0001558370-22-018418 | 10-Q | XBRL Viewer

Print Document View Excel Document

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Oct. 29, 2022	Nov. 30, 2022
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	Oct. 29, 2022
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-2705790
Amendment Flag	false
Trading Symbol	AVAV
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--04-30
Entity Address, Address Line One	241 18th Street South, Suite 415
Entity Address, City or Town	Arlington
Entity Address, State or Province	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		25,157,316
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Small Business	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 29, 2022	Apr. 30, 2022
Current assets:
Cash and cash equivalents	$ 101,417	$ 77,231
Short-term investments		24,716
Accounts receivable, net of allowance for doubtful accounts of $74 at October 29, 2022 and $592 at April 30, 2022	31,664	60,170
Unbilled receivables and retentions (inclusive of related party unbilled receivables of $2,229 at April 30, 2022)	92,457	104,194
Inventories, net	109,810	90,629
Income taxes receivable	8,940	442
Prepaid expenses and other current assets	13,244	11,527
Total current assets	357,532	368,909
Long-term investments	22,462	15,433
Property and equipment, net	52,415	62,296
Operating lease right-of-use assets	25,580	26,769
Deferred income taxes	8,098	7,290
Intangibles, net	88,660	97,224
Goodwill	334,963	334,347
Other assets	1,972	1,932
Total assets	891,682	914,200
Current liabilities:
Accounts payable	26,317	19,244
Wages and related accruals	25,049	25,398
Customer advances	7,074	8,968
Current portion of long-term debt	10,000	10,000
Current operating lease liabilities	7,564	6,819
Income taxes payable	26	759
Other current liabilities	27,824	30,203
Total current liabilities	103,854	101,391
Long-term debt, net of current portion	155,622	177,840
Non-current operating lease liabilities	20,043	21,915
Other non-current liabilities	748	768
Liability for uncertain tax positions	1,450	1,450
Deferred income taxes	2,482	2,626
Commitments and contingencies
Stockholders' equity:
Authorized shares-10,000,000; none issued or outstanding at October 29, 2022 and April 30, 2022
Issued and outstanding shares-25,157,618 shares at October 29, 2022 and 24,951,287 shares at April 30, 2022	4	2
Additional paid-in capital	283,789	267,248
Accumulated other comprehensive loss	(8,480)	(6,514)
Retained earnings	332,170	347,233
Total AeroVironment, Inc. stockholders' equity	607,483	607,969
Noncontrolling interest		241
Total equity	607,483	608,210
Total liabilities and stockholders' equity	$ 891,682	$ 914,200

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Oct. 29, 2022	Apr. 30, 2022
Condensed Consolidated Balance Sheets
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 74	$ 592
Due from Related Parties		$ 2,229
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	25,157,618	24,951,287
Common stock, outstanding shares	25,157,618	24,951,287

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Revenue:
Revenue	$ 111,584	$ 122,008	$ 220,100	$ 223,017
Cost of sales:
Cost of sales	85,694	79,553	160,496	151,839
Gross margin:
Total gross margin	25,890	42,455	59,604	71,178
Selling, general and administrative	23,613	24,819	45,556	51,947
Research and development	16,591	14,297	31,636	28,005
(Loss) income from operations	(14,314)	3,339	(17,588)	(8,774)
Other (loss) income:
Interest expense, net	(2,309)	(1,379)	(3,912)	(2,654)
Other income (expense), net	810	(10,048)	404	(10,394)
Loss before income taxes	(15,813)	(8,088)	(21,096)	(21,822)
Benefit from income taxes	(10,457)	(9,511)	(7,851)	(10,468)
Equity method investment (loss) income, net of tax	(1,273)	1,133	(1,773)	(8)
Net (loss) income	(6,629)	2,556	(15,018)	(11,362)
Net income attributable to noncontrolling interest	39	31	45	94
Net (loss) income attributable to AeroVironment, Inc.	$ (6,668)	$ 2,525	$ (15,063)	$ (11,456)
Net income (loss) per share attributable to AeroVironment
Net (loss) income per share attributable to AeroVironment, Inc.-Basic	$ (0.27)	$ 0.10	$ (0.61)	$ (0.47)
Net (loss) income per share attributable to AeroVironment, Inc.-Diluted	$ (0.27)	$ 0.10	$ (0.61)	$ (0.47)
Weighted-average shares outstanding:
Basic (in shares)	24,900,873	24,641,614	24,852,219	24,630,838
Diluted (in shares)	24,900,873	24,885,870	24,852,219	24,630,838
Product sales
Revenue:
Revenue	$ 62,343	$ 70,998	$ 120,317	$ 124,114
Cost of sales:
Cost of sales	39,445	38,937	72,344	71,527
Gross margin:
Total gross margin	22,898	32,061	47,973	52,587
Contract services
Revenue:
Revenue	49,241	51,010	99,783	98,903
Cost of sales:
Cost of sales	46,249	40,616	88,152	80,312
Gross margin:
Total gross margin	$ 2,992	$ 10,394	$ 11,631	$ 18,591

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Oct. 30, 2021	Oct. 30, 2021
Condensed Consolidated Statements of (Loss) Income
Related party revenue	$ 10,342	$ 20,694

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07.1(c))
-URI https://asc.fasb.org/extlink&oid=120401555&loc=SL114874292-224272

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1(e))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Condensed Consolidated Statements of Comprehensive (Loss) Income
Net (loss) income	$ (6,629)	$ 2,556	$ (15,018)	$ (11,362)
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale investments, net of deferred tax expense of $0 for the three and six months ended October 29, 2022 and October 30, 2021, respectively	6	1	26	(3)
Change in foreign currency translation adjustments	(928)	(1,284)	(1,992)	(2,017)
Total comprehensive (loss) income	(7,551)	1,273	(16,984)	(13,382)
Net income attributable to noncontrolling interest	(39)	(31)	(45)	(94)
Comprehensive (loss) income attributable to AeroVironment, Inc.	$ (7,590)	$ 1,242	$ (17,029)	$ (13,476)

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI https://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=126954810&loc=d3e3000-108585

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI https://asc.fasb.org/extlink&oid=126929396&loc=SL4569616-111683

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 23: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669625-108580

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 29: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI https://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 31: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI https://asc.fasb.org/extlink&oid=120409616&loc=SL4591551-111686

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI https://asc.fasb.org/extlink&oid=120409616&loc=SL4591552-111686

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

+ Details

Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Oct. 29, 2022	Oct. 30, 2021
Condensed Consolidated Statements of Comprehensive (Loss) Income
Unrealized (gain) loss on available-for-sale investments, deferred tax benefit	$ 0	$ 0

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total AeroVironment, Inc. Equity	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Non-controlling Interest	Total
Balance at Apr. 30, 2021	$ 612,093	$ 2	$ 260,327	$ 351,421	$ 343	$ 14
Balance, Beginning at Apr. 30, 2021							$ 612,107
Balance (in shares) at Apr. 30, 2021		24,777,295
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(11,456)			(11,456)			(11,456)
Net income (loss) attributable to noncontrolling interest						94	(94)
Net Income (loss) including non-controlling interest							(11,362)
Unrealized (loss) gain on investments	(3)				(3)		(3)
Foreign currency translation	(2,017)				(2,017)		(2,017)
Stock options exercised	119		119				119
Stock options exercised (in shares)		4,000
Restricted stock awards (in shares)		52,226
Restricted stock awards forfeited (in shares)		15,751
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)
Change in non-controlling interest						224	224
Stock-based compensation	2,342		2,342				2,342
Balance at Oct. 30, 2021	599,902	$ 2	261,612	339,965	(1,677)	332
Balance, Ending at Oct. 30, 2021							600,234
Balance (in shares) at Oct. 30, 2021		24,805,829
Balance at Jul. 31, 2021	598,240	$ 2	261,192	337,440	(394)	77
Balance, Beginning at Jul. 31, 2021							598,317
Balance (in shares) at Jul. 31, 2021		24,811,802
Increase (Decrease) in Stockholders' Equity
Net (loss) income	2,525			2,525		31	2,525
Net income (loss) attributable to noncontrolling interest							(31)
Net Income (loss) including non-controlling interest							2,556
Unrealized (loss) gain on investments	1				1		1
Foreign currency translation	(1,284)				(1,284)		(1,284)
Restricted stock awards (in shares)		3,638
Restricted stock awards forfeited (in shares)		(9,611)
Change in non-controlling interest						224	224
Stock-based compensation	420		420				420
Balance at Oct. 30, 2021	599,902	$ 2	261,612	339,965	(1,677)	332
Balance, Ending at Oct. 30, 2021							600,234
Balance (in shares) at Oct. 30, 2021		24,805,829
Balance at Apr. 30, 2022	607,969	$ 2	267,248	347,233	(6,514)	241	607,969
Balance, Beginning at Apr. 30, 2022							608,210
Balance (in shares) at Apr. 30, 2022		24,951,287
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(15,063)			(15,063)			(15,063)
Net income (loss) attributable to noncontrolling interest						45	(45)
Net Income (loss) including non-controlling interest							(15,018)
Unrealized (loss) gain on investments	26				26		26
Foreign currency translation	(1,992)				(1,992)		(1,992)
Stock options exercised	682		682				682
Stock options exercised (in shares)		25,000
Restricted stock awards (in shares)		75,357
Restricted stock awards forfeited (in shares)		8,744
Tax withholding payment related to net share settlement of equity awards	(853)		(853)				(853)
Tax withholding payment related to net share settlement of equity awards (in shares)		(10,723)
Shares issued, net of issuance costs	12,312	$ 2	12,310				12,312
Shares issued, net of issuance costs (in shares)		125,441
Deconsolidation of previously controlled subsidiary						(286)	(286)
Stock-based compensation	4,402		4,402				4,402
Balance at Oct. 29, 2022	607,483	$ 4	283,789	332,170	(8,480)		607,483
Balance, Ending at Oct. 29, 2022							607,483
Balance (in shares) at Oct. 29, 2022		25,157,618
Balance at Jul. 30, 2022	599,923	$ 2	268,641	338,838	(7,558)	247
Balance, Beginning at Jul. 30, 2022							600,170
Balance (in shares) at Jul. 30, 2022		24,990,590
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(6,668)			(6,668)		39	(6,668)
Net income (loss) attributable to noncontrolling interest							(39)
Net Income (loss) including non-controlling interest							(6,629)
Unrealized (loss) gain on investments	6				6		6
Foreign currency translation	(928)				(928)		(928)
Stock options exercised	682		682				682
Stock options exercised (in shares)		25,000
Restricted stock awards (in shares)		19,540
Restricted stock awards forfeited (in shares)		(2,606)
Tax withholding payment related to net share settlement of equity awards	(29)		(29)				(29)
Tax withholding payment related to net share settlement of equity awards (in shares)		(347)
Shares issued, net of issuance costs	12,312	$ 2	12,310				12,312
Shares issued, net of issuance costs (in shares)		125,441
Deconsolidation of previously controlled subsidiary						$ (286)	(286)
Stock-based compensation	2,185		2,185				2,185
Balance at Oct. 29, 2022	$ 607,483	$ 4	$ 283,789	$ 332,170	$ (8,480)		607,483
Balance, Ending at Oct. 29, 2022							$ 607,483
Balance (in shares) at Oct. 29, 2022		25,157,618

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Oct. 29, 2022	Oct. 30, 2021
Operating activities
Net loss	$ (15,018)	$ (11,362)
Adjustments to reconcile net loss from operations to cash provided by (used in) operating activities:
Depreciation and amortization	32,275	30,019
Loss (income) from equity method investments	1,773	(520)
Loss on deconsolidation of previously controlled subsidiary	189
Amortization of debt issuance costs	422	258
Provision for doubtful accounts	19	(35)
Other non-cash expense, net	565	157
Non-cash lease expense	3,775	3,358
(Gain) loss on foreign currency transactions	(59)	30
Unrealized gain on available-for-sale equity securities, net	(928)
Deferred income taxes	(808)	(840)
Stock-based compensation	4,402	2,342
Loss on disposal of property and equipment	825	3,036
Amortization of debt securities	125	113
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	28,012	37,134
Unbilled receivables and retentions	11,696	(46,619)
Inventories	(23,836)	(10,075)
Income taxes receivable	(8,539)	(10,667)
Prepaid expenses and other assets	(1,117)	272
Accounts payable	6,823	(3,587)
Other liabilities	(8,664)	3,642
Net cash provided by (used in) operating activities	31,932	(3,344)
Investing activities
Acquisition of property and equipment	(7,587)	(13,147)
Equity method investments	(2,774)	(6,245)
Equity security investments	(5,100)
Business acquisitions, net of cash acquired	(5,105)	(46,150)
Proceeds from deconsolidation of previously controlled subsidiary, net of cash deconsolidated	(635)
Redemptions of available-for-sale investments	25,945	30,531
Purchases of available-for-sale investments	(1,326)
Net cash provided by (used in) investing activities	3,418	(34,787)
Financing activities
Principal payments of term loan	(22,500)	(5,000)
Holdback and retention payments for business acquisition		(5,991)
Proceeds from shares issued, net of issuance costs	11,778
Tax withholding payment related to net settlement of equity awards	(853)	(1,176)
Exercise of stock options	682	119
Other	(14)	(16)
Net cash used in financing activities	(10,907)	(12,064)
Effects of currency translation on cash and cash equivalents	(257)	(275)
Net increase (decrease) in cash, cash equivalents, and restricted cash	24,186	(50,470)
Cash, cash equivalents and restricted cash at beginning of period	77,231	157,063
Cash, cash equivalents and restricted cash at end of period	101,417	106,593
Cash paid, net during the period for:
Income taxes	718	1,923
Interest	3,398	2,283
Non-cash activities
Unrealized (gain) loss on available-for-sale investments, net of deferred tax expense of $0 for the six months ended October 29, 2022 and October 30, 2021, respectively	(26)	3
Change in foreign currency translation adjustments	(1,992)	(2,017)
Issuances of inventory to property and equipment, ISR in-service assets	4,085	12,472
Acquisitions of property and equipment included in accounts payable	$ 810	$ 415

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Oct. 29, 2022	Oct. 30, 2021
Condensed Consolidated Statements of Cash Flows
Unrealized (gain) loss on available-for-sale investments, deferred tax benefit	$ 0	$ 0

Organization and Significant Accounting Policies

6 Months Ended

Oct. 29, 2022

Organization and Significant Accounting Policies

Organization and Significant Accounting Policies

AeroVironment, Inc.

