AeroVironment (AVAV) 10-K 26 Jun 19 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2019	Jun. 19, 2019	Oct. 28, 2018
Document and Entity Information
Entity Registrant Name	AeroVironment Inc
Entity Central Index Key	0001368622
Document Type	10-K
Document Period End Date	Apr. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1,893.7
Entity Common Stock, Shares Outstanding		23,942,558
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Small Business	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS $ in Thousands	Apr. 30, 2019USD ($)
Current assets:
Cash and cash equivalents	$ 172,708
Short-term investments	150,487
Accounts receivable, net of allowance for doubtful accounts of $1,041 at April 30, 2019 and $1,080 at April 30, 2018	31,051
Unbilled receivables and retentions (inclusive of related party unbilled receivables of $9,028 at April 30, 2019 and $3,145 at April 30, 2018)	53,047
Inventories	54,056
Prepaid expenses and other current assets	7,418
Income taxes receivable	821
Total current assets	469,588
Long-term investments	9,386
Property and equipment, net	16,905
Deferred income taxes	6,685
Other assets	6,280
Total assets	508,844
Current liabilities:
Accounts payable	15,972
Wages and related accruals	18,507
Customer advances	2,962
Other current liabilities	7,425
Total current liabilities	44,866
Deferred rent	1,173
Other non-current liabilities	150
Deferred tax liability	29
Liability for uncertain tax positions	51
Commitments and contingencies
Stockholders' equity:
Authorized shares—10,000,000; none issued or outstanding at April 30, 2019 and April 30, 2018
Issued and outstanding shares—23,946,293 shares at April 30, 2019 and 23,908,736 shares at April 30, 2018	2
Additional paid-in capital	176,216
Accumulated other comprehensive loss	2
Retained earnings	286,351
Total AeroVironment stockholders' equity	462,571
Noncontrolling interest	4
Total equity	462,575
Total liabilities and stockholders' equity	$ 508,844

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Apr. 30, 2019	Apr. 30, 2018
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 1,041	$ 1,080
Due from Related Parties	$ 9,028	$ 3,145
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, Authorized shares	10,000,000	10,000,000
Preferred stock, issued shares	0	0
Preferred stock, outstanding shares	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, Authorized shares	100,000,000	100,000,000
Common stock, Issued shares	23,946,293	23,908,736
Common stock, outstanding shares	23,946,293	23,908,736

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Apr. 30, 2018	Jan. 27, 2018	Oct. 28, 2017	Jul. 29, 2017	Apr. 30, 2017	Jan. 28, 2017	Oct. 29, 2016	Jul. 30, 2016	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2015
Revenue:
Revenue	$ 87,930	$ 75,322	$ 72,979	$ 78,043	$ 113,629	$ 54,633	$ 65,801	$ 34,361	$ 314,274	$ 268,424	$ 233,105
Cost of sales:
Cost of sales									185,871	160,739	136,232
Gross margin:
Total gross margin	$ 37,023	$ 30,392	$ 28,399	32,589	$ 50,594	$ 18,250	$ 30,143	$ 8,698	128,403	107,685	96,873
Operating Expenses [Abstract]
Selling, general and administrative									60,343	50,826	47,642
Research and development									34,234	26,433	28,465
Income from continuing operations									33,826	30,426	20,766
Other income:
Interest income, net									4,672	2,240	1,618
Other income (expense), net									11,980	(49)	172
Income from continuing operations before income taxes				32,617					50,478	32,617	22,556
Provision for income taxes									4,641	9,800	4,758
Equity method investment loss, net of tax				$ (1,283)					(3,944)	(1,283)	(119)
Net income from continuing operations									41,893	21,534	17,679
Discontinued operations:
Gain on sale of business, net of tax expense of $2,444 for the year ended April 30, 2019									8,490
Loss from discontinued operations, net of tax									(2,964)	(3,887)	(4,601)
Net income (loss) from discontinued operations									5,526	(3,887)	(4,601)
Net income									47,419	17,647	13,078	$ 13,078
Net loss attributable to noncontrolling interest									19	216	22
Net income attributable to AeroVironment									$ 47,438	$ 17,863	$ 13,100
Net income (loss) per share attributable to AeroVironment—Basic
Basic, continuing (in dollars per share)	$ 0.26	$ 0.35	$ 0.30	$ 0.86	$ 0.80	$ (0.02)	$ 0.33	$ (0.19)	$ 1.77	$ 0.93	$ 0.77
Basic, discontinuing (in dollars per share)									0.23	(0.17)	(0.20)
Net income per share attributable to AeroVironment - Basic (in dollars per share)									2	0.76	0.57
Net income (loss) per share attributable to AeroVironment—Diluted
Diluted, continuing (in dollars per share)	$ 0.26	$ 0.35	$ 0.29	$ 0.85	$ 0.79	$ (0.02)	$ 0.32	$ (0.19)	1.74	0.91	0.76
Diluted, discontinued (in dollars per share)									0.23	(0.16)	(0.20)
Net income per share attributable to AeroVironment - Diluted (in dollars per share)									$ 1.97	$ 0.75	$ 0.56
Weighted average shares outstanding:
Basic (in shares)									23,663,410	23,471,241	23,059,045
Diluted (in shares)									24,071,713	23,813,772	23,307,738
Product sales
Revenue:
Revenue									$ 212,089	$ 191,712	$ 158,924
Cost of sales:
Cost of sales									113,489	109,393	89,039
Gross margin:
Total gross margin									98,600	82,319	69,885
Contract services
Revenue:
Revenue									102,185	76,712	74,181
Cost of sales:
Cost of sales									72,382	51,346	47,193
Gross margin:
Total gross margin									$ 29,803	$ 25,366	$ 26,988

CONSOLIDATED STATEMENTS OF IN_2

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
CONSOLIDATED STATEMENTS OF INCOME
Revenue from Related Parties	$ 55,407	$ 29,594
Tax expense	$ 2,444

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2015
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 47,419	$ 17,647	$ 13,078	$ 13,078
Other comprehensive income:
Change in foreign currency translation adjustments	(34)	36
Unrealized gain on investments, net of deferred tax expense of $51, $25, and $43 for the fiscal years ended 2019, 2018, and 2017, respectively	57	70	74	74
Total comprehensive income	47,442	17,753	13,152	13,152
Net loss attributable to noncontrolling interest	19	216	22	22
Comprehensive income (loss) attributable to AeroVironment	$ 47,461	$ 17,969	$ 13,174	$ 13,174

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unrealized gain on investments, net of deferred tax expense	$ 51	$ 25	$ 43

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Parent	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest	Total
Increase (Decrease) in Stockholders' Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest							$ 361,260
Balance at Apr. 30, 2016	$ 361,260	$ 2	$ 154,274	$ 207,185	$ (201)
Balance (in shares) at Apr. 30, 2016		23,359,925
Increase (Decrease) in Stockholders' Equity
Net income							13,078
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	13,100			13,100
Net loss attributable to noncontrolling interest						$ (22)	(22)
Unrealized gain on investments	74				74		74
Stock options exercised	3,865		3,865				3,865
Stock options exercised (in shares)		204,130
Restricted stock awards (in shares)		126,557
Restricted stock awards forfeited (in shares)		(60,017)
Tax withholding payment related to net share settlement of equity awards	(5)		(5)				(5)
Tax withholding payment related to net share settlement of equity awards (in shares)		(176)
Reclassification from share-based liability compensation to equity	307		307				307
Business acquisition						261	261
Stock-based compensation	3,709		3,709				3,709
Balance at Apr. 30, 2017	383,075	$ 2	162,150	221,050	(127)	239
Balance (in shares) at Apr. 30, 2017		23,630,419
Increase (Decrease) in Stockholders' Equity
Adoption of ASU | ASU 2016-09	265			265			265
Adoption of ASU | ASU 2014-09	500			500			500
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest							383,314
Net income							17,647
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	17,863			17,863
Net loss attributable to noncontrolling interest						(216)	(216)
Unrealized gain on investments	70				70		70
Foreign currency translation	36				36		36
Stock options exercised	2,705		2,705				2,705
Stock options exercised (in shares)		153,211
Restricted stock awards (in shares)		140,787
Restricted stock awards forfeited (in shares)		(6,834)
Tax withholding payment related to net share settlement of equity awards	(397)		(397)				(397)
Tax withholding payment related to net share settlement of equity awards (in shares)		(8,847)
Reclassification from share-based liability compensation to equity	384		384				384
Stock-based compensation	5,297		5,297				5,297
Balance at Apr. 30, 2018	409,033	$ 2	170,139	238,913	(21)	23	409,033
Balance (in shares) at Apr. 30, 2018		23,908,736
Increase (Decrease) in Stockholders' Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest							409,056
Net income							47,419
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	47,438			47,438
Net loss attributable to noncontrolling interest						(19)	(19)
Unrealized gain on investments	57				57		57
Foreign currency translation	(34)				(34)		(34)
Stock options exercised	71		71				71
Stock options exercised (in shares)		12,725
Restricted stock awards (in shares)		57,476
Restricted stock awards forfeited (in shares)		(18,023)
Tax withholding payment related to net share settlement of equity awards	(1,094)		(1,094)				(1,094)
Tax withholding payment related to net share settlement of equity awards (in shares)		(14,621)
Stock-based compensation	7,100		7,100				7,100
Balance at Apr. 30, 2019	$ 462,571	$ 2	$ 176,216	$ 286,351	$ 2	$ 4	462,571
Balance (in shares) at Apr. 30, 2019		23,946,293
Increase (Decrease) in Stockholders' Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest							$ 462,575

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 29, 2017	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2015
Operating activities
Net income		$ 47,419	$ 17,647	$ 13,078	$ 13,078
Gain on sale of business, net of tax		(8,490)
Loss from discontinued operations		2,964	3,887	4,601
Net income from continuing operations		41,893	21,534	17,679
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Depreciation and amortization		7,669	5,982	5,054
Loss from equity method investments	$ 1,283	3,944	1,283	119
Impairment of long-lived assets		4,398	255	46
Provision for doubtful accounts		(39)	977	48
Impairment of intangible assets and goodwill			1,021
Gains on foreign currency transactions		38	(87)	284
Deferred income taxes		4,792	2,853	309
Gain on business acquisition				(584)
Stock-based compensation		6,985	4,956	3,392
Loss on disposition of property and equipment		76	20	44
Amortization of held-to-maturity investments		(1,506)	1,424	2,382
Changes in operating assets and liabilities:
Accounts receivable		25,821	11,070	(19,720)
Unbilled receivables and retentions		(36,175)	2,253	615
Inventories		(16,631)	1,192	(16,816)
Income tax receivable		(821)
Prepaid expenses and other assets		(2,401)	139	(1,484)
Accounts payable		(7,054)	5,736	545
Other liabilities		(4,043)	9,224	(166)
Net cash provided by (used in) operating activities of continuing operations		26,946	69,832	(8,253)
Investing activities
Acquisition of property and equipment		(8,896)	(9,563)	(9,017)
Equity method investments		(7,598)	(3,267)
Business acquisition, net of cash acquired				(430)
Proceeds from sale of business		31,994
Redemptions of held-to-maturity investments		260,918	227,663	121,522
Purchases of held-to-maturity investments		(267,122)	(221,680)	(148,991)
Redemptions of available-for-sale investments		2,250	450	400
Net cash provided by (used in) investing activities from continuing operations		11,546	(6,397)	(36,516)
Financing activities
Principal payments of capital lease obligations		(161)	(288)	(390)
Tax withholding payment related to net settlement of equity awards		(1,094)	(397)	(5)
Exercise of stock options		71	2,705	3,865
Net cash (used in) provided by financing activities from continuing operations		(1,184)	2,020	3,470
Discontinued operations
Operating activities of discontinued operations		(7,686)	(623)	(2,246)
Investing activities of discontinued operations		(431)	(1,219)	(838)
Net cash used in discontinued operations		(8,117)	(1,842)	(3,084)
Net increase (decrease) in cash and cash equivalents		29,191	63,613	(44,383)
Cash and cash equivalents at beginning of period	$ 79,904	143,517	79,904	124,287
Cash and cash equivalents at ending of period		172,708	143,517	79,904
Cash paid, net during the period for:
Income taxes		6,780	1,813	1,804
Non-cash activities
Unrealized gain on investments, net of deferred tax expense of $51, $25 and $43, respectively		57	70	74
Reclassification from share-based liability compensation to equity			384	307
Change in foreign currency translation adjustments		(34)	36
Acquisitions of property and equipment included in accounts payable		$ 810	$ 379	$ 724

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Consolidated Statements of Cash Flows
Unrealized change in fair value on long-term investments recorded in other comprehensive income loss, net of tax expenses (benefit)	$ (51)	$ (25)	$ (43)

