0001558370-23-011469 | 10-K | XBRL Viewer

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Commitments and Contingencies (Details) - USD ($)	Apr. 30, 2023	Apr. 30, 2022
Commitments and Contingencies
Letters of credit outstanding	$ 8,076,000	$ 5,968,000
Reserve for incurred cost claim audits	$ 0	$ 0

Fair Value Measurements (Tables)

12 Months Ended

Apr. 30, 2023

Fair Value Measurements

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

The Company’s financial assets measured at fair value on a recurring basis at April 30, 2023, 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
Equity securities	$	4,714	$	—	$	—	$	4,714
Warrants		—		255		—		255
Total	$	4,714	$	255	$	—	$	4,969

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

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, 2023, 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	$	—	$	—	$	2,109	$	2,109
Total	$	—	$	—	$	2,109	$	2,109

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)

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		(143)		1,025
Settlements		—		—
Balance at April 30, 2023	$	—	$	2,109
The amount of total (gains) or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at April 30, 2023	$	—	$	—

Share Repurchase Plan and Issuances	12 Months Ended
Apr. 30, 2023
Share Repurchase Plan and Issuances
Share Repurchase Plan and Issuances	16. Share Repurchase Plan and Issuances The Company’s share repurchase program announced September 2015 was terminated by the Company’s Board of Directors in September 2022. There were no repurchases of the Company’s common stock during the year ended April 30, 2023. 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 April 30, 2023, the Company has sold 1,109,730 of its shares for total gross proceeds of $108,686,000, total proceeds received of $105,425,000, net of commission expense and $104,649,000 net of equity issuance costs. The Company has $91,314,000 aggregate offering price remaining available under the registration.

Share Repurchase Plan and Issuances

12 Months Ended

Apr. 30, 2023

Share Repurchase Plan and Issuances

Share Repurchase Plan and Issuances

16. Share Repurchase Plan and Issuances

The Company’s share repurchase program announced September 2015 was terminated by the Company’s Board of Directors in September 2022. There were no repurchases of the Company’s common stock during the year ended April 30, 2023.

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 April 30, 2023, the Company has sold 1,109,730 of its shares for total gross proceeds of $108,686,000, total proceeds received of $105,425,000, net of commission expense and $104,649,000 net of equity issuance costs. The Company has $91,314,000 aggregate offering price remaining available under the registration.

Goodwill

12 Months Ended

Apr. 30, 2023

Goodwill.

Goodwill

6. Goodwill

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


	SUAS		TMS		MUAS		All other		Total
Balance at April 30, 2022	$	6,340	$	—	$	290,157	$	37,850	$	334,347
Additions to goodwill		—		—		1,633		838		2,471
Impairment of goodwill		—		—		(156,017)		—		(156,017)
Balance at April 30, 2023	$	6,340	$	—	$	135,773	$	38,688	$	180,801


	SUAS		TMS		MUAS		All other		Total
Balance at April 30, 2021	$	6,340	$	—	$	288,611	$	19,254	$	314,205
Additions to goodwill		—		—		1,546		18,596		20,142
Balance at April 30, 2022	$	6,340	$	—	$	290,157	$	37,850	$	334,347

The addition during the fiscal year ended April 30, 2023 to the MUAS segment relates to the Planck Acquisition. The addition during the fiscal year ended April 30, 2023 to All other goodwill is attributable to the translation of the goodwill related to the Telerob Acquisition, which was recorded in Euros and translated to dollars at each reporting date. The addition during the fiscal year ended April 30, 2022 to the MUAS segment relates to measurement period adjustments for pre-acquisition tax returns. The addition to All other goodwill during the fiscal year ended April 30, 2022 is attributable to the Telerob Acquisition. Refer to Note 21—Business Acquisitions for further details.

Subsequent to the performance of the Company’s annual goodwill impairment test, in May 2023, a trigger event was identified that indicated that the carrying value of the MUAS reporting unit exceeded its fair value. Specifically, the Company received notification that it was not down selected for a US DOD program of record which resulted in a significant decrease in the projected future cash flows of the MUAS reporting unit. As a result, the Company updated its estimates of long-term future cash flows to reflect lower revenue and EBITDA growth rate expectations used in the valuation of the MUAS reporting unit. These changes in estimates resulted in the recognition of a goodwill impairment charge of $156,017,000 in the MUAS reporting unit.

Intangibles, net

12 Months Ended

Apr. 30, 2023

Intangibles, net

Intangibles, net

5. Intangibles, net

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


	April 30,		April 30,
	2023		2022
Technology	$	60,817	$	56,913
Licenses		1,008		1,008
Customer relationships		72,645		72,448
Backlog		2,895		2,100
In-process research and development		550		550
Non-compete agreements		320		320
Trademarks and tradenames		68		68
Other		150		144
Intangibles, gross		138,453		133,551
Less accumulated amortization		(94,876)		(36,327)
Intangibles, net	$	43,577	$	97,224

The Company tests identifiable intangible assets and goodwill for impairment in the fourth quarter of each fiscal year unless there are interim indicators that suggest that it is more likely than not that either the identifiable intangible assets or goodwill may be impaired. The weighted average amortization period at April 30, 2023 and 2022 was four years, respectively. Amortization expense for the years ended April 30, 2023, 2022 and 2021 was $58,121,000, $26,558,000 and $6,469,000, respectively. Due to the closure of all of the Company’s MUAS COCO sites during the three months ended April 30, 2023, we revised the estimated useful life for MUAS customer relationships which resulted in accelerated intangible amortization expenses of $34,149,000 during the fiscal year ended April 30, 2023.

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. Technology and customer relationship intangible assets were recognized in conjunction with the Company’s acquisition of Arcturus on February 19, 2021. Technology and customer relationship intangible assets were recognized in conjunction with the Company’s acquisition of ISG on February 23, 2021. Refer to Note 21—Business Acquisitions for further details.

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


	Year ending
	April 30,
2024	$	11,821
2025		9,494
2026		6,857
2027		5,786
2028		5,175
	$	39,133

Debt - Future principle payments (Details) $ in Thousands	Apr. 30, 2023 USD ($)
Future principle payments
2024	$ 7,500
2025	10,000
2026	117,500
Total	$ 135,000

- Definition

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

+ References + Details

Investments (Tables)

12 Months Ended

Apr. 30, 2023

Investments

Schedule of investments


	April 30,
	2023		2022

	(In thousands)
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 and warrants		4,969		—
Total long-term available-for-sale securities investments		4,969		—
Equity method investments
Investments in limited partnership funds		18,644		15,433
Total equity method investments		18,644		15,433
Total long-term investments	$	23,613	$	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):


			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 equity securities	$	24,751	$	—	$	(35)	$	24,716

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


	Year Ended
	April 30,
	2023
Net loss recognized during the period on equity securities	$	(132)
Less: Net loss recognized during the period on equity securities sold during the period		—
Unrealized loss recognized during the period on equity securities still held at the reporting date	$	(132)

Income Taxes Carryforward (Details) - USD ($)	12 Months Ended
Income Taxes Carryforward (Details) - USD ($)	Apr. 30, 2023	Apr. 30, 2022
Tax Credit Carryforward
Valuation allowance	$ 22,503,000	$ 24,840,000
Increase in valuation allowance	2,337,000	$ 7,387,000
State
Tax Credit Carryforward
Tax credit carryforwards	2,809,000
IRS
Tax Credit Carryforward
Tax credit carryforwards	$ 23,330,000

Income Taxes (Tables)

12 Months Ended

Apr. 30, 2023

Income Taxes

Schedule of components of income before income taxes

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


	Year Ended April 30,
	2023		2022		2021
Domestic	$	(187,647)	$	(10,187)	$	34,274
Foreign		(730)		(8,956)		91
(Loss) income before income taxes		(188,377)		(19,143)		34,365

Equity method investment (loss) income		(2,453)		5,889		(10,481)
Total (loss) income before income taxes	$	(190,830)	$	(13,254)	$	23,884

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

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


	Year Ended April 30,
	2023		2022		2021
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Foreign rate differential	(0.1)		4.9		—
State and local income taxes, net of federal benefit	0.2		40.8		(1.4)
R&D and other tax credits	(1.8)		23.0		(11.5)
Valuation allowance	1.1		(37.4)		3.2
Return to provision adjustments	—		(0.9)		(0.3)
Permanent items	(0.7)		(3.3)		3.6
Foreign derived intangible income	2.3		—		(7.6)
Excess benefit of equity awards	0.8		5.2		(5.7)
Goodwill impairment	(17.2)		—		—
Unrecognized tax benefit	2.0		—		—
Other	0.2		0.9		0.3
Effective income tax rate	7.8	%	54.2	%	1.6	%

Schedule of components of the provision for income taxes


	Year Ended April 30,
	2023		2022		2021
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Foreign rate differential	(0.1)		4.9		—
State and local income taxes, net of federal benefit	0.2		40.8		(1.4)
R&D and other tax credits	(1.8)		23.0		(11.5)
Valuation allowance	1.1		(37.4)		3.2
Return to provision adjustments	—		(0.9)		(0.3)
Permanent items	(0.7)		(3.3)		3.6
Foreign derived intangible income	2.3		—		(7.6)
Excess benefit of equity awards	0.8		5.2		(5.7)
Goodwill impairment	(17.2)		—		—
Unrecognized tax benefit	2.0		—		—
Other	0.2		0.9		0.3
Effective income tax rate	7.8	%	54.2	%	1.6	%

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

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


	April 30,
	2023		2022
Deferred income tax assets:
Accrued expenses	$	2,153	$	3,399
Stock based compensation		2,380		1,892
Allowances, reserves, and other		2,153		4,455
Outside basis difference		—		89
Unrealized loss on securities		3,528		3,229
Net operating loss and credit carry-forwards		20,430		41,931
Section 174 Capitalization		24,962		—
Intangibles basis		—		—
Lease liability		6,960		6,303
Total deferred income tax assets		62,566		61,298
Deferred income tax liabilities:
Fixed asset basis		(4,999)		(10,413)
Right-of-use asset		(6,478)		(5,878)
Intangibles basis		(3,109)		(15,503)
Total deferred income tax liabilities		(14,586)		(31,794)
Valuation allowance		(22,503)		(24,840)
Net deferred tax assets	$	25,477	$	4,664

Summary of activity related to gross unrecognized tax benefits

The following table summarizes the activity related to the Company’s gross unrecognized tax benefits for the years ended April 30, 2023 and 2022 (in thousands):


	April 30,
	2023		2022
Balance as of May 1	$	17,806	$	17,556
Increases related to prior year tax positions		—		415
Decreases related to prior year tax positions		(379)		(239)
Increases related to current year tax positions		1,257		1,398
Decreases related to lapsing of statute of limitations		(5,843)		(1,324)
Balance as of April 30	$	12,841	$	17,806

Pension - Expected benefits paid (Details) $ in Thousands	Apr. 30, 2023 USD ($)
Pension
2024	$ 177
2025	190
2026	192
2027	195
2028	197
2029-2033	1,008
Total expected benefit payments	$ 1,959

Changes in Accounting Estimates

12 Months Ended

Apr. 30, 2023

Restatement of Previously Issued Consolidated Financial Statements

Changes in Accounting Estimates

18. Changes in Accounting Estimates

During the years ended April 30, 2023, 2022 and 2021, the Company revised its estimates at completion of various contracts recognized using the over time method, which resulted in cumulative catch up adjustments during the year in which the change in estimate occurred. The change in estimate was a result of the Company changing the total costs required to complete the contracts due to having more accurate cost information as work progressed in subsequent periods on the various contracts. During the years ended April 30, 2023, 2022 and 2021, the Company revised its estimates of the total expected costs to complete a TMS variant contract. The aggregate impact of these adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods was a decrease to revenue of approximately $1,898,000, $1,124,000 and $1,041,000, respectively. During the fiscal year ended

April 30, 2023, due to the closure of all of the Company’s MUAS COCO sites, the Company revised the estimated useful life of the MUAS customer relationship intangible asset which resulted in accelerated intangible amortization expenses of $34,149,000, increasing net loss by $26,158,000, or loss per diluted share of $1.04. During the year ended April 30, 2022, the Company revised its estimates of the achievement of the performance metrics of the Company’s long term incentive plans, which resulted in a cumulative adjustment to reduce previously recognized compensation expense of $1,602,000.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (c)(3)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL126732908-238011

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-URI https://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-URI https://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(3)
-URI https://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (e)(3)
-URI https://asc.fasb.org/extlink&oid=126983955&loc=SL121967933-165497

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 848
-SubTopic 10
-Section 65
-Paragraph 2
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=125980421&loc=SL125981372-237846

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(3)
-URI https://asc.fasb.org/extlink&oid=126983759&loc=SL121830611-158277

+ Details

Intangibles, net - Intangibles included in other assets on the balance sheet (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Intangibles, net
Intangibles, gross	$ 138,453	$ 133,551
Less accumulated amortization	(94,876)	(36,327)
Intangibles, net	43,577	97,224
Technology
Intangibles, net
Intangibles, gross	60,817	56,913
Licenses
Intangibles, net
Intangibles, gross	1,008	1,008
Backlog.
Intangibles, net
Intangibles, gross	2,895	2,100
Customer relationships
Intangibles, net
Intangibles, gross	72,645	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	$ 150	$ 144

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Accumulated other comprehensive income
Total accumulated other comprehensive loss balance as of April 30, 2022	$ (6,514)
Unrealized gain, net of $0 of taxes	53	$ (43)	$ (60)
Change in foreign currency translation adjustments	2,009	(6,814)	75
Total accumulated other comprehensive loss balance as of April 30, 2023	(4,452)	(6,514)
Available-for-sale securities
Accumulated other comprehensive income
Total accumulated other comprehensive loss balance as of April 30, 2022	(53)
Unrealized gain, net of $0 of taxes	53
Total accumulated other comprehensive loss balance as of April 30, 2023		(53)
Foreign Currency Translation Adjustments
Accumulated other comprehensive income
Total accumulated other comprehensive loss balance as of April 30, 2022	(6,461)
Change in foreign currency translation adjustments	2,009
Total accumulated other comprehensive loss balance as of April 30, 2023	(4,452)	(6,461)
Accumulated Other Comprehensive Income
Accumulated other comprehensive income
Total accumulated other comprehensive loss balance as of April 30, 2022	(6,514)
Unrealized gain, net of $0 of taxes	53	(43)	$ (60)
Change in foreign currency translation adjustments	2,009
Total accumulated other comprehensive loss balance as of April 30, 2023	$ (4,452)	$ (6,514)

- 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

Stock-Based Compensation Other (Details)	12 Months Ended
Stock-Based Compensation Other (Details)	Apr. 30, 2023 $ / shares shares
Options Exercisable
Weighted Average Remaining Contractual Life	1 year 10 months 24 days
26.70 - 28.99
Stock-Based Compensation
Range of Exercise Price, low end of range (in dollars per share)	$ 26.70
Range of Exercise Price, high end of range (in dollars per share)	$ 28.99
Options Outstanding
Number of Options (in shares) \| shares	50,000
Weighted Average Remaining Contractual Life In Years	2 years 1 month 24 days
Weighted Average Exercise Price (in dollars per share)	$ 26.70
Options Exercisable
Number of Options Exercisable (in shares) \| shares	50,000
Weighted Average Exercise Price (in dollars per share)	$ 26.70
29.00 - 31.27
Stock-Based Compensation
Range of Exercise Price, low end of range (in dollars per share)	29.00
Range of Exercise Price, high end of range (in dollars per share)	$ 31.27
Options Outstanding
Number of Options (in shares) \| shares	16,164
Weighted Average Remaining Contractual Life In Years	1 year 3 months 3 days
Weighted Average Exercise Price (in dollars per share)	$ 31.27
Options Exercisable
Number of Options Exercisable (in shares) \| shares	16,164
Weighted Average Exercise Price (in dollars per share)	$ 31.27
26.70 - 31.27
Stock-Based Compensation
Range of Exercise Price, low end of range (in dollars per share)	26.70
Range of Exercise Price, high end of range (in dollars per share)	$ 31.27
Options Outstanding
Number of Options (in shares) \| shares	66,164
Weighted Average Remaining Contractual Life In Years	1 year 11 months 4 days
Weighted Average Exercise Price (in dollars per share)	$ 27.82
Options Exercisable
Number of Options Exercisable (in shares) \| shares	66,164
Weighted Average Exercise Price (in dollars per share)	$ 27.82

Stock-Based Compensation Restricted Stock Awards (Details)	12 Months Ended
	Apr. 30, 2023 $ / shares shares
Restricted stock awards \| 2021 Plan
Shares
Unvested stock at beginning of year (in shares) \| shares	45,076
Stock granted (in shares) \| shares	78,819
Stock vested (in shares) \| shares	(23,728)
Stock canceled (in shares) \| shares	(4,568)
Unvested stock at end of year (in shares) \| shares	95,599
Weighted Average Grant Date Fair Value
Unvested stock at beginning of year (in dollars per share) \| $ / shares	$ 75.71
Stock granted (in dollars per shares) \| $ / shares	78.41
Stock vested (in dollars per shares) \| $ / shares	43.51
Stock canceled (in dollars per shares) \| $ / shares	76.52
Unvested stock at end of year (in dollars per share) \| $ / shares	$ 85.90
Restricted stock awards \| Restated 2006 Plan
Shares
Unvested stock at beginning of year (in shares) \| shares	112,845
Stock vested (in shares) \| shares	(61,857)
Stock canceled (in shares) \| shares	(6,908)
Unvested stock at end of year (in shares) \| shares	44,080
Weighted Average Grant Date Fair Value
Unvested stock at beginning of year (in dollars per share) \| $ / shares	$ 89.80
Stock vested (in dollars per shares) \| $ / shares	82.44
Stock canceled (in dollars per shares) \| $ / shares	93.13
Unvested stock at end of year (in dollars per share) \| $ / shares	$ 99.62
Restricted stock units \| Restated 2021 Plan
Shares
Stock granted (in shares) \| shares	814
Unvested stock at end of year (in shares) \| shares	814
Weighted Average Grant Date Fair Value
Stock granted (in dollars per shares) \| $ / shares	$ 85.91
Unvested stock at end of year (in dollars per share) \| $ / shares	$ 85.91
Restricted stock units \| Restated 2006 Plan
Shares
Unvested stock at beginning of year (in shares) \| shares	4,395
Stock vested (in shares) \| shares	(1,349)
Stock canceled (in shares) \| shares	(358)
Unvested stock at end of year (in shares) \| shares	2,688
Weighted Average Grant Date Fair Value
Unvested stock at beginning of year (in dollars per share) \| $ / shares	$ 97.96
Stock vested (in dollars per shares) \| $ / shares	97.96
Stock canceled (in dollars per shares) \| $ / shares	97.96
Unvested stock at end of year (in dollars per share) \| $ / shares	$ 97.69

Intangibles (Tables)

12 Months Ended

Apr. 30, 2023

Intangibles, net

Schedule of components of intangibles

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


	April 30,		April 30,
	2023		2022
Technology	$	60,817	$	56,913
Licenses		1,008		1,008
Customer relationships		72,645		72,448
Backlog		2,895		2,100
In-process research and development		550		550
Non-compete agreements		320		320
Trademarks and tradenames		68		68
Other		150		144
Intangibles, gross		138,453		133,551
Less accumulated amortization		(94,876)		(36,327)
Intangibles, net	$	43,577	$	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,
2024	$	11,821
2025		9,494
2026		6,857
2027		5,786
2028		5,175
	$	39,133

Investments (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Short-term investments:
Total short-term investments		$ 24,716
Long-term investments:
Equity Method Investments.	$ 18,644	15,433
Total long-term investments	23,613	15,433
Investment in limited partnership fund
Long-term investments:
Equity Method Investments.	18,644	15,433
Available-for-sale securities.
Short-term investments:
Total short-term investments		24,716
Long-term investments:
Total long-term investments	4,969
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 and warrants
Long-term investments:
Total long-term investments	$ 4,969

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

12 Months Ended

Apr. 30, 2023

Investments in Companies Accounted for Using the Equity Method

Summarized financial information of the equity method investments


			April 30,
			2023		2022

			(In thousands)
Current assets			$	1,908	$	3,243
Noncurrent assets				132,198		140,178
Current liabilities			$	1,691	$	683


	Year Ended April 30,
	2023		2022		2021

	(In thousands)
Revenues	$	3,788	$	187	$	159
Gross margin		1,607		(13,113)		(1,241)
Realized and unrealized (losses) gains on investments		(23,967)		63,314		(131,971)
Net (loss) income	$	(22,585)	$	40,349	$	(190,454)

Organization and Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Accounts Receivable , Unbilled Receivables and Retentions
Retentions	$ 615	$ 736

Stock-Based Compensation (Details) - USD ($)			12 Months Ended
Stock-Based Compensation (Details) - USD ($)	Sep. 24, 2021	Sep. 29, 2011	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Stock Based Compensation
Stock based compensation expense			$ 10,765,000	$ 5,390,000	$ 6,932,000
Exercisable period from grant date			3 years
Options granted (in shares)			0	0	0
Maximum
Stock Based Compensation
Amount that may be paid in cash as a performance-based award to one participant during the inital period	$ 700,000
Restated 2006 Plan
Stock Based Compensation
Number of shares that may be granted to one participant during any twelve month period		2,000,000
Amount that may be paid in cash as a performance-based award to one participant during any twelve month period		$ 5,000,000
Restated 2006 Plan \| Maximum
Stock Based Compensation
Number of shares authorized to be issued pursuant to awards		4,884,157
Restated 2006 Plan \| Incentive stock options \| Minimum
Stock Based Compensation
Percentage of the fair market value on date of grant		100.00%
2001 Plan
Stock Based Compensation
Percentage of the fair market value on date of grant	100.00%
2001 Plan \| Maximum
Stock Based Compensation
Amount that may be paid in cash as a performance-based award to one participant during any twelve month period	$ 500,000
1992 Plan \| Stock options
Stock Based Compensation
Exercisable period from grant date			5 years

Leases (Tables)

12 Months Ended

Apr. 30, 2023

Leases

Schedule of components of lease costs


	Year Ended		Year Ended
	April 30,		April 30,
	2023		2022
Operating lease cost	$	8,048	$	6,814
Short term lease cost		862		840
Variable lease cost		1,820		653
Sublease income		—		(176)
Total lease costs, net	$	10,730	$	8,131

Schedule of supplemental lease information

Supplemental lease information was as follows:


	Year Ended		Year Ended
	April 30,		April 30,
	2023		2022
	(In thousands)		(In thousands)
Cash paid for amounts included in the measurement of operating lease liabilities	$	7,690	$	6,925
Right-of-use assets obtained in exchange for new lease liabilities	$	7,463	$	10,238

Weighted average remaining lease term		53 months		62 months
Weighted average discount rate		4.3%		3.4%

Schedule of maturities of operating lease liabilities

Maturities of operating lease liabilities as of April 30, 2023 were as follows (in thousands):


2024	$	8,933
2025		8,628
2026		5,316
2027		4,565
2028		2,646
Thereafter		5,895
Total lease payments		35,983
Less: imputed interest		(6,565)
Total present value of operating lease liabilities	$	29,418

Stock-Based Compensation

12 Months Ended

Apr. 30, 2023

Stock-Based Compensation

Stock-Based Compensation

13. Stock-Based Compensation

For the years ended April 30, 2023, 2022 and 2021, the Company recorded stock-based compensation expense of approximately $10,765,000, $5,390,000 and $6,932,000, respectively.

