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Organization and Significant Accounting Policies (Tables)

9 Months Ended

Jan. 29, 2022

Organization and Significant Accounting Policies

Schedule of revenue by category

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


		Three Months Ended						Nine Months Ended
		January 29,			January 30,			January 29,			January 30,
Revenue by major product line/program		2022			2021			2022			2021
Small UAS		$	24,366		$	50,536		$	119,004		$	165,003
TMS			18,603			19,598			56,197			48,093
MUAS			21,168			—			70,072			—
Other			25,956			8,648			67,837			45,801
Total revenue		$	90,093		$	78,782		$	313,110		$	258,897


		Three Months Ended						Nine Months Ended
		January 29,			January 30,			January 29,			January 30,
Revenue by contract type		2022			2021			2022			2021
FFP		$	66,639		$	61,230		$	245,798		$	190,530
CPFF			21,788			17,530			62,499			68,329
T&M			1,666			22			4,813			38
Total revenue		$	90,093		$	78,782		$	313,110		$	258,897

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


		Three Months Ended						Nine Months Ended
		January 29,			January 30,			January 29,			January 30,
Revenue by customer category		2022			2021			2022			2021
U.S. government		$	60,956		$	60,633		$	204,107		$	170,023
Non-U.S. government			29,137			18,149			109,003			88,874
Total revenue		$	90,093		$	78,782		$	313,110		$	258,897

		Three Months Ended						Nine Months Ended
		January 29,			January 30,			January 29,			January 30,
Revenue by geographic location		2022			2021			2022			2021
Domestic		$	56,480		$	51,062		$	193,531		$	150,890
International			33,613			27,720			119,579			108,007
Total revenue		$	90,093		$	78,782		$	313,110		$	258,897

Schedule of reconciliation of basic to diluted shares

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


			Three Months Ended						Nine Months Ended
		January 29, 2022			January 30, 2021			January 29, 2022			January 30, 2021
Net income (loss) attributable to AeroVironment, Inc.		$	10		$	211		$	(11,446)		$	12,385
Denominator for basic earnings (loss) per share:
Weighted average common shares			24,710,991			23,942,782			24,657,846			23,924,017
Dilutive effect of employee stock options, restricted stock and restricted stock units			168,652			318,092			—			292,354
Denominator for diluted earnings (loss) per share			24,879,643			24,260,874			24,657,846			24,216,371