Notes to Condensed 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 condensed 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 six months ended October 29, 2022 are not necessarily indicative of the results for the full year ending April 30, 2023. For further information, refer to the consolidated financial statements and footnotes thereto for the year ended April 30, 2022, 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 condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

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

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, 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 condensed consolidated financial statements. Refer to Note 18—Business Acquisitions for further details.

On September 15, 2021, the Company entered into a Share Sale and Purchase Agreement with Toygun Savunma Sanayi ve Havacilik Anonim Sirketi (“Toygun”) whereby the Company sold 35% of the common shares of the Company’s Turkish joint venture, Altoy Savunma Sanayi ve Havacilik Anonim Sirketi (“Altoy”), to Toygun. On October 14, 2022, the Company sold an additional 35% of the common shares of Altoy to Toygun. As a result of the share sales, the Company decreased its interest in Altoy from 85% to 15% and has determined that it no longer controls Altoy. Therefore, the Company no longer consolidates Altoy in the Company’s unaudited condensed consolidated financial statements. As the Company has the ability to exercise significant influence over the operating and financial policies of Altoy, the Company’s investment will now be accounted for as an equity method investment and records its proportion of any gains or losses of Altoy in equity method investments, net of tax. Refer to Note 6—Equity Method Investments for further details.

On August 17, 2022, the Company closed its acquisition of Planck Aerosystems, Inc. (“Planck”) pursuant to the purchase agreement, and post-acquisition, Planck is incorporated into the medium UAS (“MUAS”) segment. The assets, liabilities and operating results of Planck have been included in the Company’s unaudited condensed consolidated financial statements. Refer to Note 18—Business Acquisitions for further details.

Recently Adopted Accounting Standards

In October 2021, the Financial Accounting Standards Board issued Accounting Standard Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”). ASU 2021-08 requires an acquirer to apply the guidance in Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), to recognize and measure contract assets and contract liabilities in a business combination, rather than using fair value. On May 1, 2022, the Company early adopted ASU 2021-08. ASU 2021-08 is adopted prospectively and did not have a material impact on our unaudited condensed consolidated financial statements.

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 606.

Performance Obligations

A performance obligation is a promise in a contract to transfer distinct goods or services to a customer, and it is the unit of account in ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and revenue is recognized when each performance obligation under the terms of a contract is satisfied. Revenue is measured at the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using its observable standalone selling price for products and services. When the standalone selling price is not directly observable, the Company uses its best estimate of the standalone selling price of each distinct good or service in the contract using the cost plus 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 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, 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, respectively. 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 65% and 63% of revenue during the three and six months ended October 29, 2022, respectively. Performance obligations satisfied over time accounted for 51% and 55% of revenue during the three and six months ended October 30, 2021, respectively. Performance obligations satisfied at a point in time accounted for 35% and 37% of revenue during the three and six months ended October 29, 2022, respectively. Performance obligations satisfied at a point in time accounted for 49% and 45% of revenue during the three and six months ended October 30, 2021, respectively.

On October 29, 2022, the Company had approximately $293,147,000 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 58% of the remaining performance obligations as revenue in fiscal 2023 and the remaining 42% in fiscal 2024.

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. During the three months ended October 29, 2022, the Company recognized forward loss reserves on two MUAS ISR contracts totaling $1,952,000 related to unfavorable changes in the estimated costs to complete the contracts. The company recorded the forward loss reserves as the total estimated costs to complete the contracts are in excess of the total remaining consideration of the contracts. The aggregate impact of the change in estimate decreased net income by $1,500,000 and diluted loss per share by $0.06.

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 or six month periods ended October 29, 2022 nor the three or six month period ended October 30, 2021. During the three months ended October 29, 2022, the Company revised its estimates of the total expected costs to complete a TMS variant contract. The aggregate impact of these adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods was an increase to revenue of approximately $1,332,000. During the six months ended October 29, 2022, the Company revised its estimates of the total expected costs to complete two TMS variant contracts. The aggregate impact of these adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods was a decrease to revenue of approximately $2,560,000. No adjustment on any one contract was material to the Company’s unaudited condensed consolidated financial statements for the three or six month periods ended October 30, 2021.

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				Six Months Ended
	October 29,		October 30,		October 29,		October 30,
Revenue by segment	2022		2021		2022		2021
Small UAS	$	26,681	$	54,714	$	69,937	$	94,638
TMS		31,101		18,418		54,113		37,594
MUAS		27,281		26,525		46,542		48,904
HAPS		9,066		10,342		19,281		20,694
All Other		17,455		12,009		30,227		21,187
Total revenue	$	111,584	$	122,008	$	220,100	$	223,017


	Three Months Ended				Six Months Ended
	October 29,		October 30,		October 29,		October 30,
Revenue by contract type	2022		2021		2022		2021
FFP	$	85,236	$	98,393	$	166,065	$	179,159
CPFF		25,013		21,594		51,468		40,711
T&M		1,335		2,021		2,567		3,147
Total revenue	$	111,584	$	122,008	$	220,100	$	223,017

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				Six Months Ended
	October 29,		October 30,		October 29,		October 30,
Revenue by customer category	2022		2021		2022		2021
U.S. government	$	84,165	$	72,076	$	151,880	$	143,151
Non-U.S. government		27,419		49,932		68,220		79,866
Total revenue	$	111,584	$	122,008	$	220,100	$	223,017

	Three Months Ended				Six Months Ended
	October 29,		October 30,		October 29,		October 30,
Revenue by geographic location	2022		2021		2022		2021
Domestic	$	67,657	$	68,663	$	117,760	$	137,051
International		43,927		53,345		102,340		85,966
Total revenue	$	111,584	$	122,008	$	220,100	$	223,017

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 condensed 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 condensed 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 condensed 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 condensed 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 six month period ended October 29, 2022 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 and six month periods ended October 29, 2022 that was included in contract liability balances as of April 30, 2022 was $1,080,000 and $3,004,000, respectively, and revenue recognized for the three and six month periods ended October 30, 2021 that was included in contract liability balances as of April 30, 2021 was $580,000 and $889,000, respectively.

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. As of October 29, 2022, the Company’s CODM, the Chief Executive Officer, makes operating decisions, assesses performance and makes resource allocation decisions, including the allocation for research and development (“R&D”). Accordingly, the Company identifies four 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 for debt securities 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. Investments in equity securities and warrants are measured at fair value with net unrealized gains and losses from changes in the fair value recognized in other income, net. 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 October 29, 2022 and April 30, 2022, 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 (in thousands except share data):


		Three Months Ended				Six Months Ended
	October 29, 2022		October 30, 2021		October 29, 2022		October 30, 2021
Net (loss) income attributable to AeroVironment, Inc.	$	(6,668)	$	2,525	$	(15,063)	$	(11,456)
Denominator for basic (loss) earnings per share:
Weighted average common shares		24,900,873		24,641,614		24,852,219		24,630,838
Dilutive effect of employee stock options, restricted stock and restricted stock units		—		244,256		—		—
Denominator for diluted (loss) earnings per share		24,900,873		24,885,870		24,852,219		24,630,838

Due to the net loss for the three and six months ended October 29, 2022 and for the six months ended October 30, 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 148,196 and 156,625 for the three months and six months ended October 29, 2022, respectively.

Potentially dilutive shares not included in the computation of diluted weighted-average common shares because their effect would have been anti-dilutive were 4,742 and 266,077 for the three and six months ended October 30, 2021, respectively.

Recently Issued Accounting Standards

No recently issued accounting standards expected to impact the Company.

Discontinued Operations

6 Months Ended

Oct. 29, 2022

Discontinued Operations.

Discontinued Operations

2. Discontinued Operations

On June 29, 2018, the Company completed the sale of substantially all of the assets and related liabilities of its efficient energy systems business segment (the “EES Business”) to Webasto Charging Systems, Inc. (“Webasto”) pursuant to an Asset Purchase Agreement (the “Purchase Agreement”) between Webasto and the Company.

On February 22, 2019, Webasto filed a lawsuit, which was amended in April 2019, alleging several claims against the Company for breach of contract, indemnity, and bad faith, including allegations regarding inaccuracy of certain diligence disclosures and failure to provide certain consents to contract assignments, and related to a previously announced product recall. Webasto sought to recover the costs of the recall and other damages totaling a minimum of $6,500,000 in addition to attorneys’ fees, costs, and punitive damages. On August 16, 2019, the Company filed a counterclaim against Webasto seeking payment of $6,500,000 in additional cash consideration due under the Purchase Agreement (the “Holdback”) and declaratory relief regarding Webasto’s cancellation of an assigned contract. Webasto again amended the complaint in May 2021 to include additional claims. On June 2, 2021, the Company filed an answer to Webasto’s second amended complaint filed in May 2021.

In order to avoid the future cost, expense, and distraction of continued litigation, the Company engaged in settlement negotiations with Webasto in May 2021. While the negotiations did not result in a settlement of any of the Company’s or Webasto’s claims at such time, as a result of the settlement negotiations, the Company established a litigation reserve, which reflected the scope of a rejected offer intended to communicate the Company’s serious and good faith intention to attempt to reach a settlement for the stated purposes. The offer did not reflect the Company’s view of the merits of the claims made; however, as a result of the preparation of the good faith offer and the Company’s willingness to pursue settlement for that amount, the Company recorded litigation reserve expenses in the amount of $9,300,000 during the year ended April 30, 2021 recorded in other expense on the condensed consolidated statements of operations and in other current liabilities on the condensed consolidated balance sheet. On December 2, 2021, the Company agreed in principle, subject to formal documentation with Webasto, to settle all existing claims related to the sale of its former EES business for $20,000,000 and Webasto keeping the Holdback. As a result of the agreement in principle to settle the litigation, the Company recorded additional litigation reserve expenses in the amount of $10,000,000 during the three months ended October 30, 2021 in other expense on the condensed consolidated statements of operations and in other current liabilities on the condensed consolidated balance sheet. The Company executed a written settlement agreement with Webasto effective December 16, 2021 to officially and fully settle all claims in the lawsuit. Under the terms of the written settlement agreement, the Company’s payment of the settlement amount of $20,000,000 will occur over a 24 month period from the effective date of the settlement agreement and Webasto will retain the Holdback. As of October 29, 2022, $10,000,000 of the settlement has been paid.

Investments

6 Months Ended

Oct. 29, 2022

Investments

Investments

3. Investments

Investments consist of the following (in thousands):


	October 29,		April 30,
	2022		2022
Short-term investments:
Available-for-sale securities:
Municipal securities		—		19,725
U.S. government securities		—		4,991
Total short-term investments	$	—	$	24,716
Long-term investments:
Available-for-sale securities:
Equity securities		6,028		—
Total long-term available-for-sale securities investments		6,028		—
Equity method investments
Investments in limited partnership funds		16,434		15,433
Total equity method investments		16,434		15,433
Total long-term investments	$	22,462	$	15,433

Available-For-Sale Securities

Debt Securities

As of April 30, 2022, the balance of available-for-sale debt securities consisted of state and local government municipal securities, U.S. government securities and U.S. government agency securities. Interest earned from these investments is recorded in interest expense, net. Realized gains on sales of these investments on the basis of specific identification are recorded in interest expense, net. As of October 29, 2022, the Company held no available-for-sale debt securities.

The following table is a summary of the activity related to the available-for-sale debt securities recorded in short-term investments as of April 30, 2022, respectively (in thousands):


	April 30, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Municipal securities	$	19,756	$	—	$	(31)	$	19,725
U.S. government securities		4,995		—		(4)		4,991
Total available-for-sale debt securities	$	24,751	$	—	$	(35)	$	24,716

Equity Securities

Equity securities and warrants are measured at fair value with net unrealized gains and losses from changes in the fair value recognized in other income (expense), net.


