)
Financing activities
Purchase and retirement of common stock			(3,756)
Principal payments of capital lease obligations	(288)	(390)	(472)
Excess tax benefit from stock-based compensation			39
Tax withholding payment related to net settlement of equity awards	(397)	(5)	(29)
Exercise of stock options	2,705	3,865	1,122
Net cash provided by (used in) financing activities from continuing operations	2,020	3,470	(3,096)
Discontinued operations
Operating activities of discontinued operations	(1,227)	(2,505)	(5,496)
Investing activities of discontinued operations	(1,219)	(838)	(628)
Net cash provided by (used in) discontinued operations	(2,446)	(3,343)	(6,124)
Net increase (decrease) in cash and cash equivalents	63,613	(44,383)	(19,123)
Cash and cash equivalents at beginning of period	79,904	124,287	143,410
Cash and cash equivalents at end of period	143,517	79,904	124,287
Cash paid, net during the period for:
Income taxes	1,813	1,804	1,576
Non-cash activities
Unrealized gain on investments, net of deferred tax expense of $29 and $6, respectively	70	74	27
Reclassification from share-based liability compensation to equity	384	307	228
Forfeiture of vested stock-based compensation			86
Acquisitions of property and equipment financed with capital lease obligations			932
Change in foreign currency translation adjustments	36
Acquisitions of property and equipment included in accounts payable	$ 379	$ 724	$ 1,045

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Consolidated Statements of Cash Flows
Unrealized change in fair value on long-term investments recorded in other comprehensive income loss, net of tax expenses (benefit)	$ (25)	$ (43)	$ (18)

Organization and Significant Accounting Policies

12 Months Ended

Apr. 30, 2018

Organization and Significant Accounting Policies

Organization and Significant Accounting Policies

1. Organization and Significant Accounting Policies

Organization

AeroVironment, Inc., a Delaware corporation, is engaged in the design, development, production, support and operation of unmanned aircraft systems (“UAS”) for various industries and governmental agencies.

Significant Accounting Policies

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of AeroVironment, Inc. and its wholly‑owned subsidiaries: AeroVironment Rhode Island, LLC, Skytower Inc., AeroVironment International PTE. LTD., AeroVironment, Inc. (Afghanistan), as well as the Company’s Turkish joint venture, Altoy Savunma Sanayi ve Havacilik Anonim Sirketi (“Altoy”) (collectively referred to herein as the “Company”). The Company increased its ownership in Altoy to a controlling interest on February 1, 2017. As a result of the increase in ownership, the consolidated financial statements include the balance sheet and results of operations of Altoy from February 1, 2017 forward. Prior to this date, the Company's investment in Altoy was accounted for under the equity method. Refer to Note 19 - Business Acquisitions for further details. All intercompany balances and transactions have been eliminated in consolidation.

In April 2016, the Company dissolved AV S.r.l. Italy, AILC, Inc. and AeroVironment Massachusetts, LLC the results of which were not material to the consolidated financial statements. In July 2016, the Company dissolved Charger Bicycles, LLC, the results of which were not material to the consolidated financial statements. In October 2016, the Company dissolved Skytower, LLC and Regenerative Fuel Cell Systems, LLC, the results of which were not material to the consolidated financial statements. In February 2018, the Company dissolved AeroVironment GmbH, the results of which were not material to the consolidated financial statements.

On June 1, 2018, the Company entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Webasto Charging Systems, Inc. (“Webasto”) pursuant to which the Company agreed to sell, and Webasto agreed to acquire, substantially all of the assets of the Company’s EES business segment (the “EES Business”) and to assume certain liabilities related to the EES Business. As of April 30, 2018, we determined that the EES Business met the criterion for classification as an asset held for sale and represents a strategic shift in in our operations. Therefore, the assets and liabilities and the results of operations of the EES Business are reported in this Annual Report as discontinued operations for all periods presented.

Investments in Companies Accounted for Using the Equity or Cost Method

Investments in other non‑consolidated entities are accounted for using the equity method or cost basis depending upon the level of ownership and/or the Company’s ability to exercise significant influence over the operating and financial policies of the investee. When the equity method is used, investments are recorded at original cost and adjusted periodically to recognize the Company’s proportionate share of the investees’ net income or losses after the date of investment. When net losses from an investment accounted for under the equity method exceed its carrying amount, the investment balance is reduced to zero and additional losses are not provided for as the Company is not obligated to provide additional capital. The Company resumes accounting for the investment under the equity method if the entity subsequently reports net income and the Company’s share of that net income exceeds the share of net losses not recognized during the period the equity method was suspended.

When an investment accounted for using the equity method issues its own shares, the subsequent reduction in the Company’s proportionate interest in the investee is reflected in equity as an adjustment to paid‑in‑capital. The Company evaluates its investments in companies accounted for by the equity or cost method for impairment when there is evidence or indicators that a decrease in value may be other than temporary.

In December of 2017, the Company and Softbank Corp. (“Softbank”) formed a joint venture, HAPSMobile, Inc. (“HAPSMobile”). As the Company has the ability to exercise significant influence over the operating and financial policies of HAPSMobile, the Company’s investment is accounted as an equity method investment. The Company has presented its proportion of HAPSMobile’s net loss in “Equity method investment activity, net of tax” in the consolidated statement of operations. The carrying value of the investment in HAPSMobile was recorded in “Other assets, long-term.” Refer to Note 8 – Equity Method Investments for further details.

Segments

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM, who is the Chief Executive Officer, makes operating decisions, assesses performance and makes resource allocation decisions, including the focus of research and development (“R&D”), on a consolidated basis for the Company’s continuing operations. Accordingly, the Company operates its business as a single reportable segment.

Use of Estimates

The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates made by management include, but are not limited to, valuation of: inventory, available‑for‑sale securities, deferred tax assets and liabilities, useful lives of property, plant and equipment, medical and dental liabilities, warranty liabilities, long-term incentive plan liabilities and estimates of anticipated contract costs and revenue utilized in the revenue recognition process. Actual results could differ from those estimates.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation. Equity method losses associated with the Company’s investment in Altoy for the fiscal year ended 2017 and 2016 have been reclassified from other income (expense), net to equity method investment activity, net of tax on the consolidated statement of operations.

Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents. The Company’s cash equivalents are comprised of money market funds, certificates of deposit of major financial institutions, and U.S. Treasury bills.

Investments

The Company’s investments are accounted for as held‑to‑maturity and available‑for‑sale and reported at amortized cost and fair value, respectively.

Unrealized gains and losses are excluded from earnings and reported as a separate component of stockholders’ equity, net of deferred income taxes for available-for-sale investments.

Gains and losses realized on the disposition of investment securities are determined on the specific identification basis and credited or charged to income. Premium and discount on investments are amortized and accreted using the interest method and charged or credited to investment income.

Management determines the appropriate classification of securities at the time of purchase and re‑evaluates such designation as of each balance sheet date.

Investments are considered to be impaired when a decline in fair value is judged to be other‑than‑temporary. On a quarterly basis, the Company considers available quantitative and qualitative evidence in evaluating potential impairment of its investments. If the cost of an investment exceeds its fair value, the Company evaluates, among other factors, general market conditions, the duration and extent to which the fair value is less than cost, and its intent and ability to hold the investment to maturity. The Company also considers potential adverse conditions related to the financial health of the issuer based on rating agency actions. Once a decline in fair value is determined to be other‑than‑temporary, an impairment charge is recorded in earnings and a new cost basis in the investment is established.

Fair Values of Financial Instruments

Fair values of cash and cash equivalents, accounts receivable, unbilled receivables, retentions and accounts payable approximate cost due to the short period of time to maturity.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents, municipal bonds, U.S. government securities, U.S. government-guaranteed agency securities, U.S. Government sponsored agency debt securities, highly rated commercial paper, highly rated corporate bonds, and accounts receivable. The Company currently invests the majority of its cash in municipal bonds, U.S. government securities, U.S. government-guaranteed agency securities, U.S. Government sponsored agency debt securities and highly rated corporate bonds. The Company’s revenue and accounts receivable are with a limited number of corporations and governmental entities. In the aggregate, 54%, 63% and 79% of the Company’s revenue came from agencies of the U.S. government for the years ended April 30, 2018, 2017 and 2016, respectively. These agencies accounted for 49% and 45% of the accounts receivable balances at April 30, 2018 and 2017, respectively. One such agency, the U.S. Army, accounted for 19%, 21% and 26% of the Company’s consolidated revenue for the years ended April 30, 2018, 2017 and 2016, respectively. The Company performs ongoing credit evaluations of its commercial customers and maintains an allowance for potential losses.

Accounts Receivable, Unbilled Receivables and Retentions

Accounts receivable represents primarily U.S. government and Foreign government, and to a lesser extent commercial receivables, net of allowances for doubtful accounts. Unbilled receivables represent costs in excess of billings on incomplete contracts and, where applicable, accrued profit related to government long‑term contracts on which revenue has been recognized, but for which the customer has not yet been billed.

Retentions represent amounts withheld by customers until contract completion. At April 30, 2018 and 2017, the retention balances were $1,411,000 and $1,537,000, respectively. The Company determines the allowance for doubtful accounts based on historical customer experience and other currently available evidence. When a specific account is deemed uncollectible, the account is written off against the allowance. The allowance for doubtful accounts reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance; such losses have historically been within management’s expectations. An account is deemed past due based on contractual terms rather than on how recently payments have been received.

Inventories

Inventories are stated at the lower of cost (using the weighted average costing method) or net realizable value. Inventory write‑offs and write‑down provisions are provided to cover risks arising from slow‑moving items or technological obsolescence and for market prices lower than cost. The Company periodically evaluates the quantities on hand relative to current and historical selling prices and historical and projected sales volume. Based on this evaluation, provisions are made to write inventory down to its net realizable value.

Long‑Lived Assets

Property and equipment are carried at cost. Depreciation of property and equipment, including amortization of leasehold improvements, are provided using the straight‑line method over the following estimated useful lives:


Machinery and equipment	2 - 7	years
Computer equipment and software	2 - 5	years
Furniture and fixtures	3 - 7	years
Leasehold improvements	Lesser of useful life or term of lease

The Company finances the purchase of certain IT equipment and perpetual software licenses with capital lease arrangements. The assets and liabilities under capital leases are recorded at the lesser of the present value of aggregate future minimum lease payments, including estimated bargain purchase options, or the fair value of the asset under lease. Assets under capital leases are depreciated using the straight-line method over the lesser of the estimated useful life of the asset or the term of the lease.

Maintenance, repairs and minor renewals are charged directly to expense as incurred. Additions and betterments to property and equipment are capitalized at cost. When the Company disposes of assets, the applicable costs and accumulated depreciation and amortization thereon are removed from the accounts and any resulting gain or loss is included in selling, general and administrative (“SG&A”) expense in the period incurred.

The Company reviews the recoverability of its long‑lived assets whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The estimated future cash flows are based upon, among other things, assumptions about expected future operating performance, and may differ from actual cash flows. If the sum of the projected undiscounted cash flows (excluding interest) is less than the carrying value of the assets, the assets will be written down to the estimated fair value in the period in which the determination is made. There were no events or changes in circumstances that would indicate that the carrying amount of the assets may not be recoverable during the fiscal years ended April 30, 2018, 2017 and 2016.

Intangibles Assets — Acquired in Business Combinations

The Company performs valuations of assets acquired and liabilities assumed on each acquisition accounted for as a business combination and allocates the purchase price of the acquired business to the respective net tangible and intangible assets. Acquired intangible assets include customer relationships and trade names. The Company determines the appropriate useful life by performing an analysis of expected cash flows based on historical experience of the acquired businesses. Intangible assets are amortized over their estimated useful lives using the straight-line method which approximates the pattern in which the economic benefits are consumed.

The Company monitors conditions related to these assets to determine whether events and circumstances warrant a revision to the remaining amortization period. The Company tests its intangible assets with finite lives for potential impairment whenever management concludes events or changes in circumstances indicate that the carrying amount may not be recoverable. The original estimate of an asset's useful life and the impact of an event or circumstance on either an asset's useful life or carrying value involve significant judgment.

Product Warranty

The Company accrues an estimate of its exposure to warranty claims based upon both current and historical product sales data and warranty costs incurred. Product warranty reserves are recorded in other current liabilities.

Accrued Sales Commissions

As of April 30, 2018 and 2017, the Company accrued sales commissions in other current liabilities of $1,293,000 and $4,555,000, respectively.

Self‑Insurance Liability

The Company is self-insured for employee medical claims, subject to individual and aggregate stop loss policies. The Company estimates a liability for claims filed and incurred but not reported based upon recent claims experience and an analysis of the average period of time between the occurrence of a claim and the time it is reported to and paid by the Company. As of April 30, 2018 and 2017, the Company estimated and recorded a self-insurance liability in wages and related accruals of approximately $1,003,000 and $1,133,000, respectively.

Income Taxes

Deferred income tax assets and liabilities are computed annually for differences between the financial statement and income tax bases of assets and liabilities that will result in taxable or deductible amounts in the future. The provision for income taxes reflects the taxes to be paid for the period and the change during the period in the deferred income tax assets and liabilities. The Company records a valuation allowance to reduce the deferred tax assets to the amount of future tax benefit that is more likely than not to be realized. For uncertain tax positions, the Company determines whether it is “more likely than not” that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded in the financial statements. For those tax positions where it is “not more likely than not” that a tax benefit will be sustained, no tax benefit is recognized. Where applicable, associated interest and penalties are also recorded.

On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) was signed into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21% effective for tax years beginning after December 31, 2017, repeal of the corporate alternative minimum tax, repeal of the deduction for domestic production activities, and limitation on the deductibility of certain executive compensation.

In accordance with U.S. GAAP as determined by ASC 740, Income Taxes, the Company is required to record the effects of tax law changes in the period enacted. As the Company has an April 30 fiscal year end, its U.S. federal corporate income tax rate will be blended in fiscal 2018, resulting in a statutory federal rate of approximately 30.4% (eight months at 35% and four months at 21%), and will be 21% for subsequent fiscal years. The Company remeasured its existing deferred tax assets and liabilities at the rate the Company expects to be in effect when those deferred taxes will be realized (30.4% if in 2018 or 21% thereafter) and recorded a one-time deferred tax expense of approximately $3,400,000 during the year ended April 30, 2018.

The Company followed the guidance in SEC Staff Accounting Bulletin 118 (“SAB 118”), which provides additional clarification regarding the application of ASC Topic 740 in situations where the Company does not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the Tax Act for the reporting period in which the Act was enacted. SAB 118 provides for a measurement period beginning in the reporting period that includes the Act’s enactment date and ending when the Company has obtained, prepared, and analyzed the information needed in order to complete the accounting requirements but in no circumstances should the measurement period extend beyond one year from the enactment date.

The $3,400,000 expense for the one-time deferred tax remeasurement is a provisional estimate of the impact of the Tax Act. In addition, the Company has estimated that it will not have an income tax payable as a result of the one-time deemed repatriation transition tax on unrepatriated foreign earnings. These amounts are considered provisional because they use estimates for which final tax computations or returns have not been completed and because estimated amounts may be impacted by future regulatory and accounting guidance if and when issued.

The Company’s financial statements do not reflect the impact of certain aspects of the Tax Act as the Company did not have the necessary information available, prepared, or analyzed (including computations), or because sufficient guidance has not been issued in order to determine an actual or provisional amount for the tax effects of the Act. To date, these aspects include the new compensation related provisions under section 162(m) and the state income tax conformity to the Tax Act.

Customer Advances and Amounts in Excess of Cost Incurred

The Company receives advances, performance‑based payments and progress payments from customers that may exceed costs incurred on certain contracts, including contracts with agencies of the U.S. government. These advances are classified as advances from customers and will be offset against billings.

Revenue Recognition

The substantial majority of the Company’s revenue is generated pursuant to written contractual arrangements to design, develop, manufacture and/or modify complex products, and to provide related engineering, technical and other services according to the specifications of the buyers (customers). These contracts may be fixed‑price or cost‑reimbursable. The Company considers all contracts for treatment in accordance with authoritative guidance for contracts with multiple deliverables.

Revenue arrangements with multiple deliverables should be divided into separate units of accounting if the deliverables have value to the customer on a stand‑alone basis; there is objective and reliable evidence of the fair value of the undelivered item(s); and, if the arrangement includes a general right of return, delivery or performance of the undelivered item(s) is considered probable and substantially in the control of the vendor. The Company occasionally enters into arrangements that consist of installation and repair contracts associated with hardware sold by the Company. Such arrangements consist of separate contractual arrangements and are divided into separate units of accounting where the delivered item has value to the customer on a stand‑alone basis and there is objective and reasonable evidence of the fair value of the installation contract. Consideration is allocated among the separate units of accounting based on their relative fair values.

Product sales revenue is composed of revenue recognized on contracts for the delivery of production hardware and related activities. Contract services revenue is composed of revenue recognized on contracts for the provision of services, including repairs, training, engineering design, development and prototyping activities.

Revenue from cost‑plus‑fee contracts are recognized on the basis of costs incurred during the period plus the fee earned. Revenue from fixed‑price contracts are recognized on the percentage‑of‑completion method. Contract costs include all direct material and labor costs and those indirect costs related to contract performance. Unbilled receivables represent costs incurred and related profit on contracts not yet billed to customers, and are invoiced in subsequent periods.

Product sales revenue is recognized on the percentage‑of‑completion method or upon transfer of title to the customer, which is generally upon shipment. Shipping and handling costs incurred are included in cost of sales.

Revenue and profits on fixed‑price production contracts, where units are produced and delivered in a continuous or sequential process, are recorded as units are delivered based on their selling prices (the “units‑of‑delivery method”). Revenue and profits on other fixed‑price contracts with significant engineering as well as production requirements are recorded based on the ratio of total actual incurred costs to date to the total estimated costs for each contract (the “cost‑to‑cost method”). Accounting for revenue and profits on a fixed‑price contract requires the preparation of estimates of (1) the total contract revenue, (2) the total costs at completion, which is equal to the sum of the actual incurred costs to date on the contract and the estimated costs to complete the contract’s statement of work and (3) the measurement of progress towards completion. The estimated profit or loss at completion on a contract is equal to the difference between the total estimated contract revenue and the total estimated cost at completion. Under the units‑of‑delivery method, sales on a fixed‑price type contract are recorded as the units are delivered during the period based on their contractual selling prices. Under the cost‑to‑cost method, sales on a fixed‑price type contract are recorded at amounts equal to the ratio of actual cumulative costs incurred divided by total estimated costs at completion, multiplied by (i) the total estimated contract revenue, less (ii) the cumulative sales recognized in prior periods. The profit recorded on a contract in any period using either the units‑of‑delivery method or cost‑to‑cost method is equal to (i) the current estimated total profit margin multiplied by the cumulative sales recognized, less (ii) the amount of cumulative profit previously recorded for the contract. In the case of a contract for which the total estimated costs exceed the total estimated revenue, a loss arises, and a provision for the entire loss is recorded in the period that it becomes evident. The unrecoverable costs on a loss contract that are expected to be incurred in future periods are recorded in the program cost.