Organization and Significant Ac

Organization and Significant Accounting Policies	12 Months Ended
	Apr. 30, 2019
Organization and Significant Accounting Policies
Organization and Significant Accounting Policies	1. Organization and Significant Accounting Policies Organization AeroVironment, Inc., a Delaware corporation, is engaged in the design, development, production, support and operation of unmanned aircraft systems (“UAS”) for various industries and governmental agencies. Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of AeroVironment, Inc. and its wholly‑owned subsidiaries: AeroVironment Rhode Island, LLC, Skytower Inc., AeroVironment, Inc. (Afghanistan), as well as the Company’s Turkish joint venture, Altoy Savunma Sanayi ve Havacilik Anonim Sirketi (“Altoy”) (collectively referred to herein as the “Company”). The Company increased its ownership in Altoy to a controlling interest on February 1, 2017. As a result of the increase in ownership, the consolidated financial statements include the balance sheet and results of operations of Altoy from February 1, 2017 forward. Prior to this date, the Company's investment in Altoy was accounted for under the equity method. Refer to Note 19 - Business Acquisitions for further details. All intercompany balances and transactions have been eliminated in consolidation. In July 2016, the Company dissolved Charger Bicycles, LLC, the results of which were not material to the consolidated financial statements. In October 2016, the Company dissolved Skytower, LLC and Regenerative Fuel Cell Systems, LLC, the results of which were not material to the consolidated financial statements. In February 2018, the Company dissolved AeroVironment GmbH, the results of which were not material to the consolidated financial statements. In February 2019, the Company dissolved AeroVironment International PTE. LTD., the results of which were not material to the consolidated financial statements. On June 29, 2018, the Company completed the sale of substantially all of the assets and related liabilities of its efficient energy systems business segment (“the EES Business”) to Webasto Charging Systems, Inc. (“Webasto”) pursuant to an Asset Purchase Agreement (the “Purchase Agreement”) between Webasto and the Company. The Company determined that the EES Business met the criteria for classification as an asset held for sale at April 30, 2018 and represented a strategic shift in the Company’s operations. Therefore, the assets and liabilities and the results of operations of the EES Business are reported as discontinued operations for all periods presented. Refer to Note 2—Discontinued Operations for further details. Investments in Companies Accounted for Using the Equity or Cost Method Investments in other non‑consolidated entities are accounted for using the equity method or cost basis depending upon the level of ownership and/or the Company’s ability to exercise significant influence over the operating and financial policies of the investee. When the equity method is used, investments are recorded at original cost and adjusted periodically to recognize the Company’s proportionate share of the investees’ net income or losses after the date of investment. When net losses from an investment accounted for under the equity method exceed its carrying amount, the investment balance is reduced to zero and additional losses are not provided for as the Company is not obligated to provide additional capital. The Company resumes accounting for the investment under the equity method if the entity subsequently reports net income and the Company’s share of that net income exceeds the share of net losses not recognized during the period the equity method was suspended. When an investment accounted for using the equity method issues its own shares, the subsequent reduction in the Company’s proportionate interest in the investee is reflected in equity as an adjustment to paid‑in‑capital. The Company evaluates its investments in companies accounted for by the equity or cost method for impairment when there is evidence or indicators that a decrease in value may be other than temporary. In December of 2017, the Company and Softbank Corp. (“Softbank”) formed a joint venture, HAPSMobile Inc. (“HAPSMobile”). As the Company has the ability to exercise significant influence over the operating and financial policies of HAPSMobile, the Company’s investment is accounted as an equity method investment. The Company has presented its proportion of HAPSMobile’s net loss in “Equity method investment loss, net of tax” in the consolidated statement of operations. The carrying value of the investment in HAPSMobile was recorded in “Other assets, long-term.” Refer to Note 8 – Equity Method Investments for further details. Segments Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM, who is the Chief Executive Officer, makes operating decisions, assesses performance and makes resource allocation decisions, including the focus of research and development (“R&D”), on a consolidated basis for the Company’s continuing operations. Accordingly, the Company operates its business as a single reportable segment. Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates made by management include, but are not limited to, valuation of: inventory, available‑for‑sale securities, deferred tax assets and liabilities, useful lives of property, plant and equipment, medical and dental liabilities, warranty liabilities, long-term incentive plan liabilities and estimates of anticipated contract costs and transaction price utilized in the revenue recognition process. Actual results could differ from those estimates. Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. Equity method losses associated with the Company’s investment in Altoy for the fiscal year ended 2017 have been reclassified from other income (expense), net to equity method investment loss, net of tax on the consolidated statement of operations. Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents. The Company’s cash equivalents are comprised of money market funds, certificates of deposit of major financial institutions, and U.S. Treasury bills. Investments The Company’s investments are accounted for as held‑to‑maturity and available‑for‑sale and reported at amortized cost and fair value, respectively. Unrealized gains and losses are excluded from earnings and reported as a separate component of stockholders’ equity, net of deferred income taxes for available-for-sale investments. Gains and losses realized on the disposition of investment securities are determined on the specific identification basis and credited or charged to income. Premium and discount on investments are amortized and accreted using the interest method and charged or credited to investment income. Management determines the appropriate classification of securities at the time of purchase and re‑evaluates such designation as of each balance sheet date. Investments are considered to be impaired when a decline in fair value is judged to be other‑than‑temporary. On a quarterly basis, the Company considers available quantitative and qualitative evidence in evaluating potential impairment of its investments. If the cost of an investment exceeds its fair value, the Company evaluates, among other factors, general market conditions, the duration and extent to which the fair value is less than cost, and its intent and ability to hold the investment to maturity. The Company also considers potential adverse conditions related to the financial health of the issuer based on rating agency actions. Once a decline in fair value is determined to be other‑than‑temporary, an impairment charge is recorded in earnings and a new cost basis in the investment is established. Fair Values of Financial Instruments Fair values of cash and cash equivalents, accounts receivable, unbilled receivables, retentions and accounts payable approximate cost due to the short period of time to maturity. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents, municipal bonds, U.S. government securities, U.S. government-guaranteed agency securities, U.S. Government sponsored agency debt securities, highly rated commercial paper, highly rated corporate bonds, and accounts receivable. The Company currently invests the majority of its cash in municipal bonds, U.S. government securities, U.S. government-guaranteed agency securities, U.S. Government sponsored agency debt securities and highly rated corporate bonds. The Company’s revenue and accounts receivable are with a limited number of corporations and governmental entities. In the aggregate, 58%, 58% and 65% of the Company’s revenue came from agencies of the U.S. government for the years ended April 30, 2019, 2018 and 2017, respectively. These agencies accounted for 26% and 49% of the accounts receivable balances at April 30, 2019 and 2018, respectively. One such agency, the U.S. Army, accounted for 28%, 19% and 20% of the Company’s consolidated revenue for the years ended April 30, 2019, 2018 and 2017, respectively. The Company performs ongoing credit evaluations of its commercial customers and maintains an allowance for potential losses. Accounts Receivable, Unbilled Receivables and Retentions Accounts receivable represents primarily U.S. government and Foreign government, and to a lesser extent commercial receivables, net of allowances for doubtful accounts. Unbilled receivables represent costs in excess of billings on incomplete contracts and, where applicable, accrued profit related to government long‑term contracts on which revenue has been recognized, but for which the customer has not yet been billed. Unbilled receivables are considered contract assets. Retentions represent amounts withheld by customers until contract completion. At April 30, 2019 and 2018, the retention balances were $1,102,000 and $1,411,000, respectively. The Company determines the allowance for doubtful accounts based on historical customer experience and other currently available evidence. When a specific account is deemed uncollectible, the account is written off against the allowance. The allowance for doubtful accounts reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance; such losses have historically been within management’s expectations. An account is deemed past due based on contractual terms rather than on how recently payments have been received. Inventories Inventories are stated at the lower of cost (using the weighted average costing method) or net realizable value. Inventory write‑offs and write‑down provisions are provided to cover risks arising from slow‑moving items or technological obsolescence and for market prices lower than cost. The Company periodically evaluates the quantities on hand relative to current and historical selling prices and historical and projected sales volume. Based on this evaluation, provisions are made to write inventory down to its net realizable value. Long‑Lived Assets Property and equipment are carried at cost. Depreciation of property and equipment, including amortization of leasehold improvements, are provided using the straight‑line method over the following estimated useful lives: Machinery and equipment 2 - 7 years Computer equipment and software 2 - 5 years Furniture and fixtures 3 - 7 years Leasehold improvements Lesser of useful life or term of lease The Company finances the purchase of certain IT equipment and perpetual software licenses with capital lease arrangements. The assets and liabilities under capital leases are recorded at the lesser of the present value of aggregate future minimum lease payments, including estimated bargain purchase options, or the fair value of the asset under lease. Assets under capital leases are depreciated using the straight-line method over the lesser of the estimated useful life of the asset or the term of the lease. Maintenance, repairs and minor renewals are charged directly to expense as incurred. Additions and betterments to property and equipment are capitalized at cost. When the Company disposes of assets, the applicable costs and accumulated depreciation and amortization thereon are removed from the accounts and any resulting gain or loss is included in selling, general and administrative (“SG&A”) expense in the period incurred. The Company reviews the recoverability of its long‑lived assets whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The estimated future cash flows are based upon, among other things, assumptions about expected future operating performance, and may differ from actual cash flows. If the sum of the projected undiscounted cash flows (excluding interest) is less than the carrying value of the assets, the assets will be written down to the estimated fair value in the period in which the determination is made. During the three months ended April 30, 2019, the Company recorded an impairment loss of $4,398,000 related to the long-lived assets of its commercial UAS Quantix solution. Refer to Note 7 – Property and equipment, net. Intangibles Assets — Acquired in Business Combinations The Company performs valuations of assets acquired and liabilities assumed on each acquisition accounted for as a business combination and allocates the purchase price of the acquired business to the respective net tangible and intangible assets. Acquired intangible assets include customer relationships and trade names. The Company determines the appropriate useful life by performing an analysis of expected cash flows based on historical experience of the acquired businesses. Intangible assets are amortized over their estimated useful lives using the straight-line method which approximates the pattern in which the economic benefits are consumed. The Company monitors conditions related to these assets to determine whether events and circumstances warrant a revision to the remaining amortization period. The Company tests its intangible assets with finite lives for potential impairment whenever management concludes events or changes in circumstances indicate that the carrying amount may not be recoverable. The original estimate of an asset's useful life and the impact of an event or circumstance on either an asset's useful life or carrying value involve significant judgment. Product Warranty The Company accrues an estimate of its exposure to warranty claims based upon both current and historical product sales data and warranty costs incurred. Product warranty reserves are recorded in other current liabilities. Accrued Sales Commissions As of April 30, 2019 and 2018, the Company accrued sales commissions in other current liabilities of $1,301,000 and $1,293,000, respectively. Self‑Insurance Liability The Company is self-insured for employee medical claims, subject to individual and aggregate stop loss policies. The Company estimates a liability for claims filed and incurred but not reported based upon recent claims experience and an analysis of the average period of time between the occurrence of a claim and the time it is reported to and paid by the Company. As of April 30, 2019 and 2018, the Company estimated and recorded a self-insurance liability in wages and related accruals of approximately $965,000 and $1,003,000, respectively. Income Taxes Deferred income tax assets and liabilities are computed annually for differences between the financial statement and income tax bases of assets and liabilities that will result in taxable or deductible amounts in the future. The provision for income taxes reflects the taxes to be paid for the period and the change during the period in the deferred income tax assets and liabilities. The Company records a valuation allowance to reduce the deferred tax assets to the amount of future tax benefit that is more likely than not to be realized. For uncertain tax positions, the Company determines whether it is “more likely than not” that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded in the financial statements. For those tax positions where it is “not more likely than not” that a tax benefit will be sustained, no tax benefit is recognized. Where applicable, associated interest and penalties are also recorded. On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) was signed into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21% effective for tax years beginning after December 31, 2017, repeal of the corporate alternative minimum tax, repeal of the deduction for domestic production activities, and limitation on the deductibility of certain executive compensation. In accordance with U.S. GAAP as determined by ASC 740, Income Taxes, the Company is required to record the effects of tax law changes in the period enacted. The Company remeasured its existing deferred tax assets and liabilities at the rate the Company expects to be in effect when those deferred taxes will be realized and recorded a one-time deferred tax expense of approximately $3,300,000 during the year ended April 30, 2018. The Company followed the guidance in SEC Staff Accounting Bulletin 118 (“SAB 118”), which provides additional clarification regarding the application of ASC Topic 740 in situations where the Company does not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the Tax Act for the reporting period in which the Act was enacted. SAB 118 provides for a measurement period beginning in the reporting period that includes the Act’s enactment date and ending when the Company has obtained, prepared, and analyzed the information needed in order to complete the accounting requirements but in no circumstances should the measurement period extend beyond one year from the enactment date. The measurement period under SAB 118 closed during the quarter ended January 31, 2019. AV has finalized its accounting for the impact of the Tax Act during the quarter ended January 31, 2019 and reached conclusions on the previous provisional estimates. AV has concluded that its foreign subsidiaries are in a cumulative earnings and profits deficit and therefore has confirmed that it will not have an income tax payable as a result of the one-time deemed repatriation tax. In relation to the one-time deferred tax remeasurement, AV has concluded that the impact recorded at the date of enactment is appropriate and no changes to the provision estimate of this item. Customer Advances and Amounts in Excess of Cost Incurred The Company receives advances, performance‑based payments and progress payments from customers that may exceed costs incurred on certain contracts, including contracts with agencies of the U.S. government resulting in contract liabilities. These advances are classified as advances from customers and will be offset against billings. Revenue Recognition The Company’s revenue is generated pursuant to written contractual arrangements to design, develop, manufacture and/or modify complex products, and to provide related engineering, technical and other services according to the specifications of the customers. These contracts may be firm fixed price (“FFP”), cost plus fixed fee (“CPFF”), or time and materials (“T&M”). The Company considers all such contracts to be within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Performance Obligations A performance obligation is a promise in a contract to transfer distinct goods or services to a customer, and it is the unit of account in ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and revenue is recognized when each performance obligation under the terms of a contract is satisfied. Revenue is measured at the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using its observable standalone selling price for products and services. When the standalone selling price is not directly observable, the Company uses its best estimate of the standalone selling price of each distinct good or service in the contract using the cost plus reasonable margin approach. This approach estimates the Company’s expected costs of satisfying the performance obligation and then adds an appropriate margin for that distinct good or service. Contract modifications are routine in the performance of the Company’s contracts. In most instances, contract modifications are for additional goods and/or services that are distinct and, therefore, accounted for as new contracts. The Company’s performance obligations are satisfied over time or at a point in time. Performance obligations are satisfied over time if the customer receives the benefits as the Company performs, if the customer controls the asset as it is being developed or produced, or if the product being produced for the customer has no alternative use and the Company has a contractual right to payment for the Company’s costs incurred to date plus a reasonable margin. The contractual right to payment is generally supported by termination for convenience clauses that allow the customer to unilaterally terminate the contract for convenience, pay the Company for costs incurred plus a reasonable profit, and take control of any work in process. Revenue for TMS product deliveries and Customer-Funded R&D contracts is recognized over time as costs are incurred. Contract services revenue is composed of revenue recognized on contracts for the provision of services, including repairs and maintenance, training, engineering design, development and prototyping activities, and technical support services. Contract services revenue is recognized over time as services are rendered. Typically, revenue is recognized over time using an input measure (e.g., costs incurred to date relative to total estimated costs at completion) to measure progress. Training services are recognized over time using an output method based on days of training completed. For performance obligations satisfied over time, revenue is generally recognized using costs incurred to date relative to total estimated costs at completion to measure progress. Incurred costs represent work performed, which correspond with, and thereby best depict, transfer of control to the customer. Contract costs include labor, materials, subcontractors’ costs, other direct costs, and indirect costs applicable on government and commercial contracts. For performance obligations which are not satisfied over time per the aforementioned criteria above, revenue is recognized at the point in time in which each performance obligation is fully satisfied. The Company’s small UAS product sales revenue is composed of revenue recognized on contracts for the delivery of small UAS systems and spare parts. Revenue is recognized at the point in time when control transfers to the customer, which generally occurs when title and risk of loss have passed to the customer. On April 30, 2019, the Company had approximately $164,326,000 of remaining performance obligations under contracts with its customers, which the Company also refers to as backlog. The Company currently expects to recognize approximately 92% of the remaining performance obligations as revenue in fiscal 2020, an additional 7% in fiscal 2021, and the balance thereafter. The Company collects sales, value add, and other taxes concurrent with revenue producing activities, which are excluded from revenue when they are both imposed on a specific transaction and collected from a customer. Contract Estimates Accounting for contracts and programs primarily with a duration of less than six months involves the use of various techniques to estimate total contract revenue and costs. For long-term contracts, the Company estimates the total expected costs to complete the contract and recognizes revenue based on the percentage of costs incurred at period end. Typically, revenue is recognized over time using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying the Company’s performance obligations. Incurred costs represent work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Contract costs include labor, materials, subcontractors’ costs, other direct costs, and indirect costs applicable on government and commercial contracts. Contract estimates are based on various assumptions to project the outcome of future events that may span several years. These assumptions include labor productivity and availability, the complexity of the work to be performed, the cost and availability of materials, the performance of subcontractors, and the availability and timing of funding from the customer. The nature of the Company’s contracts gives rise to several types of variable consideration, including penalty fees and incentive awards generally for late delivery and early delivery, respectively. The Company generally estimates such variable consideration as the most likely amount. In addition, the Company includes the estimated variable consideration to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the related uncertainty is resolved. These estimates are based on historical award experience, anticipated performance and the Company’s best judgment at the time. Because of the certainty in estimating these amounts, they are included in the transaction price of the Company’s contracts and the associated remaining performance obligations. As a significant change in one or more of these estimates could affect the profitability of the Company’s contracts, the Company regularly reviews and updates its contract-related estimates. Changes in cumulative revenue estimates, due to changes in the estimated transaction price or cost estimates, are recorded using a cumulative catch-up adjustment in the period identified for contracts with performance obligations recognized over time. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, the Company recognizes the total loss in the quarter it is identified. The impact of adjustments in contract estimates on the Company’s operating earnings can be reflected in either operating costs and expenses or revenue. The aggregate impact of adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods was not significant for the years ended April 30, 2019, 2018 or 2017. No adjustment on any one contract was material to the Company’s consolidated financial statements for the years ended April 30, 2019 or 2017. During the year ended April 30, 2018, the Company revised its estimates of the total expected costs to complete a TMS variant contract. The aggregate impact of these adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods was a decrease of approximately $1,255,000. Revenue by Category The following tables present the Company’s revenue disaggregated by major product line, contract type, customer category and geographic location (in thousands): Year Ended April 30, April 30, April 30, Revenue by major product line/program 2019 2018 2017 Small UAS $ 183,157 $ 167,534 $ 145,760 TMS 65,087 63,406 81,182 HAPS 55,407 29,593 3 Other 10,623 7,891 6,160 Total revenue $ 314,274 $ 268,424 $ 233,105 Year Ended April 30, April 30, April 30, Revenue by contract type 2019 2018 2017 FFP $ 224,090 $ 212,976 $ 177,506 CPFF 89,485 55,203 54,052 T&M 699 245 1,547 Total revenue $ 314,274 $ 268,424 $ 233,105 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. Year Ended April 30, April 30, April 30, Revenue by customer category 2019 2018 2017 U.S. government: $ 182,586 $ 156,996 $ 151,595 Non-U.S. government 131,688 111,428 81,510 Total revenue $ 314,274 $ 268,424 $ 233,105 Year Ended April 30, April 30, April 30, Revenue by geographic location 2019 2018 2017 Domestic $ 151,124 $ 142,158 $ 149,698 International 163,150 126,266 83,407 Total revenue $ 314,274 $ 268,424 $ 233,105 Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables, and customer advances and deposits on the consolidated balance sheet. In the Company’s services contracts, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals, which is generally monthly, or upon the achievement of contractual milestones. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets recorded in “Unbilled receivables and retentions” on the consolidated balance sheet. However, the Company sometimes receives advances or deposits from its customers before revenue is recognized, resulting in contract liabilities recorded in “Customer advances” on the consolidated balance sheet. Contract liabilities are not a significant financing component as they are generally utilized to pay for contract costs within a one-year period or are used to ensure the customer meets contractual requirements. These assets and liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. For the Company’s product revenue, the Company generally receives cash payments subsequent to satisfying the performance obligation via delivery of the product, resulting in billed accounts receivable. Changes in the contract asset and liability balances during the years ended April 30, 2019 or 2018 were not materially impacted by any other factors. For the Company’s contracts, there are no significant gaps between the receipt of payment and the transfer of the associated goods and services to the customer for material amounts of consideration. Revenue recognized for the years ended April 30, 2019, 2018, and 2017 that was included in contract liability balances at the beginning of each year were $1,587,000, $977,000 and $483,000, respectively. Stock‑Based Compensation Stock‑based compensation is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period of the respective award. No compensation cost is ultimately recognized for awards for which employees do not render the requisite service and are forfeited. Long‑Term Incentive Awards For long‑term incentive awards outstanding as of April 30, 2019, the awards include time-based awards which vest equally over three years and performance-based awards which vest based on the achievement of a target payout established at the beginning of each performance period. The actual payout at the end of the performance period is calculated based upon the Company’s achievement of such targets. Payouts are made in restricted stock units which become immediately vested upon