	Three Months		Six Months
	Ended		Ended
	October 29,		October 29,
	2022		2022
Net gains recognized during the period on equity securities	$	928	$	928
Less: Net gains recognized during the period on equity securities sold during the period		—		—
Unrealized gains recognized during the period on equity securities still held at the reporting date	$	928	$	928

Fair Value Measurements

6 Months Ended

Oct. 29, 2022

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 October 29, 2022, 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	$	—	$	—	$	—	$	—
Equity securities		5,728		—		—		5,728
Warrants		—		300		—		300
Contingently returnable consideration		—		—		23		23
Total	$	5,728	$	300	$	23	$	6,051

The Company’s financial liabilities measured at fair value on a recurring basis at October 29, 2022, 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
Contingent consideration	$	—	$	—	$	1,485	$	1,485
Total	$	—	$	—	$	1,485	$	1,485

The Company’s financial assets measured at fair value on a recurring basis at April 30, 2022, 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	$	—	$	24,716	$	—	$	24,716
Contingently returnable consideration		—		—		143		143
Total	$	—	$	24,716	$	143	$	24,859

The Company’s financial liabilities measured at fair value on a recurring basis at April 30, 2022, 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
Contingent consideration	$	—	$	—	$	1,084	$	1,084
Total	$	—	$	—	$	1,084	$	1,084

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		Fair Value
	Measurements Using		Measurements Using
	Significant		Significant
	Unobservable Inputs		Unobservable Inputs
		Assets		Liabilities
Description	(Level 3)		(Level 3)
Balance at May 1, 2022	$	143	$	1,084
Business acquisition		—		—
Transfers to Level 3		—		—
Total fair value measurement adjustments (realized or unrealized)
Included in selling, general and administrative		(120)		401
Settlements		—		—
Balance at October 29, 2022	$	23	$	1,485
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 October 29, 2022	$	—	$	—

Pursuant to the Intelligent Systems Group business segment (“ISG”) Purchase Agreement with Progeny Systems Corporation (the “ISG Seller”), the ISG 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 three 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. During the fiscal year ended April 30, 2022, the targets for the first and second year were achieved, and the related consideration of $2,000,000 for the first target was released from an escrow account that is not controlled by the Company and therefore not recorded on the condensed consolidated balance sheet. During the three months ended July 30, 2022, the related consideration of $2,000,000 for the second target was released from an escrow account that is not controlled by the Company and therefore not recorded on the condensed consolidated balance sheet. The fair value of the contingently returnable consideration is equal to the difference between the maximum value of the contingent consideration and the fair value of the contingent consideration and is recorded in other assets on the condensed consolidated balance sheet.

Pursuant to the Telerob Purchase Agreement, the Telerob Sellers 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. The fair value of the

contingent consideration is recorded in other current liabilities on the condensed consolidated balance sheet. The first year earnout of €2,000,000 (approximately $2,424,000) was not achieved.

On September 12, 2022, the Company invested $5,000,000 and acquired 500,000 shares and 500,000 privately placed, redeemable warrants of Amprius Technologies, Inc. The privately placed, redeemable warrants have an exercise price of $12.50 and redemption price of $20.00. The Company measures the fair value of the privately placed, redeemable warrants using the quoted market price of the public warrants which have an exercise price of $11.50 and a redemption price of $18.00 and classifies the warrants as a level 2 fair value measurement. On September 9, 2022, the Company acquired 10,000 shares of Nauticus Robotics, Inc. for $100,000.

- 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

6 Months Ended

Oct. 29, 2022

Inventories, net

Inventories, net

5. Inventories, net

Inventories consist of the following (in thousands):


	October 29,		April 30,
	2022		2022
Raw materials	$	50,848	$	42,310
Work in process		30,738		28,034
Finished goods		43,062		32,619
Inventories, gross		124,648		102,963
Reserve for inventory excess and obsolescence		(14,838)		(12,334)
Inventories, net	$	109,810	$	90,629

Equity Method Investments

6 Months Ended

Oct. 29, 2022

Investments in Companies Accounted for Using the Equity Method

Equity Method Investments

6. Equity Method Investments

Investments in Limited Partnership Funds

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. Under the terms of the limited partnership agreement, the Company contributed $10,000,000 during the fiscal years ended April 30, 2021 and 2022, and there were no further contribution commitments to this fund as of April 30, 2022. In March 2022, the Company entered into a limited partnership agreement with a second limited partnership fund also focusing on highly relevant technologies and start-up companies serving defense and industrial markets. Under the terms of the limited partnership agreement, the Company is committed to contributions totaling $20,000,000 over an expected five year period. During the three months ended July 30, 2022, the Company made its initial contribution of $2,774,000. Under the terms of the limited partnership agreement, the Company has committed to make additional capital contributions of $17,226,000 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 and six months ended October 29, 2022, the Company recorded its ownership percentage of the net loss of the limited partnership, or $(1,273,000) and $(1,773,000), respectively, in equity method investment loss, net of $0 tax in the unaudited condensed consolidated statements of operations, respectively. For the three and six months ended October 30, 2021, the Company recorded its ownership percentage of the net gain of the limited partnership, or $1,852,000 and $2,365,000, respectively, net of $529,000 of tax expense, respectively, in equity method investment loss, net of tax in the unaudited condensed consolidated statements of operations. At October 29, 2022 and April 30, 2022, the carrying value of the investment in the limited partnership of $16,434,000 and $15,433,000, respectively, was recorded in long-term investments on the unaudited condensed consolidated balance sheet.

Investment in Altoy

On September 15, 2021, the Company entered into a Share Sale and Purchase Agreement with Toygun whereby the Company sold 35% of the common shares of Altoy to Toygun. On October 14, 2022, the company sold an additional 35% of the common shares of Altoy to Toygun. As a result of the sales, the Company decreased its interest in Altoy from 85% to 15%. The Company no longer controls Altoy, and therefore, has deconsolidated Altoy in the Company’s condensed consolidated financial statements. The Company maintains significant influence, accounts for its investment

in Altoy as an equity method investment and records its proportion of any gains or losses of Altoy in equity method investments, net of tax. For the three and six months ended October 29, 2022, the Company recorded $0 for its ownership percentage of the net loss of the limited partnership in equity method investment loss in the unaudited condensed consolidated statements of operations. At October 29, 2022, the carrying value of the investment in Altoy of $96,000 was recorded in other assets on the unaudited condensed consolidated balance sheet.

Investment in HAPSMobile Inc.

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. In connection with the formation of the joint venture on December 27, 2017, the Company initially purchased shares of HAPSMobile representing a 5% ownership. On December 4, 2019, the Company purchased additional shares of HAPSMobile to increase its ownership stake to approximately 7%. In March 2022, the Company sold its 7% equity interest in HAPSMobile to SoftBank, for 808,008,000 yen ($6,497,000) and a gain was recorded in sale of ownership in HAPSMobile Inc. joint venture. Following the sale, SoftBank owns 100% of HAPSMobile, and, therefore, the Company no longer applies the equity method of accounting.

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. 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). On October 29, 2021, the Company made the final payment under the loan agreement in the amount of 190,000,000 yen ($1,674,000). On March 1, 2022, HAPSMobile repaid the Company the loan in full plus accrued interest in the amount of 503,832,000 yen ($4,345,000). The repayment resulted in equity method income during the fiscal year ended April 30, 2022 up to the extent of the previously recognized equity method losses associate with the loan.

Prior to the sale of the equity interest, the Company had 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, and therefore, the Company’s investment was accounted for as an equity method investment. For the three and six months ended October 30, 2021, the Company recorded its proportionate net loss of HAPSMobile, or $190,000 and $1,845,000, respectively, in equity method investment loss, net of tax in the unaudited consolidated statement of operations.

Warranty Reserves

6 Months Ended

Oct. 29, 2022

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 on the unaudited condensed

consolidated balance sheet. The related expense is included in cost of sales. Warranty reserve activity is summarized as follows for the three and six months ended October 29, 2022 and October 30, 2021, respectively (in thousands):


	Three Months Ended				Six Months Ended
	October 29,			October 30,	October 29,		October 30,
	2022		2021		2022		2021
Beginning balance	$	2,988	$	2,754	$	2,190	$	2,341
Balance acquired from acquisition		—		—		—		256
Warranty expense		134		440		1,373		896
Warranty costs settled		(105)		(544)		(546)		(843)
Ending balance	$	3,017	$	2,650	$	3,017	$	2,650

Intangibles, net

6 Months Ended

Oct. 29, 2022

Intangibles, net

Intangibles, net

8. Intangibles, net

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


	October 29,		April 30,
	2022		2022
Technology	$	59,563	$	56,913
Licenses		1,008		1,008
Customer relationships		72,209		72,448
Backlog		2,685		2,100
In-process research and development		550		550
Non-compete agreements		320		320
Trademarks and tradenames		68		68
Other		136		144
Intangibles, gross		136,539		133,551
Less accumulated amortization		(47,879)		(36,327)
Intangibles, net	$	88,660	$	97,224

The weighted average amortization period at October 29, 2022 and April 30, 2022 was four years. Amortization expense for the three and six months ended October 29, 2022 was $5,983,000 and $11,852,000, respectively. Amortization expense for the three and six months ended October 30, 2021 was $6,843,000 and $13,816,000, respectively.

Technology and backlog intangible assets were recognized in conjunction with the Company’s acquisition of Planck on August 17, 2022. Technology, backlog and customer relationship intangible assets were recognized in conjunction with the Company’s acquisition of Telerob on May 3, 2021. The intangibles recognized in conjunction with the acquisition of Telerob are recorded in Euros, and the balances change in accordance with the foreign currency translation at reporting date. 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,
2023	$	12,009
2024		23,770
2025		21,568
2026		16,360
2027		5,663
	$	79,370

Goodwill

6 Months Ended

Oct. 29, 2022

Goodwill.

Goodwill

9. Goodwill

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


	Small UAS		TMS		MUAS		HAPS		All other		Total
Balance at April 30, 2022	$	6,340	$	—	$	290,157	$	—	$	37,850	$	334,347
Additions to goodwill		—		—		1,633		—		(1,017)		616
Balance at October 29, 2022	$	6,340	$	—	$	291,790	$	—	$	36,833	$	334,963

The goodwill addition to MUAS is attributable to the Planck acquisition. The goodwill additions to the column entitled “All other” is attributable to the Telerob acquisition recorded in Euros and translated to dollars at each reporting date. Refer to Note 18—Business Acquisitions for further details.

Debt

6 Months Ended

Oct. 29, 2022

Debt

Debt

10. Debt

In connection with the consummation of the acquisition of Arcturus UAV, Inc. (“Arcturus”), a California corporation pursuant to a Stock Purchase Agreement with Arcturus and each of the shareholders and other equity interest holders of Arcturus, to purchase 100% of the issued and outstanding equity of Arcturus (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.

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.

On February 4, 2022, the Company entered into a First Amendment to Credit Agreement and Waiver relating to its existing Credit Agreement (the “First Amendment to Credit Agreement”). The First Amendment to Credit Agreement waives any event of default that may have occurred as a result of the potential failure by the Company to comply with the consolidated leverage ratio covenant set forth in the Credit Agreement for the fiscal quarter ended January 29, 2022. In addition, the parties amended the maximum permitted Consolidated Leverage Ratio, such that such ratio may not exceed 4.00 to 1.00 for the Company’s fiscal quarters ended January 29, 2022 and April 30, 2022; 3.50 to 1.00 for any of the Company’s fiscal quarters ending during the period from May 1, 2022 to October 31, 2022; and 3.00 to 1.00 for any fiscal quarter ending thereafter.

The Credit Agreement, as amended by the First Amendment to 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.

The First Amendment to Credit Agreement also implemented certain secured overnight financing rate (“SOFR”) interest rate mechanics and interest rate reference benchmark replacement provisions in order to effectuate the transition from LIBOR as a reference interest rate. Following the First Amendment to Credit Agreement, the Company has a choice of interest rates between (a) Term SOFR (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 SOFR 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 SOFR (ranging from 1.50 - 2.50%) or Base Rate (ranging from 0.50 - 1.50%). The Company may choose interest periods of one, three or six months with respect to Term SOFR and all such rates will include a 0.10% SOFR adjustment. The Company also remains 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. As of October 29, 2022, the Company is in compliance with all amended covenants.

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


	October 29,		April 30,
	2022		2022
	(In thousands)		(In thousands)
Term loans	$	167,500	$	190,000
Revolving credit facility		—		—
Total debt		167,500		190,000
Less current portion		10,000		10,000
Total long-term debt, less current portion		157,500		180,000
Less unamortized debt issuance costs - term loans		1,878		2,160
Total long-term debt, net of unamortized debt issuance costs - term loans	$	155,622	$	177,840
Unamortized debt issuance costs - revolving credit facility	$	934	$	1,076
Current period interest rate		5.0%		2.6%

Future long-term debt principal payments at October 29, 2022 were as follows:


	(In thousands)
2023	$	2,500
2024		10,000
2025		10,000
2026		145,000
2027		—
	$	167,500

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Leases

6 Months Ended

Oct. 29, 2022

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 on the unaudited condensed consolidated balance sheet.

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):


	Six Months Ended		Six Months Ended
	October 29,		October 30,
	2022		2021
Operating lease cost	$	3,775	$	3,358
Short term lease cost		479		419
Variable lease cost		430		368
Sublease income		—		(88)
Total lease costs, net	$	4,684	$	4,057

Supplemental lease information were as follows:


	Six Months Ended		Six Months Ended
	October 29,		October 30,
	2022		2021
	(In thousands)		(In thousands)
Cash paid for amounts included in the measurement of operating lease liabilities	$	3,705	$	3,503
Right-of-use assets obtained in exchange for new lease liabilities	$	2,134	$	6,310

Weighted average remaining lease term		58 months		69 months
Weighted average discount rate		3.5%		3.4%

Maturities of operating lease liabilities as of October 29, 2022 were as follows (in thousands):


2023	$	3,617
2024		7,776
2025		6,679
2026		3,530
2027		3,061
Thereafter		5,484
Total lease payments		30,147
Less: imputed interest		(2,540)
Total present value of operating lease liabilities	$	27,607

Accumulated Other Comprehensive Income (Loss) and Reclassifications Adjustments

6 Months Ended

Oct. 29, 2022

Accumulated Other Comprehensive Income (Loss) and Reclassifications Adjustments

Accumulated Other Comprehensive Income (Loss) and Reclassifications Adjustments

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

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


	Six Months Ended		Six Months Ended
	October 29,		October 30,
	2022		2021
Balance, net of $8 and $1 deferred taxes, as of April 30, 2022 and April 30, 2021, respectively	$	(6,514)	$	343
Unrealized gain (loss) on available-for-sale investments, net of deferred tax expense of $0 for the six months ended October 29, 2022 and October 30, 2021		26		(3)
Change in foreign currency translation adjustments		(1,992)		(2,017)
Balance, net of $0 and $1 deferred taxes, as of October 29, 2022 and October 30, 2021, respectively	$	(8,480)	$	(1,677)

Customer-Funded Research & Development

6 Months Ended

Oct. 29, 2022

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 is recognized in accordance with ASC 606 over time as costs are incurred. Revenue from customer-funded R&D was approximately $24,937,000 and $47,936,000 for the three and six months ended October 29, 2022, respectively. Revenue from customer-funded R&D was approximately $19,175,000 and $36,086,000 for the three and six months ended October 30, 2021, respectively.

