0001558370-21-012327 | 10-Q | XBRL Viewer

Three Months Ended

August 1,

Net income attributable to AeroVironment, Inc.

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Jul. 31, 2021	Sep. 01, 2021
Cover [Abstract]
Entity Registrant Name	AEROVIRONMENT, INC.
Entity File Number	001-33261
Entity Central Index Key	0001368622
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jul. 31, 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, Suite 415
Entity Address, City or Town	Arlington
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22202
City Area Code	805
Local Phone Number	520-8350
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		24,811,444
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Small Business	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2021	Apr. 30, 2021
Current assets:
Cash and cash equivalents	$ 93,924	$ 148,741
Short-term investments	17,953	31,971
Accounts receivable, net of allowance for doubtful accounts of $579 at July 31, 2021 and $595 at April 30, 2021	45,764	62,647
Unbilled receivables and retentions (inclusive of related party unbilled receivables of $5,568 at July 31, 2021 and $544 at April 30, 2021)	87,131	71,632
Inventories	84,852	71,646
Income taxes receivable	322
Prepaid expenses and other current assets	14,972	15,001
Total current assets	344,918	401,638
Long-term investments	10,165	12,156
Property and equipment, net	66,563	58,896
Operating lease right-of-use assets	27,649	22,902
Deferred income taxes	2,534	2,061
Intangibles, net	117,855	106,268
Goodwill	335,029	314,205
Other assets	3,840	10,440
Total assets	908,553	928,566
Current liabilities:
Accounts payable	18,046	24,841
Wages and related accruals	20,067	28,068
Customer advances	9,117	7,183
Current portion of long-term debt	10,000	10,000
Current operating lease liabilities	6,747	6,154
Income taxes payable	549	861
Other current liabilities	18,134	19,078
Total current liabilities	82,660	96,185
Long-term debt, net of current portion	185,141	187,512
Non-current operating lease liabilities	23,048	19,103
Other non-current liabilities	10,336	10,141
Liability for uncertain tax positions	3,518	3,518
Deferred income taxes	5,533
Commitments and contingencies
Stockholders' equity:
Authorized shares-10,000,000; none issued or outstanding at July 31, 2021 and April 30, 2021
Issued and outstanding shares-24,811,802 shares at July 31, 2021 and 24,777,295 shares at April 30, 2021	2	2
Additional paid-in capital	261,192	260,327
Accumulated other comprehensive (loss) income	(394)	343
Retained earnings	337,440	351,421
Total AeroVironment, Inc. stockholders' equity	598,240	612,093
Noncontrolling interest	77	14
Total equity	598,317	612,107
Total liabilities and stockholders' equity	$ 908,553	$ 928,566

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2021	Apr. 30, 2021
Consolidated Balance Sheets
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 579	$ 595
Due from Related Parties	$ 5,568	$ 544
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	24,811,802	24,777,295
Common stock, outstanding shares	24,811,802	24,777,295

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Revenue:
Revenue	$ 101,009	$ 87,450
Cost of sales:
Cost of sales	72,286	52,039
Gross margin:
Total gross margin	28,723	35,411
Selling, general and administrative	27,128	12,011
Research and development	13,708	11,103
(Loss) income from operations	(12,113)	12,297
Other (loss) income:
Interest (expense) income, net	(1,275)	208
Other (expense) income, net	(346)	33
(Loss) income before income taxes	(13,734)	12,538
(Benefit from) provision for income taxes	(957)	1,207
Equity method investment loss, net of tax	(1,141)	(1,288)
Net (loss) income	(13,918)	10,043
Net income	(13,918)	10,043
Net (income) loss attributable to noncontrolling interest	(63)	37
Net (loss) income per share attributable to AeroVironment, Inc.	$ (13,981)	$ 10,080
Net income (loss) per share attributable to AeroVironment-Basic
Net (loss) income per share attributable to AeroVironment-basic	$ (0.57)	$ 0.42
Net (loss) income per share attributable to AeroVironment-diluted	(0.57)	0.42
Net income (loss) per share attributable to AeroVironment-Diluted
Net income per share attributable to AeroVironment, Inc.-Diluted	$ (0.57)	$ 0.42
Weighted-average shares outstanding:
Basic (in shares)	24,620,180	23,893,001
Diluted (in shares)	24,620,180	24,186,228
Product sales
Revenue:
Revenue	$ 53,116	$ 58,357
Cost of sales:
Cost of sales	32,590	32,084
Gross margin:
Total gross margin	20,526	26,273
Contract services
Revenue:
Revenue	47,893	29,093
Cost of sales:
Cost of sales	39,696	19,955
Gross margin:
Total gross margin	$ 8,197	$ 9,138

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Consolidated Statements of Operations
Related party revenue	$ 10,352	$ 16,386

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Consolidated Statements of Comprehensive Income
Net (loss) income	$ (13,918)	$ 10,043
Other comprehensive income:
Unrealized loss on available-for-sale investments, net of deferred tax benefit of $0 and $4 for the three months ended July 31, 2021 and August 1, 2020, respectively	(4)	(52)
Change in foreign currency translation adjustments	(733)	75
Total comprehensive (loss) income	(14,655)	10,066
Net (income) loss attributable to noncontrolling interest	(63)	37
Comprehensive (loss) income attributable to AeroVironment, Inc.	$ (14,718)	$ 10,103

- 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	3 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Consolidated Statements of Comprehensive Income
Unrealized loss on available-for-sale investments, deferred tax benefit	$ 0	$ 4

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Parent	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income	Non-controlling Interest	Total
Increase (Decrease) in Stockholders' Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest							$ 509,901
Balance at Apr. 30, 2020	$ 509,901	$ 2	$ 181,481	$ 328,090	$ 328
Balance (in shares) at Apr. 30, 2020		24,063,639
Increase (Decrease) in Stockholders' Equity
Net income (loss)				10,080			10,043
Net (income) loss attributable to noncontrolling interest						$ (37)	37
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	10,080
Unrealized loss on investments	(52)				(52)		(52)
Foreign currency translation	75				75		75
Stock options exercised	86		86				86
Stock options exercised (in shares)		3,500
Restricted stock awards (in shares)		60,592
Restricted stock awards forfeited (in shares)		270
Restricted stock awards forfeited (in shares)		(270)
Tax withholding payment related to net share settlement of equity awards	(1,756)		(1,756)				(1,756)
Tax withholding payment related to net share settlement of equity awards (in shares)		(22,897)
Stock-based compensation	1,595		1,595				1,595
Balance at Aug. 01, 2020	519,929	$ 2	181,406	338,170	351	(37)
Balance (in shares) at Aug. 01, 2020		24,104,564
Increase (Decrease) in Stockholders' Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest							519,892
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest							612,107
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
Net income (loss)				(13,981)			(13,918)
Net (income) loss attributable to noncontrolling interest						63	(63)
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	(13,981)
Unrealized loss on investments	(4)				(4)		(4)
Foreign currency translation	(733)				(733)		(733)
Stock options exercised	119		119				119
Stock options exercised (in shares)		4,000
Restricted stock awards (in shares)		48,588
Restricted stock awards forfeited (in shares)		(6,140)
Restricted stock awards forfeited (in shares)		6,140
Tax withholding payment related to net share settlement of equity awards	(1,176)		(1,176)				(1,176)
Tax withholding payment related to net share settlement of equity awards (in shares)		(11,941)
Stock-based compensation	1,922		1,922				1,922
Balance at Jul. 31, 2021	$ 598,240	$ 2	$ 261,192	$ 337,440	$ (394)	$ 77	598,240
Balance (in shares) at Jul. 31, 2021		24,811,802
Increase (Decrease) in Stockholders' Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest							$ 598,317

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Operating activities
Net (loss) income	$ (13,918)	$ 10,043
Net (loss) income	(13,918)	10,043
Adjustments to reconcile net (loss) income to cash provided by operating activities:
Depreciation and amortization	13,654	2,779
Losses from equity method investments, net	1,141	1,288
Amortization of debt issuance costs	129
Realized gain from sale of available-for-sale investments		(11)
Provision for doubtful accounts	(20)	(136)
Other non-cash expense	48
Non-cash lease expense	1,677	1,190
(Gain) loss on foreign currency transactions	19	1
Deferred income taxes	(472)	(339)
Stock-based compensation	1,922	1,595
Loss on sale of property and equipment	379	2
Amortization of debt securities	90	(43)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	17,914	30,439
Unbilled receivables and retentions	(14,684)	2,046
Inventories	(6,058)	5
Income taxes receivable	(326)
Prepaid expenses and other assets	481	324
Accounts payable	(7,997)	(7,338)
Other liabilities	(9,283)	(15,004)
Net cash (used in) provided by operating activities	(15,304)	26,841
Investing activities
Acquisition of property and equipment	(5,428)	(4,067)
Equity method investments	(2,692)	(1,173)
Business acquisitions, net of cash acquired	(46,150)
Redemptions of available-for-sale investments	17,925	41,727
Purchases of available-for-sale investments		(69,961)
Net cash used in investing activities	(36,345)	(33,474)
Financing activities
Principle payment of loan	(2,500)
Holdback and retention payments for business acquisition	(5,991)
Tax withholding payment related to net settlement of equity awards	(1,176)	(1,756)
Exercise of stock options	119	86
Other	(8)
Net cash used in financing activities	(9,556)	(1,670)
Effects of currency translation on cash and cash equivalents	(111)
Net decrease in cash, cash equivalents, and restricted cash	(61,316)	(8,303)
Cash, cash equivalents, and restricted cash at beginning of period	157,063	255,142
Cash, cash equivalents, and restricted cash at end of period	95,747	246,839
Cash paid, net during the period for:
Income taxes		10
Non-cash activities
Unrealized loss on available-for-sale investments, net of deferred tax benefit of $0 and $4 for the three months ended July 31, 2021 and August 1, 2020, respectively	4	52
Change in foreign currency translation adjustments	(733)	75
Issuances of inventory to property and equipment, ISR in-service assets	6,881
Acquisitions of property and equipment included in accounts payable	$ 821	$ 643

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Consolidated Statements of Cash Flows
Unrealized loss on available-for-sale investments, deferred tax benefit	$ 0	$ 4

Organization and Significant Accounting Policies

3 Months Ended

Jul. 31, 2021

Organization and Significant Accounting Policies

Organization and Significant Accounting Policies

AeroVironment, Inc.

Notes to Consolidated Financial Statements (Unaudited)

1. Organization and Significant Accounting Policies

Organization

AeroVironment, Inc., a Delaware corporation (the “Company”), 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”), unmanned ground vehicles (“UGV”) and related services primarily to organizations within the U.S. Department of Defense (“DoD”) and to international allied governments.

