0001558370-21-008684 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Apr. 30, 2021	Jun. 23, 2021	Oct. 31, 2020
Cover [Abstract]
Entity Registrant Name	AeroVironment Inc
Entity File Number	001-33261
Entity Central Index Key	0001368622
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Apr. 30, 2021
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-2705790
Amendment Flag	false
Trading Symbol	AVAV
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--04-30
Entity Address, Address Line One	241 18th Street South, Suite 415
Entity Address, City or Town	Arlington
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	22202
City Area Code	(805)
Local Phone Number	520-8350
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1,663.1
Entity Common Stock, Shares Outstanding		24,777,816
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Small Business	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 30, 2021	Apr. 30, 2020
Current assets:
Cash and cash equivalents	$ 148,741	$ 255,142
Short-term investments	31,971	47,507
Accounts receivable, net of allowance for doubtful accounts of $595 at April 30, 2021 and $1,190 at April 30, 2020	62,647	73,660
Unbilled receivables and retentions (inclusive of related party unbilled receivables of $544 at April 30, 2021 and $15,779 at April 30, 2020)	71,632	75,837
Inventories	71,646	45,535
Prepaid expenses and other current assets	15,001	6,246
Total current assets	401,638	503,927
Long-term investments	12,156	15,030
Property and equipment, net	58,896	21,694
Operating lease right-of-use assets	22,902	8,793
Deferred income taxes	2,061	4,928
Intangibles, net	106,268	13,637
Goodwill	314,205	6,340
Other assets	10,440	10,605
Total assets	928,566	584,954
Current liabilities:
Accounts payable	24,841	19,859
Wages and related accruals	28,068	23,972
Customer advances	7,183	7,899
Current portion of long-term debt	10,000
Current operating lease liabilities	6,154	3,380
Income taxes payable	861	1,065
Other current liabilities	19,078	10,778
Total current liabilities	96,185	66,953
Long-term debt, net of current portion	187,512
Non-current operating lease liabilities	19,103	6,833
Other non-current liabilities	10,141	250
Liability for uncertain tax positions	3,518	1,017
Commitments and contingencies
Stockholders' equity:
Authorized shares-10,000,000; none issued or outstanding at April 30, 2021 and April 30, 2020
Issued and outstanding shares-24,777,295 shares at April 30, 2021 and 24,063,639 shares at April 30, 2020	2	2
Additional paid-in capital	260,327	181,481
Accumulated other comprehensive income	343	328
Retained earnings	351,421	328,090
Total AeroVironment, Inc. stockholders' equity	612,093	509,901
Noncontrolling interest	14
Total equity	612,107	509,901
Total liabilities and stockholders' equity	$ 928,566	$ 584,954

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Apr. 30, 2021	Apr. 30, 2020
Consolidated Balance Sheets
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 595	$ 1,190
Due from Related Parties	$ 544	$ 15,779
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	24,777,295	24,063,639
Common stock, outstanding shares	24,777,295	24,063,639

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Revenue:
Revenue	$ 394,912	$ 367,296	$ 314,274
Cost of sales:
Cost of sales	230,354	214,194	185,871
Gross margin:
Total gross margin	164,558	153,102	128,403
Selling, general and administrative	67,481	59,490	60,343
Research and development	53,764	46,477	34,234
Income from continuing operations	43,313	47,135	33,826
Other income:
Interest (expense) income, net	(618)	4,828	4,672
Other (expense) income, net	(8,330)	707	11,980
Income before income taxes	34,365	52,670	50,478
Provision for income taxes	539	5,848	4,641
Equity method investment loss, net of tax	(10,481)	(5,487)	(3,944)
Net income from continuing operations	23,345	41,335	41,893
(Loss) gain on sale of business, net of tax (benefit) expense of $(76) and $2,444 for the year ended April 30, 2020 and April 30, 2019, respectively		(265)	8,490
Loss from discontinued operations, net of tax			(2,964)
Net (loss) income from discontinued operations		(265)	5,526
Net income	23,345	41,070	47,419
Net (income) loss attributable to noncontrolling interest	(14)	4	19
Net income attributable to AeroVironment, Inc	$ 23,331	$ 41,074	$ 47,438
Net income (loss) per share attributable to AeroVironment-Basic
Continuing (in dollars per share)	$ 0.97	$ 1.74	$ 1.77
Discontinued (in dollars per share)		(0.01)	0.23
Net income per share attributable to AeroVironment, Inc.-Basic	0.97	1.73	2.00
Net income (loss) per share attributable to AeroVironment-Diluted
Continuing (in dollars per share)	0.96	1.72	1.74
Discontinued (in dollars per share)		(0.01)	0.23
Net income per share attributable to AeroVironment, Inc.-Diluted	$ 0.96	$ 1.71	$ 1.97
Weighted-average shares outstanding:
Basic (in shares)	24,049,851	23,806,208	23,663,410
Diluted (in shares)	24,362,656	24,088,167	24,071,713
Product sales
Revenue:
Revenue	$ 278,888	$ 256,758	$ 212,089
Cost of sales:
Cost of sales	149,714	139,131	113,489
Gross margin:
Total gross margin	129,174	117,627	98,600
Contract services
Revenue:
Revenue	116,024	110,538	102,185
Cost of sales:
Cost of sales	80,640	75,063	72,382
Gross margin:
Total gross margin	$ 35,384	$ 35,475	$ 29,803

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Consolidated Statements of Operations
Related party revenue	$ 42,426	$ 60,864	$ 55,407
Tax expense		$ (76)	$ 2,444

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Consolidated Statements of Comprehensive Income
Net income	$ 23,345	$ 41,070	$ 47,419
Other comprehensive income:
Unrealized (loss) gain on investments, net of deferred tax expense of $1, $14 and $51 for the fiscal years ended 2021, 2020 and 2019, respectively	(60)	50	57
Change in foreign currency translation adjustments	75	276	(34)
Total comprehensive income	23,360	41,396	47,442
Net (income) loss attributable to noncontrolling interest	(14)	4	19
Comprehensive income attributable to AeroVironment, Inc.	$ 23,346	$ 41,400	$ 47,461

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Consolidated Statements of Comprehensive Income
Unrealized (loss) gain on investments, net of deferred tax expense of $1, $14 and $51 for the fiscal years ended 2021, 2020 and 2019, respectively	$ 1	$ 14	$ 51

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Parent Adoption of ASU 2018-09	Parent	Common Stock	Additional Paid-In Capital	Retained Earnings Adoption of ASU 2018-09	Retained Earnings	Accumulated Other Comprehensive Income	Non-controlling Interest	Adoption of ASU 2018-09	Total
Increase (Decrease) in Stockholders' Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest										$ 409,056
Balance at Apr. 30, 2018		$ 409,033	$ 2	$ 170,139		$ 238,913	$ (21)	$ 23
Balance (in shares) at Apr. 30, 2018			23,908,736
Increase (Decrease) in Stockholders' Equity
Net income										47,419
Net (income) loss attributable to noncontrolling interest								(19)		19
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest		47,438				47,438
Unrealized gain (loss) on investments		57					57			57
Foreign currency translation		(34)					(34)			(34)
Stock options exercised		71		71						71
Stock options exercised (in shares)			12,725
Restricted stock awards (in shares)			57,476
Restricted stock awards forfeited (in shares)			18,023
Restricted stock awards forfeited (in shares)			(18,023)
Tax withholding payment related to net share settlement of equity awards		(1,094)		(1,094)						(1,094)
Tax withholding payment related to net share settlement of equity awards (in shares)			(14,621)
Stock-based compensation		7,100		7,100						7,100
Balance at Apr. 30, 2019	$ 665	462,571	$ 2	176,216	$ 665	286,351	2	4
Balance (in shares) at Apr. 30, 2019			23,946,293
Increase (Decrease) in Stockholders' Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest									$ 665	462,575
Net income										41,070
Net (income) loss attributable to noncontrolling interest								(4)		4
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest		41,074				41,074
Unrealized gain (loss) on investments		50					50			50
Foreign currency translation		276					276			276
Stock options exercised		100		100						100
Stock options exercised (in shares)			16,189
Restricted stock awards (in shares)			131,991
Restricted stock awards forfeited (in shares)			12,541
Restricted stock awards forfeited (in shares)			(12,541)
Tax withholding payment related to net share settlement of equity awards		(1,062)		(1,062)						(1,062)
Tax withholding payment related to net share settlement of equity awards (in shares)			(18,293)
Stock-based compensation		6,227		6,227						6,227
Balance at Apr. 30, 2020		509,901	$ 2	181,481		328,090	328			509,901
Balance (in shares) at Apr. 30, 2020			24,063,639
Increase (Decrease) in Stockholders' Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest										509,901
Net income										23,345
Net (income) loss attributable to noncontrolling interest								14		(14)
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest		23,331				23,331
Unrealized gain (loss) on investments		(60)					(60)			(60)
Foreign currency translation		75					75			75
Stock options exercised		1,522		1,522						1,522
Stock options exercised (in shares)			53,500
Restricted stock awards (in shares)			117,468
Restricted stock awards forfeited (in shares)			5,509
Restricted stock awards forfeited (in shares)			(5,509)
Tax withholding payment related to net share settlement of equity awards		(1,992)		(1,992)						(1,992)
Tax withholding payment related to net share settlement of equity awards (in shares)			(25,597)
Business acquisition		72,384		72,384						72,384
Business acquisition (in shares)			573,794
Stock-based compensation		6,932		6,932						6,932
Balance at Apr. 30, 2021		$ 612,093	$ 2	$ 260,327		$ 351,421	$ 343	$ 14		612,093
Balance (in shares) at Apr. 30, 2021			24,777,295
Increase (Decrease) in Stockholders' Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest										$ 612,107

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Operating activities
Net income	$ 23,345	$ 41,070	$ 47,419
Loss (gain) on sale of business, net of tax		265	(8,490)
Loss from discontinued operations, net of tax			2,964
Net income from continuing operations	23,345	41,335	41,893
Adjustments to reconcile net income from continuing operations to cash provided by operating activities from continuing operations:
Depreciation and amortization	19,262	9,888	7,669
Losses from equity method investments, net	10,481	5,487	3,944
Amortization of debt issuance costs	145
Realized gain from sale of available-for-sale investments	(11)	(180)
Impairment of long-lived assets			4,398
Provision for doubtful accounts	(114)	388	(39)
Other non-cash gain, net	(449)	(703)
Non-cash lease expense	5,150	4,574
Loss on foreign currency transactions	1	1	38
Deferred income taxes	(1,694)	3,419	4,792
Stock-based compensation	6,932	6,227	6,985
Loss (gain) on sale of property and equipment	123	(71)	76
Amortization of debt securities	309	(1,423)	(1,506)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	17,177	(42,869)	25,821
Unbilled receivables and retentions	8,381	(22,790)	(36,175)
Inventories	(5,179)	8,855	(16,631)
Income tax receivable		821	(821)
Prepaid expenses and other assets	(6,104)	831	(2,401)
Accounts payable	2,565	3,127	(7,054)
Other liabilities	6,212	8,180	(4,043)
Net cash provided by operating activities	86,532	25,097	26,946
Investing activities
Acquisition of property and equipment	(11,263)	(11,220)	(8,896)
Equity method investments	(2,675)	(14,498)	(7,598)
Business acquisitions, net of cash acquired	(385,614)	(18,641)
Proceeds from sale of business			31,994
Proceeds from sale of property and equipment		81
Redemptions of held-to-maturity investments		185,917	260,918
Purchases of held-to-maturity investments		(176,757)	(267,122)
Redemptions of available-for-sale investments	146,425	200,892	2,250
Purchases of available-for-sale investments	(125,644)	(106,607)
Net cash (used in) provided by investing activities	(378,771)	59,167	11,546
Financing activities
Principal payments of capital lease obligations.			(161)
Payment of contingent consideration		(868)
Tax withholding payment related to net settlement of equity awards	(1,992)	(1,062)	(1,094)
Holdback and retention payments for business acquisition	(1,492)
Exercise of stock options	1,522	100	71
Payment of debt issuance costs	(3,878)
Proceeds from long-term debt	200,000
Net cash used in financing activities	194,160	(1,830)	(1,184)
Discontinued operations
Operating activities of discontinued operations	0	0	(7,686)
Investing activities of discontinued operations	0	0	(431)
Net cash used in discontinued operations	0	0	(8,117)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(98,079)	82,434	29,191
Cash, cash equivalents and restricted cash at beginning of period	255,142	172,708	143,517
Cash, cash equivalents and restricted cash at end of period	157,063	255,142	172,708
Cash paid, net during the period for:
Income taxes	2,405	532	6,780
Non-cash activities
Unrealized (loss) gain on investments, net of deferred tax expense of $1, $14 and $51 for the fiscal years ended 2021, 2020 and 2019, respectively	(60)	50	57
Issuance of common stock for business acquisition	72,384
Change in foreign currency translation adjustments	75	276	(34)
Issuances of inventory to property and equipment, ISR in-service assets	769
Acquisitions of property and equipment included in accounts payable	$ 756	$ 1,425	$ 810

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Consolidated Statements of Cash Flows
Unrealized (loss) gain on investments, net of deferred tax expense of $1, $14 and $51 for the fiscal years ended 2021, 2020 and 2019, respectively	$ 1	$ 14	$ 51

Organization and Significant Accounting Policies

12 Months Ended

Apr. 30, 2021

Organization and Significant Accounting Policies

Organization and Significant Accounting Policies

AEROVIRONMENT, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies

Organization

AeroVironment, Inc., a Delaware corporation, is engaged in the design, development, production, delivery and support of a technologically advanced portfolio of intelligent, multi-domain robotic systems and related services for government agencies and businesses. AeroVironment, Inc. supplies unmanned aircraft systems (“UAS”), tactical missile systems (“TMS”) and related services primarily to organizations within the U.S. Department of Defense (“DoD”) and to international allied governments.

Significant Accounting Policies

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of AeroVironment, Inc. and its wholly-owned subsidiaries: Arcturus UAV, Inc. (“Arcturus”) and 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”).

In February 2019, the Company dissolved AeroVironment International PTE. LTD., the results of which were not material to the consolidated financial statements. In October 2019, the Company dissolved its wholly-owned subsidiary, Skytower, Inc., the results of which were not material to the consolidated financial statements.

On June 10, 2019, the Company purchased 100% of the issued and outstanding member units of Pulse Aerospace, LLC (“Pulse”) pursuant to the terms of a Unit Purchase Agreement (the “Pulse Purchase Agreement”). The assets, liabilities and operating results of Pulse have been included in the Company’s consolidated financial statements. In February 2021, the Company dissolved its wholly-owned subsidiary, Pulse Aerospace, LLC, the results of which were not material to the consolidated financial statements. Refer to Note 21—Business Acquisitions for further details.

On February 19, 2021, the Company closed its acquisition of Arcturus, a California corporation pursuant to a Stock Purchase Agreement (the “Arcturus Purchase Agreement”) with Arcturus and each of the shareholders and other equity interest holders of Arcturus (collectively, the “Arcturus Sellers”), to purchase 100% of the issued and outstanding equity of Arcturus (the “Arcturus Acquisition”). The assets, liabilities and operating results of Arcturus have been included in the Company’s consolidated financial statements. Refer to Note 21—Business Acquisitions for further details.

On February 23, 2021, the Company purchased certain assets of, and assumed certain liabilities of, the Intelligent Systems Group business segment (“ISG”) of Progeny Systems Corporation, a Virginia corporation (the “ISG Seller”), pursuant to the terms of an Asset Purchase Agreement (the “ISG Purchase Agreement”) of the same date by and among the Company, ISG Seller and the sole shareholder of ISG Seller (the “Beneficial Owner,” and such acquisition of ISG, the “ISG Acquisition”). The assets, liabilities and operating results of ISG have been included in the Company’s consolidated financial statements. Refer to Note 21—Business Acquisitions for further details.

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 loss, net of tax in the consolidated statement of operations. The carrying value of the investment in HAPSMobile was recorded in other assets. Refer to Note 9 – Equity Method Investments for further details.

In July 2019, the Company made its initial capital contribution to a limited partnership fund focusing on highly relevant technologies and start-up companies serving defense and industrial markets. The Company accounts for investments in limited partnerships as equity method investments as the Company is deemed to have influence when it holds more than a minor interest. Refer to Note 9 – 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”), based on UAS and MUAS operating units. Accordingly, the Company operates its business as two reportable segments, UAS and MUAS.

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, acquired intangibles, goodwill, 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 transaction price 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. Specifically, the Company’s existing intangible assets have been reclassified from other assets to intangibles, net on the consolidated balance sheet for all periods presented.

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.

Restricted Cash

The Company classifies cash accounts which are not available for general use as restricted cash. Pursuant to the terms of the Arcturus Purchase Agreement, the Company maintains escrow accounts to address final purchase price adjustments post-Arcturus Closing, if any and to address Arcturus UAV’s and/or the Sellers’ indemnification obligations. The restricted funds in the escrow account are recorded in other assets on the consolidated balance sheet. As of April 30, 2021 restricted cash was $8,322,000. The Company had no restricted cash as of April 30, 2020.

Investments

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

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, 69%, 61% and 58% of the Company’s revenue came from agencies of the U.S. government for the years ended April 30, 2021, 2020 and 2019, respectively. These agencies accounted for 64% and 62% of the accounts receivable balances at April 30, 2021 and 2020, respectively. One such agency, the U.S. Army, accounted for 34%, 32% and 28% of the Company’s consolidated revenue for the years ended April 30, 2021, 2020 and 2019, 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 allied foreign governments, 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. Unbilled receivables are considered contract assets.

Retentions represent amounts withheld by customers until contract completion. At April 30, 2021 and 2020, the retention balances were $700,000 and $717,000, respectively. The Company determines the allowance for doubtful accounts based on historical customer experience, age of receivable 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 expected credit losses over the life of the receivable; 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
In-service ISR assets		3 years
Furniture and fixtures		3 - 7 years
Leasehold improvements		Lesser of useful life or term of 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. During the fiscal

year ended April 30, 2019, the Company recorded an impairment loss of $4,398,000 related to the long-lived assets of its commercial UAS Quantix solution. Refer to Note 8 – Property and equipment, net.

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 technology, in-process research and development, customer relationships, trademarks and tradenames, and non-compete agreements. 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 estimated useful life for the Company’s intangible assets are as follows:


Technology		3 - 12 years
Licenses		3 years
Customer relationships		3 - 5 years
In-process research and development		3 years
Trademarks and tradenames		6 years
Non-compete agreements		Contractual term

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. No impairment was recorded for the fiscal years ended April 30, 2021, 2020 or 2019.

Goodwill

Goodwill represents the excess of the cost of an acquired entity over the fair value of the acquired net assets. Goodwill is tested for impairment annually during the fourth quarter of the Company’s fiscal year or when events or circumstances change in a manner that indicates goodwill might be impaired. Events or circumstances that could trigger an impairment review include, but are not limited to, a significant adverse change in legal factors or in the business or political climate, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, significant changes in the manner of the Company’s use of the acquired assets or the strategy for the Company’s overall business, significant negative industry or economic trends or significant underperformance relative to projected future results of operations. No impairment was recorded for the fiscal years ended April 30, 2021, 2020 or 2019.

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, 2021 and 2020, the Company accrued sales commissions in other current liabilities of $2,716,000 and $2,842,000, 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, 2021 and 2020, the Company estimated and recorded a self-insurance liability in wages and related accruals of approximately $1,181,000 and $753,000, 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.

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 resulting in contract liabilities. These advances are classified as customer advances and will be offset against billings.

Revenue Recognition

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 customers. These contracts may be firm fixed price (“FFP”), cost plus fixed fee (“CPFF”), or time and materials (“T&M”). The Company considers all such contracts to be within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”).

Performance Obligations

A performance obligation is a promise in a contract to transfer distinct goods or services to a customer, and it is the unit of account in ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and revenue is recognized when each performance obligation under the terms of a contract is satisfied. Revenue is measured at the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using its observable standalone selling price for products and services. When the standalone selling price is not directly observable, the Company uses its best estimate of the standalone selling price of each distinct good or service in the contract using the cost plus reasonable margin approach. This approach estimates the Company’s expected costs of satisfying the performance obligation and then adds an appropriate margin for that distinct good or service.

Contract modifications are routine in the performance of the Company’s contracts. In most instances, contract modifications are for additional goods and/or services that are distinct and, therefore, accounted for as new contracts.

The Company’s performance obligations are satisfied over time, which accounted for 43% of revenue during our fiscal year ended April 30, 2021, or at a point in time, 57%. Performance obligations are satisfied over time if the customer receives the benefits as the Company performs, if the customer controls the asset as it is being developed or produced, or if the product being produced for the customer has no alternative use and the Company has a contractual right to payment for the Company’s costs incurred to date plus a reasonable margin. The contractual right to payment is generally supported by termination for convenience clauses that allow the customer to unilaterally terminate the contract for convenience, pay the Company for costs incurred plus a reasonable profit, and take control of any work in process. Revenue for TMS product deliveries and Customer-Funded R&D contracts is recognized over time as costs are incurred. Contract services revenue is composed of revenue recognized on contracts for the provision of services, including repairs

and maintenance, training, engineering design, development and prototyping activities, and technical support services. Contract services revenue is recognized over time as services are rendered. Typically, revenue is recognized over time using an input measure (e.g., costs incurred to date relative to total estimated costs at completion) to measure progress. Contract services revenue, including ISR services, is recognized over time as services are rendered. The Company elected the right to invoice practical expedient in which if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date, such as flight hours for ISR services, the entity may recognize revenue in the amount to which the entity has a right to invoice. Training services are recognized over time using an output method based on days of training completed.

For performance obligations satisfied over time, revenue is generally recognized using costs incurred to date relative to total estimated costs at completion to measure progress. Incurred costs represent work performed, which correspond with, and thereby best depict, transfer of control to the customer. Contract costs include labor, materials, subcontractors’ costs, other direct costs, and indirect costs applicable on government and commercial contracts.

For performance obligations which are not satisfied over time per the aforementioned criteria above, revenue is recognized at the point in time in which each performance obligation is fully satisfied. The Company’s small and medium UAS product sales revenue is composed of revenue recognized on contracts for the delivery of small UAS systems and spare parts. Revenue is recognized at the point in time when control transfers to the customer, which generally occurs when title and risk of loss have passed to the customer.