Discontinued Operations

Discontinued Operations	12 Months Ended
	Apr. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	2. Discontinued Operations On June 29, 2018, the Company completed the sale of the EES Business to Webasto. In accordance with the terms of the Purchase Agreement, as amended by a Side Letter Agreement executed at the closing, the Company received cash consideration of $31,994,000 upon closing, which resulted in a gain of $11,420,000 which has been recorded in “Gain on sale of business, net of tax” in the consolidated statements of operations. During year ended April 30, 2019, the Company recorded a reduction to the gain resulting from a working capital adjustment of $486,000. In addition, the Company has disputed $1,085,000 of Webasto’s working capital adjustment claim, which is being submitted to an independent accounting firm for resolution pursuant to the terms of Purchase Agreement. No amounts have been recorded in the consolidated financial statements related to the additional working capital dispute as the Company has assessed the likelihood of a loss to be less than probable. The Company is entitled to receive additional cash consideration of $6,500,000 (the “Holdback”) upon tendering consents to assignment of two remaining customer contracts to Webasto. The Holdback was not recorded in the Company’s consolidated financial statements as the amount was not realized or realizable as of April 30, 2019. The Company’s satisfaction of the requirements for the payment of the Holdback is currently in dispute. On February 22, 2019, Webasto filed a lawsuit alleging several claims against the Company for breach of contract, indemnity, and bad faith, including allegations regarding inaccuracy of certain diligence disclosures, failure to provide certain consents to contract assignments and related to the previously announced recall. Webasto seeks to recover the costs of the recall and other damages totaling a minimum of $6,500,000 in addition to attorneys’ fees, costs, and punitive damages. The Company believes that the allegations are generally meritless and intends to mount a vigorous defense. During the three months ended October 27, 2018, Webasto filed a recall report with the National Highway Traffic Safety Administration that named certain of the Company’s EES products as subject to the recall. The Company is continuing to assess the facts giving rise to the recall. Under the terms of the Purchase Agreement, the Company may be responsible for certain costs of such recall of named products the Company manufactured, sold or serviced prior to the closing of the sale of the EES Business. Concurrent with the execution of the Purchase Agreement, the Company entered into a transition services agreement (the “TSA”) to provide certain general and administrative services to Webasto for a defined period. Income from performing services under the TSA was $2,758,000 and has been recorded in “Other income, net” in the consolidated statements of operations for the year ended April 30, 2019, respectively. The Company determined that the EES Business met the criteria for classification as an asset held for sale as of April 30, 2018 and represents a strategic shift in in the Company’s operations. Therefore, the assets and liabilities and the results of operations of the EES Business are reported as discontinued operations for all periods presented. The table below presents the statements of operations data for the EES Business (in thousands). Year Ended April 30, 2019 2018 2017 Net sales $ 4,256 $ 38,411 $ 36,201 Cost of sales 5,097 33,384 29,983 Gross margin (841) 5,027 6,218 Selling, general and administrative 1,515 7,825 8,895 Research and development 1,072 3,526 4,577 Other income, net 1 (27) 7 Loss from discontinued operations before income taxes (3,427) (6,351) (7,247) Benefit for income taxes (463) (2,464) (2,646) Net loss from discontinued operations $ (2,964) $ (3,887) $ (4,601) Gain on sale of business, net of tax expense of $2,444 for the year ended April 30, 2019 8,490 — — Net income (loss) from discontinued operations $ 5,526 $ (3,887) $ (4,601) The major classes of assets and liabilities included in discontinued operations related to the EES Business are presented in the table below. April 30, 2019 2018 Carrying amount of assets classified as discontinued operations Current assets: Accounts receivable, net of allowance for doubtful accounts of $139 at April 30, 2018 $ — $ 6,889 Inventories, net — 15,494 Prepaid expenses and other current assets — 185 Property and equipment, net — 3,100 Total current assets classified as discontinued operations — 25,668 Property and equipment, net — — Total non-current assets classified as discontinued operations — — Total assets classified as discontinued operations $ — $ 25,668 Carrying amount of liabilities classified as discontinued operations Current liabilities: Accounts payable $ — $ 5,121 Wages and related accruals — 1,946 Customer advances — 1,028 Other current liabilities — 1,199 Total current liabilities — 9,294 Total liabilities classified as discontinued operations $ — $ 9,294

Investments

Investments	12 Months Ended
	Apr. 30, 2019
Investments
Investments	3. Investments Investments consist of the following: April 30, 2019 2018 (In thousands) Short-term investments: Held-to-maturity securities: Municipal securities $ 5,332 $ 35,344 U.S. government securities 63,205 31,620 Corporate bonds 81,950 46,685 Total held-to-maturity and short-term investments $ 150,487 $ 113,649 Long-term investments: Held-to-maturity securities: Municipal securities $ — $ 2,046 U.S. government securities 7,404 27,356 Corporate bonds 1,982 9,112 Total held-to-maturity investments 9,386 38,514 Available-for-sale securities: Auction rate securities — 2,142 Total available-for-sale investments — 2,142 Total long-term investments $ 9,386 $ 40,656 Held‑To‑Maturity Securities As of April 30, 2019 and 2018, the balance of held‑to‑maturity securities consisted of state and local government municipal securities, U.S. government securities, U.S. government agency securities, and corporate bonds. Interest earned from these investments is recorded in interest income. The amortized cost, gross unrealized losses, and estimated fair value of the held‑to‑maturity investments as of April 30, are as follows (in thousands): April 30, 2019 April 30, 2018 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value Municipal securities $ 5,332 $ 2 $ (1) $ 5,333 $ 37,390 $ 9 $ (36) $ 37,363 U.S. government securities 70,609 78 (52) 70,635 58,976 — (367) 58,609 Corporate bonds 83,932 20 (5) 83,947 55,797 2 (71) 55,728 Total held-to-maturity investments $ 159,873 $ 100 $ (58) $ 159,915 $ 152,163 $ 11 $ (474) $ 151,700 The amortized cost and fair value of the Company’s held‑to‑maturity securities by contractual maturity at April 30, 2019, are as follows: Cost Fair Value Due within one year $ 150,487 $ 150,498 Due after one year through five years 9,386 9,417 Total $ 159,873 $ 159,915 Available‑For‑Sale Securities Auction Rate Securities As of April 30, 2018, the balance of available-for-sale auction rate securities consisted of two investment grade auction rate municipal bonds with maturities ranging from 1 to 16 years. These investments have characteristics similar to short term investments, because at predetermined intervals, generally ranging from 30 to 35 days, there is a new auction process at which the interest rates for these securities are reset to current interest rates. At the end of such period, the Company chooses whether to roll over its holdings or redeem the investments for cash. A market maker facilitates the redemption of the securities and the underlying issuers are not required to redeem the investment within 365 days. Interest earned from these investments is recorded in interest income. During the three months ended July 28, 2018, the remaining investment grade auction rate municipal bonds were redeemed at par value. The amortized cost, gross unrealized losses, and estimated fair value of the available‑for‑sale auction rate securities are as follows (in thousands): April 30, 2019 2018 Auction rate securities Amortized cost $ - $ 2,250 Gross unrealized losses - (108) Fair value $ - $ 2,142

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Apr. 30, 2019
Fair Value Measurements
Fair Value Measurements	4. Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy contains three levels as follows: · Level 1—Inputs to the valuation based upon quoted prices (unadjusted) for identical assets or liabilities in active markets that are accessible as of the measurement date. · Level 2—Inputs to the valuation include quoted prices in either markets that are not active, or in active markets for similar assets or liabilities, inputs other than quoted prices that are observable, and inputs that are derived principally from or corroborated by observable market data. · Level 3—Inputs to the valuation that are unobservable inputs for the asset or liability. The Company did not have any financial assets measured at fair value on a recurring basis at April 30, 2019 as the Company’s remaining auction rate securities were redeemed during the three months ended July 28, 2018 at par value. The following table provides a reconciliation between the beginning and ending balances of items measured at fair value on a recurring basis that used significant unobservable inputs (Level 3) (in thousands): Fair Value Measurements Using Significant Unobservable Inputs Description (Level 3) Balance at May 1, 2018 $ 2,142 Transfers to Level 3 — Total gains (realized or unrealized) Included in earnings — Included in other comprehensive income 108 Settlements (2,250) Balance at April 30, 2019 $ — The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at April 30, 2019 $ — The auction rate securities were valued using a discounted cash flow model. The analysis considered, among other items, the collateralization underlying the security investments, the creditworthiness of the counterparty, the timing of expected future cash flows, and the estimated date upon which the security is expected to have a successful auction.

Inventories, net

Inventories, net	12 Months Ended
	Apr. 30, 2019
Inventories, net
Inventories, net	5. Inventories, net Inventories consist of the following: April 30, 2019 2018 Raw materials $ 16,792 $ 12,020 Work in process 19,162 14,780 Finished goods 25,926 14,578 Inventories, gross 61,880 41,378 Reserve for inventory excess and obsolescence (7,824) (3,953) Inventories, net $ 54,056 $ 37,425

Intangibles

Intangibles	12 Months Ended
	Apr. 30, 2019
Intangibles
Intangibles	6. Intangibles Intangibles are included in other assets on the balance sheet. The components of intangibles are as follows: April 30, April 30, 2019 2018 (In thousands) Licenses $ 1,006 $ 818 Customer relationships 733 733 Trademarks and tradenames 28 28 Other 3 3 Intangibles, gross 1,770 1,582 Less accumulated amortization (1,311) (954) Intangibles, net $ 459 $ 628 The Company tests identifiable intangible assets and goodwill for impairment in the fourth quarter of each fiscal year unless there are interim indicators that suggest that it is more likely than not that either the identifiable intangible assets or goodwill may be impaired. Due to the political situation within Turkey and the increased uncertainty in the relations between the U.S. and Turkey, the Company significantly lowered its cash flow expectations for its Altoy operations. As a result of the decline in the Company’s cash flow forecast, the Company performed an interim assessment of impairment of Altoy’s long-lived assets, excluding goodwill during the three months ended October 28, 2017. Based on the analysis, the Company determined that the fair value of Altoy had declined below its carrying value, excluding goodwill. As a result, the Company performed an additional analysis to determine the amount of the impairment loss and recorded an impairment loss totaling $899,000 during the three months ended October 28, 2017, which is included in selling, general and administrative expense on the consolidated statements of operations. The fair value of the Altoy asset group was determined based on a discounted cash flow model reflective of the revised cash flow estimates. The weighted average amortization period at April 30, 2019 and 2018 was one year and three years, respectively. Amortization expense for the years ended April 30, 2019, 2018 and 2017 was $357,000, $296,000 and $139,000, respectively. The customer relationships, trademarks and tradenames, and other intangible assets were recognized in conjunction with the Company’s acquisition of a controlling interest in its Altoy joint venture on February 1, 2017. Refer to Note 19 - Business Combinations for further details. Estimated amortization expense for the next five years is as follows: Year ending April 30, (In thousands) 2020 $ 360 2021 98 2022 1 2023 — 2024 — $ 459

Property and Equipment, net

Property and Equipment, net	12 Months Ended
	Apr. 30, 2019
Property and Equipment, net
Property and Equipment, net	7. Property and Equipment, net Property and equipment, net consist of the following: April 30, 2019 2018 (In thousands) Leasehold improvements $ 12,324 $ 10,541 Machinery and equipment 40,432 40,377 Furniture and fixtures 2,145 2,094 Computer equipment and software 35,056 31,895 Construction in process 2,411 3,359 Property and equipment, gross 92,368 88,266 Less accumulated depreciation and amortization (75,463) (69,047) Property and equipment, net $ 16,905 $ 19,219 During the three months ended April 30, 2019, the Company determined that the continued less than forecasted sales of its Quantix commercial UAS solution, which launched during the fourth quarter of fiscal year 2018, was an indicator that the long-lived assets of this asset group may not be recoverable. As a result, the company performed an analysis and concluded that the projected undiscounted cash flows were less than the carrying value of the asset group (Step 1). As a result, the Company performed additional analysis to determine the amount of the impairment loss (Step 2) and recorded an impairment loss totaling $4,398,000 related to the long-lived assets of the commercial UAS Quantix solution, which is included in selling, general and administrative expense on the consolidated statements of operations. The fair value of the asset group was determined based on a discounted cash flow model reflective of the Company’s revised cash flow estimates. Depreciation expense for the years ended April 30, 2019, 2018 and 2017 was $7,311,000, $5,676,000 and $4,939,000, respectively. At April 30, 2019 and 2018, property and equipment includes computer equipment and software under capital leases with a cost basis of $1,836,000 and $1,836,000 and accumulated depreciation of $1,822,000 and $1,687,000, respectively. Depreciation of computer equipment and software under capital leases was $135,000 and $201,000 for the fiscal years ended April 30, 2019 and 2018 respectively.

Investments in Companies Accoun

Investments in Companies Accounted for Using the Equity Method	12 Months Ended
	Apr. 30, 2019
Equity Method Investments
Investments in Companies Accounted for Using the Equity Method	8. Investments in Companies Accounted for Using the Equity Method In December of 2017, the Company and Softbank formed a joint venture, HAPSMobile. HAPSMobile is a Japanese corporation that is 10% owned by the Company and 90% owned by SoftBank as of April 30, 2019 and is governed by a Joint Venture Agreement (the “JVA”). The Company purchased a 5% stake in HAPSMobile for 210,000,000 yen ($1,860,000) effective as of December 27, 2017; 150,000,000 yen ($1,407,000) on April 17, 2018; and 209,500,000 yen ($1,926,000) on January 29, 2019 to maintain its 5% ownership stake. On February 9, 2019, the Company elected to purchase 632,800,000 yen ($5,671,000) of additional shares of HAPSMobile to increase the Company’s ownership in the joint venture from 5% to 10%, and on May 10, 2019, the Company purchased 500,000,000 JPY ($4,569,000) of additional shares of HAPSMobile Inc. to maintain its 10% ownership stake which subsequently was diluted to approximately 5%. As the Company has the ability to exercise significant influence over the operating and financial policies of HAPSMobile, the Company’s investment is accounted as an equity method investment. At April 30, 2019 and 2018, the Company recorded its ownership percentage of the net loss of HAPSMobile, or $3,944,000 and $1,283,000, respectively, in “Equity method investment loss, net of tax” in the consolidated statements of income. At April 30, 2019 and 2018, the carrying value of the investment in HAPSMobile was $5,612,000 and $2,020,000, respectively, and was recorded in “Other assets, long-term.” In March of 2014, the Company purchased 49% of the outstanding common stock of Altoy, a Turkish corporation founded in February 2014. During the year ended April 30, 2017, the Company recorded 49% of the net loss of Altoy, or $119,000 in “Equity method investment loss, net of tax” in the consolidated statements of income. On February 1, 2017, the Company acquired an additional 36% interest in Altoy, increasing the Company’s total ownership interest to 85%, for total cash consideration of $625,000. As a result of the Company obtaining a controlling interest in Altoy, Altoy has been consolidated into the consolidated financial statements of the Company as of the date of the acquisition. Refer to Note 19 - Business Acquisitions.

Warranty Reserves

Warranty Reserves	12 Months Ended
	Apr. 30, 2019
Warranty Reserves
Warranty Reserves	9. Warranty Reserves Warranty reserve activity is summarized as follows: April 30, 2019 2018 (In thousands) Beginning balance $ 2,090 $ 1,947 Warranty expense 211 1,884 Changes in estimates related to pre-existing warranties 491 — Warranty costs settled (1,088) (1,741) Ending balance $ 1,704 $ 2,090 During the fiscal year ended April 30, 2019, the Company revised its estimates based on the results of additional engineering studies and recorded incremental warranty reserve charges totaling $491,000 related to the estimated costs to repair a component of certain small UAS that were delivered in prior periods. At April 30, 2019, there were $251,000 remaining estimated warranty costs related to the repair of the impacted small UAS. As of April 30, 2019, a total of $240,000 of costs related to this warranty have been incurred.

Employee Savings Plan

Employee Savings Plan	12 Months Ended
	Apr. 30, 2019
Employee Savings Plan
Employee Savings Plan	10. Employee Savings Plan The Company has an employee 401(k) savings plan covering all eligible employees. The Company expensed approximately $3,961,000, $2,953,000 and $2,603,000 in contributions to the plan for the years ended April 30, 2019, 2018 and 2017, respectively.