On September 24, 2021, the stockholders of the Company approved the 2021 Equity Incentive Plan (“2021 Plan”) effective September 24, 2021, for officers, directors, key employees and consultants. Under the 2021 Plan, incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation right awards, performance share awards, performance stock unit awards, dividend equivalents awards, stock payment awards, deferred stock awards, restricted stock unit awards, other stock-based awards, performance bonus awards or performance-based awards may be granted at the discretion of the compensation committee, which consists of outside directors. The sum of any cash compensation, or other compensation, and the value of awards granted to a non-employee director as compensation for services as a non-employee director during any fiscal year may not exceed $500,000, which amount is increased to $700,000 in the fiscal year of a non-employee director’s initial year of service as a non-employee director. The exercise price for any incentive stock option shall not be less than 100% of the fair market value on the date of grant. Vesting of awards is established at the time of grant.

On January 14, 2007, the stockholders of the Company approved the 2006 Equity Incentive Plan (“2006 Plan”) effective January 21, 2007, for officers, directors, key employees and consultants. On September 29, 2011, the stockholders of the Company approved an amendment and restatement of the 2006 Plan (“Restated 2006 Plan”). Under the Restated 2006 Plan, incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation right awards, performance share awards, performance stock unit awards, dividend equivalents awards, stock payment awards, deferred stock awards, restricted stock unit awards, other stock-based awards, performance bonus awards or performance-based awards may be granted at the discretion of the compensation committee, which consists of outside directors. A maximum of 4,884,157 shares of stock may be issued pursuant to awards under the Restated 2006 Plan. The maximum number of shares of common stock with respect to one or more awards that may be granted to any one participant during any twelve month period is 2,000,000. A maximum of $5,000,000 may be paid in cash to any one participant as a performance-based award during any twelve month period. The exercise price for any incentive stock option shall not be less than 100% of the fair market value on the date of grant. Vesting of awards is established at the time of grant. The Restated 2006 Plan expired in July 2021.

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

The fair value of stock options granted previously was estimated at the grant date using the Black-Scholes option pricing model. Assumptions included in the Black-Scholes option pricing model included the expected term of stock options, the expected volatility, the risk free interest rate, and the expected dividend yield. The expected term of stock options represents the weighted average period the Company expects the stock options to remain outstanding, based on the Company’s historical exercise and post-vesting cancellation experience and the remaining contractual life of its outstanding options. The expected volatility is based on historical volatility for the Company’s stock. The risk free

interest rate is based on the implied yield on a U.S. Treasury zero-coupon bond with a remaining term that approximates the expected term of the option. The expected dividend yield of zero reflects that the Company has not paid any cash dividends since inception and does not anticipate paying cash dividends in the foreseeable future.

Information related to the stock option plans at April 30, 2023, 2022 and 2021, and for the years then ended is as follows:


	Restated 2006 Plan			1992 Plan
		Weighted			Weighted
		Average			Average
		Exercise			Exercise
	Shares	Price		Shares	Price
Outstanding at April 30, 2020	334,026		25.19	1,113		0.59
Options granted	—		—	—		—
Options exercised	(53,500)		28.45	(1,113)		0.59
Options canceled	—		—	—		—
Outstanding at April 30, 2021	280,526		24.57	—		—
Options granted	—		—	—		—
Options exercised	(114,362)		24.28	—		—
Options canceled	—		—	—		—
Outstanding at April 30, 2022	166,164		24.78	—		—
Options granted	—		—	—		—
Options exercised	(100,000)		22.77	—		—
Options canceled	—		—	—		—
Outstanding at April 30, 2023	66,164		27.82	—		—
Options exercisable at April 30, 2023	66,164	$	27.82	—	$	—

The total intrinsic value of all options exercised during the years ended April 30, 2023, 2022 and 2021 was approximately $7,369,000, $4,785,000, and $4,828,000, respectively. The intrinsic value of all options outstanding and exercisable at April 30, 2023 and 2022 was $4,822,000 and $9,229,000, respectively. The Company had zero non-vested stock options as of April 30, 2023 and the year then ended.

As of April 30, 2023, there was approximately $8,667,000 of total unrecognized compensation cost related to non-vested share-based compensation awards granted under the equity plans. That cost is expected to be recognized over an approximately two-year period or a weighted average period of approximately 1.9 years.

No options were granted during the fiscal years ended April 30, 2023, 2022 and 2021. The total fair value of shares vesting during the years ended April 30, 2023, 2022 and 2021 was $6,264,000, $5,901,000 and $5,312,000, respectively.

Proceeds from all option exercises under all stock option plans for the years ended April 30, 2023, 2022 and 2021 were approximately $2,278,000, $2,776,000 and $1,522,000, respectively. The tax benefit realized from stock-based compensation was $3,387,000 during the years ended April 30, 2023, and $0 during the years ended April 30, 2022 and 2021, respectively.

The following tabulation summarizes certain information concerning outstanding and exercisable options at April 30, 2023:


				Options Outstanding
					Weighted
					Average			Options Exercisable
					Remaining	Weighted			Weighted
				As of	Contractual	Average		As of	Average
				April 30,	Life In	Exercise		April 30,	Exercise
Range of Exercise Prices				2023	Years	Price		2023	Price
$	26.70	-	28.99	50,000	2.15	$	26.70	50,000	$	26.70
	29.00	-	31.27	16,164	1.26		31.27	16,164		31.27
$	26.70	-	31.27	66,164	1.93	$	27.82	66,164	$	27.82

The remaining weighted average contractual life of exercisable options at April 30, 2023 was 1.9 years.

Information related to the Company’s restricted stock awards at April 30, 2023 and for the year then ended is as follows:


	2021 Plan			Restated 2006 Plan
		Weighted			Weighted
		Average			Average
		Grant Date			Grant Date
	Shares	Fair Value		Shares	Fair Value
Unvested stock at April 30, 2022	45,076	$	75.71	112,845	$	89.80
Stock granted	78,819		78.41	—		—
Stock vested	(23,728)		43.51	(61,857)		82.44
Stock canceled	(4,568)		76.52	(6,908)		93.13
Unvested stock at April 30, 2023	95,599	$	85.90	44,080	$	99.62

Information related to the Company’s restricted stock units at April 30, 2023 and for the year then ended is as follows:


	Restated 2021 Plan			Restated 2006 Plan
		Weighted			Weighted
		Average			Average
		Grant Date			Grant Date
	Shares	Fair Value		Shares	Fair Value
Unvested stock at April 30, 2022	—	$	—	4,395	$	97.96
Stock granted	814		85.91	—		—
Stock vested	—		—	(1,349)		97.96
Stock canceled	—		—	(358)		97.96
Unvested stock at April 30, 2023	814	$	85.91	2,688	$	97.69

Segments (Tables)

12 Months Ended

Apr. 30, 2023

Segments

Schedule of segment results


	Year Ended April 30, 2023
	SUAS		TMS		MUAS		All other		Total
Revenue	$	233,908	$	120,624	$	70,327	$	115,677	$	540,536
Gross margin		121,332		42,736		(24,355)		33,801		173,514

Income (loss) from operations		64,650		8,074		(252,568)		1,181		(178,663)
Impairment of goodwill and accelerated amortization		-		-		190,166		-		190,166
Acquisition-related expenses		-		-		604		781		1,385
Amortization of acquired intangible assets and other purchase accounting adjustments		2,688		-		21,573		5,157		29,418
Adjusted income (loss) from operations	$	67,338	$	8,074	$	(40,225)	$	7,119	$	42,306


	Year Ended April 30, 2022
	SUAS		TMS		MUAS		All other		Total
Revenue	$	178,201	$	76,415	$	93,156	$	97,960	$	445,732
Gross margin		83,759		24,486		6,155		26,836		141,236

Income (loss) from operations		28,980		(3,120)		(27,715)		(8,032)		(9,887)
Acquisition-related expenses		502		297		1,994		2,061		4,854
Amortization of acquired intangible assets and other purchase accounting adjustments		2,828		-		22,170		11,709		36,707
Adjusted income (loss) from operations	$	32,310	$	(2,823)	$	(3,551)	$	5,738	$	31,674


	Year Ended April 30, 2021
	SUAS		TMS		MUAS		All other		Total
Revenue	$	235,854	$	87,268	$	15,837	$	55,953	$	394,912
Gross margin		119,062		26,675		2,965		15,856		164,558

Income (loss) from continuing operations		58,194		(3,131)		(1,869)		(9,881)		43,313
Acquisition-related expenses		3,026		1,661		1,682		1,612		7,981
Amortization of acquired intangible assets and other purchase accounting adjustments		2,649		-		4,356		453		7,458
Adjusted income (loss) from operations	$	63,869	$	(1,470)	$	4,169	$	(7,816)	$	58,752

Schedule of identifiable assets by segment


	April 30, 2023
	SUAS		TMS		MUAS		All other		Corporate		Total
Identifiable assets	$	181,300	$	103,375	$	224,572	$	108,195	$	207,135	$	824,577


	April 30, 2022
	SUAS		TMS		MUAS		All other		Corporate		Total
Identifiable assets	$	110,286	$	91,862	$	388,058	$	94,765	$	229,229	$	914,200

Organization and Significant Accounting Policies - Research and Development (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Stock-Based Compensation
Performance period	3 years
Research and Development
Revenue from customer funded research and development	$ 97,880	$ 84,247	$ 74,218
Cost of sales	70,711	59,054	51,395
Research and Development With Federal Government
Funding	11,225
Reimbursement amount	$ 21,833
Reimbursements under the contract			3,424
Lease Accounting
Option to extend	true
Option to terminate	true
Option to terminate period (in years)	3 years
Advertising Costs
Advertising expenses	$ 494	451	675
Foreign currency transactions
Foreign currency losses	119	242	1
Numerator for basic earnings per share:
Net (loss) income attributable to AeroVironment, Inc.	$ (176,212)	$ (4,188)	$ 23,331
Denominator for basic (loss) earnings per share:
Weighted average common shares	25,044,881	24,685,534	24,049,851
Dilutive effect of employee stock options, restricted stock and restricted stock units			312,805
Denominator for diluted (loss) earbubgs per share	25,044,881	24,685,534	24,362,656
Number of anti-dilutive shares	146,000	224,000	3,000
Number of anti-dilutive due to loss	0	0
Prepaid expenses and other current assets
Cost to Fulfill a Contract with a Customer
Costs to fulfill future performance obligations	$ 0	$ 0
Minimum
Lease Accounting
Remaining lease terms (in years)	1 year
Maximum
Lease Accounting
Remaining lease terms (in years)	7 years
Option to extend period (in years)	9 years

Investments in Companies Accounted for Using the Equity Method (Details) - USD ($)	1 Months Ended		12 Months Ended
	Mar. 31, 2022	Jul. 31, 2019	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Equity Method Investments
Equity method investment (loss) income, net of tax			$ (2,453,000)	$ 4,589,000	$ (10,481,000)
Carrying value of investment			18,644,000	15,433,000
Limited Partnership Fund
Equity Method Investments
Capital contributions				10,000,000	10,000,000
Contribution commitments				0
Limited Partnership Fund \| Equity method investment loss, net of tax
Equity Method Investments
Equity method investment (loss) income, net of tax			(2,453,000)	5,889,000	49,000
Income tax expense from equity method investments			0	1,300,000	11
Limited Partnership Fund \| Long term investments
Equity Method Investments
Carrying value of investment			18,644,000	15,433,000
Limited Partnership Fund, Technologies and Start-Up
Equity Method Investments
Capital contributions	$ 20,000,000		$ 5,778,000
Expected years contributions will be made	5 years
Additional capital contributions		$ 14,222,000
HAPSMobile
Equity Method Investments
Equity method investment (loss) income, net of tax				$ 0	$ 10,530,000

Investments in Companies Accounted for Using the Equity Method (Details)												1 Months Ended	12 Months Ended
	Oct. 14, 2022	Mar. 01, 2022 USD ($)	Mar. 01, 2022 JPY (¥)	Oct. 29, 2021 USD ($)	Oct. 29, 2021 JPY (¥)	Sep. 15, 2021	Aug. 13, 2021 USD ($)	Aug. 13, 2021 JPY (¥)	Jun. 07, 2021 USD ($)	Jun. 07, 2021 JPY (¥)	May 29, 2021 USD ($)	Mar. 31, 2022 USD ($)	Apr. 30, 2023 USD ($)	Apr. 30, 2022 USD ($)	Apr. 30, 2021 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													$ (2,453,000)	$ 4,589,000	$ (10,481,000)
Equity method investment (loss) income													(2,453,000)	5,889,000	(10,481,000)
Percentage of ownership interest sold												7.00%
Carrying value of investment													$ 18,644,000	15,433,000
Altoy
Equity Method Investments
Percentage of ownership interest sold	35.00%					35.00%
Ownership interest	15.00%					85.00%
HAPSMobile
Equity Method Investments
Ownership percentage																		7.00%	5.00%
Equity method investment (loss) income, net of tax														$ 0	10,530,000
HAPSMobile \| SoftBank
Equity Method Investments
Ownership percentage												7.00%	100.00%			7.00%
Payments for purchase of interest												$ 6,497,000				¥ 808,008,000
Execution of MDDA \| ¥																	¥ 500,000,000
LOON LLC
Equity Method Investments
Amount of loss from impairment of investment															$ 8,363,000
Altoy
Equity Method Investments
Equity method investment (loss) income													$ (189,000)
Altoy \| Other assets, long term
Equity Method Investments
Carrying value of investment													$ 114,000
MDDA
Equity Method Investments
Term of MDDA											5 years
MDDA \| SoftBank
Equity Method Investments
Maximum value under MDDA											$ 51,200,000
MDDA \| HAPSMobile
Equity Method Investments
Amount funded		$ 4,345,000	¥ 503,832,000	$ 1,674,000	¥ 190,000,000		$ 1,638,000	¥ 180,000,000	$ 1,195,000	¥ 130,000,000

Related Party Transactions

12 Months Ended

Apr. 30, 2023

Related Party Transactions

Related Party Transactions

19. Related Party Transactions

Pursuant to a consulting agreement, the Company paid a board member approximately $76,000, $36,000 and $29,000 for fiscal years ended April 30, 2023, 2022 and 2021, respectively, for consulting services independent of his board service.

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 and preliminary design agreements between the Company and SoftBank of $43,325,000 and $42,426,000 for the fiscal years ended April 30, 2022 and 2021, respectively. At April 30, 2022, the Company had unbilled related party receivables from HAPSMobile of $2,229,000 recorded in unbilled receivables and retentions on the consolidated balance sheets. As of April 30, 2023, the Company had no ownership stake in HAPSMobile and SoftBank and HAPSMobile are no longer considered related parties. Refer to Note 8— Investments in Companies Accounted for Using the Equity Method for further details.

Income Taxes

12 Months Ended

Apr. 30, 2023

Income Taxes

Income Taxes

15. Income Taxes

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


	Year Ended April 30,
	2023		2022		2021
Domestic	$	(187,647)	$	(10,187)	$	34,274
Foreign		(730)		(8,956)		91
(Loss) income before income taxes		(188,377)		(19,143)		34,365

Equity method investment (loss) income		(2,453)		5,889		(10,481)
Total (loss) income before income taxes	$	(190,830)	$	(13,254)	$	23,884

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

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


	Year Ended April 30,
	2023		2022		2021
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Foreign rate differential	(0.1)		4.9		—
State and local income taxes, net of federal benefit	0.2		40.8		(1.4)
R&D and other tax credits	(1.8)		23.0		(11.5)
Valuation allowance	1.1		(37.4)		3.2
Return to provision adjustments	—		(0.9)		(0.3)
Permanent items	(0.7)		(3.3)		3.6
Foreign derived intangible income	2.3		—		(7.6)
Excess benefit of equity awards	0.8		5.2		(5.7)
Goodwill impairment	(17.2)		—		—
Unrecognized tax benefit	2.0		—		—
Other	0.2		0.9		0.3
Effective income tax rate	7.8	%	54.2	%	1.6	%

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


	Year Ended April 30,
	2023		2022		2021
Current:
Federal	$	1,510	$	(3,025)	$	3,094
State		1,474		165		448
Foreign		2,273		279		—
		5,257		(2,581)		3,542
Deferred:
Federal		(17,226)		(5,764)		(3,247)
State		(1,488)		483		244
Foreign		(1,206)		(2,507)		—
		(19,920)		(7,788)		(3,003)
Total income tax (benefit) expense	$	(14,663)	$	(10,369)	$	539

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


	April 30,
	2023		2022
Deferred income tax assets:
Accrued expenses	$	2,153	$	3,399
Stock based compensation		2,380		1,892
Allowances, reserves, and other		2,153		4,455
Outside basis difference		—		89
Unrealized loss on securities		3,528		3,229
Net operating loss and credit carry-forwards		20,430		41,931
Section 174 Capitalization		24,962		—
Intangibles basis		—		—
Lease liability		6,960		6,303
Total deferred income tax assets		62,566		61,298
Deferred income tax liabilities:
Fixed asset basis		(4,999)		(10,413)
Right-of-use asset		(6,478)		(5,878)
Intangibles basis		(3,109)		(15,503)
Total deferred income tax liabilities		(14,586)		(31,794)
Valuation allowance		(22,503)		(24,840)
Net deferred tax assets	$	25,477	$	4,664

At April 30, 2023 and 2022 the Company recorded a valuation allowance of $22,503,000 and $24,840,000, respectively, primarily against state R&D credits as the Company is currently generating more tax credits than it will utilize in future years and against capital loss carryforward. The valuation allowance decreased by $2,337,000 and increased by $7,387,000 for April 30, 2023 and April 30, 2022, respectively.

At April 30, 2023 the Company had federal credit carryforwards of $2,809,000 that will begin to expire in 2042 and state credit carryforwards of $23,330,000 that do not expire.