On April 30, 2021, the Company had approximately $211,796,000 of remaining performance obligations under contracts with its customers, which the Company also refers to as backlog. The Company currently expects to recognize approximately 94% of the remaining performance obligations as revenue in fiscal 2022 and an additional 6% in fiscal 2023.

The Company collects sales, value add, and other taxes concurrent with revenue producing activities, which are excluded from revenue when they are both imposed on a specific transaction and collected from a customer.

Contract Estimates

Accounting for contracts and programs primarily with a duration of less than six months involves the use of various techniques to estimate total contract revenue and costs. For long-term contracts, the Company estimates the total expected costs to complete the contract and recognizes revenue based on the percentage of costs incurred at period end. Typically, revenue is recognized over time using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying the Company’s performance obligations. Incurred costs represent work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Contract costs include labor, materials, subcontractors’ costs, other direct costs, and indirect costs applicable on government and commercial contracts.

Contract estimates are based on various assumptions to project the outcome of future events that may span several years. These assumptions include labor productivity and availability, the complexity of the work to be performed, the cost and availability of materials, the performance of subcontractors, and the availability and timing of funding from the customer.

The nature of the Company’s contracts gives rise to several types of variable consideration, including penalty fees and incentive awards generally for late delivery and early delivery, respectively. The Company generally estimates such variable consideration as the most likely amount. In addition, the Company includes the estimated variable consideration to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the related uncertainty is resolved. These estimates are based on historical award experience, anticipated performance and the Company’s best judgment at the time. Because of the certainty in estimating these amounts, they are included in the transaction price of the Company’s contracts and the associated remaining performance obligations.

As a significant change in one or more of these estimates could affect the profitability of the Company’s contracts, the Company regularly reviews and updates its contract-related estimates. Changes in cumulative revenue estimates, due to changes in the estimated transaction price or cost estimates, are recorded using a cumulative catch-up adjustment in the period identified for contracts with performance obligations recognized over time. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, the Company recognizes the total loss in the quarter it is identified.

The impact of adjustments in contract estimates on the Company’s operating earnings can be reflected in either operating costs and expenses or revenue. The aggregate impact of adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods was not significant for the years ended April 30, 2021, 2020 or 2019. During the year ended April 30, 2021, the Company revised its estimates of the total expected costs to complete a TMS contract. The aggregate impact of these adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods was a decrease to revenue of approximately $1,041,000. During the year ended April 30, 2020, the Company revised its estimates of the total expected costs to complete a TMS contract and a contract associated with a design and development agreement. The aggregate impact of these adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods was a decrease of approximately $1,403,000 and an increase of approximately $1,099,000, respectively. No adjustment on any one contract was material to the Company’s consolidated financial statements for the years ended April 30, 2019.

Revenue by Category

The following tables present the Company’s revenue disaggregated by major product line, contract type, customer category and geographic location (in thousands):


	Year Ended April 30,
Revenue by major product line/program	2021		2020		2019
Small UAS	$	235,854	$	225,888	$	183,157
MUAS		15,837		—		—
TMS		87,268		63,781		65,087
HAPS		42,426		60,864		55,407
Other		13,527		16,763		10,623
Total revenue	$	394,912	$	367,296	$	314,274


	Year Ended April 30,
Revenue by contract type	2021		2020		2019
FFP	$	307,413	$	269,917	$	224,090
CPFF		86,719		94,176		89,485
T&M		780		3,203		699
Total revenue	$	394,912	$	367,296	$	314,274

Each of these contract types presents advantages and disadvantages. Typically, the Company assumes more risk with FFP contracts. However, these types of contracts generally offer additional profits when the Company completes the work for less than originally estimated. CPFF contracts generally subject the Company to lower risk. Accordingly,

the associated base fees are usually lower than fees on FFP contracts. Under T&M contracts, the Company’s profit may vary if actual labor hour rates vary significantly from the negotiated rates.


	Year Ended April 30,
Revenue by customer category	2021		2020		2019
U.S. government	$	271,273	$	225,341	$	182,586
Non-U.S. government		123,639		141,955		131,688
Total revenue	$	394,912	$	367,296	$	314,274

	Year Ended April 30,
Revenue by geographic location	2021		2020		2019
Domestic	$	241,898	$	201,046	$	151,124
International		153,014		166,250		163,150
Total revenue	$	394,912	$	367,296	$	314,274

Contract Balances

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables, and customer advances and deposits on the consolidated balance sheet. In the Company’s services contracts, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals, which is generally monthly, or upon the achievement of contractual milestones. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets recorded in unbilled receivables and retentions on the consolidated balance sheet. However, the Company sometimes receives advances or deposits from its customers before revenue is recognized, resulting in contract liabilities recorded in customer advances on the consolidated balance sheet. Contract liabilities are not a significant financing component as they are generally utilized to pay for contract costs within a one-year period or are used to ensure the customer meets contractual requirements. These assets and liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. For the Company’s product revenue, the Company generally receives cash payments subsequent to satisfying the performance obligation via delivery of the product, resulting in billed accounts receivable. Changes in the contract asset and liability balances during the years ended April 30, 2021 or 2020 were not materially impacted by any other factors. For the Company’s contracts, there are no significant gaps between the receipt of payment and the transfer of the associated goods and services to the customer for material amounts of consideration.

Revenue recognized for the years ended April 30, 2021, 2020, and 2019 that was included in contract liability balances at the beginning of each year were $5,468,000, $1,670,000 and $1,587,000, respectively.

Cost to Fulfill a Contract with a Customer

The Company recognizes assets for the costs to fulfill a contract with a customer if the costs are specifically identifiable, generate or enhance resources used to satisfy future performance obligations, and are expected to be recovered in accordance with ASC 340-40 Other Assets and Deferred Costs: Contracts with Customers. The assets related to costs to fulfill contracts with customers are capitalized and amortized over the period the related performance obligations are satisfied. As of April 30, 2021 and 2020, the Company had $1,729,000 and $0 of costs to fulfill future performance obligations on contracts considered to be probable of occurrence. Costs to fulfill a contract are recorded in prepaid expenses and other current assets on the consolidated balance sheets.

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, 2021, 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 shares of restricted stock which become immediately vested upon issuance.

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 $74,218,000, $80,934,000 and $76,407,000 for the years ended April 30, 2021, 2020 and 2019, respectively. The related cost of sales for customer-funded research and development totaled approximately $51,395,000, $56,440,000 and $54,824,000 for the years ended April 30, 2021, 2020 and 2019, 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 term of the agreement was completed as of December 2020. Costs of $21,833,000 have been reimbursed to the Company as the activities were performed, while the Company was responsible for funding a minimum of $11,225,000. 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 income. Reimbursements under the contract were $3,424,000, $8,102,000 and $5,936,000 for the fiscal years ended April 30, 2021, 2020 and 2019, respectively.

Lease Accounting

The Company adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842), along with several additional clarification ASU’s issued during 2018 (“New Lease Standard”) effective May 1, 2019. The New Lease Standard requires the lessee to recognize the assets and liabilities for the rights and obligations created by leases. At contract inception the Company determines whether the contract is, or contains, a lease and whether the lease should be classified as an operating or a financing lease. Operating leases are recorded in operating lease right-of-use assets, current operating lease liabilities and non-current operating lease liabilities.

The Company recognizes operating lease right-of-use assets and operating lease liabilities based on the present value of the future minimum lease payments over the lease term at commencement date. The Company uses its incremental borrowing rate based on the information available at commencement date to determine the present value of future payments and the appropriate lease classification. The Company defines the initial lease term to include renewal options determined to be reasonably certain. The Company’s leases have remaining lease terms of less than one year to six years, some of which may include options to extend the lease for up to 10 years, and some of which may include options to terminate the lease after two years. None of the Company’s options to extend or terminate are reasonably certain of being exercised, and are therefore not included in the Company’s determination of lease assets and liabilities. For operating leases, the Company recognizes lease expense for these leases on a straight-line basis over the lease term.

Many of the Company’s real estate lease agreements contain incentives for tenant improvements, rent holidays, or rent escalation clauses. For tenant improvement incentives, if the incentive is determined to be a leasehold improvement owned by the lessee, the Company generally records incentive as a reduction to fixed lease payments thereby reducing rent expense. For rent holidays and rent escalation clauses during the lease term, the Company records rental expense on a straight-line basis over the term of the lease. For these lease incentives, the Company uses the date of initial possession as the commencement date, which is generally when the Company is given the right of access to the space and begins to make improvements in preparation for intended use.

The Company does not have any finance leases. The Company does not have any material restrictions or covenants in its lease agreements, sale-leaseback transactions, land easements or residual value guarantees.

In determining the inputs to the incremental borrowing rate calculation, the Company makes judgments about the value of the leased asset, its credit rating and the lease term including the probability of its exercising options to extend or terminate the underlying lease. Additionally, the Company makes judgments around contractual asset substitution rights in determining whether a contract contains a lease.

Advertising Costs

Advertising costs are expensed as incurred. Advertising expenses included in SG&A expenses were approximately $675,000, $934,000 and $897,000 for the years ended April 30, 2021, 2020 and 2019, 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, 2021, 2020 and 2019, foreign currency transaction losses that are included in other (expense) income, net in the accompanying statements of income were $1,000, $1,000, and $38,000, 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,
	2021		2020		2019

Continuing operations attributable to AeroVironment, Inc.	$	23,331,000	$	41,339,000	$	41,912,000
Discontinued operations, net of tax		—		(265,000)		5,526,000
Net income attributable to AeroVironment, Inc.	$	23,331,000	$	41,074,000	$	47,438,000
Denominator for basic earnings per share:
Weighted average common shares		24,049,851		23,806,208		23,663,410
Dilutive effect of employee stock options, restricted stock and restricted stock units		312,805		281,959		408,303
Denominator for diluted earnings per share		24,362,656		24,088,167		24,071,713

During the years ended April 30, 2021, 2020 and 2019, 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 3,000, 3,000 and 18,000 for the years ended April 30, 2021, 2020 and 2019, respectively.

Recently Adopted Accounting Standards

Effective May 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, along with several additional clarification ASU’s issued during 2018 and 2019, collectively “CECL”. CECL requires the reporting entity to estimate expected credit losses over the life of a financial asset. CECL requires the credit loss to be recognized upon initial recognition of the financial asset. ASU 2016-13 requires the entity to adopt CECL using the modified retrospective transition approach through a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. As part of the assessment of the adequacy of the Company’s allowances for credit losses, the Company considered a number of factors including, but not limited to, customer credit ratings, age of receivables, and expected loss rates. However, the adoption of CECL did not have a material impact to retained earnings for the Company.

Effective May 1, 2020, the Company adopted ASU 2018-15, “Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” (“ASU 2018-15”). ASU 2018-15 provides guidance on the treatment of accounting for fees paid by a customer in a cloud computing arrangement. This guidance includes the requirements for capitalizing implementation costs incurred in a hosting arrangement. The Company adopted ASU 2018-15 using the prospective method, applying the new guidance to all implementation costs incurred after adoption. The adoption of ASU 2018-15 did not have a material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Standards

In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). This ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The guidance is effective for fiscal years beginning after December 15, 2020 and interim periods therein, with early adoption permitted. The adoption method is dependent on the specific amendment included in this update as certain amendments require retrospective adoption, modified retrospective adoption, an option of retrospective or modified retrospective, and prospective adoption. The Company is evaluating the potential impact of this adoption on its consolidated financial statements.

In January 2020, the FASB issued ASU 2020-01, Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (Topic 321, Topic 323, and Topic 815). This ASU clarifies accounting certain topics impacted by Topic 321 Investments—Equity Securities. These topics include measuring equity securities using the measurement alternative, how the measurement alternative should be applied to equity method accounting, and certain forward contracts and purchased options which would be accounted for under the equity method of accounting upon settlement or exercise. The guidance is effective for fiscal years beginning after December 15, 2020 and interim periods therein, with early adoption permitted. The amendments should be adopted prospectively. The Company is evaluating the potential impact of this adoption on its consolidated financial statements.

Discontinued Operations

12 Months Ended

Apr. 30, 2021

Discontinued Operations.

Discontinued Operations

2. Discontinued Operations

On June 29, 2018, the Company completed the sale of substantially all of the assets and related liabilities of its efficient energy systems business segment (the “EES Business”) to Webasto Charging Systems, Inc. (“Webasto”) pursuant to an Asset Purchase Agreement (the “Purchase Agreement”) between Webasto and the Company. In accordance with the terms of the Purchase Agreement, as amended by a side letter agreement executed at the closing, the Company received cash consideration of $31,994,000 upon closing, which resulted in a gain of $11,420,000 and has been recorded in gain on sale of business, net of tax in the consolidated statements of income. During the year ended April 30, 2019, the Company recorded a reduction to the gain resulting from a working capital adjustment of $486,000. During the year ended April 30, 2020, the Company and Webasto engaged an independent accounting firm to resolve a working capital dispute with a maximum exposure of $922,000 pursuant to the terms of the Purchase Agreement. In June 2020, the independent accounting firm determined the final adjustment to the working capital dispute to be $341,000 which has been recorded net of tax as a loss of discontinued operations in the consolidated statements of income for the year ended April 30, 2020.

The Company is entitled to receive additional cash consideration of $6,500,000 (the “Holdback”) upon tendering consents to assignment of two remaining customer contracts to Webasto. The Holdback was not recorded in the Company’s consolidated financial statements as the amount was not realized or realizable as of April 30, 2021. The Company’s satisfaction of the requirements for the payment of the Holdback is currently in dispute.

On February 22, 2019, Webasto filed a lawsuit, which was amended in April 2019, alleging several claims against the Company for breach of contract, indemnity, and bad faith, including allegations regarding inaccuracy of certain diligence disclosures, failure to provide certain consents to contract assignments and related to a previously announced product recall. Webasto seeks to recover the costs of the recall and other damages totaling a minimum of $6,500,000 in addition to attorneys’ fees, costs, and punitive damages. On August 16, 2019, the Company filed a counterclaim against Webasto seeking payment of the Holdback and declaratory relief regarding Webasto’s cancellation of an assigned contract. Webasto again amended the complaint in May 2021 to include additional claims. The Company has not filed an answer to Webasto’s amended complaint filed in May 2021. The Company believes that the allegations are generally meritless and is mounting a vigorous defense. In order to avoid the future cost, expense, and distraction of continued litigation, the Company engaged in settlement negotiations with Webasto, however, the negotiations did not result in a settlement of any of the Company’s or Webasto’s claims. As a result of the settlement negotiations, the Company established a litigation reserve, which reserve reflects the scope of a rejected offer intended to communicate the Company’s serious and good faith intention to attempt to reach a settlement for the stated purposes. The offer did not reflect the Company’s view of the merits of the claims made, and the Company continues to vigorously defend all claims. However, as a result of the preparation of the good faith offer and the Company’s willingness to pursue settlement for that amount, the Company recorded litigation reserve expenses in the amount of $9,300,000 during the year ended April 30, 2021 recorded in other expense on the consolidated statements of operations.

During the three months ended October 27, 2018, Webasto filed a recall report with the National Highway Traffic Safety Administration that named certain of the Company’s EES products as subject to the recall. The Company is continuing to assess the facts giving rise to the recall. Under the terms of the Purchase Agreement, the Company may be responsible for certain costs of such recall of named products the Company manufactured, sold or serviced prior to the closing of the sale of the EES Business. On August 14, 2019, Benchmark Electronics, Inc. (“Benchmark”), the company that assembled the products subject to the recall, served a demand for arbitration to the Company and Webasto, and a third-party part supplier pursuant to its contracts with the Company and Webasto, respectively. The Company filed a responsive pleading in the Benchmark arbitration on October 29, 2019, consisting of a general denial, affirmative defenses, and a reservation of the right to file counter-claims at a later date. Webasto challenged the validity of the Benchmark arbitration by filing an action in New York Superior Court. In December 2019, Webasto and Benchmark reached a settlement of their disputed claims. Benchmark withdrew its Notice of Arbitration against Webasto and the Company, but reserved its right to pursue indemnity claims against suppliers. The recall remains a significant part of the Webasto lawsuit.

Concurrent with the execution of the Purchase Agreement, the Company entered into a transition services agreement (the “TSA”) to provide certain general and administrative services to Webasto for a defined period. Income from performing services under the TSA was $38,000, $551,000 and $2,758,000 and has been recorded in other income, net in the consolidated statements of income for the fiscal years ended April 30, 2021, 2020 and 2019, respectively.

The Company determined that the EES Business met the criteria for classification as an asset held for sale as of April 30, 2018 and represents a strategic shift in the Company’s operations. Therefore, the results of operations of the EES Business are reported as discontinued operations for all periods presented. The table below presents the statements of income data for the EES Business (in thousands).


	Year Ended April 30,
	2021		2020		2019

Net sales	$	—	$	—	$	4,256
Cost of sales		—		—		5,097
Gross margin		—		—		(841)
Selling, general and administrative		—		—		1,515
Research and development		—		—		1,072
Other income, net		—		—		1
Loss from discontinued operations before income taxes		—		—		(3,427)
Benefit for income taxes		—		-		(463)
Net loss from discontinued operations	$	—	$	—	$	(2,964)
(Loss) gain on sale of business, net of tax (benefit) expense of $(76) and $2,444 for the year ended April 30, 2020 and April 30, 2019, respectively		—		(265)		8,490
Net (loss) income from discontinued operations	$	—	$	(265)	$	5,526

Investments

12 Months Ended

Apr. 30, 2021

Investments

Investments

3. Investments

Investments consist of the following:


	April 30,
	2021		2020
Short-term investments:
Available-for-sale securities:
Municipal securities		22,245		5,244
U.S. government securities		4,009		33,771
Corporate bonds		5,717		8,492
Total short-term investments	$	31,971	$	47,507
Long-term investments:
Available-for-sale securities:
Municipal securities		988		1,592
U.S. government securities		4,000		8,996
Total available-for-sale investments		4,988		10,588
Equity method investments
Investment in limited partnership fund		7,168		4,442
Total equity method investments		7,168		4,442
Total long-term investments	$	12,156	$	15,030

Available-For-Sale Securities

As of April 30, 2021 and 2020, the balance of available-for-sale securities consisted of state and local government municipal securities, U.S. government securities, U.S. government agency securities, and investment grade corporate bonds. Interest earned from these investments is recorded in interest income. Realized gains on sales of these investments on the basis of specific identification is recorded in interest income.

The following table is a summary of the activity related to the available-for-sale investments recorded in short-term and long-term investments as of April 30, (in thousands):


	April 30, 2021								April 30, 2020
			Gross		Gross						Gross		Gross
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
Municipal securities	$	23,227	$	8	$	(2)	$	23,233	$	6,807	$	29	$	—	$	6,836
U.S. government securities		8,008		1		—		8,009		42,730		41		(4)		42,767
Corporate bonds		5,718		—		(1)		5,717		8,495		—		(3)		8,492
Total available-for-sale investments	$	36,953	$	9	$	(3)	$	36,959	$	58,032	$	70	$	(7)	$	58,095

The amortized cost and fair value of the Company’s available-for-sale securities by contractual maturity at April 30, 2021, are as follows:


	Cost		Fair Value
Due within one year	$	31,968	$	31,971
Due after one year through five years		4,985		4,988
Total	$	36,953	$	36,959

Fair Value Measurements

12 Months Ended

Apr. 30, 2021

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, 2021, 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
Available-for-sale securities	$	—	$	36,959	$	—	$	36,959
Contingent consideration		—		—		5,521		5,521
Total	$	—	$	36,959	$	5,521	$	42,480

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


	Fair Value
	Measurements Using
	Significant
	Unobservable Inputs
Description	(Level 3)
Balance at May 1, 2020	$	—
Business acquisition		5,521
Transfers to Level 3		—
Total (gains) losses (realized or unrealized)		—
Settlements		—
Balance at April 30, 2021	$	5,521
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 or liabilities still held at April 30, 2021	$	—

Pursuant to the ISG Purchase Agreement, the sellers may receive up to a maximum of $6,000,000 in additional cash consideration (“contingent consideration”), if certain revenue targets are achieved during the 3 years following closing. The contingent consideration was valued using a Black-Scholes option-pricing model. The analysis considered, among other items, contractual terms of the ISG Purchase Agreement, the Company’s discount rate, the timing of expected future cash flows and the probability that the revenue targets required for payment of the contingent consideration will be achieved. See Note 21—Business Acquisitions.

- 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, 2021

Inventories, net

Inventories, net

5. Inventories, net

Inventories consist of the following (in thousands):


	April 30,
	2021		2020
Raw materials	$	23,997	$	15,988
Work in process		13,825		10,340
Finished goods		44,113		29,439
Inventories, gross		81,935		55,767
Reserve for inventory excess and obsolescence		(10,289)		(10,232)
Inventories, net	$	71,646	$	45,535

For the fiscal years ended April 30, 2021, 2020 and 2019, the Company recorded inventory reserve charges of $1,178,000, $5,377,000 and $5,054,000, respectively. Of the $5,377,000 inventory reserve recorded during fiscal year ended April 30, 2020, approximately $2,600,000 related to an impairment of the remaining net book value of the Company’s Quantix commercial UAS solution.

Intangibles, net

12 Months Ended

Apr. 30, 2021

Intangibles, net

Intangibles, net

6. Intangibles, net

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


	April 30,		April 30,
	2021		2020
Technology	$	46,850	$	14,950
Licenses		1,008		1,006
Customer relationships		68,073		873
In-process research and development		550		550
Non-compete agreements		320		320
Trademarks and tradenames		68		68
Other		3		3
Intangibles, gross		116,872		17,770
Less accumulated amortization		(10,604)		(4,133)
Intangibles, net	$	106,268	$	13,637

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. The weighted average amortization period at April 30, 2021 and 2020 was five years and four years, respectively. Amortization expense for the years ended April 30, 2021, 2020 and 2019 was $6,469,000, $2,822,000 and $357,000, respectively.

