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Organization and Significant Accounting Policies (Tables)

9 Months Ended

Jan. 27, 2024

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						Nine Months Ended
		January 27,			January 28,			January 27,			January 28,
Revenue by segment		2024			2023			2024			2023
UMS		$	113,290		$	92,329		$	344,270		$	221,738
LMS			57,658			24,015			118,824			78,127
MW			15,630			18,051			56,647			54,630
Total revenue		$	186,578		$	134,395		$	519,741		$	354,495


		Three Months Ended						Nine Months Ended
		January 27,			January 28,			January 27,			January 28,
Revenue by contract type		2024			2023			2024			2023
FFP		$	167,256		$	109,119		$	457,077		$	275,184
CPFF			17,925			24,115			59,445			75,583
T&M			1,397			1,161			3,219			3,728
Total revenue		$	186,578		$	134,395		$	519,741		$	354,495

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 27,			January 28,			January 27,			January 28,
Revenue by customer category		2024			2023			2024			2023
U.S. government		$	133,761		$	83,398		$	385,069		$	226,191
Non-U.S. government			52,817			50,997			134,672			128,304
Total revenue		$	186,578		$	134,395		$	519,741		$	354,495

		Three Months Ended						Nine Months Ended
		January 27,			January 28,			January 27,			January 28,
Revenue by geographic location		2024			2023			2024			2023
Domestic		$	62,865		$	55,955		$	186,445		$	174,135
International			123,713			78,440			333,296			180,360
Total revenue		$	186,578		$	134,395		$	519,741		$	354,495

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 27, 2024			January 28, 2023			January 27, 2024			January 28, 2023
Net income (loss) attributable to AeroVironment, Inc.		$	13,885		$	(676)		$	53,620		$	(15,739)
Denominator for basic earnings (loss) per share:
Weighted average common shares			27,907,568			25,012,412			26,957,061			24,906,977
Dilutive effect of employee stock options, restricted stock and restricted stock units			136,559			—			104,348			—
Denominator for diluted earnings (loss) per share			28,044,127			25,012,412			27,061,409			24,906,977