AeroVironment, Inc. (NASDAQ:AVAV) Q1 2020 Earnings Conference Call - Final Transcript

Sep 04, 2019 • 04:30 pm ET


AeroVironment, Inc. (NASDAQ:AVAV) Q1 2020 Earnings Conference Call - Final Transcript


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Steven A. Gitlin

Good afternoon, ladies and gentlemen, and welcome to AeroVironment's First Quarter Fiscal Year 2020 Earnings Call. This is Steven Gitlin, Vice President of Investor Relations for Aerovironment. At this time, all participants are in a listen-only mode. We will conduct a question-and-answer session after management's remarks.

As a reminder, this conference is being recorded for replay purposes. Before we begin, please note that on this call, certain information presented contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements and may contains words such as believe, anticipate, expect, estimate, intend, project, plan or words or phrases with similar meaning.

Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including but not limited to, economic, competitive, governmental and technological factors outside of our control that may cause our business strategy or actual results to differ materially from the forward-looking statements. For further information on these risks, we encourage you to review the risk factors discussed in AeroVironment's periodic reports on Form 10-K and Form 10-Q filed with the SEC, and the Form 8-K filed today with the SEC, along with the associated earnings release and the safe harbor statement contained therein.

This afternoon we also filed a slide presentation with our earnings release and posted a presentation on our website at, in the Events and Presentations section. The content of this conference call contains time-sensitive information that is accurate only as of today, September 4, 2019. The Company undertakes no obligation to make any revision to any forward-looking statements contained in our remarks today or to update them to reflect the events or circumstances occurring after this conference call.

Joining me today from AeroVironment are President and Chief Executive Officer, Mr. Wahid Nawabi; and Senior Vice President and Chief Financial Officer, Mrs. Teresa Covington.

We will now begin with remarks from Wahid Nawabi. Wahid?

Wahid Nawabi

Thank you, Steve, and welcome to our first quarter fiscal year 2020 earnings conference call. Today, I will refer to the supplemental charts, we filed with our earnings release and posted to our website to highlight important messages.

On today's call, I will emphasize three key messages that appear on Slide number 3 of our supplemental charts. First, our team delivered outstanding first quarter results. Second, we're successfully executing our plan and remain on track to achieve our fiscal year 2020 objectives. And third, we continue to make great progress on our strategic growth initiatives. I will start by summarizing our outstanding first quarter fiscal year 2020 performance and discuss our key achievements during the quarter. Next Teresa will provide a more detailed summary of financial performance in the quarter, and I will discuss our goals for fiscal year 2020 before Teresa, Steve and I take your questions.

Now for our first quarter fiscal year 2020 financial highlights. Once again, outstanding financial results reflect our team's focused