Significant management judgments and estimates must be made and used in connection with the recognition of revenue in any accounting period. Material differences in the amount of revenue in any given period may result if these judgments or estimates prove to be incorrect or if management’s estimates change on the basis of development of the business, market conditions or other factors. Management judgments and estimates have been applied consistently and have been reliable historically. The Company believes that there are two key factors which impact the reliability of management’s estimates. The first of those key factors is that the terms of the Company’s contracts are typically less than six months. The short‑term nature of such contracts reduces the risk that material changes in accounting estimates will occur on the basis of market conditions or other factors. The second key factor is that the Company has hundreds of contracts in any given accounting period, which reduces the risk that any one change in an accounting estimate on one or several contracts would have a material impact on the Company’s consolidated financial statements or its two reporting segments’ measures of profit. Changes in estimates are recognized using the cumulative catch‑up method of accounting. This method recognizes, in the current period, the cumulative effect of the changes on current and prior periods.

Stock‑Based Compensation

Stock‑based compensation is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period of the respective award. No compensation cost is ultimately recognized for awards for which employees do not render the requisite service and are forfeited.

Long‑Term Incentive Awards

For long‑term incentive awards outstanding as of April 30, 2018, the awards include time-based awards which vest equally over three years and performance-based awards which vest based on the achievement of a target payout established at the beginning of each performance period. The actual payout at the end of the performance period is calculated based upon the Company’s achievement of such targets. Payouts are made in cash and restricted stock units. Upon vesting of the restricted stock units, the Company has the discretion, but not an obligation, to settle the restricted stock units in cash or stock.

The cash component of the award is accounted for as a liability. The equity component is accounted for as a stock‑based liability, as the restricted stock units may be settled in cash or stock. At each reporting period, the Company reassesses the probability of achieving the performance targets. The estimation of whether the performance targets will be achieved requires judgment, and, to the extent actual results or updated estimates differ from the Company’s current estimates, the cumulative effect on current and prior periods of those changes will be recorded in the period estimates are revised.

Research and Development

Internally funded research and development costs (“IRAD”), sponsored by the Company relate to both U.S. government products and services and those for commercial and foreign customers. IRAD costs for the Company are recoverable and allocable under government contracts in accordance with U.S. government procurement regulations.

Customer‑funded research and development costs are incurred pursuant to contracts (revenue arrangements) to perform research and development activities according to customer specifications. These costs are direct contract costs and are expensed to cost of sales when the corresponding revenue is recognized, which is generally as the research and development services are performed. Revenue from customer‑funded research and development was approximately $51,848,000, $43,615,000 and $53,546,000 for the years ended April 30, 2018, 2017 and 2016, respectively. The related cost of sales for customer‑funded research and development totaled approximately $36,415,000, $29,790,000 and $34,786,000 for the years ended April 30, 2018, 2017 and 2016, respectively.

In January 2017, the Company executed a cost sharing Other Transaction Agreement type contract funded by the US Federal Government to perform certain system design, development and functional testing activities specific to a new prototype UAS on a best-efforts basis. The total estimated costs of the project are approximately $14,200,000, of which the Company is responsible for funding $6,100,000. The remaining $8,100,000 will be reimbursed to the Company as the activities are performed. The term of the agreement is through October 2018. The Company has determined that the contract meets the criteria of ASC 912-730-05 Contractors – Federal Government and, therefore, all reimbursements are recorded as an offset to research and development expense in the consolidated statements of operations. Reimbursements under the contract were $4,188,000 and $233,000 for the fiscal years ended April 30, 2018 and 2017, respectively.

Lease Accounting

The Company accounts for its leases and subsequent amendments as operating leases or capital leases for financial reporting purposes. Certain operating leases contain rent escalation clauses, which are recorded on a straight‑line basis over the initial term of the lease with the difference between the rent paid and the straight‑line rent recorded as a deferred rent liability. Lease incentives received from landlords are recorded as deferred rent liabilities and are amortized on a straight‑line basis over the lease term as a reduction to rent expense. Deferred rent liabilities were approximately $1,536,000 and $1,719,000 as of April 30, 2018 and 2017, respectively.

Advertising Costs

Advertising costs are expensed as incurred. Advertising expenses included in SG&A expenses were approximately $526,000, $227,000 and $232,000 for the years ended April 30, 2018, 2017 and 2016, respectively.

Foreign Currency Transactions

Foreign currency transaction gains and losses are charged or credited to earnings as incurred. For the fiscal years ended April 30, 2018, 2017 and 2016, foreign currency transaction gains and losses that are included in other income (expense) in the accompanying statements of operations were $87,000, $(284,000), and $(63,000), respectively.

Earnings Per Share

Basic earnings per share are computed using the weighted‑average number of common shares outstanding and excludes any anti‑dilutive effects of options, restricted stock and restricted stock units. The dilutive effect of potential common shares outstanding is included in diluted earnings per share.

The reconciliation of diluted to basic shares is as follows:


	Year Ended April 30,
	2018		2017		2016
Numerator for basic and diluted earnings (loss) per share:
Continuing operations attributable to AeroVironment	$	22,576,000	$	16,633,000	$	15,393,000
Discontinued operations, net of tax		(2,508,000)		(4,154,000)		(6,427,000)
Net income attributable to AeroVironment	$	20,068,000	$	12,479,000	$	8,966,000
Denominator for basic earnings per share:
Weighted average common shares		23,471,241		23,059,045		22,936,413
Dilutive effect of employee stock options, restricted stock and restricted stock units		342,531		248,693		217,080
Denominator for diluted earnings per share		23,813,772		23,307,738		23,153,493

During the years ended April 30, 2018, 2017 and 2016, certain options, shares of restricted stock and restricted stock units were not included in the computation of diluted earnings per share because their inclusion would have been anti‑dilutive. The number of options, restricted stock and restricted stock units which met this anti‑dilutive criterion was approximately 22,000, 86,000 and 22,000 for the years ended April 30, 2018, 2017 and 2016, respectively.

Recently Adopted Accounting Standards

In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. This ASU does not apply to inventory that is measured using last-in, first-out (LIFO) or the retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost. This ASU eliminates from U.S. GAAP the requirement to measure inventory at the lower of cost or market. Market under the previous requirement could be replacement cost, net realizable value, or net realizable value less a normal profit margin. Entities within the scope of this update will now be required to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory using LIFO or the retail inventory method. The Company’s adoption of ASU 2015-11 effective May 1, 2017 did not have a material impact on its consolidated financial statements.

In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which simplifies the test for goodwill impairment by removing Step 2 from the goodwill impairment test. If goodwill impairment is realized, the amount recognized will be the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized cannot exceed the total amount of goodwill allocated to that reporting unit. ASU 2017-04 must be applied on a prospective basis and will become effective for public entities in the first quarter of the year ending July 31, 2020, with early adoption available. The Company elected to early adopt the standard during the three months ended October 28, 2017. The Company’s adoption of ASU 2017-04 did not have a material impact on its consolidated financial statements.

Recently Issued Accounting Standards

In January 2017, the FASB issued ASU 2017-01, Business Combinations – Clarifying the definition of a business (Topic 805). This ASU clarifies the definition of a business with the objective of providing a more robust framework to evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The guidance will be effective for fiscal years beginning after December 15, 2017, including interim periods within that fiscal year, with early adoption permitted. The amendments are to be applied prospectively to business combinations that occur after the effective date.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments (Topic 230). This ASU adds and clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017 and interim periods therein, with early adoption permitted. The Company is evaluating the potential impact of this adoption on its consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This ASU requires the lessee to recognize the effective for fiscal years beginning after December 15, 2018 and interim periods therein, with early adoption permitted. The Company is evaluating the potential impact of this adoption on its consolidated financial statements. The Company currently does not hold a large number of leases that are classified as operating leases under the existing lease standard, with the only significant leases being the Company’s various property leases. The Company is evaluating the potential impact of this adoption on its consolidated financial statements.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The new standard was originally effective for reporting periods beginning after December 15, 2016 and early adoption was not permitted. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606)-Deferral of the Effective Date. This update approved a one-year delay of the effective date to reporting periods beginning after December 15, 2017, while permitting companies to voluntarily adopt the new standard as of the original effective date. Since the issuance of ASU 2014- 09, the FASB has issued several amendments to provide additional supplemental guidance on certain aspects of the original pronouncement. The core principle of ASU 2014-09 is to recognize revenue upon the transfer of goods or services to customers at an amount that reflects the consideration expected to be received. In adopting the guidance, companies are permitted to select between two transition methods: (1) a full retrospective transition method with the application of the new guidance to each prior reporting period presented, or (2) a retrospective transition method that recognizes the cumulative effect on prior periods at the date of adoption together with additional footnote disclosures.

Contracts for product deliveries of the Company’s tactical missile systems that have historically recognized revenue as the related products were delivered will recognize revenue under the new standard over time as costs are incurred. In addition, services performed under contracts for both the Company’s tactical missile systems and small UAS that have historically recognized revenue upon customer acceptance will recognize revenue under the new standard over time using an appropriate measure of progress, which is generally as costs are incurred. The new standard will not change the total amount of revenue recognized on these contracts, it will only accelerate the timing of when the revenue is recognized, resulting in an increase to unbilled receivables. The timing of cost of sales recognition for these contracts will also be accelerated, resulting in a decrease in inventories.

The new standard will not have a significant impact to revenue recognition for product deliveries of the Company’s small UAS family of systems that have historically recognized revenue as the related products were delivered. Under the new standard the Company will recognize revenue for these contracts at a point in time when the products transfer to the customer.

The new standard will not have a significant impact to revenue recognition for the Company’s customer-funded research and development contracts that we have historically recognized revenue based on percentage of completion. Under the new standard the Company will recognize revenue for these contracts over time as costs are incurred which approximates percentage of completion.

The Company is adopting ASU 2014-09 in the first quarter of 2019 using the full retrospective transition method which will require its fiscal year 2016 and 2017 financial statements to be revised. As described above, certain contracts under the new standard will recognize revenue as costs are incurred (or other appropriate measure of progress as applicable) as compared to as units are delivered under ASC 605 – Revenue Recognition, which will result in an increase in revenue from continuing operations of approximately $4.2 million in fiscal year 2017. The revision will also result in a cumulative adjustment from continued operations to increase retained earnings by approximately $0.7 million and $1.8 million for the fiscal years ended April 30, 2016 and 2017, respectively.

The majority of the Company’s contracts in its discontinued EES business are product purchase order, bill and ship arrangements that have historically recognized revenue as the related products were delivered. The Company does not anticipate a significant impact to revenue recognition under the new standard.

Due to the significant amount of revenues that occurred during the fourth quarter of fiscal 2018, the Company is continuing to assess the impact of adopting the new standard to its fiscal 2018 financial statements.

Discontinued Operations

12 Months Ended

Apr. 30, 2018

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

2. Discontinued Operations

On June 1, 2018, the Company entered into the Purchase Agreement with Webasto pursuant to which the Company agreed to sell, and Webasto agreed to acquire, substantially all of the assets of the EES Business and to assume certain liabilities related to the EES Business. The Company anticipates that the transaction will close within its first quarter of fiscal 2019. As of April 30, 2018, the Company determined that the EES Business met the criterion for classification as an asset held for sale and represents a strategic shift in in our operations. Therefore, the assets and liabilities and the results of operations of the EES Business are reported as discontinued operations for all periods presented. The table below presents the statements of operations data for the EES Business.


	Year Ended April 30,
	2018		2017		2016
Net sales	$	37,899	$	35,933	$	30,360
Cost of sales		30,890		29,008		23,831
Gross margin:		7,009		6,925		6,529
Selling, general and administrative		7,825		8,895		9,614
Research and development		3,526		4,577		7,251
Other (expense) income, net		(27)		7		28
Loss from discontinued operations before income taxes		(4,369)		(6,540)		(10,308)
Benefit for income taxes		(1,861)		(2,386)		(3,881)
Net loss from discontinued operations	$	(2,508)	$	(4,154)	$	(6,427)

The major classes of assets and liabilities included in discontinued operations related to the EES Business are presented in the table below.


	April 30,
	2018		2017
Carrying amount of assets classified as discontinued operations
Current assets:
Accounts receivable, net of allowance for doubtful accounts of $139 at April 30, 2018 and $187 at April 30, 2017	$	6,348	$	5,642
Inventories, net		18,716		19,168
Prepaid expenses and other current assets		185		120
Property and equipment, net		3,100		—
Total current assets classified as discontinued operations		28,349		24,930
Property and equipment, net		—		3,258
Total non-current assets classified as discontinued operations		—		3,258
Total assets classified as discontinued operations	$	28,349	$	28,188
Carrying amount of liabilities classified as discontinued operations
Current liabilities:
Accounts payable	$	5,121	$	4,388
Wages and related accruals		1,946		2,019
Customer advances		918		1,260
Other current liabilities		1,199		1,634
Total current liabilities		9,184		9,301
Total liabilities classified as discontinued operations	$	9,184	$	9,301

Investments

12 Months Ended

Apr. 30, 2018

Investments

Investments

3. Investments

Investments consist of the following:


	April 30,
	2018		2017
	(In thousands)
Short-term investments:
Held-to-maturity securities:
Municipal securities	$	35,344	$	47,437
U.S. government securities		31,620		14,515
Corporate bonds		46,685		55,519
Certificates of deposit		—		2,500
Total held-to-maturity and short-term investments	$	113,649	$	119,971
Long-term investments:
Held-to-maturity securities:
Municipal securities	$	2,046	$	8,942
U.S. government securities		27,356		22,540
Corporate bonds		9,112		8,117
Total held-to-maturity investments		38,514		39,599
Available-for-sale securities:
Auction rate securities		2,142		2,497
Total available-for-sale investments		2,142		2,497
Total long-term investments	$	40,656	$	42,096

Held‑To‑Maturity Securities

As of April 30, 2018 and 2017, the balance of held‑to‑maturity securities consisted of state and local government municipal securities, U.S. government securities, corporate bonds and certificates of deposit. Interest earned from these investments is recorded in interest income.

The amortized cost, gross unrealized losses, and estimated fair value of the held‑to‑maturity investments as of April 30, are as follows (in thousands):


	April 30, 2018								April 30, 2017
			Gross		Gross						Gross		Gross
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
Municipal securities	$	37,390	$	9	$	(36)	$	37,363	$	56,379	$	30	$	(21)	$	56,388
U.S. government securities		58,976		—		(367)		58,609		37,055		2		(41)		37,016
Corporate bonds		55,797		2		(71)		55,728		63,636		9		(85)		63,560
Certificates of deposit		—		—		—		—		2,500		1		—		2,501
Total held-to-maturity investments	$	152,163	$	11	$	(474)	$	151,700	$	159,570	$	42	$	(147)	$	159,465

The amortized cost and fair value of the Company’s held‑to‑maturity securities by contractual maturity at April 30, 2018, are as follows:


	Cost		Fair Value
Due within one year	$	113,649	$	113,443
Due after one year through five years		38,514		38,257
Total	$	152,163	$	151,700

Available‑For‑Sale Securities

Auction Rate Securities

As of April 30, 2018 and 2017, the entire balance of available‑for‑sale auction rate securities consisted of two investment grade auction rate municipal bonds with maturities ranging from 1 to 16 years. These investments have characteristics similar to short‑term investments, because at pre‑determined intervals, generally ranging from 30 to 35 days, there is a new auction process at which the interest rates for these securities are reset to current interest rates. At the end of such period, the Company chooses to roll‑over its holdings or redeem the investments for cash. A market maker facilitates the redemption of the securities and the underlying issuers are not required to redeem the investment within 365 days. Interest earned from these investments is recorded in interest income.

During the fourth quarter of the fiscal year ended April 30, 2008, the Company began experiencing failed auctions on some of its auction rate securities. A failed auction occurs when a buyer for the securities cannot be obtained and the market maker does not buy the security for its own account. The Company continues to earn interest on the investments that failed to settle at auction, at the maximum contractual rate until the next auction occurs. In the event the Company needs to access funds invested in these auction rate securities, the Company may not be able to liquidate these securities at the fair value recorded on April 30, 2018 until a future auction of these securities is successful or a buyer is found outside of the auction process.

As a result of the failed auctions, the fair values of these securities are estimated utilizing a discounted cash flow analysis as of April 30, 2018 and 2017. The analysis considers, among other items, the collateralization underlying the security investments, the creditworthiness of the counterparty, the timing of expected future cash flows, and the expectation of the next time the security is expected to have a successful auction.

Based on the Company’s ability to access its cash and cash equivalents, expected operating cash flows, and other sources of cash, the Company does not anticipate the current lack of liquidity on these investments will affect its ability to operate the business in the ordinary course. The Company believes the current lack of liquidity of these investments is temporary and expects that the securities will be redeemed or refinanced at some point in the future. The Company will continue to monitor the value of its auction rate securities at each reporting period for a possible impairment if a further decline in fair value occurs. The auction rate securities have been in an unrealized loss position for more than 12 months. The Company has the ability and the intent to hold these investments until a recovery of fair value, which may be maturity and as of April 30, 2018, it did not consider these investments to be other‑than‑temporarily impaired.

The amortized cost, gross unrealized losses, and estimated fair value of the available‑for‑sale auction rate securities are as follows (in thousands):


	April 30,
	2018		2017
Auction rate securities
Amortized cost	$	2,250	$	2,700
Gross unrealized losses		(108)		(203)
Fair value	$	2,142	$	2,497

The amortized cost and fair value of the Company’s auction rate securities by contractual maturity at April 30, 2018 are as follows (in thousands):


	Cost		Fair Value
Due after one through five years	$	250	$	252
Due after 10 years		2,000		1,890
Total	$	2,250	$	2,142

Equity Securities

At April 30, 2015, the entire balance of available-for-sale equity securities consisted of 618,042 CybAero AB (“CybAero”) common shares. The shares were classified as available-for-sale. These shares were initially acquired on August 11, 2014, when the Company converted a convertible bond into CybAero common shares. The convertible bond was in the amount of 10 million SEK and was converted into 1,062,699 common shares of CybAero at the conversion price of 9.41 SEK per share. When the Company converted the bond on August 11, 2014, the fair value per share was 37.50 SEK which became the new cost basis going forward, with all subsequent changes in fair value being recorded to other comprehensive income.