Severance Charges

Severance Charges	12 Months Ended
	Apr. 30, 2019
Severance Charges
Severance Charges	11. Severance Charges During the fiscal year ended April 30, 2017, the Company recorded severance costs totaling $1,262,000. Of this total, approximately $850,000 was due to two officers who left the Company during the fiscal year ended April 30, 2017. The remaining severance costs were due to certain strategic headcount reductions consisting entirely of severance payments. Of the total, approximately $555,000 was recorded to cost of sales and $707,000 was recorded to SG&A. Of the total, approximately $127,000 was in accrued wages and related accruals at April 30, 2017. The Company did not have significant severance charges during the fiscal years ended April 30, 2019 or 2018.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Apr. 30, 2019
Stock-Based Compensation
Stock-Based Compensation	12. Stock‑Based Compensation For the years ended April 30, 2019, 2018 and 2017, the Company recorded stock‑based compensation expense of approximately $6,985,000, $4,956,000 and $3,392,000, respectively. On January 14, 2007, the stockholders of the Company approved the 2006 Equity Incentive Plan, or 2006 Plan, effective January 21, 2007, for officers, directors, key employees and consultants. On September 29, 2011, the stockholders of the Company approved an amendment and restatement of the 2006 Plan, or Restated 2006 Plan. Under the Restated 2006 Plan, incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation right awards, performance share awards, performance stock unit awards, dividend equivalents awards, stock payment awards, deferred stock awards, restricted stock unit awards, other stock‑based awards, performance bonus awards or performance‑based awards may be granted at the discretion of the compensation committee, which consists of outside directors. A maximum of 4,884,157 shares of stock may be issued pursuant to awards under the Restated 2006 Plan. The maximum number of shares of common stock with respect to one or more awards that may be granted to any one participant during any twelve month period is 2,000,000. A maximum of $5,000,000 may be paid in cash to any one participant as a performance‑based award during any twelve month period. The exercise price for any incentive stock option shall not be less than 100% of the fair market value on the date of grant. Vesting of awards is established at the time of grant. The Company had an equity incentive plan, or 2002 Plan, for officers, directors and key employees. Under the 2002 Plan, incentive stock options or nonqualified stock options were granted, as determined by the administrator at the time of grant. Stock purchase rights were also granted under the 2002 Plan. Options under the 2002 Plan were granted at their fair market value (as determined by the board of directors). The options became exercisable at various times over a five-year period from the grant date. The 2002 Plan was terminated on the effective date of the 2006 Plan. Awards outstanding under the 2002 Plan remain outstanding and exercisable; no additional awards may be made under the 2002 Plan. The Company had a 1992 nonqualified stock option plan, or 1992 Plan, for certain officers and key employees. Options under the 1992 Plan were granted at their fair market value (as determined by the board of directors) at the date of grant and became exercisable at various times over a five-year period from the grant date. The 1992 Plan expired in August 2002. No options were granted during the fiscal years ended April 30, 2019, 2018 and 2017. The fair value of stock options granted previously was estimated at the grant date using the Black‑Scholes option pricing model. Assumptions included in the Black-Scholes option pricing model included the expected term of stock options, the expected volatility, the risk free interest rate, and the expected dividend yield. The expected term of stock options represents the weighted average period the Company expects the stock options to remain outstanding, based on the Company’s historical exercise and post‑vesting cancellation experience and the remaining contractual life of its outstanding options. The expected volatility is based on historical volatility for the Company’s stock. The risk free interest rate is based on the implied yield on a U.S. Treasury zero‑coupon bond with a remaining term that approximates the expected term of the option. The expected dividend yield of zero reflects that the Company has not paid any cash dividends since inception and does not anticipate paying cash dividends in the foreseeable future. Information related to the stock option plans at April 30, 2019, 2018 and 2017, and for the years then ended is as follows: Restated 2006 Plan 2002 Plan 1992 Plan Weighted Weighted Weighted Average Average Average Exercise Exercise Exercise Shares Price Shares Price Shares Price Outstanding at April 30, 2016 678,799 24.46 13,824 11.79 68,604 0.59 Options granted — — — — — — Options exercised (167,310) 22.32 (9,601) 11.79 (25,189) 0.59 Options canceled (64,865) 26.76 (4,223) 11.79 — — Outstanding at April 30, 2017 446,624 24.93 — — 43,415 0.59 Options granted — — — — — — Options exercised (107,598) 23.80 — — (25,113) 0.59 Options canceled — — — — — — Outstanding at April 30, 2018 339,026 25.29 — — 18,302 0.59 Options granted — — — — — — Options exercised (2,000) 32.19 — — (4,000) 0.59 Options canceled — — — — — — Outstanding at April 30, 2019 337,026 25.25 — — 14,302 0.59 Options exercisable at April 30, 2019 297,516 $ 24.94 — $ — 14,302 $ 0.59 The total intrinsic value of all options exercised during the years ended April 30, 2019, 2018 and 2017 was approximately $371,000, $2,407,000, and $1,747,000, respectively. The intrinsic value of all options outstanding at April 30, 2019 and 2018 was $15,569,000 and $10,890,000, respectively. The intrinsic value of all exercisable options at April 30, 2019 and 2018 was $13,950,000 and $8,587,000, respectively. A summary of the status of the Company’s non‑vested stock options as of April 30, 2019 and the year then ended is as follows: Weighted Average Grant Date Non-vested Options Options Fair Value Non-vested at April 30, 2018 83,014 $ 10.97 Granted — — Expired — — Canceled — — Vested (43,504) 11.03 Non-vested at April 30, 2019 39,510 $ 10.90 As of April 30, 2019, there was approximately $6,214,000 of total unrecognized compensation cost related to non‑vested share‑based compensation awards granted under the equity plans. That cost is expected to be recognized over an approximately two‑year period or a weighted average period of approximately 1.9 years. No options were granted during the fiscal years ended April 30, 2019, 2018 and 2017. The total fair value of shares vesting during the years ended April 30, 2019, 2018 and 2017 was $4,756,000, $3,328,000 and $2,942,000, respectively. Proceeds from all option exercises under all stock option plans for the years ended April 30, 2019, 2018 and 2017 were approximately $67,000, $2,576,000 and $3,863,000, respectively. The tax benefit realized from stock‑based compensation during the years ended April 30, 2019, 2018 and 2017 was approximately $0, $0, and $0, respectively. The following tabulation summarizes certain information concerning outstanding and exercisable options at April 30, 2019: Options Outstanding Weighted Average Options Exercisable Remaining Weighted Weighted As of Contractual Average As of Average April 30, Life In Exercise April 30, Exercise Range of Exercise Prices 2019 Years Price 2019 Price $ 0.59 - 19.16 68,302 3.36 $ 14.56 68,302 $ 14.56 - 26.24 58,500 3.86 20.54 58,500 20.54 - 80,000 6.15 26.70 48,000 26.70 - 50,000 4.56 27.27 50,000 27.27 - 31.27 94,526 3.68 29.85 87,016 29.73 $ - 31.27 351,328 4.34 $ 24.24 311,818 $ 23.82 The remaining weighted average contractual life of exercisable options at April 30, 2019 was 4.13 years. Information related to the Company’s restricted stock awards at April 30, 2019 and for the year then ended is as follows: Restated 2006 Plan Weighted Average Grant Date Shares Fair Value Unvested stock at April 30, 2018 341,911 $ 31.13 Stock granted 57,476 74.05 Stock vested (163,839) 29.03 Stock canceled (9,389) 36.19 Unvested stock at April 30, 2019 226,159 $ 43.35

Long-Term Incentive Awards

Long-Term Incentive Awards	12 Months Ended
	Apr. 30, 2019
Long-Term Incentive Awards.
Long-Term Incentive Awards	13. Long‑Term Incentive Awards During the three months ended July 28, 2018, the Company granted awards under its amended and restated 2006 Equity Incentive Plan (the “Restated 2006 Plan”) to key employees (“Fiscal 2019 LTIP”). Awards under the Fiscal 2019 LTIP consist of: (i) time-based restricted stock awards which vest in equal tranches in July 2019, July 2020 and July 2021, and (ii) performance-based restricted stock units (“PRSUs”) which vest based on the Company’s achievement of revenue and operating income targets for the three-year period ending April 30, 2021. At the award date, target achievement levels for each of the financial performance metrics were established for the PRSUs, at which levels the PRSUs would vest at 100% for each such metric. Threshold achievement levels for which the PRSUs would vest at 50% for each such metric and maximum achievement levels for which such awards would vest at 200% for each such metric were also established. The actual payout for the PRSUs at the end of the performance period will be calculated based upon the Company’s achievement of the established revenue and operating income targets for the performance period. Settlement of the PRSUs will be made in fully vested shares of common stock. During the fiscal year ended April 30, 2019, the Company recorded $572,000 of compensation expense related to the Fiscal 2019 LTIP. At April 30, 2019, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2019 LTIP is $3,033,000. During the three months ended July 29, 2017, the Company granted awards under the Restated 2006 Plan to key employees (“Fiscal 2018 LTIP”). Awards under the Fiscal 2018 LTIP consist of: (i) time-based restricted stock awards which vest in equal tranches in July 2018, July 2019 and July 2020, and (ii) performance-based restricted stock units (“PRSUs”) which vest based on the Company’s achievement of revenue and operating income targets for the three-year period ending April 30, 2020. At the award date, target achievement levels for each of the financial performance metrics were established for the PRSUs, at which levels the PRSUs would vest at 100% for each such metric. Threshold achievement levels for which the PRSUs would vest at 50% for each such metric and maximum achievement levels for which such awards would vest at 200% for each such metric were also established. The actual payout for the PRSUs at the end of the performance period will be calculated based upon the Company’s achievement of the established revenue and operating income targets for the performance period. Settlement of the PRSUs will be made in fully vested shares of common stock. During the fiscal years ended April 30, 2019 and 2018, the Company recorded $588,000 and $269,000 of compensation expense related to the Fiscal 2018 LTIP, respectively. During the fiscal year ended April 30, 2017, the Company did not record compensation expense related to the Fiscal 2018 LTIP. At April 30, 2019, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2018 LTIP is $2,275,000. During the three months ended July 29, 2017, the Company also granted awards under the Restated 2006 Plan to key employees (“Fiscal 2017 LTIP”). Awards under the Fiscal 2017 LTIP consist of: (i) time-based restricted stock awards which vest in equal tranches in July 2017, July 2018 and July 2019, and (ii) PRSUs which vest based on the Company’s achievement of revenue and operating income targets for the three-year period ending April 30, 2019. At the award date, target achievement levels for each of the financial performance metrics were established for the PRSUs, at which levels the PRSUs would vest at 100% for each such metric. Threshold achievement levels for which the PRSUs would vest at 50% for each such metric and maximum achievement levels for which such awards would vest at 200% for each such metric were also established. The actual payout for the PRSUs at the end of the performance period will be calculated based upon the Company’s achievement of the established revenue and operating income targets for the performance period. Settlement of the PRSUs will be made in fully-vested shares of common stock. During the fiscal years ended April 30, 2019 and 2018, the Company recorded $301,000 and $159,000 of compensation expense related to the Fiscal 2017 LTIP, respectively. During the fiscal year ended April 30, 2017, the Company did not record compensation expense related to the Fiscal 2017 LTIP. During the first quarter of fiscal 2019, the Company expects to issue a total of 14,814 fully-vested shares of common stock to settle the Fiscal 2017 LTIP. At April 30, 2019 and 2018, the Company recorded cumulative stock-based compensation expense from these long-term incentive awards of $1,889,000 and $428,000, respectively. At each reporting period, the Company reassesses the probability of achieving the performance targets. The estimation of whether the performance targets will be achieved requires judgment, and, to the extent actual results or updated estimates differ from the Company’s current estimates, the cumulative effect on current and prior periods of those changes will be recorded in the period estimates are revised.

Income Taxes

Income Taxes	12 Months Ended
	Apr. 30, 2019
Income Taxes
Income Taxes	14. Income Taxes The components of income before income taxes are as follows (in thousands): Year Ended April 30, 2019 2018 2017 Domestic $ 50,644 $ 32,651 $ 22,642 Foreign (166) (34) (86) Income from continuing operations before income taxes 50,478 32,617 22,556 Equity method investment loss (3,944) (1,283) (119) Total income from continuing operations before income taxes $ 46,534 $ 31,334 $ 22,437 The Company expects any foreign earnings to be reinvested in such foreign jurisdictions and, therefore, no deferred tax liabilities for U.S. income taxes on undistributed earnings are recorded. The foreign subsidiaries do not have any undistributed earnings. A reconciliation of income tax expense computed using the U.S. federal statutory rates to actual income tax expense (benefit) is as follows: Year Ended April 30, 2019 2018 2017 U.S. federal statutory income tax rate 21.0 % 30.4 % 34.0 % State and local income taxes, net of federal benefit (2.2) (2.2) (1.7) R&D and other tax credits (8.1) (7.0) (10.8) Valuation allowance 3.7 4.9 3.8 Foreign rate differential — 0.1 — Return to provision adjustments (0.3) (0.1) (0.3) Permanent items 0.8 (2.7) (2.3) Foreign derived intangible income (3.7) — — Excess benefit of stock options (3.1) (4.4) (1.0) Tax Act — 10.4 — Other 1.1 0.6 (0.6) Effective income tax rate 9.2 % 30.0 % 21.1 % The components of the provision (benefit) for income taxes are as follows (in thousands): Year Ended April 30, 2019 2018 2017 Current: Federal $ 1,953 $ 6,010 $ 4,336 State 228 900 243 Foreign — — — 2,181 6,910 4,579 Deferred: Federal 1,945 3,272 (66) State 551 (330) 280 Foreign (36) (52) (35) 2,460 2,890 179 Total income tax expense (benefit) $ 4,641 $ 9,800 $ 4,758 Significant components of the Company’s deferred income tax assets and liabilities are as follows (in thousands): April 30, 2019 2018 Deferred income tax assets: Accrued expenses $ 5,206 $ 5,771 Allowances, reserves, and other 2,729 2,100 Unrealized loss on securities — 25 Net operating loss and credit carry-forwards 13,208 12,361 Intangibles basis 125 94 Total deferred income tax assets 21,268 20,351 Deferred income tax liabilities: Fixed asset basis (425) (682) Revenue recognition (2,909) 326 Total deferred income tax liabilities (3,334) (356) Valuation allowance (11,278) (8,568) Net deferred tax assets $ 6,656 $ 11,427 At April 30, 2019 and 2018 the Company recorded a valuation allowance of $11,278,000 and $8,568,000, respectively, against state R&D credits as the Company is currently generating more tax credits than it will utilize in future years and against the outside basis difference in an equity method investee. The valuation allowance increased by $2,710,000 and $3,152,000 for April 30, 2019 and April 30, 2018, respectively. At April 30, 2019 the Company had state credit carryforwards of $23,832,000 that do not expire and federal tax credit carryforwards of $4,727,000 that expire in 2039. At April 30, 2019, the Company had a state and foreign net operating loss carryforward of approximately $10,000 and $205,000, respectively. The state net operating loss carryforwards carry forward indefinitely. $73,000 of the foreign loss carryforwards expire in fiscal 2020. At April 30, 2019 and 2018, the Company had approximately $12,593,000 and $11,170,000, respectively, of unrecognized tax benefits all of which would impact the Company’s effective tax rate if recognized. The Company estimates that $224,000 of its unrecognized tax benefits will decrease in the next twelve months due to statute of limitation expiration. The following table summarizes the activity related to the Company’s gross unrecognized tax benefits for the years ended April 30, 2019 and 2018 (in thousands): April 30, 2019 2018 Balance as of May 1 $ 11,170 $ 9,856 Increases related to prior year tax positions 216 228 Decreases related to prior year tax positions — — Increases related to current year tax positions 1,756 1,347 Decreases related to lapsing of statute of limitations (549) (261) Balance as of April 30 $ 12,593 $ 11,170 The Company records interest and penalties on uncertain tax positions to income tax expense. As of April 30, 2019 and 2018, the Company had accrued approximately $18,000 and $16,000, respectively, of interest and penalties related to uncertain tax positions. The Company is currently under audit by various state jurisdictions but does not anticipate any material adjustments from these examinations. The tax years 2016 to 2017 remain open to examination by the IRS for federal income taxes. The tax years 2011 to 2017 remain open for major state taxing jurisdictions. During the fiscal year ended April 30, 2019, the Company recorded a reversal of a $549,000 reserve, including the related interest, for uncertain tax positions due to the lapse of prior year statue. On December 22, 2017, the Tax Act was signed into law, which resulted in significant changes to the Internal Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21% effective for tax years beginning after December 31, 2017, repeal of the corporate alternative minimum tax, repeal of the deduction for domestic production activities, a deduction for certain Foreign Derived Intangible Income (“FDII”), and limitation on the deductibility of certain executive compensation. In accordance with ASC 740, Income Taxes, the Company is required to record the effects of tax law changes in the period enacted. As the Company has an April 30 fiscal year end, its U.S. federal corporate income tax rate was blended in fiscal 2018, resulting in a statutory federal rate of approximately 30.4% (8 months at 35% and 4 months at 21%), and 21% for subsequent fiscal years. The Company remeasured its existing deferred tax assets and liabilities at the rate the Company expected to be in effect when those deferred taxes will be realized and recorded a one-time deferred tax expense of approximately $3,300,000 during the fiscal year ended April 30, 2018. The Company followed the guidance in SEC Staff Accounting Bulletin 118 (“SAB 118”), which provided additional clarification regarding the application of ASC Topic 740 in situations where the Company does not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the Tax Act for the reporting period in which the Act was enacted. SAB 118 provides for a measurement period beginning in the reporting period that includes the Act’s enactment date and ending when the Company has obtained, prepared, and analyzed the information needed in order to complete the accounting requirements but in no circumstances should the measurement period extend beyond one year from the enactment date. The measurement period under SAB 118 closed during the year ended April 30, 2019. The Company has finalized its accounting for the impact of the Tax Act during and reached the following conclusions on the previous provisional estimates. The Company has concluded it will be eligible to claim the FDII deduction and has reflected a rate benefit in the provision for income taxes. The Company expects the IRS will be issuing additional guidance that could ultimately impact the size of the benefit. In addition, the Company has concluded that its foreign subsidiaries are in a cumulative earnings and profits deficit and, therefore, has confirmed that it will not have an income tax payable as a result of the one-time deemed repatriation tax.