Long-Term Incentive Awards

6 Months Ended

Oct. 29, 2022

Long-Term Incentive Awards.

Long-Term Incentive Awards

14. Long-Term Incentive Awards

During the three months ended July 30, 2022, the Company granted awards under its amended and restated 2006 Equity Incentive Plan (the “Restated 2006 Plan”) to key employees (“Fiscal 2023 LTIP”). Awards under the Fiscal 2023 LTIP consist of: (i) time-based restricted stock awards and time-based restricted stock units, which vest in equal tranches in July 2023, July 2024 and July 2025, and (ii) performance-based restricted stock units (“PRSUs”), which vest based on the Company’s achievement of revenue and non-GAAP operating income targets for the three-year period ending April 30, 2025. 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 non-GAAP operating income targets for the performance period. Settlement of the PRSUs will be made in fully-vested shares of the Company’s common stock. For the three and six months ended October 29, 2022, the Company recorded $664,000 and $1,061,000 of compensation expense related to the Fiscal 2023 LTIP. The Company recorded no compensation expense related to the Fiscal 2023 LTIP for the three and six months ended October 30, 2021. At October 29, 2022, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2023 LTIP is $12,829,000.

During the three months ended July 31, 2021, the Company granted awards under 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) PRSUs, which vest based on the Company’s achievement of revenue and non-GAAP 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 non-GAAP operating income targets for the performance period. Settlement of the PRSUs will be made in fully-vested shares of the Company’s common stock. For the three and six months ended October 29, 2022, the Company recorded a reversal of $(311,000) and $(116,000) of compensation expense related to the Fiscal 2022 LTIP, respectively. For the three and six months ended October 30, 2021, the Company recorded $201,000 and $509,000 of compensation expense related to the Fiscal 2022 LTIP. At October 29, 2022, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2022 LTIP is $10,148,000.

During the three months ended August 1, 2020, the Company granted awards under 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) 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 the Company’s common stock. For the three and six months ended October 29, 2022, the Company recorded $116,000 and $192,000 of compensation expense related to the Fiscal 2021 LTIP, respectively. For the three and six months ended October 30, 2021, the Company recorded a

reversal of $(572,000) and $(507,000) of compensation expense related to the Fiscal 2021 LTIP, respectively, due to a change in estimate resulting from a decrease in the estimated achievement. At October 29, 2022, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2021 LTIP is $5,858,000.

During the three months ended July 27, 2019, the Company also 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. During the three months ended July 31, 2022, the Company issued a total of 5,678 fully-vested shares of the Company’s common stock to settle the PRSUs in the Fiscal 2020 LTIP. For the three and six months ended October 29, 2022, the Company recorded no compensation expense related to the Fiscal 2020 LTIP, respectively. For the three and six months ended October 30, 2021, the Company recorded a reversal of $(617,000) and $(619,000) of compensation expense related to the Fiscal 2020 LTIP, respectively, due to a change in estimate resulting from a decrease in the estimated achievement.

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

6 Months Ended

Oct. 29, 2022

Income Taxes

Income Taxes

15. Income Taxes

For the three and six months ended October 29, 2022, the Company recorded a benefit from income taxes of $(10,457,000) and $(7,851,000) yielding an effective tax rate of 66.1% and 37.2%, respectively. For the three and six months ended October 30, 2021, the Company recorded a benefit from income taxes of $(9,511,000) and $(10,468,000) yielding an effective tax rate of 117.6% and 48.0%, respectively. Historically, the Company calculated the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate (“AETR”) for the full fiscal year to the pretax income or loss for the interim reporting period. For the three and six months ended October 29, 2022, the Company calculated the provision for income taxes using a discrete effective tax rate (“ETR”) method. The Company determined that due to the fact small changes in the Company’s estimated pretax income or loss would result in significant changes in the estimated AETR, the historical method would not provide a reliable estimate for the three and six months ended October 29, 2022. The variance from statutory rates for the three and six months ended October 29, 2022 was primarily due to a combination of federal R&D credits and the foreign-derived intangible income deduction. The variance from statutory rates for the three months ended October 30, 2021 was primarily due to a change in estimate of full year projected income (loss) before income taxes, federal R&D credits 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 six months ended October 30, 2021 was primarily due to federal R&D credits 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Share Repurchase

6 Months Ended

Oct. 29, 2022

Share Repurchase

Share Repurchase

16. Share Repurchase Plan and Issuances

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. No shares were repurchased under the program during the six months ended October 29, 2022 or October 30, 2021. As of April 30, 2022, approximately $21,200,000 remained authorized for future repurchases under this program. In September 2022, the Company’s Board of Directors terminated the repurchase program effective immediately.

On September 8, 2022 the Company filed an S-3 shelf registration statement to offer and sell shares of the Company’s common stock, including a prospectus supplement in relation to an Open Market Sale Agreement^SM, also dated September 8, 2022, with Jefferies LLC relating to the proposed offer and sale of shares of our common stock having an aggregate offering price of up to $200,000,000 from time to time through Jefferies LLC as the sales agent. As of October 29, 2022, the Company has sold 125,441 of its shares for total gross proceeds of $12,700,000, and the Company has $187,300,000 aggregate offering price remaining available under the registration.

Related Party Transactions

6 Months Ended

Oct. 29, 2022

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. Prior to the Company’s sale of all of its equity interest in HAPSMobile in March 2022, the Company determined that it had the ability to exercise significant influence over HAPSMobile. As such, HAPSMobile and SoftBank were considered related parties of the Company prior to the sale. Subsequent to the sale, the Company had no ownership stake in HAPSMobile and SoftBank and HAPSMobile are no longer considered related parties. Under the DDA and related efforts with HAPSMobile, the Company designed and built prototype solar powered high altitude aircraft and ground control stations for HAPSMobile and conducted low altitude and high altitude flight tests of the prototype aircraft on a best efforts basis. 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 $10,342,000 and $20,694,000 for the three and six months ended October 30, 2021.

Business Acquisitions

6 Months Ended

Oct. 29, 2022

Business Acquisitions

Business Acquisitions

18. Business Acquisitions

Planck Acquisition

On August 17, 2022 the Company closed its acquisition of Planck Aerosystems, Inc. (“Planck”), a leading provider of advanced unmanned aircraft navigation solutions based in San Diego, California. Pursuant to the purchase agreement, the Company paid a total purchase price of $5,105,000 from cash-on-hand plus a $500,000 holdback for certain assets of Planck. Planck is a small technology company and post-acquisition will be incorporated into AeroVironment’s MUAS segment to focus on integrating its flight autonomy solutions, such as ACE™, or Autonomous Control Engine, into the Company’s offerings to enable safe, autonomous takeoff and landing from moving platforms on land or at sea in GPS-denied environments. Other solutions include AVEM™, a fully integrated mobile tethered sensor platform designed for persistent autonomous operation from moving vehicles and vessels in any environment, and a suite of machine-learning object detection and tracking systems that are customized for specific end-user needs. The Company accounted for the acquisition under the acquisition method of accounting for business combinations.

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 Planck (in thousands):


	August 17,
	2022
Fair value of assets acquired:
Technology	$	3,200
Backlog		700
Inventories		109
Other assets		19
Property and equipment, net		13
Goodwill		1,633
Total identifiable net assets	$	5,674

Fair value of liabilities assumed:
Customer advances		69
Total liabilities assumed		69
Total identifiable net assets	$	5,605

Fair value of consideration transferred:
Cash	$	5,105
Holdback		500
Total consideration	$	5,605

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 Planck and expected future customers in the MUAS market. For tax purposes the acquisition was treated as an asset acquisition and the goodwill is deductible.

Planck Supplemental Pro Forma Information (unaudited)

The following unaudited pro forma summary presents condensed consolidated information of the Company as if the business acquisition had occurred on May 1, 2021 (in thousands):


	Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
	October 29,		October 30,		October 29,		October 30,
	2022		2021		2022		2021
Revenue	$	111,584	$	122,667	$	223,016	$	224,335
Net (loss) income attributable to AeroVironment, Inc.	$	(6,131)	$	2,375	$	(13,450)	$	(12,325)

Planck revenue since acquisition on August 17, 2022 was $68,000. 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 31, 2021, reflecting the additional amortization that would have been charged and including the results of Planck prior to acquisition.

The Company incurred approximately $569,000 of acquisition-related expenses for the three months ended October 29, 2022. These expenses are included in selling, general and administrative on the Company’s unaudited condensed 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 acquisition been consolidated in the tables above as of May 1, 2021, nor are they indicative of results of operations that may occur in the future.

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 first year earnout of €2,000,000 (approximately $2,424,000) was not achieved.

The Company accounted for the acquisition under the acquisition method of accounting for business combinations. During the fiscal year ended April 30, 2022, the Company finalized its determination of the fair value of the assets and liabilities assumed as of the acquisition date, which is summarized in the following table (in thousands):


	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		494
Technology		11,500
Backlog		2,400
Customer relationships		5,000
Other intangible assets		102
Goodwill		20,800
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.

Telerob Supplemental Pro Forma Information (unaudited)

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


	Three Months Ended		Six Months Ended
	October 30,		October 30,
	2021		2021
Revenue	$	122,008	$	223,017
Net loss attributable to AeroVironment, Inc.	$	4,454	$	(7,844)

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 condensed 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 acquisition 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.

Pension

6 Months Ended

Oct. 29, 2022

Pension

Pension

19. Pension

As part of the Telerob acquisition, the Company acquired a small foreign-based defined benefit pension plan. The Rheinmetall-Zusatzversorgung service plan covers three former employees based on individual contracts issued to the employees. No other employees are eligible to participate. The Company has reinsurance policies that were taken out for participating former employees, which were pledged to the employees. The measurement date for the Company’s pension plan was April 30, 2022.

The table below includes the projected benefit obligation and fair value of plan assets as of April 30, 2022. The net projected benefit obligation (in thousands) is recorded in other assets on the unaudited condensed consolidated balance sheet.


Projected benefit obligation	$	(3,120)
Fair value of plan assets		3,138
Funded status of the plan	$	18

The projected benefit obligation includes assumptions of a discount rate of 1.7% and pension increase for in-payment benefits of 1.5% for October 29, 2022 and April 30, 2022. The accumulated benefit obligation is approximately equal to the Company’s 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, 2023. The Company assumed expected return on plan assets of 2.9% for October 29, 2022 and April 30, 2022.

Expected benefits payments as of April 30, 2022 (in thousands):


2023	$	161
2024		164
2025		165
2026		165
2027		166
2028-2032		828
Total expected benefit payments	$	1,649

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


	Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
	October 29,		October 30,		October 29,		October 30,
	2022		2021		2022		2021
	(In thousands)		(In thousands)		(In thousands)		(In thousands)
Expected return on plan assets	$	—	$	31	$	—	$	63
Interest cost		—		(15)		(17)		(30)
Actuarial gain		—		72		241		6
Net periodic benefit cost	$	—	$	88	$	224	$	39

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI https://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Segments

6 Months Ended

Oct. 29, 2022

Segments

Segments

20. Segments

The Company’s reportable 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.

High Altitude Pseudo-Satellite Unmanned Aircraft Systems (“HAPS”)—The HAPS segment consists of the Company’s existing development of High Altitude Pseudo-Satellite systems in conjunction with SoftBank.

All other—All other segments include MacCready Works (which includes the recently acquired ISG business) and Telerob.

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, income (loss) from operations and adjusted income (loss) from operations for the periods indicated. Adjusted income (loss) from operations is defined as income (loss) from operations 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 October 29, 2022
	Small UAS		TMS		MUAS		HAPS		All other		Total
Revenue	$	26,681	$	31,101	$	27,281	$	9,066	$	17,455	$	111,584
Gross margin		12,319		12,636		(6,884)		3,001		4,818		25,890

Income (loss) from operations		(2,079)		2,004		(15,242)		1,564		(561)		(14,314)
Acquisition-related expenses		-		-		119		-		450		569
Amortization of acquired intangible assets and other purchase accounting adjustments		669		-		5,897		-		1,276		7,842
Adjusted income (loss) from operations	$	(1,410)	$	2,004	$	(9,226)	$	1,564	$	1,165	$	(5,903)


	Three Months Ended October 30, 2021
	Small UAS		TMS		MUAS		HAPS		All other		Total
Revenue	$	54,714	$	18,418	$	26,525	$	10,342	$	12,009	$	122,008
Gross margin		27,754		6,222		2,223		3,944		2,312		42,455

Income (loss) from operations		13,377		47		(7,000)		2,073		(5,158)		3,339
Acquisition-related expenses		297		163		108		58		222		848
Amortization of acquired intangible assets and other purchase accounting adjustments		707		-		6,358		-		3,257		10,322
Adjusted income (loss) from operations	$	14,381	$	210	$	(534)	$	2,131	$	(1,679)	$	14,509


	Six Months Ended October 29, 2022
	Small UAS		TMS		MUAS		HAPS		All other		Total
Revenue	$	69,937	$	54,113	$	46,542	$	19,281	$	30,227	$	220,100
Gross margin		33,615		20,383		(7,957)		6,325		7,238		59,604

Income (loss) from operations		5,946		973		(24,826)		4,103		(3,784)		(17,588)
Acquisition-related expenses		-		-		340		-		564		904
Amortization of acquired intangible assets and other purchase accounting adjustments		1,350		-		10,842		-		2,611		14,803
Adjusted income (loss) from operations	$	7,296	$	973	$	(13,644)	$	4,103	$	(609)	$	(1,881)


	Six Months Ended October 30, 2021
	Small UAS		TMS		MUAS		HAPS		All other		Total
Revenue	$	94,638	$	37,594	$	48,904	$	20,694	$	21,187	$	223,017
Gross margin		44,674		12,211		5,404		7,118		1,771		71,178

Income (loss) from operations		15,335		(416)		(13,381)		3,176		(13,488)		(8,774)
Acquisition-related expenses		721		414		1,492		162		1,313		4,102
Amortization of acquired intangible assets and other purchase accounting adjustments		1,414		-		11,549		-		6,483		19,446
Adjusted income (loss) from operations	$	17,470	$	(2)	$	(340)	$	3,338	$	(5,692)	$	14,774

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.