At August 1, 2015, the Company reviewed these shares for impairment based on criteria that included the extent to which the investment’s carrying value exceeds its related market value, the duration of the market decline, uncertainty as to the recovery period due to sustained losses of the investee and the Company’s intent to hold its investment until recovery. In the three months ended August 1, 2015, the Company determined it was in its best interests to liquidate the remaining shares held. As a result, during the three months ended August 1, 2015, the Company recorded an other-than-temporary-impairment loss of $2,186,000 related to the Company’s investment in the CybAero shares which was recorded to other (expense), net in the consolidated statement of operations. As a result of recording the impairment charge, the investment’s fair value became its new cost basis.

In August 2015, the Company sold its remaining shares in CybAero in a private sale at the price of 12.00 SEK per share, resulting in proceeds of approximately $777,000. During the fiscal year ended April 30, 2016, the Company realized gains on the sale of CybAero shares of $207,000, based on the difference between the original conversion price of 9.41 SEK per share and the sales price at the time of sale, inclusive of the final sale of all shares.

Fair Value Measurements

12 Months Ended

Apr. 30, 2018

Fair Value Measurements

Fair Value Measurements

4. Fair Value Measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy contains three levels as follows:

Level 1—Inputs to the valuation based upon quoted prices (unadjusted) for identical assets or liabilities in active markets that are accessible as of the measurement date.

Level 2—Inputs to the valuation include quoted prices in either markets that are not active, or in active markets for similar assets or liabilities, inputs other than quoted prices that are observable, and inputs that are derived principally from or corroborated by observable market data.

Level 3—Inputs to the valuation that are unobservable inputs for the asset or liability.

The Company’s financial assets measured at fair value on a recurring basis at April 30, 2018, were as follows (in thousands):


	Fair Value Measurement Using
			Significant
	Quoted prices in		other		Significant
	active markets for		observable		unobservable
	identical assets		inputs		inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Auction rate securities	$	—	$	—	$	2,142	$	2,142
Total	$	—	$	—	$	2,142	$	2,142

The following table provides a reconciliation between the beginning and ending balances of items measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3) (in thousands):


	Fair Value
	Measurements Using
	Significant
	Unobservable Inputs
Description	(Level 3)
Balance at May 1, 2017	$	2,497
Transfers to Level 3		—
Total gains (realized or unrealized)
Included in earnings		—
Included in other comprehensive income		95
Purchases, issuances and settlements, net		(450)
Balance at April 30, 2018	$	2,142
The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at April 30, 2018	$	—

The auction rate securities are valued using a discounted cash flow model. The analysis considers, among other items, the collateralization underlying the security investments, the creditworthiness of the counterparty, the timing of expected future cash flows, and the estimated date upon which the security is expected to have a successful auction. As of April 30, 2018, the inputs used in the Company’s discounted cash flow analysis included current coupon rates of 2.8%, estimated redemption periods of 1 to 16 years and discount rates of 3.6% to 9.8%. The discount rates were based on market rates for municipal bond securities, as adjusted for a risk premium to reflect the lack of liquidity of these investments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Inventories, net

12 Months Ended

Apr. 30, 2018

Inventories, net

Inventories, net

5. Inventories, net

Inventories consist of the following:


	April 30,
	2018		2017
	(In thousands)
Raw materials	$	12,020	$	12,664
Work in process		15,995		14,618
Finished goods		14,578		16,382
Inventories, gross		42,593		43,664
Reserve for inventory excess and obsolescence		(3,953)		(2,756)
Inventories, net	$	38,640	$	40,908

Intangibles

12 Months Ended

Apr. 30, 2018

Intangibles

Intangibles

6. Intangibles

Intangibles are included in other assets on the balance sheet. The components of intangibles are as follows:


	April 30,		Impairment		April 30,
	2017		Charges		2018
	(In thousands)
Licenses	$	818	$	-	$	818
Customer relationships		1,600		(867)		733
Trademarks and tradenames		60		(32)		28
Other		3		-		3
Intangibles, gross		2,481	$	(899)		1,582
Less accumulated amortization		(658)				(954)
Intangibles, net	$	1,823			$	628

The Company tests identifiable intangible assets and goodwill for impairment in the fourth quarter of each fiscal year unless there are interim indicators that suggest that it is more likely than not that either the identifiable intangible assets or goodwill may be impaired. Due to the current political situation within Turkey and the increased uncertainty in the relations between the U.S. and Turkey, the Company significantly lowered its cash flow expectations for its Altoy operations. As a result of the decline in the Company’s cash flow forecast, the Company performed an interim assessment of impairment of Altoy’s long-lived assets, excluding goodwill during the three months ended October 28, 2017. Based on the analysis, the Company determined that the fair value of Altoy had declined below its carrying value, excluding goodwill. As a result, the Company performed an additional analysis to determine the amount of the impairment loss and recorded an impairment loss totaling $899,000, which is included in selling, general and administrative expense on the consolidated statements of operations. The fair value of the Altoy asset group was determined based on a discounted cash flow model reflective of the revised cash flow estimates.

The weighted average amortization period at April 30, 2018 and 2017 was three years and six years, respectively. Amortization expense for the years ended April 30, 2018, 2017 and 2016 was $296,000, $139,000 and $80,000, respectively.

The customer relationships, trademarks and tradenames, and other intangible assets were recognized in conjunction with the Company’s acquisition of a controlling interest in its Altoy joint venture on February 1, 2017. Refer to Note 19 - Business Combinations for further details.

Estimated amortization expense for the next five years is as follows:


	Year ending
	April 30,
	(In thousands)
2019	$	275
2020		255
2021		98
2022		—
2023		—
	$	628

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Property and Equipment, net

12 Months Ended

Apr. 30, 2018

Property and Equipment, net

Property and Equipment, net

7. Property and Equipment, net

Property and equipment, net consist of the following:


	April 30,
	2018		2017
	(In thousands)
Leasehold improvements	$	10,541	$	9,506
Machinery and equipment		40,377		37,287
Furniture and fixtures		2,094		1,857
Computer equipment and software		31,895		26,682
Construction in process		3,359		4,467
Property and equipment, gross		88,266		79,799
Less accumulated depreciation and amortization		(69,047)		(63,837)
Property and equipment, net	$	19,219	$	15,962

Depreciation expense for the years ended April 30, 2018, 2017 and 2016 was $5,676,000, $4,939,000 and $3,799,000, respectively. At April 30, 2018 and 2017, property and equipment includes computer equipment and software under capital leases with a cost basis of $1,836,000 and $1,836,000 and accumulated depreciation of $1,687,000 and $1,433,000, respectively. Depreciation of computer equipment and software under capital leases was $201,000 and $375,000 for the fiscal years ended April 30, 2018 and 2017 respectively.

Investments in Companies Accounted for Using the Equity Method	12 Months Ended
	Apr. 30, 2018
Equity Method Investments
Investments in Companies Accounted for Using the Equity Method	8. Investments in Companies Accounted for Using the Equity Method In December of 2017, the Company and Softbank formed a joint venture, HAPSMobile. HAPSMobile is a Japanese corporation that is 5% owned by the Company and 95% owned by SoftBank and is governed by a Joint Venture Agreement (the “JVA”). The Company purchased its 5% stake in HAPSMobile for 210,000,000 yen ($1,860,000) effective as of December 27, 2017 and 150,000,000 yen ($1,407,000) on April 17, 2018. Under the JVA, the Company committed to make an additional capital contribution of 209,500,000 yen (approximately $1,900,000) in or around January 2019 to maintain its 5% ownership stake. Additionally under the JVA, the Company may purchase additional shares of HAPSMobile, at the same per share price for the purchase of its original 5% stake, to increase its ownership percentage of HAPSMobile up to 19% prior to the first flight test of the prototype aircraft produced under a design and development agreement between HAPSMobile and the Company. As the Company has the ability to exercise significant influence over the operating and financial policies of HAPSMobile, the Company’s investment is accounted as an equity method investment. At April 30, 2018, the Company recorded 5% of the net loss of HAPSMobile, or $1,283,000, in “Equity method investment activity, net of tax” in the consolidated statements of income. At April 30, 2018, the carrying value of the investment in HAPSMobile was $2,020,000 and was recorded in “Other assets, long-term.” In March of 2014, the Company purchased 49% of the outstanding common stock of Altoy, a Turkish corporation founded in February 2014. During the years ended April 30, 2017 and 2016, the Company recorded 49% of the net loss of Altoy, or $119,000 and $138,000, respectively, in “Equity method investment activity, net of tax” in the consolidated statements of income. At April 30, 2016, the carrying value of the investment in Altoy was $386,000 and was recorded in “Other assets, long‑term.” On February 1, 2017, the Company acquired an additional 36% interest in Altoy, increasing the Company’s total ownership interest to 85%, for total cash consideration of $625,000. As a result of the Company obtaining a controlling interest in Altoy, Altoy has been consolidated into the consolidated financial statements of the Company as of the date of the acquisition. Refer to Note 19 - Business Acquisitions.

Warranty Reserves

12 Months Ended

Apr. 30, 2018

Warranty Reserves

Warranty Reserves

9. Warranty Reserves

Warranty reserve activity is summarized as follows:


	April 30,
	2018		2017
	(In thousands)
Beginning balance	$	1,947	$	3,094
Warranty expense		1,884		187
Changes in estimates related to pre-existing warranties		—		1,651
Warranty costs settled		(1,741)		(2,985)
Ending balance	$	2,090	$	1,947

During the fiscal year ended April 30, 2017, the Company revised its estimates based on the results of additional engineering studies and recorded incremental warranty reserve charges totaling $1,651,000 related to the estimated costs to repair a component of certain small UAS that were delivered in prior periods. At April 30, 2018 and 2017, there were zero and $441,000 remaining estimated warranty costs related to the repair of the impacted small UAS, respectively. As of April 30, 2018 and 2017, a total of $2,198,000 and $1,762,000 of costs related to this warranty have been incurred, respectively.

Employee Savings Plan	12 Months Ended
Employee Savings Plan	Apr. 30, 2018
Employee Savings Plan
Employee Savings Plan	10. Employee Savings Plan The Company has an employee 401(k) savings plan covering all eligible employees. The Company expensed approximately $2,953,000, $2,603,000 and $2,546,000 in contributions to the plan for the years ended April 30, 2018, 2017 and 2016, respectively.

Severance Charges	12 Months Ended
Severance Charges	Apr. 30, 2018
Severance Charges
Severance Charges	11. Severance Charges During the fiscal year ended April 30, 2017, the Company recorded severance costs totaling $1,262,000. Of this total, approximately $850,000 was due to two officers who left the Company during the fiscal year ended April 30, 2017. The remaining severance costs were due to certain strategic headcount reductions consisting entirely of severance payments. Of the total, approximately $555,000 was recorded to cost of sales and $707,000 was recorded to SG&A. Of the total, approximately $127,000 was in accrued wages and related accruals at April 30, 2017. During the fiscal year ended April 30, 2016, the Company made certain strategic headcount reductions with a total cost of approximately $702,000, consisting entirely of severance payments. The Company recorded this charge during its fourth fiscal quarter ended April 30, 2016. Of the total, approximately $300,000 was recorded to cost of sales and $402,000 was recorded to SG&A. Of the total, approximately $642,000 was in accrued wages and related accruals at April 30, 2016. All amounts were paid out prior to April 30, 2017.

Stock-Based Compensation

12 Months Ended

Apr. 30, 2018

Stock-Based Compensation

Stock-Based Compensation

12. Stock‑Based Compensation

For the years ended April 30, 2018, 2017 and 2016, the Company recorded stock‑based compensation expense of approximately $4,956,000, $3,392,000 and $4,002,000, respectively.

On January 14, 2007, the stockholders of the Company approved the 2006 Equity Incentive Plan, or 2006 Plan, effective January 21, 2007, for officers, directors, key employees and consultants. On September 29, 2011, the stockholders of the Company approved an amendment and restatement of the 2006 Plan, or Restated 2006 Plan. Under the Restated 2006 Plan, incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation right awards, performance share awards, performance stock unit awards, dividend equivalents awards, stock payment awards, deferred stock awards, restricted stock unit awards, other stock‑based awards, performance bonus awards or performance‑based awards may be granted at the discretion of the compensation committee, which consists of outside directors. A maximum of 4,884,157 shares of stock may be issued pursuant to awards under the Restated 2006 Plan. The maximum number of shares of common stock with respect to one or more awards that may be granted to any one participant during any twelve month period is 2,000,000. A maximum of $5,000,000 may be paid in cash to any one participant as a performance‑based award during any twelve month period. The exercise price for any incentive stock option shall not be less than 100% of the fair market value on the date of grant. Vesting of awards is established at the time of grant.

The Company had an equity incentive plan, or 2002 Plan, for officers, directors and key employees. Under the 2002 Plan, incentive stock options or nonqualified stock options were granted, as determined by the administrator at the time of grant. Stock purchase rights were also granted under the 2002 Plan. Options under the 2002 Plan were granted at their fair market value (as determined by the board of directors). The options became exercisable at various times over a five-year period from the grant date. The 2002 Plan was terminated on the effective date of the 2006 Plan. Awards outstanding under the 2002 Plan remain outstanding and exercisable; no additional awards may be made under the 2002 Plan.

The Company had a 1992 nonqualified stock option plan, or 1992 Plan, for certain officers and key employees. Options under the 1992 Plan were granted at their fair market value (as determined by the board of directors) at the date of grant and became exercisable at various times over a five-year period from the grant date. The 1992 Plan expired in August 2002.

The fair value of stock options granted was estimated at the grant date using the Black‑Scholes option pricing model with the following weighted average assumptions for the years ended April 30, 2018, 2017 and 2016:


	Year Ended April 30,
	2018			2017			2016
Expected term (in years)		—			—			6.00
Expected volatility		—	%		—	%		36.14	%
Risk-free interest rate		—	%		—	%		1.88	%
Expected dividend		—			—			—
Weighted average fair value at grant date	$	—		$	—		$	10.18

No options were granted during the fiscal years ended April 30, 2018 and 2017.

The expected term of stock options represents the weighted average period the Company expects the stock options to remain outstanding, based on the Company’s historical exercise and post‑vesting cancellation experience and the remaining contractual life of its outstanding options.

The expected volatility is based on historical volatility for the Company’s stock.

The risk free interest rate is based on the implied yield on a U.S. Treasury zero‑coupon bond with a remaining term that approximates the expected term of the option.

The expected dividend yield of zero reflects that the Company has not paid any cash dividends since inception and does not anticipate paying cash dividends in the foreseeable future.

Information related to the stock option plans at April 30, 2018, 2017 and 2016, and for the years then ended is as follows:


	Restated 2006 Plan			2002 Plan			1992 Plan
		Weighted			Weighted			Weighted
		Average			Average			Average
		Exercise			Exercise			Exercise
	Shares	Price		Shares	Price		Shares	Price
Outstanding at April 30, 2015	652,117		23.96	44,993		7.57	78,604		0.59
Options granted	128,000		26.83	—		—	—		—
Options exercised	(43,000)		21.81	(31,161)		5.70	(10,000)		0.59
Options canceled	(58,318)		25.98	(8)		2.13	—		—
Outstanding at April 30, 2016	678,799		24.46	13,824		11.79	68,604		0.59
Options granted	—		—	—		—	—		—
Options exercised	(167,310)		22.32	(9,601)		11.79	(25,189)		0.59
Options canceled	(64,865)		26.76	(4,223)		11.79	—		—
Outstanding at April 30, 2017	446,624		24.93	—		—	43,415		0.59
Options granted	—		—	—		—	—		—
Options exercised	(107,598)		23.80	—		—	(25,113)		0.59
Options canceled	—		—	—		—	—		—
Outstanding at April 30, 2018	339,026		25.29	—		—	18,302		0.59
Options exercisable at April 30, 2018	256,012	$	24.81	—	$	—	18,302	$	0.59

The total intrinsic value of all options exercised during the years ended April 30, 2018, 2017 and 2016 was approximately $2,407,000, $1,747,000, and $1,198,000, respectively. The intrinsic value of all options outstanding at April 30, 2018 and 2017 was $10,890,000 and $2,840,000, respectively. The intrinsic value of all exercisable options at April 30, 2018 and 2017 was $8,587,000 and $2,454,000, respectively.

A summary of the status of the Company’s non‑vested stock options as of April 30, 2018 and the year then ended is as follows:


		Weighted
		Average
		Grant Date
Non-vested Options	Options	Fair Value
Non-vested at April 30, 2017	140,118	$	10.76
Granted	—		—
Expired	—		—
Canceled	—		—
Vested	(57,104)		10.45
Non-vested at April 30, 2018	83,014	$	10.97

As of April 30, 2018, there was approximately $7,045,000 of total unrecognized compensation cost related to non‑vested share‑based compensation awards granted under the equity plans. That cost is expected to be recognized over an approximately two‑year period or a weighted average period of approximately 1.9 years.

The weighted average fair value of options issued for the year ended April 30, 2016 was $10.18. No options were granted during the fiscal years ended April 30, 2018 and 2017. The total fair value of shares vesting during the years ended April 30, 2018, 2017 and 2016 was $3,328,000, $2,942,000 and $2,495,000, respectively.

Proceeds from all option exercises under all stock option plans for the years ended April 30, 2018, 2017 and 2016 were approximately $2,576,000, $3,863,000 and $1,121,000, respectively. The tax benefit realized from stock‑based compensation during the years ended April 30, 2018, 2017 and 2016 was approximately $0, $0, and $98,000, respectively.