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation with respect to the interim financial statements have been included. The results of operations for the three months ended July 31, 2021 are not necessarily indicative of the results for the full year ending April 30, 2022. For further information, refer to the consolidated financial statements and footnotes thereto for the year ended April 30, 2021, included in the Company’s Annual Report on Form 10-K.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, including estimates of anticipated contract costs and revenue utilized in the revenue recognition process, that affect the reported amounts in the unaudited consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

The Company’s unaudited consolidated financial statements include the assets, liabilities and operating results of wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.

On February 19, 2021, the Company closed its acquisition of Arcturus UAV, Inc. (“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 interests of Arcturus (the “Arcturus Acquisition”). The assets, liabilities and operating results of Arcturus have been included in the Company’s unaudited consolidated financial statements. Refer to Note 18—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 unaudited consolidated financial statements. Refer to Note 18—Business Acquisitions for further details.

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 GmbH”), including Telerob GmbH’s wholly-owned subsidiary, Telerob USA, Inc. (“Telerob USA,” and collectively with Telerob GmbH, “Telerob”) pursuant to its previously announced Share Purchase Agreement (the “Telerob Purchase Agreement”) with Unmanned Systems

Investments GmbH, a German limited liability company incorporated under the laws of Germany (the “Telerob Seller”), and each of the unit holders of the Seller (collectively, the “Telerob Shareholders”), to purchase 100% of the issued and outstanding shares of Telerob Seller’s wholly-owned subsidiary Telerob GmbH (the “Telerob Acquisition”). The assets, liabilities and operating results of Telerob GmbH have been included in the Company’s unaudited consolidated financial statements. Refer to Note 18—Business Acquisitions for further details.

Recently Adopted Accounting Standards

The Company did not adopt any accounting standards during the three months ended July 31, 2021.

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.

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 Topic 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 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 or at a point in time. 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 Research and Development 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 revenue from intelligence, surveillance, and reconnaissance (“ISR”) services, is recognized over time as services are rendered. In accordance with ASC Topic 606, 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 UAS, medium UAS (“MUAS) and UGV product sales revenue is composed of revenue recognized on contracts for the delivery of small UAS, MUAS and UGV 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.

Performance obligations satisfied over time accounted for 61% and 38% of revenue during the three months ended July 31, 2021 and August 1, 2020, respectively. Performance obligations satisfied at a point in time accounted for 39% and 62% of revenue during the three months ended July 31, 2021 and August 1, 2020, respectively.

On July 31, 2021, the Company had approximately $257,685,000 of remaining performance obligations under fully funded contracts with its customers, which the Company also refers to as funded backlog. The Company currently expects to recognize approximately 84% of the remaining performance obligations as revenue in fiscal 2022 and an additional 16% in fiscal 2023.

The Company collects sales, value added, 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. Based on experience 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, and it is recorded in other current liabilities.

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 three month period

ended July 31, 2021 or the three month period ended August 1, 2020. No adjustment on any one contract was material to the Company’s unaudited consolidated financial statements for the three month period ended July 31, 2021 or the three month period ended August 1, 2020.

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):


	Three Months Ended
	July 31,		August 1,
Revenue by major product line/program	2021		2020
Small UAS	$	39,924	$	56,202
TMS		19,176		9,534
MUAS		22,379		—
Other		19,530		21,714
Total revenue	$	101,009	$	87,450


	Three Months Ended
	July 31,		August 1,
Revenue by contract type	2021		2020
FFP	$	80,766	$	60,875
CPFF		19,117		26,569
T&M		1,126		6
Total revenue	$	101,009	$	87,450

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.


	Three Months Ended
	July 31,		August 1,
Revenue by customer category	2021		2020
U.S. government	$	71,075	$	53,796
Non-U.S. government		29,934		33,654
Total revenue	$	101,009	$	87,450

	Three Months Ended
	July 31,		August 1,
Revenue by geographic location	2021		2020
Domestic	$	68,388	$	53,430
International		32,621		34,020
Total revenue	$	101,009	$	87,450

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 three month period ended July 31, 2021 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 three month periods ended July 31, 2021 that was included in contract liability balances at the beginning of April 30, 2021 was $309,000; and revenue recognized for the three month periods ended August 1, 2020 that was included in contract liability balances at the beginning of April 30, 2020 was $1,973,000.

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 assess performance. The Company’s CODM, collectively the Chief Executive Officer and Chief Operations Officer, makes operating decisions, assesses performance and makes resource allocation decisions, including the allocation of research and development (“R&D”). Accordingly, the Company identifies three reportable segments. Refer to Note 20—Segments for further details.

Investments

The Company’s investments are accounted for as available-for-sale and are 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. Management determines the appropriate classification of securities at the time of purchase and reevaluates such designation as of each balance sheet date.

Fair Values of Financial Instruments

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

Government Contracts

Payments to the Company on government CPFF or T&M 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 CPFF and T&M contracts.

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. At July 31, 2021 and April 30, 2021, the Company had no reserve for incurred cost claim audits.

(Loss) Earnings Per Share

Basic (loss) earnings per share is computed using the weighted-average number of common shares outstanding, excluding shares of unvested restricted stock.

The reconciliation of basic to diluted shares is as follows:


		Three Months Ended
	July 31, 2021		August 1, 2020
Net income attributable to AeroVironment, Inc.	$	(13,981)	$	10,080
Denominator for basic earnings (loss) per share:
Weighted average common shares		24,620,180		23,893,001
Dilutive effect of employee stock options, restricted stock and restricted stock units		—		293,227
Denominator for diluted earnings (loss) per share		24,620,180		24,186,228

Potentially dilutive shares not included in the computation of diluted weighted-average common shares because their effect would have been anti-dilutive were 3,871 and 844 for the three months ended July 31, 2021 and August 1, 2020,

respectively. Due to the net loss for the three months ended July 31, 2021, no shares reserved for issuance upon exercise of stock options or shares of unvested restricted stock were included in the computation of diluted loss per share as their inclusion would have been anti-dilutive. Potentially dilutive shares not included in the computation of diluted weighted-average common shares because their effect would have been anti-dilutive were 276,107 for the three months ended July 31, 2021.

Recently Issued Accounting Standards

Accounting pronouncements issued but not effective until after July 31, 2021 are not expected to be applicable to the Company.

Investments

3 Months Ended

Jul. 31, 2021

Investments

Investments

3. Investments

Investments consist of the following (in thousands):


	July 31,		April 30,
	2021		2021
Short-term investments:
Available-for-sale securities:
Municipal securities		12,264		22,245
U.S. government securities		—		4,009
Corporate bonds		5,689		5,717
Total short-term investments	$	17,953	$	31,971
Long-term investments:
Available-for-sale securities:
Municipal securities		987		988
U.S. government securities		—		4,000
Total long-term available-for-sale investments		987		4,988
Equity method investments
Investment in limited partnership fund		9,178		7,168
Total equity method investments		9,178		7,168
Total long-term investments	$	10,165	$	12,156

Available-For-Sale Securities

As of July 31, 2021 and April 30, 2021, 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 are recorded in (expense) 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 July 31, 2021 and April 30, 2021, respectively (in thousands):


	July 31, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Municipal securities	$	13,249	$	3	$	(1)	$	13,251
Corporate bonds		5,689		—		—		5,689
Total available-for-sale investments	$	18,938	$	3	$	(1)	$	18,940


	April 30, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Municipal securities	$	23,227	$	8	$	(2)	$	23,233
U.S. government securities		8,008		1		—		8,009
Corporate bonds		5,718		—		(1)		5,717
Total available-for-sale investments	$	36,953	$	9	$	(3)	$	36,959

The amortized cost and fair value of the available-for-sale debt securities by contractual maturity at July 31, 2021 were as follows (in thousands):


	Cost		Fair Value
Due within one year	$	17,953	$	17,953
Due after one year through five years		985		987
Total	$	18,938	$	18,940

Fair Value Measurements

3 Months Ended

Jul. 31, 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 July 31, 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	$	—	$	18,940	$	—	$	18,940
Contingent consideration		—		—		6,475		6,475
Total	$	—	$	18,940	$	6,475	$	25,415

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, 2021	$	5,521
Business acquisition		889
Transfers to Level 3		—
Total losses (realized or unrealized)
Included in selling, general and administrative		65
Settlements		—
Balance at July 31, 2021	$	6,475
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 July 31, 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.

Pursuant to the Telerob Purchase Agreement, the Telerob Seller may receive up to a maximum of €6,000,000 (approximately $7,272,000) in additional cash consideration if specific revenue and contract award targets for Telerob are achieved during the 36 month period after closing. The contingent consideration was valued using a Black-Scholes option-pricing model. The analysis considered, among other items, contractual terms of the Telerob Purchase Agreement, the Company’s discount rate, the timing of expected future cash flows and the probability that the revenue and contract award targets required for payment of the contingent consideration will be achieved.

Refer to Note 18—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

3 Months Ended

Jul. 31, 2021

Inventories, net

Inventories, net

5. Inventories, net

Inventories consist of the following (in thousands):


	July 31,		April 30,
	2021		2021


Raw materials	$	29,537	$	23,997
Work in process		20,178		13,825
Finished goods		46,809		44,113
Inventories, gross		96,524		81,935
Reserve for inventory excess and obsolescence		(11,672)		(10,289)
Inventories, net	$	84,852	$	71,646

Equity Method Investments

3 Months Ended

Jul. 31, 2021

Equity Method Investments

Equity Method Investments

6. Equity Method Investments

In December 2017, the Company and SoftBank Corp. (“Softbank”) formed a joint venture, HAPSMobile Inc. (“HAPSMobile”), which is a Japanese corporation. Concurrent with the formation of HAPSMobile, the Company executed a Design and Development Agreement (the “DDA”) with HAPSMobile. As of July 31, 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%.

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 (“MDDA”) with each other to continue the design and development of the Solar High Altitude Pseudo-Satellite (“Solar HAPS”) aircraft developed under the DDA.

On May 29, 2021, the Company and SoftBank entered into a 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 loans which 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. The Company committed to lend 500,000,000 yen ($4,600,000). On June 7, 2021 the Company funded 130,000,000 yen ($1,195,000) of the loan agreement. On August 13, 2021, the Company made the second payment of the loan agreement in the amount of 180,000,000 yen ($1,638,000).

