AeroVironment, Inc. (NASDAQ:AVAV) Q1 2021 Earnings Conference Call - Final Transcript

Sep 09, 2020 • 04:30 pm ET

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AeroVironment, Inc. (NASDAQ:AVAV) Q1 2021 Earnings Conference Call - Final Transcript

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Presentation
Operator
Steven Gitlin

Good afternoon, ladies and gentlemen, and welcome to AeroVironment's First Quarter Fiscal Year 2021 Earnings Call. This is Steve Gitlin, Chief Marketing Officer and Vice President of Investor Relations for AeroVironment. [Operator Instructions]

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 they may predict, forecast, indicate or imply future results, performance or achievements and may contain 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 the presentation on our website at avinc.com in the Events and Presentations section.

The content of this conference call contains time-sensitive information that is accurate only as of today, September 9, 2020. 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, Mr. Kevin McDonnell.

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

Executive
Wahid Nawabi

Thank you, Steve. Welcome to our first quarter of fiscal year 2021 earnings conference call. On today's call, I will emphasize three key messages, also included on Slide number 3 of our earnings presentation. First, despite the unprecedented COVID-19 pandemic and resulting global economic challenges, we are on track to achieve our fiscal year 2021 objectives. Second, we continue to make progress on our key growth initiatives within our tactical UAS, tactical missile systems and HAPS product lines. And third, we are successfully executing our long-term growth strategy, while delivering significant value to our shareholders.

I will start by summarizing our first quarter fiscal year 2021 performance and then we'll discuss our achievements during the first quarter. Next, Kevin will provide a more detailed summary of financial performance in the quarter, and then I will discuss our outlook for fiscal year 2021 before Kevin, Steve and I take your questions.

Now let's review our financial performance in the quarter, which we have summarized on Slide number 4 of our earnings presentation. We delivered first quarter revenue of $87.5 million consistent with the expectations we shared with you during our fourth quarter