The following tabulation summarizes certain information concerning outstanding and exercisable options at April 30, 2018:


				Options Outstanding
					Weighted
					Average			Options Exercisable
					Remaining	Weighted			Weighted
				As of	Contractual	Average		As of	Average
				April 30,	Life In	Exercise		April 30,	Exercise
Range of Exercise Prices				2018	Years	Price		2018	Price
$	0.59	-	19.16	72,302	4.23	$	13.78	72,302	$	13.78
	19.17	-	26.24	58,500	4.86		20.54	48,500		20.71
	26.25	-	26.99	80,000	7.15		26.70	32,000		26.70
	27.00	-	27.99	50,000	5.56		27.27	40,000		27.27
	28.00	-	32.19	96,526	4.59		29.90	81,512		29.65
$	0.59	-	32.19	357,328	5.27	$	24.02	274,314	$	23.20

The remaining weighted average contractual life of exercisable options at April 30, 2018 was 4.88 years.

Information related to the Company’s restricted stock awards at April 30, 2018 and for the year then ended is as follows:


	Restated 2006 Plan
		Weighted
		Average
		Grant Date
	Shares	Fair Value
Unvested stock at April 30, 2017	339,145	$	26.27
Stock granted	131,332		37.71
Stock vested	(133,886)		25.25
Stock canceled	(4,016)		26.10
Unvested stock at April 30, 2018	332,575	$	31.20

Long-Term Incentive Awards	12 Months Ended
Long-Term Incentive Awards	Apr. 30, 2018
Long-Term Incentive Awards.
Long-Term Incentive Awards	13. Long‑Term Incentive Awards During the three months ended July 29, 2017, the Company granted awards under its amended and restated 2006 Equity Incentive Plan (the “Restated 2006 Plan”) to key employees (“Fiscal 2018 LTIP”). Awards under the Fiscal 2018 LTIP consist of: (i) time-based restricted stock awards which vest in equal tranches in July 2018, July 2019 and July 2020, and (ii) performance-based restricted stock units (“PRSUs”) which vest based on the Company’s achievement of revenue and operating income targets for the three-year period ending April 30, 2020. At the award date, target achievement levels for each of the financial performance metrics were established for the PRSUs, at which levels the PRSUs would vest at 100% for each such metric. Threshold achievement levels for which the PRSUs would vest at 50% for each such metric and maximum achievement levels for which such awards would vest at 200% for each such metric were also established. The actual payout for the PRSUs at the end of the performance period will be calculated based upon the Company’s achievement of the established revenue and operating income targets for the performance period. Settlement of the PRSUs will be made in fully vested shares of common stock. During the fiscal year ended April 30, 2018, the Company recorded $269,000 of compensation expense related to the Fiscal 2018 LTIP. At April 30, 2018, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2018 LTIP is $2,660,000. During the three months ended July 29, 2017, the Company also granted awards under the Restated 2006 Plan to key employees (“Fiscal 2017 LTIP”). Awards under the Fiscal 2017 LTIP consist of: (i) time-based restricted stock awards which vest in equal tranches in July 2017, July 2018 and July 2019, and (ii) PRSUs which vest based on the Company’s achievement of revenue and operating income targets for the three-year period ending April 30, 2019. At the award date, target achievement levels for each of the financial performance metrics were established for the PRSUs, at which levels the PRSUs would vest at 100% for each such metric. Threshold achievement levels for which the PRSUs would vest at 50% for each such metric and maximum achievement levels for which such awards would vest at 200% for each such metric were also established. The actual payout for the PRSUs at the end of the performance period will be calculated based upon the Company’s achievement of the established revenue and operating income targets for the performance period. Settlement of the PRSUs will be made in fully-vested shares of common stock. During the fiscal year ended April 30, 2018, the Company recorded $159,000 of compensation expense related to the Fiscal 2017 LTIP. At April 30, 2018, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2017 LTIP is $2,440,000. During the year ended April 30, 2016, the Company granted a three-year performance award under the Restated 2006 Plan to key employees (“Fiscal 2016 LTIP”). The performance period for each three-year award is the three-year period ending April 30, 2018. A target payout was established at the award date. The actual payout at the end of the performance period will be calculated based upon the Company’s achievement of revenue and gross margin for the performance period. Payouts will be made in cash and restricted stock units. Upon vesting of the restricted stock units, the Company has the discretion to settle the restricted stock units in cash or stock. No compensation cost has been recognized for this award as the Company did not achieve the performance conditions. At each reporting period, the Company reassesses the probability of achieving the performance targets. The estimation of whether the performance targets will be achieved requires judgment, and, to the extent actual results or updated estimates differ from the Company’s current estimates, the cumulative effect on current and prior periods of those changes will be recorded in the period estimates are revised.

Income Taxes

12 Months Ended

Apr. 30, 2018

Income Taxes

Income Taxes

14. Income Taxes

The components of income before income taxes are as follows (in thousands):


	Year Ended April 30,
	2018		2017		2016
Domestic	$	33,854	$	20,954	$	18,433
Foreign		(34)		(86)		81
Income from continuing operations before income taxes		33,820		20,868		18,514

Equity method investment activity		(1,283)		(119)		(138)
Total income from continuing operations before income taxes	$	32,537	$	20,749	$	18,376

The Company expects any foreign earnings to be reinvested in such foreign jurisdictions and, therefore, no deferred tax liabilities for U.S. income taxes on undistributed earnings are recorded. The foreign subsidiaries do not have any undistributed earnings.

A reconciliation of income tax expense computed using the U.S. federal statutory rates to actual income tax expense (benefit) is as follows:


	Year Ended April 30,
	2018		2017		2016
U.S. federal statutory income tax rate	30.4	%	34.0	%	35.0	%
State and local income taxes, net of federal benefit	(2.0)		(1.9)		(5.3)
R&D and other tax credits	(6.7)		(11.7)		(19.2)
Valuation allowance	4.7		4.1		7.3
Foreign rate differential	0.1		—		—
Uncertain tax position adjustment	—		—		—
Return to provision adjustments	(0.1)		(0.3)		2.1
Permanent items	(6.9)		(3.6)		(3.1)
Tax Act	10.0		—		—
Other	0.6		(0.8)		(0.7)
Effective income tax rate	30.1	%	19.8	%	16.1	%

The components of the provision (benefit) for income taxes are as follows (in thousands):


	Year Ended April 30,
	2018		2017		2016
Current:
Federal	$	6,363	$	3,745	$	5,388
State		925		215		406
Foreign		—		—		—
		7,288		3,960		5,794
Deferred:
Federal		3,272		(66)		(2,814)
State		(331)		279		3
Foreign		(52)		(35)		—
		2,889		178		(2,811)
Total income tax expense (benefit)	$	10,177	$	4,138	$	2,983

Significant components of the Company’s deferred income tax assets and liabilities are as follows (in thousands):


	April 30,
	2018		2017
Deferred income tax assets:
Accrued expenses	$	5,771	$	7,074
Allowances, reserves, and other		2,100		1,801
Unrealized loss on securities		25		74
Net operating loss and credit carry-forwards		12,361		11,854
Intangibles basis		94		43
Total deferred income tax assets		20,351		20,846
Deferred income tax liabilities:
Other		—		(29)
Fixed asset basis		(682)		(428)
Total deferred income tax liabilities		(682)		(457)
Valuation allowance		(8,568)		(5,416)
Net deferred tax assets	$	11,101	$	14,973

At April 30, 2018 and 2017 the Company recorded a valuation allowance of $8,568,000 and $5,416,000, respectively, against state R&D credits as the Company is currently generating more tax credits than it will utilize in future years and against foreign net operating losses that are not more likely than not to be utilized. The valuation allowance increased by $3,152,000 and $905,000 for April 30, 2018 and April 30, 2017, respectively.

At April 30, 2018 the Company had state credit carryforwards of $20,760,000 that do not expire and federal tax credit carryforwards of $5,098,000 that expire in 2035.

At April 30, 2018, the Company had multiple state net operating loss carryforwards and had foreign losses of approximately $10,000 and $1,125,000, respectively. The state net operating loss carryforwards begin to expire in 2023. $1,051,000 of the foreign loss carryforwards begin to expire in 2019 with the remainder having an indefinite carryforward.

At April 30, 2018 and 2017, the Company had approximately $11,170,000 and $9,856,000, respectively, of unrecognized tax benefits all of which would impact the Company’s effective tax rate if recognized. The Company estimates that $411,000 of its unrecognized tax benefits will decrease in the next twelve months due to statute of limitation expiration.

The following table summarizes the activity related to the Company’s gross unrecognized tax benefits for the years ended April 30, 2018 and 2017 (in thousands):


	April 30,
	2018		2017
Balance as of May 1	$	9,856	$	9,905
Increases related to prior year tax positions		228		3
Decreases related to prior year tax positions		—		(26)
Increases related to current year tax positions		1,347		901
Decreases related to lapsing of statute of limitations		(261)		(927)
Balance as of April 30,	$	11,170	$	9,856

The Company records interest and penalties on uncertain tax positions to income tax expense. As of April 30, 2018 and 2017, the Company had accrued approximately $16,000 and $16,000, respectively, of interest and penalties related to uncertain tax positions. The Company is currently under audit by various state jurisdictions but does not anticipate any material adjustments from these examinations. The tax years 2015 to 2017 remain open to examination by the IRS for federal income taxes. The tax years 2011 to 2017 remain open for major state taxing jurisdictions.

During the fiscal year ended April 30, 2018, the Company recorded a reversal of a $261,000 reserve, including the related interest, for uncertain tax positions due to the lapse of prior year statue.

On December 22, 2017, the Tax Act was signed into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21% effective for tax years beginning after December 31, 2017, repeal of the corporate alternative minimum tax, repeal of the deduction for domestic production activities, and limitation on the deductibility of certain executive compensation.

In accordance with GAAP as determined by ASC 740, Income Taxes, the Company is required to record the effects of tax law changes in the period enacted. As the Company has a April 30 fiscal year end, its U.S. federal corporate income tax rate will be blended in fiscal 2018, resulting in a statutory federal rate of approximately 30.4% (8 months at 35% and 4 months at 21%), and will be 21% for subsequent fiscal years. The Company remeasured its existing deferred tax assets and liabilities at the rate the Company expects to be in effect when those deferred taxes will be realized (30.4% if in 2018 or 21% thereafter) and recorded a one-time deferred tax expense of approximately $3,400,000 for fiscal year April 30, 2018.

The Company’s financial statements do not reflect the impact of certain aspects of the Tax Act as the Company did not have the necessary information available, prepared, or analyzed (including computations), or because sufficient guidance has not been issued in order to determine an actual or provisional amount for the tax effects of the Tax Act. To date, these aspects include the new state income tax conformity to the Tax Act which the Company is continuing to evaluate the provisions and as a result, has not included an estimate of the tax expense or benefit related to these items in the Company’s consolidated financial statements for the fiscal year ended April 30, 2018.

Accumulated Other Comprehensive Loss and Reclassifications

12 Months Ended

Apr. 30, 2018

Accumulated Other Comprehensive Loss and Reclassifications

Accumulated Other Comprehensive Loss and Reclassifications

15. Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss are as follows (in thousands):


					Total Accumulated		Total Accumulated
					Other		Other
	Available-for-Sale		Foreign Currency		Comprehensive		Comprehensive
	Securities		Translation Adjustments		Loss		Loss
Total accumulated other comprehensive loss balance as of April 30, 2017	$	(127)	$	—	$	(127)	$	(127)
Changes in foreign currency translation adjustments, net of $0 taxes		—		36		36		36
Unrealized gains, net of $25 of taxes		70		—		70		70
Total accumulated other comprehensive loss balance as of April 30, 2018	$	(57)	$	36	$	(21)	$	(21)

Changes in Accounting Estimates	12 Months Ended
Changes in Accounting Estimates	Apr. 30, 2018
Changes in Accounting Estimates
Changes in Accounting Estimates	16. Changes in Accounting Estimates During the years ended April 30, 2018, 2017 and 2016, the Company revised its estimates at completion of various fixed-price contracts which resulted in cumulative catch up adjustments during the year in which the change in estimate occurred. The change in estimate was a result of the Company changing the total costs required to complete the contracts due to having more accurate cost information as work progressed in subsequent periods on the various contracts. The changes in estimates resulted in cumulative catch-up adjustments to income from continuing operations for the years ended April 30, 2018, 2017 and 2016 that were not material. Refer also to Note 9 – Warranty Reserves for further details of change in warranty estimates during the fiscal year ended April 30, 2017.

Related Party Transactions	12 Months Ended
Related Party Transactions	Apr. 30, 2018
Related Party Transactions
Related Party Transactions	17. Related Party Transactions Pursuant to a consulting agreement, the Company paid a board member approximately $48,000, $80,000 and $96,000 for fiscal years ended April 30, 2018, 2017 and 2016, respectively, for consulting services independent of his board service. Concurrent with the formation of HAPSMobile, the Company executed a Design and Development Agreement (the “DDA”) with HAPSMobile. Under the DDA, the Company will use its best efforts, up to a maximum net value of $75,789,000, to design and build prototype solar powered high altitude aircraft and ground control stations for HAPSMobile and conduct low altitude and high altitude flight tests of the prototype aircraft. The Company recorded revenue under the DDA and preliminary design agreements between the Company and SoftBank of $29,597,000 for the year ended April 30, 2018. At April 30, 2018, the Company had unbilled related party receivables from HAPSMobile of $3,145,000 recorded in “Unbilled receivables and retentions” on the consolidated balance sheet. During the year ended April 30, 2018, the Company purchased a 5% stake in accordance with the JVA. Refer to Note 8 – Equity Method Investments for further details.

Commitments and Contingencies

12 Months Ended

Apr. 30, 2018

Commitments and Contingencies

Commitments and Contingencies

18. Commitments and Contingencies

Commitments

The Company’s operations are conducted in leased facilities. The Company finances the purchase of certain IT equipment and perpetual software licenses under capital lease arrangements. Following is a summary of non‑cancelable operating and capital lease commitments:


	April 30, 2018
	(In thousands)

		Operating leases		Capital leases
2019	$	4,940	$	161
2020		4,774		—
2021		3,872		—
2022		3,421		—
2023		2,278		—
Thereafter		1,914		—
	$	21,199		161
Less: amounts representing interest				—
Present value of capital lease obligations				161
Less: Current portion				(161)
Long-term portion of capital lease obligations			$	—

Rental expense under operating leases was approximately $4,011,000, $3,849,000 and $4,077,000 for the years ended April 30, 2018, 2017 and 2016, respectively.

Not included in the table above is an additional capital contribution of 209,500,000 yen (approximately $1,900,000) in or around January 2019 required under the Company’s HAPSMobile Inc. Joint Venture Agreement – refer to footnote 8 – Investments in Companies Accounted for Using the Equity Method.

Contingencies

The Company is subject to legal proceedings and claims which arise out of the ordinary course of its business. Although adverse decisions or settlements may occur, the Company, in consultation with legal counsel, believes that the final disposition of such matters will not have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Company.

At April 30, 2018 and 2017, the Company had outstanding letters of credit totaling $6,389,000 and $1,935,000, respectively.

Contract Cost Audits

Payments to the Company on government cost reimbursable contracts are based on provisional, or estimated indirect rates, which are subject to an annual audit by the Defense Contract Audit Agency (“DCAA”). The cost audits result in the negotiation and determination of the final indirect cost rates that the Company may use for the period(s) audited. The final rates, if different from the provisional rates, may create an additional receivable or liability for the Company.

For example, during the course of its audits, the DCAA may question the Company’s incurred costs, and if the DCAA believes the Company has accounted for such costs in a manner inconsistent with the requirements under Federal Acquisition Regulations, the DCAA auditor may recommend to the Company’s administrative contracting officer to disallow such costs. Historically, the Company has not experienced material disallowed costs as a result of government audits. However, the Company can provide no assurance that the DCAA or other government audits will not result in material disallowances for incurred costs in the future.

The Company’s revenue recognition policy calls for revenue recognized on all cost reimbursable government contracts to be recorded at actual rates unless collectability is not reasonably assured. During the fiscal year ended April 30, 2017, the Company settled rates for its incurred cost claims with the DCAA for fiscal years 2011 through 2014 without payment of any consideration. At April 30, 2018, the Company had $77,000 reserved for incurred cost claim audits. At April 30, 2017, the Company had no reserves for incurred cost claim audits.

Business Acquisitions

12 Months Ended

Apr. 30, 2018

Business Combinations [Abstract]

Business Acquisitions

19. Business Acquisitions

On February 1, 2017, the Company completed the acquisition of 36% of the common shares of Altoy for cash consideration of $625,000, which increased its interest from 49% to 85% and provided the Company with control over Altoy. As a result, Altoy became a consolidated subsidiary of the Company on the date of the acquisition. Altoy aims to market and distribute small UAS in Turkey. The Company previously accounted for its 49% interest in Altoy as an equity method investment. As a result of the acquisition, the Company is expected to expand the sales of its small UAS and related services in Turkey.

The following table summarizes the consideration transferred to acquire Altoy and the amounts of identified assets acquired and liabilities assumed at the acquisition date, as well as the fair value of the noncontrolling interest in Altoy at the acquisition date (in thousands):



Customer relationships	$	1,600
Goodwill		122
Trademark and trade names		60
Deferred tax liability		(332)
Other assets and liabilities assumed		286
Total net identified assets acquired	$	1,736

Fair value of consideration transferred:
Cash	$	625
Fair value of the Company's investment in Altoy prior to the acquisition		851
Fair value of the noncontrolling interest in Altoy		260
Total	$	1,736

As a result of the Company obtaining control over Altoy, the Company’s previously held 49% interest was remeasured to fair value, resulting in a gain of $584,000 which has been recognized in “other income (loss), net” on the consolidated statement of income.

The fair value of the noncontrolling interest of $260,000 and the fair value of the previously held equity interest of $851,000 in Altoy, immediately prior to the acquisition, were estimated by applying an income approach. These fair value measurements of the noncontrolling interest and the previously held equity interest are based on significant inputs not observable in the market, and thus represent Level 3 measurements.

The goodwill is attributable to the workforce of Altoy and expected future customers in the Turkey market. Goodwill is not tax deductible for tax purposes. All of the goodwill was assigned to the Company’s UAS segment.

The Company tests identifiable intangible assets and goodwill for impairment in the fourth quarter of each fiscal year unless there are interim indicators that suggest that it is more likely than not that either the identifiable intangible assets or goodwill may be impaired. Due to the current political situation within Turkey and the increased uncertainty in the relations between the U.S. and Turkey, the Company significantly lowered its cash flow expectations for its Altoy operations. As a result of the decline in the Company’s cash flow forecast, the Company performed an interim assessment of impairment of Altoy’s long-lived assets, excluding goodwill during the three months ended October 28, 2017. Based on the analysis, the Company determined that the fair value of Altoy had declined below its carrying value, excluding goodwill. As a result, the Company performed additional analysis to determine the amount of the impairment loss and recorded an impairment loss totaling $899,000 during the three months ended October 28, 2017, which is included in selling, general and administrative expense on the consolidated statements of operations. The fair value of the Altoy asset group was determined based on a discounted cash flow model reflective of the revised cash flow estimates.