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. For the three months ended July 31, 2021 and August 1, 2020, the Company recorded its proportionate net loss of HAPSMobile, or $1,655,000 and $1,008,000, respectively, in equity method investment loss, net of tax in the unaudited consolidated statement of operations. At July 31, 2021 and April 30, 2021, the carrying value of the investment in HAPSMobile was a liability of $415,000 and an asset of $10,455,000, respectively, was recorded in other current liabilities and other assets, respectively. The equity method losses recognized during the three months ended July 31, 2021 exceeded the Company’s loan contributions to date resulting in the recording of an accrued liability in the amount of $415,000 recorded in other current liabilities on the unaudited consolidated balance sheet as of July 31, 2021.

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. During the three months ended July 31, 2021 and August 1, 2021, the Company made additional contributions of $1,497,000 and $1,173,000, respectively. Under the terms of the limited partnership agreement, the Company has committed to make additional capital contributions of $880,000 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. For the three months ended July 31, 2021 and August 1, 2020, the Company recorded its ownership percentage of the net gain (loss) of the limited partnership, or $514,000 and $(280,000), respectively, in equity method investment loss in the unaudited consolidated statements of operations. At July 31, 2021 and April 30, 2021, the carrying value of the investment in the limited partnership of $9,178,000 and $7,168,000, respectively, was recorded in long-term investments.

Warranty Reserves

3 Months Ended

Jul. 31, 2021

Warranty Reserves

Warranty Reserves

7. Warranty Reserves

The Company accrues an estimate of its exposure to warranty claims based upon both current and historical product sales data and warranty costs incurred. The warranty reserve is included in other current liabilities. The related expense is

included in cost of sales. Warranty reserve activity is summarized as follows for the three months ended July 31, 2021 and August 1, 2020, respectively (in thousands):


	Three Months Ended
	July 31,		August 1,
	2021		2020
Beginning balance	$	2,341	$	2,015
Balance acquired from acquisition		256		—
Warranty expense		456		451
Warranty costs settled		(299)		(435)
Ending balance	$	2,754	$	2,031

Intangibles, net

3 Months Ended

Jul. 31, 2021

Intangibles, net

Intangibles, net

8. Intangibles, net

The components of intangibles are as follows (in thousands):


	July 31,		April 30,
	2021		2021
Technology	$	58,178	$	46,850
Licenses		1,008		1,008
Customer relationships		72,998		68,073
Backlog		2,325		—
In-process research and development		550		550
Non-compete agreements		320		320
Trademarks and tradenames		68		68
Other		105		3
Intangibles, gross		135,552		116,872
Less accumulated amortization		(17,697)		(10,604)
Intangibles, net	$	117,855	$	106,268

The weighted average amortization period at July 31, 2021 and April 30, 2021 was five years, respectively. Amortization expense for the three months ended July 31, 2021 and August 1, 2020 was $6,973,000 and $709,000, respectively.

Technology, backlog and customer relationship intangible assets were recognized in conjunction with the Company’s acquisition of Telerob on May 3, 2021. 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. Refer to Note 18—Business Acquisitions for further details.

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


	Year ending
	April 30,
2022	$	22,697
2023		27,719
2024		26,870
2025		18,156
2026		13,114
	$	108,556

Goodwill

3 Months Ended

Jul. 31, 2021

Goodwill.

Goodwill

9. Goodwill

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


	Small UAS		TMS		MUAS		All other		Total
Balance at April 30, 2021	$	6,340	$	—	$	288,611	$	19,254	$	314,205
Additions to goodwill		—		—		—		20,824		20,824
Impairment of goodwill		—		—		—		—		—
Balance at July 31, 2021	$	6,340	$	-	$	288,611	$	40,078	$	335,029

The goodwill balance at April 30, 2021 is attributable to the acquisitions of Pulse, ISG, and Arcturus acquisitions. The All other goodwill addition is attributable to the Telerob acquisition. Refer to Note 18—Business Acquisitions for further details.

Debt

3 Months Ended

Jul. 31, 2021

Debt

Debt

10. 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, are 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 July 31, 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:


	Three Months Ended
	July 31,
	2021
	(In thousands)
Term loans	$	197,500
Revolving credit facility		—
Total debt		197,500
Less current portion		10,000
Total long-term debt, less current portion		187,500
Less unamortized debt issuance costs - term loans		2,359
Total long-term debt, net of unamortized debt issuance costs - term loans	$	185,141
Unamortized debt issuance costs - revolving credit facility	$	1,175
Current period interest rate		2.2%

Future long-term debt principal payments at July 31, 2021 were as follows:


	(In thousands)
2022	$	7,500
2023		10,000
2024		10,000
2025		10,000
2026		160,000
	$	197,500

Leases

3 Months Ended

Jul. 31, 2021

Leases

Leases

11. 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.

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. If the Company determines the option to extend or terminate is reasonably certain, it is included in the 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 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.

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


	Three Months Ended		Three Months Ended
	July 31,		August 1,
	2021		2020
Operating lease cost	$	1,677	$	1,190
Short term lease cost		252		110
Variable lease cost		102		1
Sublease income		(44)		(38)
Total lease costs, net	$	1,987	$	1,263

Supplemental lease information were as follows:


	Three Months Ended		Three Months Ended
	July 31,		August 1,
	2021		2020
	(In thousands)		(In thousands)
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,763	$	1,400
Right-of-use assets obtained in exchange for new lease liabilities	$	6,310	$	5,883

Weighted average remaining lease term		70 months		46 months
Weighted average discount rate		3.4%		3.4%

Maturities of operating lease liabilities as of July 31, 2021 were as follows (in thousands):


2022	$	4,939
2023		6,312
2024		5,610
2025		4,659
2026		3,394
Thereafter		8,025
Total lease payments		32,939
Less: imputed interest		(3,144)
Total present value of operating lease liabilities	$	29,795

Accumulated Other Comprehensive (Loss) Income

3 Months Ended

Jul. 31, 2021

Accumulated Other Comprehensive (Loss) Income.

Accumulated Other Comprehensive (Loss) Income

12. Accumulated Other Comprehensive (Loss) Income and Reclassifications Adjustments

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


	Three Months Ended		Three Months Ended
	July 31,		August 1,
	2021		2020
Balance, net of $1 and $0 deferred taxes, as of April 30, 2021 and April 30, 2020, respectively	$	343	$	328
Unrealized loss on available-for-sale investments, net of deferred tax benefit of $0 and $4 for the three months ended July 31, 2021 and August 1, 2020, respectively		(4)		(52)
Change in foreign currency translation adjustments		(733)		75
Balance, net of $1 and $4 deferred taxes, as of July 31, 2021 and August 1, 2020, respectively	$	(394)	$	351

Customer-Funded Research & Development

3 Months Ended

Jul. 31, 2021

Customer-Funded Research & Development

Customer-Funded Research & Development

13. Customer-Funded Research & Development

Customer-funded R&D costs are incurred pursuant to contracts (revenue arrangements) to perform R&D activities according to customer specifications. These costs are direct contract costs and are expensed to cost of sales as costs are incurred. Revenue from customer-funded R&D contracts are recognized in accordance with Topic 606 over time as costs are incurred. Revenue from customer-funded R&D was approximately $16,911,000 and $23,426,000 for the three months ended July 31, 2021 and August 1, 2020, respectively.

Long-Term Incentive Awards

3 Months Ended

Jul. 31, 2021

Long-Term Incentive Awards.

Long-Term Incentive Awards

14. Long-Term Incentive Awards

During the three months ended July 31, 2021, the Company granted awards under its amended and restated 2006 Equity Incentive Plan (the “Restated 2006 Plan”) to key employees (“Fiscal 2022 LTIP”). Awards under the Fiscal 2022 LTIP consist of: (i) time-based restricted stock awards and time-based restricted stock units, which vest in equal tranches in July 2022, July 2023 and July 2024, 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, 2024. 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. For the three months ended July 31, 2021, the Company recorded $308,000 of compensation expense related to the Fiscal 2022 LTIP. The Company recorded no compensation expense related to the Fiscal 2022 LTIP for the three months ended August 1, 2020. At July 31, 2021, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2022 LTIP is $13,314,000.

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. For the three months ended July 31, 2021 and August 1, 2020, the Company recorded $65,000 and $91,000 of compensation expense related to the Fiscal 2021 LTIP, respectively. At July 31, 2021, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2021 LTIP is $7,337,000.

During the three months ended July 27, 2019, the Company granted awards under 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) 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. For the three months ended July 31, 2021 and August 1, 2020, the Company recorded $(1,000) and $80,000 of compensation expense related to the Fiscal 2020 LTIP, respectively. At July 31, 2021, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2020 LTIP is $3,983,000.

During the three months ended July 28, 2018, the Company also 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. During the three months ended July 31, 2021, the Company issued a total of 12,101 fully-vested shares of common stock to settle the PRSUs in the Fiscal 2019 LTIP. For the three months ended July 31, 2021 and August 1, 2020, the Company recorded $0 and $75,000 of compensation expense related to the Fiscal 2019 LTIP, respectively.

At each reporting period, the Company reassesses the probability of achieving the performance targets for the PRSUs. 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. No compensation cost is ultimately recognized for awards for which employees do not render the requisite service and are forfeited.

Income Taxes

3 Months Ended

Jul. 31, 2021

Income Taxes

Income Taxes

15. Income Taxes

For the three months ended July 31, 2021 and August 1, 2020, the Company recorded a (benefit from) and provision for income taxes of $(957,000) and $1,207,000, respectively, yielding effective tax rates of 7.0% and 9.6%, respectively. The variance from statutory rates for the three months ended July 31, 2021 was primarily due to federal R&D credits, foreign derived intangible income deductions and the recording of discrete excess tax benefits resulting from the vesting of restricted stock awards and exercises of stock options. The variance from statutory rates for the three months ended August 1, 2020 was primarily due to federal R&D credits, foreign derived intangible income deductions and the recording of discrete excess tax benefits resulting from the vesting of restricted stock awards and exercises of stock options.

- 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

Share Repurchase

3 Months Ended

Jul. 31, 2021

Share Repurchase

Share Repurchase

16. Share Repurchase

In September 2015, the Company’s Board of Directors authorized a program to repurchase up to $25,000,000 of the Company’s common stock with no specified termination date for the program. No shares were repurchased under the program during the three months ended July 31, 2021 or August 1, 2020. As of July 31, 2021 and April 30, 2021, approximately $21,200,000 remained authorized for future repurchases under this program.