At April 30, 2023, the Company had federal, state and foreign net operating loss carryforwards of approximately $7,001,000, $93,289,000 and $64,000, respectively. The federal net operating losses carry forward indefinitely. The state net operating losses will begin expiring in fiscal year 2035, and the foreign loss carryforward will begin expiring in fiscal year 2024. Utilization of federal and state net operating loss carryforwards may be subject to substantial annual limitation due to the ownership changes as provided by Section 382 of the Internal Revenue Code and similar state provisions.

At April 30, 2023 and 2022, the Company had approximately $12,841,000 and $17,806,000, respectively, of unrecognized tax benefits of which $5,076,000 would impact the Company’s rate and $5,986,000 would result in an increase in valuation allowance. The Company estimates that $1,244,000 of its unrecognized tax benefits will decrease in the next twelve months due to statute of limitation expiration.

The following table summarizes the activity related to the Company’s gross unrecognized tax benefits for the years ended April 30, 2023 and 2022 (in thousands):


	April 30,
	2023		2022
Balance as of May 1	$	17,806	$	17,556
Increases related to prior year tax positions		—		415
Decreases related to prior year tax positions		(379)		(239)
Increases related to current year tax positions		1,257		1,398
Decreases related to lapsing of statute of limitations		(5,843)		(1,324)
Balance as of April 30	$	12,841	$	17,806

The Company records interest and penalties on uncertain tax positions to income tax expense. As of April 30, 2023 and 2022, the Company had accrued approximately $282,000 and $302,000, respectively, of interest and penalties related to uncertain tax positions. The 2019 to 2022 tax years remain open to examination by the IRS for federal income taxes. The tax years 2012 and 2018 to 2022 remain open for major state taxing jurisdictions.

- 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

Investments - Available For Sale Securities (Details) - USD ($) $ in Thousands	Apr. 30, 2023	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

Organization and Significant Accounting Policies - Performance Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Performance Obligations
Remaining performance obligations	$ 424,108
Remaining performance obligations satisfied over time (as a percentage)	51.00%	57.00%	43.00%
Remaining performance obligations at a point in time (as a percentage)	49.00%	43.00%	57.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-05-01
Performance Obligations
Year of performance obligations	1 year
Remaining performance obligations (as a percentage)	92.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-05-01
Performance Obligations
Year of performance obligations	1 year
Remaining performance obligations (as a percentage)	8.00%

Organization and Significant Accounting Policies (Policies)

12 Months Ended

Apr. 30, 2023

Organization and Significant Accounting Policies

Principles of Consolidation

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of AeroVironment, Inc. and its wholly-owned subsidiaries Arcturus UAV, Inc. (“Arcturus”), and Telerob Gesellschaft für Fernhantierungstechnik mbH (“Telerob”) (collectively referred to herein as the “Company”).

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

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

On May 3, 2021, the Company closed its acquisition of Telerob pursuant to the Share Purchase Agreement (the “Telerob Purchase Agreement”) with Unmanned Systems Investments GmbH, a German limited liability company incorporated under the laws of Germany (the “Telerob Seller”), and each of the unit holders of the Seller (collectively, the “Telerob Shareholders”), to purchase 100% of the issued and outstanding shares of Telerob Seller’s wholly-owned subsidiary Telerob GmbH (the “Telerob Acquisition”). The assets, liabilities and operating results of Telerob GmbH have been included in the Company’s consolidated financial statements. Refer to Note 21—Business Acquisitions for further details.

On August 17, 2022, the Company purchased certain assets of, and assumed certain liabilities of Planck Aerosystems, Inc. (“Planck”) pursuant to the purchase agreement, and post-acquisition, Planck has been incorporated into the medium UAS (“MUAS”) segment. The assets, liabilities and operating results of Planck have been included in the Company’s consolidated financial statements. Refer to Note 21—Business Acquisitions for further details.

Investments in Companies Accounted for Using the Equity or Cost Method

Investments in Companies Accounted for Using the Equity or Cost Method

Investments in other non-consolidated entities are accounted for using the equity method or cost basis depending upon the level of ownership and/or the Company’s ability to exercise significant influence over the operating and financial policies of the investee. When the equity method is used, investments are recorded at original cost and adjusted periodically to recognize the Company’s proportionate share of the investees’ net income or losses after the date

of investment. When net losses from an investment accounted for under the equity method exceed its carrying amount, the investment balance is reduced to zero and additional losses are not provided for as the Company is not obligated to provide additional capital. The Company resumes accounting for the investment under the equity method if the entity subsequently reports net income and the Company’s share of that net income exceeds the share of net losses not recognized during the period the equity method was suspended.

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

In December of 2017, the Company and SoftBank Corp. (“SoftBank”) formed a joint venture, HAPSMobile Inc. (“HAPSMobile”). In March 2022, the Company sold its 7% share of HAPSMobile to SoftBank. Following the sale, SoftBank owns 100% of HAPSMobile. Prior to the sale, as the Company had the ability to exercise significant influence over the operating and financial policies of HAPSMobile, the Company’s investment was accounted as an equity method investment. The Company had presented its proportion of HAPSMobile’s net loss in equity method investment (loss) income, net of tax in the consolidated statements of (loss) income. The carrying value of the investment in HAPSMobile was recorded in other assets. Refer to Note 8—Investments in Companies Accounted for Using the Equity Method for further details.

In July 2019, the Company made its initial capital contribution to a limited partnership fund focusing on highly relevant technologies and start-up companies serving defense and industrial markets. In March 2022, the Company entered into a second related limited partnership fund also focusing on highly relevant technologies and start-up companies serving defense and industrial markets. The Company accounts for investments in limited partnerships as equity method investments as the Company is deemed to have influence when it holds more than a minor interest. Refer to Note 8—Investments in Companies Accounted for Using the Equity Method 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 consolidated financial statements. As the Company has the ability to exercise significant influence over the operating and financial policies of Altoy, the Company accounts for the investment as an equity method investment and records its proportion of any gains or losses of Altoy in equity method investments (loss) income, net of tax. Refer to Note 8— Investments in Companies Accounted for Using the Equity Method for further details.

Segments

Segments

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

Use of Estimates

Use of Estimates

The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates made by management include, but are not limited to, valuation of: inventory, available-for-sale securities, acquired intangibles, goodwill, deferred tax assets and liabilities, useful lives of property, plant and

equipment, medical and dental liabilities, warranty liabilities, long-term incentive plan liabilities and estimates of anticipated contract costs and transaction price utilized in the revenue recognition process. Actual results could differ from those estimates.

Reclassifications

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation. Specifically, the Company’s reserves for inventory excess and obsolescence have been reclassified from changes in inventories to non-cash adjustments within operating activities on the consolidated statements of cash flows for all periods presented.

Cash Equivalents

Cash Equivalents

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

Restricted Cash

Restricted Cash

The Company classifies cash accounts which are not available for general use as restricted cash. Pursuant to the terms of the Arcturus Purchase Agreement, the Company maintained escrow accounts to address final purchase price adjustments post-Arcturus Closing and to address Arcturus UAV’s and/or the Sellers’ indemnification obligations. The restricted funds in the escrow account were recorded in other assets on the consolidated balance sheets. During the fiscal year ended April 30, 2022, the restricted cash was released, and the Company had no restricted cash as of April 30, 2023 or 2022, respectively.

Investments

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. 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 (expense) income, net. Gains and losses realized on the disposition of investment securities are determined on the specific identification basis and credited or charged to income. Management determines the appropriate classification of securities at the time of purchase and reevaluates such designation as of each balance sheet date.

Fair Values of Financial Instruments

Fair Values of Financial Instruments

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

Concentration of Credit Risk

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents, municipal bonds, U.S. government securities, U.S. government-guaranteed agency securities, U.S. government sponsored agency debt securities, highly rated corporate bonds, and accounts receivable. The Company currently invests in equity securities and limited partnership funds. The Company’s revenue and accounts receivable are with a limited number of corporations and governmental entities. In the aggregate, 68%, 66% and 69% of the Company’s revenue came from agencies of the U.S. government for the years ended April 30, 2023, 2022 and 2021, respectively. These agencies accounted for 42% and 65% of the accounts receivable balances at April 30, 2023 and 2022, respectively. One such agency, the U.S. Army, accounted for 6%, 21% and 34% of the Company’s consolidated revenue for the years ended April 30, 2023, 2022 and 2021, respectively. The Company performs ongoing credit evaluations of its commercial customers and maintains an allowance for potential losses.

Accounts Receivable, Unbilled Receivables and Retentions

Accounts Receivable, Unbilled Receivables and Retentions

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

Retentions represent amounts withheld by customers until contract completion. At April 30, 2023 and 2022, the retention balances were $615,000 and $736,000, respectively. The Company determines the allowance for doubtful accounts based on historical customer experience, age of receivable and other currently available evidence. When a specific account is deemed uncollectible, the account is written off against the allowance. The allowance for doubtful accounts reflects the Company’s best estimate of expected credit losses over the life of the receivable; such losses have historically been within management’s expectations. An account is deemed past due based on contractual terms rather than on how recently payments have been received.

Inventories

Inventories

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

Long-Lived Assets

Long-Lived Assets

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


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

Maintenance, repairs and minor renewals are charged directly to expense as incurred. Additions and betterments to property and equipment are capitalized at cost. When the Company disposes of assets, the applicable costs and accumulated depreciation and amortization thereon are removed from the accounts and any resulting gain or loss is included in selling, general and administrative (“SG&A”) in the period incurred with the exception of in-service ISR assets which is included in cost of sales in the period incurred. Following the closure of all of the Company’s contractor-owned, contractor-operated (“COCO”) site locations, in-service intelligence, surveillance and reconnaissance (“ISR”) assets determined to have an alternate business use were reclassified to machinery and equipment as of April 30, 2023.

The Company reviews the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The estimated future cash flows are based upon, among other things, assumptions about expected future operating performance, and may differ from actual cash flows. If the sum of the projected undiscounted cash flows (excluding interest) is less than the carrying value of the assets, the assets will be written down to the estimated fair value in the period in which the determination is made.

Intangible Assets-Acquired in Business Combinations

Intangibles Assets — Acquired in Business Combinations

The Company performs valuations of assets acquired and liabilities assumed on each acquisition accounted for as a business combination and allocates the purchase price of the acquired business to the respective net tangible and intangible assets. Acquired intangible assets include technology, backlog, in-process research and development,

customer relationships, trademarks and tradenames, and non-compete agreements. The Company determines the appropriate useful life by performing an analysis of expected cash flows based on historical experience of the acquired businesses. Intangible assets are amortized over their estimated useful lives using the straight-line method which approximates the pattern in which the economic benefits are consumed. The estimated useful life for the Company’s intangible assets are as follows:


Technology		3 - 12 years
Backlog		1 year
Licenses		3 years
Customer relationships		3 - 5 years
In-process research and development		3 years
Trademarks and tradenames		6 years
Non-compete agreements		Contractual term

The Company monitors conditions related to these assets to determine whether events and circumstances warrant a revision to the remaining amortization period. The Company tests its intangible assets with finite lives for potential impairment whenever management concludes events or changes in circumstances indicate that the carrying amount may not be recoverable. The original estimate of an asset's useful life and the impact of an event or circumstance on either an asset's useful life or carrying value involve significant judgment. Due to the closure of all the Company’s MUAS COCO sites, the Company revised the estimated useful life for the MUAS customer relationships which resulted in accelerated intangible amortization expenses of $34,149,000 during the fiscal year ended April 30, 2023.

Goodwill

Goodwill

Goodwill represents the excess of the cost of an acquired entity over the fair value of the acquired net assets. Goodwill is tested at the reporting unit level for impairment annually during the fourth quarter of the Company’s fiscal year or when events or circumstances change in a manner that indicates goodwill might be impaired. Goodwill is assigned to the reporting units based on specific identification. Events or circumstances that could trigger an impairment review include, but are not limited to, a significant adverse change in legal factors or in the business or political climate, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, significant changes in the manner of the Company’s use of the acquired assets or the strategy for the Company’s overall business, significant negative industry or economic trends or significant underperformance relative to projected future results of operations.

The Company’s evaluation of goodwill for impairment involves the comparison of the fair value of each reporting unit to its carrying value. For the impairment test, the Company first assesses qualitative factors, macroeconomic conditions, industry and market considerations, triggering events, cost factors, and overall financial performance, to determine whether it is necessary to perform a quantitative goodwill impairment test. Alternatively, the Company may bypass the qualitative assessment for some or all of its reporting units and apply the quantitative impairment test. If determined to be necessary, the quantitative impairment test shall be used to identify goodwill impairment and measure the amount of a goodwill impairment loss to be recognized (if any). For the quantitative impairment test, the Company estimates the fair value by weighting the results from the income approach and the market approach. These valuation approaches consider a number of factors that include, but are not limited to, prospective financial information, growth rates, terminal value, discount rates, and comparable multiples from publicly traded companies in the Company’s industry and require the Company to make certain assumptions and estimates regarding industry economic factors and the future profitability of its business.

When performing the income approach for each reporting unit, the Company incorporates the use of projected financial information and a discount rate that are developed using market participant based assumptions. The cash-flow projections are based on seven-year financial forecasts developed by management that include revenue projections, capital spending trends, and investment in working capital to support anticipated revenue growth, which are updated at least annually and reviewed by management. The selected discount rate considers the risk and nature of the respective reporting unit’s cash flows and the rates of return market participants would require to invest their capital in its reporting units.

When performing the market approach for each reporting unit, the Company utilizes the guideline public company method and the guideline transaction method. The guideline public company method incorporates revenue and earnings multiples from publicly traded companies with operations and other characteristics similar to each reporting unit. The selected multiples consider each reporting unit’s relative growth, profitability, size, and risk relative to the selected publicly traded companies. The guideline transaction method incorporates implied multiples based on transactions from publicly traded companies with similar characteristics to each reporting unit.

Subsequent to the performance of the Company’s annual goodwill impairment test, in May 2023, a trigger event was identified that indicated that the carrying value of the MUAS reporting unit exceeded its fair value. Specifically, the Company received notification that it was not down selected for a US DoD program of record which resulted in a significant decrease in the projected future cash flows of the MUAS reporting unit. As a result, the Company updated its estimates of long-term future cash flows to reflect lower revenue and EBITDA growth rate expectations used in the valuation of the MUAS reporting unit. These changes in estimates resulted in the recognition of a goodwill impairment charge of $156,017,000 in the MUAS reporting unit. The Company determined that it was more likely than not that the fair value of the Company’s other reporting units were more than their carrying values as of the annual goodwill impairment test date.

Product Warranty

Product Warranty

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

Accrued Sales Commissions

Accrued Sales Commissions

As of April 30, 2023 and 2022, the Company accrued sales commissions in other current liabilities of $3,011,000 and $3,219,000, respectively.

Self-Insurance Liability

Self-Insurance Liability

The Company is self-insured for employee medical claims, subject to individual and aggregate stop loss policies. The Company estimates a liability for claims filed and incurred but not reported based upon recent claims experience and an analysis of the average period of time between the occurrence of a claim and the time it is reported to and paid by the Company. As of April 30, 2023 and 2022, the Company estimated and recorded a self-insurance liability in wages and related accruals of approximately $1,383,000 and $1,653,000, respectively.

Income Taxes

Income Taxes

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

Customer Advances

Customer Advances

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

Revenue Recognition

Revenue Recognition

The Company’s revenue is generated pursuant to written contractual arrangements to design, develop, manufacture and/or modify complex products, and to provide related engineering, technical and other services according to the specifications of the customers. These contracts may be firm fixed price (“FFP”), cost plus fixed fee (“CPFF”), or time and materials (“T&M”). The Company considers all such contracts to be within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”).

Performance Obligations

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

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

The Company’s performance obligations are satisfied over time, which accounted for 51%, 57% and 43% of revenue during its fiscal years ended April 30, 2023, 2022 and 2021, respectively, or at a point in time, 49%, 43% and 57% during its fiscal year ended April 30, 2023, 2022 and 2021, respectively. 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, customization of UGV transport vehicles and customer-funded R&D contracts is recognized over time as costs are incurred. Contract services revenue is composed of revenue recognized on contracts for the provision of services, including repairs and maintenance, training, engineering design, development and prototyping activities and technical support services. Contract services revenue is recognized over time as services are rendered. Typically, revenue is recognized over time using an input measure (e.g., costs incurred to date relative to total estimated costs at completion) to measure progress. Contract services revenue, including ISR services, is recognized over time as services are rendered. The Company elected the right to invoice practical expedient in which if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date, such as flight hours for ISR services, the entity may recognize revenue in the amount to which the entity has a right to invoice. Training services are recognized over time using an output method based on days of training completed.

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

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

On April 30, 2023, the Company had approximately $424,108,000 of remaining performance obligations under contracts with its customers, which the Company also refers to as backlog. The Company currently expects to recognize approximately 92% of the remaining performance obligations as revenue in fiscal 2024 and an additional 8% in fiscal 2025.

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

Contract Estimates

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

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

The nature of the Company’s contracts gives rise to several types of variable consideration, including undefinitized contract actions which are within the scope of ASC 606 with final contract values to be negotiated, 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 including definitization of contracts, are recorded using a cumulative catch-up adjustment in the period identified. In the period undefinitized contract actions become definitized, a cumulative catch-up adjustment is recorded to reflect the final consideration, which could have a material positive or negative impact.

If at any time the estimate of contract profitability indicates an anticipated loss on the contract, the Company recognizes the total loss in the quarter it is identified, and it is recorded in other current liabilities. The balance of forward loss reserves as of April 30, 2023 and April 30, 2022 was $1,878,000 and $1,064,000, respectively. 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. No adjustment on the forward loss reserve for any one contract was material to the Company’s consolidated financial statements for the fiscal years ended April 30, 2023, 2022 or 2021.

The impact of adjustments in contract estimates on the Company’s operating earnings can be reflected in either operating costs and expenses or revenue. The aggregate impact of adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods was not significant for the years ended April 30, 2023, 2022 or 2021. During the years ended April 30, 2023, 2022 and 2021, the Company revised its estimates of the total expected costs to complete a TMS contract. The aggregate impact of these adjustments in contract estimates on

revenue related to performance obligations satisfied or partially satisfied in previous periods was a decrease to revenue of approximately $1,898,000, $1,124,000 and $1,041,000, respectively.

Revenue by Category

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


	Year Ended April 30,

Revenue by segment	2023		2022		2021
SUAS	$	233,908	$	178,201	$	235,854
TMS		120,624		76,415		87,268
MUAS		70,327		93,156		15,837
All Other		115,677		97,960		55,953
Total revenue	$	540,536	$	445,732	$	394,912


	Year Ended April 30,
	April 30,		April 30,		April 30,
Revenue by contract type	2023		2022		2021
FFP	$	430,547	$	346,092	$	307,413
CPFF		104,444		93,428		86,719
T&M		5,545		6,212		780
Total revenue	$	540,536	$	445,732	$	394,912

Each of these contract types presents advantages and disadvantages. Typically, the Company assumes more risk with FFP contracts. However, these types of contracts generally offer additional profits when the Company completes the work for less than originally estimated. CPFF contracts generally subject the Company to lower risk. Accordingly, the associated base fees are usually lower than fees on FFP contracts. Under T&M contracts, the Company’s profit may vary if actual labor hour rates vary significantly from the negotiated rates.


	Year Ended April 30,
	April 30,		April 30,		April 30,
Revenue by customer category	2023		2022		2021
U.S. government	$	366,895	$	294,941	$	271,273
Non-U.S. government		173,641		150,791		123,639
Total revenue	$	540,536	$	445,732	$	394,912

	Year Ended April 30,
	April 30,		April 30,		April 30,
Revenue by geographic location	2023		2022		2021
Domestic	$	251,428	$	262,258	$	241,898
International		289,108		183,474		153,014
Total revenue	$	540,536	$	445,732	$	394,912

Contract Balances

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables, and customer advances and deposits on the consolidated balance sheets. In the Company’s services contracts, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals, which is generally monthly, or upon the achievement of contractual milestones. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets recorded in unbilled receivables and retentions on the consolidated balance sheets. However, the Company sometimes receives advances or deposits from its customers before revenue is recognized, resulting in contract liabilities recorded in customer advances on the consolidated balance sheets. Contract liabilities are not a significant financing component as they are generally utilized to pay for contract costs

within a one-year period or are used to ensure the customer meets contractual requirements. These assets and liabilities are reported on the consolidated balance sheets on a contract-by-contract basis at the end of each reporting period. For the Company’s product revenue, the Company generally receives cash payments subsequent to satisfying the performance obligation via delivery of the product, resulting in billed accounts receivable. Changes in the contract asset and liability balances during the years ended April 30, 2023 or 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 years ended April 30, 2023, 2022, and 2021 that was included in contract liability balances at the beginning of each year were $3,413,000, $3,144,000 and $5,468,000, respectively.