Supplemental Pro Forma Information (unaudited)

Altoy contributed revenues of $0 and a net loss of $122,000 to the Company for the period from February 1, 2017 to April 30, 2017. The following unaudited pro forma summary presents consolidated information of the Company as if the business combination had occurred on May 1, 2015 (in thousands):


	Fiscal year ended April 30,
	2017		2016
Revenue	$	229,287	$	233,941
Net income from continuing operations	$	15,808	$	15,595
Net income attributable to AeroVironment	$	15,888	$	15,666

The Company did not have any material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings.

These pro forma amounts have been calculated after applying the Company’s accounting policies and adjusting the results of Altoy to reflect the additional amortization that would have been charged assuming the fair value adjustments to intangible assets had been applied from May 1, 2015, with the consequential tax effects.

The Company incurred approximately $74,000 of acquisition-related costs. These expenses are included in selling, general and administrative expense on the Company’s consolidated income statement for the fiscal year ended April 30, 2017 and are reflected in pro forma net income for the fiscal year ended April 30, 2016, in the table above.

The unaudited pro forma supplemental information is based on estimates and assumptions which the Company believes are reasonable and are not necessarily indicative of the results that have been realized had the acquisitions been consolidated in the tables above as of May 1, 2015.

Geographic Information	12 Months Ended
Geographic Information	Apr. 30, 2018
Geographic Information
Geographic Information	20. Geographic Information Sales to non‑U.S. customers accounted for 46%, 37% and 29% of revenue for each of the fiscal years ended April 30, 2018, 2017 and 2016, respectively.

Subsequent Events	12 Months Ended
Subsequent Events	Apr. 30, 2018
Subsequent Events.
Subsequent Events	21. Subsequent Events In May 2018 the Company entered into a settlement agreement to dismiss its claims against MicaSense Inc. and former AeroVironment employees, Gabriel Torres, Justin McAllister, and Jeff McBride. The terms and amount of the settlement agreement are confidential. The settlement has not been recorded in the Company’s consolidated financial statements as the amount was not realized or realizable as of April 30, 2018.

Quarterly Results of Operations (Unaudited)

12 Months Ended

Apr. 30, 2018

Quarterly Results of Operations (Unaudited)

Quarterly Results of Operations (Unaudited)

22. Quarterly Results of Operations (Unaudited)

The following tables present selected unaudited consolidated financial data for each of the eight quarters in the two‑year period ended April 30, 2018. In the Company’s opinion, this unaudited information has been prepared on the same basis as the audited information and includes all adjustments (consisting of only normal recurring adjustments) necessary for a fair statement of the financial information for the period presented. The Company’s fiscal year ends on April 30. Due to the fixed year end date of April 30, the first and fourth quarters each consist of approximately 13 weeks. The second and third quarters each consist of exactly 13 weeks. The first three quarters end on a Saturday.


	Three Months Ended
	July 29, 2017		October 28, 2017			January 27, 2018			April 30, 2018
	(In thousands except per share data)
Year ended April 30, 2018
Revenue	$	36,250	$	63,988		$	53,433		$	117,381
Gross margin	$	10,095	$	28,693		$	17,920		$	52,180
Net (loss) income from attributable to AeroVironment from continuing operations	$	(3,364)	$	6,689	(1)	$	(960)	(2)	$	20,211
Net (loss) income per share attributable to AeroVironment from continuing operations—basic(5)	$	(0.14)	$	0.29		$	(0.05)		$	0.86
Net (loss) income per share attributable to AeroVironment from continuing operations—diluted(5)	$	(0.14)	$	0.28		$	(0.05)		$	0.85


	Three Months Ended
	July 30,			October 29,		January 28,		April 30,
	2016			2016		2017		2017
	(In thousands except per share data)
Year ended April 30, 2017
Revenue	$	30,496		$	40,829	$	41,895	$	115,720
Gross margin	$	5,905		$	15,041	$	16,797	$	57,442
Net (loss) income from attributable to AeroVironment from continuing operations	$	(8,381)	(3)	$	(2,603)	$	(852)	$	28,469	(4)
Net (loss) income per share attributable to AeroVironment from continuing operations—basic(5)	$	(0.37)		$	(0.11)	$	(0.03)	$	1.23
Net (loss) income per share attributable to AeroVironment from continuing operations—diluted(5)	$	(0.37)		$	(0.11)	$	(0.03)	$	1.21

(1)

Includes an impairment loss of $1.0 million related to the Company’s intangible assets and goodwill acquired in the acquisition of a controlling interest in the Company’s Turkish Joint Venture, Altoy, recorded to selling, general and administrative expense in the consolidated statement of operations.

(2)

Includes a one-time expense of $3.1 million resulting from the remeasurement of deferred tax assets and liabilities related to the Tax Cut and Jobs Act.

(3)

Includes the reversal of a $1.0 million reserve, including the related interest, for uncertain tax positions due to the settlement of prior fiscal year tax audits.

(4)

Includes a gain of $0.6 million related to the acquisition of a controlling interest in our Turkish Joint Venture, Altoy, which was recorded to other income (expense), net in the consolidated statement of operations.

(5)

Earnings per share is computed independently for each of the quarters presented. The sum of the quarterly earnings per share may not equal the total earnings per share computed for the year due to rounding.

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Apr. 30, 2018

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS


			Additions
	Balance at		Charged to		Charged to				Balance at
	Beginning		Costs and		Other				End of
Description	of Period		Expenses		Accounts		Deductions		Period
	(In thousands)
Allowance for doubtful accounts for the year ended April 30:
2016	$	224	$	158	$	—	$	(326)	$	56
2017	$	56	$	56	$	—	$	(8)	$	104
2018	$	104	$	976	$	—	$	—	$	1,080
Warranty reserve for the year ended April 30:
2016	$	1,687	$	3,589	$	(424)	$	(1,758)	$	3,094
2017	$	3,094	$	1,838	$	—	$	(2,985)	$	1,947
2018	$	1,947	$	1,884	$	—	$	(1,741)	$	2,090
Reserve for inventory excess and obsolescence for the year ended April 30:
2016	$	1,826	$	2,762	$	—	$	(2,046)	$	2,542
2017	$	2,542	$	1,115	$	—	$	(901)	$	2,756
2018	$	2,756	$	2,758	$	—	$	(1,561)	$	3,953
Reserve for self-insured medical claims for the year ended April 30:
2016	$	1,053	$	7,668	$	—	$	(7,742)	$	979
2017	$	979	$	7,037	$	—	$	(6,883)	$	1,133
2018	$	1,133	$	9,100	$	—	$	(9,230)	$	1,003

Organization and Significant Accounting Policies (Policies)

12 Months Ended

Apr. 30, 2018

Organization and Significant Accounting Policies

Principles of Consolidation

Investments in Companies Accounted for Using the Equity or Cost Method

The Company’s investments are accounted for as held‑to‑maturity and available‑for‑sale and reported at amortized cost and fair value, respectively.

Unrealized gains and losses are excluded from earnings and reported as a separate component of stockholders’ equity, net of deferred income taxes for available-for-sale investments.

Management determines the appropriate classification of securities at the time of purchase and re‑evaluates such designation as of each balance sheet date.

Fair Values of Financial Instruments

Fair values of cash and cash equivalents, accounts receivable, unbilled receivables, retentions and accounts payable approximate cost due to the short period of time to maturity.

Concentration of Credit Risk

Accounts Receivable, Unbilled Receivables and Retentions

Inventories

Long-Lived Assets

Long‑Lived Assets


Machinery and equipment	2 - 7	years
Computer equipment and software	2 - 5	years
Furniture and fixtures	3 - 7	years
Leasehold improvements	Lesser of useful life or term of lease

Intangible Assets-Acquired in Business Combinations

Intangibles Assets — Acquired in Business Combinations

Product Warranty

Accrued Sales Commissions

As of April 30, 2018 and 2017, the Company accrued sales commissions in other current liabilities of $1,293,000 and $4,555,000, respectively.

Self-Insurance Liability

Self‑Insurance Liability

Income Taxes

Customer Advances and Amounts in Excess of Cost Incurred

Revenue Recognition

Stock-Based Compensation

Stock‑Based Compensation

Long-Term Incentive Awards

Long‑Term Incentive Awards

Research and Development

Lease Accounting

Advertising Costs

Foreign Currency Transactions

Earnings Per Share

The reconciliation of diluted to basic shares is as follows:


	Year Ended April 30,
	2018		2017		2016
Numerator for basic and diluted earnings (loss) per share:
Continuing operations attributable to AeroVironment	$	22,576,000	$	16,633,000	$	15,393,000
Discontinued operations, net of tax		(2,508,000)		(4,154,000)		(6,427,000)
Net income attributable to AeroVironment	$	20,068,000	$	12,479,000	$	8,966,000
Denominator for basic earnings per share:
Weighted average common shares		23,471,241		23,059,045		22,936,413
Dilutive effect of employee stock options, restricted stock and restricted stock units		342,531		248,693		217,080
Denominator for diluted earnings per share		23,813,772		23,307,738		23,153,493

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

Recently Issued Accounting Standards

Organization and Significant Accounting Policies (Tables)

12 Months Ended

Apr. 30, 2018

Organization and Significant Accounting Policies

Schedule of estimated useful lives of property and equipment


Machinery and equipment	2 - 7	years
Computer equipment and software	2 - 5	years
Furniture and fixtures	3 - 7	years
Leasehold improvements	Lesser of useful life or term of lease

Schedule of reconciliation of basic to diluted shares


	Year Ended April 30,
	2018		2017		2016
Numerator for basic and diluted earnings (loss) per share:
Continuing operations attributable to AeroVironment	$	22,576,000	$	16,633,000	$	15,393,000
Discontinued operations, net of tax		(2,508,000)		(4,154,000)		(6,427,000)
Net income attributable to AeroVironment	$	20,068,000	$	12,479,000	$	8,966,000
Denominator for basic earnings per share:
Weighted average common shares		23,471,241		23,059,045		22,936,413
Dilutive effect of employee stock options, restricted stock and restricted stock units		342,531		248,693		217,080
Denominator for diluted earnings per share		23,813,772		23,307,738		23,153,493

Discontinued Operations (Tables)

12 Months Ended

Apr. 30, 2018

Discontinued Operations and Disposal Groups [Abstract]

Schedule of statements of operations data for the EES Business

The table below presents the statements of operations data for the EES Business.


	Year Ended April 30,
	2018		2017		2016
Net sales	$	37,899	$	35,933	$	30,360
Cost of sales		30,890		29,008		23,831
Gross margin:		7,009		6,925		6,529
Selling, general and administrative		7,825		8,895		9,614
Research and development		3,526		4,577		7,251
Other (expense) income, net		(27)		7		28
Loss from discontinued operations before income taxes		(4,369)		(6,540)		(10,308)
Benefit for income taxes		(1,861)		(2,386)		(3,881)
Net loss from discontinued operations	$	(2,508)	$	(4,154)	$	(6,427)

Major classes of assets and liabilities

The major classes of assets and liabilities included in discontinued operations related to the EES Business are presented in the table below.


	April 30,
	2018		2017
Carrying amount of assets classified as discontinued operations
Current assets:
Accounts receivable, net of allowance for doubtful accounts of $139 at April 30, 2018 and $187 at April 30, 2017	$	6,348	$	5,642
Inventories, net		18,716		19,168
Prepaid expenses and other current assets		185		120
Property and equipment, net		3,100		—
Total current assets classified as discontinued operations		28,349		24,930
Property and equipment, net		—		3,258
Total non-current assets classified as discontinued operations		—		3,258
Total assets classified as discontinued operations	$	28,349	$	28,188
Carrying amount of liabilities classified as discontinued operations
Current liabilities:
Accounts payable	$	5,121	$	4,388
Wages and related accruals		1,946		2,019
Customer advances		918		1,260
Other current liabilities		1,199		1,634
Total current liabilities		9,184		9,301
Total liabilities classified as discontinued operations	$	9,184	$	9,301

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=84176398&loc=SL51724579-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84176398&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760

+ Details

Investments (Tables)

12 Months Ended

Apr. 30, 2018

Investments

Schedule of investments


	April 30,
	2018		2017
	(In thousands)
Short-term investments:
Held-to-maturity securities:
Municipal securities	$	35,344	$	47,437
U.S. government securities		31,620		14,515
Corporate bonds		46,685		55,519
Certificates of deposit		—		2,500
Total held-to-maturity and short-term investments	$	113,649	$	119,971
Long-term investments:
Held-to-maturity securities:
Municipal securities	$	2,046	$	8,942
U.S. government securities		27,356		22,540
Corporate bonds		9,112		8,117
Total held-to-maturity investments		38,514		39,599
Available-for-sale securities:
Auction rate securities		2,142		2,497
Total available-for-sale investments		2,142		2,497
Total long-term investments	$	40,656	$	42,096

Held to maturity securities

Investments

Schedule of amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of held-to-maturity investments

The amortized cost, gross unrealized losses, and estimated fair value of the held‑to‑maturity investments as of April 30, are as follows (in thousands):


	April 30, 2018								April 30, 2017
			Gross		Gross						Gross		Gross
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
Municipal securities	$	37,390	$	9	$	(36)	$	37,363	$	56,379	$	30	$	(21)	$	56,388
U.S. government securities		58,976		—		(367)		58,609		37,055		2		(41)		37,016
Corporate bonds		55,797		2		(71)		55,728		63,636		9		(85)		63,560
Certificates of deposit		—		—		—		—		2,500		1		—		2,501
Total held-to-maturity investments	$	152,163	$	11	$	(474)	$	151,700	$	159,570	$	42	$	(147)	$	159,465

Schedule of amortized cost and fair value by contractual maturity

The amortized cost and fair value of the Company’s held‑to‑maturity securities by contractual maturity at April 30, 2018, are as follows:


	Cost		Fair Value
Due within one year	$	113,649	$	113,443
Due after one year through five years		38,514		38,257
Total	$	152,163	$	151,700

Available-for-sale securities | Auction rate securities

Investments

Schedule of amortized cost and fair value by contractual maturity


	April 30,
	2018		2017
Auction rate securities
Amortized cost	$	2,250	$	2,700
Gross unrealized losses		(108)		(203)
Fair value	$	2,142	$	2,497

The amortized cost and fair value of the Company’s auction rate securities by contractual maturity at April 30, 2018 are as follows (in thousands):


	Cost		Fair Value
Due after one through five years	$	250	$	252
Due after 10 years		2,000		1,890
Total	$	2,250	$	2,142

Schedule of amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of available-for-sale investments

The amortized cost, gross unrealized losses, and estimated fair value of the available‑for‑sale auction rate securities are as follows (in thousands):


	April 30,
	2018		2017
Auction rate securities
Amortized cost	$	2,250	$	2,700
Gross unrealized losses		(108)		(203)
Fair value	$	2,142	$	2,497

- Definition

Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

+ References + Details

Fair Value Measurements (Tables)

12 Months Ended

Apr. 30, 2018

Fair Value Measurements

Schedule of financial assets measured at fair value on a recurring basis

The Company’s financial assets measured at fair value on a recurring basis at April 30, 2018, were as follows (in thousands):


	Fair Value Measurement Using
			Significant
	Quoted prices in		other		Significant
	active markets for		observable		unobservable
	identical assets		inputs		inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Auction rate securities	$	—	$	—	$	2,142	$	2,142
Total	$	—	$	—	$	2,142	$	2,142

Schedule of reconciliation between beginning and ending balances of items measured at fair value on recurring basis that used significant unobservable inputs (Level 3)


	Fair Value
	Measurements Using
	Significant
	Unobservable Inputs
Description	(Level 3)
Balance at May 1, 2017	$	2,497
Transfers to Level 3		—
Total gains (realized or unrealized)
Included in earnings		—
Included in other comprehensive income		95
Purchases, issuances and settlements, net		(450)
Balance at April 30, 2018	$	2,142
The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at April 30, 2018	$	—

Inventories, net (Tables)

12 Months Ended

Apr. 30, 2018

Inventories, net

Schedule of inventories


	April 30,
	2018		2017
	(In thousands)
Raw materials	$	12,020	$	12,664
Work in process		15,995		14,618
Finished goods		14,578		16,382
Inventories, gross		42,593		43,664
Reserve for inventory excess and obsolescence		(3,953)		(2,756)
Inventories, net	$	38,640	$	40,908

Intangibles (Tables)

12 Months Ended

Apr. 30, 2018

Intangibles

Schedule of components of intangibles

Intangibles are included in other assets on the balance sheet. The components of intangibles are as follows:


	April 30,		Impairment		April 30,
	2017		Charges		2018
	(In thousands)
Licenses	$	818	$	-	$	818
Customer relationships		1,600		(867)		733
Trademarks and tradenames		60		(32)		28
Other		3		-		3
Intangibles, gross		2,481	$	(899)		1,582
Less accumulated amortization		(658)				(954)
Intangibles, net	$	1,823			$	628

Schedule of estimated amortization expense for the next five years


	Year ending
	April 30,
	(In thousands)
2019	$	275
2020		255
2021		98
2022		—
2023		—
	$	628

Property and Equipment, net (Tables)

12 Months Ended

Apr. 30, 2018

Property and Equipment, net

Schedule of property and equipment


	April 30,
	2018		2017
	(In thousands)
Leasehold improvements	$	10,541	$	9,506
Machinery and equipment		40,377		37,287
Furniture and fixtures		2,094		1,857
Computer equipment and software		31,895		26,682
Construction in process		3,359		4,467
Property and equipment, gross		88,266		79,799
Less accumulated depreciation and amortization		(69,047)		(63,837)
Property and equipment, net	$	19,219	$	15,962

Warranty Reserves (Tables)

12 Months Ended

Apr. 30, 2018

Warranty Reserves

Summary of warranty reserve activity


	April 30,
	2018		2017
	(In thousands)
Beginning balance	$	1,947	$	3,094
Warranty expense		1,884		187
Changes in estimates related to pre-existing warranties		—		1,651
Warranty costs settled		(1,741)		(2,985)
Ending balance	$	2,090	$	1,947

Stock-Based Compensation (Tables)