Related Party Transactions

3 Months Ended

Jul. 31, 2021

Related Party Transactions

Related Party Transactions

17. Related Party Transactions

Related party transactions are defined as transactions between the Company and entities either controlled by the Company or that the Company can significantly influence. Although SoftBank has a controlling interest in HAPSMobile, the Company determined that it has the ability to exercise significant influence over HAPSMobile. As such, HAPSMobile and SoftBank are considered related parties of the Company. Under the DDA and related efforts with HAPSMobile, the Company will use its best efforts, up to a maximum net value of $185,202,000, 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 will continue the development of Solar HAPS with Softbank under the MDDA. Upon the execution of the MDDA, SoftBank issued the first order under the MDDA which has a maximum value of approximately $51,200,000.

The Company recorded revenue under both the MDDA and DDA of $10,352,000 and $16,386,000 for the three months ended July 31, 2021 and August 1, 2020, respectively. At July 31, 2021 and April 30, 2021, the Company had unbilled related party receivables from HAPSMobile of $5,568,000 and $544,000 recorded in unbilled receivables and retentions on the consolidated balance sheets, respectively. Refer to Note 6—Equity Method Investments for further details.

Business Acquisitions

3 Months Ended

Jul. 31, 2021

Business Acquisitions

Business Acquisitions

18. Business Acquisitions

Telerob Acquisition

On May 3, 2021, the Company closed its acquisition of Telerob pursuant to the terms of the Telerob Purchase Agreement. Telerob develops, manufactures, sells, and services remote-controlled unmanned ground robots and transport vehicles for civil and defense applications.

Pursuant to the Telerob Purchase Agreement at closing, the Company paid €37,455,000 (approximately $45,400,000) in cash to the Telerob Seller (subject to certain purchase price adjustments as set forth in the Telerob Purchase Agreement), less (a) €3,000,000 (approximately $3,636,000) to be held in escrow for breaches of the Telerob Seller’s fundamental warranties or any other of Telerob 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 Telerob Seller; (b) transaction-related fees and costs incurred by the Telerob 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 Telerob, which amount was paid in combination to the Telerob Seller and the lender under an agreement between Telerob GmbH and the lender providing for a reduced payoff amount. This indebtedness was offset by cash on hand at Telerob at closing. The escrow amount is to be released to the Telerob Seller, less any amounts paid or reserved, 30 months following the closing date.

In addition to the consideration paid at closing, the Telerob Seller may receive €2,000,000 (approximately $2,424,000) in additional cash consideration if specific revenue targets for Telerob 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 Telerob are achieved in the 12 month period following the First Earnout Year. The Telerob 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.

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 Telerob (in thousands):


	May 3,
	2021
Fair value of assets acquired:
Accounts receivable	$	1,045
Unbilled receivable		829
Inventories, net		15,074
Prepaid and other current assets		314
Property and equipment, net		1,571
Operating lease assets		1,508
Other assets		154
Technology		11,500
Backlog		2,400
Customer relationships		5,000
Other intangible assets		102
Goodwill		21,140
Total assets acquired	$	60,637

Fair value of liabilities assumed:
Accounts payable	$	1,136
Wages and related accruals		560
Customer advances		1,243
Current operating lease liabilities		361
Other current liabilities		3,310
Non-current operating lease liabilities		1,147
Other non-current liabilities		224
Deferred income taxes		5,617
Total liabilities assumed		13,598
Total identifiable net assets	$	47,039

Fair value of consideration:
Cash consideration, net of cash acquired	$	46,150
Contingent consideration		889
Total	$	47,039

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 Telerob and expected future customers in the UGV market. For tax purposes the acquisition was treated as a stock purchase and the goodwill is not deductible.

Supplemental Pro Forma Information (unaudited)

The following unaudited pro forma summary presents consolidated information of the Company as if the business acquisition had occurred on May 1, 2020 (in thousands):


	Three Months Ended
	July 31,		August 1,
	2021		2020
Revenue	$	101,009	$	95,143
Net (loss) income attributable to AeroVironment, Inc.	$	(12,298)	$	8,856

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 August 1, 2020, reflecting the additional amortization that would have been charged assuming the fair value adjustments to intangible assets had been applied from May 1, 2020 with the consequential tax effects and including the results of Telerob prior to acquisition.

The Company incurred approximately $411,000 of acquisition-related expenses for the three months ended July 31, 2021. These expenses are included in selling, general and administrative on the Company’s unaudited 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, 2020, nor are they indicative of results of operations that may occur in the future.

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”). During the three months ended July 31, 2021, the Adjustment Escrow of $6,500,000, less $509,000 of post-closing adjustments, was released to the Arcturus Sellers. 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 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)

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):

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 $1,384,000 and $0 acquisition-related expenses for the three months ended July 31, 2021 and August 1, 2020, respectively. These expenses are included in selling, general and administrative expense on the Company’s unaudited 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 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
Fair value of assets acquired:
Technology	$	11,400
Customer relationships		4,500
Other assets		217
Goodwill		19,254
Total identifiable net assets	$	35,371

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

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. 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)

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):

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 $651,000 and $0 acquisition-related expenses for the three months ended July 31, 2021 and August 1, 2020, respectively. These expenses are included in selling, general and administrative expenses on the Company’s unaudited 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.

Pension

3 Months Ended

Jul. 31, 2021

Pension

Pension

19. Pension

As part of the Telerob acquisition, the Company acquired a small foreign-based defined benefit pension plan. The Rheinmetall-Zusatzversorgung (“RZV”) service plan covers three employees based on individual contracts issued to the employees. No other employees are eligible to participate. In January 2011, reinsurance policies were taken out, which were pledged to the employees. The measurement date for the Company’s pension plan was May 3, 2021 in conjunction with the acquisition.

The table below includes the projected benefit obligation and fair value of plan assets as of May 3, 2021. The net projected benefit obligation (in thousands) is recorded in other non-current liabilities.


Projected benefit obligation	$	(4,126)
Fair value of plan assets		3,951
Unfunded status of the plan	$	(175)

The projected benefit obligation includes assumptions of a discount rate of 1% and pension increase for in-payment benefits of 1.5% for May 3, 2021 and July 31, 2021. The accumulated benefit obligation is approximately equal to our projected benefit obligation. The plan assets consist of reinsurance policies for each of the three pension commitments. The reinsurance policies are fixed-income investments considered a level 2 fair value hierarchy based on observable inputs of the policy. The Company does not expect to make any contributions to the Plan in the fiscal year ending April 30, 2022. The Company assumed expected return on plan assets of 2.15% for May 3, 2021 and July 31, 2021.

Expected benefits paid as of May 3, 2021 (in thousands):


2022	$	182
2023		183
2024		183
2025		184
2026		184
2027-2031		920
Total expected benefit payments	$	1,836

Net benefit income (in thousands) is recorded in interest (expense) income, net.


	Three Months Ended
	July 31,
	2021
	(In thousands)
Expected return on plan assets	$	32
Interest cost		(15)
Foreign currency exchange rate changes		(66)
Net benefit income	$	(49)

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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+ Details

Segments

3 Months Ended

Jul. 31, 2021

Segments

Segments

20. Segments

The Company’s product segments are as follows:

Small Unmanned Aircraft Systems —The Small UAS segment focuses primarily on products designed to operate reliably at very low altitudes in a wide range of environmental conditions, providing a vantage point from which to collect and deliver valuable information as well as related support services including training, spare parts, product repair, product replacement, and the customer contracted operation.

Tactical Missile Systems – The TMS segment focuses primarily on TMS products, which are tube-launched aircraft that deploy with the push of a button, fly at higher speeds than small UAS products, and perform either effects delivery or reconnaissance missions, and related support services including training, spare parts, product repair, and product replacement. The TMS segment also includes customer funded research and development programs.

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.

All other—All other segments include HAPS, MacCready Works and the recently acquired ISG and Telerob businesses.

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 following table (in thousands) sets forth segment revenue, gross margin, operating (loss) income and adjusted operating (loss) income from operations for the periods indicated. Adjusted operating (loss) income is defined as operating (loss) income before intangible amortization, amortization of purchase accounting adjustment related to increasing the carrying value of certain assets to fair value, and acquisition related expenses.


	Three Months Ended July 31, 2021
	Small UAS		TMS		MUAS		All other		Total
Revenue	$	39,924	$	19,176	$	22,379	$	19,530	$	101,009
Gross margin		16,920		5,989		3,181		2,633		28,723

Income (loss) from operations		1,958		(463)		(6,381)		(7,227)		(12,113)
Acquisition-related expenses		424		251		1,384		1,195		3,254
Amortization of acquired intangible assets and other purchase accounting adjustments		707		—		5,191		3,226		9,124
Adjusted income (loss) from operations	$	3,089	$	(212)	$	194	$	(2,806)	$	265


	Three Months Ended August 1, 2020
	Small UAS		TMS		MUAS		All other		Total
Revenue	$	56,202	$	9,534	$	—	$	21,714	$	87,450
Gross margin		27,483		1,920		—		6,008		35,411

Income (loss) from operations		15,197		(4,145)		—		1,245		12,297
Acquisition-related expenses		—		—		—		—		—
Amortization of acquired intangible assets and other purchase accounting adjustments		661		—		—		—		661
Adjusted income (loss) from operations	$	15,858	$	(4,145)	$	—	$	1,245	$	12,958

Segment assets are summarized in the table below. Corporate assets primarily consist of cash and cash equivalents, short-term investments, prepaid expenses and other current assets, long-term investments, property and equipment, net, operating lease right-of-use assets, deferred income taxes and other assets managed centrally on behalf of the business segments.


	July 31, 2021
	Small UAS		TMS		MUAS		All other		Corporate		Total
Identifiable assets	$	94,332	$	75,837	$	398,686	$	101,775	$	237,923	$	908,553


	April 30, 2021
	Small UAS		TMS		MUAS		All other		Corporate		Total
Identifiable assets	$	113,072	$	71,707	$	402,037	$	39,581	$	302,169	$	928,566

- 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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+ Details

Organization and Significant Accounting Policies (Policies)

3 Months Ended

Jul. 31, 2021

Organization and Significant Accounting Policies

Basis of Presentation

Revenue Recognition

Performance Obligations

costs, other direct costs, and indirect costs applicable on government and commercial contracts.

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):


	Three Months Ended
	July 31,		August 1,
Revenue by major product line/program	2021		2020
Small UAS	$	39,924	$	56,202
TMS		19,176		9,534
MUAS		22,379		—
Other		19,530		21,714
Total revenue	$	101,009	$	87,450


	Three Months Ended
	July 31,		August 1,
Revenue by contract type	2021		2020
FFP	$	80,766	$	60,875
CPFF		19,117		26,569
T&M		1,126		6
Total revenue	$	101,009	$	87,450


	Three Months Ended
	July 31,		August 1,
Revenue by customer category	2021		2020
U.S. government	$	71,075	$	53,796
Non-U.S. government		29,934		33,654
Total revenue	$	101,009	$	87,450

	Three Months Ended
	July 31,		August 1,
Revenue by geographic location	2021		2020
Domestic	$	68,388	$	53,430
International		32,621		34,020
Total revenue	$	101,009	$	87,450

Contract Balances

Segments

Recently Adopted Accounting Standards

The Company did not adopt any accounting standards during the three months ended July 31, 2021.