Cost to Fulfill a Contract with a Customer

The Company recognizes assets for the costs to fulfill a contract with a customer if the costs are specifically identifiable, generate or enhance resources used to satisfy future performance obligations, and are expected to be recovered in accordance with ASC 340-40 Other Assets and Deferred Costs: Contracts with Customers. The assets related to costs to fulfill contracts with customers are capitalized and amortized over the period the related performance obligations are satisfied. As of April 30, 2023 and 2022, the Company had no costs to fulfill future performance obligations on contracts considered to be probable of occurrence.

Stock-Based Compensation

Stock-Based Compensation

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

Long-Term Incentive Awards

Long-Term Incentive Awards

For long-term incentive awards outstanding as of April 30, 2023, the awards include time-based awards which vest equally over three years and performance-based awards which vest based on the achievement of a target payout established at the beginning of each performance period. The actual payout at the end of the performance period is calculated based upon the Company’s achievement of such targets. Payouts are made in shares of restricted stock which become immediately vested upon issuance.

At each reporting period, the Company reassesses the probability of achieving the performance targets. The estimation of whether the performance targets will be achieved requires judgment, and, to the extent actual results or updated estimates differ from the Company’s current estimates, the cumulative effect on current and prior periods of those changes will be recorded in the period estimates are revised.

Research and Development

Research and Development

Internally funded R&D costs sponsored by the Company relate to both U.S. government products and services and those for commercial and foreign customers. Internally funded R&D costs for the Company are recoverable and allocable under government contracts in accordance with U.S. government procurement regulations.

Customer-funded R&D costs are incurred pursuant to contracts (revenue arrangements) to perform research and development activities according to customer specifications. These costs are direct contract costs and are expensed to cost of sales when the corresponding revenue is recognized, which is generally as the research and development services are performed. Revenue from customer-funded R&D was approximately $97,880,000, $84,247,000 and $74,218,000 for the years ended April 30, 2023, 2022 and 2021, respectively. The related cost of sales for customer-funded R&D totaled approximately $70,711,000, $59,054,000 and $51,395,000 for the years ended April 30, 2023, 2022 and 2021, respectively.

In January 2017, the Company executed a cost sharing Other Transaction Agreement type contract funded by the US Federal Government to perform certain system design, development and functional testing activities specific to a new prototype UAS on a best-efforts basis. The term of the agreement was completed as of December 2020. Costs of $21,833,000 have been reimbursed to the Company as the activities were performed, while the Company was responsible for funding a minimum of $11,225,000. The Company has determined that the contract meets the criteria of ASC 912-730-05 Contractors – Federal Government and, therefore, all reimbursements are recorded as an offset to research and development expense in the consolidated statements of (loss) income. Reimbursements under the contract were $3,424,000 for the fiscal year ended April 30, 2021.

Lease Accounting

Lease Accounting

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

The Company recognizes operating lease right-of-use assets and operating lease liabilities based on the present value of the future minimum lease payments over the lease term at commencement date. The Company uses its incremental borrowing rate based on the information available at commencement date to determine the present value of future payments and the appropriate lease classification. The Company defines the initial lease term to include renewal options determined to be reasonably certain. The Company’s leases have remaining lease terms of less than one year to seven years, some of which may include options to extend the lease for up to nine years, and some of which may include options to terminate the lease after three 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.

Advertising Costs

Advertising Costs

Advertising costs are expensed as incurred. Advertising expenses included in SG&A expenses were approximately $494,000, $451,000 and $675,000 for the years ended April 30, 2023, 2022 and 2021, respectively.

Foreign Currency Transactions

Foreign Currency Transactions

Foreign currency transaction gains and losses are charged or credited to earnings as incurred. For the fiscal years ended April 30, 2023, 2022 and 2021, foreign currency transaction losses that are included in other (expense) income, net in the accompanying consolidated statements of (loss) income were $119,000, $242,000, and $1,000, respectively.

(Loss) Earnings Per Share

(Loss) Earnings Per Share

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

The reconciliation of diluted to basic shares is as follows:


	Year Ended April 30,
	2023		2022		2021

Net (loss) income attributable to AeroVironment, Inc.	$	(176,212,000)	$	(4,188,000)	$	23,331,000
Denominator for basic earnings per share:
Weighted average common shares		25,044,881		24,685,534		24,049,851
Dilutive effect of employee stock options, restricted stock and restricted stock units		—		—		312,805
Denominator for diluted earnings per share		25,044,881		24,685,534		24,362,656

During the years ended April 30, 2023, 2022 and 2021, certain options, shares of restricted stock and restricted stock units were not included in the computation of diluted earnings per share because their inclusion would have been anti-dilutive. Due to the net loss for the fiscal years ended April 30, 2023 and 2022, 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. The number of options, restricted stock and restricted stock units which met this anti-dilutive criterion was approximately 146,000, 224,000 and 3,000 for the years ended April 30, 2023, 2022 and 2021, respectively.

Recently Issued Accounting Standards

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 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 was adopted prospectively and did not have a material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Standards

No recently issued accounting standards are expected to have a material impact on the Company.

Organization and Significant Accounting Policies (Tables)

12 Months Ended

Apr. 30, 2023

Organization and Significant Accounting Policies

Schedule of estimated useful lives of property and equipment


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

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


Technology		3 - 12 years
Backlog		1 year
Licenses		3 years
Customer relationships		3 - 5 years
In-process research and development		3 years
Trademarks and tradenames		6 years
Non-compete agreements		Contractual term

Schedule of revenue by category

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


	Year Ended April 30,

Revenue by segment	2023		2022		2021
SUAS	$	233,908	$	178,201	$	235,854
TMS		120,624		76,415		87,268
MUAS		70,327		93,156		15,837
All Other		115,677		97,960		55,953
Total revenue	$	540,536	$	445,732	$	394,912


	Year Ended April 30,
	April 30,		April 30,		April 30,
Revenue by contract type	2023		2022		2021
FFP	$	430,547	$	346,092	$	307,413
CPFF		104,444		93,428		86,719
T&M		5,545		6,212		780
Total revenue	$	540,536	$	445,732	$	394,912


	Year Ended April 30,
	April 30,		April 30,		April 30,
Revenue by customer category	2023		2022		2021
U.S. government	$	366,895	$	294,941	$	271,273
Non-U.S. government		173,641		150,791		123,639
Total revenue	$	540,536	$	445,732	$	394,912

	Year Ended April 30,
	April 30,		April 30,		April 30,
Revenue by geographic location	2023		2022		2021
Domestic	$	251,428	$	262,258	$	241,898
International		289,108		183,474		153,014
Total revenue	$	540,536	$	445,732	$	394,912

Schedule of reconciliation of basic to diluted shares


	Year Ended April 30,
	2023		2022		2021

Net (loss) income attributable to AeroVironment, Inc.	$	(176,212,000)	$	(4,188,000)	$	23,331,000
Denominator for basic earnings per share:
Weighted average common shares		25,044,881		24,685,534		24,049,851
Dilutive effect of employee stock options, restricted stock and restricted stock units		—		—		312,805
Denominator for diluted earnings per share		25,044,881		24,685,534		24,362,656

Organization and Significant Accounting Policies - Concentration of Credit Risk (Details)	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Customer concentration \| Sales Revenue \| US Government Agencies
Concentration of Credit Risk
Concentration Risk, Percentage	68.00%	66.00%	69.00%
Customer concentration \| Sales Revenue \| US Army
Concentration of Credit Risk
Concentration Risk, Percentage	6.00%	21.00%	34.00%
Credit concentration \| Accounts receivable balances \| US Government Agencies
Concentration of Credit Risk
Concentration Risk, Percentage	42.00%	65.00%

Goodwill (Tables)

12 Months Ended

Apr. 30, 2023

Goodwill.

Schedule of the changes in goodwill balances

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


	SUAS		TMS		MUAS		All other		Total
Balance at April 30, 2022	$	6,340	$	—	$	290,157	$	37,850	$	334,347
Additions to goodwill		—		—		1,633		838		2,471
Impairment of goodwill		—		—		(156,017)		—		(156,017)
Balance at April 30, 2023	$	6,340	$	—	$	135,773	$	38,688	$	180,801


	SUAS		TMS		MUAS		All other		Total
Balance at April 30, 2021	$	6,340	$	—	$	288,611	$	19,254	$	314,205
Additions to goodwill		—		—		1,546		18,596		20,142
Balance at April 30, 2022	$	6,340	$	—	$	290,157	$	37,850	$	334,347

Leases

12 Months Ended

Apr. 30, 2023

Leases

Leases

12. Leases

The components of lease costs recorded in cost of sales and SG&A expense were as follows (in thousands):


	Year Ended		Year Ended
	April 30,		April 30,
	2023		2022
Operating lease cost	$	8,048	$	6,814
Short term lease cost		862		840
Variable lease cost		1,820		653
Sublease income		—		(176)
Total lease costs, net	$	10,730	$	8,131

Supplemental lease information was as follows:


	Year Ended		Year Ended
	April 30,		April 30,
	2023		2022
	(In thousands)		(In thousands)
Cash paid for amounts included in the measurement of operating lease liabilities	$	7,690	$	6,925
Right-of-use assets obtained in exchange for new lease liabilities	$	7,463	$	10,238

Weighted average remaining lease term		53 months		62 months
Weighted average discount rate		4.3%		3.4%

Maturities of operating lease liabilities as of April 30, 2023 were as follows (in thousands):


2024	$	8,933
2025		8,628
2026		5,316
2027		4,565
2028		2,646
Thereafter		5,895
Total lease payments		35,983
Less: imputed interest		(6,565)
Total present value of operating lease liabilities	$	29,418

Long-Term Incentive Awards (Details) - USD ($)	3 Months Ended				12 Months Ended
Long-Term Incentive Awards (Details) - USD ($)	Jul. 30, 2022	Jul. 31, 2021	Aug. 01, 2020	Jul. 27, 2019	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Stock Based Compensation
Stock based compensation expense					$ 10,765,000	$ 5,390,000	$ 6,932,000
Exercisable period from grant date					3 years
LTIP
Stock Based Compensation
Stock based compensation expense					$ 8,495,000	4,594,000
Fiscal 2023 LTIP \| Performance based restricted stock units
Stock Based Compensation
Stock based compensation expense					2,690,000
Exercisable period from grant date	3 years
Fiscal 2023 LTIP \| Performance based restricted stock units \| 100% Vested
Stock Based Compensation
Vesting (as a percentage)	100.00%
Fiscal 2023 LTIP \| Performance based restricted stock units \| 50% Vested
Stock Based Compensation
Vesting (as a percentage)	50.00%
Fiscal 2023 LTIP \| Performance based restricted stock units \| 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					12,342,000
Fiscal 2022 LTIP \| Performance based restricted stock units
Stock Based Compensation
Stock based compensation expense					846,000	752,000
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					9,823,000
Fiscal 2021 LTIP \| Performance based restricted stock units
Stock Based Compensation
Stock based compensation expense					354,000	(634,000)	1,072,000
Exercisable period from grant date			3 years
Fiscal 2021 LTIP \| Performance based restricted stock units \| 100% Vested
Stock Based Compensation
Vesting (as a percentage)			100.00%
Fiscal 2021 LTIP \| Performance based restricted stock units \| 50% Vested
Stock Based Compensation
Vesting (as a percentage)			50.00%
Fiscal 2021 LTIP \| Performance based restricted stock units \| 250% Vested
Stock Based Compensation
Vesting (as a percentage)			250.00%
Fiscal 2020 LTIP
Stock Based Compensation
Stock based compensation expense					$ 0
Fiscal 2020 LTIP \| Performance based restricted stock units
Stock Based Compensation
Stock based compensation expense						$ (701,000)	$ 620,000
Exercisable period from grant date				3 years
Issue of fully-vested shares of common stock to settle	5,678

Employee Savings Plan (Details) - USD ($)	12 Months Ended
Employee Savings Plan (Details) - USD ($)	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Employee Savings Plan
Amount of expense in contribution to the plan	$ 6,994,000	$ 6,842,000	$ 5,764,000

Pension - Projected benefit obligation and projected fair value (Details) - item	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Pension
Number of pension commitments	3
Pension Plan
Pension
Discount rate	2.40%	1.70%
In-payment benefits	1.50%	1.50%
Expected return on plan assets	2.90%	2.90%

Organization and Significant Accounting Policies - Revenue by Category (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Disaggregation of revenue
Revenue	$ 540,536	$ 445,732	$ 394,912
Contract Liability
Disaggregation of revenue
Revenue	3,413	3,144	5,468
Domestic
Disaggregation of revenue
Revenue	251,428	262,258	241,898
International
Disaggregation of revenue
Revenue	289,108	183,474	153,014
U.S. government
Disaggregation of revenue
Revenue	366,895	294,941	271,273
Non-U.S. government
Disaggregation of revenue
Revenue	173,641	150,791	123,639
FFP
Disaggregation of revenue
Revenue	430,547	346,092	307,413
CPFF
Disaggregation of revenue
Revenue	104,444	93,428	86,719
T&M
Disaggregation of revenue
Revenue	5,545	6,212	780
Small UAS
Disaggregation of revenue
Revenue	233,908	178,201	235,854
TMS
Disaggregation of revenue
Revenue	120,624	76,415	87,268
MUAS ISR Contract.
Disaggregation of revenue
Revenue	70,327	93,156	15,837
Other.
Disaggregation of revenue
Revenue	$ 115,677	$ 97,960	$ 55,953

Commitments and Contingencies - Legal Updates (Details) - USD ($)					3 Months Ended	12 Months Ended
	Dec. 16, 2021	Dec. 02, 2021	Aug. 16, 2019	Feb. 22, 2019	Oct. 30, 2021	Apr. 30, 2021
Other expense
Commitments and Contingencies
Litigation reserve expense						$ 9,300,000
Discontinued Operations
Commitments and Contingencies
Amount of alleged damages				$ 6,500,000
EES Business
Commitments and Contingencies
Litigation reserve expense					$ 10,000,000
Amount of existing claims settled	$ 20,000,000	$ 20,000,000
Payment period	24 months
Holdback \| Discontinued Operations
Commitments and Contingencies
Amount of alleged damages			$ 6,500,000

Stock-Based Compensation Stock Option Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Shares
Options granted (in shares)	0	0	0
Stock options
Intrinsic value of options
Intrinsic value of options exercised	$ 7,369	$ 4,785	$ 4,828
Intrinsic value of options outstanding	$ 4,822	$ 9,229
Restated 2006 Plan \| Stock options
Shares
Outstanding at the beginning of the year (in shares)	166,164	280,526	334,026
Options exercised (in shares)	(100,000)	(114,362)	(53,500)
Outstanding at the end of the year (in shares)	66,164	166,164	280,526
Options exercisable (in shares)	66,164
Weighted Average Exercise Price
Outstanding at the beginning of the year (in dollars per share)	$ 24.78	$ 24.57	$ 25.19
Options exercised (in dollars per share)	22.77	24.28	28.45
Outstanding at the end of the year (in dollars per share)	27.82	$ 24.78	$ 24.57
Options exercisable (in dollars per share)	$ 27.82
1992 Plan \| Stock options
Shares
Outstanding at the beginning of the year (in shares)			1,113
Options exercised (in shares)			(1,113)
Weighted Average Exercise Price
Outstanding at the beginning of the year (in dollars per share)			$ 0.59
Options exercised (in dollars per share)			$ 0.59

Organization and Significant Accounting Policies - Accrued Sales Commission (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Self-Insurance Liability
Estimated self-insurance liability of employee medical claim	$ 1,383	$ 1,653
Other current liabilities
Accrued liabilities
Accrued sales commission	$ 3,011	$ 3,219

Property and Equipment, net (Tables)

12 Months Ended

Apr. 30, 2023

Property and Equipment, net

Schedule of property and equipment


	April 30,
	2023		2022

	(In thousands)
In-service ISR assets	$	—	$	48,496
Leasehold improvements		22,541		20,842
Machinery and equipment		124,845		64,759
Furniture and fixtures		4,756		4,239
Computer equipment and software		44,689		41,476
Construction in process		5,962		4,618
Property and equipment, gross		202,793		184,430
Less accumulated depreciation and amortization		(162,998)		(122,134)
Property and equipment, net	$	39,795	$	62,296

Organization and Significant Accounting Policies

12 Months Ended

Apr. 30, 2023

Organization and Significant Accounting Policies

Organization and Significant Accounting Policies

AEROVIRONMENT, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies

Organization

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

Significant Accounting Policies

Principles of Consolidation

Investments in Companies Accounted for Using the Equity or Cost Method

In July 2019, the Company made its initial capital contribution to a limited partnership fund focusing on highly relevant technologies and start-up companies serving defense and industrial markets. In March 2022, the Company entered into a second related limited partnership fund also focusing on highly relevant technologies and start-up companies serving defense and industrial markets. The Company accounts for investments in limited partnerships as equity method investments as the Company is deemed to have influence when it holds more than a minor interest. Refer to Note 8—Investments in Companies Accounted for Using the Equity Method for further details.

Segments

Use of Estimates

Reclassifications

Cash Equivalents

Restricted Cash

Investments

Fair Values of Financial Instruments

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

Concentration of Credit Risk

Accounts Receivable, Unbilled Receivables and Retentions

Inventories

Long-Lived Assets


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

Intangibles Assets — Acquired in Business Combinations


Technology		3 - 12 years
Backlog		1 year
Licenses		3 years
Customer relationships		3 - 5 years
In-process research and development		3 years
Trademarks and tradenames		6 years
Non-compete agreements		Contractual term

Goodwill

Subsequent to the performance of the Company’s annual goodwill impairment test, in May 2023, a trigger event was identified that indicated that the carrying value of the MUAS reporting unit exceeded its fair value. Specifically, the Company received notification that it was not down selected for a US DoD program of record which resulted in a significant decrease in the projected future cash flows of the MUAS reporting unit. As a result, the Company updated its estimates of long-term future cash flows to reflect lower revenue and EBITDA growth rate expectations used in the valuation of the MUAS reporting unit. These changes in estimates resulted in the recognition of a goodwill impairment charge of $156,017,000 in the MUAS reporting unit. The Company determined that it was more likely than not that the fair value of the Company’s other reporting units were more than their carrying values as of the annual goodwill impairment test date.

Product Warranty

Accrued Sales Commissions

As of April 30, 2023 and 2022, the Company accrued sales commissions in other current liabilities of $3,011,000 and $3,219,000, respectively.

Self-Insurance Liability

Income Taxes

Customer Advances

Revenue Recognition

Performance Obligations

Contract Estimates

revenue related to performance obligations satisfied or partially satisfied in previous periods was a decrease to revenue of approximately $1,898,000, $1,124,000 and $1,041,000, respectively.

Revenue by Category

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


	Year Ended April 30,

Revenue by segment	2023		2022		2021
SUAS	$	233,908	$	178,201	$	235,854
TMS		120,624		76,415		87,268
MUAS		70,327		93,156		15,837
All Other		115,677		97,960		55,953
Total revenue	$	540,536	$	445,732	$	394,912


	Year Ended April 30,
	April 30,		April 30,		April 30,
Revenue by contract type	2023		2022		2021
FFP	$	430,547	$	346,092	$	307,413
CPFF		104,444		93,428		86,719
T&M		5,545		6,212		780
Total revenue	$	540,536	$	445,732	$	394,912


	Year Ended April 30,
	April 30,		April 30,		April 30,
Revenue by customer category	2023		2022		2021
U.S. government	$	366,895	$	294,941	$	271,273
Non-U.S. government		173,641		150,791		123,639
Total revenue	$	540,536	$	445,732	$	394,912

	Year Ended April 30,
	April 30,		April 30,		April 30,
Revenue by geographic location	2023		2022		2021
Domestic	$	251,428	$	262,258	$	241,898
International		289,108		183,474		153,014
Total revenue	$	540,536	$	445,732	$	394,912

Contract Balances

Cost to Fulfill a Contract with a Customer

Stock-Based Compensation

Long-Term Incentive Awards

Research and Development

Lease Accounting

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

Advertising Costs

Foreign Currency Transactions

(Loss) Earnings Per Share

The reconciliation of diluted to basic shares is as follows:


	Year Ended April 30,
	2023		2022		2021

Net (loss) income attributable to AeroVironment, Inc.	$	(176,212,000)	$	(4,188,000)	$	23,331,000
Denominator for basic earnings per share:
Weighted average common shares		25,044,881		24,685,534		24,049,851
Dilutive effect of employee stock options, restricted stock and restricted stock units		—		—		312,805
Denominator for diluted earnings per share		25,044,881		24,685,534		24,362,656

Recently Adopted Accounting Standards

Recently Issued Accounting Standards

No recently issued accounting standards are expected to have a material impact on the Company.