12 Months Ended

Apr. 30, 2018

Stock-Based Compensation

Schedule of weighted average assumptions used to estimate fair value of stock options granted


	Year Ended April 30,
	2018			2017			2016
Expected term (in years)		—			—			6.00
Expected volatility		—	%		—	%		36.14	%
Risk-free interest rate		—	%		—	%		1.88	%
Expected dividend		—			—			—
Weighted average fair value at grant date	$	—		$	—		$	10.18

Schedule of stock option plans


	Restated 2006 Plan			2002 Plan			1992 Plan
		Weighted			Weighted			Weighted
		Average			Average			Average
		Exercise			Exercise			Exercise
	Shares	Price		Shares	Price		Shares	Price
Outstanding at April 30, 2015	652,117		23.96	44,993		7.57	78,604		0.59
Options granted	128,000		26.83	—		—	—		—
Options exercised	(43,000)		21.81	(31,161)		5.70	(10,000)		0.59
Options canceled	(58,318)		25.98	(8)		2.13	—		—
Outstanding at April 30, 2016	678,799		24.46	13,824		11.79	68,604		0.59
Options granted	—		—	—		—	—		—
Options exercised	(167,310)		22.32	(9,601)		11.79	(25,189)		0.59
Options canceled	(64,865)		26.76	(4,223)		11.79	—		—
Outstanding at April 30, 2017	446,624		24.93	—		—	43,415		0.59
Options granted	—		—	—		—	—		—
Options exercised	(107,598)		23.80	—		—	(25,113)		0.59
Options canceled	—		—	—		—	—		—
Outstanding at April 30, 2018	339,026		25.29	—		—	18,302		0.59
Options exercisable at April 30, 2018	256,012	$	24.81	—	$	—	18,302	$	0.59

Schedule of the status of the Company's non-vested stock options


		Weighted
		Average
		Grant Date
Non-vested Options	Options	Fair Value
Non-vested at April 30, 2017	140,118	$	10.76
Granted	—		—
Expired	—		—
Canceled	—		—
Vested	(57,104)		10.45
Non-vested at April 30, 2018	83,014	$	10.97

Schedule of information concerning outstanding and exercisable options


				Options Outstanding
					Weighted
					Average			Options Exercisable
					Remaining	Weighted			Weighted
				As of	Contractual	Average		As of	Average
				April 30,	Life In	Exercise		April 30,	Exercise
Range of Exercise Prices				2018	Years	Price		2018	Price
$	0.59	-	19.16	72,302	4.23	$	13.78	72,302	$	13.78
	19.17	-	26.24	58,500	4.86		20.54	48,500		20.71
	26.25	-	26.99	80,000	7.15		26.70	32,000		26.70
	27.00	-	27.99	50,000	5.56		27.27	40,000		27.27
	28.00	-	32.19	96,526	4.59		29.90	81,512		29.65
$	0.59	-	32.19	357,328	5.27	$	24.02	274,314	$	23.20

Schedule of Company's restricted stock awards

Information related to the Company’s restricted stock awards at April 30, 2018 and for the year then ended is as follows:


	Restated 2006 Plan
		Weighted
		Average
		Grant Date
	Shares	Fair Value
Unvested stock at April 30, 2017	339,145	$	26.27
Stock granted	131,332		37.71
Stock vested	(133,886)		25.25
Stock canceled	(4,016)		26.10
Unvested stock at April 30, 2018	332,575	$	31.20

Income Taxes (Tables)

12 Months Ended

Apr. 30, 2018

Income Taxes

Schedule of components of income before income taxes

The components of income before income taxes are as follows (in thousands):


	Year Ended April 30,
	2018		2017		2016
Domestic	$	33,854	$	20,954	$	18,433
Foreign		(34)		(86)		81
Income from continuing operations before income taxes		33,820		20,868		18,514

Equity method investment activity		(1,283)		(119)		(138)
Total income from continuing operations before income taxes	$	32,537	$	20,749	$	18,376

Schedule of reconciliation of income tax expense computed using the U.S. federal statutory rates to actual income tax expense (benefit)


	Year Ended April 30,
	2018		2017		2016
U.S. federal statutory income tax rate	30.4	%	34.0	%	35.0	%
State and local income taxes, net of federal benefit	(2.0)		(1.9)		(5.3)
R&D and other tax credits	(6.7)		(11.7)		(19.2)
Valuation allowance	4.7		4.1		7.3
Foreign rate differential	0.1		—		—
Uncertain tax position adjustment	—		—		—
Return to provision adjustments	(0.1)		(0.3)		2.1
Permanent items	(6.9)		(3.6)		(3.1)
Tax Act	10.0		—		—
Other	0.6		(0.8)		(0.7)
Effective income tax rate	30.1	%	19.8	%	16.1	%

Schedule of components of the provision (benefit) for income taxes

The components of the provision (benefit) for income taxes are as follows (in thousands):


	Year Ended April 30,
	2018		2017		2016
Current:
Federal	$	6,363	$	3,745	$	5,388
State		925		215		406
Foreign		—		—		—
		7,288		3,960		5,794
Deferred:
Federal		3,272		(66)		(2,814)
State		(331)		279		3
Foreign		(52)		(35)		—
		2,889		178		(2,811)
Total income tax expense (benefit)	$	10,177	$	4,138	$	2,983

Schedule of components of the Company's deferred income tax assets and liabilities

Significant components of the Company’s deferred income tax assets and liabilities are as follows (in thousands):


	April 30,
	2018		2017
Deferred income tax assets:
Accrued expenses	$	5,771	$	7,074
Allowances, reserves, and other		2,100		1,801
Unrealized loss on securities		25		74
Net operating loss and credit carry-forwards		12,361		11,854
Intangibles basis		94		43
Total deferred income tax assets		20,351		20,846
Deferred income tax liabilities:
Other		—		(29)
Fixed asset basis		(682)		(428)
Total deferred income tax liabilities		(682)		(457)
Valuation allowance		(8,568)		(5,416)
Net deferred tax assets	$	11,101	$	14,973

Summary of activity related to gross unrecognized tax benefits

The following table summarizes the activity related to the Company’s gross unrecognized tax benefits for the years ended April 30, 2018 and 2017 (in thousands):


	April 30,
	2018		2017
Balance as of May 1	$	9,856	$	9,905
Increases related to prior year tax positions		228		3
Decreases related to prior year tax positions		—		(26)
Increases related to current year tax positions		1,347		901
Decreases related to lapsing of statute of limitations		(261)		(927)
Balance as of April 30,	$	11,170	$	9,856

Accumulated Other Comprehensive Loss and Reclassifications (Tables)

12 Months Ended

Apr. 30, 2018

Accumulated Other Comprehensive Loss and Reclassifications

Schedule of components of accumulated other comprehensive loss

The components of accumulated other comprehensive loss are as follows (in thousands):


					Total Accumulated		Total Accumulated
					Other		Other
	Available-for-Sale		Foreign Currency		Comprehensive		Comprehensive
	Securities		Translation Adjustments		Loss		Loss
Total accumulated other comprehensive loss balance as of April 30, 2017	$	(127)	$	—	$	(127)	$	(127)
Changes in foreign currency translation adjustments, net of $0 taxes		—		36		36		36
Unrealized gains, net of $25 of taxes		70		—		70		70
Total accumulated other comprehensive loss balance as of April 30, 2018	$	(57)	$	36	$	(21)	$	(21)

Commitments and Contingencies (Tables)

12 Months Ended

Apr. 30, 2018

Commitments and Contingencies

Summary of non-cancellable operating and capital lease commitments


	April 30, 2018
	(In thousands)

		Operating leases		Capital leases
2019	$	4,940	$	161
2020		4,774		—
2021		3,872		—
2022		3,421		—
2023		2,278		—
Thereafter		1,914		—
	$	21,199		161
Less: amounts representing interest				—
Present value of capital lease obligations				161
Less: Current portion				(161)
Long-term portion of capital lease obligations			$	—

Business Acquisitions (Tables)

12 Months Ended

Apr. 30, 2018

Business Combinations [Abstract]

Schedule of the fair value of the assets acquired and liabilities assumed at the acquisition date



Customer relationships	$	1,600
Goodwill		122
Trademark and trade names		60
Deferred tax liability		(332)
Other assets and liabilities assumed		286
Total net identified assets acquired	$	1,736

Fair value of consideration transferred:
Cash	$	625
Fair value of the Company's investment in Altoy prior to the acquisition		851
Fair value of the noncontrolling interest in Altoy		260
Total	$	1,736

Schedule of unaudited pro forma summary presents consolidated information of the Company as if the business combination had occurred


	Fiscal year ended April 30,
	2017		2016
Revenue	$	229,287	$	233,941
Net income from continuing operations	$	15,808	$	15,595
Net income attributable to AeroVironment	$	15,888	$	15,666

Quarterly Results of Operations (Unaudited) (Tables)

12 Months Ended

Apr. 30, 2018

Quarterly Results of Operations (Unaudited)

Schedule of selected unaudited consolidated financial data

	Three Months Ended
	July 29, 2017		October 28, 2017			January 27, 2018			April 30, 2018
	(In thousands except per share data)
Year ended April 30, 2018
Revenue	$	36,250	$	63,988		$	53,433		$	117,381
Gross margin	$	10,095	$	28,693		$	17,920		$	52,180
Net (loss) income from attributable to AeroVironment from continuing operations	$	(3,364)	$	6,689	(1)	$	(960)	(2)	$	20,211
Net (loss) income per share attributable to AeroVironment from continuing operations—basic(5)	$	(0.14)	$	0.29		$	(0.05)		$	0.86
Net (loss) income per share attributable to AeroVironment from continuing operations—diluted(5)	$	(0.14)	$	0.28		$	(0.05)		$	0.85


	Three Months Ended
	July 30,			October 29,		January 28,		April 30,
	2016			2016		2017		2017
	(In thousands except per share data)
Year ended April 30, 2017
Revenue	$	30,496		$	40,829	$	41,895	$	115,720
Gross margin	$	5,905		$	15,041	$	16,797	$	57,442
Net (loss) income from attributable to AeroVironment from continuing operations	$	(8,381)	(3)	$	(2,603)	$	(852)	$	28,469	(4)
Net (loss) income per share attributable to AeroVironment from continuing operations—basic(5)	$	(0.37)		$	(0.11)	$	(0.03)	$	1.23
Net (loss) income per share attributable to AeroVironment from continuing operations—diluted(5)	$	(0.37)		$	(0.11)	$	(0.03)	$	1.21

(1)

(2)

Includes a one-time expense of $3.1 million resulting from the remeasurement of deferred tax assets and liabilities related to the Tax Cut and Jobs Act.

(3)

Includes the reversal of a $1.0 million reserve, including the related interest, for uncertain tax positions due to the settlement of prior fiscal year tax audits.

(4)

(5)

Organization and Significant Accounting Policies (Details)	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Sales Revenue \| Customer concentration \| Agencies of U.S. Government
Concentration risk (as a percent)	54.00%	63.00%	79.00%
Sales Revenue \| Customer concentration \| U.S. Army
Concentration risk (as a percent)	19.00%	21.00%	26.00%
Accounts receivable balances \| Credit concentration \| Agencies of U.S. Government
Concentration risk (as a percent)	49.00%	45.00%

Organization and Significant Accounting Policies Accounts Receivable (Details) - USD ($) $ in Thousands	Apr. 30, 2018	Apr. 30, 2017
Accounts Receivable , Unbilled Receivables and Retentions
Retentions	$ 1,411	$ 1,537

Organization and Significant Accounting Policies Long-Lived Assets (Details)	12 Months Ended
	Apr. 30, 2018
Machinery and equipment \| Minimum
Long-Lived Assets
Estimated useful life	2 years
Machinery and equipment \| Maximum
Long-Lived Assets
Estimated useful life	7 years
Computer equipment and software \| Minimum
Long-Lived Assets
Estimated useful life	2 years
Computer equipment and software \| Maximum
Long-Lived Assets
Estimated useful life	5 years
Furniture and fixtures \| Minimum
Long-Lived Assets
Estimated useful life	3 years
Furniture and fixtures \| Maximum
Long-Lived Assets
Estimated useful life	7 years

Organization and Significant Accounting Policies Accrued Sales Commission (Details) - USD ($) $ in Thousands	Apr. 30, 2018	Apr. 30, 2017
Accrued liabilities
Accrued sales commission	$ 1,293	$ 4,555

Organization and Significant Accounting Policies Other (Details)			12 Months Ended
	Jan. 01, 2018	Dec. 31, 2017	Apr. 30, 2018 USD ($) item shares	Apr. 30, 2017 USD ($) shares	Apr. 30, 2016 USD ($) shares
Self-Insurance Liability
Estimated self-insurance liability of employee medical claim			$ 1,003,000	$ 1,133,000
Income Taxes
U.S. federal statutory income tax rate (as a percent)	21.00%	35.00%	30.40%	34.00%	35.00%
Deferred tax expense			$ 3,400,000
Revenue Recognition
Number of key factors that impact reliability of management's estimates for revenue recognition \| item			2
Maximum term of contract, considered as a factor in management estimates			6 months
Research and Development
Revenue from customer funded research and development			$ 51,848,000	$ 43,615,000	$ 53,546,000
Cost of sales			36,415,000	29,790,000	34,786,000
Research and Development With Federal Government
Total estimated costs			14,200,000
Funding			6,100,000
Reimbursement amount			8,100,000
Reimbursements under the contract			4,188,000	233,000
Foreign Currency Transaction [Abstract]
Foreign currency gain (loss)			87,000	(284,000)	(63,000)
Advertising Costs
Advertising expenses			526,000	227,000	232,000
Numerator for basic earnings per share:
Continuing operations attributable to AeroVironment			22,576,000	16,633,000	15,393,000
Discontinued operations, net of tax			(2,508,000)	(4,154,000)	(6,427,000)
Net income attributable to AeroVironment			$ 20,068,000	$ 12,479,000	$ 8,966,000
Denominator for basic (loss) earnings per share:
Weighted-average common shares outstanding, excluding unvested restricted stock (in shares) \| shares			23,471,241	23,059,045	22,936,413
Dilutive effect of employee stock options and unvested restricted stock (in shares) \| shares			342,531	248,693	217,080
Denominator for diluted (loss) earnings per share (in shares) \| shares			23,813,772	23,307,738	23,153,493
Number of shares reserved for issuance that are anti-dilutive \| shares			22,000	86,000	22,000

Organization and Significant Accounting Policies Recently Adopted Accounting Standards (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Apr. 30, 2018	Jan. 27, 2018	Oct. 28, 2017	Jul. 29, 2017	Apr. 30, 2017	Jan. 28, 2017	Oct. 29, 2016	Jul. 30, 2016	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
New accounting standard
Revenue	$ 117,381	$ 53,433	$ 63,988	$ 36,250	$ 115,720	$ 41,895	$ 40,829	$ 30,496	$ 271,052	$ 228,940	$ 233,738
Retained earnings	$ 239,997				219,929				$ 239,997	219,929
ASU 2014-09
New accounting standard
Revenue										4,200
Adjustment \| ASU 2014-09
New accounting standard
Retained earnings					$ 1,800					$ 1,800	$ 700

Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
Discontinued Operations (Details) - USD ($) $ in Thousands	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Statement of operations
Net loss from discontinued operations	$ (2,508)	$ (4,154)	$ (6,427)
EES Business \| Discontinued Operations
Statement of operations
Net Sales	37,899	35,933	30,360
Cost of sales	30,890	29,008	23,831
Gross margin	7,009	6,925	6,529
Selling, general and administrative	7,825	8,895	9,614
Research and development	3,526	4,577	7,251
Other (expense), net	(27)
Other income, net		7	28
Income from discontinued operations before income taxes	(4,369)	(6,540)	(10,308)
Benefit for income taxes	(1,861)	(2,386)	(3,881)
Net loss from discontinued operations	$ (2,508)	$ (4,154)	$ (6,427)

Discontinued Operations - Assets and liabilities (Details) - USD ($)	Apr. 30, 2018	Apr. 30, 2017
Balance Sheet
Total current assets	$ 28,349,000	$ 24,930,000
Property and equipment, non-current net		3,258,000
Total current liabilities	9,184,000	9,301,000
Accounts receivable, net of allowance for doubtful accounts of $139 at April 30, 2018 and $187 at April 30, 2017	139	187
EES Business \| Discontinued Operations
Balance Sheet
Accounts receivable, net of allowance for doubtful accounts of $139 at April 30, 2018 and $187 at April 30, 2017	6,348,000	5,642,000
Inventories, net	18,716,000	19,168,000
Prepaid expenses and other current assets	185,000	120,000
Property and equipment, current net	3,100,000
Total current assets	28,349,000	24,930,000
Total assets classified as discontinued operations	28,349,000	28,188,000
Property and equipment, non-current net		3,258,000
Total non-current assets classified as discontinued operations		3,258,000
Accounts payable	5,121,000	4,388,000
Wages and related accruals	1,946,000	2,019,000
Customer advances	918,000	1,260,000
Other current liabilities	1,199,000	1,634,000
Total current liabilities	9,184,000	9,301,000
Total liabilities classified as discontinued operations	$ 9,184,000	$ 9,301,000

Investments (Details) - USD ($) $ in Thousands	Apr. 30, 2018	Apr. 30, 2017
Short-term investments:
Total held-to-maturity and short-term investments	$ 113,649	$ 119,971
Long-term investments:
Total long-term investments	40,656	42,096
Certificates of deposit
Short-term investments:
Total held-to-maturity and short-term investments		2,500
Held to maturity securities
Short-term investments:
Total held-to-maturity and short-term investments	113,649	119,971
Long-term investments:
Total long-term investments	38,514	39,599
Held to maturity securities \| Municipal securities
Short-term investments:
Total held-to-maturity and short-term investments	35,344	47,437
Long-term investments:
Total long-term investments	2,046	8,942
Held to maturity securities \| U.S. government securities
Short-term investments:
Total held-to-maturity and short-term investments	31,620	14,515
Long-term investments:
Total long-term investments	27,356	22,540
Held to maturity securities \| Corporate bonds
Short-term investments:
Total held-to-maturity and short-term investments	46,685	55,519
Long-term investments:
Total long-term investments	9,112	8,117
Available-for-sale securities
Long-term investments:
Total long-term investments	2,142	2,497
Available-for-sale securities \| Auction rate securities
Long-term investments:
Total long-term investments	$ 2,142	$ 2,497