Investments

Fair Values of Financial Instruments

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

Government Contracts

(Loss) Earnings Per Share

(Loss) Earnings Per Share

Basic (loss) earnings per share is computed using the weighted-average number of common shares outstanding, excluding shares of unvested restricted stock.

The reconciliation of basic to diluted shares is as follows:


		Three Months Ended
	July 31, 2021		August 1, 2020
Net income attributable to AeroVironment, Inc.	$	(13,981)	$	10,080
Denominator for basic earnings (loss) per share:
Weighted average common shares		24,620,180		23,893,001
Dilutive effect of employee stock options, restricted stock and restricted stock units		—		293,227
Denominator for diluted earnings (loss) per share		24,620,180		24,186,228

Recently Issued Accounting Standards

Accounting pronouncements issued but not effective until after July 31, 2021 are not expected to be applicable to the Company.

Organization and Significant Accounting Policies (Tables)

3 Months Ended

Jul. 31, 2021

Organization and Significant Accounting Policies

Schedule of revenue by category


	Three Months Ended
	July 31,		August 1,
Revenue by major product line/program	2021		2020
Small UAS	$	39,924	$	56,202
TMS		19,176		9,534
MUAS		22,379		—
Other		19,530		21,714
Total revenue	$	101,009	$	87,450


	Three Months Ended
	July 31,		August 1,
Revenue by contract type	2021		2020
FFP	$	80,766	$	60,875
CPFF		19,117		26,569
T&M		1,126		6
Total revenue	$	101,009	$	87,450


	Three Months Ended
	July 31,		August 1,
Revenue by customer category	2021		2020
U.S. government	$	71,075	$	53,796
Non-U.S. government		29,934		33,654
Total revenue	$	101,009	$	87,450

	Three Months Ended
	July 31,		August 1,
Revenue by geographic location	2021		2020
Domestic	$	68,388	$	53,430
International		32,621		34,020
Total revenue	$	101,009	$	87,450

Schedule of reconciliation of basic to diluted shares


		Three Months Ended
	July 31, 2021		August 1, 2020
Net income attributable to AeroVironment, Inc.	$	(13,981)	$	10,080
Denominator for basic earnings (loss) per share:
Weighted average common shares		24,620,180		23,893,001
Dilutive effect of employee stock options, restricted stock and restricted stock units		—		293,227
Denominator for diluted earnings (loss) per share		24,620,180		24,186,228

Investments (Tables)

3 Months Ended

Jul. 31, 2021

Investments

Schedule of investments


	July 31,		April 30,
	2021		2021
Short-term investments:
Available-for-sale securities:
Municipal securities		12,264		22,245
U.S. government securities		—		4,009
Corporate bonds		5,689		5,717
Total short-term investments	$	17,953	$	31,971
Long-term investments:
Available-for-sale securities:
Municipal securities		987		988
U.S. government securities		—		4,000
Total long-term available-for-sale investments		987		4,988
Equity method investments
Investment in limited partnership fund		9,178		7,168
Total equity method investments		9,178		7,168
Total long-term investments	$	10,165	$	12,156

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


	July 31, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Municipal securities	$	13,249	$	3	$	(1)	$	13,251
Corporate bonds		5,689		—		—		5,689
Total available-for-sale investments	$	18,938	$	3	$	(1)	$	18,940


	April 30, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Municipal securities	$	23,227	$	8	$	(2)	$	23,233
U.S. government securities		8,008		1		—		8,009
Corporate bonds		5,718		—		(1)		5,717
Total available-for-sale investments	$	36,953	$	9	$	(3)	$	36,959

Schedule of amortized cost and fair value of the available-for-sale debt securities by contractual maturity

The amortized cost and fair value of the available-for-sale debt securities by contractual maturity at July 31, 2021 were as follows (in thousands):


	Cost		Fair Value
Due within one year	$	17,953	$	17,953
Due after one year through five years		985		987
Total	$	18,938	$	18,940

Fair Value Measurements (Tables)

3 Months Ended

Jul. 31, 2021

Fair Value Measurements

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

The Company’s financial assets measured at fair value on a recurring basis at July 31, 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	$	—	$	18,940	$	—	$	18,940
Contingent consideration		—		—		6,475		6,475
Total	$	—	$	18,940	$	6,475	$	25,415

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

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 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):

Inventories, net (Tables)

3 Months Ended

Jul. 31, 2021

Inventories, net

Schedule of inventories, net


	July 31,		April 30,
	2021		2021


Raw materials	$	29,537	$	23,997
Work in process		20,178		13,825
Finished goods		46,809		44,113
Inventories, gross		96,524		81,935
Reserve for inventory excess and obsolescence		(11,672)		(10,289)
Inventories, net	$	84,852	$	71,646

Warranty Reserves (Tables)

3 Months Ended

Jul. 31, 2021

Warranty Reserves

Summary of warranty reserve activity


	Three Months Ended
	July 31,		August 1,
	2021		2020
Beginning balance	$	2,341	$	2,015
Balance acquired from acquisition		256		—
Warranty expense		456		451
Warranty costs settled		(299)		(435)
Ending balance	$	2,754	$	2,031

Intangibles, net (Tables)

3 Months Ended

Jul. 31, 2021

Intangibles, net

Schedule of components of intangibles

The components of intangibles are as follows (in thousands):


	July 31,		April 30,
	2021		2021
Technology	$	58,178	$	46,850
Licenses		1,008		1,008
Customer relationships		72,998		68,073
Backlog		2,325		—
In-process research and development		550		550
Non-compete agreements		320		320
Trademarks and tradenames		68		68
Other		105		3
Intangibles, gross		135,552		116,872
Less accumulated amortization		(17,697)		(10,604)
Intangibles, net	$	117,855	$	106,268

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	$	22,697
2023		27,719
2024		26,870
2025		18,156
2026		13,114
	$	108,556

Goodwill (Tables)

3 Months Ended

Jul. 31, 2021

Goodwill.

Schedule of the changes in goodwill balances

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


	Small UAS		TMS		MUAS		All other		Total
Balance at April 30, 2021	$	6,340	$	—	$	288,611	$	19,254	$	314,205
Additions to goodwill		—		—		—		20,824		20,824
Impairment of goodwill		—		—		—		—		—
Balance at July 31, 2021	$	6,340	$	-	$	288,611	$	40,078	$	335,029

Debt (Tables)

3 Months Ended

Jul. 31, 2021

Debt

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

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


	Three Months Ended
	July 31,
	2021
	(In thousands)
Term loans	$	197,500
Revolving credit facility		—
Total debt		197,500
Less current portion		10,000
Total long-term debt, less current portion		187,500
Less unamortized debt issuance costs - term loans		2,359
Total long-term debt, net of unamortized debt issuance costs - term loans	$	185,141
Unamortized debt issuance costs - revolving credit facility	$	1,175
Current period interest rate		2.2%

Schedule of Future long-term debt principle payments

Future long-term debt principal payments at July 31, 2021 were as follows:

- 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.

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+ Details

Leases (Tables)

3 Months Ended

Jul. 31, 2021

Leases

Schedule of components of lease costs


	Three Months Ended		Three Months Ended
	July 31,		August 1,
	2021		2020
Operating lease cost	$	1,677	$	1,190
Short term lease cost		252		110
Variable lease cost		102		1
Sublease income		(44)		(38)
Total lease costs, net	$	1,987	$	1,263

Schedule of supplemental lease information


	Three Months Ended		Three Months Ended
	July 31,		August 1,
	2021		2020
	(In thousands)		(In thousands)
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,763	$	1,400
Right-of-use assets obtained in exchange for new lease liabilities	$	6,310	$	5,883

Weighted average remaining lease term		70 months		46 months
Weighted average discount rate		3.4%		3.4%

Schedule of maturities of operating lease liabilities

Maturities of operating lease liabilities as of July 31, 2021 were as follows (in thousands):


2022	$	4,939
2023		6,312
2024		5,610
2025		4,659
2026		3,394
Thereafter		8,025
Total lease payments		32,939
Less: imputed interest		(3,144)
Total present value of operating lease liabilities	$	29,795

Accumulated Other Comprehensive Income (Tables)

3 Months Ended

Jul. 31, 2021

Accumulated Other Comprehensive (Loss) Income.

Schedule of components of accumulated other comprehensive income

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


	Three Months Ended		Three Months Ended
	July 31,		August 1,
	2021		2020
Balance, net of $1 and $0 deferred taxes, as of April 30, 2021 and April 30, 2020, respectively	$	343	$	328
Unrealized loss on available-for-sale investments, net of deferred tax benefit of $0 and $4 for the three months ended July 31, 2021 and August 1, 2020, respectively		(4)		(52)
Change in foreign currency translation adjustments		(733)		75
Balance, net of $1 and $4 deferred taxes, as of July 31, 2021 and August 1, 2020, respectively	$	(394)	$	351

Business Acquisitions (Tables)

3 Months Ended

Jul. 31, 2021

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 Telerob (in thousands):


	May 3,
	2021
Fair value of assets acquired:
Accounts receivable	$	1,045
Unbilled receivable		829
Inventories, net		15,074
Prepaid and other current assets		314
Property and equipment, net		1,571
Operating lease assets		1,508
Other assets		154
Technology		11,500
Backlog		2,400
Customer relationships		5,000
Other intangible assets		102
Goodwill		21,140
Total assets acquired	$	60,637

Fair value of liabilities assumed:
Accounts payable	$	1,136
Wages and related accruals		560
Customer advances		1,243
Current operating lease liabilities		361
Other current liabilities		3,310
Non-current operating lease liabilities		1,147
Other non-current liabilities		224
Deferred income taxes		5,617
Total liabilities assumed		13,598
Total identifiable net assets	$	47,039

Fair value of consideration:
Cash consideration, net of cash acquired	$	46,150
Contingent consideration		889
Total	$	47,039

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, 2020 (in thousands):


	Three Months Ended
	July 31,		August 1,
	2021		2020
Revenue	$	101,009	$	95,143
Net (loss) income attributable to AeroVironment, Inc.	$	(12,298)	$	8,856

Arcturus UAV Inc.

