AeroVironment Inc 10-K

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. ​ Common Stock ​ On June 23, 2021, the closing sales price of our common stock as reported on the NASDAQ Global Select Market where it trades under the symbol AVAV was $111.34 per share. As of June 23, 2021, there were 75 holders of record of our common stock. ​ Dividends ​ To date we have retained all earnings for use in the operation and expansion of our business and do not anticipate paying any cash dividends in the foreseeable future. Any future determination related to dividend policy will be made at the discretion of our board of directors and will depend upon, among other factors, our results of operations, financial condition, capital requirements, capital allocation policy, expected return on invested capital, contractual restrictions and such other factors as our board of directors deems relevant. ​ Stock Price Performance Graph ​ The following graph shows a comparison of cumulative returns on our common stock, based on the market price of the common stock, with the cumulative total returns of companies in the Russell 2000 Index and the SPADE Defense Index. ​ ​ The following table shows the value of $100 invested on April 30, 2016 in AeroVironment, Inc., the Russell 2000 Index and the SPADE Defense Index. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance Graph Table ($) ​ April 30, April 30 April 30, April 30, April 30 April 30, ​ ​ 2016 ​ 2017 ​ 2018 ​ 2019 ​ 2020 ​ 2021 AeroVironment, Inc. Stock ​ 100 ​ 99 ​ 189 ​ 237 ​ 209 ​ 382 ​ Russell 2000 Index ​ 100 ​ 124 ​ 138 ​ 141 ​ 116 ​ 200 ​ SPADE Defense Index ​ 100 ​ 124 ​ 155 ​ 171 ​ 150 ​ 209 ​ ​ 54 Table of Contents The stock price performance shown on the graph above is not necessarily indicative of future price performance. Factual material was obtained from sources believed to be reliable, but we are not responsible for any errors or omissions contained therein. No portions of this graph shall be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act through any general statement incorporating by reference in its entirety the report in which this graph appears, except to the extent that we specifically incorporate this graph or a portion of it by reference. In addition, this graph shall not be deemed filed under either the Securities Act or the Exchange Act. ​ Issuer Purchases of Equity Securities ​ On September 24, 2015, we announced that on September 23, 2015 our Board of Directors authorized a share repurchase program (the “Share Repurchase Program”), pursuant to which we may repurchase up to $25 million of our common stock from time to time, in amounts and at prices we deem appropriate, subject to market conditions and other considerations. Share repurchases may be executed through open market transactions or negotiated purchases and may be made under a Rule 10b5-1 plan. There is no expiration date for the program. The Share Repurchase Program does not obligate us to acquire any particular amount of common stock and may be suspended at any time by our Board of Directors. We did not repurchase any shares during the fiscal year ended April 30, 2021. As of April 30, 2021, approximately $21.2 million remained authorized for future repurchases under this program. ​ Item 6. Selected Consolidated Financial Data. ​ The following selected financial data should be read in conjunction with our consolidated financial statements. The information set forth below is not necessarily indicative of results of future operations, and should be read in conjunction with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and notes thereto included in Item 8, “Financial Statements and Supplementary Data” of this Annual Report in order to understand fully factors that may affect the comparability of the financial data presented below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended April 30, ​ 2021 2020 2019 (1) 2018 (1) 2017 (1) ​ ​ (In thousands, except per share data) Consolidated Income Statement Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ $ 394,912 ​ $ 367,296 ​ $ 314,274 ​ $ 268,424 ​ $ 233,105 ​ Net income from continuing operations attributable to AeroVironment, Inc. ​ $ 23,331 ​ $ 41,339 ​ $ 41,912 ​ $ 21,750 ​ $ 17,701 ​ Earnings per common share from continuing operations attributable to AeroVironment, Inc. : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.97 ​ $ 1.74 ​ $ 1.77 ​ $ 0.93 ​ $ 0.77 ​ Diluted ​ $ 0.96 ​ $ 1.72 ​ $ 1.74 ​ $ 0.91 ​ $ 0.76 ​ Weighted average common shares outstanding (basic): ​ 24,050 ​ 23,806 ​ 23,663 ​ 23,471 ​ 23,059 ​ Weighted average common shares outstanding (diluted): ​ 24,363 ​ 24,088 ​ 24,072 ​ 23,814 ​ 23,308 ​ Balance Sheet Data ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 928,566 ​ $ 584,954 ​ $ 508,844 ​ $ 473,418 ​ $ 433,831 ​ Long-term debt, current portion ​ $ 10,000 ​ $ — ​ $ — ​ $ — ​ $ — ​ Long-term debt, net of current portion ​ $ 187,512 ​ $ — ​ $ — ​ $ — ​ $ — ​ Capital lease obligations, current portion ​ $ — ​ $ — ​ $ — ​ $ 161 ​ $ 288 ​ Capital lease obligations, net of current portion ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 161 ​ Other long-term obligations ​ $ 32,762 ​ $ 8,100 ​ $ 1,403 ​ $ 2,274 ​ $ 2,083 ​ ​ (1) Amounts prior to 2020 do not reflect impact of our prospective adoption of ASU No. 2016-02, Leases (Topic 842) ​ ​ 55 Table of Contents