Technology and customer relationship intangible assets were recognized in conjunction with the Company’s acquisition of Arcturus on February 19, 2021. Technology and customer relationship intangible assets were recognized in conjunction with the Company’s acquisition of ISG on February 23, 2021. Technology, in-process research and development, customer relationships, trademarks and tradenames, and non-compete agreements were recognized in conjunction with the Company’s acquisition of Pulse on June 10, 2019. Refer to Note 21 - Business Combinations for further details.

Estimated amortization expense for the next five years is as follows (in thousands):


	Year ending
	April 30,
2022	$	24,553
2023		24,409
2024		23,560
2025		16,513
2026		11,471
	$	100,506

Goodwill

12 Months Ended

Apr. 30, 2021

Goodwill.

Goodwill

7. Goodwill

The following table presents the changes in the Company’s goodwill balance (in thousands):


	UAS		MUAS		Total
Balance at April 30, 2020	$	6,340	$	—	$	6,340
Additions to goodwill		19,254		288,611		307,865
Impairment of goodwill		—		—		—
Balance at April 30, 2021	$	25,594	$	288,611	$	314,205

The goodwill balance at April 30, 2020 is attributable to the acquisition of Pulse. The UAS segment goodwill addition is attributable to the ISG acquisition. The MUAS goodwill addition is attributable to the Arcturus acquisition. Refer to Note 21—Business Acquisitions for further details.

Property and Equipment, net

12 Months Ended

Apr. 30, 2021

Property and Equipment, net

Property and Equipment, net

8. Property and Equipment, net

Property and equipment, net consist of the following:


	April 30,
	2021		2020

	(In thousands)
In-service ISR assets	$	36,047	$	—
Leasehold improvements		18,703		16,387
Machinery and equipment		53,943		46,519
Furniture and fixtures		3,698		3,031
Computer equipment and software		36,618		33,242
Construction in process		2,689		2,508
Property and equipment, gross		151,698		101,687
Less accumulated depreciation and amortization		(92,802)		(79,993)
Property and equipment, net	$	58,896	$	21,694

During the three months ended April 30, 2019, the Company determined that the continued less than forecasted sales of its Quantix commercial UAS solution, which launched during the fourth quarter of fiscal year 2018, was an indicator that the long-lived assets of this asset group may not be recoverable. As a result, the company performed an analysis and concluded that the projected undiscounted cash flows were less than the carrying value of the asset group (Step 1). As a result, the Company performed additional analysis to determine the amount of the impairment loss (Step 2) and recorded an impairment loss totaling $4,398,000 related to the long-lived assets of the commercial UAS Quantix solution, which is included in selling, general and administrative expense on the consolidated statements of income. The fair value of the asset group was determined based on a discounted cash flow model reflective of the Company’s revised cash flow estimates.

Depreciation expense for the years ended April 30, 2021, 2020 and 2019 was $12,793,000, $7,066,000 and $7,311,000, respectively.

Investments in Companies Accounted for Using the Equity Method

12 Months Ended

Apr. 30, 2021

Investments in Companies Accounted for Using the Equity Method

Investments in Companies Accounted for Using the Equity Method

9. Investments in Companies Accounted for Using the Equity Method

In December of 2017, the Company and SoftBank formed a joint venture, HAPSMobile, which is a Japanese corporation. As of April 30, 2021, the Company’s ownership stake in HAPSMobile was approximately 7%, with the remaining 93% held by SoftBank. In connection with the formation of the joint venture on December 27, 2017, the Company initially purchased shares of HAPSMobile representing a 5% ownership interest in exchange for an investment of 210,000,000 yen ($1,860,000). The Company subsequently purchased additional shares of HAPSMobile in order to maintain a 5% ownership stake in the joint venture. The first such purchase occurred on April 17, 2018, at which time the Company invested 150,000,000 yen ($1,407,000) for the purchase of additional shares of HAPSMobile. On January 29, 2019, the Company invested an additional 209,500,000 yen ($1,926,000) to maintain its 5% ownership stake. On February 9, 2019, the Company elected to purchase 632,800,000 yen ($5,671,000) of additional shares of HAPSMobile to increase the Company’s ownership in the joint venture from 5% to 10%, and on May 10, 2019, the Company purchased 500,000,000 yen ($4,569,000) of additional shares of HAPSMobile to maintain its 10% ownership stake. The Company’s ownership percentage was subsequently diluted from 10% to approximately 5%. On December 4, 2019, the Company purchased 540,050,000 yen ($4,982,000) of additional shares of HAPSMobile to increase its ownership stake to approximately 7%.

As the Company has the ability to exercise significant influence over the operating and financial policies of HAPSMobile pursuant to the applicable Joint Venture Agreement and related organizational documents, the Company’s investment is accounted for as an equity method investment. At April 30, 2021, 2020 and 2019, the Company recorded

its ownership percentage of the net loss of HAPSMobile, or $10,530,000, $4,982,000 and $3,944,000, respectively, in equity method investment loss, net of tax in the consolidated statements of income. During the fiscal year ended April 30, 2021, the Company recorded its proportion of a loss for HAPSMobile’s impairment of its investment in Loon LLC in the amount of $8,363,000. HAPSMobile initially made its investment in Loon LLC in April 2019. The impairment recorded by HAPSMobile is included in realized and unrealized losses on investments in the summarized financial information shown below. At April 30, 2021 and 2020, the carrying value of the investment in HAPSMobile of $0 and $10,455,000, respectively, was recorded in other assets, long-term.

Investment in Limited Partnership Fund

In July 2019, the Company made its initial capital contribution to a limited partnership fund focusing on highly relevant technologies and start-up companies serving defense and industrial markets. The Company made additional contributions of $1,173,000, $977,000 and $525,000 on July 15, 2020, January 4, 2021 and March 24, 2021, respectively. Under the terms of the limited partnership agreement, the Company has committed to make additional capital contributions of $2,377,000 to the fund. The Company accounts for investments in limited partnerships as equity method investments as the Company is deemed to have influence when it holds more than a minor interest. At April 30, 2021 and 2020, the Company recorded its ownership percentage of the net (gain) loss of the limited partnership, or $(49,000) and $394,000, respectively, in equity method investment loss, net of deferred taxes of $11 and $111,000, respectively, in the consolidated statements of income. At April 30, 2021 and 2020, the carrying value of the investment in the limited partnership of $7,168,000 and $4,442,000, respectively, was recorded in available-for-sale long-term investments.

Summarized financial information of the equity method investments are as follows:


	April 30,
	2021		2020

	(In thousands)
Current assets	$	9,106	$	67,387
Noncurrent assets		65,717		170,602
Current liabilities		76,492		72,505


	Year Ended April 30,
	2021		2020		2019

	(In thousands)
Revenues	$	159	$	25	$	—
Gross loss		(1,241)		(1,331)		—
Realized and unrealized losses on investments		(131,971)		(7,028)		—
Net loss		(190,454)		(85,818)		(63,107)

Warranty Reserves

12 Months Ended

Apr. 30, 2021

Warranty Reserves

Warranty Reserves

10. Warranty Reserves

Warranty reserve activity is summarized as follows:


	April 30,
	2021		2020

	(In thousands)
Beginning balance	$	2,015	$	1,704
Warranty expense		1,650		2,258
Changes in estimates related to pre-existing warranties		—		(189)
Warranty costs settled		(1,324)		(1,758)
Ending balance	$	2,341	$	2,015

During the fiscal year ended April 30, 2019, the Company revised its estimates based on the results of additional engineering studies and recorded incremental warranty reserve charges totaling $491,000 related to the estimated costs to repair a component of certain small UAS that were delivered in prior periods. During the fiscal year ended April 30, 2020, the Company revised its estimates based on the results of additional engineering studies to $302,000. As of April 30, 2020 and 2019, the Company had no remaining warranty reserve related to the estimated costs to repair the impacted UAS and $251,000, respectively. During the fiscal year ended April 30, 2020, the Company incurred total costs related to this warranty of $288,000.

Employee Savings Plan

12 Months Ended

Apr. 30, 2021

Employee Savings Plan

Employee Savings Plan

11. Employee Savings Plan

The Company has an employee 401(k) savings plan covering all eligible employees. The Company expensed approximately $5,764,000, $4,744,000 and $3,961,000 in contributions to the plan for the years ended April 30, 2021, 2020 and 2019, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)(iv)(03)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Debt

12 Months Ended

Apr. 30, 2021

Debt

Debt

12.Debt

In connection with the consummation of the Arcturus Acquisition on February 19, 2021, the Company, as borrower, and Arcturus, as guarantor, entered into a Credit Agreement with certain lenders, letter of credit issuers, Bank of America, N.A., as the administrative agent and the swingline lender, and BofA Securities, Inc., JPMorgan Chase Bank, N.A., and U.S. Bank National Association, as joint lead arrangers and joint bookrunners (the “Credit Agreement”).

The Credit Agreement and its associated Security and Pledge Agreement set forth the terms and conditions for (i) a five-year $100 million revolving credit facility, which includes a $10 million sublimit for the issuance of standby and commercial letters of credit (the “Revolving Facility”), and (ii) a five-year amortized $200 million term A loan (the “Term Loan Facility”, and together with the Revolving Facility, the “Credit Facilities”). Certain existing letters of credit issued by JPMorgan Chase Bank were reserved for under the Revolving Facility at closing and remain outstanding under the terms thereof. Upon execution of the Credit Agreement, the Company drew the full principal of the Term Loan Facility for use in the acquisition of Arcturus. The Term Loan Facility requires payment of 5% of the outstanding obligations in each of the first four loan years, with the remaining 80% payable in loan year five, consisting of three quarterly payments of 1.25% each, with the remaining outstanding principal amount of the Term Loan Facility due and payable on the final maturity date. Proceeds from the Term Loan Facility were used in part to finance a portion of the cash consideration for the Arcturus acquisition. Borrowings under the Revolving Facility may be used for working capital and other general corporate purposes.

The Credit Facilities provide the Company with a choice of interest rates between (a) LIBOR (with a 0% floor) plus the Applicable Margin; or (b) Base Rate (defined as the highest of (a) the Federal Funds Rate plus one-half percent (0.50%), (b) the Bank of America prime rate, and (c) the one (1) month LIBOR plus one percent (1.00%)) plus the Applicable Margin. The Applicable Margin is based upon the Consolidated Leverage Ratio (as defined in the Credit Agreement) and whether the Company elects LIBOR (ranging from 1.50 - 2.25%) or Base Rate (ranging from 0.50 - 1.25%). The Company is also responsible for certain commitment fees from 0.20-0.35% depending on the Consolidated Leverage Ratio, and administrative agent expenses incurred in relation to the Credit Facilities. In the event of a default, an additional 2% default interest rate in addition to the applicable rate if specified or the Base Rate plus Applicable Margin if an applicable rate is not specified.

Any borrowing under the Credit Agreement may be repaid, in whole or in part, at any time and from time to time without premium or penalty other than customary breakage costs, and any amounts repaid under the Revolving Facility may be reborrowed. Mandatory prepayments are required under the revolving loans when borrowings and letter of credit usage exceed the aggregate revolving commitments of all lenders. Mandatory prepayments are also required in connection with the disposition of assets to the extent not reinvested and unpermitted debt transactions.

In support of its obligations pursuant to the Credit Facilities, the Company has granted security interests in substantially all of the personal property of the Company and its domestic subsidiaries, including a pledge of the equity interests in its subsidiaries (limited to 65% of outstanding equity interests in the case of foreign subsidiaries), and the

proceeds thereof, with customary exclusions and exceptions. The Company’s existing and future domestic subsidiaries, including Arcturus (as of the closing of its acquisition by the Company), will be guarantors for the Credit Facilities.

The Credit Agreement contains certain customary representations and warranties and affirmative and negative covenants, including certain restrictions on the ability of the Company and its Subsidiaries (as defined in the Credit Agreement) to incur any additional indebtedness or guarantee indebtedness of others, to create liens on properties or assets, or to enter into certain asset and stock-based transactions. In addition, the Credit Agreement includes certain financial maintenance covenants, requiring that (x) the Consolidated Leverage Ratio (as defined in the Credit Agreement) shall not be more than 3.00 to 1.00 as of the end of any fiscal quarter and (y) the Consolidated Fixed Charge Coverage Ratio (as defined in the Credit Agreement) shall not be less than 1.25 to 1.00 as of the end of any fiscal quarter. As of April 30, 2021, the Company is in compliance with all covenants.

The Credit Agreement contains certain customary events of default, which include failure to make payments when due thereunder, the material inaccuracy of representations or warranties, failure to observe or perform certain covenants, cross-defaults, bankruptcy and insolvency-related events, certain judgments, certain ERISA-related events, invalidity of loan documents, or a Change of Control (as defined in the Credit Agreement). Upon the occurrence and continuation of an event of default, the Lenders may cease making future loans under the Credit Agreement and may declare all amounts owing under the Credit Agreement to be immediately due and payable.

Long-term debt and the current period interest rates were as follows:


	Year Ended
	April 30,
	2021
	(In thousands)
Term loans	$	200,000
Revolving credit facility		—
Total debt		200,000
Less current portion		10,000
Total long-term debt, less current portion		190,000
Less unamortized debt issuance costs - term loans		2,488
Total long-term debt, net of unamortized debt issuance costs - term loans	$	187,512
Unamortized debt issuance costs - revolving credit facility	$	1,244

Future long-term debt principle payments at April 30, 2021 were as follows:


	(In thousands)
2022	$	10,000
2023		10,000
2024		10,000
2025		10,000
2026		160,000
	$	200,000

Leases

12 Months Ended

Apr. 30, 2021

Leases

Leases

13. Leases

The Company leases certain buildings, land and equipment. At contract inception the Company determines whether the contract is, or contains, a lease and whether the lease should be classified as an operating or a financing lease. Operating leases are recorded in operating lease right-of-use assets, current operating lease liabilities and non-current operating lease liabilities.

options determined to be reasonably certain. The Company’s leases have remaining lease terms of less than one year to nine years, some of which may include options to extend the lease for up to 10 years, and some of which may include options to terminate the lease after two years. If the Company determines it is reasonably certain of exercising an option to extend or terminate, the option is included in the Company’s determination of lease assets and liabilities. For operating leases, the Company recognizes lease expense for these leases on a straight-line basis over the lease term.

The components of lease costs recorded in cost of sales for product sales and contract services and selling, general and administrative (“SG&A”) expense were as follows (in thousands):


	Year Ended		Year Ended
	April 30,		April 30,
	2021		2020
Operating lease cost	$	5,150	$	4,574
Short term lease cost		602		500
Variable lease cost		23		987
Sublease income		(91)		(287)
Total lease costs, net	$	5,684	$	5,774

Supplemental lease information was as follows:


	Year Ended		Year Ended
	April 30,		April 30,
	2021		2020
	(In thousands)		(In thousands)
Cash paid for amounts included in the measurement of operating lease liabilities	$	5,070	$	3,897
Right-of-use assets obtained in exchange for new lease liabilities	$	18,729	$	13,022

Weighted average remaining lease term		71 months		34 months
Weighted average discount rate		3.6%		3.7%

Maturities of operating lease liabilities as of April 30, 2021 were as follows (in thousands):


2022	$	6,711
2023		5,185
2024		4,496
2025		3,530
2026		2,329
Thereafter		6,572
Total lease payments		28,823
Less: imputed interest		(3,566)
Total present value of operating lease liabilities	$	25,257

Rental expense under operating leases was approximately $4,609,000 for the year ended April 30, 2019.

Stock-Based Compensation

12 Months Ended

Apr. 30, 2021

Stock-Based Compensation

Stock-Based Compensation

14. Stock-Based Compensation

For the years ended April 30, 2021, 2020 and 2019, the Company recorded stock-based compensation expense of approximately $6,932,000, $6,227,000 and $6,985,000, respectively.

On January 14, 2007, the stockholders of the Company approved the 2006 Equity Incentive Plan (“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 (“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 (“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 (“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.

No options were granted during the fiscal years ended April 30, 2021, 2020 and 2019. The fair value of stock options granted previously was estimated at the grant date using the Black-Scholes option pricing model. Assumptions included in the Black-Scholes option pricing model included the expected term of stock options, the expected volatility, the risk free interest rate, and the expected dividend yield. 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, 2021, 2020 and 2019, 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, 2018	339,026		25.29	—		—	18,302		0.59
Options granted	—		—	—		—	—		—
Options exercised	(2,000)		32.19	—		—	(4,000)		0.59
Options canceled	—		—	—		—	—		—
Outstanding at April 30, 2019	337,026		25.25	—		—	14,302		0.59
Options granted	—		—	—		—	—		—
Options exercised	(3,000)		31.15	—		—	(13,189)		0.59
Options canceled	—		—	—		—	—		—
Outstanding at April 30, 2020	334,026		25.19	—		—	1,113		0.59
Options granted	—		—	—		—	—		—
Options exercised	(53,500)		28.45	—		—	(1,113)		0.59
Options canceled	—		—	—		—	—		—
Outstanding at April 30, 2021	280,526		24.57	—		—	—		—
Options exercisable at April 30, 2021	280,526	$	24.57	—	$	—	—	$	—

The total intrinsic value of all options exercised during the years ended April 30, 2021, 2020 and 2019 was approximately $4,828,000, $833,000, and $371,000, respectively. The intrinsic value of all options outstanding at April 30, 2021 and 2020 was $24,068,000 and $11,779,000, respectively. The intrinsic value of all exercisable options at April 30, 2021 and 2020 was $24,068,000 and $11,242,000, respectively.

A summary of the status of the Company’s non-vested stock options as of April 30, 2021 and the year then ended is as follows:


		Weighted
		Average
		Grant Date
Non-vested Options	Options	Fair Value
Non-vested at April 30, 2020	16,000	$	10.16
Granted	—		—
Expired	—		—
Canceled	—		—
Vested	(16,000)		10.16
Non-vested at April 30, 2021	—	$	—

As of April 30, 2021, there was approximately $11,737,000 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 2.4 years.

No options were granted during the fiscal years ended April 30, 2021, 2020 and 2019. The total fair value of shares vesting during the years ended April 30, 2021, 2020 and 2019 was $5,312,000, $4,900,000 and $4,756,000, respectively.

Proceeds from all option exercises under all stock option plans for the years ended April 30, 2021, 2020 and 2019 were approximately $1,522,000, $101,000 and $67,000, respectively. The tax benefit realized from stock-based compensation was $0 during the years ended April 30, 2021, 2020 and 2019, respectively.

The following tabulation summarizes certain information concerning outstanding and exercisable options at April 30, 2021:


				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				2021	Years	Price		2021	Price
$	18.07	-	19.16	54,000	1.98	$	18.26	54,000	$	18.26
	19.17	-	26.24	55,000	2.04		20.29	55,000		20.29
	26.25	-	26.99	80,000	4.15		26.70	80,000		26.70
	27.00	-	28.53	50,000	2.56		27.27	50,000		27.27
	28.54	-	31.27	41,526	2.94		31.13	41,526		31.13
$	18.07	-	31.27	280,526	2.86	$	24.57	280,526	$	24.57

The remaining weighted average contractual life of exercisable options at April 30, 2021 was 2.86 years.

Information related to the Company’s restricted stock awards at April 30, 2021 and for the year then ended is as follows:


	Restated 2006 Plan
		Weighted
		Average
		Grant Date
	Shares	Fair Value
Unvested stock at April 30, 2020	201,647	$	55.84
Stock granted	117,468		79.96
Stock vested	(133,578)		39.77
Stock canceled	(5,509)		72.03
Unvested stock at April 30, 2021	180,028	$	83.02

Long-Term Incentive Awards

12 Months Ended

Apr. 30, 2021

Long-Term Incentive Awards.

Long-Term Incentive Awards

15. Long-Term Incentive Awards

During the three months ended August 1, 2020, the Company granted awards under its amended and restated 2006 Equity Incentive Plan (the “Restated 2006 Plan”) to key employees (“Fiscal 2021 LTIP”). Awards under the Fiscal 2021 LTIP consist of: (i) time-based restricted stock awards, which vest in equal tranches in July 2021, July 2022 and July 2023, 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, 2023. 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 250% 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, 2021, the Company recorded $1,072,000 of compensation expense related to the Fiscal 2021 LTIP. At April 30, 2021, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2021 LTIP is $7,784,000.

During the three months ended July 27, 2019, the Company granted awards under its amended and restated 2006 Equity Incentive Plan (the “Restated 2006 Plan”) to key employees (“Fiscal 2020 LTIP”). Awards under the Fiscal

2020 LTIP consist of: (i) time-based restricted stock awards, which vest in equal tranches in July 2020, July 2021 and July 2022, 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, 2022. 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 years ended April 30, 2021 and 2020, the Company recorded $620,000 and $649,000 of compensation expense related to the Fiscal 2020 LTIP. At April 30, 2021, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2020 LTIP is $4,188,000.

During the three months ended July 28, 2018, the Company granted awards under the Restated 2006 Plan to key employees (“Fiscal 2019 LTIP”). Awards under the Fiscal 2019 LTIP consist of: (i) time-based restricted stock awards which vest in equal tranches in July 2019, July 2020 and July 2021, 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, 2021. 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 years ended April 30, 2021, 2020 and 2019, the Company recorded $368,000, $386,000 and $572,000 of compensation expense related to the Fiscal 2019 LTIP, respectively. During the first quarter of fiscal 2022, the Company expects to issue a total of 18,541 fully-vested shares of common stock to settle the Fiscal 2019 LTIP.

During the three months ended July 29, 2017, the Company granted awards under 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) 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 three months ended August 1, 2020, the Company issued a total of 16,228 fully-vested shares of common stock to settle the PRSUs in the Fiscal 2018 LTIP. No compensation expense was recorded during fiscal year ended April 30, 2021 for the Fiscal 2018 LTIP.

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 vested in equal tranches in July 2017, July 2018 and July 2019, and (ii) PRSUs, which vested based on the Company’s achievement of revenue and operating income targets for the three-year period ending April 30, 2019. During the three months ended July 27, 2019, the Company issued a total of 14,814 fully-vested shares of common stock to settle the PRSUs in the Fiscal 2017 LTIP. No compensation expense was recorded during fiscal year ended April 30, 2021 for the Fiscal 2017 LTIP.