Investments - Held-To-Maturity Securities (Details) - USD ($) $ in Thousands	Apr. 30, 2018	Apr. 30, 2017
Held To Maturity Securities
Amortized Cost	$ 152,163	$ 159,570
Gross Unrealized Gains	11	42
Gross Unrealized Losses	(474)	(147)
Fair Value	151,700	159,465
Municipal securities
Held To Maturity Securities
Amortized Cost	37,390	56,379
Gross Unrealized Gains	9	30
Gross Unrealized Losses	(36)	(21)
Fair Value	37,363	56,388
U.S. government securities
Held To Maturity Securities
Amortized Cost	58,976	37,055
Gross Unrealized Gains		2
Gross Unrealized Losses	(367)	(41)
Fair Value	58,609	37,016
Corporate bonds
Held To Maturity Securities
Amortized Cost	55,797	63,636
Gross Unrealized Gains	2	9
Gross Unrealized Losses	(71)	(85)
Fair Value	$ 55,728	63,560
Certificates of deposit
Held To Maturity Securities
Amortized Cost		2,500
Gross Unrealized Gains		1
Fair Value		$ 2,501

Investments - Amortized Cost and Fair Value of the Held-to-Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Apr. 30, 2018	Apr. 30, 2017
Amortized cost of held-to-maturity securities by contractual maturity
Due within one year	$ 113,649
Due after one year through five years	38,514
Total	152,163	$ 159,570
Fair value of held-to-maturity securities by contractual maturity
Due within one year	113,443
Due after one year through five years	38,257
Fair Value	$ 151,700	$ 159,465

Investments - Auction rate securities (Details) - Auction rate securities $ in Thousands	12 Months Ended
	Apr. 30, 2018 USD ($) item	Apr. 30, 2017 USD ($) item
Investments
Number of available-for-sale securities \| item	2	2
Available-For-Sale Securities
Amortized Cost	$ 2,250	$ 2,700
Gross Unrealized Losses	(108)	(203)
Total	$ 2,142	$ 2,497
Minimum
Available For Sale Securities
Maturity period of available-for-sale securities	1 year	1 year
Pre-determined interval to reset interest rates to current rates	30 days	30 days
Maximum
Available For Sale Securities
Maturity period of available-for-sale securities	16 years	16 years
Pre-determined interval to reset interest rates to current rates	35 days	35 days
Available-for-sale securities \| Maximum
Available For Sale Securities
Period for which the issuer of securities is not required to redeem the securities	365 days	365 days

Investments - Amortized Cost and Fair Value of the Auction Rate Securities (Details) - Auction rate securities - USD ($) $ in Thousands	Apr. 30, 2018	Apr. 30, 2017
Amortized cost of available-for-sale securities by contractual maturity
Due one through five years	$ 250
Due after 10 years	2,000
Total	2,250	$ 2,700
Fair value of available-for-sale securities by contractual maturity
Due one through five years	252
Due after 10 years	1,890
Total	$ 2,142	$ 2,497

Investments - Equity Securities (Details) kr / shares in Units, kr in Millions		1 Months Ended	3 Months Ended	12 Months Ended
	Aug. 11, 2014 SEK (kr) kr / shares shares	Aug. 31, 2014 USD ($)	Aug. 01, 2015 USD ($)	Apr. 30, 2018 USD ($)	Apr. 30, 2016 USD ($)	Apr. 30, 2015 shares	Aug. 31, 2014 kr / shares
Equity Securities
Impairment of available-for-sale securities					$ 2,186,000
CybAero \| Private Placement
Equity Securities
Share price (in SEK per share) \| kr / shares							kr 12.00
Proceeds received from sale of stock		$ 777,000
Realized gains on sale of shares				$ 207,000
CybAero \| Other Expense
Equity Securities
Impairment of available-for-sale securities			$ 2,186,000
Convertible bonds \| CybAero \| Exercise of conversion right on convertible debt securities
Equity Securities
Conversion price (in SEK per share) \| kr / shares	kr 9.41
Fair value of shares (in SEK per share) \| kr / shares	kr 37.50
Available-for-sale securities \| CybAero
Equity Securities
Shares received on conversion \| shares	1,062,699
Available-for-sale securities \| Convertible bonds
Equity Securities
Face amount converted \| kr	kr 10
Available-for-sale securities \| Common Stock \| CybAero
Equity Securities
Securities available for sale \| shares						618,042

Fair Value Measurements (Details) - Recurring basis $ in Thousands	Apr. 30, 2018 USD ($)
Fair Value Measurement
Available-for-sale securities	$ 2,142
Auction rate securities
Fair Value Measurement
Available-for-sale securities	2,142
Significant unobservable inputs (Level 3)
Fair Value Measurement
Available-for-sale securities	2,142
Significant unobservable inputs (Level 3) \| Auction rate securities
Fair Value Measurement
Available-for-sale securities	$ 2,142

Fair Value Measurements Reconciliation (Details) $ in Thousands	12 Months Ended
	Apr. 30, 2018 USD ($)
Reconciliation between beginning and ending balances of items measured at fair value on recurring basis
Balance at the beginning of the period	$ 2,497
Total gains (realized or unrealized) included in other comprehensive income	95
Purchases, issuances and settlements, net	(450)
Balance at the end of the period	$ 2,142

Fair Value Measurements Other (Details) - Significant unobservable inputs (Level 3) - Discounted cash flow - Auction rate securities	12 Months Ended
	Apr. 30, 2018
Fair Value Inputs
Coupon rates (as a percent)	2.80%
Minimum
Fair Value Inputs
Estimated redemption periods	1 year
Discount rates (as a percent)	3.60%
Maximum
Fair Value Inputs
Estimated redemption periods	16 years
Discount rates (as a percent)	9.80%

Inventories, net (Details) - USD ($) $ in Thousands	Apr. 30, 2018	Apr. 30, 2017
Inventories, net
Raw materials	$ 12,020	$ 12,664
Work in process	15,995	14,618
Finished goods	14,578	16,382
Inventories, gross	42,593	43,664
Reserve for inventory excess and obsolescence	(3,953)	(2,756)
Inventories, net	$ 38,640	$ 40,908

Intangibles (Details) - USD ($)	3 Months Ended	12 Months Ended
Intangibles (Details) - USD ($)	Oct. 28, 2017	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Intangibles
Intangibles, net		$ 628,000
Amortization expense		296,000	$ 139,000	$ 80,000
Impairment charge		$ (899,000)
Weighted average
Intangibles
Weighted average amortization period		3 years	6 years
SG&A
Intangibles
Impairment charge	$ (899,000)
Other assets, long term
Intangibles
Intangibles, gross		$ 1,582,000	$ 2,481,000
Less accumulated amortization		(954,000)	(658,000)
Intangibles, net		628,000	1,823,000
Licenses \| Other assets, long term
Intangibles
Intangibles, gross		818,000	818,000
Customer relationships
Intangibles
Impairment charge		(867,000)
Customer relationships \| Other assets, long term
Intangibles
Intangibles, gross		733,000	1,600,000
Trademarks and tradenames
Intangibles
Impairment charge		(32,000)
Trademarks and tradenames \| Other assets, long term
Intangibles
Intangibles, gross		28,000	60,000
Other \| Other assets, long term
Intangibles
Intangibles, gross		$ 3,000	$ 3,000

Intangibles Estimated Amortization Expense (Details) $ in Thousands	Apr. 30, 2018 USD ($)
Estimated amortization expense
2018	$ 275
2019	255
2020	98
Intangibles, net	$ 628

Property and Equipment, net (Details) - USD ($) $ in Thousands	Apr. 30, 2018	Apr. 30, 2017
Property and equipment, net
Property and equipment, gross	$ 88,266	$ 79,799
Less accumulated depreciation and amortization	(69,047)	(63,837)
Property, Plant and Equipment, Net, Total	19,219	15,962
Leasehold improvements
Property and equipment, net
Property and equipment, gross	10,541	9,506
Machinery and equipment
Property and equipment, net
Property and equipment, gross	40,377	37,287
Furniture and fixtures
Property and equipment, net
Property and equipment, gross	2,094	1,857
Computer equipment and software
Property and equipment, net
Property and equipment, gross	31,895	26,682
Construction in process
Property and equipment, net
Property and equipment, gross	$ 3,359	$ 4,467

Property and Equipment, net Other (Details) - USD ($)	12 Months Ended
Property and Equipment, net Other (Details) - USD ($)	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Depreciation expense	$ 5,676,000	$ 4,939,000	$ 3,799,000
Computer equipment and software
Depreciation expense	201,000	375,000
Property and equipment under capital lease, cost	1,836,000	1,836,000
Accumulated depreciation of asset under capital lease	$ 1,687,000	$ 1,433,000

Investments in Companies Accounted for Using the Equity Method - HAPSMobile (Details)	12 Months Ended
	Apr. 30, 2018 USD ($)	Apr. 30, 2017 USD ($)	Apr. 30, 2016 USD ($)	Jan. 01, 2019 JPY (¥)	Jan. 01, 2019 USD ($)	Apr. 17, 2018 JPY (¥)	Apr. 17, 2018 USD ($)	Jan. 27, 2018	Dec. 31, 2017	Dec. 27, 2017 JPY (¥)	Dec. 27, 2017 USD ($)	Jan. 31, 2017
Schedule of Equity Method Investments [Line Items]
Ownership percentage												49.00%
Equity method investment activity, net of tax	$ (1,283,000)	$ (119,000)	$ (138,000)
HAPSMobile
Schedule of Equity Method Investments [Line Items]
Ownership percentage	5.00%								5.00%
Payments for purchase of interest										¥ 210,000,000	$ 1,860,000
Option to increase its ownership percentage								19.00%
HAPSMobile \| Expected
Schedule of Equity Method Investments [Line Items]
Payments for purchase of interest				¥ 209,500,000	$ 1,900,000
Other assets, long term \| HAPSMobile
Schedule of Equity Method Investments [Line Items]
Carrying value of investment	$ 2,020,000
SoftBank
Schedule of Equity Method Investments [Line Items]
Ownership percentage									95.00%
Payments for purchase of interest						¥ 150,000,000	$ 1,407,000
Equity method investment activity, net of tax \| HAPSMobile
Schedule of Equity Method Investments [Line Items]
Equity method investment activity, net of tax	$ (1,283,000)

Investments in Companies Accounted for Using the Equity Method - Altoy (Details) - USD ($)		12 Months Ended
	Feb. 01, 2017	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015	Jan. 31, 2017	Mar. 31, 2014
Investments in Companies Accounted for Using the Equity Method
Ownership percentage						49.00%
Entity's share of net loss		$ (1,283,000)	$ (119,000)	$ (138,000)
Altoy
Investments in Companies Accounted for Using the Equity Method
Ownership percentage							49.00%
Ownership interest acquired	36.00%
Total ownership interest	85.00%
Cash	$ 625,000
Altoy \| Other assets, long term
Investments in Companies Accounted for Using the Equity Method
Carrying value of investment				$ 386,000
Altoy \| Other income
Investments in Companies Accounted for Using the Equity Method
Entity's share of net loss			$ (119,000)		$ (138,000)

Warranty Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
Warranty Reserves (Details) - USD ($) $ in Thousands	Apr. 30, 2018	Apr. 30, 2017
Warranty Reserves
Beginning balance	$ 1,947	$ 3,094
Warranty expense	1,884	187
Changes in estimates related to pre-existing warranties		1,651
Warranty costs settled	(1,741)	(2,985)
Ending balance	$ 2,090	$ 1,947

Warranty Reserves Estimated Cost (Details) - USD ($)	12 Months Ended
Warranty Reserves Estimated Cost (Details) - USD ($)	Apr. 30, 2018	Apr. 30, 2017
Warranty Reserves
Standard Product Warranty Accrual, Preexisting, Increase (Decrease)		$ 1,651,000
Product Warranty Expense	$ 2,198,000	1,762,000
UAS
Warranty Reserves
Product Warranty Expense	$ 0	441,000
UAS \| Warranty reserve.
Warranty Reserves
Standard Product Warranty Accrual, Preexisting, Increase (Decrease)		$ 1,651,000

Employee Savings Plan (Details) - USD ($)	12 Months Ended
Employee Savings Plan (Details) - USD ($)	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Employee Savings Plan
Amount of expense in contribution to the plan	$ 2,953,000	$ 2,603,000	$ 2,546,000

Severance Charges (Details) - USD ($) $ in Thousands	12 Months Ended
Severance Charges (Details) - USD ($) $ in Thousands	Apr. 30, 2018	Apr. 30, 2017
Severance Charges
Severance costs	$ 1,262
Accrued wages and related accruals	127	$ 642,000
Severance payments		702,000
Officer
Severance Charges
Severance costs	850
Cost of sales
Severance Charges
Severance costs	555
Severance payments		300,000
SG&A
Severance Charges
Severance costs	$ 707
Severance payments		$ 402,000

Stock-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
Stock-Based Compensation (Details) - USD ($) $ in Thousands	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Stock Based Compensation
Stock based compensation expense	$ 4,956	$ 3,392	$ 4,002
Restated 2006 Plan
Stock Based Compensation
Maximum number of shares that may be granted to one participant during any twelve month period	2,000,000
Maximum amount that may be paid in cash as a performance-based award to one participant during any twelve month period	$ 5,000
Restated 2006 Plan \| Maximum
Stock Based Compensation
Number of shares authorized to be issued pursuant to awards	4,884,157
Restated 2006 Plan \| Incentive stock options \| Minimum
Stock Based Compensation
Percentage of the fair market value on date of grant	100.00%
2002 Plan \| Stock options
Stock Based Compensation
Exercisable period from grant date	5 years
Number of awards that may be granted	0
1992 Plan \| Stock options
Stock Based Compensation
Exercisable period from grant date	5 years

Stock-Based Compensation Fair Value (Details) - Stock options	12 Months Ended
	Apr. 30, 2016 $ / shares
Weighted average assumptions used to estimate fair value of stock options granted
Expected term (in years)	6 years
Expected volatility (as a percent)	36.14%
Risk-free interest rate (as a percent)	1.88%
Weighted average fair value at grant date (in dollars per share)	$ 10.18

Stock-Based Compensation Stock Option Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Shares
Options granted (in shares)	0	0
Stock options
Intrinsic value of options
Intrinsic value of options exercised	$ 2,407	$ 1,747	$ 1,198
Intrinsic value of options outstanding	10,890	2,840
Intrinsic value of exercisable options	$ 8,587	$ 2,454
Restated 2006 Plan \| Stock options
Shares
Outstanding at the beginning of the year (in shares)	446,624	678,799	652,117
Options granted (in shares)			128,000
Options exercised (in shares)	(107,598)	(167,310)	(43,000)
Options canceled (in shares)		(64,865)	(58,318)
Outstanding at the end of the year (in shares)	339,026	446,624	678,799
Options exercisable (in shares)	256,012
Weighted Average Exercise Price
Outstanding at the beginning of the year (in dollars per share)	$ 24.93	$ 24.46	$ 23.96
Option granted (in dollars per share)			26.83
Options exercised (in dollars per share)	23.80	22.32	21.81
Options canceled (in dollars per share)		26.76	25.98
Outstanding at the end of the year (in dollars per share)	25.29	$ 24.93	$ 24.46
Options exercisable (in dollars per share)	$ 24.81
2002 Plan \| Stock options
Shares
Outstanding at the beginning of the year (in shares)		13,824	44,993
Options exercised (in shares)		(9,601)	(31,161)
Options canceled (in shares)		(4,223)	(8)
Outstanding at the end of the year (in shares)			13,824
Weighted Average Exercise Price
Outstanding at the beginning of the year (in dollars per share)		$ 11.79	$ 7.57
Options exercised (in dollars per share)		11.79	5.70
Options canceled (in dollars per share)		$ 11.79	2.13
Outstanding at the end of the year (in dollars per share)			$ 11.79
1992 Plan \| Stock options
Shares
Outstanding at the beginning of the year (in shares)	43,415	68,604	78,604
Options exercised (in shares)	(25,113)	(25,189)	(10,000)
Outstanding at the end of the year (in shares)	18,302	43,415	68,604
Options exercisable (in shares)	18,302
Weighted Average Exercise Price
Outstanding at the beginning of the year (in dollars per share)	$ 0.59	$ 0.59	$ 0.59
Options exercised (in dollars per share)	0.59	0.59	0.59
Outstanding at the end of the year (in dollars per share)	0.59	$ 0.59	$ 0.59
Options exercisable (in dollars per share)	$ 0.59

Stock-Based Compensation Non-Vested Stock Options (Details) - USD ($)	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Options
Options granted (in shares)	0	0
Weighted Average Grant Date Fair value
Unrecognized compensation cost related to non-vested stock awards	$ 7,045,000
Period over which unrecognized compensation cost is expected to be recognized	2 years
Weighted average period over which unrecognized compensation cost is expected to be recognized	1 year 10 months 24 days
Exercise of stock options	$ 2,705,000	$ 3,865,000	$ 1,122,000
Excess tax benefit from stock-based compensation	$ 0	$ 0	$ 98,000
Stock options
Options
Non-vested at beginning of year (in shares)	140,118
Vested (in shares)	(57,104)
Non-vested at end of year (in shares)	83,014	140,118
Weighted Average Grant Date Fair value
Non-vested at beginning of year (in dollars per share)	$ 10.76
Granted (in dollars per share)			$ 10.18
Vested (in dollars per share)	10.45
Non-vested at end of year (in dollars per share)	$ 10.97	$ 10.76
Exercise of stock options	$ 2,576,000	$ 3,863,000	$ 1,121,000
Fair value of shares vested	$ 3,328,000	$ 2,942,000	$ 2,495,000