	October 29, 2022
	Small UAS		TMS		MUAS		HAPS		All other		Corporate		Total
Identifiable assets	$	103,277	$	77,334	$	394,872	$	7,200	$	72,098	$	236,901	$	891,682


	April 30, 2022
	Small UAS		TMS		MUAS		HAPS		All other		Corporate		Total
Identifiable assets	$	110,286	$	91,862	$	388,058	$	8,148	$	86,617	$	229,229	$	914,200

- 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
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Organization and Significant Accounting Policies (Policies)

6 Months Ended

Oct. 29, 2022

Organization and Significant Accounting Policies

Segments

Basis of Presentation

Recently Adopted Accounting Standards

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.

Revenue Recognition

Performance Obligations

Contract Estimates

Revenue by Category

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


	Three Months Ended				Six Months Ended
	October 29,		October 30,		October 29,		October 30,
Revenue by segment	2022		2021		2022		2021
Small UAS	$	26,681	$	54,714	$	69,937	$	94,638
TMS		31,101		18,418		54,113		37,594
MUAS		27,281		26,525		46,542		48,904
HAPS		9,066		10,342		19,281		20,694
All Other		17,455		12,009		30,227		21,187
Total revenue	$	111,584	$	122,008	$	220,100	$	223,017


	Three Months Ended				Six Months Ended
	October 29,		October 30,		October 29,		October 30,
Revenue by contract type	2022		2021		2022		2021
FFP	$	85,236	$	98,393	$	166,065	$	179,159
CPFF		25,013		21,594		51,468		40,711
T&M		1,335		2,021		2,567		3,147
Total revenue	$	111,584	$	122,008	$	220,100	$	223,017


	Three Months Ended				Six Months Ended
	October 29,		October 30,		October 29,		October 30,
Revenue by customer category	2022		2021		2022		2021
U.S. government	$	84,165	$	72,076	$	151,880	$	143,151
Non-U.S. government		27,419		49,932		68,220		79,866
Total revenue	$	111,584	$	122,008	$	220,100	$	223,017

	Three Months Ended				Six Months Ended
	October 29,		October 30,		October 29,		October 30,
Revenue by geographic location	2022		2021		2022		2021
Domestic	$	67,657	$	68,663	$	117,760	$	137,051
International		43,927		53,345		102,340		85,966
Total revenue	$	111,584	$	122,008	$	220,100	$	223,017

Contract Balances

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 (in thousands except share data):


		Three Months Ended				Six Months Ended
	October 29, 2022		October 30, 2021		October 29, 2022		October 30, 2021
Net (loss) income attributable to AeroVironment, Inc.	$	(6,668)	$	2,525	$	(15,063)	$	(11,456)
Denominator for basic (loss) earnings per share:
Weighted average common shares		24,900,873		24,641,614		24,852,219		24,630,838
Dilutive effect of employee stock options, restricted stock and restricted stock units		—		244,256		—		—
Denominator for diluted (loss) earnings per share		24,900,873		24,885,870		24,852,219		24,630,838

Recently Issued Accounting Standards

No recently issued accounting standards expected to impact the Company.

Organization and Significant Accounting Policies (Tables)

6 Months Ended

Oct. 29, 2022

Organization and Significant Accounting Policies

Schedule of 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				Six Months Ended
	October 29,		October 30,		October 29,		October 30,
Revenue by segment	2022		2021		2022		2021
Small UAS	$	26,681	$	54,714	$	69,937	$	94,638
TMS		31,101		18,418		54,113		37,594
MUAS		27,281		26,525		46,542		48,904
HAPS		9,066		10,342		19,281		20,694
All Other		17,455		12,009		30,227		21,187
Total revenue	$	111,584	$	122,008	$	220,100	$	223,017


	Three Months Ended				Six Months Ended
	October 29,		October 30,		October 29,		October 30,
Revenue by contract type	2022		2021		2022		2021
FFP	$	85,236	$	98,393	$	166,065	$	179,159
CPFF		25,013		21,594		51,468		40,711
T&M		1,335		2,021		2,567		3,147
Total revenue	$	111,584	$	122,008	$	220,100	$	223,017


	Three Months Ended				Six Months Ended
	October 29,		October 30,		October 29,		October 30,
Revenue by customer category	2022		2021		2022		2021
U.S. government	$	84,165	$	72,076	$	151,880	$	143,151
Non-U.S. government		27,419		49,932		68,220		79,866
Total revenue	$	111,584	$	122,008	$	220,100	$	223,017

	Three Months Ended				Six Months Ended
	October 29,		October 30,		October 29,		October 30,
Revenue by geographic location	2022		2021		2022		2021
Domestic	$	67,657	$	68,663	$	117,760	$	137,051
International		43,927		53,345		102,340		85,966
Total revenue	$	111,584	$	122,008	$	220,100	$	223,017

Schedule of reconciliation of basic to diluted shares

The reconciliation of basic to diluted shares is as follows (in thousands except share data):


		Three Months Ended				Six Months Ended
	October 29, 2022		October 30, 2021		October 29, 2022		October 30, 2021
Net (loss) income attributable to AeroVironment, Inc.	$	(6,668)	$	2,525	$	(15,063)	$	(11,456)
Denominator for basic (loss) earnings per share:
Weighted average common shares		24,900,873		24,641,614		24,852,219		24,630,838
Dilutive effect of employee stock options, restricted stock and restricted stock units		—		244,256		—		—
Denominator for diluted (loss) earnings per share		24,900,873		24,885,870		24,852,219		24,630,838

Investments (Tables)

6 Months Ended

Oct. 29, 2022

Investments

Schedule of investments

Investments consist of the following (in thousands):


	October 29,		April 30,
	2022		2022
Short-term investments:
Available-for-sale securities:
Municipal securities		—		19,725
U.S. government securities		—		4,991
Total short-term investments	$	—	$	24,716
Long-term investments:
Available-for-sale securities:
Equity securities		6,028		—
Total long-term available-for-sale securities investments		6,028		—
Equity method investments
Investments in limited partnership funds		16,434		15,433
Total equity method investments		16,434		15,433
Total long-term investments	$	22,462	$	15,433

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

The following table is a summary of the activity related to the available-for-sale debt securities recorded in short-term investments as of April 30, 2022, respectively (in thousands):


	April 30, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Municipal securities	$	19,756	$	—	$	(31)	$	19,725
U.S. government securities		4,995		—		(4)		4,991
Total available-for-sale debt securities	$	24,751	$	—	$	(35)	$	24,716

Fair Value Measurements (Tables)

6 Months Ended

Oct. 29, 2022

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 October 29, 2022, 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	$	—	$	—	$	—	$	—
Equity securities		5,728		—		—		5,728
Warrants		—		300		—		300
Contingently returnable consideration		—		—		23		23
Total	$	5,728	$	300	$	23	$	6,051

Schedule of financial liabilities measured at fair value on recurring basis

The Company’s financial liabilities measured at fair value on a recurring basis at April 30, 2022, 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
Contingent consideration	$	—	$	—	$	1,084	$	1,084
Total	$	—	$	—	$	1,084	$	1,084

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


	Fair Value		Fair Value
	Measurements Using		Measurements Using
	Significant		Significant
	Unobservable Inputs		Unobservable Inputs
		Assets		Liabilities
Description	(Level 3)		(Level 3)
Balance at May 1, 2022	$	143	$	1,084
Business acquisition		—		—
Transfers to Level 3		—		—
Total fair value measurement adjustments (realized or unrealized)
Included in selling, general and administrative		(120)		401
Settlements		—		—
Balance at October 29, 2022	$	23	$	1,485
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 October 29, 2022	$	—	$	—

Inventories, net (Tables)

6 Months Ended

Oct. 29, 2022

Inventories, net

Schedule of inventories, net

Inventories consist of the following (in thousands):


	October 29,		April 30,
	2022		2022
Raw materials	$	50,848	$	42,310
Work in process		30,738		28,034
Finished goods		43,062		32,619
Inventories, gross		124,648		102,963
Reserve for inventory excess and obsolescence		(14,838)		(12,334)
Inventories, net	$	109,810	$	90,629

Warranty Reserves (Tables)

6 Months Ended

Oct. 29, 2022

Warranty Reserves

Summary of warranty reserve activity

Warranty reserve activity is summarized as follows for the three and six months ended October 29, 2022 and October 30, 2021, respectively (in thousands):


	Three Months Ended				Six Months Ended
	October 29,			October 30,	October 29,		October 30,
	2022		2021		2022		2021
Beginning balance	$	2,988	$	2,754	$	2,190	$	2,341
Balance acquired from acquisition		—		—		—		256
Warranty expense		134		440		1,373		896
Warranty costs settled		(105)		(544)		(546)		(843)
Ending balance	$	3,017	$	2,650	$	3,017	$	2,650

Intangibles (Tables)

6 Months Ended

Oct. 29, 2022

Intangibles, net

Schedule of components of intangibles

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


	October 29,		April 30,
	2022		2022
Technology	$	59,563	$	56,913
Licenses		1,008		1,008
Customer relationships		72,209		72,448
Backlog		2,685		2,100
In-process research and development		550		550
Non-compete agreements		320		320
Trademarks and tradenames		68		68
Other		136		144
Intangibles, gross		136,539		133,551
Less accumulated amortization		(47,879)		(36,327)
Intangibles, net	$	88,660	$	97,224

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,
2023	$	12,009
2024		23,770
2025		21,568
2026		16,360
2027		5,663
	$	79,370

Goodwill (Tables)

6 Months Ended

Oct. 29, 2022

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		HAPS		All other		Total
Balance at April 30, 2022	$	6,340	$	—	$	290,157	$	—	$	37,850	$	334,347
Additions to goodwill		—		—		1,633		—		(1,017)		616
Balance at October 29, 2022	$	6,340	$	—	$	291,790	$	—	$	36,833	$	334,963

Debt (Tables)

6 Months Ended

Oct. 29, 2022

Debt

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

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


	October 29,		April 30,
	2022		2022
	(In thousands)		(In thousands)
Term loans	$	167,500	$	190,000
Revolving credit facility		—		—
Total debt		167,500		190,000
Less current portion		10,000		10,000
Total long-term debt, less current portion		157,500		180,000
Less unamortized debt issuance costs - term loans		1,878		2,160
Total long-term debt, net of unamortized debt issuance costs - term loans	$	155,622	$	177,840
Unamortized debt issuance costs - revolving credit facility	$	934	$	1,076
Current period interest rate		5.0%		2.6%

Schedule of Future long-term debt principle payments

Future long-term debt principal payments at October 29, 2022 were as follows:


	(In thousands)
2023	$	2,500
2024		10,000
2025		10,000
2026		145,000
2027		—
	$	167,500

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69E
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

+ Details

Leases (Tables)

6 Months Ended

Oct. 29, 2022

Leases

Schedule of components of lease costs


	Six Months Ended		Six Months Ended
	October 29,		October 30,
	2022		2021
Operating lease cost	$	3,775	$	3,358
Short term lease cost		479		419
Variable lease cost		430		368
Sublease income		—		(88)
Total lease costs, net	$	4,684	$	4,057

Schedule of supplemental lease information


	Six Months Ended		Six Months Ended
	October 29,		October 30,
	2022		2021
	(In thousands)		(In thousands)
Cash paid for amounts included in the measurement of operating lease liabilities	$	3,705	$	3,503
Right-of-use assets obtained in exchange for new lease liabilities	$	2,134	$	6,310

Weighted average remaining lease term		58 months		69 months
Weighted average discount rate		3.5%		3.4%

Schedule of maturities of operating lease liabilities

Maturities of operating lease liabilities as of October 29, 2022 were as follows (in thousands):


2023	$	3,617
2024		7,776
2025		6,679
2026		3,530
2027		3,061
Thereafter		5,484
Total lease payments		30,147
Less: imputed interest		(2,540)
Total present value of operating lease liabilities	$	27,607

Accumulated Other Comprehensive Income (Loss) and Reclassifications Adjustments (Tables)

6 Months Ended

Oct. 29, 2022

Accumulated Other Comprehensive Income (Loss) and Reclassifications Adjustments

Schedule of components of accumulated other comprehensive income (loss) and adjustments

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


	Six Months Ended		Six Months Ended
	October 29,		October 30,
	2022		2021
Balance, net of $8 and $1 deferred taxes, as of April 30, 2022 and April 30, 2021, respectively	$	(6,514)	$	343
Unrealized gain (loss) on available-for-sale investments, net of deferred tax expense of $0 for the six months ended October 29, 2022 and October 30, 2021		26		(3)
Change in foreign currency translation adjustments		(1,992)		(2,017)
Balance, net of $0 and $1 deferred taxes, as of October 29, 2022 and October 30, 2021, respectively	$	(8,480)	$	(1,677)

Business Acquisitions (Tables)

6 Months Ended

Oct. 29, 2022

Planck Aerosystems, Inc. ("Planck")

Schedule of the provisional allocation of the purchase price over the estimated fair value of the assets and liabilities assumed in the acquisition

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 Planck (in thousands):


	August 17,
	2022
Fair value of assets acquired:
Technology	$	3,200
Backlog		700
Inventories		109
Other assets		19
Property and equipment, net		13
Goodwill		1,633
Total identifiable net assets	$	5,674

Fair value of liabilities assumed:
Customer advances		69
Total liabilities assumed		69
Total identifiable net assets	$	5,605

Fair value of consideration transferred:
Cash	$	5,105
Holdback		500
Total consideration	$	5,605

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 condensed consolidated information of the Company as if the business acquisition had occurred on May 1, 2021 (in thousands):


	Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
	October 29,		October 30,		October 29,		October 30,
	2022		2021		2022		2021
Revenue	$	111,584	$	122,667	$	223,016	$	224,335
Net (loss) income attributable to AeroVironment, Inc.	$	(6,131)	$	2,375	$	(13,450)	$	(12,325)

Telerob.