Changes in Accounting Estimates (Details) - USD ($)	12 Months Ended
Changes in Accounting Estimates (Details) - USD ($)	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Compensation expense	$ 10,765,000	$ 5,390,000	$ 6,932,000
Amortization expense	58,121,000	26,558,000	6,469,000
Net (loss) income	$ (176,167,000)	$ (4,185,000)	$ 23,345,000
Diluted (in dollars per share)	$ (7.04)	$ (0.17)	$ 0.96
Adoption of ASU 2018-09
Compensation expense		$ 1,602,000
Revision of estimate of total costs required to complete the contracts \| Customer Related Intangible Assets
Amortization expense	$ 34,149,000
Net (loss) income	$ 26,158,000
Diluted (in dollars per share)	$ 1.04
TMS contract
Amount of aggregate impact of adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods	$ 1,898,000	$ 1,124,000	$ 1,041,000

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Current assets:
Cash and cash equivalents	$ 132,859	$ 77,231
Short-term investments		24,716
Accounts receivable, net of allowance for doubtful accounts of $156 at April 30, 2023 and $592 at April 30, 2022	87,633	60,170
Unbilled receivables and retentions (inclusive of related party unbilled receivables of $2,229 at April 30, 2022)	105,653	104,194
Inventories, net	138,814	90,629
Income taxes receivable		442
Prepaid expenses and other current assets	12,043	11,527
Total current assets	477,002	368,909
Long-term investments	23,613	15,433
Property and equipment, net	39,795	62,296
Operating lease right-of-use assets	27,363	26,769
Deferred income taxes	27,206	7,290
Intangibles, net	43,577	97,224
Goodwill	180,801	334,347
Other assets	5,220	1,932
Total assets	824,577	914,200
Current liabilities:
Accounts payable	31,355	19,244
Wages and related accruals	35,637	25,398
Customer advances	16,645	8,968
Current portion of long-term debt	7,500	10,000
Current operating lease liabilities	8,229	6,819
Income taxes payable	2,342	759
Other current liabilities	19,626	30,203
Total current liabilities	121,334	101,391
Long-term debt, net of current portion	125,904	177,840
Non-current operating lease liabilities	21,189	21,915
Other non-current liabilities	746	768
Liability for uncertain tax positions	2,705	1,450
Deferred income taxes	1,729	2,626
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value: Authorized shares-10,000,000; none issued or outstanding at April 30, 2023 and April 30, 2022
Common stock, $0.0001 par value: Authorized shares-100,000,000 Issued and outstanding shares-26,216,897 shares at April 30, 2023 and 24,951,287 shares at April 30, 2022	4	2
Additional paid-in capital	384,397	267,248
Accumulated other comprehensive loss	(4,452)	(6,514)
Retained earnings	171,021	347,233
Total AeroVironment, Inc. stockholders' equity	550,970	607,969
Noncontrolling interest		241
Total equity	550,970	608,210
Total liabilities and stockholders' equity	$ 824,577	$ 914,200

Share Repurchase Plan and Issuances - Shelf Registration (Details) - S-3 - USD ($)		12 Months Ended
	Sep. 08, 2022	Apr. 30, 2023
Share Repurchase Plan and Issuances
Number of share sold		1,109,730
Total gross proceeds		$ 108,686,000
Amount of cash inflow from sale of stock		105,425,000
Commission expense		104,649,000
Amount of aggregate offering price remaining.		$ 91,314,000
Maximum
Share Repurchase Plan and Issuances
Aggregate offering price	$ 200,000,000

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Apr. 30, 2023

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS

SUPPLEMENTARY DATA

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS


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

	(In thousands)
Allowance for doubtful accounts for the year ended April 30:
2021	$	1,190	$	—	$	82	$	—	$	(677)	$	595
2022	$	595	$	5	$	52	$	—	$	(60)	$	592
2023	$	592	$	—	$	124	$	—	$	(560)	$	156
Warranty reserve for the year ended April 30:
2021	$	2,015	$	—	$	1,650	$	—	$	(1,324)	$	2,341
2022	$	2,341	$	256	$	1,089	$	—	$	(1,496)	$	2,190
2023	$	2,190	$	—	$	3,052	$	—	$	(1,600)	$	3,642
Reserve for inventory excess and obsolescence for the year ended April 30:
2021	$	10,232	$	1,415	$	1,178	$	—	$	(2,536)	$	10,289
2022	$	10,289	$	1,561	$	2,271	$	—	$	(1,787)	$	12,334
2023	$	12,334	$	—	$	8,136	$	—	$	(5,265)	$	15,205
Reserve for self-insured medical claims for the year ended April 30:
2021	$	753	$	—	$	11,329	$	—	$	(10,789)	$	1,293
2022	$	1,293	$	—	$	14,724	$	—	$	(14,364)	$	1,653
2023	$	1,653	$	—	$	13,863	$	—	$	(14,133)	$	1,383

Inventories, net (Details) - USD ($) $ in Thousands	12 Months Ended
Inventories, net (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Inventories, net
Raw materials	$ 67,775	$ 42,310
Work in process	43,276	28,034
Finished goods	42,968	32,619
Inventories, gross	154,019	102,963
Reserve for inventory excess and obsolescence	(15,205)	(12,334)
Inventories, net	138,814	90,629
Inventory reserve charge	$ 8,136	$ 2,271	$ 1,178

Stock-Based Compensation (Tables)

12 Months Ended

Apr. 30, 2023

Stock-Based Compensation

Schedule of stock option plans


	Restated 2006 Plan			1992 Plan
		Weighted			Weighted
		Average			Average
		Exercise			Exercise
	Shares	Price		Shares	Price
Outstanding at April 30, 2020	334,026		25.19	1,113		0.59
Options granted	—		—	—		—
Options exercised	(53,500)		28.45	(1,113)		0.59
Options canceled	—		—	—		—
Outstanding at April 30, 2021	280,526		24.57	—		—
Options granted	—		—	—		—
Options exercised	(114,362)		24.28	—		—
Options canceled	—		—	—		—
Outstanding at April 30, 2022	166,164		24.78	—		—
Options granted	—		—	—		—
Options exercised	(100,000)		22.77	—		—
Options canceled	—		—	—		—
Outstanding at April 30, 2023	66,164		27.82	—		—
Options exercisable at April 30, 2023	66,164	$	27.82	—	$	—

Schedule of information concerning outstanding and exercisable options


				Options Outstanding
					Weighted
					Average			Options Exercisable
					Remaining	Weighted			Weighted
				As of	Contractual	Average		As of	Average
				April 30,	Life In	Exercise		April 30,	Exercise
Range of Exercise Prices				2023	Years	Price		2023	Price
$	26.70	-	28.99	50,000	2.15	$	26.70	50,000	$	26.70
	29.00	-	31.27	16,164	1.26		31.27	16,164		31.27
$	26.70	-	31.27	66,164	1.93	$	27.82	66,164	$	27.82

Schedule of Company's restricted stock awards

Information related to the Company’s restricted stock awards at April 30, 2023 and for the year then ended is as follows:


	2021 Plan			Restated 2006 Plan
		Weighted			Weighted
		Average			Average
		Grant Date			Grant Date
	Shares	Fair Value		Shares	Fair Value
Unvested stock at April 30, 2022	45,076	$	75.71	112,845	$	89.80
Stock granted	78,819		78.41	—		—
Stock vested	(23,728)		43.51	(61,857)		82.44
Stock canceled	(4,568)		76.52	(6,908)		93.13
Unvested stock at April 30, 2023	95,599	$	85.90	44,080	$	99.62

Information related to the Company’s restricted stock units at April 30, 2023 and for the year then ended is as follows:


	Restated 2021 Plan			Restated 2006 Plan
		Weighted			Weighted
		Average			Average
		Grant Date			Grant Date
	Shares	Fair Value		Shares	Fair Value
Unvested stock at April 30, 2022	—	$	—	4,395	$	97.96
Stock granted	814		85.91	—		—
Stock vested	—		—	(1,349)		97.96
Stock canceled	—		—	(358)		97.96
Unvested stock at April 30, 2023	814	$	85.91	2,688	$	97.69

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 156	$ 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	26,216,897	24,951,287
Common stock, outstanding shares	26,216,897	24,951,287

Investments in Companies Accounted for Using the Equity Method - Summarized financial information of equity method investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Equity Method Investments
Current assets	$ 477,002	$ 368,909
Noncurrent assets	5,220	1,932
Current liabilities	121,334	101,391
Gross margin	173,514	141,236	$ 164,558
Net (loss) income	(176,167)	(4,185)	23,345
Limited Partnership Fund.
Equity Method Investments
Current assets	1,908	3,243
Noncurrent assets	132,198	140,178
Current liabilities	1,691	683
Revenues	3,788	187	159
Gross margin	1,607	(13,113)	(1,241)
Realized and unrealized (losses) gains on investments	(23,967)	63,314	(131,971)
Net (loss) income	$ (22,585)	$ 40,349	$ (190,454)

- Definition

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

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- Definition

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

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

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

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- Definition

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

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+ Details

Organization and Significant Accounting Policies - Intangible Assets (Details) - USD ($)	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Intangibles, net
Amortization expense	$ 58,121,000	$ 26,558,000	$ 6,469,000
Backlog
Intangibles, net
Weighted average amortization period	1 year
Licenses
Intangibles, net
Weighted average amortization period	3 years
Customer relationships
Intangibles, net
Amortization expense	$ 34,149,000
In-process research and development
Intangibles, net
Weighted average amortization period	3 years
Trademarks and tradenames
Intangibles, net
Weighted average amortization period	6 years
Minimum \| Technology
Intangibles, net
Weighted average amortization period	3 years
Minimum \| Customer relationships
Intangibles, net
Weighted average amortization period	3 years
Maximum \| Technology
Intangibles, net
Weighted average amortization period	12 years
Maximum \| Customer relationships
Intangibles, net
Weighted average amortization period	5 years

Pension - Change in projected benefit obligation (Details) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Pension
Pension benefit obligation balance as of April 30, 2022 and May 3, 2021, respectively	$ (3,322)	$ (4,126)
Interest cost	(70)	(39)
Actuarial gain	167	179
Benefits paid	167	176
Foreign currency exchange rate changes	(134)	488
Pension benefit obligation balance as of April 30, 2023 and April 30, 2022, respectively	$ (3,192)	$ (3,322)

Leases - Components of lease costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Components of lease costs
Operating lease cost	$ 8,048	$ 6,814
Short term lease cost	862	840
Variable lease cost	1,820	653
Sublease income		(176)
Total lease costs, net	$ 10,730	$ 8,131

Long-Term Incentive Awards

12 Months Ended

Apr. 30, 2023

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. During the fiscal year ended April 30, 2023, the Company recorded $2,690,000 of compensation expense related to the Fiscal 2023 LTIP PRSUs. At April 30, 2023, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2023 LTIP PRSUs is $12,342,000.

During the three months ended July 31, 2021, the Company granted awards under its amended and restated 2006 Equity Incentive Plan (the “Restated 2006 Plan”) to key employees (“Fiscal 2022 LTIP”). Awards under the Fiscal 2022 LTIP consist of: (i) time-based restricted stock awards and time-based restricted stock units, which vest in equal tranches in July 2022, July 2023 and July 2024, and (ii) performance-based restricted stock units (“PRSUs”), which vest based on the Company’s achievement of revenue and 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 operating income targets for the performance period. Settlement of the PRSUs will be made in fully-vested shares of the Company’s common stock. During the fiscal years ended April 30, 2023 and 2022, the Company recorded $846,000 and $752,000 of compensation expense related to the Fiscal 2022 LTIP PRSUs, respectively. At April 30, 2023, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2022 LTIP PRSUs is $9,823,000.

During the three months ended August 1, 2020, the Company granted awards under its amended and restated 2006 Equity Incentive Plan (the “Restated 2006 Plan”) to key employees (“Fiscal 2021 LTIP”). Awards under the Fiscal 2021 LTIP consist of: (i) time-based restricted stock awards, which vest in equal tranches in July 2021, July 2022 and July 2023, and (ii) performance-based restricted stock units (“PRSUs”), which vest based on the Company’s achievement of revenue and operating income targets for the three-year period ending April 30, 2023. At the award date, target achievement levels for each of the financial performance metrics were established for the PRSUs, at which levels the PRSUs would vest at 100% for each such metric. Threshold achievement levels for which the PRSUs would vest at 50% for each such metric and maximum achievement levels for which such awards would vest at 250% for each such metric were also established. The actual payout for the PRSUs at the end of the performance period will be calculated based upon the Company’s achievement of the established revenue and operating income targets for the performance period. Settlement of the PRSUs will be made in fully-vested shares of the Company’s common stock. During the fiscal year ended April 30, 2023 and 2021, the Company recorded $354,000 and $1,072,000 of compensation expense related to the Fiscal 2021 LTIP PRSUs, respectively. During the fiscal year ended April 30, 2022, the Company recorded a reversal of $(634,000) compensation expense related to the Fiscal 2021 LTIP PRSUs.

During the three months ended July 27, 2019, the Company granted awards under its amended and restated 2006 Equity Incentive Plan (the “Restated 2006 Plan”) to key employees (“Fiscal 2020 LTIP”). Awards under the Fiscal 2020 LTIP consist of: (i) time-based restricted stock awards, which vest in equal tranches in July 2020, July 2021 and July 2022, and (ii) performance-based restricted stock units (“PRSUs”), which vest based on the Company’s achievement of revenue and operating income targets for the three-year period ending April 30, 2022. During the three months ended July 30, 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. No compensation expense was recorded during fiscal year ended April 30, 2023 for the Fiscal 2020 LTIP PRSUs. During the fiscal year ended April 30, 2022, the Company recorded a reversal of $(701,000) compensation expense related to the Fiscal 2020 LTIP. During the fiscal year ended April 30, 2021, the Company recorded $620,000 of compensation expense related to the Fiscal 2020 LTIP.

At April 30, 2023 and 2022, the Company recorded cumulative stock-based compensation expense from these long-term incentive award PRSUs of $8,495,000 and $4,594,000, respectively. At each reporting period, the Company reassesses the probability of achieving the performance targets. The estimation of whether the performance targets will be achieved requires judgment, and, to the extent actual results or updated estimates differ from the Company’s current estimates, the cumulative effect on current and prior periods of those changes will be recorded in the period estimates are revised.

Fair Value Measurements

12 Months Ended

Apr. 30, 2023

Fair Value Measurements

Fair Value Measurements

3. Fair Value Measurements

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

●

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

●

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

●

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

The Company’s financial assets measured at fair value on a recurring basis at April 30, 2023, 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
Equity securities	$	4,714	$	—	$	—	$	4,714
Warrants		—		255		—		255
Total	$	4,714	$	255	$	—	$	4,969

The Company’s financial liabilities measured at fair value on a recurring basis at April 30, 2023, 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	$	—	$	—	$	2,109	$	2,109
Total	$	—	$	—	$	2,109	$	2,109

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


	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		(143)		1,025
Settlements		—		—
Balance at April 30, 2023	$	—	$	2,109
The amount of total (gains) or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at April 30, 2023	$	—	$	—

Pursuant to the ISG Purchase Agreement, the sellers could receive up to a maximum of $6,000,000 in additional cash consideration (“contingent consideration”), if certain revenue targets were 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 during the fiscal year ended April 30, 2023, the target for the third year was achieved. The consideration was held and released from an escrow account not controlled by the Company and, therefore, not recorded on the consolidated balance sheets. The related consideration of $2,000,000 for the first year target was released from the escrow account during the fiscal year ended April 30, 2022. The related consideration of $2,000,000 for both the second and third year targets were released from the escrow account during the fiscal year ended April 30, 2023.

Pursuant to the Telerob Purchase Agreement, the Telerob Sellers may receive up to a maximum of €6,000,000 (approximately $6,609,000) 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 first year earnout of €2,000,000 was not achieved. During the fiscal year ended April 30, 2023, the second year earnout of €2,000,000

(approximately $2,203,000) was achieved. The fair value of the contingent consideration is recorded in other current liabilities on the consolidated balance sheets. Refer to Note 21—Business Acquisitions.

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

Business Acquisitions - Arcturus (Details) - USD ($)		2 Months Ended	12 Months Ended
Business Acquisitions - Arcturus (Details) - USD ($)	Feb. 19, 2021	Apr. 30, 2021	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2023	Apr. 30, 2022
Fair value of assets acquired:
Goodwill		$ 314,205,000	$ 314,205,000		$ 180,801,000	$ 334,347,000
Arcturus UAV Inc.
Business Acquisitions
Total	$ 422,602,000
Cash on hand	150,218,000
Amount of representation and warranty insurance coverage	40,000,000
Revenue		15,837,000
Loss from operations		$ 1,869,000
Acquisition-related costs			6,015,000
Fair value of assets acquired:
Accounts receivable	6,050,000
Unbilled receivable	4,176,000
Inventories, net	21,701,000
Prepaid and other current assets	2,709,000
Property and equipment, net	38,739,000
Operating lease assets	11,429,000
Other assets	136,000
Goodwill	290,006,000
Total assets acquired	458,146,000
Fair value of liabilities assumed:
Accounts payable	3,085,000
Wages and related accruals	1,698,000
Customer advances	1,818,000
Other current liabilities	9,562,000
Operating lease liabilities	12,297,000
Other non-current liabilities	1,190,000
Deferred income taxes	5,869,000
Total liabilities assumed	35,519,000
Total identifiable net assets	422,627,000
Fair value of consideration transferred:
Cash consideration, net of cash acquired	350,243,000
Equity consideration	72,384,000
Total consideration	422,627,000
Supplemental Pro Forma Information (unaudited)
Revenue			478,579,000	$ 454,769,000
Net income attributable to AeroVironment, Inc.			$ 27,572,000	$ 31,264,000
Arcturus UAV Inc. \| Technology
Fair value of assets acquired:
Intangible assets	20,500,000
Arcturus UAV Inc. \| Customer relationships
Fair value of assets acquired:
Intangible assets	62,700,000
Arcturus UAV Inc. \| Adjustment Escrow
Business Acquisitions
Amount held in escrow	6,500,000					6,500,000
Amount of post-closing adjustments						509,000
Arcturus UAV Inc. \| Indemnification Escrow
Business Acquisitions
Amount held in escrow	1,822,500					$ 1,822,500
Term loans \| Arcturus UAV Inc.
Business Acquisitions
Amount of loan	200,000,000
Fair value of consideration transferred:
Equity consideration	$ 50,000,000

Warranty Reserves

12 Months Ended

Apr. 30, 2023

Warranty Reserves

Warranty Reserves

9. Warranty Reserves

Warranty reserve activity is summarized as follows:


	April 30,
	2023		2022

	(In thousands)
Beginning balance	$	2,190	$	2,341
Balance acquired from acquisition		—		256
Warranty expense		3,052		1,089
Warranty costs settled		(1,600)		(1,496)
Ending balance	$	3,642	$	2,190

Debt - (Details)			12 Months Ended
Debt - (Details)	Feb. 04, 2022	Feb. 19, 2021 USD ($) payment	Apr. 30, 2023	Jun. 06, 2023 USD ($)	Jun. 05, 2023 USD ($)
Revolving credit facility
Debt
Amount of sublimit of line of credit borrowing capacity				$ 25,000,000	$ 10,000,000
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		$ 25,000,000
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%

Intangibles, net (Details) - USD ($) $ in Thousands	12 Months Ended
Intangibles, net (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Intangibles, net
Amortization expense	$ 58,121	$ 26,558	$ 6,469
MUAS
Intangibles, net
Amortization expense	$ 34,149
Weighted average
Intangibles, net
Weighted average amortization period	4 years	4 years

Warranty Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
Warranty Reserves (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Warranty Reserves
Beginning balance	$ 2,190	$ 2,341
Balance acquired from acquisition		256
Warranty expense	3,052	1,089
Warranty costs settled	(1,600)	(1,496)
Ending balance	$ 3,642	$ 2,190

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Apr. 30, 2023

Accumulated Other Comprehensive Loss

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

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


					Total Accumulated
					Other
	Available-for-Sale		Foreign Currency		Comprehensive
	Securities		Translation Adjustments		Income
Total accumulated other comprehensive loss balance as of April 30, 2022	$	(53)	$	(6,461)	$	(6,514)
Unrealized gain, net of $0 of taxes		53		—		53
Changes in foreign currency translation adjustments		—		2,009		2,009
Total accumulated other comprehensive loss balance as of April 30, 2023	$	—	$	(4,452)	$	(4,452)

Debt - Long-term debt (Details) - USD ($) $ in Thousands	12 Months Ended
Debt - Long-term debt (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Long-term debt
Total debt	$ 135,000	$ 190,000
Less current portion	7,500	10,000
Total long-term debt, less current portion	127,500	180,000
Less unamortized debt issuance costs - term loans	1,596	2,160
Total long-term debt, net of unamortized debt issuance costs - term loans	125,904	177,840
Unamortized debt issuance costs - revolving credit facility	795	1,076
Term loan
Long-term debt
Total debt	$ 135,000	$ 190,000
Revolving credit facility
Long-term debt
Current period interest rate	7.10%	2.60%

Intangibles, net - Estimated Amortization Expense (Details) $ in Thousands	Apr. 30, 2023 USD ($)
Estimated amortization expense
2024	$ 11,821
2025	9,494
2026	6,857
2027	5,786
2028	5,175
Total	$ 39,133

Debt (Tables)

12 Months Ended

Apr. 30, 2023

Debt

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


	April 30,		April 30,
	2023		2022
	(In thousands)		(In thousands)
Term loan	$	135,000	$	190,000
Revolving credit facility		—		—
Total debt		135,000		190,000
Less current portion		7,500		10,000
Total long-term debt, less current portion		127,500		180,000
Less unamortized debt issuance costs - term loans		1,596		2,160
Total long-term debt, net of unamortized debt issuance costs - term loans	$	125,904	$	177,840
Unamortized debt issuance costs - revolving credit facility	$	795	$	1,076
Current period interest rate		7.1%		2.6%

Schedule of Future long-term debt principle payments

Future long-term debt principal payments at April 30, 2023 were as follows:


	(In thousands)
2024	$	7,500
2025		10,000
2026		117,500
2027		—
2028		—
	$	135,000

- Definition

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

+ References

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-Subparagraph (SX 210.12-04(a))
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+ Details

Debt

12 Months Ended

Apr. 30, 2023

Debt

Debt

11.Debt

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

The Credit Agreement and its associated Security and Pledge Agreement set forth the terms and conditions for (i) a five-year $100 million revolving credit facility, which includes a $25 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. On June 6, 2023, the Company entered into a Second Amendment to Credit Agreement relating to its existing credit Agreement which increased the sublimit from $10 million to $25 million.