At April 30, 2021 and 2020, the Company recorded cumulative stock-based compensation expense from these long-term incentive awards of $3,667,000 and $2,657,000, respectively. 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, 2021

Income Taxes

Income Taxes

16. Income Taxes

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


	Year Ended April 30,
	2021		2020		2019
Domestic	$	34,274	$	52,730	$	50,644
Foreign		91		(60)		(166)
Income from continuing operations before income taxes		34,365		52,670		50,478

Equity method investment loss		(10,481)		(5,487)		(3,944)
Total income from continuing operations before income taxes	$	23,884	$	47,183	$	46,534

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 is as follows:


	Year Ended April 30,
	2021		2020		2019
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal benefit	(1.4)		(2.1)		(2.2)
R&D and other tax credits	(11.5)		(6.8)		(8.1)
Valuation allowance	3.2		3.4		3.7
Return to provision adjustments	(0.3)		0.1		(0.3)
Permanent items	3.6		0.7		0.8
Foreign derived intangible income	(7.6)		(3.9)		(3.7)
Excess benefit of equity awards	(5.7)		(1.5)		(3.1)
Other	0.3		0.2		1.1
Effective income tax rate	1.6	%	11.1	%	9.2	%

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


	Year Ended April 30,
	2021		2020		2019
Current:
Federal	$	3,094	$	3,005	$	1,953
State		448		390		228
Foreign		—		—		—
		3,542		3,395		2,181
Deferred:
Federal		(3,247)		2,063		1,945
State		244		421		551
Foreign		—		(31)		(36)
		(3,003)		2,453		2,460
Total income tax expense	$	539	$	5,848	$	4,641

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


	April 30,
	2021		2020
Deferred income tax assets:
Accrued expenses	$	4,422	$	3,337
Stock based compensation		2,492		2,259
Allowances, reserves, and other		1,482		1,784
Outside basis difference		4,617		2,264
Unrealized loss on securities		110		9
Net operating loss and credit carry-forwards		33,155		12,832
Intangibles basis		—		605
Lease liability		5,645		2,282
Total deferred income tax assets		51,923		25,372
Deferred income tax liabilities:
Fixed asset basis		(10,286)		(1,218)
Revenue recognition		—		(3,112)
Right-of-use asset		(5,119)		(1,965)
Intangibles basis		(17,004)		—
Total deferred income tax liabilities		(32,409)		(6,295)
Valuation allowance		(17,453)		(14,149)
Net deferred tax assets	$	2,061	$	4,928

At April 30, 2021 and 2020 the Company recorded a valuation allowance of $17,453,000 and $14,149,000, respectively, against state R&D credits as the Company is currently generating more tax credits than it will utilize in future years and against the outside basis difference in an equity method investee. The valuation allowance increased by $3,304,000 and $2,871,000 for April 30, 2021 and April 30, 2020, respectively.

At April 30, 2021 the Company had state credit carryforwards of $28,530,000 that do not expire and federal tax credit carryforwards of $2,260,000 that expire in 2041.

At April 30, 2021, the Company had federal, state and foreign net operating loss carryforwards of approximately $88,719,000, $24,685,000 and $341,000, respectively. The federal and $8,754,000 of the state net operating losses carry forward indefinitely. $15,931,000 of state net operating losses will begin expiring in fiscal year 2028, and the foreign loss carryforward will begin expiring in fiscal year 2022. Utilization of federal and state net operating loss carryforwards may be subject to substantial annual limitation due to the ownership change limitations provided by Section 382 of the Internal Revenue Code, as amended and similar state provisions.

At April 30, 2021 and 2020, the Company had approximately $17,556,000 and $14,347,000, respectively, of unrecognized tax benefits all of which would impact the Company’s effective tax rate if recognized. The Company estimates that $1,324,000 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, 2021 and 2020 (in thousands):


	April 30,
	2021		2020
Balance as of May 1	$	14,347	$	12,593
Increases related to prior year tax positions		1,305		62
Decreases related to prior year tax positions		(116)		—
Increases related to current year tax positions		2,074		1,971
Decreases related to lapsing of statute of limitations		(54)		(279)
Balance as of April 30	$	17,556	$	14,347

The Company records interest and penalties on uncertain tax positions to income tax expense. As of April 30, 2021 and 2020, the Company had accrued approximately $23,000 and $21,000, respectively, of interest and penalties related to uncertain tax positions. The Company is currently under audit by various state jurisdictions. The 2017 to 2020 tax years remain open to examination by the IRS for federal income taxes. The tax years 2010 to 2012 and 2016 to 2020 remain open for major state taxing jurisdictions.

On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, a $2 trillion relief package comprising a combination of tax provisions and other stimulus measures. The CARES Act broadly provides entities tax payment relief and significant business incentives and makes certain technical corrections to the 2017 Tax Cuts and Jobs Act, or the Tax Act. The tax relief measures for entities include a five-year net operating loss carry back, increases interest expense deduction limits, acceleration of alternative minimum tax credit refunds, payroll tax relief, and a technical correction to allow accelerated deductions for qualified improvement property. The Act also provides other non-income tax benefits, including federal funding for a range of stabilization measures and emergency funding to assist those impacted by the COVID-19 pandemic. Similar legislation is being enacted in other jurisdictions in which the Company operates. ASC Topic 740, Income Taxes, requires the effect of changes in tax rates and laws on deferred tax balances to be recognized in the period in which new legislation is enacted. The enactment of the CARES Act and similar legislation in other jurisdictions in which the Company operates was not material to the Company’s income tax benefit for the year ended April 30, 2021.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Accumulated Other Comprehensive Income

12 Months Ended

Apr. 30, 2021

Accumulated Other Comprehensive Income.

Accumulated Other Comprehensive Income

17. Accumulated Other Comprehensive Income

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


					Total Accumulated
					Other
	Available-for-Sale		Foreign Currency		Comprehensive
	Securities		Translation Adjustments		Income
Total accumulated other comprehensive income balance as of April 30, 2020	$	50	$	278	$	328
Changes in foreign currency translation adjustments		—		75		75
Unrealized losses, net of $1 of taxes		(60)		—		(60)
Total accumulated other comprehensive income balance as of April 30, 2021	$	(10)	$	353	$	343

Changes in Accounting Estimates

12 Months Ended

Apr. 30, 2021

Changes in Accounting Estimates

Changes in Accounting Estimates

18. Changes in Accounting Estimates

During the years ended April 30, 2021, 2020 and 2019, the Company revised its estimates at completion of various contracts recognized using the over time method, 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. During the year ended April 30, 2021, the Company revised its estimates of the total expected costs to complete a TMS variant contract. The aggregate impact of these adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods was a decrease to revenue of approximately $1,041,000. During the year ended April 30, 2020, the Company revised its estimates of the total

expected costs to complete a TMS contract and a contract associated with a design and development agreement. The aggregate impact of these adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods was a decrease of approximately $1,403,000 and an increase of approximately $1,099,000, respectively. The changes in estimates resulted in cumulative catch-up adjustments to revenue for the years ended April 30, 2019 were not material.

Related Party Transactions

12 Months Ended

Apr. 30, 2021

Related Party Transactions

Related Party Transactions

19. Related Party Transactions

Pursuant to a consulting agreement, the Company paid a board member approximately $29,000, $59,000 and $55,000 for fiscal years ended April 30, 2021, 2020 and 2019, 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 and related efforts, the Company will use its best efforts, up to a maximum value of $180,806,000, 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 $42,426,000, $60,864,000 and $55,407,000 for the fiscal years ended April 30, 2021, 2020 and 2019, respectively. At April 30, 2021 and 2020, the Company had unbilled related party receivables from HAPSMobile of $544,000 and $15,779,000 recorded in unbilled receivables and retentions on the consolidated balance sheet, respectively. As of April 30, 2021, the Company owned approximately a 7% stake. Refer to Note 9 – Equity Method Investments for further details.

Commitments and Contingencies

12 Months Ended

Apr. 30, 2021

Commitments and Contingencies

Commitments and Contingencies

20. Commitments and Contingencies

Commitments

The Company’s operations are conducted in leased facilities. Refer to Note 13—Leases for additional information.

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. The Company has recorded a litigation reserve related to the settlement offer made to Webasto. Refer to Note 2—Discontinued Operations for further details.

At April 30, 2021 and 2020, the Company had outstanding letters of credit totaling $5,029,000 and $2,716,000, 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, 2019, the Company settled rates for its incurred cost claims with the DCAA for fiscal years 2016 and 2017 without payment of any consideration. During the fiscal year ended April 30, 2020, the Company settled rates for its incurred cost claims with the DCAA for fiscal year 2015 for an amount not significant. At April 30, 2021 and 2020, the Company had no reserve for open incurred cost claim audits.

Business Acquisitions

12 Months Ended

Apr. 30, 2021

Business Acquisitions

Business Acquisitions

21. Business Acquisitions

Arcturus Acquisition

On February 19, 2021, the Company closed its acquisition of Arcturus pursuant to the terms of the Arcturus Purchase Agreement. Arcturus, headquartered in Petaluma, California, designs, engineers, tools, and manufactures unmanned aerial and aircraft systems including airborne platforms, payloads and payload integration, ground control systems, and ground support equipment and other items and services related generally to unmanned aircraft systems.

Pursuant to the Arcturus Purchase Agreement, at the closing of the Arcturus Acquisition, the Company paid approximately $422,602,000, net of cash acquired (subject to certain customary adjustments and escrow arrangements set forth in the Arcturus Purchase Agreement), financed with a combination of approximately $150,218,000 of cash-on-hand, $200,000,000 of financing pursuant to the Term Loan Facility and the issuance of approximately $72,384,000 of unregistered, restricted shares of common stock. As specified in the Arcturus Purchase agreement, the number of shares issued was determined based on a value of $50,000,000 and a calculated average price as of the last business day prior to execution of the Arcturus Purchase Agreement.

The final cash consideration is subject to certain customary adjustments, including for net working capital, cash, debt and unpaid transaction expenses (including change in control related payments triggered by the transaction) of Arcturus at the Arcturus closing, less $6,500,000 to be held in escrow to address final purchase price adjustments post-Arcturus closing, if any (the “Adjustment Escrow”), and $1,822,500 to be held in escrow to address Arcturus’s and/or the Sellers’ indemnification obligations (the “Indemnification Escrow”). The Adjustment Escrow, less any negative post-closing adjustment to the cash consideration paid at closing, is to be released to the Arcturus Sellers upon completion of the post-Arcturus closing purchase price adjustment process; the Indemnification Escrow, less any amounts paid or reserved, is to be released to the Arcturus Sellers 12 months following the Arcturus closing. To further address potential breaches of Arcturus’s and the Sellers’ representations and warranties beyond the application of the Indemnification Escrow, the Company also obtained representation and warranty insurance policies providing $40,000,000 in coverage, subject to customary terms, exclusions and retention amounts.

The following table summarizes the provisional allocation of the purchase price over the estimated fair value of the assets and liabilities assumed in the acquisition of Arcturus (in thousands):


	February 19,
	2021
Fair value of assets acquired:
Accounts receivable		6,050
Unbilled receivable		4,176
Inventories, net		21,701
Prepaid and other current assets		3,076
Property and equipment, net		38,739
Operating lease assets		11,429
Other assets		136
Technology		20,500
Customer relationships		62,700
Goodwill		288,611
Total assets acquired		457,118

Fair value of liabilities assumed:
Accounts payable		3,085
Wages and related accruals		1,698
Customer advances		1,818
Other current liabilities		8,534
Operating lease liabilities		12,297
Other non-current liabilities		1,190
Deferred income taxes, net		5,869
Total liabilities assumed		34,491
Total identifiable net assets		422,627

Fair value of consideration transferred:
Cash consideration, net of cash acquired	$	350,243
Equity consideration		72,384
Total consideration		422,627

Determining the fair value of the intangible assets acquired requires significant judgment, including the amount and timing of expected future cash flows, long-term growth rates and discount rates. The fair value of the intangibles assets was determined using a discounted cash flow analysis, which were based on the Company’s preliminary estimates of future sales, earnings and cash flows after considering such factors as general market conditions, anticipated customer demand, changes in working capital, long term business plans and recent operating performance. Use of different estimates and judgments could yield materially different results.

The goodwill is attributable to the synergies the Company expects to achieve through leveraging the acquired technology to its existing customers, the workforce of Arcturus and expected future customers in the MUAS market. For tax purposes the acquisition was treated as a stock purchase and the goodwill is not deductible.

Supplemental Pro Forma Information (unaudited)

Arcturus revenue and loss from operations for the year ended April 30, 2021 since acquisition on February 19, 2021 was $15,837,000 and $1,869,000, respectively. The following unaudited pro forma summary presents consolidated information of the Company as if the business acquisition had occurred on May 1, 2019 (in thousands):


	Year Ended
	April 30,		April 30,
	2021		2020
Revenue	$	478,579	$	454,769
Net income attributable to AeroVironment, Inc.	$	27,572	$	31,264

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

These pro forma amounts have been calculated by applying the Company’s accounting policies, assuming transaction costs had been incurred during the three months ended July 27, 2019, reflecting the additional amortization that would have been charged assuming the fair value adjustments to intangible assets had been applied from May 1, 2019 with the consequential tax effects, and including the results of Arcturus prior to acquisition.

The Company incurred approximately $6,015,000 acquisition-related expenses for the year ended April 30, 2021. These expenses are included in selling, general and administrative expense on the Company’s consolidated statement of operations.

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, 2019, nor are they indicative of results of operations that may occur in the future.

ISG Acquisition

On February 23, 2021, the Company purchased certain assets of, and assumed certain liabilities of, ISG pursuant to the terms of the ISG Purchase Agreement. ISG is engaged in development of artificial intelligence-enabled computer vision, machine learning and perceptive autonomy technologies and provides related services to United States government customers.

In connection with the ISG Acquisition, the Company (i) paid a base purchase price of $29,700,000 in cash at closing and (ii) may pay additional cash consideration of up to $6,000,000, which is held in escrow account not controlled by the Company, based on the achievement of certain revenue targets by ISG during the 3 years following closing, in each case, subject to the terms and conditions of the ISG Purchase Agreement, including certain customary adjustments.

As a condition to closing pursuant to the ISG Purchase Agreement, the Company and the ISG Seller entered into certain ancillary agreements, including a transition services agreement and two subleases pursuant to which the ISG Seller will provide the Company certain services and facilities space to accommodate the transition of ISG to the Company.

The parties to the ISG Purchase Agreement have made representations, warranties, and covenants that are customary for a transaction of this type, including, among other things, restrictions on the ISG Seller and the Beneficial Owner from engaging in certain competitive activities, as well as mutual indemnification obligations between the Company and the ISG Seller. To supplement certain indemnifications provided by the ISG Seller, the Company obtained a representation and warranty insurance policy.

The following table summarizes the provisional allocation of the purchase price over the estimated fair value of the assets and liabilities assumed in the ISG Acquisition (in thousands):


	February 23,
	2021
Technology	$	11,400
Customer relationships		4,500
Other assets		217
Goodwill		19,254
Total net identified assets acquired	$	35,371

Fair value of consideration:
Cash	$	29,700
Holdback		150
Contingent consideration		5,521
Total	$	35,371

The goodwill is attributable to the synergies the Company expects to achieve through leveraging the acquired technology to its existing customers. For tax purposes the acquisition was treated as an asset purchase and the goodwill is deductible ratably over a period of fifteen years.

Supplemental Pro Forma Information (unaudited)

ISG revenue for the year ended April 30, 2021 since acquisition on February 23, 2021 was $1,724,000. Other than the aforementioned revenue and intangible asset amortization expense of $474,000 for the year ended April 30, 2021 since the acquisition on February 23, 2021, the ISG financial results were not significant. The following unaudited pro forma summary presents consolidated information of the Company as if the business acquisition had occurred on May 1, 2019 (in thousands):


	Year Ended
	April 30,		April 30,
	2021		2020
Revenue	$	406,444	$	379,627
Net income attributable to AeroVironment, Inc.	$	23,787	$	39,025

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

The Company incurred approximately $954,000 acquisition-related expenses for the year ended April 30, 2021. These expenses are included in selling, general and administrative expenses on the Company’s consolidated statement of operations.

Pulse Acquisition

On June 10, 2019, the Company purchased 100% of the issued and outstanding member units of Pulse pursuant to the terms of the Pulse Purchase Agreement. The Company’s acquisition of Pulse’s helicopter UAS product family strengthens AeroVironment’s leading family of fixed-wing small unmanned aircraft systems and increases the mission capabilities of AeroVironment’s family of systems.

Pursuant to the Pulse Purchase Agreement, at closing, the Company paid $20,650,000 in cash, less closing indebtedness and transaction costs as defined in the Pulse Purchase Agreement, less a $250,000 retention to cover any post-closing indemnification claims, and less a $1,250,000 holdback amount, with the retention and holdback to be released to the member unit holders of Pulse, less any amounts paid or reserved, 18 months after the closing of the transactions in accordance with the terms of the Pulse Purchase Agreement. The closing cash consideration included the payoff of the outstanding indebtedness of Pulse as of the closing date. The Company financed the acquisition entirely from available cash on hand. During fiscal year ended April 30, 2021, the Company paid a total of $1,492,000 in holdback and retention payments.

In addition to the consideration paid at closing, the acquisition of Pulse included contingent consideration arrangements that required additional consideration to be paid by the Company to the sellers of Pulse if two specified research and development milestones were achieved by December 10, 2021 and the continued employment of specified employees. Amounts were payable upon the achievement of the milestones. The range of the undiscounted amounts the Company could pay under each of the contingent consideration agreements was zero or $2,500,000 ($5,000,000 in total if both milestones are achieved and specific key employees continued employment). The fair value of the contingent consideration recognized on the acquisition date of $1,703,000 was estimated by applying the income approach. That measure was based on significant Level 3 inputs not observable in the market. Key assumptions include (1) a discount rate of 4.5% and (2) the probability that each of the milestones would be achieved.

During the year ended April 30, 2020, one of the research and development milestones was achieved, and the requirements for the payout of remaining contingent consideration were concluded to not have been met. As a result, the Company recorded a gain of $832,000 which was recorded in selling, general, and administrative expense in the consolidated statements of income. On February 26, 2020, $2,500,000 of contingent consideration was paid to the sellers for the achieved milestone.

During the fiscal year ended April 30, 2020, the Company finalized its determination of the fair value of the assets and liabilities assumed as of the acquisition date, which is summarized in the following table (in thousands):


	June 10,
	2019
Technology	$	14,950
Goodwill		6,340
In-process R&D		550
Inventory		334
Non-compete agreements		320
Other assets, net of liabilities assumed		(614)
Total net identified assets acquired	$	21,880

Fair value of consideration:
Cash	$	18,677
Holdback		1,250
Retention		250
Contingent consideration		1,703
Total	$	21,880

Determining the fair value of the intangible assets acquired requires significant judgment, including the amount and timing of expected future cash flows, long-term growth rates and discount rates. The fair value of the intangibles assets was determined using a discounted cash flow analysis, which were based on the Company’s best estimate of future sales, earnings and cash flows after considering such factors as general market conditions, anticipated customer demand, changes in working capital, long term business plans and recent operating performance. Use of different estimates and judgments could yield materially different results.

The goodwill is attributable to the synergies the Company expects to achieve through leveraging the acquired technology to its existing customers, the workforce of Pulse and expected future customers in the helicopter UAS market. For tax purposes the acquisition was treated as an asset purchase and the goodwill is deductible ratably over a period of fifteen years.

Supplemental Pro Forma Information (unaudited)

Pulse revenue for the year ended April 30, 2020 since acquisition on June 10, 2019 was $6,607,000. Other than the aforementioned revenue and intangible asset amortization expense of $2,461,000 for the year ended April 30, 2020 since the acquisition on June 10, 2019, the Pulse financial results were not significant. The following unaudited pro forma summary presents consolidated information of the Company as if the business acquisition had occurred on May 1, 2018 (in thousands):


	Year Ended
	April 30,		April 30,
	2020		2019
Revenue	$	367,523	$	316,878
Net income attributable to AeroVironment, Inc.	$	41,481	$	43,204

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

These pro forma amounts have been calculated by applying the Company’s accounting policies, assuming transaction costs had been incurred during the three months ended July 28, 2018, reflecting the additional amortization that would have been charged assuming the fair value adjustments to intangible assets had been applied from May 1, 2018 with the consequential tax effects, and including the results of Pulse prior to acquisition.

The Company did not incur significant acquisition-related expenses for the year ended April 30, 2020. These expenses are included in selling, general and administrative, research and development, and product cost of sales on the Company’s consolidated statement of operations.

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, 2018, nor are they indicative of results of operations that may occur in the future.

Segments

12 Months Ended

Apr. 30, 2021

Segments

Segments

22. Segments

The Company’s product segments are as follows:

Unmanned Aircraft Systems—The UAS segment focuses primarily on the design, development, production, delivery and support of a technologically advanced portfolio of intelligent, multi-domain robotic systems and related services for government agencies and businesses. AeroVironment, Inc. supplies unmanned aircraft systems (“UAS”), tactical missile systems (“TMS”) and related services primarily to organizations within the U.S. Department of Defense (“DoD”) and to international allied governments.

Medium Unmanned Aircraft Systems—The MUAS segment, which originates with the acquisition of Arcturus, focuses on designs, engineers, tools, and manufactures unmanned aerial and aircraft systems including airborne platforms, payloads and payload integration, ground control systems, and ground support equipment and other items and services related generally to unmanned aircraft systems including ISR services.

The accounting policies of the segments are the same as those described in Note 1, “Organization and Significant Accounting Policies.” The operating segments do not make sales to each other. The segment results are as follows (in thousands):


	Year Ended April 30,
	2021		2020		2019
Revenue:
UAS	$	379,075	$	367,296	$	314,274
MUAS		15,837		—		—
Total		394,912		367,296		314,274
Gross margin:
UAS		161,593		153,102		128,403
MUAS		2,965		—		—
Total		164,558		153,102		128,403
Income (loss) from continuing operations:
UAS		45,182		47,135		33,826
MUAS		(1,869)		—		—
Total		43,313		47,135		33,826
Total assets
UAS		439,320		584,954		508,844
MUAS		489,246		—		—
Total		928,566		584,954		508,844

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Geographic Information

12 Months Ended

Apr. 30, 2021

Geographic Information

Geographic Information

23. Geographic Information

Sales to non-U.S. customers, including U.S. government foreign military sales in which an end user is a foreign government, accounted for 39%, 45% and 52% of revenue for each of the fiscal years ended April 30, 2021, 2020 and 2019, respectively. With the acquisition of Arcturus, the Company deploys in-service assets internationally, which as of April 30, 2020 was $36,047,000.

