Aerovironment, Inc. 2012 Annual Report
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AVAV >> NASDAQ One day... AeroVironment® human power TM 2012 >> A CORPORATE OVERVIEW ® AeroVironment | One day is here Corporate Overview 2012 1 Like the hummingbird, we humans are At AeroVironment, we celebrate our ability biological animals that live and think in to invent today the technology solutions the here and now. But unlike any other of tomorrow. AeroVironment’s unmanned animal, we possess that distinctly human aircraft systems (UAS) and efficient energy power™ of self-awareness. We understand systems enable people and organizations that we exist and that our lives exist along to accomplish important tasks in funda- a continuum of time—past, present and mentally more efficient ways than other- future—giving us the ability to look wise possible—to make for a better—and beyond the horizon, imagine a better more powerful—human existence. future and say… Our customers experience tomorrow every >> One day we’ll fly a human-powered day. They know what “one day” looks like. airplane. Because for them… >> One day we’ll drive a solar-powered …one day is already here. car across an entire continent. >> One day we’ll invent electric vehicles and advanced charging systems that will help us drive cleaner and go farther. >> One day we’ll build a family of unmanned aircraft systems that will help secure our nation while saving lives on the ground. ...is here >> And one day we’ll design an ultra small unmanned aircraft that actually Beating its wings an extraordinary 70 times per second looks and flies like a real hummingbird. and possessing the ability to fly in any direction with unmatched precision, the hummingbird is an inspiring innovation of nature. But remarkable as the flight of this tiny bird is, it’s simplistic when compared to the wonder of human thought. ® AeroVironment | One day is here Corporate Overview 2012 3 rEvEnuE Dear Stockholders 11% growth Since our founding in 1971 by Paul giving operators better information when they need it. We continued to provide our customers MacCready, the people of AeroVironment with important new capabilities to help them succeed. FINANCIAL HIGHLIGHTS EPS have been looking beyond the horizon– keenly anticipating the challenges that Our Efficient Energy Systems business The AeroVironment team delivered another year of profitable * segment demonstrated similar progress as we growth in fiscal 2012, even in a global economic environment of growth 16% our world and customers will one day support the broad adoption of electric vehicles great uncertainty. And our horizons are not limited to short-term with easy to use, reliable charging solutions. accomplishments–we also strengthened our market positions and over fiscal year 2011. face so that we can envision tomorrow’s In 2012 we expanded the rollout of 240-Volt moved high-value development programs like Switchblade® closer EV charge docks, deploying more than 9,000 to broader market adoption. With a more diverse product and innovations today. Looking forward is service offering across both our business segments and a growing throughout the U.S. and Canada. We won new roster of government agencies, companies and consumers relying part of our culture, while looking back home charging contracts with BMW of North America and Mitsubishi Motors North America. on our solutions, we continue to focus on delivering results that at fiscal year 2012 reveals our strong help our customers win while positioning ourselves for long-term net income revenue We activated the first portion of the West Coast growth. in thousands in thousands Green Highway™, consisting of our fast charging technology, market leadership and systems along Interstate 5 in Washington and REVENUE BY SEGMENT $325,008 competitive positions for long-term growth. Oregon. In addition, we installed more 240-Volt in thousands except for share and per share data $292,503 charge docks in Hawaii, as well as public fast $30,451 and 240-Volt charging stations for NRG Energy 2010 2011 2012 $249,518 in Dallas and Houston. $25,909 Our outstanding team executed effectively in 2012, delivering annual growth of 11% in UAS $224,179 $249,769 $273,728 revenue, 16% in earnings per fully diluted Fiscal 2012 was a successful year for us. At a EES 25,339 42,734 51,280 $20,716 Total Revenue 249,518 292,503 325,008 share and 12% in funded backlog, yet these time when many industries and companies metrics only tell part of our story. Across our retrenched, we grew organically. At a time of Income from Operations 29,887 33,951 43,076 business we continued to deliver valuable great uncertainty in our industries, our customers Net Income 20,716 25,909 30,451 capabilities to our customers while growing continued to depend on us for reliable EPS Fully Diluted 0.94 1.17 1.36 our leading market