AOCI (Loss) and Reclassificatio

AOCI (Loss) and Reclassifications Adjustments	12 Months Ended
	Apr. 30, 2019
AOCI (Loss) and Reclassifications Adjustments
Accumulated Other Comprehensive Loss and Reclassifications	15. Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss are as follows (in thousands): Total Accumulated Other Available-for-Sale Foreign Currency Comprehensive Securities Translation Adjustments Loss Total accumulated other comprehensive loss balance as of April 30, 2018 $ (57) $ 36 $ (21) Changes in foreign currency translation adjustments, net of $0 taxes — (34) (34) Unrealized gains, net of $51 of taxes 57 — 57 Total accumulated other comprehensive loss balance as of April 30, 2019 $ — $ 2 $ 2

Changes in Accounting Estimates

Changes in Accounting Estimates	12 Months Ended
	Apr. 30, 2019
Changes in Accounting Estimates
Changes in Accounting Estimates	16. Changes in Accounting Estimates During the years ended April 30, 2019, 2018 and 2017, the Company revised its estimates at completion of various fixed-price contracts recognized using the over time method, which resulted in cumulative catch up adjustments during the year in which the change in estimate occurred. The change in estimate was a result of the Company changing the total costs required to complete the contracts due to having more accurate cost information as work progressed in subsequent periods on the various contracts. The changes in estimates resulted in cumulative catch-up adjustments to revenue for the years ended April 30, 2019 and 2017 were not material. During the year ended April 30, 2018, the Company revised its estimates of the total expected costs to complete a TMS variant contract. The aggregate impact of these adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods was a decrease of approximately $1,255,000.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Apr. 30, 2019
Related Party Transactions
Related Party Transactions	17. Related Party Transactions Pursuant to a consulting agreement, the Company paid a board member approximately $55,000, $48,000 and $80,000 for fiscal years ended April 30, 2019, 2018 and 2017, respectively, for consulting services independent of his board service. Concurrent with the formation of HAPSMobile, the Company executed a Design and Development Agreement (the “DDA”) with HAPSMobile. Under the DDA and related efforts, the Company will use its best efforts, up to a maximum value of $133,360,000, to design and build prototype solar powered high altitude aircraft and ground control stations for HAPSMobile and conduct low altitude and high altitude flight tests of the prototype aircraft. The Company recorded revenue under the DDA and preliminary design agreements between the Company and SoftBank of $55,407,000 and $29,594,000 for the fiscal years ended April 30, 2019 and 2018, respectively. At April 30, 2019 and 2018, the Company had unbilled related party receivables from HAPSMobile of $9,028,000 and $3,145,000 recorded in “Unbilled receivables and retentions” on the consolidated balance sheet, respectively. As of April 30, 2019, the Company owned a 10% stake in accordance with the JVA which was diluted to approximately 5% during the first fiscal quarter of fiscal year 2020. Refer to Note 8 – Equity Method Investments for further details.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Apr. 30, 2019
Commitments and Contingencies
Commitments and Contingencies	18. Commitments and Contingencies Commitments The Company’s operations are conducted in leased facilities. The Company finances the purchase of certain IT equipment and perpetual software licenses under capital lease arrangements. As of April 30, 2019, the Company has no future commitments related to capital lease arrangements as final payments were made during fiscal year 2019. Following is a summary of non‑cancelable operating commitments: April 30, 2019 (In thousands) Operating leases 2020 $ 5,298 2021 3,527 2022 2,723 2023 1,554 2024 953 Thereafter — $ 14,055 Rental expense under operating leases was approximately $4,609,000, $4,011,000 and $3,849,000 for the years ended April 30, 2019, 2018 and 2017, respectively. Contingencies The Company is subject to legal proceedings and claims which arise out of the ordinary course of its business. Although adverse decisions or settlements may occur, the Company, in consultation with legal counsel, believes that the final disposition of such matters will not have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Company. At April 30, 2019 and 2018, the Company had outstanding letters of credit totaling $7,079,000 and $6,389,000, respectively. Contract Cost Audits Payments to the Company on government cost reimbursable contracts are based on provisional, or estimated indirect rates, which are subject to an annual audit by the Defense Contract Audit Agency (“DCAA”). The cost audits result in the negotiation and determination of the final indirect cost rates that the Company may use for the period(s) audited. The final rates, if different from the provisional rates, may create an additional receivable or liability for the Company. For example, during the course of its audits, the DCAA may question the Company’s incurred costs, and if the DCAA believes the Company has accounted for such costs in a manner inconsistent with the requirements under Federal Acquisition Regulations, the DCAA auditor may recommend to the Company’s administrative contracting officer to disallow such costs. Historically, the Company has not experienced material disallowed costs as a result of government audits. However, the Company can provide no assurance that the DCAA or other government audits will not result in material disallowances for incurred costs in the future. The Company’s revenue recognition policy calls for revenue recognized on all cost reimbursable government contracts to be recorded at actual rates unless collectability is not reasonably assured. During the fiscal year ended April 30, 2017, the Company settled rates for its incurred cost claims with the DCAA for fiscal years 2011 through 2014 without payment of any consideration. During the fiscal year ended April 30, 2019, the Company settled rates for its incurred cost claims with the DCAA for fiscal years 2016 and 2017 without payment of any consideration. At April 30, 2019 and 2018, the Company had $93,000 and $77,000 reserved for open incurred cost claim audits, respectively. The Company is also currently undergoing an escheat examination by the state of Delaware. The amount of any potential loss is currently not estimable, and therefore, no reserve has been recorded.

Business Acquisitions

Business Acquisitions	12 Months Ended
	Apr. 30, 2019
Business Combinations [Abstract]
Business Acquisitions	19. Business Acquisitions On February 1, 2017, the Company completed the acquisition of 36% of the common shares of Altoy for cash consideration of $625,000, which increased its interest from 49% to 85% and provided the Company with control over Altoy. As a result, Altoy became a consolidated subsidiary of the Company on the date of the acquisition. Altoy aims to market and distribute small UAS in Turkey. The Company previously accounted for its 49% interest in Altoy as an equity method investment. As a result of the acquisition, the Company is expected to expand the sales of its small UAS and related services in Turkey. The following table summarizes the consideration transferred to acquire Altoy and the amounts of identified assets acquired and liabilities assumed at the acquisition date, as well as the fair value of the noncontrolling interest in Altoy at the acquisition date (in thousands): Customer relationships $ 1,600 Goodwill 122 Trademark and trade names 60 Deferred tax liability (332) Other assets and liabilities assumed 286 Total net identified assets acquired $ 1,736 Fair value of consideration transferred: Cash $ 625 Fair value of the Company's investment in Altoy prior to the acquisition 851 Fair value of the noncontrolling interest in Altoy 260 Total $ 1,736 As a result of the Company obtaining control over Altoy, the Company’s previously held 49% interest was remeasured to fair value, resulting in a gain of $584,000 which has been recognized in “other income (loss), net” on the consolidated statement of income. The fair value of the noncontrolling interest of $260,000 and the fair value of the previously held equity interest of $851,000 in Altoy, immediately prior to the acquisition, were estimated by applying an income approach. These fair value measurements of the noncontrolling interest and the previously held equity interest are based on significant inputs not observable in the market, and thus represent Level 3 measurements. The goodwill is attributable to the workforce of Altoy and expected future customers in the Turkey market. Goodwill is not tax deductible for tax purposes. All of the goodwill was assigned to the Company’s UAS segment. The Company tests identifiable intangible assets and goodwill for impairment in the fourth quarter of each fiscal year unless there are interim indicators that suggest that it is more likely than not that either the identifiable intangible assets or goodwill may be impaired. Due to the current political situation within Turkey and the increased uncertainty in the relations between the U.S. and Turkey, the Company significantly lowered its cash flow expectations for its Altoy operations. As a result of the decline in the Company’s cash flow forecast, the Company performed an interim assessment of impairment of Altoy’s long-lived assets, excluding goodwill during the three months ended October 28, 2017. Based on the analysis, the Company determined that the fair value of Altoy had declined below its carrying value, excluding goodwill. As a result, the Company performed additional analysis to determine the amount of the impairment loss and recorded an impairment loss totaling $899,000 during the three months ended October 28, 2017, which is included in selling, general and administrative expense on the consolidated statements of operations. The fair value of the Altoy asset group was determined based on a discounted cash flow model reflective of the revised cash flow estimates. Supplemental Pro Forma Information (unaudited) Altoy contributed revenues of $0 and a net loss of $122,000 to the Company for the period from February 1, 2017 to April 30, 2017. The following unaudited pro forma summary presents consolidated information of the Company as if the business combination had occurred on May 1, 2015 (in thousands) : Fiscal year ended April 30, 2017 2016 Revenue $ 229,287 $ 233,941 Net income from continuing operations $ 15,808 $ 15,595 Net income attributable to AeroVironment $ 15,888 $ 15,666 The Company did not have any material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings. These pro forma amounts have been calculated after applying the Company’s accounting policies and adjusting the results of Altoy to reflect the additional amortization that would have been charged assuming the fair value adjustments to intangible assets had been applied from May 1, 2015, with the consequential tax effects. The Company incurred approximately $74,000 of acquisition-related costs. These expenses are included in selling, general and administrative expense on the Company’s consolidated income statement for the fiscal year ended April 30, 2017. The unaudited pro forma supplemental information is based on estimates and assumptions which the Company believes are reasonable and are not necessarily indicative of the results that have been realized had the acquisitions been consolidated in the tables above as of May 1, 2015.

Geographic Information

Geographic Information	12 Months Ended
	Apr. 30, 2019
Geographic Information
Geographic Information	20. Geographic Information Sales to non‑U.S. customers accounted for 52%, 47% and 36% of revenue for each of the fiscal years ended April 30, 2019, 2018 and 2017, respectively.

Impact of Adoption of New Accou

Impact of Adoption of New Accounting Standards	12 Months Ended
	Apr. 30, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Abstract]
Impact of Adoption of New Accounting Standards	21. Impact of Adoption of New Accounting Standards During the year ended April 30, 2019, the Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The impact to the Company’s balance sheet as a result of adopting the standard was as follows (in thousands). Effect of the April 30, 2018 Adoption of April 30, 2018 As Reported ASC Topic 606 As Adjusted Assets Current assets: Cash and cash equivalents $ 143,517 $ — $ 143,517 Short-term investments 113,649 — 113,649 Accounts receivable, net of allowance for doubtful accounts of $1,080 at April 30, 2018 56,813 — 56,813 Unbilled receivables and retentions (inclusive of related party unbilled receivables of $3,145 at April 30, 2018) 13,076 3,796 16,872 Inventories, net 38,640 (1,215) 37,425 Prepaid expenses and other current assets 5,103 — 5,103 Current assets of discontinued operations 28,349 (2,681) 25,668 Total current assets 399,147 (100) 399,047 Long-term investments 40,656 — 40,656 Property and equipment, net 19,219 — 19,219 Deferred income taxes 11,168 326 11,494 Other assets 2,721 281 3,002 Total assets $ 472,911 $ 507 $ 473,418 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 21,340 $ — $ 21,340 Wages and related accruals 16,851 — 16,851 Income taxes payable 4,085 — 4,085 Customer advances 2,145 1,419 3,564 Other current liabilities 6,892 62 6,954 Current liabilities of discontinued operations 9,184 110 9,294 Total current liabilities 60,497 1,591 62,088 Deferred rent 1,536 — 1,536 Other non-current liabilities 622 — 622 Deferred tax liability 67 — 67 Liability for uncertain tax positions 49 — 49 Commitments and contingencies Stockholders’ equity: Preferred stock, $0.0001 par value: Authorized shares—10,000,000; none issued or outstanding at April 30, 2018 — — — Common stock, $0.0001 par value: Authorized shares—100,000,000 Issued and outstanding shares—23,908,736 at April 30, 2018 2 — 2 Additional paid-in capital 170,139 — 170,139 Accumulated other comprehensive loss (21) — (21) Retained earnings 239,997 (1,084) 238,913 Total AeroVironment stockholders’ equity 410,117 (1,084) 409,033 Noncontrolling interest 23 — 23 Total equity 410,140 (1,084) 409,056 Total liabilities and stockholders’ equity $ 472,911 $ 507 $ 473,418 The tables below presents the impact of adoption on the Company’s statement of operations for the fiscal years ended April 30, 2018 and 2017 (in thousands except share and per share data). Year Ended April 30, 2018 As Reported ASC Topic 606 Impact As Adjusted Revenue: Product sales $ 195,330 $ (3,618) $ 191,712 Contract services (inclusive of related party revenue of $29,594 for the year ended April 30, 2018) 75,722 990 76,712 271,052 (2,628) 268,424 Cost of sales: Product sales 111,990 (2,597) 109,393 Contract services 50,174 1,172 51,346 162,164 (1,425) 160,739 Gross margin: Product sales 83,340 (1,021) 82,319 Contract services 25,548 (182) 25,366 108,888 (1,203) 107,685 Selling, general and administrative 50,826 — 50,826 Research and development 26,433 — 26,433 Loss (income) from continuing operations 31,629 (1,203) 30,426 Other income (expense): Interest income, net 2,240 — 2,240 Other expense, net (49) — (49) Income from continuing operations before income taxes 33,820 (1,203) 32,617 Provision for income taxes 10,177 (377) 9,800 Equity method investment loss, net of tax (1,283) — (1,283) Net (loss) income from continuing operations 22,360 (826) 21,534 Discontinued operations: Gain on sale of business, net of tax — — — Income (loss) from discontinued operations, net of tax (2,508) (1,379) (3,887) Net income (loss) from discontinued operations (2,508) (1,379) (3,887) Net (loss) income 19,852 (2,205) 17,647 Net loss attributable to noncontrolling interest 216 — 216 Net (loss) income attributable to AeroVironment $ 20,068 $ (2,205) $ 17,863 Net (loss) income per share attributable to AeroVironment—Basic Continuing operations $ 0.97 $ (0.03) $ 0.93 Discontinued operations (0.11) (0.06) (0.17) Net loss per share attributable to AeroVironment—Basic $ 0.86 $ (0.09) $ 0.76 Net (loss) income per share attributable to AeroVironment—Diluted Continuing operations $ 0.95 $ (0.03) $ 0.91 Discontinued operations (0.11) (0.06) (0.16) Net (loss) per share attributable to AeroVironment—Diluted $ 0.84 $ (0.09) $ 0.75 Weighted-average shares outstanding: Basic 23,471,241 23,471,241 23,471,241 Diluted 23,813,772 23,813,772 23,813,772 Year Ended April 30, 2017 As Reported ASC Topic 606 Impact As Adjusted Revenue: Product sales $ 159,630 $ (706) $ 158,924 Contract services 69,310 4,871 74,181 228,940 4,165 233,105 Cost of sales: Product sales 88,963 76 89,039 Contract services 44,792 2,401 47,193 133,755 2,477 136,232 Gross margin: Product sales 70,667 (782) 69,885 Contract services 24,518 2,470 26,988 95,185 1,688 96,873 Selling, general and administrative 47,642 — 47,642 Research and development 28,465 — 28,465 Loss (income) from continuing operations 19,078 1,688 20,766 Other income (expense): Interest income, net 1,618 — 1,618 Other expense, net 172 — 172 Income from continuing operations before income taxes 20,868 1,688 22,556 Provision for income taxes 4,138 620 4,758 Equity method investment loss, net of tax (119) — (119) Net (loss) income from continuing operations 16,611 1,068 17,679 Discontinued operations: Gain on sale of business, net of tax — — — Income (loss) from discontinued operations, net of tax (4,154) (447) (4,601) Net income (loss) from discontinued operations (4,154) (447) (4,601) Net (loss) income 12,457 621 13,078 Net loss attributable to noncontrolling interest 22 — 22 Net (loss) income attributable to AeroVironment $ 12,479 $ 621 $ 13,100 Net (loss) income per share attributable to AeroVironment—Basic Continuing operations $ 0.72 $ 0.05 $ 0.77 Discontinued operations (0.18) (0.02) (0.20) Net loss per share attributable to AeroVironment—Basic $ 0.54 $ 0.03 $ 0.57 Net (loss) income per share attributable to AeroVironment—Diluted Continuing operations $ 0.72 $ 0.05 $ 0.76 Discontinued operations (0.18) (0.02) (0.20) Net (loss) per share attributable to AeroVironment—Diluted $ 0.54 $ 0.03 $ 0.56 Weighted-average shares outstanding: Basic 23,059,045 23,059,045 23,059,045 Diluted 23,307,738 23,307,738 23,307,738 The tables below presents the impact of adoption on the Company’s statement of comprehensive (loss) income for the fiscal years ended April 30, 2018 and 2017 (in thousands). Year Ended April 30, 2018 As Reported ASC Topic 606 Impact As Adjusted Net (loss) income $ 19,852 $ (2,205) $ 17,647 Other comprehensive income: Change in foreign currency translation adjustments 36 — 36 Unrealized gain on investments, net of deferred tax expense of $25 and $43 for the fiscal years ended 2018 and 2017 70 — 70 Total comprehensive (loss) income 19,958 (2,205) $ 17,753 Net loss attributable to noncontrolling interest 216 — 216 Comprehensive (loss) income attributable to AeroVironment $ 20,174 $ (2,205) $ 17,969 Year Ended April 30, 2017 As Reported ASC Topic 606 Impact As Adjusted Net (loss) income $ 12,457 $ 621 $ 13,078 Other comprehensive income: Change in foreign currency translation adjustments — — — Unrealized gain on investments, net of deferred tax expense of $25 and $43 for the fiscal years ended 2018 and 2017 74 — 74 Total comprehensive (loss) income 12,531 621 $ 13,152 Net loss attributable to noncontrolling interest 22 — 22 Comprehensive (loss) income attributable to AeroVironment $ 12,553 $ 621 $ 13,174 The table below presents the impact of adoption on the Company’s statement of cash flows for the fiscal years ended April 30, 2018 and 2017 (in thousands). Year Ended April 30, 2018 As Reported ASC Topic 606 Impact As Adjusted Operating activities Net income (loss) $ 19,852 $ (2,205) $ 17,647 Gain on sale of business, net of tax — — — Loss from discontinued operations, net of tax 2,508 1,379 3,887 Net income from continuing operations 22,360 (826) 21,534 Adjustments to reconcile net loss to cash provided by operating activities: Depreciation and amortization 5,982 — 5,982 Loss from equity method investments 1,283 — 1,283 Impairment of long-lived assets 255 — 255 Provision for doubtful accounts 977 — 977 Impairment of intangible assets and goodwill 1,021 — 1,021 Gains on foreign currency transactions (87) — (87) Deferred income taxes 3,835 (982) 2,853 Gain on business acquisition — — — Stock-based compensation 4,956 — 4,956 Loss on disposition of property and equipment 20 — 20 Amortization of held-to-maturity investments 1,424 — 1,424 Changes in operating assets and liabilities: Accounts receivable 11,211 (141) 11,070 Unbilled receivables and retentions 903 1,350 2,253 Inventories 2,268 (1,076) 1,192 Income tax receivable — — — Prepaid expenses and other assets 419 (280) 139 Accounts payable 5,736 — 5,736 Other liabilities 7,873 1,351 9,224 Net cash provided by (used in) operating activities of continuing operations 70,436 (604) 69,832 Investing activities Acquisition of property and equipment (9,563) — (9,563) Equity method investments (3,267) — (3,267) Business acquisitions, net of tax — — — Proceeds from sale of business — — — Redemptions of held-to-maturity investments 227,663 — 227,663 Purchases of held-to-maturity investments (221,680) — (221,680) Redemptions of available-for-sale investments 450 — 450 Net cash provided by investing activities from continuing operations (6,397) — (6,397) Financing activities Principal payments of capital lease obligations (288) — (288) Tax withholding payment related to net settlement of equity awards (397) — (397) Exercise of stock options 2,705 — 2,705 Net cash provided by financing activities from continuing operations 2,020 — 2,020 Discontinued operations Operating activities of discontinued operations (1,227) 604 (623) Investing activities of discontinued operations (1,219) — (1,219) Financing activities of discontinued operations — — — Net cash (used in) provided by discontinued operations (2,446) 604 (1,842) Net increase in cash and cash equivalents 63,613 — 63,613 Cash and cash equivalents at beginning of period 79,904 — 79,904 Cash and cash equivalents at end of period $ 143,517 $ — $ 143,517 Supplemental disclosures of cash flow information Cash paid, net during the period for: Income taxes $ 1,813 — $ 1,813 Non-cash activities Unrealized gain on investments, net of deferred tax expense of $25 and $43 $ 70 — $ 70 Reclassification from share-based liability compensation to equity $ 384 — $ 384 Change in foreign currency translation adjustments $ 36 — $ 36 Acquisitions of property and equipment included in accounts payable $ 379 — $ 379 Year Ended April 30, 2017 As Reported ASC Topic 606 Impact As Adjusted Operating activities Net income (loss) $ 12,457 $ 621 $ 13,078 Gain on sale of business, net of tax — — — Loss from discontinued operations, net of tax 4,154 447 4,601 Net income from continuing operations 16,611 1,068 17,679 Adjustments to reconcile net loss to cash provided by operating activities: Depreciation and amortization 5,054 — 5,054 Loss from equity method investments 119 — 119 Impairment of long-lived assets 46 — 46 Provision for doubtful accounts 48 — 48 Impairment of intangible assets and goodwill — — — Gains on foreign currency transactions 284 — 284 Deferred income taxes (52) 361 309 Gain on business acquisition (584) — (584) Stock-based compensation 3,392 — 3,392 Loss on disposition of property and equipment 44 — 44 Amortization of held-to-maturity investments 2,382 — 2,382 Changes in operating assets and liabilities: Accounts receivable (19,608) (112) (19,720) Unbilled receivables and retentions 4,667 (4,052) 615 Inventories (19,225) 2,409 (16,816) Income tax receivable — — — Prepaid expenses and other assets (1,484) — (1,484) Accounts payable 545 — 545 Other liabilities (233) 67 (166) Net cash provided by (used in) operating activities of continuing operations (7,994) (259) (8,253) Investing activities Acquisition of property and equipment (9,017) — (9,017) Equity method investments — — — Business acquisitions, net of tax (430) — (430) Proceeds from sale of business — — — Redemptions of held-to-maturity investments 121,522 — 121,522 Purchases of held-to-maturity investments (148,991) — (148,991) Redemptions of available-for-sale investments 400 — 400 Net cash provided by investing activities from continuing operations (36,516) — (36,516) Financing activities Principal payments of capital lease obligations (390) — (390) Tax withholding payment related to net settlement of equity awards (5) — (5) Exercise of stock options 3,865 — 3,865 Net cash provided by financing activities from continuing operations 3,470 — 3,470 Discontinued operations Operating activities of discontinued operations (2,505) 259 (2,246) Investing activities of discontinued operations (838) — (838) Financing activities of discontinued operations — — — Net cash (used in) provided by discontinued operations (3,343) 259 (3,084) Net increase in cash and cash equivalents (44,383) — (44,383) Cash and cash equivalents at beginning of period 124,287 — 124,287 Cash and cash equivalents at end of period $ 79,904 $ — $ 79,904 Supplemental disclosures of cash flow information Cash paid, net during the period for: Income taxes $ 1,804 — $ 1,804 Non-cash activities Unrealized gain on investments, net of deferred tax expense of $25 and $43 $ 74 — $ 74 Reclassification from share-based liability compensation to equity $ 307 — $ 307 Change in foreign currency translation adjustments $ — — $ — Acquisitions of property and equipment included in accounts payable $ 724 — $ 724