Subsequent Events

12 Months Ended

Apr. 30, 2021

Subsequent Events.

Subsequent Events

24. Subsequent Events

Telerob Acquisition

On May 3, 2021, the Company closed its acquisition of Telerob Gesellschaft für Fernhantierungstechnik mbH, a German company based in Ostfildern (near Stuttgart), Germany (“Telerob”), including Telerob’s wholly owned subsidiary, Telerob USA, Inc. (“Telerob USA,” and collectively with Telerob, the “Telerob Group”) pursuant to its previously announced Share Purchase Agreement (the “Purchase Agreement”) with Unmanned Systems Investments GmbH, a German limited liability company incorporated under the laws of Germany (the “Seller”), and each of the unit holders of the Seller (collectively, the “Shareholders”), to purchase 100% of the issued and outstanding shares of Seller’s wholly-owned subsidiary Telerob (the “Acquisition”). Upon closing of the transactions contemplated by the Purchase Agreement, Telerob became a wholly-owned subsidiary of the Company.

Pursuant to the Purchase Agreement at closing, the Company paid €37,455,000 (approximately $45,400,000) in cash to the Seller (subject to certain purchase price adjustments as set forth in the Purchase Agreement), less (a) €3,000,000 (approximately $3,636,000) to be held in escrow for breaches of the Seller’s fundamental warranties or any other of Seller’s warranties to the extent not covered by a representation and warranty insurance policy (the “RWI Policy”) obtained by the Company in support of certain indemnifications provided by the Seller; (b) transaction-related fees and costs incurred by the Seller, including change in control payments triggered by the transaction; and (c) 50% of the cost of obtaining the RWI Policy. In addition, at closing the Company paid off approximately €7,811,000 (approximately $9,468,000), of certain indebtedness of the Telerob Group, which amount was paid in combination to the Seller and the lender under an agreement between Telerob and the lender providing for a reduced payoff amount. This indebtedness was offset by cash on hand at the Telerob Group at closing. The escrow amount is to be released to the Seller, less any amounts paid or reserved, 30 months following the closing date.

In addition to the consideration paid at closing, the Seller may receive €2,000,000 (approximately $2,424,000) in additional cash consideration if specific revenue targets for the Telerob Group are achieved during the 12 month period after closing beginning on the first day of the calendar month following the closing (the “First Earnout Year”) and an additional €2,000,000 (approximately $2,424,000) in cash consideration if specific revenue targets for the Telerob Group are achieved in the 12 month period following the First Earnout Year. The Seller may also receive up to €2,000,000 (approximately $2,424,000) in additional cash consideration if specific awards and/or orders from the U.S. military are achieved prior to the end of a 36-month post-closing period.

SoftBank Agreement

On May 29, 2021, the Company entered into an amendment to the DDA with HAPSMobile. The parties agreed to the amendment in anticipation of the Company and SoftBank entering into a Master Design and Development Agreement with each other to continue the design and development of the Solar HAPS aircraft developed under the DDA.

On May 29, 2021, the Company and SoftBank entered into a Master Design and Development Agreement (“MDDA”) to continue the development of Solar HAPS. Pursuant to the MDDA, which has a five-year term, SoftBank will issue orders to the Company for the Company to perform design and development services and produce deliverables as specified in the applicable order(s). Upon the execution of the MDDA, SoftBank issued to the Company, and the Company accepted, the first order under the MDDA which has a maximum value of approximately $51,200,000.

Concurrent with the execution of the MDDA, each of SoftBank and the Company agreed to lend HAPSMobile JPY500,000,000 ($4,600,000), which loans are convertible into shares of HAPSMobile under certain conditions, and to cooperate with each other to explore restructuring and financing options for HAPSMobile to continue the development of Solar HAPS.

Quarterly Results of Operations (Unaudited)

12 Months Ended

Apr. 30, 2021

Quarterly Results of Operations (Unaudited)

Quarterly Results of Operations (Unaudited)

25. 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, 2021. 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
	August 1, 2020		October 31, 2020			January 30, 2021		April 30, 2021

	(In thousands except per share data)
Year ended April 30, 2021
Revenue	$	87,450	$	92,665		$	78,782	$	136,015
Gross margin	$	35,411	$	40,851		$	28,641	$	59,655
Net income attributable to AeroVironment, Inc. from continuing operations	$	10,080	$	2,094	(1)	$	211	$	10,946	(2)
Net income per share attributable to AeroVironment, Inc. from continuing operations—basic(3)	$	0.42	$	0.09	(1)	$	0.01	$	0.45	(2)
Net income per share attributable to AeroVironment, Inc. from continuing operations—diluted(3)	$	0.42	$	0.09	(1)	$	0.01	$	0.44	(2)


	Three Months Ended
	July 27,		October 26,		January 25,		April 30,
	2019		2019		2020		2020

	(In thousands except per share data)
Year ended April 30, 2020
Revenue	$	86,911	$	83,271	$	61,891	$	135,223
Gross margin	$	41,272	$	35,166	$	23,496	$	53,168
Net (loss) income attributable to AeroVironment, Inc. from continuing operations	$	17,110	$	7,501	$	(1,008)	$	17,736
Net (loss) income per share attributable to AeroVironment, Inc. from continuing operations—basic(3)	$	0.72	$	0.32	$	(0.04)	$	0.74
Net (loss) income per share attributable to AeroVironment, Inc. from continuing operations—diluted(3)	$	0.71	$	0.31	$	(0.04)	$	0.73

(1)	Includes a loss of $8.4 million for the Company’s proportionate share of the HAPSMobile Inc. joint venture’s impairment of its investment in Loon LLC recorded to “Equity method investment loss, net of tax” in the consolidated statement of operations.

(2)	Includes a $9.3 million legal accrual related to our former EES Business recorded to “Other (expense) income, net” in the consolidated statement of operations.

(3)	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, 2021

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS

SUPPLEMENTARY DATA

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS


					Additions
	Balance at		Balance		Charged to		Charged to				Balance at
	Beginning		Acquired from		Costs and		Other				End of
Description	of Period		Acquisition		Expenses		Accounts		Deductions		Period

	(In thousands)
Allowance for doubtful accounts for the year ended April 30:
2019	$	1,080	$	—	$	198	$	—	$	(237)	$	1,041
2020	$	1,041	$	—	$	219	$	—	$	(70)	$	1,190
2021	$	1,190	$	—	$	82	$	—	$	(677)	$	595
Warranty reserve for the year ended April 30:
2019	$	2,090	$	—	$	702	$	—	$	(1,088)	$	1,704
2020	$	1,704	$	—	$	2,069	$	—	$	(1,758)	$	2,015
2021	$	2,015	$	—	$	1,650	$	—	$	(1,324)	$	2,341
Reserve for inventory excess and obsolescence for the year ended April 30:
2019	$	3,953	$	—	$	5,054	$	—	$	(1,183)	$	7,824
2020	$	7,824	$	—	$	5,377	$	—	$	(2,969)	$	10,232
2021	$	10,232	$	1,415	$	1,178	$	—	$	(2,536)	$	10,289
Reserve for self-insured medical claims for the year ended April 30:
2019	$	1,003	$	—	$	10,808	$	—	$	(10,867)	$	944
2020	$	944	$	—	$	13,031	$	—	$	(13,222)	$	753
2021	$	753	$	—	$	11,329	$	—	$	(10,789)	$	1,293

Organization and Significant Accounting Policies (Policies)

12 Months Ended

Apr. 30, 2021

Organization and Significant Accounting Policies

Principles of Consolidation

Principles of Consolidation

Investments in Companies Accounted for Using the Equity or Cost Method

Investments in Companies Accounted for Using the Equity or Cost Method

In July 2019, the Company made its initial capital contribution to a limited partnership fund focusing on highly relevant technologies and start-up companies serving defense and industrial markets. The Company accounts for investments in limited partnerships as equity method investments as the Company is deemed to have influence when it holds more than a minor interest. Refer to Note 9 – Equity Method Investments for further details.

Segments

Segments

Use of Estimates

Use of Estimates

Reclassifications

Reclassifications

Cash Equivalents

Cash Equivalents

Restricted Cash

Restricted Cash

Investments

Investments

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

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 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

Concentration of Credit Risk

Accounts Receivable, Unbilled Receivables and Retentions

Accounts Receivable, Unbilled Receivables and Retentions

Inventories

Inventories

Long-Lived Assets

Long-Lived Assets


Machinery and equipment		2 - 7 years
Computer equipment and software		2 - 5 years
In-service ISR assets		3 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


Technology		3 - 12 years
Licenses		3 years
Customer relationships		3 - 5 years
In-process research and development		3 years
Trademarks and tradenames		6 years
Non-compete agreements		Contractual term

Goodwill

Goodwill

Product Warranty

Product Warranty

Accrued Sales Commissions

Accrued Sales Commissions

As of April 30, 2021 and 2020, the Company accrued sales commissions in other current liabilities of $2,716,000 and $2,842,000, respectively.

Self-Insurance Liability

Self-Insurance Liability

Income Taxes

Income Taxes

Customer Advances and Amounts in Excess of Cost Incurred

Customer Advances and Amounts in Excess of Cost Incurred

Revenue Recognition

Revenue Recognition

Performance Obligations

Contract Estimates

Revenue by Category

The following tables present the Company’s revenue disaggregated by major product line, contract type, customer category and geographic location (in thousands):


	Year Ended April 30,
Revenue by major product line/program	2021		2020		2019
Small UAS	$	235,854	$	225,888	$	183,157
MUAS		15,837		—		—
TMS		87,268		63,781		65,087
HAPS		42,426		60,864		55,407
Other		13,527		16,763		10,623
Total revenue	$	394,912	$	367,296	$	314,274


	Year Ended April 30,
Revenue by contract type	2021		2020		2019
FFP	$	307,413	$	269,917	$	224,090
CPFF		86,719		94,176		89,485
T&M		780		3,203		699
Total revenue	$	394,912	$	367,296	$	314,274

the associated base fees are usually lower than fees on FFP contracts. Under T&M contracts, the Company’s profit may vary if actual labor hour rates vary significantly from the negotiated rates.


	Year Ended April 30,
Revenue by customer category	2021		2020		2019
U.S. government	$	271,273	$	225,341	$	182,586
Non-U.S. government		123,639		141,955		131,688
Total revenue	$	394,912	$	367,296	$	314,274

	Year Ended April 30,
Revenue by geographic location	2021		2020		2019
Domestic	$	241,898	$	201,046	$	151,124
International		153,014		166,250		163,150
Total revenue	$	394,912	$	367,296	$	314,274

Contract Balances

Cost to Fulfill a Contract with a Customer

Stock-Based Compensation

Stock-Based Compensation

Long-Term Incentive Awards

Long-Term Incentive Awards

Research and Development

Research and Development

Lease Accounting

Lease Accounting

Advertising Costs

Advertising Costs

Foreign Currency Transactions

Foreign Currency Transactions

Earnings Per Share

Earnings Per Share

The reconciliation of diluted to basic shares is as follows:


	Year Ended April 30,
	2021		2020		2019

Continuing operations attributable to AeroVironment, Inc.	$	23,331,000	$	41,339,000	$	41,912,000
Discontinued operations, net of tax		—		(265,000)		5,526,000
Net income attributable to AeroVironment, Inc.	$	23,331,000	$	41,074,000	$	47,438,000
Denominator for basic earnings per share:
Weighted average common shares		24,049,851		23,806,208		23,663,410
Dilutive effect of employee stock options, restricted stock and restricted stock units		312,805		281,959		408,303
Denominator for diluted earnings per share		24,362,656		24,088,167		24,071,713

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

Recently Issued Accounting Standards

Organization and Significant Accounting Policies (Tables)

12 Months Ended

Apr. 30, 2021

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
In-service ISR assets		3 years
Furniture and fixtures		3 - 7 years
Leasehold improvements		Lesser of useful life or term of lease

Schedule of estimated useful life for the Company's intangible assets


Technology		3 - 12 years
Licenses		3 years
Customer relationships		3 - 5 years
In-process research and development		3 years
Trademarks and tradenames		6 years
Non-compete agreements		Contractual term

Schedule of revenue by category


	Year Ended April 30,
Revenue by major product line/program	2021		2020		2019
Small UAS	$	235,854	$	225,888	$	183,157
MUAS		15,837		—		—
TMS		87,268		63,781		65,087
HAPS		42,426		60,864		55,407
Other		13,527		16,763		10,623
Total revenue	$	394,912	$	367,296	$	314,274


	Year Ended April 30,
Revenue by contract type	2021		2020		2019
FFP	$	307,413	$	269,917	$	224,090
CPFF		86,719		94,176		89,485
T&M		780		3,203		699
Total revenue	$	394,912	$	367,296	$	314,274

the associated base fees are usually lower than fees on FFP contracts. Under T&M contracts, the Company’s profit may vary if actual labor hour rates vary significantly from the negotiated rates.


	Year Ended April 30,
Revenue by customer category	2021		2020		2019
U.S. government	$	271,273	$	225,341	$	182,586
Non-U.S. government		123,639		141,955		131,688
Total revenue	$	394,912	$	367,296	$	314,274

	Year Ended April 30,
Revenue by geographic location	2021		2020		2019
Domestic	$	241,898	$	201,046	$	151,124
International		153,014		166,250		163,150
Total revenue	$	394,912	$	367,296	$	314,274

Schedule of reconciliation of basic to diluted shares


	Year Ended April 30,
	2021		2020		2019

Continuing operations attributable to AeroVironment, Inc.	$	23,331,000	$	41,339,000	$	41,912,000
Discontinued operations, net of tax		—		(265,000)		5,526,000
Net income attributable to AeroVironment, Inc.	$	23,331,000	$	41,074,000	$	47,438,000
Denominator for basic earnings per share:
Weighted average common shares		24,049,851		23,806,208		23,663,410
Dilutive effect of employee stock options, restricted stock and restricted stock units		312,805		281,959		408,303
Denominator for diluted earnings per share		24,362,656		24,088,167		24,071,713

Discontinued Operations (Tables)

12 Months Ended

Apr. 30, 2021

Discontinued Operations.

Schedule of statements of operations data for the EES Business


	Year Ended April 30,
	2021		2020		2019

Net sales	$	—	$	—	$	4,256
Cost of sales		—		—		5,097
Gross margin		—		—		(841)
Selling, general and administrative		—		—		1,515
Research and development		—		—		1,072
Other income, net		—		—		1
Loss from discontinued operations before income taxes		—		—		(3,427)
Benefit for income taxes		—		-		(463)
Net loss from discontinued operations	$	—	$	—	$	(2,964)
(Loss) gain on sale of business, net of tax (benefit) expense of $(76) and $2,444 for the year ended April 30, 2020 and April 30, 2019, respectively		—		(265)		8,490
Net (loss) income from discontinued operations	$	—	$	(265)	$	5,526

- 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.

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+ Details

Investments (Tables)

12 Months Ended

Apr. 30, 2021

Investments

Schedule of investments


	April 30,
	2021		2020
Short-term investments:
Available-for-sale securities:
Municipal securities		22,245		5,244
U.S. government securities		4,009		33,771
Corporate bonds		5,717		8,492
Total short-term investments	$	31,971	$	47,507
Long-term investments:
Available-for-sale securities:
Municipal securities		988		1,592
U.S. government securities		4,000		8,996
Total available-for-sale investments		4,988		10,588
Equity method investments
Investment in limited partnership fund		7,168		4,442
Total equity method investments		7,168		4,442
Total long-term investments	$	12,156	$	15,030

Schedule of activity related to available-for-sale investments recorded in short-term and long-term investments

The following table is a summary of the activity related to the available-for-sale investments recorded in short-term and long-term investments as of April 30, (in thousands):


	April 30, 2021								April 30, 2020
			Gross		Gross						Gross		Gross
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
Municipal securities	$	23,227	$	8	$	(2)	$	23,233	$	6,807	$	29	$	—	$	6,836
U.S. government securities		8,008		1		—		8,009		42,730		41		(4)		42,767
Corporate bonds		5,718		—		(1)		5,717		8,495		—		(3)		8,492
Total available-for-sale investments	$	36,953	$	9	$	(3)	$	36,959	$	58,032	$	70	$	(7)	$	58,095

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

The amortized cost and fair value of the Company’s available-for-sale securities by contractual maturity at April 30, 2021, are as follows:


	Cost		Fair Value
Due within one year	$	31,968	$	31,971
Due after one year through five years		4,985		4,988
Total	$	36,953	$	36,959

Fair Value Measurements (Tables)

12 Months Ended

Apr. 30, 2021

Fair Value Measurements

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

The Company’s financial assets measured at fair value on a recurring basis at April 30, 2021, 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
Available-for-sale securities	$	—	$	36,959	$	—	$	36,959
Contingent consideration		—		—		5,521		5,521
Total	$	—	$	36,959	$	5,521	$	42,480


	Fair Value
	Measurements Using
	Significant
	Unobservable Inputs
Description	(Level 3)
Balance at May 1, 2020	$	—
Business acquisition		5,521
Transfers to Level 3		—
Total (gains) losses (realized or unrealized)		—
Settlements		—
Balance at April 30, 2021	$	5,521
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 or liabilities still held at April 30, 2021	$	—

Inventories, net (Tables)

12 Months Ended

Apr. 30, 2021

Inventories, net

Schedule of inventories, net

Inventories consist of the following (in thousands):


	April 30,
	2021		2020
Raw materials	$	23,997	$	15,988
Work in process		13,825		10,340
Finished goods		44,113		29,439
Inventories, gross		81,935		55,767
Reserve for inventory excess and obsolescence		(10,289)		(10,232)
Inventories, net	$	71,646	$	45,535

Intangibles, net (Tables)

12 Months Ended

Apr. 30, 2021

Intangibles, net

Schedule of components of intangibles

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


	April 30,		April 30,
	2021		2020
Technology	$	46,850	$	14,950
Licenses		1,008		1,006
Customer relationships		68,073		873
In-process research and development		550		550
Non-compete agreements		320		320
Trademarks and tradenames		68		68
Other		3		3
Intangibles, gross		116,872		17,770
Less accumulated amortization		(10,604)		(4,133)
Intangibles, net	$	106,268	$	13,637

Schedule of estimated amortization expense for the next five years

Estimated amortization expense for the next five years is as follows (in thousands):


	Year ending
	April 30,
2022	$	24,553
2023		24,409
2024		23,560
2025		16,513
2026		11,471
	$	100,506

Goodwill (Tables)

12 Months Ended

Apr. 30, 2021

Goodwill.