Schedule of the provisional allocation of the purchase price over the estimated fair value of the assets and liabilities assumed in the acquisition

During the fiscal year ended April 30, 2022, the Company finalized its determination of the fair value of the assets and liabilities assumed as of the acquisition date, which is summarized in the following table (in thousands):


	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		494
Technology		11,500
Backlog		2,400
Customer relationships		5,000
Other intangible assets		102
Goodwill		20,800
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 condensed consolidated information of the Company as if the business acquisition had occurred on May 1, 2020 (in thousands):


	Three Months Ended		Six Months Ended
	October 30,		October 30,
	2021		2021
Revenue	$	122,008	$	223,017
Net loss attributable to AeroVironment, Inc.	$	4,454	$	(7,844)

Pension (Tables)

6 Months Ended

Oct. 29, 2022

Pension

Schedule of projected benefit obligation and fair value of plan assets


Projected benefit obligation	$	(3,120)
Fair value of plan assets		3,138
Funded status of the plan	$	18

Schedule of expected benefits payments

Expected benefits payments as of April 30, 2022 (in thousands):


2023	$	161
2024		164
2025		165
2026		165
2027		166
2028-2032		828
Total expected benefit payments	$	1,649

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

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


	Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
	October 29,		October 30,		October 29,		October 30,
	2022		2021		2022		2021
	(In thousands)		(In thousands)		(In thousands)		(In thousands)
Expected return on plan assets	$	—	$	31	$	—	$	63
Interest cost		—		(15)		(17)		(30)
Actuarial gain		—		72		241		6
Net periodic benefit cost	$	—	$	88	$	224	$	39

Segments (Tables)

6 Months Ended

Oct. 29, 2022

Segments

Schedule of segment results


	Three Months Ended October 29, 2022
	Small UAS		TMS		MUAS		HAPS		All other		Total
Revenue	$	26,681	$	31,101	$	27,281	$	9,066	$	17,455	$	111,584
Gross margin		12,319		12,636		(6,884)		3,001		4,818		25,890

Income (loss) from operations		(2,079)		2,004		(15,242)		1,564		(561)		(14,314)
Acquisition-related expenses		-		-		119		-		450		569
Amortization of acquired intangible assets and other purchase accounting adjustments		669		-		5,897		-		1,276		7,842
Adjusted income (loss) from operations	$	(1,410)	$	2,004	$	(9,226)	$	1,564	$	1,165	$	(5,903)


	Three Months Ended October 30, 2021
	Small UAS		TMS		MUAS		HAPS		All other		Total
Revenue	$	54,714	$	18,418	$	26,525	$	10,342	$	12,009	$	122,008
Gross margin		27,754		6,222		2,223		3,944		2,312		42,455

Income (loss) from operations		13,377		47		(7,000)		2,073		(5,158)		3,339
Acquisition-related expenses		297		163		108		58		222		848
Amortization of acquired intangible assets and other purchase accounting adjustments		707		-		6,358		-		3,257		10,322
Adjusted income (loss) from operations	$	14,381	$	210	$	(534)	$	2,131	$	(1,679)	$	14,509


	Six Months Ended October 29, 2022
	Small UAS		TMS		MUAS		HAPS		All other		Total
Revenue	$	69,937	$	54,113	$	46,542	$	19,281	$	30,227	$	220,100
Gross margin		33,615		20,383		(7,957)		6,325		7,238		59,604

Income (loss) from operations		5,946		973		(24,826)		4,103		(3,784)		(17,588)
Acquisition-related expenses		-		-		340		-		564		904
Amortization of acquired intangible assets and other purchase accounting adjustments		1,350		-		10,842		-		2,611		14,803
Adjusted income (loss) from operations	$	7,296	$	973	$	(13,644)	$	4,103	$	(609)	$	(1,881)


	Six Months Ended October 30, 2021
	Small UAS		TMS		MUAS		HAPS		All other		Total
Revenue	$	94,638	$	37,594	$	48,904	$	20,694	$	21,187	$	223,017
Gross margin		44,674		12,211		5,404		7,118		1,771		71,178

Income (loss) from operations		15,335		(416)		(13,381)		3,176		(13,488)		(8,774)
Acquisition-related expenses		721		414		1,492		162		1,313		4,102
Amortization of acquired intangible assets and other purchase accounting adjustments		1,414		-		11,549		-		6,483		19,446
Adjusted income (loss) from operations	$	17,470	$	(2)	$	(340)	$	3,338	$	(5,692)	$	14,774

Schedule of identifiable assets by segment


	October 29, 2022
	Small UAS		TMS		MUAS		HAPS		All other		Corporate		Total
Identifiable assets	$	103,277	$	77,334	$	394,872	$	7,200	$	72,098	$	236,901	$	891,682


	April 30, 2022
	Small UAS		TMS		MUAS		HAPS		All other		Corporate		Total
Identifiable assets	$	110,286	$	91,862	$	388,058	$	8,148	$	86,617	$	229,229	$	914,200

Organization and Significant Accounting Policies - (Details)	Oct. 14, 2022	Sep. 15, 2021	May 03, 2021
Altoy
Ownership interest	15.00%	85.00%
Percentage of ownership interest sold	35.00%	35.00%
Telerob
Ownership interest acquired			100.00%

Organization and Significant Accounting Policies - Performance Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Organization and Significant Accounting Policies
Remaining performance obligations satisfied over time (as a percentage)	65.00%	51.00%	63.00%	55.00%
Remaining performance obligations at a point in time (as a percentage)	35.00%	49.00%	37.00%	45.00%
Performance Obligations
Remaining performance obligations	$ 293,147		$ 293,147
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)	58.00%		58.00%
Performance Obligations
Year of performance obligations	1 year		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-30
Organization and Significant Accounting Policies
Remaining performance obligations (as a percentage)	42.00%		42.00%
Performance Obligations
Year of performance obligations	2 years		2 years

Organization and Significant Accounting Policies - Contract Estimates (Details)	3 Months Ended	6 Months Ended
	Oct. 29, 2022 USD ($) contract	Oct. 29, 2022 USD ($) contract	Oct. 30, 2021 USD ($)
Material adjustment to any one contract			$ 0
Number of active contracts \| contract	1	1
TMS contract
Amount of aggregate impact of adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods	$ 1,332,000
Amount of revised aggregate impact of adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods		$ 2,560,000
Number of active contracts \| contract	2	2

Organization and Significant Accounting Policies - Revenue by Category (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 29, 2022 USD ($)	Oct. 30, 2021 USD ($)	Oct. 29, 2022 USD ($) segment	Oct. 30, 2021 USD ($)	Apr. 30, 2022 USD ($)
Disaggregation of revenue
Revenue	$ 111,584	$ 122,008	$ 220,100	$ 223,017
Number of Reportable Segments \| segment			4
Reserves for Incurred Cost Claim Audits	0		$ 0		$ 0
Contract Liability
Disaggregation of revenue
Revenue	1,080,000	580,000	3,004,000	889,000
Domestic
Disaggregation of revenue
Revenue	67,657	68,663	117,760	137,051
International
Disaggregation of revenue
Revenue	43,927	53,345	102,340	85,966
U.S. government
Disaggregation of revenue
Revenue	84,165	72,076	151,880	143,151
Non-U.S. government
Disaggregation of revenue
Revenue	27,419	49,932	68,220	79,866
FFP
Disaggregation of revenue
Revenue	85,236	98,393	166,065	179,159
CPFF
Disaggregation of revenue
Revenue	25,013	21,594	51,468	40,711
T&M
Disaggregation of revenue
Revenue	1,335	2,021	2,567	3,147
Small UAS
Disaggregation of revenue
Revenue	26,681	54,714	69,937	94,638
TMS
Disaggregation of revenue
Revenue	31,101	18,418	54,113	37,594
MUAS.
Disaggregation of revenue
Revenue	27,281	26,525	46,542	48,904
HAPS
Disaggregation of revenue
Revenue	9,066	10,342	19,281	20,694
Other.
Disaggregation of revenue
Revenue	$ 17,455	$ 12,009	$ 30,227	$ 21,187

Organization and Significant Accounting Policies - (Loss) earnings per share (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Numerator for basic earnings per share:
Net (loss) income attributable to AeroVironment, Inc.	$ (6,668)	$ 2,525	$ (15,063)	$ (11,456)
Denominator for basic (loss) earnings per share:
Weighted average common shares	24,900,873	24,641,614	24,852,219	24,630,838
Dilutive effect of employee stock options, restricted stock and restricted stock units		244,256
Denominator for diluted (loss) earbubgs per share	24,900,873	24,885,870	24,852,219	24,630,838
Number of shares reserved for issuance	0	0	0	0
Number of anti-dilutive shares	148,196	4,742	156,625	266,077

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 18
-URI https://asc.fasb.org/extlink&oid=126929396&loc=SL4613673-111683

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.13)
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI https://asc.fasb.org/extlink&oid=126954810&loc=d3e3602-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

+ Details

Discontinued Operations (Details) - USD ($)					1 Months Ended	6 Months Ended	12 Months Ended
Discontinued Operations (Details) - USD ($)	Dec. 16, 2021	Dec. 02, 2021	Aug. 16, 2019	Feb. 22, 2019	Oct. 30, 2021	Oct. 29, 2022	Apr. 30, 2021
Other expense
Discontinued operations
Litigation reserve expense							$ 9,300,000
Discontinued Operations
Discontinued operations
Amount of alleged damages				$ 6,500,000
EES Business
Discontinued operations
Litigation reserve expense					$ 10,000,000
Amount of existing claims settled	$ 20,000,000	$ 20,000,000
Settlement paid						$ 10,000,000
Payment period	24 months
Holdback \| Discontinued Operations
Discontinued operations
Amount of alleged damages			$ 6,500,000

Investments (Details) - USD ($) $ in Thousands	Oct. 29, 2022	Apr. 30, 2022
Short-term investments:
Total short-term investments		$ 24,716
Long-term investments:
Equity Method Investments.	$ 16,434	15,433
Total long-term investments	22,462	15,433
Investment in limited partnership fund
Long-term investments:
Equity Method Investments.	16,434	15,433
Available-for-sale securities.
Short-term investments:
Total short-term investments		24,716
Long-term investments:
Total long-term investments	6,028
Available-for-sale securities. \| Municipal securities
Short-term investments:
Total short-term investments		19,725
Available-for-sale securities. \| U.S. government securities
Short-term investments:
Total short-term investments		$ 4,991
Available-for-sale securities. \| Equity securities
Long-term investments:
Total long-term investments	$ 6,028

Investments - Available For Sale Securities (Details) - USD ($) $ in Thousands	Oct. 29, 2022	Apr. 30, 2022
Available-For-Sale Securities
Amortized Cost		$ 24,751
Gross Unrealized Losses		(35)
Total	$ 0	24,716
Municipal securities
Available-For-Sale Securities
Amortized Cost		19,756
Gross Unrealized Losses		(31)
Total		19,725
U.S. government securities
Available-For-Sale Securities
Amortized Cost		4,995
Gross Unrealized Losses		(4)
Total		$ 4,991

Investments - Equity Securities (Details) - Available-for-sale securities. - Equity securities - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Oct. 29, 2022	Oct. 29, 2022
Investments
Net gains recognized during the period on equity securities	$ 928	$ 928
Unrealized gains recognized during the period on equity securities still held at the reporting date	$ 928	$ 928

Fair Value Measurements - (Details) - USD ($) $ in Thousands	Oct. 29, 2022	Apr. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities	$ 0	$ 24,716
Contingent consideration		(1,084)
Total		1,084
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration		(1,084)
Total		1,084
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities		24,716
Contingently returnable consideration	23	143
Total	6,051	24,859
Contingent consideration	(1,485)
Total	1,485
Recurring basis \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	5,728
Recurring basis \| Warrant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	300
Recurring basis \| Quoted prices in active market for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	5,728
Recurring basis \| Quoted prices in active market for identical assets (Level 1) \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	5,728
Recurring basis \| Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities		24,716
Total	300	24,716
Recurring basis \| Significant other observable inputs (Level 2) \| Warrant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	300
Recurring basis \| Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingently returnable consideration	23	143
Total	23	$ 143
Contingent consideration	(1,485)
Total	$ 1,485

Fair Value Measurements - Reconciliation (Details) - Significant unobservable inputs (Level 3) $ in Thousands	6 Months Ended
	Oct. 29, 2022 USD ($)
Reconciliation between beginning and ending balances of items measured at fair value on recurring basis
Balance at the beginning of the period	$ 143
Total fair value measurement adjustments (realized or unrealized)	$ (120)
Included in selling, general and administrative	Selling, general and administrative
Balance at the end of the period	$ 23
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period	1,084
Total (gains) losses (realized or unrealized)	$ 401
Included in selling, general and administrative	Selling, general and administrative
Settlements	$ 1,485