Stock-Based Compensation Other (Details)	12 Months Ended
Stock-Based Compensation Other (Details)	Apr. 30, 2018 $ / shares shares
Stock-Based Compensation
Range of Exercise Price, low end of range (in dollars per share)	$ 0.59
Range of Exercise Price, high end of range (in dollars per share)	$ 32.19
Options Outstanding
Number of Options (in shares) \| shares	357,328
Weighted Average Remaining Contractual Life In Years	5 years 3 months 7 days
Weighted Average Exercise Price (in dollars per share)	$ 24.02
Options Exercisable
Number of Options Exercisable (in shares) \| shares	274,314
Weighted Average Exercise Price (in dollars per share)	$ 23.20
Weighted Average Remaining Contractual Life	4 years 10 months 17 days
0.59 - 19.16
Stock-Based Compensation
Range of Exercise Price, low end of range (in dollars per share)	$ 0.59
Range of Exercise Price, high end of range (in dollars per share)	$ 19.16
Options Outstanding
Number of Options (in shares) \| shares	72,302
Weighted Average Remaining Contractual Life In Years	4 years 2 months 23 days
Weighted Average Exercise Price (in dollars per share)	$ 13.78
Options Exercisable
Number of Options Exercisable (in shares) \| shares	72,302
Weighted Average Exercise Price (in dollars per share)	$ 13.78
19.17 - 26.24
Stock-Based Compensation
Range of Exercise Price, low end of range (in dollars per share)	19.17
Range of Exercise Price, high end of range (in dollars per share)	$ 26.24
Options Outstanding
Number of Options (in shares) \| shares	58,500
Weighted Average Remaining Contractual Life In Years	4 years 10 months 10 days
Weighted Average Exercise Price (in dollars per share)	$ 20.54
Options Exercisable
Number of Options Exercisable (in shares) \| shares	48,500
Weighted Average Exercise Price (in dollars per share)	$ 20.71
26.25 - 26.99
Stock-Based Compensation
Range of Exercise Price, low end of range (in dollars per share)	26.25
Range of Exercise Price, high end of range (in dollars per share)	$ 26.99
Options Outstanding
Number of Options (in shares) \| shares	80,000
Weighted Average Remaining Contractual Life In Years	7 years 1 month 24 days
Weighted Average Exercise Price (in dollars per share)	$ 26.70
Options Exercisable
Number of Options Exercisable (in shares) \| shares	32,000
Weighted Average Exercise Price (in dollars per share)	$ 26.70
27.00 - 27.99
Stock-Based Compensation
Range of Exercise Price, low end of range (in dollars per share)	27.00
Range of Exercise Price, high end of range (in dollars per share)	$ 27.99
Options Outstanding
Number of Options (in shares) \| shares	50,000
Weighted Average Remaining Contractual Life In Years	5 years 6 months 22 days
Weighted Average Exercise Price (in dollars per share)	$ 27.27
Options Exercisable
Number of Options Exercisable (in shares) \| shares	40,000
Weighted Average Exercise Price (in dollars per share)	$ 27.27
28.00 - 32.19
Stock-Based Compensation
Range of Exercise Price, low end of range (in dollars per share)	28.00
Range of Exercise Price, high end of range (in dollars per share)	$ 32.19
Options Outstanding
Number of Options (in shares) \| shares	96,526
Weighted Average Remaining Contractual Life In Years	4 years 7 months 2 days
Weighted Average Exercise Price (in dollars per share)	$ 29.90
Options Exercisable
Number of Options Exercisable (in shares) \| shares	81,512
Weighted Average Exercise Price (in dollars per share)	$ 29.65

Stock-Based Compensation Restricted Stock Awards (Details) - Restricted stock awards shares in Thousands	12 Months Ended
	Apr. 30, 2018 $ / shares shares
Shares
Unvested stock at beginning of year (in shares) \| shares	339,145
Stock granted (in shares) \| shares	131,332
Stock vested (in shares) \| shares	(133,886)
Stock canceled (in shares) \| shares	(4,016)
Unvested stock at end of year (in shares) \| shares	332,575
Weighted Average Grant Date Fair Value
Unvested stock at beginning of year (in dollars per share) \| $ / shares	$ 26.27
Stock granted (in dollars per shares) \| $ / shares	37.71
Stock vested (in dollars per shares) \| $ / shares	25.25
Stock canceled (in dollars per shares) \| $ / shares	26.10
Unvested stock at end of year (in dollars per share) \| $ / shares	$ 31.20

Long-Term Incentive Awards (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
Long-Term Incentive Awards (Details) - USD ($)	Jul. 29, 2017	Jul. 29, 2017	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Stock Based Compensation
Stock based compensation expense			$ 4,956,000	$ 3,392,000	$ 4,002,000
Fiscal 2018 LTIP \| Performance based restricted stock units
Stock Based Compensation
Stock based compensation expense			269,000
Fiscal 2018 LTIP \| Performance based restricted stock units \| 100% Vested
Stock Based Compensation
Vesting (as a percentage)	100.00%
Fiscal 2018 LTIP \| Performance based restricted stock units \| 50% Vested
Stock Based Compensation
Vesting (as a percentage)	50.00%
Fiscal 2018 LTIP \| Performance based restricted stock units \| 200% Vested
Stock Based Compensation
Vesting (as a percentage)	200.00%
Fiscal 2018 LTIP \| Performance based restricted stock units \| Maximum
Stock Based Compensation
Stock based compensation expense			2,660,000
Fiscal 2017 LTIP \| Performance based restricted stock units
Stock Based Compensation
Stock based compensation expense			159,000
Fiscal 2017 LTIP \| Performance based restricted stock units \| 100% Vested
Stock Based Compensation
Vesting (as a percentage)		100.00%
Fiscal 2017 LTIP \| Performance based restricted stock units \| 50% Vested
Stock Based Compensation
Vesting (as a percentage)		50.00%
Fiscal 2017 LTIP \| Performance based restricted stock units \| 200% Vested
Stock Based Compensation
Vesting (as a percentage)		200.00%
Fiscal 2017 LTIP \| Performance based restricted stock units \| Maximum
Stock Based Compensation
Stock based compensation expense			2,440,000
Fiscal 2016 LTIP \| Performance based restricted stock units
Stock Based Compensation
Stock based compensation expense			$ 0

Income Taxes (Details) - USD ($)	12 Months Ended
Income Taxes (Details) - USD ($)	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Income Taxes
Domestic	$ 33,854,000	$ 20,954,000	$ 18,433,000
Foreign	(34,000)	(86,000)	81,000
Income from continuing operations before income taxes	33,820,000	20,868,000	18,514,000
Equity method investment activity, net of tax	(1,283,000)	(119,000)	(138,000)
Income (loss) before income taxes	32,537,000	$ 20,749,000	$ 18,376,000
Deferred tax liabilities for income taxes on undistributed earnings	$ 0

Income Taxes Reconciliation (Details) - USD ($) $ in Thousands			12 Months Ended
	Jan. 01, 2018	Dec. 31, 2017	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Income Taxes
U.S. federal statutory income tax rate (as a percent)	21.00%	35.00%	30.40%	34.00%	35.00%
State and local income taxes, net of federal benefit (as a percent)			(2.00%)	(1.90%)	(5.30%)
R&D and other tax credits (as a percent)			(6.70%)	(11.70%)	(19.20%)
Valuation allowance (as a percent)			4.70%	4.10%	7.30%
Foreign rate differential			0.10%
Return to provision adjustments (as a percent)			(0.10%)	(0.30%)	2.10%
Permanent items (as a percent)			(6.90%)	(3.60%)	(3.10%)
Tax Act			10.00%
Other (as a percent)			0.60%	(0.80%)	(0.70%)
Effective income tax rate (as a percent)			30.10%	19.80%	16.10%
Current:
Federal			$ 6,363	$ 3,745	$ 5,388
State			925	215	406
Current			7,288	3,960	5,794
Deferred:
Federal			3,272	(66)	(2,814)
State			(331)	279	3
Foreign			(52)	(35)
Deferred			2,889	178	(2,811)
Total income tax expense (benefit)			10,177	4,138	$ 2,983
Deferred income tax assets:
Accrued expenses			5,771	7,074
Allowances, reserves, and other			2,100	1,801
Unrealized loss on securities			25	74
Net operating loss and credit carry-forwards			12,361	11,854
Intangibles basis			94	43
Total deferred income tax assets			20,351	20,846
Deferred income tax liabilities:
Other				29
Fixed asset basis			(682)	(428)
Total deferred income tax liabilities			(682)	(457)
Valuation allowance			(8,568)	(5,416)
Net deferred tax assets			$ 11,101	$ 14,973

Income Taxes Carryforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017
Tax Credit Carryforward
Increase in valuation allowance	$ 3,152	$ 905
State
Tax Credit Carryforward
Tax credit carryforwards	20,760
IRS
Tax Credit Carryforward
Tax credit carryforwards	$ 5,098

Income Taxes Other (Details) - USD ($)	12 Months Ended
Income Taxes Other (Details) - USD ($)	Apr. 30, 2018	Apr. 30, 2017
Unrecognized tax benefits
State net operating loss carryforwards	$ 10,000
Foreign net operating loss carryforwards	1,125,000
Foreign net operating losses subject to expiration	1,051,000
Activity related to gross unrecognized tax benefits
Beginning balance	9,856,000	$ 9,905,000
Increases related to prior year tax positions	228,000	3,000
Decreases related to prior year tax positions		(26,000)
Increases related to current year tax positions	1,347,000	901,000
Decreases related to lapsing of statute of limitations	(261,000)	(927,000)
Ending balance	11,170,000	9,856,000
Penalties accrued related to uncertain tax positions		$ 16,000
Interest accrued related to uncertain tax positions	16,000
Reversal of uncertain tax position reserve, including interest	261,000
Statute of limitations expiration
Unrecognized tax benefits
Estimated decrease in unrecognized tax benefits in the next twelve months	$ 0

Income Taxes - Tax Cuts and Jobs Act (Details) - USD ($)			12 Months Ended
	Jan. 01, 2018	Dec. 31, 2017	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Income Taxes
U.S. federal statutory income tax rate (as a percent)	21.00%	35.00%	30.40%	34.00%	35.00%
Deferred tax expense			$ 3,400,000

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Accumulated other comprehensive loss
Total accumulated other comprehensive loss balance as of April 30, 2017	$ (127)
Total accumulated other comprehensive loss balance as of April 30, 2018	(21)	$ (127)
Unrealized gain, tax portion	25	43	$ 18
Other comprehensive income, tax	0
Available-For-Sale Securities.
Accumulated other comprehensive loss
Total accumulated other comprehensive loss balance as of April 30, 2017	(127)
Unrealized gains, net of $25 of taxes	70
Total accumulated other comprehensive loss balance as of April 30, 2018	(57)	(127)
Foreign Currency Translation Adjustments
Accumulated other comprehensive loss
Change in foreign currency translation adjustments, net of $0 taxes	36
Total accumulated other comprehensive loss balance as of April 30, 2018	36
Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss
Total accumulated other comprehensive loss balance as of April 30, 2017	(127)
Change in foreign currency translation adjustments, net of $0 taxes	36
Unrealized gains, net of $25 of taxes	70
Total accumulated other comprehensive loss balance as of April 30, 2018	$ (21)	$ (127)

Changes in Accounting Estimates (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Changes in Accounting Estimates
Income from continuing operations	$ 32,537	$ 20,749	$ 18,376
Net income attributable to AeroVironment	$ 20,068	$ 12,479	$ 8,966
Net income per share attributable to AeroVironment - Basic (in dollars per share)	$ 0.86	$ 0.54	$ 0.39
Net income per share attributable to AeroVironment - Diluted (in dollars per share)	$ 0.84	$ 0.54	$ 0.39

Related Party Transactions (Details)	12 Months Ended
Related Party Transactions (Details)	Apr. 30, 2018 USD ($)	Apr. 30, 2017 USD ($)	Apr. 30, 2016 USD ($)	Dec. 31, 2017	Dec. 27, 2017 JPY (¥)	Dec. 27, 2017 USD ($)	Jan. 31, 2017
Long-Term Incentive Awards
Revenue	$ 29,597,000
Unbilled related party receivables	3,145,000
Ownership percentage							49.00%
Design and Development Agreement
Long-Term Incentive Awards
Maximum net value	75,789,000
Revenue	29,597,000
Board member \| Consulting agreement
Long-Term Incentive Awards
Amount paid to related party	$ 48,000	$ 80,000	$ 96,000
HAPSMobile
Long-Term Incentive Awards
Ownership percentage	5.00%			5.00%
Payments for purchase of interest					¥ 210,000,000	$ 1,860,000
Unbilled receivables and retention \| HAPSMobile
Long-Term Incentive Awards
Unbilled related party receivables	$ 3,145,000
Ownership percentage	5.00%

Commitments and Contingencies (Details)	12 Months Ended
Commitments and Contingencies (Details)	Apr. 30, 2018 USD ($)	Apr. 30, 2017 USD ($)	Apr. 30, 2016 USD ($)	Jan. 01, 2019 JPY (¥)	Jan. 01, 2019 USD ($)	Dec. 27, 2017 JPY (¥)	Dec. 27, 2017 USD ($)
Future minimum lease payments under noncancelable operating leases
2018	$ 4,940,000
2019	4,774,000
2020	3,872,000
2021	3,421,000
2022	2,278,000
Thereafter	1,914,000
Total	21,199,000
Future minimum lease payments under non cancellable capital leases
2018	161,000
Total	161,000
Present value of capital lease obligations	161,000
Less: Current portion	(161,000)
Long-term portion of capital lease obligations		$ 161,000
Rental expense under operating leases	4,011,000	3,849,000	$ 4,077,000
Letters of credit outstanding	6,389,000	1,935,000
Reserve for incurred cost claim audits	$ 77,000	$ 0
HAPSMobile
Future minimum lease payments under non cancellable capital leases
Equity Method Investment, Aggregate Cost						¥ 210,000,000	$ 1,860,000
HAPSMobile \| Expected
Future minimum lease payments under non cancellable capital leases
Equity Method Investment, Aggregate Cost				¥ 209,500,000	$ 1,900,000

Business Acquisitions (Details) - USD ($)		3 Months Ended		12 Months Ended
Business Acquisitions (Details) - USD ($)	Feb. 01, 2017	Oct. 28, 2017	Apr. 30, 2017	Apr. 30, 2018	Apr. 30, 2017	Jan. 31, 2017
Business Acquisitions
Ownership percentage						49.00%
Fair value of consideration transferred:
Impairment charge				$ 899,000
SG&A
Fair value of consideration transferred:
Impairment charge		$ 899,000
Customer relationships
Fair value of consideration transferred:
Impairment charge				867,000
Altoy
Business Acquisitions
Ownership interest acquired	36.00%
Ownership percentage	85.00%					49.00%
Business Combinations, Assets Acquired and Liabilities Assumed at Acquisition Date
Goodwill	$ 122,000
Deferred tax liabilities	(332,000)
Other assets and liabilities assumed	286,000
Total net identified assets acquired	1,736,000
Fair value of consideration transferred:
Cash	625,000
Fair value of the Company's investment in Altoy prior to the acquisition	851,000
Fair value of the noncontrolling interest in Altoy	260,000
Total	1,736,000
Supplemental Pro forma Information
Revenue			$ 0	229,287,000	$ 233,941,000
Net income (loss)			$ 122,000	15,808,000	15,595,000
Net income attributable to AeroVironment				15,888,000	$ 15,666,000
Altoy \| Other income
Fair value of consideration transferred:
Gain recognized	584,000
Altoy \| SG&A
Supplemental Pro forma Information
Acquisition-related costs				$ 74,000
Altoy \| Customer relationships
Business Combinations, Assets Acquired and Liabilities Assumed at Acquisition Date
Intangible assets	1,600,000
Altoy \| Trademark and trade names
Business Combinations, Assets Acquired and Liabilities Assumed at Acquisition Date
Intangible assets	$ 60,000

Geographic Information (Details)	12 Months Ended
Geographic Information (Details)	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Non-U.S. customers
Product Information
Percentage of revenue	46.00%	37.00%	29.00%

Quarterly Results of Operations (Unaudited) (Details) - USD ($)		3 Months Ended								12 Months Ended
	Feb. 01, 2017	Apr. 30, 2018	Jan. 27, 2018	Oct. 28, 2017	Jul. 29, 2017	Apr. 30, 2017	Jan. 28, 2017	Oct. 29, 2016	Jul. 30, 2016	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Selected Quarterly Financial Information
Revenue		$ 117,381,000	$ 53,433,000	$ 63,988,000	$ 36,250,000	$ 115,720,000	$ 41,895,000	$ 40,829,000	$ 30,496,000	$ 271,052,000	$ 228,940,000	$ 233,738,000
Gross margin		52,180,000	17,920,000	28,693,000	10,095,000	57,442,000	16,797,000	15,041,000	5,905,000	$ 108,888,000	$ 95,185,000	$ 105,574,000
Net (loss) income from attributable to AeroVironment from continuing operations		$ 20,211,000	$ (960,000)	$ 6,689,000	$ (3,364,000)	$ 28,469,000	$ (852,000)	$ (2,603,000)	$ (8,381,000)
Net (loss) income per share attributable to AeroVironment from continuing operations—basic		$ 0.86	$ (0.05)	$ 0.29	$ (0.14)	$ 1.23	$ (0.03)	$ (0.11)	$ (0.37)	$ 0.97	$ 0.72	$ 0.67
Net (loss) income per share attributable to AeroVironment from continuing operations—diluted		$ 0.85	$ (0.05)	$ 0.28	$ (0.14)	$ 1.21	$ (0.03)	$ (0.11)	$ (0.37)	$ 0.95	$ 0.72	$ 0.67
Number of weeks										91 days
Impairment of intangible assets and goodwill										$ 1,021,000
Deferred tax expense										$ 3,400,000
Uncertain tax positions, including interest									$ 1,000,000
Altoy \| SG&A
Selected Quarterly Financial Information
Impairment of intangible assets and goodwill				$ 1,000,000
Altoy \| Other income
Selected Quarterly Financial Information
Gain recognized	$ 584,000

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2015
Allowance for doubtful accounts
Movement in valuation and qualifying accounts and reserves
Balance at Beginning of Period	$ 104	$ 56
Charged to Cost and Expenses	976	56	$ 158
Deductions		(8)	(326)
Balance at End of Period	1,080	104	224
Warranty reserve
Movement in valuation and qualifying accounts and reserves
Balance at Beginning of Period	1,947	3,094
Charged to Cost and Expenses	1,884	1,838	3,589
Charged to Other Accounts			(424)
Deductions	(1,741)	(2,985)	(1,758)
Balance at End of Period	2,090	1,947	1,687
Reserve for inventory excess and obsolescence
Movement in valuation and qualifying accounts and reserves
Balance at Beginning of Period	2,756	2,542
Charged to Cost and Expenses	2,758	1,115	2,762
Deductions	(1,561)	(901)	(2,046)
Balance at End of Period	3,953	2,756	1,826
Reserve for self-insured medical claims
Movement in valuation and qualifying accounts and reserves
Balance at Beginning of Period	1,133	979
Charged to Cost and Expenses	9,100	7,037	7,668
Deductions	(9,230)	(6,883)	(7,742)
Balance at End of Period	$ 1,003	$ 1,133	$ 1,053