Schedule of the changes in goodwill balances

The following table presents the changes in the Company’s goodwill balance (in thousands):


	UAS		MUAS		Total
Balance at April 30, 2020	$	6,340	$	—	$	6,340
Additions to goodwill		19,254		288,611		307,865
Impairment of goodwill		—		—		—
Balance at April 30, 2021	$	25,594	$	288,611	$	314,205

Property and Equipment, net (Tables)

12 Months Ended

Apr. 30, 2021

Property and Equipment, net

Schedule of property and equipment


	April 30,
	2021		2020

	(In thousands)
In-service ISR assets	$	36,047	$	—
Leasehold improvements		18,703		16,387
Machinery and equipment		53,943		46,519
Furniture and fixtures		3,698		3,031
Computer equipment and software		36,618		33,242
Construction in process		2,689		2,508
Property and equipment, gross		151,698		101,687
Less accumulated depreciation and amortization		(92,802)		(79,993)
Property and equipment, net	$	58,896	$	21,694

Investments in Companies Accounted for Using the Equity Method (Tables)

12 Months Ended

Apr. 30, 2021

Investments in Companies Accounted for Using the Equity Method

Summarized financial information of the equity method investments


	April 30,
	2021		2020

	(In thousands)
Current assets	$	9,106	$	67,387
Noncurrent assets		65,717		170,602
Current liabilities		76,492		72,505


	Year Ended April 30,
	2021		2020		2019

	(In thousands)
Revenues	$	159	$	25	$	—
Gross loss		(1,241)		(1,331)		—
Realized and unrealized losses on investments		(131,971)		(7,028)		—
Net loss		(190,454)		(85,818)		(63,107)

Warranty Reserves (Tables)

12 Months Ended

Apr. 30, 2021

Warranty Reserves

Summary of warranty reserve activity


	April 30,
	2021		2020

	(In thousands)
Beginning balance	$	2,015	$	1,704
Warranty expense		1,650		2,258
Changes in estimates related to pre-existing warranties		—		(189)
Warranty costs settled		(1,324)		(1,758)
Ending balance	$	2,341	$	2,015

Debt (Tables)

12 Months Ended

Apr. 30, 2021

Debt

Schedule of long-term debt and the current period interest rates


	Year Ended
	April 30,
	2021
	(In thousands)
Term loans	$	200,000
Revolving credit facility		—
Total debt		200,000
Less current portion		10,000
Total long-term debt, less current portion		190,000
Less unamortized debt issuance costs - term loans		2,488
Total long-term debt, net of unamortized debt issuance costs - term loans	$	187,512
Unamortized debt issuance costs - revolving credit facility	$	1,244

Schedule of Future long-term debt principle payments

Future long-term debt principle payments at April 30, 2021 were as follows:


	(In thousands)
2022	$	10,000
2023		10,000
2024		10,000
2025		10,000
2026		160,000
	$	200,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Leases (Tables)

12 Months Ended

Apr. 30, 2021

Leases

Schedule of components of lease costs


	Year Ended		Year Ended
	April 30,		April 30,
	2021		2020
Operating lease cost	$	5,150	$	4,574
Short term lease cost		602		500
Variable lease cost		23		987
Sublease income		(91)		(287)
Total lease costs, net	$	5,684	$	5,774

Schedule of supplemental lease information

Supplemental lease information was as follows:


	Year Ended		Year Ended
	April 30,		April 30,
	2021		2020
	(In thousands)		(In thousands)
Cash paid for amounts included in the measurement of operating lease liabilities	$	5,070	$	3,897
Right-of-use assets obtained in exchange for new lease liabilities	$	18,729	$	13,022

Weighted average remaining lease term		71 months		34 months
Weighted average discount rate		3.6%		3.7%

Schedule of maturities of operating lease liabilities

Maturities of operating lease liabilities as of April 30, 2021 were as follows (in thousands):


2022	$	6,711
2023		5,185
2024		4,496
2025		3,530
2026		2,329
Thereafter		6,572
Total lease payments		28,823
Less: imputed interest		(3,566)
Total present value of operating lease liabilities	$	25,257

Stock-Based Compensation (Tables)

12 Months Ended

Apr. 30, 2021

Stock-Based Compensation

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, 2018	339,026		25.29	—		—	18,302		0.59
Options granted	—		—	—		—	—		—
Options exercised	(2,000)		32.19	—		—	(4,000)		0.59
Options canceled	—		—	—		—	—		—
Outstanding at April 30, 2019	337,026		25.25	—		—	14,302		0.59
Options granted	—		—	—		—	—		—
Options exercised	(3,000)		31.15	—		—	(13,189)		0.59
Options canceled	—		—	—		—	—		—
Outstanding at April 30, 2020	334,026		25.19	—		—	1,113		0.59
Options granted	—		—	—		—	—		—
Options exercised	(53,500)		28.45	—		—	(1,113)		0.59
Options canceled	—		—	—		—	—		—
Outstanding at April 30, 2021	280,526		24.57	—		—	—		—
Options exercisable at April 30, 2021	280,526	$	24.57	—	$	—	—	$	—

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, 2020	16,000	$	10.16
Granted	—		—
Expired	—		—
Canceled	—		—
Vested	(16,000)		10.16
Non-vested at April 30, 2021	—	$	—

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				2021	Years	Price		2021	Price
$	18.07	-	19.16	54,000	1.98	$	18.26	54,000	$	18.26
	19.17	-	26.24	55,000	2.04		20.29	55,000		20.29
	26.25	-	26.99	80,000	4.15		26.70	80,000		26.70
	27.00	-	28.53	50,000	2.56		27.27	50,000		27.27
	28.54	-	31.27	41,526	2.94		31.13	41,526		31.13
$	18.07	-	31.27	280,526	2.86	$	24.57	280,526	$	24.57

Schedule of Company's restricted stock awards

Information related to the Company’s restricted stock awards at April 30, 2021 and for the year then ended is as follows:


	Restated 2006 Plan
		Weighted
		Average
		Grant Date
	Shares	Fair Value
Unvested stock at April 30, 2020	201,647	$	55.84
Stock granted	117,468		79.96
Stock vested	(133,578)		39.77
Stock canceled	(5,509)		72.03
Unvested stock at April 30, 2021	180,028	$	83.02

Income Taxes (Tables)

12 Months Ended

Apr. 30, 2021

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,
	2021		2020		2019
Domestic	$	34,274	$	52,730	$	50,644
Foreign		91		(60)		(166)
Income from continuing operations before income taxes		34,365		52,670		50,478

Equity method investment loss		(10,481)		(5,487)		(3,944)
Total income from continuing operations before income taxes	$	23,884	$	47,183	$	46,534

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


	Year Ended April 30,
	2021		2020		2019
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal benefit	(1.4)		(2.1)		(2.2)
R&D and other tax credits	(11.5)		(6.8)		(8.1)
Valuation allowance	3.2		3.4		3.7
Return to provision adjustments	(0.3)		0.1		(0.3)
Permanent items	3.6		0.7		0.8
Foreign derived intangible income	(7.6)		(3.9)		(3.7)
Excess benefit of equity awards	(5.7)		(1.5)		(3.1)
Other	0.3		0.2		1.1
Effective income tax rate	1.6	%	11.1	%	9.2	%

Schedule of components of the provision for income taxes

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


	Year Ended April 30,
	2021		2020		2019
Current:
Federal	$	3,094	$	3,005	$	1,953
State		448		390		228
Foreign		—		—		—
		3,542		3,395		2,181
Deferred:
Federal		(3,247)		2,063		1,945
State		244		421		551
Foreign		—		(31)		(36)
		(3,003)		2,453		2,460
Total income tax expense	$	539	$	5,848	$	4,641

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,
	2021		2020
Deferred income tax assets:
Accrued expenses	$	4,422	$	3,337
Stock based compensation		2,492		2,259
Allowances, reserves, and other		1,482		1,784
Outside basis difference		4,617		2,264
Unrealized loss on securities		110		9
Net operating loss and credit carry-forwards		33,155		12,832
Intangibles basis		—		605
Lease liability		5,645		2,282
Total deferred income tax assets		51,923		25,372
Deferred income tax liabilities:
Fixed asset basis		(10,286)		(1,218)
Revenue recognition		—		(3,112)
Right-of-use asset		(5,119)		(1,965)
Intangibles basis		(17,004)		—
Total deferred income tax liabilities		(32,409)		(6,295)
Valuation allowance		(17,453)		(14,149)
Net deferred tax assets	$	2,061	$	4,928

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, 2021 and 2020 (in thousands):


	April 30,
	2021		2020
Balance as of May 1	$	14,347	$	12,593
Increases related to prior year tax positions		1,305		62
Decreases related to prior year tax positions		(116)		—
Increases related to current year tax positions		2,074		1,971
Decreases related to lapsing of statute of limitations		(54)		(279)
Balance as of April 30	$	17,556	$	14,347

Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Apr. 30, 2021

Accumulated Other Comprehensive Income.

Schedule of components of accumulated other comprehensive income

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


					Total Accumulated
					Other
	Available-for-Sale		Foreign Currency		Comprehensive
	Securities		Translation Adjustments		Income
Total accumulated other comprehensive income balance as of April 30, 2020	$	50	$	278	$	328
Changes in foreign currency translation adjustments		—		75		75
Unrealized losses, net of $1 of taxes		(60)		—		(60)
Total accumulated other comprehensive income balance as of April 30, 2021	$	(10)	$	353	$	343

Business Acquisitions (Tables)

12 Months Ended

Apr. 30, 2021

Arcturus UAV Inc.

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

The following table summarizes the provisional allocation of the purchase price over the estimated fair value of the assets and liabilities assumed in the acquisition of Arcturus (in thousands):


	February 19,
	2021
Fair value of assets acquired:
Accounts receivable		6,050
Unbilled receivable		4,176
Inventories, net		21,701
Prepaid and other current assets		3,076
Property and equipment, net		38,739
Operating lease assets		11,429
Other assets		136
Technology		20,500
Customer relationships		62,700
Goodwill		288,611
Total assets acquired		457,118

Fair value of liabilities assumed:
Accounts payable		3,085
Wages and related accruals		1,698
Customer advances		1,818
Other current liabilities		8,534
Operating lease liabilities		12,297
Other non-current liabilities		1,190
Deferred income taxes, net		5,869
Total liabilities assumed		34,491
Total identifiable net assets		422,627

Fair value of consideration transferred:
Cash consideration, net of cash acquired	$	350,243
Equity consideration		72,384
Total consideration		422,627

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

The following unaudited pro forma summary presents consolidated information of the Company as if the business acquisition had occurred on May 1, 2019 (in thousands):


	Year Ended
	April 30,		April 30,
	2021		2020
Revenue	$	478,579	$	454,769
Net income attributable to AeroVironment, Inc.	$	27,572	$	31,264

Intelligent Systems Group

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

The following table summarizes the provisional allocation of the purchase price over the estimated fair value of the assets and liabilities assumed in the ISG Acquisition (in thousands):


	February 23,
	2021
Technology	$	11,400
Customer relationships		4,500
Other assets		217
Goodwill		19,254
Total net identified assets acquired	$	35,371

Fair value of consideration:
Cash	$	29,700
Holdback		150
Contingent consideration		5,521
Total	$	35,371

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

The following unaudited pro forma summary presents consolidated information of the Company as if the business acquisition had occurred on May 1, 2019 (in thousands):


	Year Ended
	April 30,		April 30,
	2021		2020
Revenue	$	406,444	$	379,627
Net income attributable to AeroVironment, Inc.	$	23,787	$	39,025

Pulse Aerospace, LLC

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


	June 10,
	2019
Technology	$	14,950
Goodwill		6,340
In-process R&D		550
Inventory		334
Non-compete agreements		320
Other assets, net of liabilities assumed		(614)
Total net identified assets acquired	$	21,880

Fair value of consideration:
Cash	$	18,677
Holdback		1,250
Retention		250
Contingent consideration		1,703
Total	$	21,880

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

The following unaudited pro forma summary presents consolidated information of the Company as if the business acquisition had occurred on May 1, 2018 (in thousands):


	Year Ended
	April 30,		April 30,
	2020		2019
Revenue	$	367,523	$	316,878
Net income attributable to AeroVironment, Inc.	$	41,481	$	43,204

Segments (Tables)

12 Months Ended

Apr. 30, 2021

Segments

Schedule of segment results


	Year Ended April 30,
	2021		2020		2019
Revenue:
UAS	$	379,075	$	367,296	$	314,274
MUAS		15,837		—		—
Total		394,912		367,296		314,274
Gross margin:
UAS		161,593		153,102		128,403
MUAS		2,965		—		—
Total		164,558		153,102		128,403
Income (loss) from continuing operations:
UAS		45,182		47,135		33,826
MUAS		(1,869)		—		—
Total		43,313		47,135		33,826
Total assets
UAS		439,320		584,954		508,844
MUAS		489,246		—		—
Total		928,566		584,954		508,844

Quarterly Results of Operations (Unaudited) (Tables)

12 Months Ended

Apr. 30, 2021

Quarterly Results of Operations (Unaudited)

Schedule of selected unaudited consolidated financial data


	Three Months Ended
	August 1, 2020		October 31, 2020			January 30, 2021		April 30, 2021

	(In thousands except per share data)
Year ended April 30, 2021
Revenue	$	87,450	$	92,665		$	78,782	$	136,015
Gross margin	$	35,411	$	40,851		$	28,641	$	59,655
Net income attributable to AeroVironment, Inc. from continuing operations	$	10,080	$	2,094	(1)	$	211	$	10,946	(2)
Net income per share attributable to AeroVironment, Inc. from continuing operations—basic(3)	$	0.42	$	0.09	(1)	$	0.01	$	0.45	(2)
Net income per share attributable to AeroVironment, Inc. from continuing operations—diluted(3)	$	0.42	$	0.09	(1)	$	0.01	$	0.44	(2)


	Three Months Ended
	July 27,		October 26,		January 25,		April 30,
	2019		2019		2020		2020

	(In thousands except per share data)
Year ended April 30, 2020
Revenue	$	86,911	$	83,271	$	61,891	$	135,223
Gross margin	$	41,272	$	35,166	$	23,496	$	53,168
Net (loss) income attributable to AeroVironment, Inc. from continuing operations	$	17,110	$	7,501	$	(1,008)	$	17,736
Net (loss) income per share attributable to AeroVironment, Inc. from continuing operations—basic(3)	$	0.72	$	0.32	$	(0.04)	$	0.74
Net (loss) income per share attributable to AeroVironment, Inc. from continuing operations—diluted(3)	$	0.71	$	0.31	$	(0.04)	$	0.73

(1)	Includes a loss of $8.4 million for the Company’s proportionate share of the HAPSMobile Inc. joint venture’s impairment of its investment in Loon LLC recorded to “Equity method investment loss, net of tax” in the consolidated statement of operations.

(2)	Includes a $9.3 million legal accrual related to our former EES Business recorded to “Other (expense) income, net” in the consolidated statement of operations.

(3)	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.

Organization and Significant Accounting Policies - Pulse Aerospace, LLC (Details) $ in Thousands	12 Months Ended
	Apr. 30, 2021 USD ($) segment	Feb. 19, 2021	Apr. 30, 2020 USD ($)	Jun. 10, 2019
Number of reportable segments \| segment	2
Restricted cash \| $	$ 8,322,000		$ 0
Pulse Aerospace, LLC
Ownership interest acquired				100.00%
Arcturus UAV Inc.
Ownership interest acquired		100.00%

Organization and Significant Accounting Policies - Concentration of Credit Risk (Details)	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Customer concentration \| Sales Revenue \| US Government Agencies
Concentration of Credit Risk
Concentration Risk, Percentage	69.00%	61.00%	58.00%
Customer concentration \| Sales Revenue \| US Army
Concentration of Credit Risk
Concentration Risk, Percentage	34.00%	32.00%	28.00%
Credit concentration \| Accounts receivable balances \| US Government Agencies
Concentration of Credit Risk
Concentration Risk, Percentage	64.00%	62.00%

Organization and Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands	Apr. 30, 2021	Apr. 30, 2020
Accounts Receivable , Unbilled Receivables and Retentions
Retentions	$ 700	$ 717

Organization and Significant Accounting Policies - Long-Lived Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2019
Long-Lived Assets
Impairment loss		$ 4,398
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
In-service ISR assets
Long-Lived Assets
Estimated useful life	3 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
UAS Quantix Solution
Long-Lived Assets
Impairment loss		$ 4,398

Organization and Significant Accounting Policies - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Intangibles, net
Impairment recorded	$ 0	$ 0	$ 0
Technology
Intangibles, net
Weighted average amortization period	12 years
Licenses
Intangibles, net
Weighted average amortization period	3 years
In-process research and development
Intangibles, net
Weighted average amortization period	3 years
Trademarks and tradenames
Intangibles, net
Weighted average amortization period	6 years
Minimum \| Technology
Intangibles, net
Weighted average amortization period	3 years
Minimum \| Customer relationships
Intangibles, net
Weighted average amortization period	3 years
Maximum \| Customer relationships
Intangibles, net
Weighted average amortization period	5 years

Organization and Significant Accounting Policies - Accrued Sales Commission (Details) - USD ($) $ in Thousands	Apr. 30, 2021	Apr. 30, 2020
Self-Insurance Liability
Estimated self-insurance liability of employee medical claim	$ 1,181	$ 753
Other current liabilities
Accrued liabilities
Accrued sales commission	$ 2,716	$ 2,842

Organization and Significant Accounting Policies - Performance Obligations (Details) $ in Thousands	12 Months Ended
	Apr. 30, 2021 USD ($)
Organization and Significant Accounting Policies
Remaining performance obligations satisfied over time (as a percentage)	43.00%
Remaining performance obligations at a point in time (as a percentage)	57.00%
Performance Obligations
Remaining performance obligations	$ 211,796
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-30
Performance Obligations
Year of performance obligations	1 year
Remaining performance obligations (as a percentage)	94.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-30
Performance Obligations
Year of performance obligations	1 year
Remaining performance obligations (as a percentage)	6.00%

Organization and Significant Accounting Policies - Contract Estimates (Details)	12 Months Ended
	Apr. 30, 2021 USD ($)	Apr. 30, 2020 USD ($)	Apr. 30, 2019 USD ($) contract
Material adjustment to any one contract			$ 0
Amount of revised aggregate impact of adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods	$ 1,041,000
Number of active contracts \| contract			1
TMS contract
Amount of aggregate impact of adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods	(1,041,000)
Revision of estimate of total costs required to complete the contracts \| Cumulative catch-up adjustment \| Design and development agreement
Amount of aggregate impact of adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods		$ 1,099,000
Revision of estimate of total costs required to complete the contracts \| Cumulative catch-up adjustment \| TMS contract
Amount of aggregate impact of adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods	$ (1,403,000)	$ (1,099,000)

Organization and Significant Accounting Policies - Revenue by Category (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Apr. 30, 2021	Jan. 30, 2021	Oct. 31, 2020	Aug. 01, 2020	Apr. 30, 2020	Jan. 25, 2020	Oct. 26, 2019	Jul. 27, 2019	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Disaggregation of revenue
Revenue	$ 136,015	$ 78,782	$ 92,665	$ 87,450	$ 135,223	$ 61,891	$ 83,271	$ 86,911	$ 394,912	$ 367,296	$ 314,274
Contract Liability
Disaggregation of revenue
Revenue									5,468	1,670	1,587
Domestic
Disaggregation of revenue
Revenue									241,898	201,046	151,124
International
Disaggregation of revenue
Revenue									153,014	166,250	163,150
U.S. government
Disaggregation of revenue
Revenue									271,273	225,341	182,586
Non-U.S. government
Disaggregation of revenue
Revenue									123,639	141,955	131,688
FFP
Disaggregation of revenue
Revenue									307,413	269,917	224,090
CPFF
Disaggregation of revenue
Revenue									86,719	94,176	89,485
T&M
Disaggregation of revenue
Revenue									780	3,203	699
Small UAS
Disaggregation of revenue
Revenue									235,854	225,888	183,157
MUAS
Disaggregation of revenue
Revenue									15,837
TMS
Disaggregation of revenue
Revenue									87,268	63,781	65,087
HAPS
Disaggregation of revenue
Revenue									42,426	60,864	55,407
Other
Disaggregation of revenue
Revenue									$ 13,527	$ 16,763	$ 10,623

Organization and Significant Accounting Policies - Research and Development (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Stock-Based Compensation
Performance period	3 years
Research and Development
Revenue from customer funded research and development	$ 74,218	$ 80,934	$ 76,407
Cost of sales	51,395	56,440	54,824
Research and Development With Federal Government
Funding	11,225
Reimbursement amount	21,833
Reimbursements under the contract	$ 3,424	8,102	5,936
Lease Accounting
Option to terminate period (in years)	2 years
Advertising Costs
Advertising expenses	$ 675	934	897
Foreign currency transactions
Foreign currency losses	1	1	38
Numerator for basic earnings per share:
Continuing operations attributable to AeroVironment	23,331	41,339	41,912
Discontinued operations, net of tax		(265)	5,526
Net income attributable to AeroVironment	$ 23,331	$ 41,074	$ 47,438
Denominator for basic earnings per share:
Weighted average common shares	24,049,851	23,806,208	23,663,410
Dilutive effect of employee stock options, restricted stock and restricted stock units	312,805	281,959	408,303
Denominator for diluted earnings per share	24,362,656	24,088,167	24,071,713
Number of shares reserved for issuance that are anti-dilutive	3,000	3,000	18,000
Prepaid expenses and other current assets
Cost to Fulfill a Contract with a Customer
Costs to fulfill future performance obligations	$ 1,729	$ 0
Minimum
Lease Accounting
Remaining lease terms (in years)	1 year
Maximum
Lease Accounting
Remaining lease terms (in years)	9 years
Option to extend period (in years)	10 years

Discontinued Operations (Details)			12 Months Ended
Discontinued Operations (Details)	Feb. 22, 2019 USD ($)	Jun. 29, 2018 USD ($)	Apr. 30, 2021 USD ($) contract	Apr. 30, 2020 USD ($)	Apr. 30, 2019 USD ($)
Discontinued operations
Amount of alleged damages	$ 6,500,000
Statement of operations
Loss from discontinued operations, net of tax					$ (2,964,000)
(Loss) gain on sale of business, net of tax (benefit) expense of $(76) and $2,444 for the year ended April 30, 2020 and April 30, 2019, respectively				$ (265,000)	8,490,000
Tax expense				(76,000)	2,444,000
Net (loss) income from discontinued operations				(265,000)	5,526,000
Other expense
Discontinued operations
Litigation reserve expense			$ 9,300,000
EES Business \| Disposed of by sale
Discontinued operations
Cash consideration received		$ 31,994,000
Gain on sale of business		$ 11,420,000			(486,000)
Working capital dispute				922,000
Amounts recorded in the consolidated financial statements				341,000
Statement of operations
Tax expense				(76,000)	2,444,000
EES Business \| Disposed of by sale \| Other income, net
Statement of operations
Net Sales			38,000	551,000	2,758,000
EES Business \| Discontinued Operations
Statement of operations
Net Sales					4,256,000
Cost of sales					5,097,000
Gross margin					(841,000)
Selling, general and administrative					1,515,000
Research and development					1,072,000
Other income, net					1,000
Loss from discontinued operations before income taxes					(3,427,000)
Benefit for income taxes					(463,000)
Loss from discontinued operations, net of tax					(2,964,000)
(Loss) gain on sale of business, net of tax (benefit) expense of $(76) and $2,444 for the year ended April 30, 2020 and April 30, 2019, respectively				(265,000)	8,490,000
Net (loss) income from discontinued operations				$ (265,000)	$ 5,526,000
Holdback \| Disposed of by sale
Discontinued operations
Cash consideration received			$ 6,500,000
Number of remaining contracts \| contract			2

Investments (Details) - USD ($) $ in Thousands	Apr. 30, 2021	Apr. 30, 2020
Short-term investments:
Total short-term investments	$ 31,971	$ 47,507
Long-term investments:
Equity Method Investments.	7,168	4,442
Total long-term investments	12,156	15,030
Investment in limited partnership fund
Long-term investments:
Equity Method Investments.	7,168	4,442
Available-for-sale securities
Short-term investments:
Total short-term investments	31,971	47,507
Long-term investments:
Total long-term investments	4,988	10,588
Available-for-sale securities \| Municipal securities
Short-term investments:
Total short-term investments	22,245	5,244
Long-term investments:
Total long-term investments	988	1,592
Available-for-sale securities \| U.S. government securities
Short-term investments:
Total short-term investments	4,009	33,771
Long-term investments:
Total long-term investments	4,000	8,996
Available-for-sale securities \| Corporate bonds
Short-term investments:
Total short-term investments	$ 5,717	$ 8,492

Investments - Available For Sale Securities (Details) - Available-for-sale securities - USD ($) $ in Thousands	Apr. 30, 2021	Apr. 30, 2020
Available-For-Sale Securities.
Amortized Cost	$ 36,953	$ 58,032
Gross Unrealized Gains	9	70
Gross Unrealized Losses	(3)	(7)
Total	36,959	58,095
Municipal securities
Available-For-Sale Securities.
Amortized Cost	23,227	6,807
Gross Unrealized Gains	8	29
Gross Unrealized Losses	(2)
Total	23,233	6,836
U.S. government securities
Available-For-Sale Securities.
Amortized Cost	8,008	42,730
Gross Unrealized Gains	1	41
Gross Unrealized Losses		(4)
Total	8,009	42,767
Corporate bonds
Available-For-Sale Securities.
Amortized Cost	5,718	8,495
Gross Unrealized Losses	(1)	(3)
Total	$ 5,717	$ 8,492