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 April 30, 2023, the Company is in compliance with all amended covenants.

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


	April 30,		April 30,
	2023		2022
	(In thousands)		(In thousands)
Term loan	$	135,000	$	190,000
Revolving credit facility		—		—
Total debt		135,000		190,000
Less current portion		7,500		10,000
Total long-term debt, less current portion		127,500		180,000
Less unamortized debt issuance costs - term loans		1,596		2,160
Total long-term debt, net of unamortized debt issuance costs - term loans	$	125,904	$	177,840
Unamortized debt issuance costs - revolving credit facility	$	795	$	1,076
Current period interest rate		7.1%		2.6%

Future long-term debt principal payments at April 30, 2023 were as follows:


	(In thousands)
2024	$	7,500
2025		10,000
2026		117,500
2027		—
2028		—
	$	135,000

- 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

Organization and Significant Accounting Policies - Goodwill (Details) - USD ($)	1 Months Ended	12 Months Ended
	May 31, 2023	Apr. 30, 2023
Goodwill [Line Items]
Impairment of goodwill		$ 156,017,000
Subsequent Event \| Medium UAS Reporting Unit
Goodwill [Line Items]
Impairment of goodwill	$ 156,017,000

Property and Equipment, net (Details) - USD ($)	12 Months Ended
Property and Equipment, net (Details) - USD ($)	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Property and equipment, net
Property and equipment, gross	$ 202,793,000	$ 184,430,000
Less accumulated depreciation and amortization	(162,998,000)	(122,134,000)
Property and equipment, net	39,795,000	62,296,000
Depreciation expense	41,803,000	30,493,000	$ 12,793,000
Loss on disposal of property and equipment	192,000	1,378,000	$ 298,000
In-service ISR assets
Property and equipment, net
Property and equipment, gross	4,586,000	48,496,000
Impairment loss	16,597,000
Leasehold improvements
Property and equipment, net
Property and equipment, gross	22,541,000	20,842,000
Machinery and equipment
Property and equipment, net
Property and equipment, gross	124,845,000	64,759,000
Furniture and fixtures
Property and equipment, net
Property and equipment, gross	4,756,000	4,239,000
Computer equipment and software
Property and equipment, net
Property and equipment, gross	44,689,000	41,476,000
Construction in process
Property and equipment, net
Property and equipment, gross	$ 5,962,000	$ 4,618,000

Business Acquisitions - Telerob (Details)			12 Months Ended
Business Acquisitions - Telerob (Details)	May 03, 2021 USD ($)	May 03, 2021 EUR (€)	Apr. 30, 2023 USD ($)	Apr. 30, 2023 EUR (€)	Apr. 30, 2022 USD ($)	Apr. 30, 2022 USD ($)	Apr. 30, 2021 USD ($)	Oct. 31, 2023 USD ($)	Oct. 31, 2023 EUR (€)	May 03, 2021 EUR (€)
Fair value of assets acquired:
Goodwill			$ 180,801,000		$ 334,347,000	$ 334,347,000	$ 314,205,000
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
Number of months until escrow will be release	30 months	30 months
Acquisition-related costs					1,186,000,000
Amount of second year earnout amount not achieved								$ 2,203,000	€ 2,000,000
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					445,732,000	29,177,000	428,353,000
Net income attributable to AeroVironment, Inc.					$ 2,334,000	$ 12,115,000	$ 17,345,000
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	$ 2,203,000	€ 2,000,000
Period to obtain target	12 months	12 months
Amount of earnout that was not achieved			$ 2,203,000	€ 2,000,000
Business Combination, Specific Revenue Targets Achieved Following First Earnout Year \| Telerob.
Business Acquisitions
Contingent consideration paid	$ 2,203,000	€ 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	$ 2,203,000	€ 2,000,000
Period to obtain target	36 months	36 months

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Operating activities
Net (loss) income	$ (176,167,000)	$ (4,185,000)	$ 23,345,000
Adjustments to reconcile net (loss) income from operations to cash provided by (used in) operating activities:
Depreciation and amortization	99,999,000	60,825,000	19,262,000
Impairment of goodwill	156,017,000
Loss (income) from equity method investments	2,453,000	(5,889,000)	10,481,000
Loss on deconsolidation of previously controlled subsidiary	189,000
Amortization of debt issuance costs	845,000	789,000	145,000
Realized gain from sale of available-for-sale investments			(11,000)
Provision for doubtful accounts	99,000	(6,000)	(114,000)
Reserve for inventory excess and obsolescence	8,136,000	2,271,000	1,178,000
Other non-cash expense (income), net	1,995,000	649,000	(449,000)
Non-cash lease expense	8,048,000	6,814,000	5,150,000
Loss on foreign currency transactions	119,000	233,000	1,000
Unrealized loss on available-for-sale equity securities, net	132,000
Deferred income taxes	(18,661,000)	(7,282,000)	(1,694,000)
Stock-based compensation	10,765,000	5,390,000	6,932,000
Loss on disposal of property and equipment	1,497,000	8,277,000	123,000
Amortization of debt securities discount	125,000	242,000	309,000
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(27,423,000)	3,084,000	17,177,000
Unbilled receivables and retentions	(1,446,000)	(31,883,000)	8,381,000
Inventories	(61,846,000)	(29,431,000)	(6,357,000)
Income taxes receivable	442,000	(442,000)
Prepaid expenses and other assets	(3,821,000)	(4,534,000)	(6,104,000)
Accounts payable	12,538,000	(7,044,000)	2,565,000
Other liabilities	(2,635,000)	(7,496,000)	6,212,000
Net cash provided by (used in) operating activities	11,400,000	(9,618,000)	86,532,000
Investing activities
Acquisition of property and equipment	(14,868,000)	(22,289,000)	(11,263,000)
Equity method investments	(5,778,000)	(6,884,000)	(2,675,000)
Equity security investments	(5,100,000)
Business acquisitions, net of cash acquired	(5,105,000)	(46,150,000)	(385,614,000)
Proceeds from sale of ownership in equity method investment		6,497,000
Proceeds from loan repayment		4,345,000
Proceeds from deconsolidation of previously controlled subsidiary, net of cash deconsolidated	(635,000)
Redemptions of available-for-sale investments	26,059,000	35,851,000	146,425,000
Purchases of available-for-sale investments	(1,326,000)	(23,882,000)	(125,644,000)
Other	(250,000)	224,000
Net cash used in investing activities	(7,003,000)	(52,288,000)	(378,771,000)
Financing activities
Principal payments of term loan	(55,000,000)	(10,000,000)
Holdback and retention payments for business acquisition		(7,814,000)	(1,492,000)
Proceeds from shares issued, net of issuance costs	104,649,000
Tax withholding payment related to net settlement of equity awards	(1,065,000)	(1,245,000)	(1,992,000)
Exercise of stock options	2,278,000	2,776,000	1,522,000
Payment of debt issuance costs		(293,000)	(3,878,000)
Proceeds from long-term debt			200,000,000
Other	(28,000)	(31,000)
Net cash provided by (used in) financing activities	50,834,000	(16,607,000)	194,160,000
Effects of currency translation on cash and cash equivalents	397,000	(1,319,000)
Net increase (decrease) in cash, cash equivalents, and restricted cash	55,628,000	(79,832,000)	(98,079,000)
Cash, cash equivalents and restricted cash at beginning of period	77,231,000	157,063,000	255,142,000
Cash, cash equivalents and restricted cash at end of period	132,859,000	77,231,000	157,063,000
Cash paid, net during the period for:
Income taxes	2,911,000	1,879,000	2,405,000
Interest	10,229,000	5,025,000
Non-cash activities
Unrealized (gain) loss on investments, net of deferred tax expense of $0, $8, and $1 for the fiscal years ended 2023, 2022 and 2021, respectively	53,000	(43,000)	(60,000)
Issuance of common stock for business acquisition			72,384,000
Change in foreign currency translation adjustments	2,009,000	(6,814,000)	75,000
Issuances of inventory to property and equipment, ISR in-service assets	6,306,000	17,481,000	769,000
Acquisitions of property and equipment included in accounts payable	$ 721,000	$ 1,117,000	$ 756,000

Inventories, net (Tables)

12 Months Ended

Apr. 30, 2023

Inventories, net

Schedule of inventories, net

Inventories consist of the following (in thousands):


	April 30,
	2023		2022

	(In thousands)
Raw materials	$	67,775	$	42,310
Work in process		43,276		28,034
Finished goods		42,968		32,619
Inventories, gross		154,019		102,963
Reserve for inventory excess and obsolescence		(15,205)		(12,334)
Inventories, net	$	138,814	$	90,629

Segments

12 Months Ended

Apr. 30, 2023

Segments

Segments

23. Segments

The Company’s reportable segments are as follows:

Small Unmanned Aircraft Systems —The SUAS 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 SUAS 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 R&D programs.

Medium Unmanned Aircraft Systems—The MUAS segment, which originates with the acquisition of Arcturus, focuses on designs, engineers, tools, and manufactures unmanned aerial and aircraft systems including airborne

platforms, payloads and payload integration, ground control systems, and ground support equipment and other items and services related generally to unmanned aircraft systems including ISR services.

All other—All other segments include High Altitude Pseudo-Satellite Unmanned Aircraft Systems (“HAPS”), MacCready Works and UGV.

Effective May 1, 2023, the Company reorganized its product lines into the following segments: Unmanned Systems segment consisting of SUAS, MUAS and UGV product lines; Loitering Munition Systems segment, the renamed TMS segment; and the MacCready Works segment, consisting of the HAPS and the MacCready Works businesses.

The accounting policies of the segments are the same as those described in Note 1–Organization and Significant Accounting Policies. The operating segments do not make sales to each other. The following table (in thousands) sets forth segment revenue, gross margin, operating income (loss) and adjusted operating income (loss) from operations for the periods indicated. Adjusted operating income (loss) is defined as operating income (loss) before impairment of goodwill and accelerated amortization, intangible amortization, amortization of purchase accounting adjustments related to increasing the carrying value of certain assets to fair value, and acquisition related expenses.


	Year Ended April 30, 2023
	SUAS		TMS		MUAS		All other		Total
Revenue	$	233,908	$	120,624	$	70,327	$	115,677	$	540,536
Gross margin		121,332		42,736		(24,355)		33,801		173,514

Income (loss) from operations		64,650		8,074		(252,568)		1,181		(178,663)
Impairment of goodwill and accelerated amortization		-		-		190,166		-		190,166
Acquisition-related expenses		-		-		604		781		1,385
Amortization of acquired intangible assets and other purchase accounting adjustments		2,688		-		21,573		5,157		29,418
Adjusted income (loss) from operations	$	67,338	$	8,074	$	(40,225)	$	7,119	$	42,306


	Year Ended April 30, 2022
	SUAS		TMS		MUAS		All other		Total
Revenue	$	178,201	$	76,415	$	93,156	$	97,960	$	445,732
Gross margin		83,759		24,486		6,155		26,836		141,236

Income (loss) from operations		28,980		(3,120)		(27,715)		(8,032)		(9,887)
Acquisition-related expenses		502		297		1,994		2,061		4,854
Amortization of acquired intangible assets and other purchase accounting adjustments		2,828		-		22,170		11,709		36,707
Adjusted income (loss) from operations	$	32,310	$	(2,823)	$	(3,551)	$	5,738	$	31,674


	Year Ended April 30, 2021
	SUAS		TMS		MUAS		All other		Total
Revenue	$	235,854	$	87,268	$	15,837	$	55,953	$	394,912
Gross margin		119,062		26,675		2,965		15,856		164,558

Income (loss) from continuing operations		58,194		(3,131)		(1,869)		(9,881)		43,313
Acquisition-related expenses		3,026		1,661		1,682		1,612		7,981
Amortization of acquired intangible assets and other purchase accounting adjustments		2,649		-		4,356		453		7,458
Adjusted income (loss) from operations	$	63,869	$	(1,470)	$	4,169	$	(7,816)	$	58,752

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, certain property and equipment, net, certain operating lease right-of-use assets, deferred income taxes and other assets managed centrally on behalf of the business segments.


	April 30, 2023
	SUAS		TMS		MUAS		All other		Corporate		Total
Identifiable assets	$	181,300	$	103,375	$	224,572	$	108,195	$	207,135	$	824,577


	April 30, 2022
	SUAS		TMS		MUAS		All other		Corporate		Total
Identifiable assets	$	110,286	$	91,862	$	388,058	$	94,765	$	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
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+ Details

Investments - Equity Securities (Details) - Available-for-sale securities. - Equity securities and warrants $ in Thousands	12 Months Ended
	Apr. 30, 2023 USD ($)
Investments
Net loss recognized during the period on equity securities	$ (132)
Unrealized loss recognized during the period on equity securities still held at the reporting date	$ (132)

Fair Value Measurements - Reconciliation (Details) $ in Thousands	12 Months Ended
	Apr. 30, 2023 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)	$ (143)
Included in selling, general and administrative	Selling, general and administrative
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period	$ 1,084
Total fair value measurement adjustments (realized or unrealized)	$ 1,025
Included in selling, general and administrative	Selling, general and administrative
Balance at the end of the period	$ 2,109

Geographic Information (Details) - USD ($) $ in Thousands	12 Months Ended
Geographic Information (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
All other
Product Information
Deploys in-service assets	$ 1,798,000	$ 1,601,000
Non-U.S. customers \| MUAS
Product Information
Deploys in-service assets	$ 0	$ 48,496,000
Customer concentration \| Sales Revenue \| Non-U.S. customers
Product Information
Percentage of revenue	53.00%	41.00%	39.00%

Share Repurchase Plan and Issuances (Details)	12 Months Ended
Share Repurchase Plan and Issuances (Details)	Apr. 30, 2023 shares
Share Repurchase Plan and Issuances
Shares repurchased and retired	0

Organization and Significant Accounting Policies - (Details) $ in Thousands			1 Months Ended	12 Months Ended
	Oct. 14, 2022	Sep. 15, 2021	Mar. 31, 2022	Apr. 30, 2023 USD ($) segment	Apr. 30, 2022 USD ($)	May 03, 2021	Feb. 19, 2021
Percentage of ownership interest sold			7.00%
Number of Reportable Segments \| segment				3
Restricted cash \| $				$ 0	$ 0
Altoy
Ownership interest	15.00%	85.00%
Percentage of ownership interest sold	35.00%	35.00%
HAPSMobile
Ownership interest				100.00%
Arcturus UAV Inc.
Ownership interest acquired							100.00%
Telerob
Ownership interest acquired						100.00%

Fair Value Measurements - Acquisitions (Details)	Sep. 12, 2022 USD ($) $ / shares shares	Sep. 09, 2022 USD ($) shares	May 03, 2021 USD ($)	May 03, 2021 EUR (€)	Feb. 23, 2021 USD ($)	Apr. 30, 2023 USD ($)	Apr. 30, 2023 EUR (€)	Apr. 30, 2022 USD ($)
Fair Value Measurement
Fair value of the contingently returnable consideration								$ 143,000
Amprius Technologies, Inc.
Fair Value Measurement
Company Invested amount	$ 5,000,000
Amprius Technologies, Inc. \| Equity securities
Fair Value Measurement
Number of shares purchased \| shares	500,000
Amprius Technologies, Inc. \| Redeemable warrant
Fair Value Measurement
Number of warrants acquired \| shares	500,000
Exercise Price of warrants \| $ / shares	$ 12.50
Redemption price \| $ / shares	$ 20.00
Amprius Technologies, Inc. \| Redeemable warrant \| Measurement Input, Exercise Price
Fair Value Measurement
Investment in warrants \| $ / shares	11.50
Amprius Technologies, Inc. \| Redeemable warrant \| Measurement Input, Redemption Price
Fair Value Measurement
Investment in warrants \| $ / shares	18.00
Nauticus Robotics, Inc. \| Equity securities
Fair Value Measurement
Company Invested amount		$ 100,000
Number of shares purchased \| shares		10,000
Intelligent Systems Group
Fair Value Measurement
Total					$ 29,700,000
Contingent consideration paid					6,000,000
Additional cash consideration					$ 35,371,000
Period to obtain target					3 years
Intelligent Systems Group \| Maximum
Fair Value Measurement
Total					$ 6,000,000
Intelligent Systems Group \| Business Combination, Specific Revenue Targets Achieved In First Earnout Year
Fair Value Measurement
Released from escrow								$ 2,000,000
Intelligent Systems Group \| Business Combination Specific Revenue Targets Achieved in Second and Third Earnout Year
Fair Value Measurement
Released from escrow						$ 2,000,000
Telerob
Fair Value Measurement
Period to obtain target			36 months	36 months
Amount of earnout amount not achieved \| €							€ 2,000,000
Amount of second year earnout amount not achieved						$ 2,203,000	€ 2,000,000
Telerob \| Maximum
Fair Value Measurement
Additional cash consideration			$ 6,609,000	€ 6,000,000

Property and Equipment, net

12 Months Ended

Apr. 30, 2023

Property and Equipment, net

Property and Equipment, net

7. Property and Equipment, net

Property and equipment, net consist of the following:


	April 30,
	2023		2022

	(In thousands)
In-service ISR assets	$	—	$	48,496
Leasehold improvements		22,541		20,842
Machinery and equipment		124,845		64,759
Furniture and fixtures		4,756		4,239
Computer equipment and software		44,689		41,476
Construction in process		5,962		4,618
Property and equipment, gross		202,793		184,430
Less accumulated depreciation and amortization		(162,998)		(122,134)
Property and equipment, net	$	39,795	$	62,296

Depreciation expense for the years ended April 30, 2023, 2022 and 2021 was $41,803,000, $30,493,000 and $12,793,000, respectively. During the fiscal year ended April 30, 2023, the Company recorded accelerated the depreciation of $16,597,000 related to in-service ISR assets associated with the closure of all of the Company’s MUAS COCO sites. The Company reclassified certain in-service ISR assets determined to have an alternate business use to machinery and equipment. At April 30, 2023, the reclassified assets had a carrying value of $4,586,000. During the fiscal years ended April 30, 2023, 2022 and 2021, the Company recorded losses on the disposal of in-service ISR assets which included the write-off of $192,000, $1,378,000 and $298,000 of non-cash purchase accounting fair value adjustments, respectively.