Subsequent Events

Subsequent Events	12 Months Ended
	Apr. 30, 2019
Subsequent Events.
Subsequent Events	22. Subsequent Events On June 10, 2019, the Company purchased 100% of the issued and outstanding member units of Pulse Aerospace, LLC (“Pulse”) pursuant to the terms of a Unit Purchase Agreement (the “Pulse Purchase Agreement”). The Company’s acquisition of Pulse’s Vertical Takeoff and Landing (VTOL) product family strengthens AeroVironment’s leading family of fixed-wing small unmanned aircraft systems and increases the mission capabilities of AeroVironment’s family of systems. Pursuant to the Pulse Purchase Agreement, at closing, the Company paid $20,650,000 in cash, less closing indebtedness and transaction costs as defined in the Pulse Purchase Agreement, less a $250,000 retention to cover any post-closing indemnification claims, and less a $1,250,000 holdback amount, with the retention and holdback to be released to the member unit holders of Pulse Aerospace, less any amounts paid or reserved, 18 months after the closing of the transactions in accordance with the terms of the Pulse Purchase Agreement. The closing cash consideration included the payoff of the outstanding indebtedness of Pulse Aerospace as of the closing date. In addition to the consideration paid at closing, the Sellers may receive up to a maximum of $5,000,000 in additional cash consideration, which amount has been placed into escrow, if specific research and development milestones are achieved by December 10, 2021. The Company financed the acquisition entirely from available cash on hand. Due to the timing of the acquisition, the purchase accounting for the business combination is incomplete at the time of this filing. As a result, the Company is unable to provide the amounts recognized as of the acquisition date for the major classes of assets acquired and liabilities assumed, pre-acquisition contingencies and goodwill. In addition, the Company is unable to provide pro forma revenues and earnings of the combined entity. All required disclosures will be included in the Company's Quarterly Report on Form 10-Q for the quarter ended July 27, 2019.

SCHEDULE II-VALUATION AND QUALI

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Apr. 30, 2019
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]	SUPPLEMENTARY DATA SCHEDULE II— Additions Balance at Charged to Charged to Balance at Beginning Costs and Other End of Description of Period Expenses Accounts Deductions Period (In thousands) Allowance for doubtful accounts for the year ended April 30: 2017 $ 56 $ 56 $ — $ (8) $ 104 2018 $ 104 $ 976 $ — $ — $ 1,080 2019 $ 1,080 $ 198 $ — $ (237) $ 1,041 Warranty reserve for the year ended April 30: 2017 $ 3,094 $ 1,838 $ — $ (2,985) $ 1,947 2018 $ 1,947 $ 1,884 $ — $ (1,741) $ 2,090 2019 $ 2,090 $ 702 $ — $ (1,088) $ 1,704 Reserve for inventory excess and obsolescence for the year ended April 30: 2017 $ 2,542 $ 1,115 $ — $ (901) $ 2,756 2018 $ 2,756 $ 2,758 $ — $ (1,561) $ 3,953 2019 $ 3,953 $ 5,054 $ — $ (1,183) $ 7,824 Reserve for self-insured medical claims for the year ended April 30: 2017 $ 979 $ 7,037 $ — $ (6,883) $ 1,133 2018 $ 1,133 $ 9,100 $ — $ (9,230) $ 1,003 2019 $ 1,003 $ 10,808 $ — $ (10,867) $ 944