Investments - Amortized Cost and Fair Value of the Held-to-Maturity Securities by Contractual Maturity (Details) $ in Thousands	Apr. 30, 2021 USD ($)
Amortized cost of held-to-maturity securities by contractual maturity
Due within one year	$ 31,968
Due after one year through five years	4,985
Total	36,953
Fair value of held-to-maturity securities by contractual maturity
Due within one year	31,971
Due after one year through five years	4,988
Total	$ 36,959

Fair Value Measurements - (Details) - Recurring basis $ in Thousands	Apr. 30, 2021 USD ($)
Fair Value Measurement
Available for sale securities	$ 36,959
Contingent consideration	5,521
Total	42,480
Significant other observable inputs (Level 2)
Fair Value Measurement
Available for sale securities	36,959
Total	36,959
Significant unobservable inputs (Level 3)
Fair Value Measurement
Contingent consideration	5,521
Total	$ 5,521

Fair Value Measurements - Reconciliation (Details) - Significant unobservable inputs (Level 3) $ in Thousands	12 Months Ended
	Apr. 30, 2021 USD ($)
Reconciliation between beginning and ending balances of items measured at fair value on recurring basis
Business acquisition	$ 5,521
Balance at the end of the period	$ 5,521

Fair Value Measurements - Pulse purchase agreement (Details) $ in Thousands	9 Months Ended
	Jan. 25, 2020 USD ($)
Pulse Aerospace, LLC \| Maximum
Fair Value Measurement
Total paid	$ 6,000

Inventories, net (Details) - USD ($) $ in Thousands	12 Months Ended
Inventories, net (Details) - USD ($) $ in Thousands	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Inventories, net
Raw materials	$ 23,997	$ 15,988
Work in process	13,825	10,340
Finished goods	44,113	29,439
Inventories, gross	81,935	55,767
Reserve for inventory excess and obsolescence	(10,289)	(10,232)
Inventories, net	71,646	45,535
Inventory reserve charge	1,178	$ 5,377	$ 5,054
UAS Quantix Solution
Inventories, net
Inventory reserve charge	$ 2,600

Intangibles, net - Intangibles included in other assets on the balance sheet (Details) - USD ($) $ in Thousands	Apr. 30, 2021	Apr. 30, 2020
Intangibles, net
Intangibles, net	$ 106,268	$ 13,637
Other assets, long term
Intangibles, net
Intangibles, gross	116,872	17,770
Less accumulated amortization	(10,604)	(4,133)
Intangibles, net	106,268	13,637
Other assets, long term \| Technology
Intangibles, net
Intangibles, gross	46,850	14,950
Other assets, long term \| Licenses
Intangibles, net
Intangibles, gross	1,008	1,006
Other assets, long term \| Customer relationships
Intangibles, net
Intangibles, gross	68,073	873
Other assets, long term \| In-process research and development
Intangibles, net
Intangibles, gross	550	550
Other assets, long term \| Non-compete agreements
Intangibles, net
Intangibles, gross	320	320
Other assets, long term \| Trademarks and tradenames
Intangibles, net
Intangibles, gross	68	68
Other assets, long term \| Other
Intangibles, net
Intangibles, gross	$ 3	$ 3

Intangibles, net (Details) - USD ($)	12 Months Ended
Intangibles, net (Details) - USD ($)	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Intangibles, net
Amortization expense	$ 6,469,000	$ 2,822,000	$ 357,000
Weighted average
Intangibles, net
Weighted average amortization period	5 years	4 years

Intangibles, net - Estimated Amortization Expense (Details) $ in Thousands	Apr. 30, 2021 USD ($)
Estimated amortization expense
2022	$ 24,553
2023	24,409
2024	23,560
2025	16,513
2026	11,471
Total	$ 100,506

Goodwill (Details) $ in Thousands	12 Months Ended
Goodwill (Details) $ in Thousands	Apr. 30, 2021 USD ($)
Goodwill
Goodwill, Beginning Balance	$ 6,340
Additions to goodwill	307,865
Goodwill, Ending Balance	314,205
UAS
Goodwill
Goodwill, Beginning Balance	6,340
Additions to goodwill	19,254
Goodwill, Ending Balance	25,594
MUAS
Goodwill
Additions to goodwill	288,611
Goodwill, Ending Balance	$ 288,611

Property and Equipment, net (Details) - USD ($)	12 Months Ended
Property and Equipment, net (Details) - USD ($)	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Property and equipment, net
Property and equipment, gross	$ 151,698,000	$ 101,687,000
Less accumulated depreciation and amortization	(92,802,000)	(79,993,000)
Property and equipment, net	58,896,000	21,694,000
Depreciation expense	12,793,000	7,066,000	$ 7,311,000
Impairment loss			4,398,000
In-service ISR assets
Property and equipment, net
Property and equipment, gross	36,047,000
Leasehold improvements
Property and equipment, net
Property and equipment, gross	18,703,000	16,387,000
Machinery and equipment
Property and equipment, net
Property and equipment, gross	53,943,000	46,519,000
Furniture and fixtures
Property and equipment, net
Property and equipment, gross	3,698,000	3,031,000
Computer equipment and software
Property and equipment, net
Property and equipment, gross	36,618,000	33,242,000
Construction in process
Property and equipment, net
Property and equipment, gross	$ 2,689,000	$ 2,508,000
UAS Quantix Solution
Property and equipment, net
Impairment loss			$ 4,398,000

Investments in Companies Accounted for Using the Equity Method (Details)	12 Months Ended
	Apr. 30, 2021 USD ($)	Apr. 30, 2020 USD ($)	Apr. 30, 2019 USD ($)	Dec. 04, 2019 USD ($)	Dec. 04, 2019 JPY (¥)	May 11, 2019	May 10, 2019 USD ($)	May 10, 2019 JPY (¥)	Feb. 09, 2019 USD ($)	Feb. 09, 2019 JPY (¥)	Feb. 08, 2019	Jan. 29, 2019 USD ($)	Jan. 29, 2019 JPY (¥)	Apr. 17, 2018 USD ($)	Apr. 17, 2018 JPY (¥)	Dec. 27, 2017 USD ($)	Dec. 27, 2017 JPY (¥)
Equity Method Investments
Equity method investment loss, net of tax	$ (10,481,000)	$ (5,487,000)	$ (3,944,000)
Carrying value of investment	$ 7,168,000	4,442,000
SoftBank
Equity Method Investments
Ownership percentage	93.00%
Payments for purchase of interest \| ¥													¥ 209,500,000
HAPSMobile
Equity Method Investments
Ownership percentage	7.00%			7.00%	7.00%	5.00%	10.00%	10.00%	10.00%	10.00%	5.00%					5.00%	5.00%
Payments for purchase of interest				$ 4,982,000	¥ 540,050,000		$ 4,569,000	¥ 500,000,000				$ 1,926,000	¥ 209,500,000	$ 1,407,000	¥ 150,000,000	$ 1,860,000	¥ 210,000,000
HAPSMobile \| Equity method investment loss, net of tax
Equity Method Investments
Equity method investment loss, net of tax	$ 10,530,000	4,982,000	$ 3,944,000
HAPSMobile \| Other assets, long term
Equity Method Investments
Carrying value of investment	0	$ 10,455,000
HAPSMobile \| SoftBank
Equity Method Investments
Payments for purchase of interest									$ 5,671,000	¥ 632,800,000
LOON LLC
Equity Method Investments
Amount of loss from impairment of investment	$ 8,363,000

Investments in Companies Accounted for Using the Equity Methods - Investment in Limited Partnership Fund (Details) - USD ($)				1 Months Ended	12 Months Ended
	Mar. 24, 2021	Jan. 04, 2021	Jul. 15, 2020	Jul. 31, 2019	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Equity Method Investments
Equity method investment loss, net of tax					$ (10,481,000)	$ (5,487,000)	$ (3,944,000)
Provision for income taxes					539,000	5,848,000	4,641,000
Carrying value of investment					7,168,000	4,442,000
Limited Partnership Fund
Equity Method Investments
Capital contributions	$ 525,000	$ 977,000	$ 1,173,000	$ 2,377,000
Equity method investment loss, net of tax					(49,000)	394,000
Provision for income taxes					11,000	111,000
Limited Partnership Fund \| Long term investments
Equity Method Investments
Carrying value of investment					7,168,000	4,442,000
HAPSMobile \| Equity method investment loss, net of tax
Equity Method Investments
Equity method investment loss, net of tax					$ 10,530,000	$ 4,982,000	$ 3,944,000

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Investments in Companies Accounted for Using the Equity Methods - Summarized financial information of equity method investments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Apr. 30, 2021	Jan. 30, 2021	Oct. 31, 2020	Aug. 01, 2020	Apr. 30, 2020	Jan. 25, 2020	Oct. 26, 2019	Jul. 27, 2019	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Equity Method Investments
Current assets	$ 401,638				$ 503,927				$ 401,638	$ 503,927
Noncurrent assets	10,440				10,605				10,440	10,605
Current liabilities	96,185				66,953				96,185	66,953
Gross loss	59,655	$ 28,641	$ 40,851	$ 35,411	53,168	$ 23,496	$ 35,166	$ 41,272	164,558	153,102	$ 128,403
Net income									23,345	41,070	47,419
Limited Partnership Fund
Equity Method Investments
Current assets	9,106				67,387				9,106	67,387
Noncurrent assets	65,717				170,602				65,717	170,602
Current liabilities	$ 76,492				$ 72,505				76,492	72,505
Revenue									159	25
Gross loss									(1,241)	(1,331)
Realized and unrealized losses on investments									(131,971)	(7,028)
Net income									$ (190,454)	$ (85,818)	$ (63,107)

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References + Details

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

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+ Details

- Definition

Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Section S99
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

Warranty Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
Warranty Reserves (Details) - USD ($) $ in Thousands	Apr. 30, 2021	Apr. 30, 2020
Warranty Reserves
Beginning balance	$ 2,015	$ 1,704
Warranty expense	1,650	2,258
Changes in estimates related to pre-existing warranties		(189)
Warranty costs settled	(1,324)	(1,758)
Ending balance	$ 2,341	$ 2,015

Warranty Reserves Estimated Cost (Details) - USD ($)	12 Months Ended
Warranty Reserves Estimated Cost (Details) - USD ($)	Apr. 30, 2020	Apr. 30, 2019
Warranty Reserves
Changes in estimates related to pre-existing warranties	$ (189,000)
Product Warranty Expense	288,000
UAS
Warranty Reserves
Product Warranty Expense	0	$ 251,000
UAS \| Warranty reserve.
Warranty Reserves
Changes in estimates related to pre-existing warranties		$ 491,000
Revised warranty reserve charges	$ 302,000

Employee Savings Plan (Details) - USD ($) $ in Thousands	12 Months Ended
Employee Savings Plan (Details) - USD ($) $ in Thousands	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Employee Savings Plan
Amount of expense in contribution to the plan	$ 5,764	$ 4,744	$ 3,961

Debt - (Details)	Feb. 19, 2021 USD ($) payment
Arcturus UAV Inc. \| Maximum
Debt
Percentage of outstanding equity interests in foreign subsidiaries	65.00%
Revolving credit facility
Debt
Additional interest rate if default occurs (as a percentage)	2.00%
Revolving credit facility \| Minimum
Debt
Commitment fees (as a percentage)	0.20%
Revolving credit facility \| Maximum
Debt
Commitment fees (as a percentage)	0.35%
Revolving credit facility \| London Interbank Offered Rate (LIBOR)
Debt
Interest rate	1.00%
Revolving credit facility \| London Interbank Offered Rate (LIBOR) \| Minimum
Debt
Interest rate	0.00%
Revolving credit facility \| Base Rate
Debt
Interest rate	0.50%
Revolving credit facility \| Arcturus UAV Inc.
Debt
Term of loan	5 years
Amount of loan	$ 100,000,000
Standby Letters of Credit \| Arcturus UAV Inc.
Debt
Amount of sublimit	$ 10,000,000
Term loans \| Period Five
Debt
Amount of annual required payment expressed as a percent of the outstanding obligation	80.00%
Term loans \| Arcturus UAV Inc.
Debt
Amount of loan	$ 200,000,000
Term of amortization	5 years
Term loans \| Arcturus UAV Inc. \| Period One Through Four
Debt
Amount of annual required payment expressed as a percent of the outstanding obligation	5.00%
Term loans \| Arcturus UAV Inc. \| Period Five
Debt
Number of quarterly payments \| payment	3
Amount of quarterly required payment expressed as a percentage of outstanding obligation	1.25%

Debt - Long-term debt (Details) $ in Thousands	Apr. 30, 2021 USD ($)
Long-term debt
Total debt	$ 200,000
Less current portion	10,000
Total long-term debt, less current portion	190,000
Total long-term debt, net of unamortized debt issuance costs - term loans	187,512
Term loans
Long-term debt
Total debt	200,000
Less unamortized debt issuance costs	2,488
Revolving credit facility
Long-term debt
Less unamortized debt issuance costs	$ 1,244

Debt - Future principle payments (Details) $ in Thousands	Apr. 30, 2021 USD ($)
Future principle payments
2022	$ 10,000
2023	10,000
2024	10,000
2025	10,000
2026	160,000
Total	$ 200,000

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Apr. 30, 2021	Apr. 30, 2019
Leases
Option to extend	true
Option to terminate	true
Option to terminate period (in years)	2 years
Rental expense under operating leases		$ 4,609
Minimum
Leases
Remaining lease terms (in years)	1 year
Maximum
Leases
Remaining lease terms (in years)	9 years
Option to extend period (in years)	10 years

Leases - Components of lease costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
Components of lease costs
Operating lease cost	$ 5,150	$ 4,574
Short term lease cost	602	500
Variable lease cost	23	987
Sublease income	(91)	(287)
Total lease costs, net	$ 5,684	$ 5,774

Leases - Supplemental lease information (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
Leases
Cash paid for amounts included in the measurement of operating lease liabilities	$ 5,070	$ 3,897
Right-of-use assets obtained in exchange for new lease liabilities	$ 18,729	$ 13,022
Weighted average remaining lease term	71 months	34 months
Weighted average discount rate	3.60%	3.70%

Leases - Maturities of operating lease liabilities (Details) $ in Thousands	Apr. 30, 2021 USD ($)
Maturities of operating lease liabilities:
2022	$ 6,711
2023	5,185
2024	4,496
2025	3,530
2026	2,329
Thereafter	6,572
Total lease payments	28,823
Less: imputed interest	(3,566)
Total present value of operating lease liabilities	$ 25,257

Stock-Based Compensation (Details) - USD ($)	3 Months Ended	12 Months Ended
Stock-Based Compensation (Details) - USD ($)	Jul. 30, 2017	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2017
Stock Based Compensation
Stock based compensation expense		$ 6,932,000	$ 6,227,000	$ 6,985,000
Exercisable period from grant date		3 years
Options granted (in shares)		0	0	0
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		$ 5,000,000
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
Fiscal 2018 LTIP \| Performance based restricted stock units
Stock Based Compensation
Stock based compensation expense		$ 0
Exercisable period from grant date	3 years
Fiscal 2017 LTIP \| Performance based restricted stock units
Stock Based Compensation
Stock based compensation expense		$ 0			$ 0
Exercisable period from grant date	3 years

Stock-Based Compensation Stock Option Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Shares
Options granted (in shares)	0	0	0
Stock options
Intrinsic value of options
Intrinsic value of options exercised	$ 4,828	$ 833	$ 371
Intrinsic value of options outstanding	24,068	11,779
Intrinsic value of exercisable options	$ 24,068	$ 11,242
Restated 2006 Plan \| Stock options
Shares
Outstanding at the beginning of the year (in shares)	334,026	337,026	339,026
Options exercised (in shares)	(53,500)	(3,000)	(2,000)
Outstanding at the end of the year (in shares)	280,526	334,026	337,026
Options exercisable (in shares)	280,526
Weighted Average Exercise Price
Outstanding at the beginning of the year (in dollars per share)	$ 25.19	$ 25.25	$ 25.29
Options exercised (in dollars per share)	28.45	31.15	32.19
Outstanding at the end of the year (in dollars per share)	24.57	$ 25.19	$ 25.25
Options exercisable (in dollars per share)	$ 24.57
1992 Plan \| Stock options
Shares
Outstanding at the beginning of the year (in shares)	1,113	14,302	18,302
Options exercised (in shares)	(1,113)	(13,189)	(4,000)
Outstanding at the end of the year (in shares)		1,113	14,302
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

Stock-Based Compensation Non-Vested Stock Options (Details) - USD ($)	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Options
Options granted (in shares)	0	0	0
Weighted Average Grant Date Fair value
Unrecognized compensation cost related to non-vested stock awards	$ 11,737,000
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	2 years 4 months 24 days
Exercise of stock options	$ 1,522,000	$ 100,000	$ 71,000
Excess tax benefit from stock-based compensation	$ 0	$ 0	0
Stock options
Options
Non-vested at beginning of year (in shares)	16,000
Vested (in shares)	(16,000)
Non-vested at end of year (in shares)		16,000
Weighted Average Grant Date Fair value
Non-vested at beginning of year (in dollars per share)	$ 10.16
Vested (in dollars per share)	$ 10.16
Non-vested at end of year (in dollars per share)		$ 10.16
Exercise of stock options	$ 1,522,000	$ 101,000	67,000
Fair value of shares vested	$ 5,312,000	$ 4,900,000	$ 4,756,000

Stock-Based Compensation Other (Details)	12 Months Ended
Stock-Based Compensation Other (Details)	Apr. 30, 2021 $ / shares shares
Options Exercisable
Weighted Average Remaining Contractual Life	2 years 10 months 9 days
18.07 - 19.16
Stock-Based Compensation
Range of Exercise Price, low end of range (in dollars per share)	$ 18.07
Range of Exercise Price, high end of range (in dollars per share)	$ 19.16
Options Outstanding
Number of Options (in shares) \| shares	54,000
Weighted Average Remaining Contractual Life In Years	1 year 11 months 23 days
Weighted Average Exercise Price (in dollars per share)	$ 18.26
Options Exercisable
Number of Options Exercisable (in shares) \| shares	54,000
Weighted Average Exercise Price (in dollars per share)	$ 18.26
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	55,000
Weighted Average Remaining Contractual Life In Years	2 years 14 days
Weighted Average Exercise Price (in dollars per share)	$ 20.29
Options Exercisable
Number of Options Exercisable (in shares) \| shares	55,000
Weighted Average Exercise Price (in dollars per share)	$ 20.29
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	4 years 1 month 24 days
Weighted Average Exercise Price (in dollars per share)	$ 26.70
Options Exercisable
Number of Options Exercisable (in shares) \| shares	80,000
Weighted Average Exercise Price (in dollars per share)	$ 26.70
27.00 - 28.53
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)	$ 28.53
Options Outstanding
Number of Options (in shares) \| shares	50,000
Weighted Average Remaining Contractual Life In Years	2 years 6 months 21 days
Weighted Average Exercise Price (in dollars per share)	$ 27.27
Options Exercisable
Number of Options Exercisable (in shares) \| shares	50,000
Weighted Average Exercise Price (in dollars per share)	$ 27.27
28.54 - 31.27
Stock-Based Compensation
Range of Exercise Price, low end of range (in dollars per share)	28.54
Range of Exercise Price, high end of range (in dollars per share)	$ 31.27
Options Outstanding
Number of Options (in shares) \| shares	41,526
Weighted Average Remaining Contractual Life In Years	2 years 11 months 8 days
Weighted Average Exercise Price (in dollars per share)	$ 31.13
Options Exercisable
Number of Options Exercisable (in shares) \| shares	41,526
Weighted Average Exercise Price (in dollars per share)	$ 31.13
18.07 - 31.27
Stock-Based Compensation
Range of Exercise Price, low end of range (in dollars per share)	18.07
Range of Exercise Price, high end of range (in dollars per share)	$ 31.27
Options Outstanding
Number of Options (in shares) \| shares	280,526
Weighted Average Remaining Contractual Life In Years	2 years 10 months 9 days
Weighted Average Exercise Price (in dollars per share)	$ 24.57
Options Exercisable
Number of Options Exercisable (in shares) \| shares	280,526
Weighted Average Exercise Price (in dollars per share)	$ 24.57

Stock-Based Compensation Restricted Stock Awards (Details) - Restricted stock awards shares in Thousands	12 Months Ended
	Apr. 30, 2021 $ / shares shares
Shares
Unvested stock at beginning of year (in shares) \| shares	201,647
Stock granted (in shares) \| shares	117,468
Stock vested (in shares) \| shares	(133,578)
Stock canceled (in shares) \| shares	(5,509)
Unvested stock at end of year (in shares) \| shares	180,028
Weighted Average Grant Date Fair Value
Unvested stock at beginning of year (in dollars per share) \| $ / shares	$ 55.84
Stock granted (in dollars per shares) \| $ / shares	79.96
Stock vested (in dollars per shares) \| $ / shares	39.77
Stock canceled (in dollars per shares) \| $ / shares	72.03
Unvested stock at end of year (in dollars per share) \| $ / shares	$ 83.02

