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Organization and Significant Accounting Policies (Tables)

6 Months Ended

Oct. 28, 2023

Organization and Significant Accounting Policies

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):


		Three Months Ended						Six Months Ended
		October 28,			October 29,			October 28,			October 29,
Revenue by segment		2023			2022			2023			2022
UMS		$	132,773		$	61,634		$	230,980		$	129,408
LMS			30,249			31,101			61,166			54,113
MW			17,794			18,849			41,017			36,579
Total revenue		$	180,816		$	111,584		$	333,163		$	220,100


		Three Months Ended						Six Months Ended
		October 28,			October 29,			October 28,			October 29,
Revenue by contract type		2023			2022			2023			2022
FFP		$	159,879		$	85,236		$	289,821		$	166,065
CPFF			19,802			25,013			41,095			51,468
T&M			1,135			1,335			2,247			2,567
Total revenue		$	180,816		$	111,584		$	333,163		$	220,100

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


		Three Months Ended						Six Months Ended
		October 28,			October 29,			October 28,			October 29,
Revenue by customer category		2023			2022			2023			2022
U.S. government		$	149,959		$	84,165		$	251,307		$	151,880
Non-U.S. government			30,857			27,419			81,856			68,220
Total revenue		$	180,816		$	111,584		$	333,163		$	220,100

		Three Months Ended						Six Months Ended
		October 28,			October 29,			October 28,			October 29,
Revenue by geographic location		2023			2022			2023			2022
Domestic		$	69,975		$	67,657		$	128,101		$	117,760
International			110,841			43,927			205,062			102,340
Total revenue		$	180,816		$	111,584		$	333,163		$	220,100

Schedule of reconciliation of basic to diluted shares

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


			Three Months Ended						Six Months Ended
		October 28, 2023			October 29, 2022			October 28, 2023			October 29, 2022
Net income (loss) attributable to AeroVironment, Inc.		$	17,840		$	(6,668)		$	39,735		$	(15,063)
Denominator for basic earnings (loss) per share:
Weighted average common shares			26,865,763			24,900,873			26,479,168			24,852,219
Dilutive effect of employee stock options, restricted stock and restricted stock units			91,043			—			90,099			—
Denominator for diluted earnings (loss) per share			26,956,806			24,900,873			26,569,267			24,852,219