Organization and Significant _2

Organization and Significant Accounting Policies (Policies)	12 Months Ended
	Apr. 30, 2019
Organization and Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of AeroVironment, Inc. and its wholly‑owned subsidiaries: AeroVironment Rhode Island, LLC, Skytower Inc., AeroVironment, Inc. (Afghanistan), as well as the Company’s Turkish joint venture, Altoy Savunma Sanayi ve Havacilik Anonim Sirketi (“Altoy”) (collectively referred to herein as the “Company”). The Company increased its ownership in Altoy to a controlling interest on February 1, 2017. As a result of the increase in ownership, the consolidated financial statements include the balance sheet and results of operations of Altoy from February 1, 2017 forward. Prior to this date, the Company's investment in Altoy was accounted for under the equity method. Refer to Note 19 - Business Acquisitions for further details. All intercompany balances and transactions have been eliminated in consolidation. In July 2016, the Company dissolved Charger Bicycles, LLC, the results of which were not material to the consolidated financial statements. In October 2016, the Company dissolved Skytower, LLC and Regenerative Fuel Cell Systems, LLC, the results of which were not material to the consolidated financial statements. In February 2018, the Company dissolved AeroVironment GmbH, the results of which were not material to the consolidated financial statements. In February 2019, the Company dissolved AeroVironment International PTE. LTD., the results of which were not material to the consolidated financial statements. On June 29, 2018, the Company completed the sale of substantially all of the assets and related liabilities of its efficient energy systems business segment (“the EES Business”) to Webasto Charging Systems, Inc. (“Webasto”) pursuant to an Asset Purchase Agreement (the “Purchase Agreement”) between Webasto and the Company. The Company determined that the EES Business met the criteria for classification as an asset held for sale at April 30, 2018 and represented a strategic shift in the Company’s operations. Therefore, the assets and liabilities and the results of operations of the EES Business are reported as discontinued operations for all periods presented. Refer to Note 2—Discontinued Operations for further details.
Investments in Companies Accounted for Using the Equity or Cost Method	Investments in Companies Accounted for Using the Equity or Cost Method Investments in other non‑consolidated entities are accounted for using the equity method or cost basis depending upon the level of ownership and/or the Company’s ability to exercise significant influence over the operating and financial policies of the investee. When the equity method is used, investments are recorded at original cost and adjusted periodically to recognize the Company’s proportionate share of the investees’ net income or losses after the date of investment. When net losses from an investment accounted for under the equity method exceed its carrying amount, the investment balance is reduced to zero and additional losses are not provided for as the Company is not obligated to provide additional capital. The Company resumes accounting for the investment under the equity method if the entity subsequently reports net income and the Company’s share of that net income exceeds the share of net losses not recognized during the period the equity method was suspended. When an investment accounted for using the equity method issues its own shares, the subsequent reduction in the Company’s proportionate interest in the investee is reflected in equity as an adjustment to paid‑in‑capital. The Company evaluates its investments in companies accounted for by the equity or cost method for impairment when there is evidence or indicators that a decrease in value may be other than temporary. In December of 2017, the Company and Softbank Corp. (“Softbank”) formed a joint venture, HAPSMobile Inc. (“HAPSMobile”). As the Company has the ability to exercise significant influence over the operating and financial policies of HAPSMobile, the Company’s investment is accounted as an equity method investment. The Company has presented its proportion of HAPSMobile’s net loss in “Equity method investment loss, net of tax” in the consolidated statement of operations. The carrying value of the investment in HAPSMobile was recorded in “Other assets, long-term.” Refer to Note 8 – Equity Method Investments for further details.
Segments	Segments Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM, who is the Chief Executive Officer, makes operating decisions, assesses performance and makes resource allocation decisions, including the focus of research and development (“R&D”), on a consolidated basis for the Company’s continuing operations. Accordingly, the Company operates its business as a single reportable segment.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates made by management include, but are not limited to, valuation of: inventory, available‑for‑sale securities, deferred tax assets and liabilities, useful lives of property, plant and equipment, medical and dental liabilities, warranty liabilities, long-term incentive plan liabilities and estimates of anticipated contract costs and transaction price utilized in the revenue recognition process. Actual results could differ from those estimates.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. Equity method losses associated with the Company’s investment in Altoy for the fiscal year ended 2017 have been reclassified from other income (expense), net to equity method investment loss, net of tax on the consolidated statement of operations.
Cash Equivalents	Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents. The Company’s cash equivalents are comprised of money market funds, certificates of deposit of major financial institutions, and U.S. Treasury bills.
Investments	Investments The Company’s investments are accounted for as held‑to‑maturity and available‑for‑sale and reported at amortized cost and fair value, respectively. Unrealized gains and losses are excluded from earnings and reported as a separate component of stockholders’ equity, net of deferred income taxes for available-for-sale investments. Gains and losses realized on the disposition of investment securities are determined on the specific identification basis and credited or charged to income. Premium and discount on investments are amortized and accreted using the interest method and charged or credited to investment income. Management determines the appropriate classification of securities at the time of purchase and re‑evaluates such designation as of each balance sheet date. Investments are considered to be impaired when a decline in fair value is judged to be other‑than‑temporary. On a quarterly basis, the Company considers available quantitative and qualitative evidence in evaluating potential impairment of its investments. If the cost of an investment exceeds its fair value, the Company evaluates, among other factors, general market conditions, the duration and extent to which the fair value is less than cost, and its intent and ability to hold the investment to maturity. The Company also considers potential adverse conditions related to the financial health of the issuer based on rating agency actions. Once a decline in fair value is determined to be other‑than‑temporary, an impairment charge is recorded in earnings and a new cost basis in the investment is established.
Fair Values of Financial Instruments	Fair Values of Financial Instruments Fair values of cash and cash equivalents, accounts receivable, unbilled receivables, retentions and accounts payable approximate cost due to the short period of time to maturity.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents, municipal bonds, U.S. government securities, U.S. government-guaranteed agency securities, U.S. Government sponsored agency debt securities, highly rated commercial paper, highly rated corporate bonds, and accounts receivable. The Company currently invests the majority of its cash in municipal bonds, U.S. government securities, U.S. government-guaranteed agency securities, U.S. Government sponsored agency debt securities and highly rated corporate bonds. The Company’s revenue and accounts receivable are with a limited number of corporations and governmental entities. In the aggregate, 58%, 58% and 65% of the Company’s revenue came from agencies of the U.S. government for the years ended April 30, 2019, 2018 and 2017, respectively. These agencies accounted for 26% and 49% of the accounts receivable balances at April 30, 2019 and 2018, respectively. One such agency, the U.S. Army, accounted for 28%, 19% and 20% of the Company’s consolidated revenue for the years ended April 30, 2019, 2018 and 2017, respectively. The Company performs ongoing credit evaluations of its commercial customers and maintains an allowance for potential losses.
Accounts Receivable, Unbilled Receivables and Retentions	Accounts Receivable, Unbilled Receivables and Retentions Accounts receivable represents primarily U.S. government and Foreign government, and to a lesser extent commercial receivables, net of allowances for doubtful accounts. Unbilled receivables represent costs in excess of billings on incomplete contracts and, where applicable, accrued profit related to government long‑term contracts on which revenue has been recognized, but for which the customer has not yet been billed. Unbilled receivables are considered contract assets. Retentions represent amounts withheld by customers until contract completion. At April 30, 2019 and 2018, the retention balances were $1,102,000 and $1,411,000, respectively. The Company determines the allowance for doubtful accounts based on historical customer experience and other currently available evidence. When a specific account is deemed uncollectible, the account is written off against the allowance. The allowance for doubtful accounts reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance; such losses have historically been within management’s expectations. An account is deemed past due based on contractual terms rather than on how recently payments have been received.
Inventories	Inventories Inventories are stated at the lower of cost (using the weighted average costing method) or net realizable value. Inventory write‑offs and write‑down provisions are provided to cover risks arising from slow‑moving items or technological obsolescence and for market prices lower than cost. The Company periodically evaluates the quantities on hand relative to current and historical selling prices and historical and projected sales volume. Based on this evaluation, provisions are made to write inventory down to its net realizable value.
Long-Lived Assets	Long‑Lived Assets Property and equipment are carried at cost. Depreciation of property and equipment, including amortization of leasehold improvements, are provided using the straight‑line method over the following estimated useful lives: Machinery and equipment 2 - 7 years Computer equipment and software 2 - 5 years Furniture and fixtures 3 - 7 years Leasehold improvements Lesser of useful life or term of lease The Company finances the purchase of certain IT equipment and perpetual software licenses with capital lease arrangements. The assets and liabilities under capital leases are recorded at the lesser of the present value of aggregate future minimum lease payments, including estimated bargain purchase options, or the fair value of the asset under lease. Assets under capital leases are depreciated using the straight-line method over the lesser of the estimated useful life of the asset or the term of the lease. Maintenance, repairs and minor renewals are charged directly to expense as incurred. Additions and betterments to property and equipment are capitalized at cost. When the Company disposes of assets, the applicable costs and accumulated depreciation and amortization thereon are removed from the accounts and any resulting gain or loss is included in selling, general and administrative (“SG&A”) expense in the period incurred. The Company reviews the recoverability of its long‑lived assets whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The estimated future cash flows are based upon, among other things, assumptions about expected future operating performance, and may differ from actual cash flows. If the sum of the projected undiscounted cash flows (excluding interest) is less than the carrying value of the assets, the assets will be written down to the estimated fair value in the period in which the determination is made. During the three months ended April 30, 2019, the Company recorded an impairment loss of $4,398,000 related to the long-lived assets of its commercial UAS Quantix solution. Refer to Note 7 – Property and equipment, net.
Intangible Assets-Acquired in Business Combinations	Intangibles Assets — Acquired in Business Combinations The Company performs valuations of assets acquired and liabilities assumed on each acquisition accounted for as a business combination and allocates the purchase price of the acquired business to the respective net tangible and intangible assets. Acquired intangible assets include customer relationships and trade names. The Company determines the appropriate useful life by performing an analysis of expected cash flows based on historical experience of the acquired businesses. Intangible assets are amortized over their estimated useful lives using the straight-line method which approximates the pattern in which the economic benefits are consumed. The Company monitors conditions related to these assets to determine whether events and circumstances warrant a revision to the remaining amortization period. The Company tests its intangible assets with finite lives for potential impairment whenever management concludes events or changes in circumstances indicate that the carrying amount may not be recoverable. The original estimate of an asset's useful life and the impact of an event or circumstance on either an asset's useful life or carrying value involve significant judgment.
Product Warranty	Product Warranty The Company accrues an estimate of its exposure to warranty claims based upon both current and historical product sales data and warranty costs incurred. Product warranty reserves are recorded in other current liabilities.
Accrued Sales Commissions	Accrued Sales Commissions As of April 30, 2019 and 2018, the Company accrued sales commissions in other current liabilities of $1,301,000 and $1,293,000, respectively.
Self-Insurance Liability	Self‑Insurance Liability The Company is self-insured for employee medical claims, subject to individual and aggregate stop loss policies. The Company estimates a liability for claims filed and incurred but not reported based upon recent claims experience and an analysis of the average period of time between the occurrence of a claim and the time it is reported to and paid by the Company. As of April 30, 2019 and 2018, the Company estimated and recorded a self-insurance liability in wages and related accruals of approximately $965,000 and $1,003,000, respectively.
Income Taxes	Income Taxes Deferred income tax assets and liabilities are computed annually for differences between the financial statement and income tax bases of assets and liabilities that will result in taxable or deductible amounts in the future. The provision for income taxes reflects the taxes to be paid for the period and the change during the period in the deferred income tax assets and liabilities. The Company records a valuation allowance to reduce the deferred tax assets to the amount of future tax benefit that is more likely than not to be realized. For uncertain tax positions, the Company determines whether it is “more likely than not” that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded in the financial statements. For those tax positions where it is “not more likely than not” that a tax benefit will be sustained, no tax benefit is recognized. Where applicable, associated interest and penalties are also recorded. On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) was signed into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21% effective for tax years beginning after December 31, 2017, repeal of the corporate alternative minimum tax, repeal of the deduction for domestic production activities, and limitation on the deductibility of certain executive compensation. In accordance with U.S. GAAP as determined by ASC 740, Income Taxes, the Company is required to record the effects of tax law changes in the period enacted. The Company remeasured its existing deferred tax assets and liabilities at the rate the Company expects to be in effect when those deferred taxes will be realized and recorded a one-time deferred tax expense of approximately $3,300,000 during the year ended April 30, 2018. The Company followed the guidance in SEC Staff Accounting Bulletin 118 (“SAB 118”), which provides additional clarification regarding the application of ASC Topic 740 in situations where the Company does not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the Tax Act for the reporting period in which the Act was enacted. SAB 118 provides for a measurement period beginning in the reporting period that includes the Act’s enactment date and ending when the Company has obtained, prepared, and analyzed the information needed in order to complete the accounting requirements but in no circumstances should the measurement period extend beyond one year from the enactment date. The measurement period under SAB 118 closed during the quarter ended January 31, 2019. AV has finalized its accounting for the impact of the Tax Act during the quarter ended January 31, 2019 and reached conclusions on the previous provisional estimates. AV has concluded that its foreign subsidiaries are in a cumulative earnings and profits deficit and therefore has confirmed that it will not have an income tax payable as a result of the one-time deemed repatriation tax. In relation to the one-time deferred tax remeasurement, AV has concluded that the impact recorded at the date of enactment is appropriate and no changes to the provision estimate of this item.
Customer Advances and Amounts in Excess of Cost Incurred	Customer Advances and Amounts in Excess of Cost Incurred The Company receives advances, performance‑based payments and progress payments from customers that may exceed costs incurred on certain contracts, including contracts with agencies of the U.S. government resulting in contract liabilities. These advances are classified as advances from customers and will be offset against billings.
Revenue Recognition	Revenue Recognition The Company’s revenue is generated pursuant to written contractual arrangements to design, develop, manufacture and/or modify complex products, and to provide related engineering, technical and other services according to the specifications of the customers. These contracts may be firm fixed price (“FFP”), cost plus fixed fee (“CPFF”), or time and materials (“T&M”). The Company considers all such contracts to be within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Performance Obligations A performance obligation is a promise in a contract to transfer distinct goods or services to a customer, and it is the unit of account in ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and revenue is recognized when each performance obligation under the terms of a contract is satisfied. Revenue is measured at the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using its observable standalone selling price for products and services. When the standalone selling price is not directly observable, the Company uses its best estimate of the standalone selling price of each distinct good or service in the contract using the cost plus reasonable margin approach. This approach estimates the Company’s expected costs of satisfying the performance obligation and then adds an appropriate margin for that distinct good or service. Contract modifications are routine in the performance of the Company’s contracts. In most instances, contract modifications are for additional goods and/or services that are distinct and, therefore, accounted for as new contracts. The Company’s performance obligations are satisfied over time or at a point in time. Performance obligations are satisfied over time if the customer receives the benefits as the Company performs, if the customer controls the asset as it is being developed or produced, or if the product being produced for the customer has no alternative use and the Company has a contractual right to payment for the Company’s costs incurred to date plus a reasonable margin. The contractual right to payment is generally supported by termination for convenience clauses that allow the customer to unilaterally terminate the contract for convenience, pay the Company for costs incurred plus a reasonable profit, and take control of any work in process. Revenue for TMS product deliveries and Customer-Funded R&D contracts is recognized over time as costs are incurred. Contract services revenue is composed of revenue recognized on contracts for the provision of services, including repairs and maintenance, training, engineering design, development and prototyping activities, and technical support services. Contract services revenue is recognized over time as services are rendered. Typically, revenue is recognized over time using an input measure (e.g., costs incurred to date relative to total estimated costs at completion) to measure progress. Training services are recognized over time using an output method based on days of training completed. For performance obligations satisfied over time, revenue is generally recognized using costs incurred to date relative to total estimated costs at completion to measure progress. Incurred costs represent work performed, which correspond with, and thereby best depict, transfer of control to the customer. Contract costs include labor, materials, subcontractors’ costs, other direct costs, and indirect costs applicable on government and commercial contracts. For performance obligations which are not satisfied over time per the aforementioned criteria above, revenue is recognized at the point in time in which each performance obligation is fully satisfied. The Company’s small UAS product sales revenue is composed of revenue recognized on contracts for the delivery of small UAS systems and spare parts. Revenue is recognized at the point in time when control transfers to the customer, which generally occurs when title and risk of loss have passed to the customer. On April 30, 2019, the Company had approximately $164,326,000 of remaining performance obligations under contracts with its customers, which the Company also refers to as backlog. The Company currently expects to recognize approximately 92% of the remaining performance obligations as revenue in fiscal 2020, an additional 7% in fiscal 2021, and the balance thereafter. The Company collects sales, value add, and other taxes concurrent with revenue producing activities, which are excluded from revenue when they are both imposed on a specific transaction and collected from a customer. Contract Estimates Accounting for contracts and programs primarily with a duration of less than six months involves the use of various techniques to estimate total contract revenue and costs. For long-term contracts, the Company estimates the total expected costs to complete the contract and recognizes revenue based on the percentage of costs incurred at period end. Typically, revenue is recognized over time using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying the Company’s performance obligations. Incurred costs represent work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Contract costs include labor, materials, subcontractors’ costs, other direct costs, and indirect costs applicable on government and commercial contracts. Contract estimates are based on various assumptions to project the outcome of future events that may span several years. These assumptions include labor productivity and availability, the complexity of the work to be performed, the cost and availability of materials, the performance of subcontractors, and the availability and timing of funding from the customer. The nature of the Company’s contracts gives rise to several types of variable consideration, including penalty fees and incentive awards generally for late delivery and early delivery, respectively. The Company generally estimates such variable consideration as the most likely amount. In addition, the Company includes the estimated variable consideration to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the related uncertainty is resolved. These estimates are based on historical award experience, anticipated performance and the Company’s best judgment at the time. Because of the certainty in estimating these amounts, they are included in the transaction price of the Company’s contracts and the associated remaining performance obligations. As a significant change in one or more of these estimates could affect the profitability of the Company’s contracts, the Company regularly reviews and updates its contract-related estimates. Changes in cumulative revenue estimates, due to changes in the estimated transaction price or cost estimates, are recorded using a cumulative catch-up adjustment in the period identified for contracts with performance obligations recognized over time. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, the Company recognizes the total loss in the quarter it is identified. The impact of adjustments in contract estimates on the Company’s operating earnings can be reflected in either operating costs and expenses or revenue. The aggregate impact of adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods was not significant for the years ended April 30, 2019, 2018 or 2017. No adjustment on any one contract was material to the Company’s consolidated financial statements for the years ended April 30, 2019 or 2017. During the year ended April 30, 2018, the Company revised its estimates of the total expected costs to complete a TMS variant contract. The aggregate impact of these adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods was a decrease of approximately $1,255,000. Revenue by Category The following tables present the Company’s revenue disaggregated by major product line, contract type, customer category and geographic location (in thousands): Year Ended April 30, April 30, April 30, Revenue by major product line/program 2019 2018 2017 Small UAS $ 183,157 $ 167,534 $ 145,760 TMS 65,087 63,406 81,182 HAPS 55,407 29,593 3 Other 10,623 7,891 6,160 Total revenue $ 314,274 $ 268,424 $ 233,105 Year Ended April 30, April 30, April 30, Revenue by contract type 2019 2018 2017 FFP $ 224,090 $ 212,976 $ 177,506 CPFF 89,485 55,203 54,052 T&M 699 245 1,547 Total revenue $ 314,274 $ 268,424 $ 233,105 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. Year Ended April 30, April 30, April 30, Revenue by customer category 2019 2018 2017 U.S. government: $ 182,586 $ 156,996 $ 151,595 Non-U.S. government 131,688 111,428 81,510 Total revenue $ 314,274 $ 268,424 $ 233,105 Year Ended April 30, April 30, April 30, Revenue by geographic location 2019 2018 2017 Domestic $ 151,124 $ 142,158 $ 149,698 International 163,150 126,266 83,407 Total revenue $ 314,274 $ 268,424 $ 233,105 Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables, and customer advances and deposits on the consolidated balance sheet. In the Company’s services contracts, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals, which is generally monthly, or upon the achievement of contractual milestones. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets recorded in “Unbilled receivables and retentions” on the consolidated balance sheet. However, the Company sometimes receives advances or deposits from its customers before revenue is recognized, resulting in contract liabilities recorded in “Customer advances” on the consolidated balance sheet. Contract liabilities are not a significant financing component as they are generally utilized to pay for contract costs within a one-year period or are used to ensure the customer meets contractual requirements. These assets and liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. For the Company’s product revenue, the Company generally receives cash payments subsequent to satisfying the performance obligation via delivery of the product, resulting in billed accounts receivable. Changes in the contract asset and liability balances during the years ended April 30, 2019 or 2018 were not materially impacted by any other factors. For the Company’s contracts, there are no significant gaps between the receipt of payment and the transfer of the associated goods and services to the customer for material amounts of consideration. Revenue recognized for the years ended April 30, 2019, 2018, and 2017 that was included in contract liability balances at the beginning of each year were $1,587,000, $977,000 and $483,000, respectively.
Stock-Based Compensation	Stock‑Based Compensation Stock‑based compensation is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period of the respective award. No compensation cost is ultimately recognized for awards for which employees do not render the requisite service and are forfeited.
Long-Term Incentive Awards	Long‑Term Incentive Awards For long‑term incentive awards outstanding as of April 30, 2019, the awards include time-based awards which vest equally over three years and performance-based awards which vest based on the achievement of a target payout established at the beginning of each performance period. The actual payout at the end of the performance period is calculated based upon the Company’s achievement of such targets. Payouts are made in restricted stock units which become immediately vested upon issuance. At each reporting period, the Company reassesses the probability of achieving the performance targets. The estimation of whether the performance targets will be achieved requires judgment, and, to the extent actual results or updated estimates differ from the Company’s current estimates, the cumulative effect on current and prior periods of those changes will be recorded in the period estimates are revised.
Research and Development	Research and Development Internally funded research and development costs (“IRAD”), sponsored by the Company relate to both U.S. government products and services and those for commercial and foreign customers. IRAD costs for the Company are recoverable and allocable under government contracts in accordance with U.S. government procurement regulations. Customer‑funded research and development costs are incurred pursuant to contracts (revenue arrangements) to perform research and development activities according to customer specifications. These costs are direct contract costs and are expensed to cost of sales when the corresponding revenue is recognized, which is generally as the research and development services are performed. Revenue from customer‑funded research and development was approximately $76,407,000, $52,489,000 and $43,329,000 for the years ended April 30, 2019, 2018 and 2017, respectively. The related cost of sales for customer‑funded research and development totaled approximately $54,824,000, $36,855,000 and $29,527,000 for the years ended April 30, 2019, 2018 and 2017, respectively. In January 2017, the Company executed a cost sharing Other Transaction Agreement type contract funded by the US Federal Government to perform certain system design, development and functional testing activities specific to a new prototype UAS on a best-efforts basis. The total estimated costs of the project are approximately $21,933,000, of which the Company is responsible for funding $11,225,000. The remaining $10,708,000 will be reimbursed to the Company as the activities are performed. The term of the agreement is through June 2020. The Company has determined that the contract meets the criteria of ASC 912-730-05 Contractors – Federal Government and, therefore, all reimbursements are recorded as an offset to research and development expense in the consolidated statements of operations. Reimbursements under the contract were $5,936,000, $4,188,000 and $233,000 for the fiscal years ended April 30, 2019, 2018 and 2017, respectively.
Lease Accounting	Lease Accounting The Company accounts for its leases and subsequent amendments as operating leases or capital leases for financial reporting purposes. Certain operating leases contain rent escalation clauses, which are recorded on a straight‑line basis over the initial term of the lease with the difference between the rent paid and the straight‑line rent recorded as a deferred rent liability. Lease incentives received from landlords are recorded as deferred rent liabilities and are amortized on a straight‑line basis over the lease term as a reduction to rent expense. Deferred rent liabilities were approximately $1,173,000 and $1,536,000 as of April 30, 2019 and 2018, respectively.
Advertising Costs	Advertising Costs Advertising costs are expensed as incurred. Advertising expenses included in SG&A expenses were approximately $897,000, $526,000 and $227,000 for the years ended April 30, 2019, 2018 and 2017, respectively.
Foreign Currency Transactions	Foreign Currency Transactions Foreign currency transaction gains and losses are charged or credited to earnings as incurred. For the fiscal years ended April 30, 2019, 2018 and 2017, foreign currency transaction gains and losses that are included in other income (expense) in the accompanying statements of operations were $(38,000), $87,000, and $(284,000), respectively.
Earnings Per Share	Earnings Per Share Basic earnings per share are computed using the weighted‑average number of common shares outstanding and excludes any anti‑dilutive effects of options, restricted stock and restricted stock units. The dilutive effect of potential common shares outstanding is included in diluted earnings per share. The reconciliation of diluted to basic shares is as follows: Year Ended April 30, 2019 2018 2017 Continuing operations attributable to AeroVironment $ 41,912,000 $ 21,750,000 $ 17,701,000 Discontinued operations, net of tax 5,526,000 (3,887,000) (4,601,000) Net income attributable to AeroVironment $ 47,438,000 $ 17,863,000 $ 13,100,000 Denominator for basic earnings per share: Weighted average common shares 23,663,410 23,471,241 23,059,045 Dilutive effect of employee stock options, restricted stock and restricted stock units 408,303 342,531 248,693 Denominator for diluted earnings per share 24,071,713 23,813,772 23,307,738 During the years ended April 30, 2019, 2018 and 2017, certain options, shares of restricted stock and restricted stock units were not included in the computation of diluted earnings per share because their inclusion would have been anti‑dilutive. The number of options, restricted stock and restricted stock units which met this anti‑dilutive criterion was approximately 18,000, 22,000 and 86,000 for the years ended April 30, 2019, 2018 and 2017, respectively.
Recently Issued Accounting Standards	Recently Adopted Accounting Standards In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows—Classification of Certain Cash Receipts and Cash Payments (Topic 230). This ASU adds and clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows. The Company’s adoption of ASU No. 2017-01 effective May 1, 2018 did not have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations—Clarifying the definition of a business (Topic 805). This ASU clarifies the definition of a business with the objective of providing a more robust framework to evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company’s adoption of ASU No. 2017-01 effective May 1, 2018 did not have a material impact on its consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718). This ASU reduces the diversity in practice and cost and complexity when applying the guidance in Topic 718 to a change in terms or conditions of a share-based payment award. The Company’s adoption of ASU No. 2017-09 effective May 1, 2018 did not have a material impact on its consolidated financial statements. In the first quarter of its fiscal 2019, the Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606), using the full retrospective method. Topic 606 requires revenue to be recognized when promised goods or services are transferred to customers in amounts that reflect the consideration to which the Company expects to be entitled in exchange for those goods or services. Revenue for small UAS product contracts with both the U.S. government and foreign governments under the new standard will be recognized at the point in time when the transfer of control passes to the customer, which is generally when title and risk of loss transfer. Revenue for Tactical Missile Systems (“TMS”) contracts will now be recognized under the new standard over time as costs are incurred. Under previous U.S. GAAP, revenue was generally recognized when deliveries of the related TMS products were made. The new standard accelerates the timing of when the revenue is recognized; however, it does not change the total amount of revenue recognized on these contracts. The new standard does not affect revenue recognition for the Company’s Customer-Funded Research and Development (“R&D”) contracts. The Company continues to recognize revenue for these contracts over time as costs are incurred. The adoption of Topic 606 resulted in a cumulative adjustment to increase retained earnings by $500,000 at May 1, 2016 relating to both the Company’s continuing and discontinued operations. For the Company’s continuing operations, the adoption of Topic 606 resulted in a cumulative adjustment to increase retained earnings by $564,000 at May 1, 2016. The Company applied the standard’s practical expedient that permits the omission of prior-period information about the Company’s remaining performance obligations, the practical expedient that permits the Company to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset the entity otherwise would have recognized is one year or less, and the practical expedient that permits the Company to not retrospectively restate contracts which were modified prior to the Company’s initial date of adoption, or May 1, 2016. Instead the Company reflected the aggregate effect of all modifications when identifying the satisfied and unsatisfied performance obligations, determining the transaction price, and allocating the transaction price. No other practical expedients were applied. Recently Issued Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This ASU requires the lessee to recognize the assets and liabilities for the rights and obligations created by leases. The guidance is effective for fiscal years beginning after December 15, 2018 and interim periods therein, with early adoption permitted. The Company currently does not hold a large number of leases that are classified as operating leases under the existing lease standard, with the only significant leases being its various property leases. The Company plans to adopt Topic 842 using the required modified retrospective approach with the election to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. As part of adoption, the Company plans to elect the package of practical expedients which allows us to not reassess existing or expired contracts for existence of a lease, lease classification, or amortization of previously capitalized initial direct leasing cost. Additionally, the Company also plans to elect the short-term lease exception to not record right-of-use assets and lease liabilities for leases with a term less than 12 months, the hindsight practical expedient to utilize latest information in determining lease term, and the practical expedient to not separate lease and non-lease components for most asset classes. The Company is evaluating the potential impact of this adoption on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326). This ASU is intended to replace the incurred loss impairment methodology under GAAP with a methodology that reflects using a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments, and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The guidance is effective for fiscal years beginning after December 15, 2019 and the interim periods therein, with early adoption permitted. Entities are required to apply the amendments in this update using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the effective date. The Company is evaluating the potential impact of this adoption on its consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Topic 220). This ASU permits, but does not require, the Company to reclassify the disproportionate income tax effects of the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) on items within AOCI to retained earnings. The guidance is effective for fiscal years beginning after December 15, 2018 and interim periods therein, with early adoption permitted. The Company is evaluating the potential impact of this adoption on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820). This ASU removes or modifies current disclosures while adding certain new disclosure requirements. The guidance is effective for fiscal years beginning after December 15, 2019 and interim periods therein, with early adoption permitted for the removed or modified disclosures. The removed and modified disclosures can be adopted retrospectively, and the added disclosures should be adopted prospectively. The Company is evaluating the potential impact of this adoption on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (Topic 350-40). This ASU allows for capitalization of implementation costs associated with certain cloud computing arrangements. The guidance is effective for fiscal years beginning after December 15, 2019 and interim periods therein, with early adoption permitted. The Company is evaluating the potential impact of this adoption on its consolidated financial statements.