Fair Value Measurements - (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities	$ 0	$ 24,716
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities		24,716
Equity securities	4,714
Warrants	255
Contingently returnable consideration		143
Total	4,969	24,859
Contingent consideration	2,109	1,084
Total	2,109	1,084
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]
Equity securities	4,714
Total	4,714
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
Warrants	255
Total	255	24,716
Recurring basis \| Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingently returnable consideration		143
Total		143
Contingent consideration	2,109	1,084
Total	$ 2,109	$ 1,084

Income Taxes Other (Details) - USD ($)	12 Months Ended
Income Taxes Other (Details) - USD ($)	Apr. 30, 2023	Apr. 30, 2022
Unrecognized tax benefits
Federal net operating loss carryforwards	$ 7,001,000
State net operating loss carryforwards	93,289,000
Foreign net operating loss carryforwards	64,000
Unrecognized tax benefits which would impact the Company's effective tax rate if recognized	5,076,000
Increase in valuation allowance	2,337,000	$ 7,387,000
Activity related to gross unrecognized tax benefits
Beginning balance	17,806,000	17,556,000
Increases related to prior year tax positions		415,000
Decreases related to prior year tax positions	(379,000)	(239,000)
Increases related to current year tax positions	1,257,000	1,398,000
Decreases related to lapsing of statute of limitations	(5,843,000)	(1,324,000)
Ending balance	12,841,000	17,806,000
Accrued interest and penalties related to unrecognized tax positions	282,000	302,000
Statute of limitations expiration
Unrecognized tax benefits
Unrecognized tax benefits which would impact the Company's effective tax rate if recognized	12,841,000	$ 17,806,000
Increase in valuation allowance	5,986,000
Estimated decrease in unrecognized tax benefits in the next twelve months	$ (1,244,000)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net (loss) income	$ (176,167)	$ (4,185)	$ 23,345
Other comprehensive income:
Unrealized gain (loss) on investments, net of deferred tax expense of $0, $8, and $1 for the fiscal years ended 2023, 2022 and 2021, respectively	53	(43)	(60)
Change in foreign currency translation adjustments	2,009	(6,814)	75
Total comprehensive (loss) income	(174,105)	(11,042)	23,360
Net income attributable to noncontrolling interest	(45)	(3)	(14)
Comprehensive (loss) income attributable to AeroVironment, Inc.	$ (174,150)	$ (11,045)	$ 23,346

- 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

+ Details

Pension - Change in plan assets (Details) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Pension
Fair value of plan assets as of April 30, 2022 and May 3, 2021, respectively	$ 3,395	$ 3,951
Expected return on plan assets	472	108
Benefits paid	(167)	(176)
Foreign currency exchange rate changes	170	(488)
Fair value of plan assets as of April 30, 2023 and April 30, 2022, respectively	$ 3,870	$ 3,395

- 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

Business Acquisitions - Planck (Details) - USD ($)		12 Months Ended
Business Acquisitions - Planck (Details) - USD ($)	Aug. 17, 2022	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Business Acquisitions
Amortization expense		$ 58,121,000	$ 26,558,000	$ 6,469,000
Fair value of assets acquired:
Goodwill		180,801,000	334,347,000	$ 314,205,000
Planck Aerosystems, Inc. ("Planck")
Business Acquisitions
Cash	$ 5,105,000
Amount of holdback	500,000
Revenue	368,000	544,961,000	448,367,000
Amortization expense		542,000
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	368,000	544,961,000	448,367,000
Net loss attributable to AeroVironment, Inc.		(173,277,000)	$ (5,798,000)
Planck Aerosystems, Inc. ("Planck") \| SG&A
Business Acquisitions
Acquisition-related costs		$ 1,009,000
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

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Allowance for doubtful accounts
Movement in valuation and qualifying accounts and reserves
Balance at Beginning of Period	$ 592	$ 595	$ 1,190
Balance Acquired from Acquisition		5
Charged to Cost and Expenses	124	52	82
Deductions	(560)	(60)	(677)
Balance at End of Period	156	592	595
Warranty reserve
Movement in valuation and qualifying accounts and reserves
Balance at Beginning of Period	2,190	2,341	2,015
Balance Acquired from Acquisition		256
Charged to Cost and Expenses	3,052	1,089	1,650
Deductions	(1,600)	(1,496)	(1,324)
Balance at End of Period	3,642	2,190	2,341
Reserve for inventory excess and obsolescence
Movement in valuation and qualifying accounts and reserves
Balance at Beginning of Period	12,334	10,289	10,232
Balance Acquired from Acquisition		1,561	1,415
Charged to Cost and Expenses	8,136	2,271	1,178
Deductions	(5,265)	(1,787)	(2,536)
Balance at End of Period	15,205	12,334	10,289
Reserve for self-insured medical claims
Movement in valuation and qualifying accounts and reserves
Balance at Beginning of Period	1,653	1,293	753
Charged to Cost and Expenses	13,863	14,724	11,329
Deductions	(14,133)	(14,364)	(10,789)
Balance at End of Period	$ 1,383	$ 1,653	$ 1,293

Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
Income Tax (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Income Taxes
Domestic	$ (187,647)	$ (10,187)	$ 34,274
Foreign	(730)	(8,956)	91
(Loss) income before income taxes	(188,377)	(19,143)	34,365
Equity method investment (loss) income	(2,453)	5,889	(10,481)
Total (loss) income before income taxes	(190,830)	$ (13,254)	$ 23,884
Deferred tax liabilities for income taxes on undistributed earnings	$ 0

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Organization and Significant Accounting Policies - Long-Lived Assets (Details)	12 Months Ended
	Apr. 30, 2023 USD ($)
Machinery and equipment \| Minimum
Long-Lived Assets
Estimated useful life	2 years
Machinery and equipment \| Maximum
Long-Lived Assets
Estimated useful life	7 years
Computer equipment and software \| Minimum
Long-Lived Assets
Estimated useful life	2 years
Computer equipment and software \| Maximum
Long-Lived Assets
Estimated useful life	5 years
In-service ISR assets
Long-Lived Assets
Estimated useful life	3 years
Impairment loss	$ 16,597,000
Furniture and fixtures \| Minimum
Long-Lived Assets
Estimated useful life	3 years
Furniture and fixtures \| Maximum
Long-Lived Assets
Estimated useful life	7 years

Accumulated Other Comprehensive Loss - Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Accumulated other comprehensive income
Unrealized gain, tax portion	$ 0	$ 8	$ 1

Income Taxes Reconciliation (Details) - USD ($)	12 Months Ended
Income Taxes Reconciliation (Details) - USD ($)	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Income Taxes
U.S. federal statutory income tax rate (as a percent)	21.00%	21.00%	21.00%
Foreign rate differential (as a percent)	(0.10%)	4.90%
State and local income taxes, net of federal benefit (as a percent)	0.20%	40.80%	(1.40%)
R&D and other tax credits (as a percent)	(1.80%)	23.00%
R&D and other tax credits (as a percent)			(11.50%)
Valuation allowance (as a percent)	1.10%	(37.40%)	3.20%
Return to provision adjustments (as a percent)		(0.90%)	(0.30%)
Permanent items (as a percent)	(0.70%)	(3.30%)	3.60%
Foreign derived intangible income (as a percent)	2.30%		(7.60%)
Excess benefit of equity awards (as a percent)	0.80%	5.20%	(5.70%)
Goodwill impairment	(17.20%)
Other (as a percent)	0.20%	0.90%	0.30%
Effective income tax rate (as a percent)	7.80%	54.20%	1.60%
Current:
Federal	$ 1,510,000	$ (3,025,000)	$ 3,094,000
State	1,474,000	165,000	448,000
Foreign	2,273,000	279,000
Current	5,257,000	(2,581,000)	3,542,000
Deferred:
Federal	(17,226,000)	(5,764,000)	(3,247,000)
State	(1,488,000)	483,000	244,000
Foreign	(1,206,000)	(2,507,000)
Deferred	(19,920,000)	(7,788,000)	(3,003,000)
Total income tax (benefit) expense	(14,663,000)	(10,369,000)	$ 539,000
Deferred income tax assets:
Accrued expenses	2,153,000	3,399,000
Stock based compensation	2,380,000	1,892,000
Allowances, reserves, and other	2,153,000	4,455,000
Outside basis difference		89,000
Unrealized loss on securities	3,528,000	3,229,000
Net operating loss and credit carry-forwards	20,430,000	41,931,000
Section 174 Capitalization	24,962,000
Lease liability	6,960,000	6,303,000
Total deferred income tax assets	62,566,000	61,298,000
Deferred income tax liabilities:
Fixed asset basis	(4,999,000)	(10,413,000)
Right of use assets	(6,478,000)	(5,878,000)
Intangible basis	(3,109,000)	(15,503,000)
Total deferred income tax liabilities	(14,586,000)	(31,794,000)
Valuation allowance	(22,503,000)	(24,840,000)
Net deferred tax assets	$ 25,477,000	$ 4,664,000

Warranty Reserves (Tables)

12 Months Ended

Apr. 30, 2023

Warranty Reserves

Summary of warranty reserve activity


	April 30,
	2023		2022

	(In thousands)
Beginning balance	$	2,190	$	2,341
Balance acquired from acquisition		—		256
Warranty expense		3,052		1,089
Warranty costs settled		(1,600)		(1,496)
Ending balance	$	3,642	$	2,190

Business Acquisitions - ISG (Details) - USD ($)		2 Months Ended	12 Months Ended
Business Acquisitions - ISG (Details) - USD ($)	Feb. 23, 2021	Apr. 30, 2021	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
Business Acquisitions
Amortization expense			$ 58,121,000	$ 26,558,000	$ 6,469,000
Goodwill		$ 314,205,000	180,801,000	334,347,000	314,205,000
Customer relationships
Business Acquisitions
Amortization expense			34,149,000
Intelligent Systems Group
Business Acquisitions
Period of goodwill deduction	15 years
Amortization expense		474,000
Total	$ 29,700,000
Contingent consideration paid	$ 6,000,000
Additional cash consideration paid			$ 2,000,000	$ 2,000,000
Number of years to reach revenue targets	3 years
Revenue		$ 1,724,000
Acquisition-related costs					954,000
Other assets	$ 217,000
Goodwill	19,254,000
Total assets acquired	35,371,000
Fair value of consideration transferred:
Cash	29,700,000
Holdback	150,000
Contingent consideration	5,521,000
Total consideration	35,371,000
Supplemental Pro Forma Information (unaudited)
Revenue					406,444,000	$ 379,627,000
Net income attributable to AeroVironment, Inc.					$ 23,787,000	$ 39,025,000
Intelligent Systems Group \| Technology
Business Acquisitions
Intangible assets	11,400,000
Intelligent Systems Group \| Customer relationships
Business Acquisitions
Intangible assets	$ 4,500,000

Business Acquisitions (Tables)

12 Months Ended

Apr. 30, 2023

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. The purchase price allocation is expected to be finalized as soon as practicable within the measurement period, but not later than one year following the acquisition date (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


	Year Ended
	April 30,		April 30,
	2023		2022
Revenue	$	544,961	$	448,367
Net loss attributable to AeroVironment, Inc.	$	(173,277)	$	(5,798)

Telerob.

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

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

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


	Year Ended
	April 30,		April 30,
	2022		2021
Revenue	$	445,732	$	428,353
Net income attributable to AeroVironment, Inc.	$	2,334	$	17,345

Arcturus UAV Inc.

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


	February 19,
	2021
Fair value of assets acquired:
Accounts receivable	$	6,050
Unbilled receivable		4,176
Inventories, net		21,701
Prepaid and other current assets		2,709
Property and equipment, net		38,739
Operating lease assets		11,429
Other assets		136
Technology		20,500
Customer relationships		62,700
Goodwill		290,006
Total assets acquired	$	458,146

Fair value of liabilities assumed:
Accounts payable	$	3,085
Wages and related accruals		1,698
Customer advances		1,818
Other current liabilities		9,562
Operating lease liabilities		12,297
Other non-current liabilities		1,190
Deferred income taxes, net		5,869
Total liabilities assumed		35,519
Total identifiable net assets	$	422,627

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

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

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


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

Intelligent Systems Group

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


	February 23,
	2021
Fair value of assets acquired:
Technology	$	11,400
Customer relationships		4,500
Other assets		217
Goodwill		19,254
Total identifiable net assets	$	35,371

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

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

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


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

Business Acquisitions

12 Months Ended

Apr. 30, 2023

Business Acquisitions

Business Acquisitions

21. Business Acquisitions

Planck Acquisition

On August 17, 2022 the Company closed its acquisition of 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 was incorporated into the Company’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.


	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)

Planck revenue since acquisition on August 17, 2022 was $368,000. Other than the aforementioned revenue and intangible asset amortization expense of $542,000 for the year ended April 30, 2023 since the acquisition on August 17, 2023, the Planck financial results were not significant. The following unaudited pro forma summary presents consolidated information of the Company as if the business acquisition had occurred on May 1, 2021 (in thousands):


	Year Ended
	April 30,		April 30,
	2023		2022
Revenue	$	544,961	$	448,367
Net loss attributable to AeroVironment, Inc.	$	(173,277)	$	(5,798)

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 $1,009,000 of acquisition-related expenses for the fiscal year ended April 30, 2023. These expenses are included in selling, general and administrative on the Company’s consolidated statements of (loss) income.

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 $2,203,000) 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 $2,203,000) 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 $2,203,000) 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 $2,203,000) was not achieved. The second year earnout of €2,000,000 (approximately $2,203,000) was achieved, which the Company expects to pay during the first half of the fiscal year ending April 30, 2024.


	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.

Supplemental Pro Forma Information (unaudited)

Telerob revenue and loss from operations for the year ended April 30, 2022 since acquisition on May 3, 2021 was $29,177,000 and $12,115,000, respectively. The following unaudited pro forma summary presents consolidated information of the Company as if the business acquisition had occurred on May 1, 2020 (in thousands):


	Year Ended
	April 30,		April 30,
	2022		2021
Revenue	$	445,732	$	428,353
Net income attributable to AeroVironment, Inc.	$	2,334	$	17,345

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 $1,186,000 of acquisition-related expenses for the fiscal year ended April 30, 2022. These expenses are included in selling, general and administrative on the Company’s consolidated statements of (loss) income.

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.

Arcturus Acquisition

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

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

The final cash consideration is subject to certain customary adjustments, including for net working capital, cash, debt and unpaid transaction expenses (including change in control related payments triggered by the transaction) of Arcturus at the Arcturus closing, less $6,500,000 held in escrow to address final purchase price adjustments post-Arcturus closing, if any (the “Adjustment Escrow”), and $1,822,500 held in escrow to address Arcturus’s and/or the Sellers’ indemnification obligations (the “Indemnification Escrow”). During the fiscal year ended April 30, 2022, the Adjustment Escrow of $6,500,000, less $509,000 of post-closing adjustments, and Indemnification Escrow of $1,822,500 was released to the Arcturus Sellers. To further address potential breaches of Arcturus’s and the Sellers’ representations and warranties beyond the application of the Indemnification Escrow, the Company also obtained representation and warranty insurance policies providing $40,000,000 in coverage, subject to customary terms, exclusions and retention amounts.


	February 19,
	2021
Fair value of assets acquired:
Accounts receivable	$	6,050
Unbilled receivable		4,176
Inventories, net		21,701
Prepaid and other current assets		2,709
Property and equipment, net		38,739
Operating lease assets		11,429
Other assets		136
Technology		20,500
Customer relationships		62,700
Goodwill		290,006
Total assets acquired	$	458,146

Fair value of liabilities assumed:
Accounts payable	$	3,085
Wages and related accruals		1,698
Customer advances		1,818
Other current liabilities		9,562
Operating lease liabilities		12,297
Other non-current liabilities		1,190
Deferred income taxes, net		5,869
Total liabilities assumed		35,519
Total identifiable net assets	$	422,627

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

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

Supplemental Pro Forma Information (unaudited)

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


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

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

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

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

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

ISG Acquisition

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

In connection with the ISG Acquisition, the Company (i) paid a base purchase price of $29,700,000 in cash at closing and (ii) agreed to pay additional cash consideration of up to $6,000,000, which is held in escrow account not controlled by the Company, if certain revenue targets were achieved by ISG during the 3 years following closing, in each case, subject to the terms and conditions of the ISG Purchase Agreement, including certain customary adjustments. During the fiscal year ended April 30, 2022, the target for the first year was achieved and the related consideration of $2,000,000 was released from an escrow account that is not controlled by the Company and, therefore, not recorded on the consolidated balance sheets. The related consideration of $2,000,000 for both the second and third year targets was released from the escrow account during the fiscal year ended April 30, 2023.

As a condition to closing pursuant to the ISG Purchase Agreement, the Company and the ISG Seller entered into certain ancillary agreements, including a transition services agreement through February 2023 and two subleases pursuant to which the ISG Seller will provide the Company certain services and facilities space to accommodate the transition of ISG to the Company.

The parties to the ISG Purchase Agreement have made representations, warranties, and covenants that are customary for a transaction of this type, including, among other things, restrictions on the ISG Seller and the Beneficial Owner from engaging in certain competitive activities, as well as mutual indemnification obligations between the

Company and the ISG Seller. To supplement certain indemnifications provided by the ISG Seller, the Company obtained a representation and warranty insurance policy.


	February 23,
	2021
Fair value of assets acquired:
Technology	$	11,400
Customer relationships		4,500
Other assets		217
Goodwill		19,254
Total identifiable net assets	$	35,371

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

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

Supplemental Pro Forma Information (unaudited)

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


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

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

that would have been charged assuming the fair value adjustments to intangible assets had been applied from May 1, 2019 with the consequential tax effects, and including the results of ISG prior to acquisition.

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

The unaudited pro forma supplemental information is based on estimates and assumptions, which the Company believes are reasonable and are not necessarily indicative of the results that have been realized had the acquisitions been consolidated in the tables above as of May 1, 2019, nor are they indicative of results of operations that may occur in the future.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unrealized (loss) gain on available-for-sale investments, net of deferred tax expense	$ 0	$ 8	$ 1

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
CONSOLIDATED STATEMENTS OF CASH FLOWS
Unrealized (loss) gain on available-for-sale investments, net of deferred tax expense	$ 0	$ 8	$ 1

Commitments and Contingencies

12 Months Ended

Apr. 30, 2023

Commitments and Contingencies

Commitments and Contingencies

20. Commitments and Contingencies

Commitments

The Company’s operations are conducted in leased facilities. Refer to Note 12—Leases for additional information.

Contingencies

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

At April 30, 2023 and 2022, the Company had outstanding letters of credit totaling $8,076,000 and $5,968,000, respectively.

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. 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 consolidated statements of (loss) income and in other current liabilities on the 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 consolidated statements of operations and in other current liabilities on the 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 occurred over a 24 month period from the effective date of the settlement agreement, and Webasto retained the Holdback. As of April 30, 2023, the entire settlement amount has been paid

Contract Cost Audits

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

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

The Company’s revenue recognition policy calls for revenue recognized on all cost reimbursable government contracts to be recorded at actual rates unless collectability is not reasonably assured. At April 30, 2023 and 2022, the Company had no reserve for open incurred cost claim audits.

Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
Goodwill (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Goodwill
Goodwill, Beginning Balance	$ 334,347	$ 314,205
Additions to goodwill	2,471	20,142
Impairment of goodwill	(156,017)
Goodwill, Ending Balance	180,801	334,347
SUAS
Goodwill
Goodwill, Beginning Balance	6,340	6,340
Goodwill, Ending Balance	6,340	6,340
MUAS
Goodwill
Goodwill, Beginning Balance	290,157	288,611
Additions to goodwill	1,633	1,546
Impairment of goodwill	(156,017)
Goodwill, Ending Balance	135,773	290,157
All other
Goodwill
Goodwill, Beginning Balance	37,850	19,254
Additions to goodwill	838	18,596
Goodwill, Ending Balance	$ 38,688	$ 37,850

- 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

Pension (Tables)

12 Months Ended

Apr. 30, 2023

Pension

Schedule of projected benefit obligation and fair value of plan assets


	April 30,		April 30,
	2023		2022
	(In thousands)		(In thousands)
Projected benefit obligation	$	(3,192)	$	(3,322)
Fair value of plan assets		3,870		3,395
Funded status of the plan	$	678	$	73

Schedule of change in projected benefit obligation


Pension benefit obligation balance as of April 30, 2022 and May 3, 2021, respectively	$	(3,322)	$	(4,126)
Interest cost		(70)		(39)
Actuarial gain		167		179
Benefits paid		167		176
Foreign currency exchange rate changes		(134)		488
Pension benefit obligation balance as of April 30, 2023 and April 30, 2022, respectively	$	(3,192)	$	(3,322)

Schedule of change in plan assets


Fair value of plan assets as of April 30, 2022 and May 3, 2021, respectively	$	3,395	$	3,951
Expected return on plan assets		472		108
Benefits paid		(167)		(176)
Foreign currency exchange rate changes		170		(488)
Fair value of plan assets as of April 30, 2023 and April 30, 2022, respectively	$	3,870	$	3,395

Schedule of projected benefit obligation and projected fair value


	Year Ended	Year Ended
	April 30,	April 30,
	2023	2022
Discount rate	2.4%	1.7%
In-payment benefits	1.5%	1.5%
Expected return on plan assets	2.9%	2.9%

Schedule of expected benefits payments


2024	$	177
2025		190
2026		192
2027		195
2028		197
2029-2033		1,008
Total expected benefit payments	$	1,959

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


	Year Ended		Year Ended
	April 30,		April 30,
	2023		2022
	(In thousands)		(In thousands)
Expected return on plan assets	$	472	$	108
Interest cost		(70)		(39)
Actuarial gain		167		179
Net periodic benefit cost	$	569	$	248

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021
CONSOLIDATED STATEMENTS OF INCOME
Related party revenue	$ 43,325	$ 42,426

- 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

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Apr. 30, 2023	Jun. 21, 2023	Oct. 29, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Apr. 30, 2023
Document Transition Report	false
Entity File Number	001-33261
Entity Registrant Name	AEROVIRONMENT, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-2705790
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
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	AVAV
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 2,249.5
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,214,677
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Los Angeles, California
Entity Central Index Key	0001368622
Current Fiscal Year End Date	--04-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Investments in Companies Accounted for Using the Equity Method

12 Months Ended

Apr. 30, 2023

Investments in Companies Accounted for Using the Equity Method

Investments in Companies Accounted for Using the Equity Method

8. Investments in Companies Accounted for Using the Equity Method

Investment in Limited Partnership Fund

In July 2019, the Company made its initial capital contribution to a limited partnership fund focusing on highly relevant technologies and start-up companies serving defense and industrial markets. Under the terms of the limited partnership agreement, the Company contributed a total of $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 fiscal year ended April 30, 2023, the Company made total contributions of $5,778,000. Under the terms of the limited partnership agreement, the Company has committed to make additional capital contributions of $14,222,000 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 fiscal years ended April 30, 2023, 2022 and 2021, the Company recorded its ownership percentage of the net gain (loss) of the limited partnership, or $(2,453,000), $5,889,000 and $49,000, respectively, in equity method investment (loss) income, net of deferred taxes of $0, $1,300,000 and $11, respectively, in the consolidated statements of (loss) income. At April 30, 2023 and 2022, the carrying value of the investment in the limited partnership of $18,644,000 and $15,433,000, respectively, was recorded in available-for-sale long-term investments.

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 consolidated financial statements, which resulted in a loss of $189,000 during the fiscal year ended April 30, 2023. 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 investment (loss) income, net of tax. For the fiscal year ended April 30, 2023, the Company’s proportion of the net income of Altoy for the Company’s ownership was not significant. At April 30, 2023, the carrying value of the investment in Altoy of $114,000 was recorded in other assets on the consolidated balance sheets.

Investment in HAPSMobile Inc.

In December 2017, the Company and SoftBank formed a joint venture, 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. 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 fiscal years ended April 30, 2022 and 2021, the Company recorded its proportionate net loss of HAPSMobile, or $0 and $10,530,000, respectively, in equity method investment (loss) income, net of tax in the consolidated statements of (loss) income. During the fiscal year ended April 30, 2021, the Company recorded its proportion of a loss for HAPSMobile’s impairment of its investment in Loon LLC in the amount of $8,363,000. HAPSMobile initially made its investment in Loon LLC in April 2019. The impairment recorded by HAPSMobile is included in realized and unrealized losses on investments in the summarized financial information shown below.

Summarized financial information of the equity method investments, including HAPSMobile for the period of fiscal year 2022 prior to the sale of equity interest, are as follows:


			April 30,
			2023		2022

			(In thousands)
Current assets			$	1,908	$	3,243
Noncurrent assets				132,198		140,178
Current liabilities			$	1,691	$	683


	Year Ended April 30,
	2023		2022		2021

	(In thousands)
Revenues	$	3,788	$	187	$	159
Gross margin		1,607		(13,113)		(1,241)
Realized and unrealized (losses) gains on investments		(23,967)		63,314		(131,971)
Net (loss) income	$	(22,585)	$	40,349	$	(190,454)

CONSOLIDATED STATEMENTS OF STOCKHOLDERS 'EQUITY - 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, Beginning at Apr. 30, 2020	$ 509,901	$ 2	$ 181,481	$ 328,090	$ 328		$ 509,901
Balance (in shares) at Apr. 30, 2020		24,063,639
Increase (Decrease) in Stockholders' Equity
Net (loss) income	23,331			23,331			23,331
Net income attributable to noncontrolling interest						$ 14	(14)
Net Income (loss) including non-controlling interest							23,345
Unrealized (loss) gain on investments	(60)				(60)		(60)
Foreign currency translation	75				75		75
Stock options exercised	1,522		1,522				1,522
Stock options exercised (in shares)		53,500
Restricted stock awards (in shares)		117,468
Restricted stock awards forfeited (in shares)		(5,509)
Business acquisition	72,384		72,384				72,384
Business acquisition (in shares)		573,794
Tax withholding payment related to net share settlement of equity awards	(1,992)		(1,992)				(1,992)
Tax withholding payment related to net share settlement of equity awards (in shares)		(25,597)
Stock-based compensation	6,932		6,932				6,932
Balance, Ending at Apr. 30, 2021	612,093	$ 2	260,327	351,421	343	14	612,107
Balance (in shares) at Apr. 30, 2021		24,777,295
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(4,188)			(4,188)			(4,188)
Net income attributable to noncontrolling interest						3	(3)
Net Income (loss) including non-controlling interest							(4,185)
Unrealized (loss) gain on investments	(43)				(43)		(43)
Foreign currency translation	(6,814)				(6,814)		(6,814)
Stock options exercised	2,776		2,776				2,776
Stock options exercised (in shares)		114,362
Restricted stock awards (in shares)		104,402
Restricted stock awards forfeited (in shares)		(32,120)
Tax withholding payment related to net share settlement of equity awards	(1,245)		(1,245)				(1,245)
Tax withholding payment related to net share settlement of equity awards (in shares)		(12,652)
Change in non-controlling interest						224	224
Stock-based compensation	5,390		5,390				5,390
Balance, Ending at Apr. 30, 2022	607,969	$ 2	267,248	347,233	(6,514)	241	608,210
Balance (in shares) at Apr. 30, 2022		24,951,287
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(176,212)			(176,212)			(176,212)
Net income attributable to noncontrolling interest						45	(45)
Net Income (loss) including non-controlling interest							(176,167)
Unrealized (loss) gain on investments	53				53		53
Foreign currency translation	2,009				2,009		2,009
Stock options exercised	2,278		2,278				2,278
Stock options exercised (in shares)		100,000
Restricted stock awards (in shares)		80,168
Restricted stock awards forfeited (in shares)		(11,476)
Tax withholding payment related to net share settlement of equity awards	(1,065)		(1,065)				(1,065)
Tax withholding payment related to net share settlement of equity awards (in shares)		(12,812)
Shares issued, net of issuance costs	105,173	$ 2	105,171				105,173
Shares issued, net of issuance costs (in shares)		1,109,730
Deconsolidation of previously controlled subsidiary						$ (286)	(286)
Stock-based compensation	10,765		10,765				10,765
Balance, Ending at Apr. 30, 2023	$ 550,970	$ 4	$ 384,397	$ 171,021	$ (4,452)		$ 550,970
Balance (in shares) at Apr. 30, 2023		26,216,897

Geographic Information

12 Months Ended

Apr. 30, 2023

Geographic Information

Geographic Information

24. Geographic Information

Sales to non-U.S. customers, including U.S. government foreign military sales in which an end user is a foreign government, accounted for 53%, 41% and 39% of revenue for each of the fiscal years ended April 30, 2023, 2022 and 2021, respectively. The Company’s internationally deployed in-service assets for MUAS was $0 and $48,496,000 as of April 30, 2023 and 2022, respectively. The Company’s internationally deployed in-service assets for UGV was $1,798,000 and $1,601,000 as of April 30, 2023 and 2022, respectively.

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Revenue:
Revenue	$ 540,536	$ 445,732	$ 394,912
Cost of sales:
Cost of sales	367,022	304,496	230,354
Gross margin:
Total gross margin	173,514	141,236	164,558
Selling, general and administrative	131,905	96,434	67,481
Research and development	64,255	54,689	53,764
Impairment of goodwill	156,017
(Loss) income from operations	(178,663)	(9,887)	43,313
Other (loss) income:
Interest expense, net	(9,368)	(5,440)	(618)
Other expense, net	(346)	(10,313)	(8,330)
Sale of ownership in HAPSMobile Inc. joint venture		6,497
(Loss) income before income taxes	(188,377)	(19,143)	34,365
(Benefit from) provision for income taxes	(14,663)	(10,369)	539
Equity method investment (loss) income, net of tax	(2,453)	4,589	(10,481)
Net (loss) income	(176,167)	(4,185)	23,345
Net income attributable to noncontrolling interest	(45)	(3)	(14)
Net (loss) income attributable to AeroVironment, Inc.	$ (176,212)	$ (4,188)	$ 23,331
Net (loss) income per share attributable to AeroVironment, Inc.
Basic (in dollars per share)	$ (7.04)	$ (0.17)	$ 0.97
Diluted (in dollars per share)	$ (7.04)	$ (0.17)	$ 0.96
Weighted-average shares outstanding:
Basic (in shares)	25,044,881	24,685,534	24,049,851
Diluted (in shares)	25,044,881	24,685,534	24,362,656
Product sales
Revenue:
Revenue	$ 353,062	$ 240,683	$ 278,888
Cost of sales:
Cost of sales	203,419	140,596	149,714
Gross margin:
Total gross margin	149,643	100,087	129,174
Contract services
Revenue:
Revenue	187,474	205,049	116,024
Cost of sales:
Cost of sales	163,603	163,900	80,640
Gross margin:
Total gross margin	$ 23,871	$ 41,149	$ 35,384

Stock-Based Compensation Non-Vested Stock Options (Details) - USD ($)	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Options
Options granted (in shares)	0	0	0
Non-vested at end of year (in shares)	0
Unrecognized compensation cost related to non-vested stock awards	$ 8,667,000
Period over which unrecognized compensation cost is expected to be recognized	2 years
Weighted average period over which unrecognized compensation cost is expected to be recognized	1 year 10 months 24 days
Exercise of stock options	$ 2,278,000	$ 2,776,000	$ 1,522,000
Fair value of shares vested	6,264,000	5,901,000	5,312,000
Excess tax benefit from stock-based compensation	$ 3,387,000	$ 0	$ 0

Investments

12 Months Ended

Apr. 30, 2023

Investments

Investments

2. Investments

Investments consist of the following:


	April 30,
	2023		2022

	(In thousands)
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 and warrants		4,969		—
Total long-term available-for-sale securities investments		4,969		—
Equity method investments
Investments in limited partnership funds		18,644		15,433
Total equity method investments		18,644		15,433
Total long-term investments	$	23,613	$	15,433

Available-For-Sale 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 April 30, 2023, 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):


			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 equity securities	$	24,751	$	—	$	(35)	$	24,716

Equity Securities

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


	Year Ended
	April 30,
	2023
Net loss recognized during the period on equity securities	$	(132)
Less: Net loss recognized during the period on equity securities sold during the period		—
Unrealized loss recognized during the period on equity securities still held at the reporting date	$	(132)

Pension

12 Months Ended

Apr. 30, 2023

Pension

Pension

22. Pension

As part of the Telerob acquisition, the Company acquired a small foreign-based defined benefit pension plan. The Rheinmetall-Zusatzversorgung (“RZV”) service plan covers three former employees based on individual contracts issued to the employees. No other employees are eligible to participate. The Company has reinsurance policies taken out for participating former employees, which were pledged to the employees. The measurement date for the Company’s pension plan was April 30, 2023.

The table below includes the projected benefit obligation and fair value of plan assets. The net fair value of plan assets is recorded in other assets on the consolidated balance sheets.


	April 30,		April 30,
	2023		2022
	(In thousands)		(In thousands)
Projected benefit obligation	$	(3,192)	$	(3,322)
Fair value of plan assets		3,870		3,395
Funded status of the plan	$	678	$	73

Change in projected benefit obligation (in thousands):


Pension benefit obligation balance as of April 30, 2022 and May 3, 2021, respectively	$	(3,322)	$	(4,126)
Interest cost		(70)		(39)
Actuarial gain		167		179
Benefits paid		167		176
Foreign currency exchange rate changes		(134)		488
Pension benefit obligation balance as of April 30, 2023 and April 30, 2022, respectively	$	(3,192)	$	(3,322)

Change in plan assets (in thousands):


Fair value of plan assets as of April 30, 2022 and May 3, 2021, respectively	$	3,395	$	3,951
Expected return on plan assets		472		108
Benefits paid		(167)		(176)
Foreign currency exchange rate changes		170		(488)
Fair value of plan assets as of April 30, 2023 and April 30, 2022, respectively	$	3,870	$	3,395

The accumulated benefit obligation is approximately equal to the 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, 2024. The projected benefit obligation and projected fair value of plan assets include the assumptions in the table below.


	Year Ended	Year Ended
	April 30,	April 30,
	2023	2022
Discount rate	2.4%	1.7%
In-payment benefits	1.5%	1.5%
Expected return on plan assets	2.9%	2.9%

Expected benefits payments as of April 30, 2023 (in thousands):


2024	$	177
2025		190
2026		192
2027		195
2028		197
2029-2033		1,008
Total expected benefit payments	$	1,959

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


	Year Ended		Year Ended
	April 30,		April 30,
	2023		2022
	(In thousands)		(In thousands)
Expected return on plan assets	$	472	$	108
Interest cost		(70)		(39)
Actuarial gain		167		179
Net periodic benefit cost	$	569	$	248

- Definition

The entire disclosure for retirement benefits.

+ References

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

Leases - Maturities of operating lease liabilities (Details) $ in Thousands	Apr. 30, 2023 USD ($)
Maturities of operating lease liabilities:
2024	$ 8,933
2025	8,628
2026	5,316
2027	4,565
2028	2,646
Thereafter	5,895
Total lease payments	35,983
Less: imputed interest	(6,565)
Total present value of operating lease liabilities	$ 29,418

Employee Savings Plan

12 Months Ended

Apr. 30, 2023

Employee Savings Plan

Employee Savings Plan

10. Employee Savings Plan

The Company has an employee 401(k) savings plan covering all eligible employees. The Company expensed approximately $6,994,000, $6,842,000 and $5,764,000 in contributions to the plan for the years ended April 30, 2023, 2022 and 2021, respectively.

Leases - Supplemental lease information (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Leases
Cash paid for amounts included in the measurement of operating lease liabilities	$ 7,690	$ 6,925
Right-of-use assets obtained in exchange for new lease liabilities	$ 7,463	$ 10,238
Weighted average remaining lease term	53 months	62 months
Weighted average discount rate	4.30%	3.40%

Inventories, net

12 Months Ended

Apr. 30, 2023

Inventories, net

Inventories, net

4. Inventories, net

Inventories consist of the following (in thousands):


	April 30,
	2023		2022

	(In thousands)
Raw materials	$	67,775	$	42,310
Work in process		43,276		28,034
Finished goods		42,968		32,619
Inventories, gross		154,019		102,963
Reserve for inventory excess and obsolescence		(15,205)		(12,334)
Inventories, net	$	138,814	$	90,629

For the fiscal years ended April 30, 2023, 2022 and 2021, the Company recorded inventory reserve charges of $8,136,000, $2,271,000 and $1,178,000, respectively.

Organization and Significant Accounting Policies - Contract Estimates (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Forward Loss Reserve	$ 1,878	$ 1,064
TMS contract
Amount of revised aggregate impact of adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods	$ 1,898	$ 1,124	$ 1,041

Pension - Projected benefit obligation and fair value of plan assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Pension
Defined Benefit Plan, Funding Status [Extensible List]	us-gaap:UnderfundedPlanMember	us-gaap:UnderfundedPlanMember
Pension Plan
Pension
Projected benefit obligation	$ (3,192)	$ (3,322)	$ (4,126)
Fair value of plan assets	3,870	3,395	$ 3,951
Funded status of the plan	$ 678	$ 73

- Definition

+ References + Details

- Definition

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

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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

Accumulated Other Comprehensive Loss

12 Months Ended

Apr. 30, 2023

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

17. Accumulated Other Comprehensive Loss

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


					Total Accumulated
					Other
	Available-for-Sale		Foreign Currency		Comprehensive
	Securities		Translation Adjustments		Income
Total accumulated other comprehensive loss balance as of April 30, 2022	$	(53)	$	(6,461)	$	(6,514)
Unrealized gain, net of $0 of taxes		53		—		53
Changes in foreign currency translation adjustments		—		2,009		2,009
Total accumulated other comprehensive loss balance as of April 30, 2023	$	—	$	(4,452)	$	(4,452)

Related Party Transactions (Details) - USD ($)	12 Months Ended
Related Party Transactions (Details) - USD ($)	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Long-Term Incentive Awards
Revenue		$ 43,325,000	$ 42,426,000
Due from Related Parties		2,229,000
Board member \| Consulting agreement
Long-Term Incentive Awards
Amount paid to related party	$ 76,000	36,000	29,000
HAPSMobile \| Design and Development Agreement
Long-Term Incentive Awards
Due from Related Parties		2,229,000
SoftBank \| Design and Development Agreement
Long-Term Incentive Awards
Maximum net value	$ 51,200,000
Revenue		$ 43,325,000	$ 42,426,000

Segments (Details) - USD ($) $ in Thousands	12 Months Ended
Segments (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Segment Reporting Information [Line Items]
Gross margin	$ 173,514	$ 141,236	$ 164,558
Income (loss) from operations	(178,663)	(9,887)	43,313
Total assets	824,577	914,200
Product segments
Segment Reporting Information [Line Items]
Revenue	540,536	445,732	394,912
Gross margin	173,514	141,236	164,558
Income (loss) from operations	(178,663)	(9,887)	43,313
Impairment of goodwill and accelerated amortization	190,166
Acquisition-related expenses	1,385	4,854	7,981
Amortization of acquired intangible assets and other purchase accounting adjustments	29,418	36,707	7,458
Adjusted income (loss) from operations	42,306	31,674	58,752
Total assets	824,577	914,200
SUAS \| Product segments
Segment Reporting Information [Line Items]
Revenue	233,908	178,201	235,854
Gross margin	121,332	83,759	119,062
Income (loss) from operations	64,650	28,980	58,194
Acquisition-related expenses		502	3,026
Amortization of acquired intangible assets and other purchase accounting adjustments	2,688	2,828	2,649
Adjusted income (loss) from operations	67,338	32,310	63,869
Total assets	181,300	110,286
TMS \| Product segments
Segment Reporting Information [Line Items]
Revenue	120,624	76,415	87,268
Gross margin	42,736	24,486	26,675
Income (loss) from operations	8,074	(3,120)	(3,131)
Acquisition-related expenses		297	1,661
Adjusted income (loss) from operations	8,074	(2,823)	(1,470)
Total assets	103,375	91,862
MUAS \| Product segments
Segment Reporting Information [Line Items]
Revenue	70,327	93,156	15,837
Gross margin	(24,355)	6,155	2,965
Income (loss) from operations	(252,568)	(27,715)	(1,869)
Impairment of goodwill and accelerated amortization	190,166
Acquisition-related expenses	604	1,994	1,682
Amortization of acquired intangible assets and other purchase accounting adjustments	21,573	22,170	4,356
Adjusted income (loss) from operations	(40,225)	(3,551)	4,169
Total assets	224,572	388,058
All other \| Product segments
Segment Reporting Information [Line Items]
Revenue	115,677	97,960	55,953
Gross margin	33,801	26,836	15,856
Income (loss) from operations	1,181	(8,032)	(9,881)
Acquisition-related expenses	781	2,061	1,612
Amortization of acquired intangible assets and other purchase accounting adjustments	5,157	11,709	453
Adjusted income (loss) from operations	7,119	5,738	$ (7,816)
Total assets	108,195	94,765
Corporate \| Product segments
Segment Reporting Information [Line Items]
Total assets	$ 207,135	$ 229,229

Pension - Net benefit income (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Pension
Expected return on plan assets	$ (472)	$ (108)
Interest cost	(70)	(39)
Actuarial gain	(167)	(179)
Net periodic benefit cost	$ 569	$ 248
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Investment Income, Interest	Investment Income, Interest