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Organization and Significant Accounting Policies (Tables)

9 Months Ended

Jan. 28, 2023

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 28,			January 29,			January 28,			January 29,
Revenue by segment		2023			2022			2023			2022
Small UAS		$	69,376		$	24,366		$	139,313		$	119,004
TMS			24,015			18,603			78,127			56,197
MUAS			15,405			21,168			61,948			70,072
HAPS			8,938			9,543			28,219			30,237
All Other			16,661			16,413			46,888			37,600
Total revenue		$	134,395		$	90,093		$	354,495		$	313,110


		Three Months Ended						Nine Months Ended
		January 28,			January 29,			January 28,			January 29,
Revenue by contract type		2023			2022			2023			2022
FFP		$	109,119		$	66,639		$	275,184		$	245,798
CPFF			24,115			21,788			75,583			62,499
T&M			1,161			1,666			3,728			4,813
Total revenue		$	134,395		$	90,093		$	354,495		$	313,110

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 28,			January 29,			January 28,			January 29,
Revenue by customer category		2023			2022			2023			2022
U.S. government		$	83,398		$	60,956		$	226,191		$	204,107
Non-U.S. government			50,997			29,137			128,304			109,003
Total revenue		$	134,395		$	90,093		$	354,495		$	313,110

		Three Months Ended						Nine Months Ended
		January 28,			January 29,			January 28,			January 29,
Revenue by geographic location		2023			2022			2023			2022
Domestic		$	55,955		$	56,480		$	174,135		$	193,531
International			78,440			33,613			180,360			119,579
Total revenue		$	134,395		$	90,093		$	354,495		$	313,110

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 28, 2023			January 29, 2022			January 28, 2023			January 29, 2022
Net (loss) income attributable to AeroVironment, Inc.		$	(676)		$	10		$	(15,739)		$	(11,446)
Denominator for basic (loss) earnings per share:
Weighted average common shares			25,012,412			24,710,991			24,906,977			24,657,846
Dilutive effect of employee stock options, restricted stock and restricted stock units			—			168,652			—			—
Denominator for diluted (loss) earnings per share			25,012,412			24,879,643			24,906,977			24,657,846