Fair Value Measurements - Acquisitions (Details) € in Thousands, $ in Thousands	6 Months Ended		12 Months Ended
	Oct. 29, 2022 USD ($)	Oct. 29, 2022 EUR (€)	Apr. 30, 2022 USD ($)	Oct. 29, 2022 EUR (€)	Jul. 30, 2022 USD ($)
Fair Value Measurement
Fair value of contingent consideration			$ 1,084
Business Combination, Specific Revenue Targets Achieved In Second Earnout Year
Fair Value Measurement
Released from escrow					$ 2,000
Intelligent Systems Group
Fair Value Measurement
Released from escrow			$ 2,000
Period to obtain target			3 years
Intelligent Systems Group \| Maximum
Fair Value Measurement
Total			$ 6,000
Telerob
Fair Value Measurement
Amount of earnout amount not achieved	$ 2,424			€ 2,000
Telerob \| Maximum
Fair Value Measurement
Additional cash consideration	$ 7,272	€ 6,000

Inventories, net (Details) - USD ($) $ in Thousands	Oct. 29, 2022	Apr. 30, 2022
Inventories, net
Raw materials	$ 50,848	$ 42,310
Work in process	30,738	28,034
Finished goods	43,062	32,619
Inventories, gross	124,648	102,963
Reserve for inventory excess and obsolescence	(14,838)	(12,334)
Inventories, net	$ 109,810	$ 90,629

Equity Method Investments - Investment in Limited Partnership Fund (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended			6 Months Ended		12 Months Ended
	Mar. 31, 2022	Jul. 31, 2019	Oct. 29, 2022	Jul. 30, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
Equity Method Investments
Equity method investment (loss) income, net of tax			$ (1,273)		$ 1,133	$ (1,773)	$ (8)
Carrying value of investment			16,434			16,434		$ 15,433
Limited Partnership Fund
Equity Method Investments
Capital contributions								0	$ 10,000	$ 10,000
Limited Partnership Fund \| Equity method investment loss, net of tax
Equity Method Investments
Equity method investment (loss) income, net of tax			(1,273)		1,852	(1,773)	2,365
Income tax expense from equity method investments			0		529	0	529
Limited Partnership Fund \| Long term investments
Equity Method Investments
Carrying value of investment			$ 16,434			$ 16,434		$ 15,433
Limited Partnership Fund, Technologies and Start-Up
Equity Method Investments
Capital contributions	$ 20,000			$ 2,774
Expected years contributions will be made	5 years
Additional capital contributions		$ 17,226
HAPSMobile
Equity Method Investments
Equity method investment (loss) income, net of tax					$ 190		$ 1,845

Equity Method Investments (Details) ¥ in Thousands, $ in Thousands										3 Months Ended		6 Months Ended
	Mar. 01, 2022 USD ($)	Mar. 01, 2022 JPY (¥)	Oct. 29, 2021 USD ($)	Oct. 29, 2021 JPY (¥)	Aug. 13, 2021 USD ($)	Aug. 13, 2021 JPY (¥)	Jun. 07, 2021 USD ($)	Jun. 07, 2021 JPY (¥)	May 29, 2021 USD ($)	Oct. 29, 2022 USD ($)	Oct. 30, 2021 USD ($)	Oct. 29, 2022 USD ($)	Oct. 30, 2021 USD ($)	Apr. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2022 JPY (¥)	May 29, 2021 JPY (¥)	Dec. 04, 2019	Dec. 27, 2017
Equity Method Investments
Equity method investment (loss) income, net of tax										$ (1,273)	$ 1,133	$ (1,773)	$ (8)
Carrying value of investment										$ 16,434		$ 16,434		$ 15,433
HAPSMobile
Equity Method Investments
Ownership percentage																		7.00%	5.00%
Equity method investment (loss) income, net of tax											$ 190		$ 1,845
HAPSMobile \| SoftBank
Equity Method Investments
Ownership percentage										100.00%		100.00%			7.00%	7.00%
Payments for purchase of interest															$ 6,497	¥ 808,008
Execution of MDDA \| ¥																	¥ 500,000
Altoy \| Other assets, long term
Equity Method Investments
Carrying value of investment										$ 96		$ 96
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
Amount funded	$ 4,345	¥ 503,832	$ 1,674	¥ 190,000	$ 1,638	¥ 180,000	$ 1,195	¥ 130,000

Warranty Reserves (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Warranty Reserves (Details) - USD ($) $ in Thousands	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Warranty Reserves
Beginning balance	$ 2,988	$ 2,754	$ 2,190	$ 2,341
Balance acquired from acquisition				256
Warranty expense	134	440	1,373	896
Warranty costs settled	(105)	(544)	(546)	(843)
Ending balance	$ 3,017	$ 2,650	$ 3,017	$ 2,650

Intangibles, net - Intangibles included in other assets on the balance sheet (Details) - USD ($) $ in Thousands	Oct. 29, 2022	Apr. 30, 2022
Intangibles, net
Intangibles, gross	$ 136,539	$ 133,551
Less accumulated amortization	(47,879)	(36,327)
Intangibles, net	88,660	97,224
Technology
Intangibles, net
Intangibles, gross	59,563	56,913
Licenses
Intangibles, net
Intangibles, gross	1,008	1,008
Backlog.
Intangibles, net
Intangibles, gross	2,685	2,100
Customer relationships
Intangibles, net
Intangibles, gross	72,209	72,448
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	$ 136	$ 144

Intangibles, net (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
Intangibles, net (Details) - USD ($) $ in Thousands	Oct. 29, 2022	Jul. 30, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021	Apr. 30, 2022
Intangibles, net
Weighted average amortization period		4 years				4 years
Amortization expense	$ 5,983		$ 6,843	$ 11,852	$ 13,816
Weighted average
Intangibles, net
Weighted average amortization period						4 years

Intangibles, net - Estimated Amortization Expense (Details) $ in Thousands	Apr. 30, 2022 USD ($)
Estimated amortization expense
2023	$ 12,009
2024	23,770
2025	21,568
2026	16,360
2027	5,663
Total	$ 79,370

Goodwill (Details) $ in Thousands	6 Months Ended
Goodwill (Details) $ in Thousands	Oct. 29, 2022 USD ($)
Goodwill
Goodwill, Beginning Balance	$ 334,347
Additions to goodwill	616
Goodwill, Ending Balance	334,963
Small UAS
Goodwill
Goodwill, Beginning Balance	6,340
Goodwill, Ending Balance	6,340
MUAS
Goodwill
Goodwill, Beginning Balance	290,157
Additions to goodwill	1,633
Goodwill, Ending Balance	291,790
All other
Goodwill
Goodwill, Beginning Balance	37,850
Additions to goodwill	(1,017)
Goodwill, Ending Balance	$ 36,833

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Debt - (Details)			6 Months Ended
Debt - (Details)	Feb. 04, 2022	Feb. 19, 2021 USD ($) payment	Oct. 29, 2022
Arcturus UAV Inc. \| Aerovironment
Debt
Ownership interest		100.00%
Revolving credit facility
Debt
Additional interest rate if default occurs (as a percentage)	2.00%
Revolving credit facility \| Arcturus UAV Inc.
Debt
Term of loan		5 years
Amount of loan		$ 100,000,000
Revolving credit facility \| Minimum \| Fiscal quarter ended January 29, 2022 and April, 2022
Debt
Consolidated leverage ratio	4.00%
Revolving credit facility \| Minimum \| Fiscal quarters ending during the period from May 1, 2022 to October 31, 2022
Debt
Consolidated leverage ratio	3.50%
Revolving credit facility \| Minimum \| Fiscal quarter ending thereafter which is after October 31, 2022
Debt
Consolidated leverage ratio	3.00%
Revolving credit facility \| Maximum \| Fiscal quarter ended January 29, 2022 and April, 2022
Debt
Consolidated leverage ratio	1.00%
Revolving credit facility \| Maximum \| Fiscal quarters ending during the period from May 1, 2022 to October 31, 2022
Debt
Consolidated leverage ratio	1.00%
Revolving credit facility \| Maximum \| Fiscal quarter ending thereafter which is after October 31, 2022
Debt
Consolidated leverage ratio	1.00%
Revolving credit facility \| Maximum \| Arcturus UAV Inc.
Debt
Percentage of outstanding equity interests in foreign subsidiaries		65.00%
Revolving credit facility \| London Interbank Offered Rate (LIBOR)
Debt
Interest rate	0.00%
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	1.50%
Revolving credit facility \| SOFR
Debt
Interest rate	1.00%
SOFR adjustment	0.10%
Revolving credit facility \| SOFR \| Minimum
Debt
Interest rate	1.50%
Revolving credit facility \| SOFR \| Maximum
Debt
Interest rate	2.50%
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%
Standby Letters of Credit \| Arcturus UAV Inc.
Debt
Amount of sublimit		$ 10,000,000
Term loans \| Arcturus UAV Inc.
Debt
Term of loan		4 years
Amount of loan		$ 200,000,000
Term of amortization		5 years
Term loans \| Period One Through Four \| Arcturus UAV Inc.
Debt
Amount of annual required payment expressed as a percent of the outstanding obligation		5.00%
Term loans \| Period Five \| Arcturus UAV Inc.
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 ($) $ in Thousands	6 Months Ended	12 Months Ended
Debt - Long-term debt (Details) - USD ($) $ in Thousands	Oct. 29, 2022	Apr. 30, 2022
Long-term debt
Total debt	$ 167,500	$ 190,000
Less current portion	10,000	10,000
Total long-term debt, less current portion	157,500	180,000
Less unamortized debt issuance costs - term loans	1,878	2,160
Total long-term debt, net of unamortized debt issuance costs - term loans	155,622	177,840
Unamortized debt issuance costs - revolving credit facility	934	1,076
Term loans
Long-term debt
Total debt	$ 167,500	$ 190,000
Revolving credit facility
Long-term debt
Current period interest rate	5.00%	2.60%

Debt - Future principle payments (Details) $ in Thousands	Oct. 29, 2022 USD ($)
Future principle payments
2023	$ 2,500
2024	10,000
2025	10,000
2026	145,000
Total	$ 167,500

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Leases (Details)	6 Months Ended
Leases (Details)	Oct. 29, 2022
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	6 Months Ended
	Oct. 29, 2022	Oct. 30, 2021
Components of lease costs
Operating lease cost	$ 3,775	$ 3,358
Short term lease cost	479	419
Variable lease cost	430	368
Sublease income		(88)
Total lease costs, net	$ 4,684	$ 4,057

Leases - Supplemental lease information (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 29, 2022	Oct. 30, 2021
Leases
Cash paid for amounts included in the measurement of operating lease liabilities	$ 3,705	$ 3,503
Right-of-use assets obtained in exchange for new lease liabilities	$ 2,134	$ 6,310
Weighted average remaining lease term	58 months	69 months
Weighted average discount rate	3.50%	3.40%

Leases - Maturities of operating lease liabilities (Details) $ in Thousands	Oct. 29, 2022 USD ($)
Maturities of operating lease liabilities:
2022	$ 3,617
2023	7,776
2024	6,679
2025	3,530
2026	3,061
Thereafter	5,484
Total lease payments	30,147
Less: imputed interest	(2,540)
Total present value of operating lease liabilities	$ 27,607

Accumulated Other Comprehensive Income (Loss) and Reclassifications Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Accumulated other comprehensive income
Balance, net of $8 and $1 deferred taxes, as of April 30, 2022 and April 30, 2021, respectively			$ (6,514)
Unrealized gain (loss) on available-for-sale investments, net of deferred tax expense of $0 for the three and six months ended October 29, 2022 and October 30, 2021, respectively	$ 6	$ 1	26	$ (3)
Change in foreign currency translation adjustments	(928)	(1,284)	(1,992)	(2,017)
Balance, net of $2 and $1 deferred taxes, as of July 30, 2022 and July 31, 2021, respectively	(8,480)		(8,480)
Accumulated Other Comprehensive (Loss) Income
Accumulated other comprehensive income
Balance, net of $8 and $1 deferred taxes, as of April 30, 2022 and April 30, 2021, respectively			(6,514)	343
Unrealized gain (loss) on available-for-sale investments, net of deferred tax expense of $0 for the three and six months ended October 29, 2022 and October 30, 2021, respectively	6	1	26	(3)
Change in foreign currency translation adjustments			(1,992)	(2,017)
Balance, net of $2 and $1 deferred taxes, as of July 30, 2022 and July 31, 2021, respectively	$ (8,480)	$ (1,677)	$ (8,480)	$ (1,677)

- 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 (Loss) and Reclassifications Adjustments - Taxes (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Accumulated other comprehensive income
Unrealized losses, tax portion	$ 0	$ 0
Accumulated Other Comprehensive (Loss) Income
Accumulated other comprehensive income
Other Comprehensive Income (Loss), Tax	$ 0	$ 1	$ 8	$ 1

- 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
-Section 45
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123586238&loc=d3e39076-109324

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 2
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123586238&loc=d3e38679-109324

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124442407-227067

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32672-109319

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=126968391&loc=d3e640-108580

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

+ Details

Customer-Funded Research & Development (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Customer-Funded Research & Development
Revenue from customer funded research and development	$ 24,937	$ 19,175	$ 47,936	$ 36,086