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

The following table summarizes the 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):

Intelligent Systems Group

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

The following table summarizes the 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
Fair value of assets acquired:
Technology	$	11,400
Customer relationships		4,500
Other assets		217
Goodwill		19,254
Total identifiable net assets	$	35,371

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

Pension (Tables)

3 Months Ended

Jul. 31, 2021

Pension

Schedule of projected benefit obligation and fair value of plan assets


Projected benefit obligation	$	(4,126)
Fair value of plan assets		3,951
Unfunded status of the plan	$	(175)

Schedule of expected benefits paid

Expected benefits paid as of May 3, 2021 (in thousands):


2022	$	182
2023		183
2024		183
2025		184
2026		184
2027-2031		920
Total expected benefit payments	$	1,836

Schedule of net benefit income (in thousands) is recorded in interest (expense) income, net

Net benefit income (in thousands) is recorded in interest (expense) income, net.


	Three Months Ended
	July 31,
	2021
	(In thousands)
Expected return on plan assets	$	32
Interest cost		(15)
Foreign currency exchange rate changes		(66)
Net benefit income	$	(49)

Segments (Tables)

3 Months Ended

Jul. 31, 2021

Segments

Schedule of segment results


	Three Months Ended July 31, 2021
	Small UAS		TMS		MUAS		All other		Total
Revenue	$	39,924	$	19,176	$	22,379	$	19,530	$	101,009
Gross margin		16,920		5,989		3,181		2,633		28,723

Income (loss) from operations		1,958		(463)		(6,381)		(7,227)		(12,113)
Acquisition-related expenses		424		251		1,384		1,195		3,254
Amortization of acquired intangible assets and other purchase accounting adjustments		707		—		5,191		3,226		9,124
Adjusted income (loss) from operations	$	3,089	$	(212)	$	194	$	(2,806)	$	265


	Three Months Ended August 1, 2020
	Small UAS		TMS		MUAS		All other		Total
Revenue	$	56,202	$	9,534	$	—	$	21,714	$	87,450
Gross margin		27,483		1,920		—		6,008		35,411

Income (loss) from operations		15,197		(4,145)		—		1,245		12,297
Acquisition-related expenses		—		—		—		—		—
Amortization of acquired intangible assets and other purchase accounting adjustments		661		—		—		—		661
Adjusted income (loss) from operations	$	15,858	$	(4,145)	$	—	$	1,245	$	12,958

Schedule of identifiable assets by segment


	July 31, 2021
	Small UAS		TMS		MUAS		All other		Corporate		Total
Identifiable assets	$	94,332	$	75,837	$	398,686	$	101,775	$	237,923	$	908,553


	April 30, 2021
	Small UAS		TMS		MUAS		All other		Corporate		Total
Identifiable assets	$	113,072	$	71,707	$	402,037	$	39,581	$	302,169	$	928,566

Organization and Significant Accounting Policies - (Details)	Feb. 19, 2019
Arcturus UAV Inc.
Ownership interest acquired	100.00%

Organization and Significant Accounting Policies - Performance Obligations (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Organization and Significant Accounting Policies
Remaining performance obligations satisfied over time (as a percentage)	61.00%	38.00%
Remaining performance obligations at a point in time (as a percentage)	39.00%	62.00%
Performance Obligations
Remaining performance obligations	$ 257,685
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-30
Organization and Significant Accounting Policies
Remaining performance obligations (as a percentage)	84.00%
Performance Obligations
Year of performance obligations	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-30
Organization and Significant Accounting Policies
Remaining performance obligations (as a percentage)	16.00%
Performance Obligations
Year of performance obligations	2 years

Organization and Significant Accounting Policies - Contract Estimates (Details) $ in Thousands	3 Months Ended
	Jul. 31, 2021 USD ($) contract	Aug. 01, 2020 USD ($) contract
Organization and Significant Accounting Policies
Material adjustment to any one contract \| $	$ 0	$ 0
Number of active contracts \| contract	1	1

Organization and Significant Accounting Policies - Revenue by Category (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Disaggregation of revenue
Revenue	$ 101,009	$ 87,450
Contract Liability
Disaggregation of revenue
Revenue	309	1,973
Domestic
Disaggregation of revenue
Revenue	68,388	53,430
International
Disaggregation of revenue
Revenue	32,621	34,020
U.S. government
Disaggregation of revenue
Revenue	71,075	53,796
Non-U.S. government
Disaggregation of revenue
Revenue	29,934	33,654
FFP
Disaggregation of revenue
Revenue	80,766	60,875
CPFF
Disaggregation of revenue
Revenue	19,117	26,569
T&M
Disaggregation of revenue
Revenue	1,126	6
Small UAS
Disaggregation of revenue
Revenue	39,924	56,202
TMS
Disaggregation of revenue
Revenue	19,176	9,534
MUAS
Disaggregation of revenue
Revenue	22,379
Other
Disaggregation of revenue
Revenue	$ 19,530	$ 21,714

Organization and Significant Accounting Policies - Government Contracts (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Numerator for basic earnings per share:
Net income attributable to AeroVironment, Inc.	$ (13,981)	$ 10,080
Denominator for basic earnings per share:
Weighted average common shares	24,620,180	23,893,001
Dilutive effect of employee stock options, restricted stock and restricted stock units		293,227
Denominator for diluted earnings (loss) per share	24,620,180	24,186,228
Number of shares reserved for issuance	0
Number of anti-dilutive shares	3,871	844
Number of anti-dilutive due to loss	276,107

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

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+ Details

Discontinued Operations (Details) $ in Thousands			3 Months Ended		12 Months Ended
Discontinued Operations (Details) $ in Thousands	Feb. 22, 2019 USD ($)	Jun. 29, 2018 USD ($)	Jul. 31, 2021 USD ($) contract	Aug. 01, 2020 USD ($)	Apr. 30, 2021 USD ($)	Apr. 30, 2020 USD ($)	Apr. 30, 2019 USD ($)
Other expense
Discontinued operations
Litigation reserve expense					$ 9,300
Discontinued Operations
Discontinued operations
Amount of alleged damages	$ 6,500
EES Business \| Disposed of by sale
Discontinued operations
Cash consideration received		$ 31,994
Gain on sale of business		$ 11,420					$ (486)
Working capital dispute						$ 922
Amounts recorded in the consolidated financial statements						$ 341
EES Business \| Disposed of by sale \| Other income, net
Discontinued operations
Net Sales			$ 0	$ 38
Holdback \| Disposed of by sale
Discontinued operations
Cash consideration received			$ 6,500
Number of remaining contracts \| contract			2

Investments (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Apr. 30, 2021
Short-term investments:
Total short-term investments	$ 17,953	$ 31,971
Long-term investments:
Equity Method Investments.	9,178	7,168
Total long-term investments	10,165	12,156
Investment in limited partnership fund
Long-term investments:
Equity Method Investments.	9,178	7,168
Available-for-sale securities
Short-term investments:
Total short-term investments	17,953	31,971
Long-term investments:
Total long-term investments	987	4,988
Available-for-sale securities \| Municipal securities
Short-term investments:
Total short-term investments	12,264	22,245
Long-term investments:
Total long-term investments	987	988
Available-for-sale securities \| U.S. government securities
Short-term investments:
Total short-term investments		4,009
Long-term investments:
Total long-term investments		4,000
Available-for-sale securities \| Corporate bonds
Short-term investments:
Total short-term investments	$ 5,689	$ 5,717

Investments - Available For Sale Securities (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Apr. 30, 2021
Available-For-Sale Securities.
Amortized Cost	$ 18,938	$ 36,953
Gross Unrealized Gains	3	9
Gross Unrealized Losses	(1)	(3)
Total	18,940	36,959
Municipal securities
Available-For-Sale Securities.
Amortized Cost	13,249	23,227
Gross Unrealized Gains	3	8
Gross Unrealized Losses	(1)	(2)
Total	13,251	23,233
U.S. government securities
Available-For-Sale Securities.
Amortized Cost		8,008
Gross Unrealized Gains		1
Total		8,009
Corporate bonds
Available-For-Sale Securities.
Amortized Cost	5,689	5,718
Gross Unrealized Losses		(1)
Total	$ 5,689	$ 5,717

Investments - Available For Sale Securities - Amortized Cost and Fair Value (Details) $ in Thousands	Jul. 31, 2021 USD ($)
Amortized cost of available-for-sale securities by contractual maturity
Due within one year	$ 17,953
Due after one year through five years	985
Total	18,938
Fair value of available-for-sale securities by contractual maturity
Due within one year	17,953
Due after one year through five years	987
Total	$ 18,940

Fair Value Measurements - (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Apr. 30, 2021
Fair Value Measurement
Available for sale securities	$ 18,940	$ 36,959
Recurring basis
Fair Value Measurement
Available for sale securities	18,940	36,959
Contingent consideration	6,475	5,521
Total	25,415	42,480
Recurring basis \| Significant other observable inputs (Level 2)
Fair Value Measurement
Available for sale securities	18,940	36,959
Total	18,940	36,959
Recurring basis \| Significant unobservable inputs (Level 3)
Fair Value Measurement
Contingent consideration	6,475	5,521
Total	$ 6,475	$ 5,521

Fair Value Measurements - Reconciliation (Details) - Significant unobservable inputs (Level 3) $ in Thousands	3 Months Ended
	Jul. 31, 2021 USD ($)
Reconciliation between beginning and ending balances of items measured at fair value on recurring basis
Balance at the beginning of the period	$ 5,521
Business acquisition	$ 889
Included in selling, general and administrative	us-gaap:SellingGeneralAndAdministrativeExpenses
Balance at the end of the period	$ 6,475

Fair Value Measurements - Pulse purchase agreement (Details) - 3 months ended Jul. 31, 2021 - Maximum € in Thousands, $ in Thousands	USD ($)	EUR (€)
Pulse Aerospace, LLC
Fair Value Measurement
Total	$ 6,000,000
Telerob
Fair Value Measurement
Additional cash consideration	$ 7,272,000	€ 6,000,000

Inventories, net (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Apr. 30, 2021
Inventories, net
Raw materials	$ 29,537	$ 23,997
Work in process	20,178	13,825
Finished goods	46,809	44,113
Inventories, gross	96,524	81,935
Reserve for inventory excess and obsolescence	(11,672)	(10,289)
Inventories, net	$ 84,852	$ 71,646