positions, expanding our solutions that make them more productive, Total Assets 281,971 331,747 369,151 team and broadening our portfolio of products safer and more efficient. We plan to continue Stockholders’ Equity 233,420 263,468 299,198 growing rapidly for years to come through Operating Margin 12% 12% 13% and services. multiple pathways; by delivering and SHARE PRICE 10 11 12 10 11 12 A July 2011 United States Department of supporting more of our current solutions to Defense publication showed that our small current customers; by continuously creating Fiscal Year Ended April 30, 2012 High Low unmanned aircraft systems (UAS) represented upgrades to those solutions, like the new 85% of the more than 7,500 unmanned aircraft payload retrofit slated for the Raven fleet this First Quarter $36.49 $26.81 operating *fully diluted in the Pentagon’s inventory. While our small year; by identifying new customers for these Second Quarter 34.28 24.01 solutions, like the international governments Third Quarter 33.87 28.33 UAS make up the bulk of the fleet, defense margin earnings appropriations data tell a different, yet equally beginning to adopt small UAS and the Fourth Quarter 31.87 23.70 in percentage per share (eps) compelling story: since 2006, less than 3% of domestic customers waiting to adopt them here Fiscal Year Ended April 30, 2011 High Low our military’s reported UAS research and around the world; and by continuing to and procurement dollars were spent on develop entirely new solutions for large market First Quarter $ 28.17 $ 20.70 $1.36 AeroVironment small UAS. There is no way to opportunities, like Switchblade and Global Second Quarter 24.47 21.25 quantify the number of lives our small UAS Observer™. Third Quarter 29.91 22.25 $1.17 Fourth Quarter 35.96 27.20 have saved, but the data provide dramatic 13% evidence of the tremendous value proposition Today AeroVironment is stronger, better Fiscal Year Ended April 30, 2010 High Low $0.94 our systems deliver, and we’re not standing still. positioned for long-term growth and making 12% 12% more of an impact than at any time in our First Quarter $ 32.90 $ 23.15 In fiscal 2012 we expanded our family of company’s history. And we’re still looking Second Quarter 31.25 26.28 small UAS with Shrike VTOL™, Wasp® AE beyond the horizon to many more “one days.” Third Quarter 35.38 25.64 and Qube®, the first solution tailored to a Fourth Quarter 34.11 21.64 potentially large domestic market. We added Thank you for your continued support. important new capabilities to our small UAS solution with VAMPIRE® mission simulation and Kestrel™ moving target indicator software. Customers began adopting Switchblade™, a Timothy E. Conver 10 11 12 10 11 12 loitering munition system, and we introduced Chairman, a new multi-axis sensor payload for Raven®, Chief Executive Officer & President ® AeroVironment | UAS One day is here Corporate Overview 2012 5 One day our warfighters won’t have to become a target to see what’s over the hill. They will go into battle with small unmanned aircraft systems (UAS) that airPOWERed they’ll launch at will. With one throw, troops in the SOLUTIONS FOR field will have the power to survey the terrain ahead, gather lifesaving intelligence, and communicate with TodAy And TomorroW their command center without putting themselves in harm’s way. With one call, commanders will have the power to deploy any number of these systems strategically from their mission’s onset. Fortunately for the warfighter… << Our customers continue to find new ways to use small UAS, One day is here—on the battlefield with AeroVironment. and we’re helping them with new capabilities—giving the next Already AeroVironment’s products represent 85% of the unmanned aircraft generation Wasp AE both electro- inventory for the Department of Defense, a number that’s being driven more optical (EO) and infrared (IR) video and more by the life-saving and cost-effective performance of our digital sensors on a lightweight gimbaled family of small UAS. The new digital and now “amphibious” Wasp® AE, with payload so now operators can keep its advanced capabilities such as Digital Data Link™ and gimbaled payload, << Warfighters want a common their eyes firmly on target. also transitioned into production for the U.S. Air Force BATMAV program. While command and control system that Mantis™—our new line of miniature, all-environment gimbaled payloads that can display real-time video from any incorporate both color and infrared video sensors—will give our troops, and of multiple unmanned air vehicles’ soon first responders, the ability to see over land, over water and through the payloads directly to their position on sky like never before. the ground. Today, they’ve got it with AeroVironment’s Ground Control Additional capabilities are also just a backpack away with Switchblade™, System (GCS).