Long-Term Incentive Awards (Details) - USD ($) $ in Thousands	3 Months Ended					6 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Jul. 31, 2021	Aug. 01, 2020	Jul. 27, 2019	Oct. 29, 2022	Oct. 30, 2021
Fiscal 2023 LTIP
Stock Based Compensation
Stock based compensation expense	$ 664,000					$ 1,061,000	$ 0
Fiscal 2023 LTIP \| 100% Vested
Stock Based Compensation
Vesting (as a percentage)	100.00%
Fiscal 2023 LTIP \| 50% Vested
Stock Based Compensation
Vesting (as a percentage)	50.00%
Fiscal 2023 LTIP \| 250% Vested
Stock Based Compensation
Vesting (as a percentage)	250.00%
Fiscal 2023 LTIP \| Performance based restricted stock units \| Maximum
Stock Based Compensation
Stock based compensation expense						12,829,000
Fiscal 2022 LTIP
Stock Based Compensation
Stock based compensation expense	$ (311)	$ 201				(116,000)	509
Fiscal 2022 LTIP \| Performance based restricted stock units
Stock Based Compensation
Exercisable period from grant date			3 years
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 2022 LTIP \| Performance based restricted stock units \| Maximum
Stock Based Compensation
Stock based compensation expense						10,148
Fiscal 2021 LTIP
Stock Based Compensation
Stock based compensation expense	116,000	(572,000)				192,000	(507,000)
Fiscal 2021 LTIP \| Performance based restricted stock units
Stock Based Compensation
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						5,858
Fiscal 2020 LTIP
Stock Based Compensation
Stock based compensation expense	$ 0	$ (617,000)				$ 0	$ (619,000)
Fiscal 2020 LTIP \| Performance based restricted stock units
Stock Based Compensation
Exercisable period from grant date					3 years
Issue of fully-vested shares of common stock to settle			5,678

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Income taxes
Benefit from income taxes	$ (10,457)	$ (9,511)	$ (7,851)	$ (10,468)
Effective tax benefit rate (as a percent)	66.10%	117.60%	37.20%	48.00%

- Definition

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

+ References + Details

Share Repurchase Plan and Issuances (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Jul. 30, 2022	Apr. 30, 2022	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

Share Repurchase Plan and Issuances - Shelf Registration (Details) - S-3 - USD ($) $ in Thousands		6 Months Ended
	Sep. 08, 2022	Oct. 29, 2022
Share Repurchase Plan and Issuances
Number of share sold	125,441
Total gross proceeds		$ 12,700
Amount of aggregate offering price remaining.		$ 187,300
Maximum
Share Repurchase Plan and Issuances
Aggregate offering price	$ 200,000

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Oct. 30, 2021	Oct. 30, 2021	Oct. 29, 2022	Apr. 30, 2022
Long-Term Incentive Awards
Revenue	$ 10,342	$ 20,694
Unbilled related party receivables				$ 2,229
HAPSMobile \| Design and Development Agreement
Long-Term Incentive Awards
Revenue		$ 20,694,000
HAPSMobile \| Design and Development Agreement
Long-Term Incentive Awards
Revenue	$ 10,342,000
SoftBank \| Design and Development Agreement
Long-Term Incentive Awards
Maximum net value			$ 51,200

- Definition

For an unclassified balance sheet, amounts due from related parties including affiliates, employees, joint ventures, officers and stockholders, immediate families thereof, and pension funds.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.10(3))
-URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(a)(2))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.3)
-URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910

Business Acquisitions - Planck (Details) - USD ($)		3 Months Ended		6 Months Ended
Business Acquisitions - Planck (Details) - USD ($)	Aug. 17, 2022	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021	Apr. 30, 2022
Fair value of assets acquired:
Goodwill		$ 334,963,000		$ 334,963,000		$ 334,347,000
Planck Aerosystems, Inc. ("Planck")
Business Acquisitions
Cash	$ 5,105,000
Amount of holdback	500,000
Revenue	68,000	111,584,000	$ 122,667,000	223,016,000	$ 224,335,000
Fair value of assets acquired:
Inventories	109,000
Other assets	19,000
Property and equipment, net	13,000
Goodwill	1,633,000
Total assets acquired	5,674,000
Fair value of liabilities assumed:
Customer advances	69,000
Total liabilities assumed	69,000
Total identifiable net assets	5,605,000
Fair value of consideration transferred:
Cash	5,105,000
Holdback	500,000
Total consideration	5,605,000
Supplemental Pro Forma Information (unaudited)
Revenue	68,000	111,584,000	122,667,000	223,016,000	224,335,000
Net (loss) income attributable to AeroVironment, Inc.		(6,131,000)	$ 2,375,000	$ (13,450,000)	$ (12,325,000)
Planck Aerosystems, Inc. ("Planck") \| SG&A
Business Acquisitions
Acquisition-related costs		$ 569,000
Planck Aerosystems, Inc. ("Planck") \| Technology
Fair value of assets acquired:
Intangible assets	3,200,000
Planck Aerosystems, Inc. ("Planck") \| Backlog.
Fair value of assets acquired:
Intangible assets	$ 700,000

Business Acquisitions - Telerob (Details)			3 Months Ended		6 Months Ended
Business Acquisitions - Telerob (Details)	May 03, 2021 USD ($)	May 03, 2021 EUR (€)	Oct. 30, 2021 USD ($)	Jul. 31, 2021 USD ($)	Oct. 29, 2022 USD ($)	Oct. 29, 2022 EUR (€)	Oct. 30, 2021 USD ($)	Jul. 30, 2022 USD ($)	Apr. 30, 2022 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					$ 334,963,000				$ 334,347,000
Telerob.
Business Acquisitions
Cash consideration	$ 45,400,000	€ 37,455,000
Amount held in escrow	3,636,000									€ 3,000,000
Amount of indebtedness paid	9,468,000	7,811,000
Period to obtain target					36 months	36 months
Fair value of assets acquired:
Accounts receivable	1,045,000
Unbilled receivable	829,000
Inventories, net	15,074,000
Prepaid and other current assets	314,000
Property and equipment, net	1,571,000
Operating lease assets	1,508,000
Other assets	494,000
Other intangible assets	102,000
Goodwill	20,800,000
Total assets acquired	60,637,000
Fair value of liabilities assumed:
Accounts payable	1,136,000
Wages and related accruals	560,000
Customer advances	1,243,000
Current operating lease liabilities	361,000
Other current liabilities	3,310,000
Non-current operating lease liabilities	1,147,000
Other non-current liabilities	224,000
Deferred income taxes	5,617,000
Total liabilities assumed	13,598,000
Total identifiable net assets	47,039,000
Fair value of consideration transferred:
Cash consideration, net of cash acquired	46,150,000
Contingent consideration	889,000
Total	47,039,000
Supplemental Pro Forma Information (unaudited)
Revenue			$ 122,008,000				$ 223,017,000
Net loss attributable to AeroVironment, Inc.			$ 4,454,000				$ (7,844,000)
SG&A \| Telerob.
Business Acquisitions
Acquisition-related costs				$ 411,000,000
Technology \| Telerob.
Fair value of assets acquired:
Intangible assets	11,500,000
Backlog. \| Telerob.
Fair value of assets acquired:
Intangible assets	2,400,000
Customer relationships \| Telerob.
Fair value of assets acquired:
Intangible assets	5,000,000
Business Combination, Specific Revenue Targets Achieved In First Earnout Year \| Telerob.
Business Acquisitions
Contingent consideration paid	$ 2,424,000	€ 2,000,000
Period to obtain target	12 months	12 months
Amount of earnout that was not achieved					$ 2,424,000	€ 2,000,000
Business Combination, Specific Revenue Targets Achieved In Second Earnout Year
Business Acquisitions
Amount held in escrow								$ 2,000,000
Business Combination, Specific Revenue Targets Achieved In Second Earnout Year \| Telerob.
Business Acquisitions
Contingent consideration paid	$ 2,424,000	€ 2,000,000
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.
Business Acquisitions
Contingent consideration paid	$ 2,424,000	€ 2,000,000
Period to obtain target	36 months	36 months

Pension (Details) - Pension Plan	3 Months Ended	12 Months Ended
Pension (Details) - Pension Plan	Jul. 30, 2022	Apr. 30, 2022	Oct. 29, 2022
Pension
Discount rate assumption			1.70%
Percentage of expected return on plan assets	2.90%	2.90%
Pension increase for in-payment benefits		1.50%

Pension - Projected benefit obligation and fair value of plan assets (Details) - USD ($) $ in Thousands	May 03, 2021	Apr. 30, 2022
Pension
Defined Benefit Plan, Funding Status [Extensible List]	us-gaap:UnfundedPlanMember
Pension Plan
Pension
Projected benefit obligation		$ (3,120)
Fair value of plan assets		3,138
Funded status of the plan		$ 18

- 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
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 6
-Subparagraph (a)(5)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2709-114920

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 6
-Subparagraph (a)(4)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2709-114920

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(02)(C)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2919-114920

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (k)(1)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2709-114920

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(02)(A)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 6
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2709-114920

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(02)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)(10)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)(7)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)(6)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)(5)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 21: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 6
-Subparagraph (a)(7)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2709-114920

Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (k)(2)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 24: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 25: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (k)(4)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 6
-Subparagraph (a)(6)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2709-114920

Reference 28: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 29: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (k)(3)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 32: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 33: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)(8)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)(2)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 35: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 36: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (n)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 37: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)(7)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 38: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)(6)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920

Reference 40: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)(1)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 41: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)(5)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 42: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(02)(B)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 43: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920

Reference 44: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 45: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)(4)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 46: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 47: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2709-114920

Reference 48: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2709-114920

Reference 49: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(01)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 50: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (j)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 51: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)(6)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 52: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2709-114920

Reference 53: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(ii)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 54: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)(7)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 55: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)(5)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 56: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 57: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)(9)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 58: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)(4)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 59: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)(8)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 60: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)(3)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Pension - Expected benefits paid (Details) $ in Thousands	Apr. 30, 2022 USD ($)
Pension
2023	$ 161
2024	164
2025	165
2026	165
2027	166
2028-2032	828
Total expected benefit payments	$ 1,649

Pension - Net benefit income (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jul. 31, 2021	Oct. 29, 2022	Oct. 30, 2021
Pension
Expected return on plan assets	$ 31		$ 63
Interest cost	(15)	$ (17)	(30)
Actuarial gain	72	241	6
Net periodic benefit cost	$ 88	$ 224	$ 39

Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Segments (Details) - USD ($) $ in Thousands	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021	Apr. 30, 2022
Segment Reporting Information [Line Items]
Gross margin	$ 25,890	$ 42,455	$ 59,604	$ 71,178
Income (loss) from continuing operations	(14,314)	3,339	(17,588)	(8,774)
Total assets	891,682		891,682		$ 914,200
Product segments
Segment Reporting Information [Line Items]
Revenue	111,584	122,008	220,100	223,017
Gross margin	25,890	42,455	59,604	71,178
Income (loss) from continuing operations	(14,314)	3,339	(17,588)	(8,774)
Acquisition-related expenses	569	848	904	4,102
Amortization of acquired intangible assets and other purchase accounting adjustments	7,842	10,322	14,803	19,446
Adjusted income (loss) from operations	(5,903)	14,509	(1,881)	14,774
Total assets	891,682		891,682		914,200
Small UAS \| Product segments
Segment Reporting Information [Line Items]
Revenue	26,681	54,714	69,937	94,638
Gross margin	12,319	27,754	33,615	44,674
Income (loss) from continuing operations	(2,079)	13,377	5,946	15,335
Acquisition-related expenses		297		721
Amortization of acquired intangible assets and other purchase accounting adjustments	669	707	1,350	1,414
Adjusted income (loss) from operations	(1,410)	14,381	7,296	17,470
Total assets	103,277		103,277		110,286
TMS \| Product segments
Segment Reporting Information [Line Items]
Revenue	31,101	18,418	54,113	37,594
Gross margin	12,636	6,222	20,383	12,211
Income (loss) from continuing operations	2,004	47	973	(416)
Acquisition-related expenses		163		414
Adjusted income (loss) from operations	2,004	210	973	(2)
Total assets	77,334		77,334		91,862
MUAS \| Product segments
Segment Reporting Information [Line Items]
Revenue	27,281	26,525	46,542	48,904
Gross margin	(6,884)	2,223	(7,957)	5,404
Income (loss) from continuing operations	(15,242)	(7,000)	(24,826)	(13,381)
Acquisition-related expenses	119	108	340	1,492
Amortization of acquired intangible assets and other purchase accounting adjustments	5,897	6,358	10,842	11,549
Adjusted income (loss) from operations	(9,226)	(534)	(13,644)	(340)
Total assets	394,872		394,872		388,058
HAPSMobile
Segment Reporting Information [Line Items]
Revenue	9,066	10,342
Gross margin	3,001	3,944
Income (loss) from continuing operations	1,564	2,073
Acquisition-related expenses		58
Adjusted income (loss) from operations	1,564	2,131
Total assets	7,200		7,200		8,148
HAPSMobile \| Product segments
Segment Reporting Information [Line Items]
Revenue			19,281	20,694
Gross margin			6,325	7,118
Income (loss) from continuing operations			4,103	3,176
Acquisition-related expenses				162
Adjusted income (loss) from operations			4,103	3,338
All other \| Product segments
Segment Reporting Information [Line Items]
Revenue	17,455	12,009	30,227	21,187
Gross margin	4,818	2,312	7,238	1,771
Income (loss) from continuing operations	(561)	(5,158)	(3,784)	(13,488)
Acquisition-related expenses	450	222	564	1,313
Amortization of acquired intangible assets and other purchase accounting adjustments	1,276	3,257	2,611	6,483
Adjusted income (loss) from operations	1,165	$ (1,679)	(609)	$ (5,692)
Total assets	72,098		72,098		86,617
Corporate \| Product segments
Segment Reporting Information [Line Items]
Total assets	$ 236,901		$ 236,901		$ 229,229