Organization and Significant Accounting Policies (Tables)

3 Months Ended

Jul. 27, 2019

Organization and Significant Accounting Policies

Schedule of revenue by category

	Three Months Ended
	July 27,		July 28,
Revenue by major product line/program	2019		2018
Small UAS	$	66,745	$	41,216
TMS		5,587		22,766
HAPS		12,335		11,563
Other		2,244		2,498
Total revenue	$	86,911	$	78,043

	Three Months Ended
	July 27,		July 28,
Revenue by contract type	2019		2018
FFP	$	67,944	$	58,003
CPFF		18,264		19,983
T&M		703		57
Total revenue	$	86,911	$	78,043

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
	July 27,		July 28,
Revenue by customer category	2019		2018
U.S. government:	$	49,134	$	35,908
Non-U.S. government		37,777		42,135
Total revenue	$	86,911	$	78,043
	Three Months Ended
	July 27,		July 28,
Revenue by geographic location	2019		2018
Domestic	$	38,808	$	35,352
International		48,103		42,691
Total revenue	$	86,911	$	78,043

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
Income from	July 27, 2019		July 28, 2018
Continuing operations attributable to AeroVironment	$	17,110	$	20,337
Discontinued operations, net of tax		—		6,993
Net income attributable to AeroVironment	$	17,110	$	27,330
Denominator for basic earnings per share:
Weighted average common shares		23,745,199		23,574,595
Dilutive effect of employee stock options, restricted stock and restricted stock units		324,734		435,708
Denominator for diluted earnings per share		24,069,933		24,010,303