Equity Method Investments (Details) ¥ in Thousands, $ in Thousands						3 Months Ended
	Aug. 13, 2021 USD ($)	Aug. 13, 2021 JPY (¥)	Jul. 02, 2021 USD ($)	Jul. 02, 2021 JPY (¥)	May 29, 2021 USD ($)	Jul. 31, 2021 USD ($)	Aug. 01, 2020 USD ($)	May 29, 2021 JPY (¥)	Apr. 30, 2021 USD ($)	Dec. 04, 2019 USD ($)	Dec. 04, 2019 JPY (¥)	May 10, 2019 USD ($)	May 10, 2019 JPY (¥)	Feb. 09, 2019 USD ($)	Feb. 09, 2019 JPY (¥)	Feb. 08, 2019	Jan. 29, 2019 USD ($)	Jan. 29, 2019 JPY (¥)	May 09, 2018	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						$ (1,141)	$ (1,288)
Carrying value of investment						9,178			$ 7,168
HAPSMobile
Equity Method Investments
Ownership percentage										7.00%	7.00%	5.00%	5.00%	10.00%	10.00%	5.00%	5.00%	5.00%	10.00%			5.00%	5.00%
Payments for purchase of interest										$ 4,982	¥ 540,050	$ 4,569	¥ 500,000	$ 5,671	¥ 632,800		$ 1,926	¥ 209,500		$ 1,407	¥ 150,000	$ 1,860	¥ 210,000
HAPSMobile \| Equity method investment loss, net of tax
Equity Method Investments
Equity method investment loss, net of tax						415
HAPSMobile \| Equity method investment activity, net of tax
Equity Method Investments
Equity method investment loss, net of tax						(1,655)	$ (1,008)
HAPSMobile \| Other current liabilities
Equity Method Investments
Carrying value of investment						$ 415
HAPSMobile \| Other assets, long term
Equity Method Investments
Carrying value of investment									$ 10,455
HAPSMobile \| SoftBank
Equity Method Investments
Ownership percentage						93.00%
HAPSMobile \| Aerovironment
Equity Method Investments
Ownership percentage						7.00%
MDDA
Equity Method Investments
Term of MDDA					5 years
MDDA \| SoftBank
Equity Method Investments
Maximum value under MDDA					$ 51,200
MDDA \| HAPSMobile
Equity Method Investments
Execution of MDDA					$ 4,600			¥ 500,000
Amount funded	$ 1,638	¥ 180,000	$ 1,195	¥ 130,000

Equity Methods Investments - Investment in Limited Partnership Fund (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Apr. 30, 2021
Equity Method Investments
Equity method investment loss, net of tax	$ (1,141)	$ (1,288)
Carrying value of investment	9,178		$ 7,168
Limited Partnership Fund
Equity Method Investments
Capital contributions	1,497	1,173
Additional capital contributions	880
Limited Partnership Fund \| Equity method investment loss, net of tax
Equity Method Investments
Equity method investment loss, net of tax	514	$ (280)
Limited Partnership Fund \| Long term investments
Equity Method Investments
Carrying value of investment	9,178		$ 7,168
HAPSMobile \| Equity method investment loss, net of tax
Equity Method Investments
Equity method investment loss, net of tax	$ 415

Warranty Reserves (Details) - USD ($) $ in Thousands	3 Months Ended
Warranty Reserves (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Aug. 01, 2020
Warranty Reserves
Beginning balance	$ 2,341	$ 2,015
Balance acquired from acquisition	256
Warranty expense	456	451
Warranty costs settled	(299)	(435)
Ending balance	$ 2,754	$ 2,031

Intangibles, net - Intangibles included in other assets on the balance sheet (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Apr. 30, 2021
Intangibles, net
Intangibles, gross	$ 135,552	$ 116,872
Less accumulated amortization	(17,697)	(10,604)
Intangibles, net	117,855	106,268
Technology
Intangibles, net
Intangibles, gross	58,178	46,850
Licenses
Intangibles, net
Intangibles, gross	1,008	1,008
Backlog
Intangibles, net
Intangibles, gross	2,325
Customer relationships
Intangibles, net
Intangibles, gross	72,998	68,073
In-process research and development
Intangibles, net
Intangibles, gross	550	550
Non-compete agreements
Intangibles, net
Intangibles, gross	320	320
Trademarks and tradenames
Intangibles, net
Intangibles, gross	68	68
Other
Intangibles, net
Intangibles, gross	$ 105	$ 3

Intangibles, net (Details) - USD ($) $ in Thousands	3 Months Ended
Intangibles, net (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Aug. 01, 2020
Intangibles, net
Amortization expense	$ 6,973	$ 709
Weighted average
Intangibles, net
Weighted average amortization period	5 years	5 years

Intangibles, net - Estimated amortization expense (Details) $ in Thousands	Apr. 30, 2021 USD ($)
Estimated amortization expense
2022	$ 22,697
2023	27,719
2024	26,870
2025	18,156
2026	13,114
Total	$ 108,556

Goodwill (Details) $ in Thousands	3 Months Ended
Goodwill (Details) $ in Thousands	Jul. 31, 2021 USD ($)
Goodwill
Goodwill, Beginning Balance	$ 314,205
Additions to goodwill	20,824
Goodwill, Ending Balance	335,029
Small UAS
Goodwill
Goodwill, Beginning Balance	6,340
Goodwill, Ending Balance	6,340
MUAS
Goodwill
Goodwill, Beginning Balance	288,611
Goodwill, Ending Balance	288,611
All other
Goodwill
Goodwill, Beginning Balance	19,254
Additions to goodwill	20,824
Goodwill, Ending Balance	$ 40,078

Debt - (Details)		3 Months Ended
Debt - (Details)	Feb. 19, 2021 USD ($) payment	Jul. 31, 2021
Revolving credit facility
Debt
Additional interest rate if default occurs (as a percentage)	2.00%
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	1.50%
Revolving credit facility \| London Interbank Offered Rate (LIBOR) \| Maximum
Debt
Interest rate	2.25%
Revolving credit facility \| Base Rate
Debt
Interest rate	0.50%
Revolving credit facility \| Base Rate \| Minimum
Debt
Interest rate	0.50%
Revolving credit facility \| Base Rate \| Maximum
Debt
Interest rate	1.25%
Revolving credit facility \| Consolidated Leverage Ratio \| Minimum
Debt
Interest rate		3.00%
Commitment fees (as a percentage)	0.20%
Revolving credit facility \| Consolidated Leverage Ratio \| Maximum
Debt
Interest rate		1.00%
Commitment fees (as a percentage)	0.35%
Revolving credit facility \| Consolidated Fixed Charge Coverage Ratio \| Minimum
Debt
Interest rate		1.25%
Revolving credit facility \| Consolidated Fixed Charge Coverage Ratio \| Maximum
Debt
Interest rate		1.00%
Revolving credit facility \| Arcturus UAV Inc.
Debt
Term of loan	5 years
Amount of loan	$ 100,000,000
Revolving credit facility \| Arcturus UAV Inc. \| Maximum
Debt
Percentage of outstanding equity interests in foreign subsidiaries	65.00%
Standby Letters of Credit \| Arcturus UAV Inc.
Debt
Amount of sublimit	$ 10,000,000
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
Amount of annual required payment expressed as a percent of the outstanding obligation	80.00%
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) - USD ($)	Jul. 31, 2021	Apr. 30, 2021
Long-term debt
Total debt	$ 197,500,000
Less current portion	10,000,000
Total long-term debt, less current portion	187,500,000
Less unamortized debt issuance costs	2,359,000
Total long-term debt, net of unamortized debt issuance costs - term loans	185,141,000	$ 187,512,000
Term loans
Long-term debt
Total debt	197,500,000
Revolving credit facility
Long-term debt
Unamortized debt issuance costs - revolving credit facility	$ 2.2

Debt - Future principle payments (Details) $ in Thousands	Jul. 31, 2021 USD ($)
Future principle payments
2022	$ 7,500
2023	10,000
2024	10,000
2025	10,000
2026	160,000
Total	$ 197,500

Leases (Details)	3 Months Ended
Leases (Details)	Jul. 31, 2021
Leases
Option to extend	true
Option to terminate	true
Option to terminate period (in years)	2 years
Minimum
Leases
Remaining lease terms (in years)	1 year
Maximum
Leases
Remaining lease terms (in years)	6 years
Option to extend period (in years)	10 years

Leases - Components of lease costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Components of lease costs
Operating lease cost	$ 1,677	$ 1,190
Short term lease cost	252	110
Variable lease cost	102	1
Sublease income	(44)	(38)
Total lease costs, net	$ 1,987	$ 1,263

Leases - Supplemental lease information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Leases
Cash paid for amounts included in the measurement of operating lease liabilities	$ 1,763	$ 1,400
Right-of-use assets obtained in exchange for new lease liabilities	$ 6,310	$ 5,883
Weighted average remaining lease term	70 months	46 months
Weighted average discount rate	3.40%	3.40%

Leases - Maturities of operating lease liabilities (Details) $ in Thousands	Jul. 31, 2021 USD ($)
Maturities of operating lease liabilities:
2022	$ 4,939
2023	6,312
2024	5,610
2025	4,659
2026	3,394
Thereafter	8,025
Total lease payments	32,939
Less: imputed interest	(3,144)
Total present value of operating lease liabilities	$ 29,795

Accumulated Other Comprehensive Income and Reclassifications Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Accumulated other comprehensive loss
Beginning Balance	$ 343
Unrealized loss on available-for-sale investments, net of deferred tax benefit of $0 and $4 for the three months ended July 31, 2021 and August 1, 2020, respectively	(4)	$ (52)
Change in foreign currency translation adjustments	(733)	75
Ending Balance	(394)
Accumulated Other Comprehensive Income
Accumulated other comprehensive loss
Beginning Balance	343	328
Unrealized loss on available-for-sale investments, net of deferred tax benefit of $0 and $4 for the three months ended July 31, 2021 and August 1, 2020, respectively	(4)	(52)
Change in foreign currency translation adjustments	(733)	75
Ending Balance	$ (394)	$ 351

- 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

Accumulated Other Comprehensive Income and Reclassifications Adjustments - Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Apr. 30, 2021	Apr. 30, 2020
Accumulated other comprehensive loss
Unrealized losses, tax portion	$ 0	$ 4
Accumulated Other Comprehensive Income
Accumulated other comprehensive loss
Other comprehensive income, tax	$ 1	$ 4	$ 1	$ 0

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
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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 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Customer-Funded Research & Development (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Customer-Funded Research & Development
Revenue from customer funded research and development	$ 16,911	$ 23,426