Long-Term Incentive Awards (Details) - USD ($)		3 Months Ended					12 Months Ended
Long-Term Incentive Awards (Details) - USD ($)	Aug. 01, 2020	Jul. 30, 2021	Aug. 01, 2020	Jul. 27, 2019	Jul. 28, 2018	Jul. 30, 2017	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2017
Stock Based Compensation
Stock based compensation expense							$ 6,932,000	$ 6,227,000	$ 6,985,000
Exercisable period from grant date							3 years
LTIP
Stock Based Compensation
Stock based compensation expense							$ 3,667,000	2,657,000
Fiscal 2021 LTIP \| Performance based restricted stock units
Stock Based Compensation
Stock based compensation expense							1,072,000
Exercisable period from grant date			3 years
Fiscal 2021 LTIP \| Performance based restricted stock units \| 100% Vested
Stock Based Compensation
Vesting (as a percentage)			100.00%
Fiscal 2021 LTIP \| Performance based restricted stock units \| 50% Vested
Stock Based Compensation
Vesting (as a percentage)			50.00%
Fiscal 2021 LTIP \| Performance based restricted stock units \| 250% Vested
Stock Based Compensation
Vesting (as a percentage)			250.00%
Fiscal 2021 LTIP \| Performance based restricted stock units \| Maximum
Stock Based Compensation
Stock based compensation expense							7,784,000
Fiscal 2020 LTIP \| Performance based restricted stock units
Stock Based Compensation
Stock based compensation expense							620,000	649,000
Exercisable period from grant date				3 years
Fiscal 2020 LTIP \| Performance based restricted stock units \| 100% Vested
Stock Based Compensation
Vesting (as a percentage)				100.00%
Fiscal 2020 LTIP \| Performance based restricted stock units \| 50% Vested
Stock Based Compensation
Vesting (as a percentage)				50.00%
Fiscal 2020 LTIP \| Performance based restricted stock units \| 200% Vested
Stock Based Compensation
Vesting (as a percentage)				200.00%
Fiscal 2020 LTIP \| Performance based restricted stock units \| Maximum
Stock Based Compensation
Stock based compensation expense							4,188,000
Fiscal 2019 LTIP \| Performance based restricted stock units
Stock Based Compensation
Stock based compensation expense							368,000	$ 386,000	$ 572,000
Exercisable period from grant date					3 years
Issue of fully-vested shares of common stock to settle		18,541
Fiscal 2019 LTIP \| Performance based restricted stock units \| 100% Vested
Stock Based Compensation
Vesting (as a percentage)					100.00%
Fiscal 2019 LTIP \| Performance based restricted stock units \| 50% Vested
Stock Based Compensation
Vesting (as a percentage)					50.00%
Fiscal 2019 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
Stock Based Compensation
Stock based compensation expense							0
Exercisable period from grant date						3 years
Issue of fully-vested shares of common stock to settle	16,228
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 2017 LTIP \| Performance based restricted stock units
Stock Based Compensation
Stock based compensation expense							$ 0			$ 0
Exercisable period from grant date						3 years
Issue of fully-vested shares of common stock to settle				14,814

Income Tax (Details) - USD ($)	12 Months Ended
Income Tax (Details) - USD ($)	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Income Taxes
Domestic	$ 34,274,000	$ 52,730,000	$ 50,644,000
Foreign	91,000	(60,000)	(166,000)
Income before income taxes	34,365,000	52,670,000	50,478,000
Equity method investment loss, net of tax	(10,481,000)	(5,487,000)	(3,944,000)
Income (loss) before income taxes	23,884,000	$ 47,183,000	$ 46,534,000
Deferred tax liabilities for income taxes on undistributed earnings	$ 0

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68072869&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes Reconciliation (Details) - USD ($)	12 Months Ended
Income Taxes Reconciliation (Details) - USD ($)	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Income Taxes
U.S. federal statutory income tax rate (as a percent)	21.00%	21.00%	21.00%
State and local income taxes, net of federal benefit (as a percent)	(1.40%)	(2.10%)	(2.20%)
R&D and other tax credits (as a percent)	(11.50%)	(6.80%)	(8.10%)
Valuation allowance (as a percent)	3.20%	3.40%	3.70%
Return to provision adjustments (as a percent)	(0.30%)	0.10%	(0.30%)
Permanent items (as a percent)	3.60%	0.70%	0.80%
Foreign derived intangible income (as a percent)	(7.60%)	(3.90%)	(3.70%)
Excess benefit of stock options (as a percent)	(5.70%)	(1.50%)	(3.10%)
Other (as a percent)	0.30%	0.20%	1.10%
Effective income tax rate (as a percent)	1.60%	11.10%	9.20%
Current:
Federal	$ 3,094,000	$ 3,005,000	$ 1,953,000
State	448,000	390,000	228,000
Current	3,542,000	3,395,000	2,181,000
Deferred:
Federal	(3,247,000)	2,063,000	1,945,000
State	244,000	421,000	551,000
Foreign		(31,000)	(36,000)
Deferred	(3,003,000)	2,453,000	2,460,000
Total income tax expense (benefit)	539,000	5,848,000	$ 4,641,000
Deferred income tax assets:
Accrued expenses	4,422,000	3,337,000
Stock based compensation	2,492,000	2,259,000
Allowances, reserves, and other	1,482,000	1,784,000
Outside basis difference	4,617,000	2,264,000
Unrealized loss on securities	110,000	9,000
Net operating loss and credit carry-forwards	33,155,000	12,832,000
Intangibles basis		605,000
Lease liability	5,645,000	2,282,000
Total deferred income tax assets	51,923,000	25,372,000
Deferred income tax liabilities:
Fixed asset basis	(10,286,000)	(1,218,000)
Revenue recognition		(3,112,000)
Right of use assets	(5,119,000)	(1,965,000)
Intangible basis	(17,004,000)
Total deferred income tax liabilities	(32,409,000)	(6,295,000)
Valuation allowance	(17,453,000)	(14,149,000)
Net deferred tax assets	$ 2,061,000	$ 4,928,000

Income Taxes Carryforward (Details) - USD ($)	12 Months Ended
Income Taxes Carryforward (Details) - USD ($)	Apr. 30, 2021	Apr. 30, 2020
Tax Credit Carryforward
Valuation allowance	$ 17,453,000	$ 14,149,000
Increase in valuation allowance	3,304,000	$ 2,871,000
State
Tax Credit Carryforward
Tax credit carryforwards	28,530,000
IRS
Tax Credit Carryforward
Tax credit carryforwards	$ 2,260,000

Income Taxes Other (Details) - USD ($)	12 Months Ended
Income Taxes Other (Details) - USD ($)	Apr. 30, 2021	Apr. 30, 2020
Unrecognized tax benefits
Federal net operating loss carryforwards	$ 88,719,000
State net operating loss carryforwards	24,685,000
Foreign net operating loss carryforwards	341,000
Operating loss not subject to expiration	8,754,000
Operating losses subject to expiration	15,931,000
Activity related to gross unrecognized tax benefits
Beginning balance	14,347,000	$ 12,593,000
Increases related to prior year tax positions	1,305,000	62,000
Decreases related to prior year tax positions	(116,000)
Increases related to current year tax positions	2,074,000	1,971,000
Decreases related to lapsing of statute of limitations	(54,000)	(279,000)
Ending balance	17,556,000	14,347,000
Accrued interest and penalties related to unrecognized tax positions	23,000	21,000
Statute of limitations expiration
Unrecognized tax benefits
Unrecognized tax benefits which would impact the Company's effective tax rate if recognized	17,556,000	$ 14,347,000
Estimated decrease in unrecognized tax benefits in the next twelve months	$ (1,324,000)

Income Taxes - Tax Cuts and Jobs Act (Details)	12 Months Ended
Income Taxes - Tax Cuts and Jobs Act (Details)	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Income Taxes
U.S. federal statutory income tax rate (as a percent)	21.00%	21.00%	21.00%

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Accumulated other comprehensive loss
Beginning Balance	$ 328
Ending Balance	343	$ 328
Unrealized losses, tax portion	1	14	$ 51
Available-For-Sale Securities
Accumulated other comprehensive loss
Beginning Balance	50
Unrealized losses, net of $1 of taxes	(60)
Ending Balance	(10)	50
Foreign Currency Translation Adjustments
Accumulated other comprehensive loss
Beginning Balance	278
Changes in foreign currency translation adjustments	75
Ending Balance	353	278
Accumulated Other Comprehensive Income
Accumulated other comprehensive loss
Beginning Balance	328
Changes in foreign currency translation adjustments	75
Unrealized losses, net of $1 of taxes	(60)
Ending Balance	$ 343	$ 328

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Changes in Accounting Estimates (Details) - USD ($)	12 Months Ended
Changes in Accounting Estimates (Details) - USD ($)	Apr. 30, 2021	Apr. 30, 2020
Amount of revised aggregate impact of adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods	$ 1,041,000
Design and development agreement \| Revision of estimate of total costs required to complete the contracts \| Cumulative catch-up adjustment
Amount of aggregate impact of adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods		$ 1,099,000
TMS contract
Amount of aggregate impact of adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods	(1,041,000)
TMS contract \| Revision of estimate of total costs required to complete the contracts \| Cumulative catch-up adjustment
Amount of aggregate impact of adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods	$ (1,403,000)	$ (1,099,000)

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019	Dec. 04, 2019	May 11, 2019	May 10, 2019	Feb. 09, 2019	Feb. 08, 2019	Dec. 27, 2017
Long-Term Incentive Awards
Revenue	$ 42,426	$ 60,864	$ 55,407
Unbilled related party receivables	544	15,779
Design and Development Agreement
Long-Term Incentive Awards
Maximum net value	180,806
Revenue	42,426	60,864	55,407
Board member \| Consulting agreement
Long-Term Incentive Awards
Amount paid to related party	$ 29	59	$ 55
HAPSMobile
Long-Term Incentive Awards
Ownership percentage	7.00%			7.00%	5.00%	10.00%	10.00%	5.00%	5.00%
Unbilled receivables and retention \| HAPSMobile
Long-Term Incentive Awards
Unbilled related party receivables	$ 544	$ 15,779

Commitments and Contingencies (Details) - USD ($)	Apr. 30, 2021	Apr. 30, 2020
Commitments and Contingencies
Letters of credit outstanding	$ 5,029,000	$ 2,716,000
Reserve for incurred cost claim audits	$ 0	$ 0

Business Acquisitions - Arcturus (Details) - USD ($)		2 Months Ended	12 Months Ended
Business Acquisitions - Arcturus (Details) - USD ($)	Feb. 19, 2021	Apr. 30, 2021	Apr. 30, 2021	Apr. 30, 2020
Fair value of assets acquired:
Goodwill		$ 314,205,000	$ 314,205,000	$ 6,340,000
Arcturus UAV Inc.
Business Acquisition [Line Items]
Total paid	$ 422,602,000
Cash on hand	150,218,000
Value of shares issued	$ 72,384,000
Fair market value of shares issued	$50,000,000
Amount of representation and warranty insurance coverage	$ 40,000,000
Revenue		15,837,000
Loss from operations		$ 1,869,000
Acquisition-related costs			6,015,000
Fair value of assets acquired:
Accounts receivable	6,050,000
Unbilled receivable	4,176,000
Inventories, net	21,701,000
Prepaid and other current assets	3,076,000
Property and equipment, net	38,739,000
Operating lease assets	11,429,000
Other assets	136,000
Goodwill	288,611,000
Total assets acquired	457,118,000
Fair value of liabilities assumed:
Accounts payable	3,085,000
Wages and related accruals	1,698,000
Customer advances	1,818,000
Other current liabilities	8,534,000
Operating lease liabilities	12,297,000
Other non-current liabilities	1,190,000
Deferred income taxes, net	5,869,000
Total liabilities assumed	34,491,000
Total identifiable net assets	422,627,000
Fair value of consideration transferred:
Cash consideration, net of cash acquired	350,243,000
Equity consideration	72,384,000
Total	422,627,000
Supplemental Pro Forma Information (unaudited)
Revenue			478,579,000	454,769,000
Net income (loss)			$ 27,572,000	$ 31,264,000
Arcturus UAV Inc. \| Technology
Fair value of assets acquired:
Intangible assets	20,500,000
Arcturus UAV Inc. \| Customer relationships
Fair value of assets acquired:
Intangible assets	62,700,000
Arcturus UAV Inc. \| Adjustment Escrow
Business Acquisition [Line Items]
Amount held in escrow	6,500,000
Arcturus UAV Inc. \| Indemnification Escrow
Business Acquisition [Line Items]
Amount held in escrow	1,822,500
Revolving credit facility \| Arcturus UAV Inc.
Business Acquisition [Line Items]
Amount of loan	100,000,000
Term loans \| Arcturus UAV Inc.
Business Acquisition [Line Items]
Amount of loan	$ 200,000,000

Business Acquisitions - ISG (Details) - USD ($)		2 Months Ended	12 Months Ended
Business Acquisitions - ISG (Details) - USD ($)	Feb. 23, 2021	Apr. 30, 2021	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Business Acquisition [Line Items]
Amortization expense			$ 6,469,000	$ 2,822,000	$ 357,000
Goodwill		$ 314,205,000	314,205,000	6,340,000
Intelligent Systems Group
Business Acquisition [Line Items]
Period of goodwill deduction	15 years
Total paid	$ 29,700,000
Contingent consideration paid	$ 6,000,000
Number of years to reach revenue targets	3 years
Revenue		1,724,000
Amortization expense		$ 474,000
Acquisition-related costs			954,000
Other assets	$ 217,000
Goodwill	19,254,000
Total assets acquired	35,371,000
Fair value of consideration transferred:
Cash	29,700,000
Holdback	150,000
Contingent consideration	5,521,000
Total	35,371,000
Supplemental Pro Forma Information (unaudited)
Revenue			406,444,000	379,627,000
Net income (loss)			$ 23,787,000	$ 39,025,000
Intelligent Systems Group \| Technology
Business Acquisition [Line Items]
Intangible assets	11,400,000
Intelligent Systems Group \| Customer relationships
Business Acquisition [Line Items]
Intangible assets	$ 4,500,000

Business Acquisitions - Pulse (Details)			9 Months Ended	12 Months Ended
Business Acquisitions - Pulse (Details)	Feb. 26, 2020 USD ($)	Jun. 10, 2019 USD ($) item	Jan. 25, 2020 USD ($)	Apr. 30, 2021 USD ($)	Apr. 30, 2020 USD ($)	Apr. 30, 2019 USD ($)
Business Acquisitions
Holdback and retention payments				$ 1,492,000
Business Combinations, Assets Acquired and Liabilities Assumed at Acquisition Date
Goodwill				314,205,000	$ 6,340,000
Supplemental Pro forma Information
Amortization of Intangible Assets				6,469,000	2,822,000	$ 357,000
Altoy
Business Acquisitions
Amount of retention to cover post closing indemnification claims		$ 250,000
Amount of holdback		1,250,000
Business Combinations, Assets Acquired and Liabilities Assumed at Acquisition Date
Goodwill		6,340,000
Inventory		334,000
Other assets, net of liabilities assumed		(614,000)
Total assets acquired		21,880,000
Fair value of consideration transferred:
Cash		18,677,000
Holdback		1,250,000
Retention		250,000
Contingent consideration		1,703,000
Total		21,880,000
Supplemental Pro forma Information
Revenue					367,523,000	316,878,000
Net income (loss)					41,481,000	$ 43,204,000
Altoy \| Technology
Business Combinations, Assets Acquired and Liabilities Assumed at Acquisition Date
Intangible assets		14,950,000
Altoy \| In-process research and development
Business Combinations, Assets Acquired and Liabilities Assumed at Acquisition Date
Intangible assets		550,000
Altoy \| Non-compete agreements
Business Combinations, Assets Acquired and Liabilities Assumed at Acquisition Date
Intangible assets		$ 320,000
Pulse Aerospace, LLC
Business Acquisitions
Ownership interest acquired		100.00%
Amount of cash less closing indebtedness and transaction costs		$ 20,650,000
Amount of retention to cover post closing indemnification claims		250,000
Amount of holdback		$ 1,250,000
Number of months after closing holdback will be paid		18 months
Holdback and retention payments				1,492,000
Number of research and development milestones \| item		2
Each milestone achievement	$ 2,500,000
Total milestone achievement		$ 5,000,000
Additional consideration		$ 1,703,000
Period of goodwill deduction		15 years
Fair value of consideration transferred:
Holdback		$ 1,250,000
Retention		$ 250,000
Supplemental Pro forma Information
Revenue					6,607,000
Amortization of Intangible Assets					$ 2,461,000
Pulse Aerospace, LLC \| Discount rate
Business Acquisitions
Measurement input		4.5
Pulse Aerospace, LLC \| SG&A
Business Acquisitions
Business acquisitions gain				$ 832,000
Pulse Aerospace, LLC \| Minimum
Business Acquisitions
Each milestone achievement		$ 0
Pulse Aerospace, LLC \| Maximum
Business Acquisitions
Each milestone achievement		$ 2,500,000
Fair value of consideration transferred:
Cash			$ 6,000,000

Segments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Segments (Details) - USD ($) $ in Thousands	Apr. 30, 2021	Jan. 30, 2021	Oct. 31, 2020	Aug. 01, 2020	Apr. 30, 2020	Jan. 25, 2020	Oct. 26, 2019	Jul. 27, 2019	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Segments
Gross margin	$ 59,655	$ 28,641	$ 40,851	$ 35,411	$ 53,168	$ 23,496	$ 35,166	$ 41,272	$ 164,558	$ 153,102	$ 128,403
Income (loss) from operations									43,313	47,135	33,826
Total assets	928,566				584,954				928,566	584,954
Product segments
Segments
Revenue									394,912	367,296	314,274
Gross margin									164,558	153,102	128,403
Income (loss) from operations									43,313	47,135	33,826
Total assets	928,566				584,954				928,566	584,954	508,844
UAS \| Product segments
Segments
Revenue									379,075	367,296	314,274
Gross margin									161,593	153,102	128,403
Income (loss) from operations									45,182	47,135	33,826
Total assets	439,320				$ 584,954				439,320	$ 584,954	$ 508,844
MUAS \| Product segments
Segments
Revenue									15,837
Gross margin									2,965
Income (loss) from operations									(1,869)
Total assets	$ 489,246								$ 489,246

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Geographic Information (Details) - USD ($)	12 Months Ended
Geographic Information (Details) - USD ($)	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Product Information
Deploys in-service assets		$ 36,047,000
Non-U.S. customers
Product Information
Percentage of revenue	39.00%	45.00%	52.00%

Subsequent Events (Details) - Subsequent Event	May 29, 2021 USD ($)	May 03, 2021 USD ($)	May 03, 2021 EUR (€)	May 29, 2021 JPY (¥)	May 03, 2021 EUR (€)
Master Design and Development Agreement [Member]
Subsequent Events
Term of MDDA	5 years
Maximum value under MDDA	$ 51,200,000
Execution of MDDA	$ 4,600,000			¥ 500,000,000
Telerob
Subsequent Events
Ownership interest acquired		100.00%			100.00%
Total paid		$ 45,400,000	€ 37,455,000
Amount held in escrow		3,636,000			€ 3,000,000
Amount of indebtedness paid		$ 9,468,000	€ 7,811,000
Number of months until escrow will be release		30 months	30 months
Telerob \| Business Combination, Specific Revenue Targets Achieved In First Earnout Year [Member]
Subsequent Events
Contingent consideration paid		$ 2,424,000	€ 2,000,000
Period to obtain target		12 months	12 months
Telerob \| Business Combination, Specific Revenue Targets Achieved Following The First Earnout Year [Member]
Subsequent Events
Contingent consideration paid		$ 2,424,000	€ 2,000,000
Period to obtain target		12 months	12 months
Telerob \| Business Combination, Specific Awards Or Orders From US Military Are Achieved Prior To 36 Month Post Closing Period [Member]
Subsequent Events
Contingent consideration paid		$ 2,424,000	€ 2,000,000
Period to obtain target		36 months	36 months

Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Apr. 30, 2021	Jan. 30, 2021	Oct. 31, 2020	Aug. 01, 2020	Apr. 30, 2020	Jan. 25, 2020	Oct. 26, 2019	Jul. 27, 2019	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Selected Quarterly Financial Information
Revenue	$ 136,015	$ 78,782	$ 92,665	$ 87,450	$ 135,223	$ 61,891	$ 83,271	$ 86,911	$ 394,912	$ 367,296	$ 314,274
Gross margin	59,655	28,641	40,851	35,411	53,168	23,496	35,166	41,272	$ 164,558	$ 153,102	$ 128,403
Net (loss) income attributable to AeroVironment, Inc. from continuing operations	$ 10,946	$ 211	$ 2,094	$ 10,080	$ 17,736	$ (1,008)	$ 7,501	$ 17,110
Net (loss) income per share attributable to AeroVironment, Inc. from continuing operations-basic	$ 0.45	$ 0.01	$ 0.09	$ 0.42	$ 0.74	$ (0.04)	$ 0.32	$ 0.72	$ 0.97	$ 1.74	$ 1.77
Net (loss) income per share attributable to AeroVironment, Inc. from continuing operations-diluted	$ 0.44	$ 0.01	$ 0.09	$ 0.42	$ 0.73	$ (0.04)	$ 0.31	$ 0.71	$ 0.96	$ 1.72	$ 1.74
Number of weeks									91 days
LOON LLC
Selected Quarterly Financial Information
Amount of loss from impairment of investment									$ 8,363
Other expense
Selected Quarterly Financial Information
Legal accrual									$ 9,300

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Allowance for doubtful accounts
Movement in valuation and qualifying accounts and reserves
Balance at Beginning of Period	$ 1,190	$ 1,041	$ 1,080
Charged to Cost and Expenses	82	219	198
Deductions	(677)	(70)	(237)
Balance at End of Period	595	1,190	1,041
Warranty reserve
Movement in valuation and qualifying accounts and reserves
Balance at Beginning of Period	2,015	1,704	2,090
Charged to Cost and Expenses	1,650	2,069	702
Deductions	(1,324)	(1,758)	(1,088)
Balance at End of Period	2,341	2,015	1,704
Reserve for inventory excess and obsolescence
Movement in valuation and qualifying accounts and reserves
Balance at Beginning of Period	10,232	7,824	3,953
Balance Acquired from Acquisition	1,415
Charged to Cost and Expenses	1,178	5,377	5,054
Deductions	(2,536)	(2,969)	(1,183)
Balance at End of Period	10,289	10,232	7,824
Reserve for self-insured medical claims
Movement in valuation and qualifying accounts and reserves
Balance at Beginning of Period	753	944	1,003
Charged to Cost and Expenses	11,329	13,031	10,808
Deductions	(10,789)	(13,222)	(10,867)
Balance at End of Period	$ 1,293	$ 753	$ 944