Long-Term Incentive Awards (Details) - USD ($)	3 Months Ended		12 Months Ended
Long-Term Incentive Awards (Details) - USD ($)	Jul. 31, 2021	Aug. 01, 2020	Apr. 30, 2021
Fiscal 2022 LTIP
Stock Based Compensation
Stock based compensation expense	$ 308,000	$ 0
Fiscal 2022 LTIP \| Performance based restricted stock units
Stock Based Compensation
Stock based compensation expense	$ 13,314,000
Fiscal 2022 LTIP \| Performance based restricted stock units \| 100% Vested
Stock Based Compensation
Vesting (as a percentage)	100.00%
Fiscal 2022 LTIP \| Performance based restricted stock units \| 50% Vested
Stock Based Compensation
Vesting (as a percentage)	50.00%
Fiscal 2022 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
Stock Based Compensation
Stock based compensation expense	$ 65,000	$ 91,000
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	7,337,000
Fiscal 2020 LTIP \| Performance based restricted stock units
Stock Based Compensation
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	3,983,000
Fiscal 2019 LTIP \| Performance based restricted stock units
Stock Based Compensation
Exercisable period from grant date			3 years
Fiscal 2018 LTIP \| Performance based restricted stock units
Stock Based Compensation
Stock based compensation expense	$ 0	$ 75,000
Issue of fully-vested shares of common stock to settle	12,101

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Aug. 01, 2020
Income taxes
(Benefit from) provision for income taxes	$ (957)	$ 1,207
Effective tax benefit rate (as a percent)	7.00%	9.60%

- Definition

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

+ References + Details

Share Repurchase (Details) - USD ($) $ in Thousands	3 Months Ended
Share Repurchase (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Aug. 01, 2020	Apr. 30, 2021	Sep. 30, 2015
Share Repurchase
Stock Repurchase Program, Authorized Amount				$ 25,000
Shares repurchased and retired	0	0
Share authorized for future repurchases	$ 21,200		$ 21,200

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Apr. 30, 2021
Long-Term Incentive Awards
Revenue	$ 10,352	$ 16,386
Unbilled related party receivables	5,568		$ 544
HAPSMobile \| Design and Development Agreement
Long-Term Incentive Awards
Maximum net value	185,202
Revenue	10,352	$ 16,386
Unbilled related party receivables	5,568		$ 544
SoftBank \| Design and Development Agreement
Long-Term Incentive Awards
Maximum net value	$ 51,200

Business Acquisitions - Telerob (Details) € in Thousands, $ in Thousands			3 Months Ended		12 Months Ended
	May 03, 2021 USD ($)	May 03, 2021 EUR (€)	Jul. 31, 2021 USD ($)	Aug. 01, 2020 USD ($)	Apr. 30, 2021 USD ($)	May 03, 2021 EUR (€)
Business Acquisitions
Number of months until escrow will be release	30 months	30 months
Fair value of assets acquired:
Goodwill			$ 335,029		$ 314,205
Telerob [Member]
Business Acquisitions
Total paid	$ 45,400	€ 37,455
Amount held in escrow	3,636					€ 3,000
Amount of indebtedness paid	9,468	7,811
Fair value of assets acquired:
Unbilled receivable	829
Prepaid and other current assets	314
Operating lease assets	(1,508)
Other assets	154
Other intangible asset	102
Goodwill	21,140
Total assets acquired	60,637
Fair value of liabilities assumed:
Accounts payable	1,136
Wages and related accruals	560
Current operating lease liabilities	361
Customer advances	1,243
Other current liabilities	3,310
Non-current operating lease liabilities	1,147
Other non-current liabilities	224
Deferred income taxes, net	5,617
Total liabilities assumed	13,598
Total identifiable net assets	47,039
Fair value of consideration transferred:
Cash consideration, net of cash acquired	46,150
Equity consideration	889
Total	47,039
Supplemental Pro Forma Information (unaudited)
Revenue				$ 95,143	101,009
Net income (loss)				$ 8,856	$ (12,298)
SG&A \| Telerob [Member]
Business Acquisitions
Acquisition-related costs			$ 411
Technology \| Telerob [Member]
Fair value of assets acquired:
Accounts receivable	1,045
Intangible assets	11,500
Backlog \| Telerob [Member]
Fair value of assets acquired:
Intangible assets	2,400
Customer relationships \| Telerob [Member]
Fair value of assets acquired:
Intangible assets	5,000
In-process research and development \| Telerob [Member]
Fair value of assets acquired:
Inventories, net	15,074
Non-compete agreements \| Telerob [Member]
Fair value of assets acquired:
Property and equipment, net	1,571
Business Combination, Specific Revenue Targets Achieved In First Earnout Year [Member] \| Telerob [Member]
Business Acquisitions
Contingent consideration paid	$ 2,424	€ 2,000
Period to obtain target	12 months	12 months
Business Combination, Specific Revenue Targets Achieved Following The First Earnout Year [Member] \| Telerob [Member]
Business Acquisitions
Contingent consideration paid	$ 2,424	€ 2,000
Period to obtain target	12 months	12 months
Business Combination, Specific Awards Or Orders From US Military Are Achieved Prior To 36 Month Post Closing Period [Member] \| Telerob [Member]
Business Acquisitions
Contingent consideration paid	$ 2,424	€ 2,000
Period to obtain target	36 months	36 months

Business Acquisitions - Arcturus (Details) - USD ($)		3 Months Ended
Business Acquisitions - Arcturus (Details) - USD ($)	Feb. 19, 2021	Jul. 31, 2021	Aug. 01, 2020	Apr. 30, 2021
Fair value of assets acquired:
Goodwill		$ 335,029,000		$ 314,205,000
Arcturus UAV Inc.
Business Acquisitions
Total	$ 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
Acquisition-related costs		1,384,000	$ 0
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 paid	422,627,000
Supplemental Pro Forma Information (unaudited)
Revenue			112,567,000
Net income (loss)			$ 16,859,000
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 Acquisitions
Amount held in escrow	6,500,000	6,500,000
Amount of post-closing adjustments		$ 509,000
Arcturus UAV Inc. \| Indemnification Escrow
Business Acquisitions
Amount held in escrow	1,822,500
Term loans \| Arcturus UAV Inc.
Business Acquisitions
Amount of loan	$ 200,000,000

Business Acquisitions - ISG (Details) - USD ($) $ in Thousands		3 Months Ended
	Feb. 23, 2021	Jul. 31, 2021	Aug. 01, 2020	Apr. 30, 2021
Business Acquisitions
Goodwill		$ 335,029		$ 314,205
Intelligent Systems Group
Business Acquisitions
Total	$ 29,700
Contingent consideration paid	6,000
Acquisition-related costs		$ 651	$ 0
Other assets	217
Goodwill	19,254
Total assets acquired	35,371
Fair value of consideration transferred:
Cash	29,700
Holdback	150
Contingent consideration	5,521
Total paid	35,371
Supplemental Pro Forma Information (unaudited)
Revenue			90,333
Net income (loss)			$ 10,386
Intelligent Systems Group \| Technology
Business Acquisitions
Intangible assets	11,400
Intelligent Systems Group \| Customer relationships
Business Acquisitions
Intangible assets	$ 4,500

Business Acquisitions - Pulse (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Apr. 30, 2021
Business Acquisitions
Holdback and retention payments	$ 5,991
Business Combinations, Assets Acquired and Liabilities Assumed at Acquisition Date
Goodwill	335,029		$ 314,205
Supplemental Pro forma Information
Amortization of Intangible Assets	6,973	$ 709
Pulse Aerospace, LLC \| Maximum
Fair value of consideration transferred:
Cash	$ 6,000,000

Pension (Details) - Pension Plan	Jul. 31, 2021	May 03, 2021
Pension
Discount rate assumption	1.00%	1.00%
Pension increasefor in-payment benefits	1.50%	1.50%

Pension - Projected benefit obligation and fair value of plan assets (Details) $ in Thousands	May 03, 2021 USD ($)
Pension
Defined Benefit Plan, Funding Status [Extensible List]	us-gaap:UnfundedPlanMember
Pension Plan
Pension
Projected benefit obligation	$ (4,126)
Fair value of plan assets	3,951
Unfunded status of plan	$ (175)

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

- Definition

Indicates status of funding for defined benefit plan designed to provide retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Pension - Expected benefits paid (Details) $ in Thousands	May 03, 2021 USD ($)
Pension
2022	$ 182
2023	183
2024	183
2025	184
2026	184
2027-2031	920
Total expected benfit payments	$ 1,836

Pension - Net benefit income (Details) $ in Thousands	3 Months Ended
Pension - Net benefit income (Details) $ in Thousands	Jul. 30, 2021 USD ($)
Pension
Expected return on plan assets	$ 32
Interest cost	(15)
Net benefit income	$ (49)

Segments (Details) - USD ($) $ in Thousands	3 Months Ended
Segments (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Aug. 01, 2020	Jul. 30, 2021	Apr. 30, 2021
Segments
Gross margin	$ 28,723	$ 35,411
Income (loss) from operations	(12,113)	12,297
Total assets	908,553			$ 928,566
Product segments
Segments
Revenue	101,009	87,450
Gross margin	28,723	35,411
Income (loss) from operations	(12,113)	12,297
Acquisition-related costs	3,254
Amortization of acquired intangible assets and other purchase accounting adjustments	9,124	661
Adjusted income (loss) from operations	265	12,958
Total assets			$ 908,553	928,566
Small UAS \| Product segments
Segments
Revenue	39,924	56,202
Gross margin	16,920	27,483
Income (loss) from operations	1,958	15,197
Acquisition-related costs	424
Amortization of acquired intangible assets and other purchase accounting adjustments	707	661
Adjusted income (loss) from operations	3,089	15,858
Total assets			94,332	113,072
TMS \| Product segments
Segments
Revenue	19,176	9,534
Gross margin	5,989	1,920
Income (loss) from operations	(463)	(4,145)
Acquisition-related costs	251
Adjusted income (loss) from operations	(212)	(4,145)
Total assets			75,837	71,707
MUAS \| Product segments
Segments
Revenue	22,379
Gross margin	3,181
Income (loss) from operations	(6,381)
Acquisition-related costs	1,384
Amortization of acquired intangible assets and other purchase accounting adjustments	5,191
Adjusted income (loss) from operations	194
Total assets			398,686	402,037
All other \| Product segments
Segments
Revenue	19,530	21,714
Gross margin	2,633	6,008
Income (loss) from operations	(7,227)	1,245
Acquisition-related costs	1,195
Amortization of acquired intangible assets and other purchase accounting adjustments	3,226
Adjusted income (loss) from operations	$ (2,806)	$ 1,245
Total assets			101,775	39,581
Corporate \| Product segments
Segments
Total assets			$ 237,923	$ 302,169