Organization and Significant _3

Organization and Significant Accounting Policies (Tables)	12 Months Ended
	Apr. 30, 2019
Organization and Significant Accounting Policies
Schedule of estimated useful lives of property and equipment	Machinery and equipment 2 - 7 years Computer equipment and software 2 - 5 years Furniture and fixtures 3 - 7 years Leasehold improvements Lesser of useful life or term of lease
Schedule of revenue by category	Year Ended April 30, April 30, April 30, Revenue by major product line/program 2019 2018 2017 Small UAS $ 183,157 $ 167,534 $ 145,760 TMS 65,087 63,406 81,182 HAPS 55,407 29,593 3 Other 10,623 7,891 6,160 Total revenue $ 314,274 $ 268,424 $ 233,105 Year Ended April 30, April 30, April 30, Revenue by contract type 2019 2018 2017 FFP $ 224,090 $ 212,976 $ 177,506 CPFF 89,485 55,203 54,052 T&M 699 245 1,547 Total revenue $ 314,274 $ 268,424 $ 233,105 Year Ended April 30, April 30, April 30, Revenue by customer category 2019 2018 2017 U.S. government: $ 182,586 $ 156,996 $ 151,595 Non-U.S. government 131,688 111,428 81,510 Total revenue $ 314,274 $ 268,424 $ 233,105 Year Ended April 30, April 30, April 30, Revenue by geographic location 2019 2018 2017 Domestic $ 151,124 $ 142,158 $ 149,698 International 163,150 126,266 83,407 Total revenue $ 314,274 $ 268,424 $ 233,105
Schedule of reconciliation of basic to diluted shares	Year Ended April 30, 2019 2018 2017 Continuing operations attributable to AeroVironment $ 41,912,000 $ 21,750,000 $ 17,701,000 Discontinued operations, net of tax 5,526,000 (3,887,000) (4,601,000) Net income attributable to AeroVironment $ 47,438,000 $ 17,863,000 $ 13,100,000 Denominator for basic earnings per share: Weighted average common shares 23,663,410 23,471,241 23,059,045 Dilutive effect of employee stock options, restricted stock and restricted stock units 408,303 342,531 248,693 Denominator for diluted earnings per share 24,071,713 23,813,772 23,307,738

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Apr. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Schedule of statements of operations data for the EES Business	Year Ended April 30, 2019 2018 2017 Net sales $ 4,256 $ 38,411 $ 36,201 Cost of sales 5,097 33,384 29,983 Gross margin (841) 5,027 6,218 Selling, general and administrative 1,515 7,825 8,895 Research and development 1,072 3,526 4,577 Other income, net 1 (27) 7 Loss from discontinued operations before income taxes (3,427) (6,351) (7,247) Benefit for income taxes (463) (2,464) (2,646) Net loss from discontinued operations $ (2,964) $ (3,887) $ (4,601) Gain on sale of business, net of tax expense of $2,444 for the year ended April 30, 2019 8,490 — — Net income (loss) from discontinued operations $ 5,526 $ (3,887) $ (4,601)
Major classes of assets and liabilities	April 30, 2019 2018 Carrying amount of assets classified as discontinued operations Current assets: Accounts receivable, net of allowance for doubtful accounts of $139 at April 30, 2018 $ — $ 6,889 Inventories, net — 15,494 Prepaid expenses and other current assets — 185 Property and equipment, net — 3,100 Total current assets classified as discontinued operations — 25,668 Property and equipment, net — — Total non-current assets classified as discontinued operations — — Total assets classified as discontinued operations $ — $ 25,668 Carrying amount of liabilities classified as discontinued operations Current liabilities: Accounts payable $ — $ 5,121 Wages and related accruals — 1,946 Customer advances — 1,028 Other current liabilities — 1,199 Total current liabilities — 9,294 Total liabilities classified as discontinued operations $ — $ 9,294

Investments (Tables)

Investments (Tables)	12 Months Ended
	Apr. 30, 2019
Investments
Schedule of investments	April 30, 2019 2018 (In thousands) Short-term investments: Held-to-maturity securities: Municipal securities $ 5,332 $ 35,344 U.S. government securities 63,205 31,620 Corporate bonds 81,950 46,685 Total held-to-maturity and short-term investments $ 150,487 $ 113,649 Long-term investments: Held-to-maturity securities: Municipal securities $ — $ 2,046 U.S. government securities 7,404 27,356 Corporate bonds 1,982 9,112 Total held-to-maturity investments 9,386 38,514 Available-for-sale securities: Auction rate securities — 2,142 Total available-for-sale investments — 2,142 Total long-term investments $ 9,386 $ 40,656
Held to maturity securities
Investments
Schedule of amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of held-to-maturity investments	The amortized cost, gross unrealized losses, and estimated fair value of the held‑to‑maturity investments as of April 30, are as follows (in thousands): April 30, 2019 April 30, 2018 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value Municipal securities $ 5,332 $ 2 $ (1) $ 5,333 $ 37,390 $ 9 $ (36) $ 37,363 U.S. government securities 70,609 78 (52) 70,635 58,976 — (367) 58,609 Corporate bonds 83,932 20 (5) 83,947 55,797 2 (71) 55,728 Total held-to-maturity investments $ 159,873 $ 100 $ (58) $ 159,915 $ 152,163 $ 11 $ (474) $ 151,700
Schedule of amortized cost and fair value by contractual maturity	The amortized cost and fair value of the Company’s held‑to‑maturity securities by contractual maturity at April 30, 2019, are as follows: Cost Fair Value Due within one year $ 150,487 $ 150,498 Due after one year through five years 9,386 9,417 Total $ 159,873 $ 159,915
Available-for-sale securities
Investments
Schedule of amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of available-for-sale investments	April 30, 2019 2018 Auction rate securities Amortized cost $ - $ 2,250 Gross unrealized losses - (108) Fair value $ - $ 2,142

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Apr. 30, 2019
Fair Value Measurements
Schedule of reconciliation between beginning and ending balances of items measured at fair value on recurring basis that used significant unobservable inputs (Level 3)	The following table provides a reconciliation between the beginning and ending balances of items measured at fair value on a recurring basis that used significant unobservable inputs (Level 3) (in thousands): Fair Value Measurements Using Significant Unobservable Inputs Description (Level 3) Balance at May 1, 2018 $ 2,142 Transfers to Level 3 — Total gains (realized or unrealized) Included in earnings — Included in other comprehensive income 108 Settlements (2,250) Balance at April 30, 2019 $ — The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at April 30, 2019 $ —

Inventories, net (Tables)

Inventories, net (Tables)	12 Months Ended
	Apr. 30, 2019
Inventories, net
Schedule of inventories	April 30, 2019 2018 Raw materials $ 16,792 $ 12,020 Work in process 19,162 14,780 Finished goods 25,926 14,578 Inventories, gross 61,880 41,378 Reserve for inventory excess and obsolescence (7,824) (3,953) Inventories, net $ 54,056 $ 37,425

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Apr. 30, 2019
Intangibles
Schedule of components of intangibles	Intangibles are included in other assets on the balance sheet. The components of intangibles are as follows: April 30, April 30, 2019 2018 (In thousands) Licenses $ 1,006 $ 818 Customer relationships 733 733 Trademarks and tradenames 28 28 Other 3 3 Intangibles, gross 1,770 1,582 Less accumulated amortization (1,311) (954) Intangibles, net $ 459 $ 628
Schedule of estimated amortization expense for the next five years	Year ending April 30, (In thousands) 2020 $ 360 2021 98 2022 1 2023 — 2024 — $ 459

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	12 Months Ended
	Apr. 30, 2019
Property and Equipment, net
Schedule of property and equipment	April 30, 2019 2018 (In thousands) Leasehold improvements $ 12,324 $ 10,541 Machinery and equipment 40,432 40,377 Furniture and fixtures 2,145 2,094 Computer equipment and software 35,056 31,895 Construction in process 2,411 3,359 Property and equipment, gross 92,368 88,266 Less accumulated depreciation and amortization (75,463) (69,047) Property and equipment, net $ 16,905 $ 19,219

Warranty Reserves (Tables)

Warranty Reserves (Tables)	12 Months Ended
	Apr. 30, 2019
Warranty Reserves
Summary of warranty reserve activity	April 30, 2019 2018 (In thousands) Beginning balance $ 2,090 $ 1,947 Warranty expense 211 1,884 Changes in estimates related to pre-existing warranties 491 — Warranty costs settled (1,088) (1,741) Ending balance $ 1,704 $ 2,090

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Apr. 30, 2019
Stock-Based Compensation
Schedule of stock option plans	Restated 2006 Plan 2002 Plan 1992 Plan Weighted Weighted Weighted Average Average Average Exercise Exercise Exercise Shares Price Shares Price Shares Price Outstanding at April 30, 2016 678,799 24.46 13,824 11.79 68,604 0.59 Options granted — — — — — — Options exercised (167,310) 22.32 (9,601) 11.79 (25,189) 0.59 Options canceled (64,865) 26.76 (4,223) 11.79 — — Outstanding at April 30, 2017 446,624 24.93 — — 43,415 0.59 Options granted — — — — — — Options exercised (107,598) 23.80 — — (25,113) 0.59 Options canceled — — — — — — Outstanding at April 30, 2018 339,026 25.29 — — 18,302 0.59 Options granted — — — — — — Options exercised (2,000) 32.19 — — (4,000) 0.59 Options canceled — — — — — — Outstanding at April 30, 2019 337,026 25.25 — — 14,302 0.59 Options exercisable at April 30, 2019 297,516 $ 24.94 — $ — 14,302 $ 0.59
Schedule of the status of the Company's non-vested stock options	Weighted Average Grant Date Non-vested Options Options Fair Value Non-vested at April 30, 2018 83,014 $ 10.97 Granted — — Expired — — Canceled — — Vested (43,504) 11.03 Non-vested at April 30, 2019 39,510 $ 10.90
Schedule of information concerning outstanding and exercisable options	Options Outstanding Weighted Average Options Exercisable Remaining Weighted Weighted As of Contractual Average As of Average April 30, Life In Exercise April 30, Exercise Range of Exercise Prices 2019 Years Price 2019 Price $ 0.59 - 19.16 68,302 3.36 $ 14.56 68,302 $ 14.56 - 26.24 58,500 3.86 20.54 58,500 20.54 - 80,000 6.15 26.70 48,000 26.70 - 50,000 4.56 27.27 50,000 27.27 - 31.27 94,526 3.68 29.85 87,016 29.73 $ - 31.27 351,328 4.34 $ 24.24 311,818 $ 23.82
Schedule of Company's restricted stock awards	Information related to the Company’s restricted stock awards at April 30, 2019 and for the year then ended is as follows: Restated 2006 Plan Weighted Average Grant Date Shares Fair Value Unvested stock at April 30, 2018 341,911 $ 31.13 Stock granted 57,476 74.05 Stock vested (163,839) 29.03 Stock canceled (9,389) 36.19 Unvested stock at April 30, 2019 226,159 $ 43.35

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Apr. 30, 2019
Income Taxes
Schedule of components of income before income taxes	The components of income before income taxes are as follows (in thousands): Year Ended April 30, 2019 2018 2017 Domestic $ 50,644 $ 32,651 $ 22,642 Foreign (166) (34) (86) Income from continuing operations before income taxes 50,478 32,617 22,556 Equity method investment loss (3,944) (1,283) (119) Total income from continuing operations before income taxes $ 46,534 $ 31,334 $ 22,437
Schedule of reconciliation of income tax expense computed using the U.S. federal statutory rates to actual income tax expense (benefit)	Year Ended April 30, 2019 2018 2017 U.S. federal statutory income tax rate 21.0 % 30.4 % 34.0 % State and local income taxes, net of federal benefit (2.2) (2.2) (1.7) R&D and other tax credits (8.1) (7.0) (10.8) Valuation allowance 3.7 4.9 3.8 Foreign rate differential — 0.1 — Return to provision adjustments (0.3) (0.1) (0.3) Permanent items 0.8 (2.7) (2.3) Foreign derived intangible income (3.7) — — Excess benefit of stock options (3.1) (4.4) (1.0) Tax Act — 10.4 — Other 1.1 0.6 (0.6) Effective income tax rate 9.2 % 30.0 % 21.1 %
Schedule of components of the provision (benefit) for income taxes	The components of the provision (benefit) for income taxes are as follows (in thousands): Year Ended April 30, 2019 2018 2017 Current: Federal $ 1,953 $ 6,010 $ 4,336 State 228 900 243 Foreign — — — 2,181 6,910 4,579 Deferred: Federal 1,945 3,272 (66) State 551 (330) 280 Foreign (36) (52) (35) 2,460 2,890 179 Total income tax expense (benefit) $ 4,641 $ 9,800 $ 4,758
Schedule of components of the Company's deferred income tax assets and liabilities	Significant components of the Company’s deferred income tax assets and liabilities are as follows (in thousands): April 30, 2019 2018 Deferred income tax assets: Accrued expenses $ 5,206 $ 5,771 Allowances, reserves, and other 2,729 2,100 Unrealized loss on securities — 25 Net operating loss and credit carry-forwards 13,208 12,361 Intangibles basis 125 94 Total deferred income tax assets 21,268 20,351 Deferred income tax liabilities: Fixed asset basis (425) (682) Revenue recognition (2,909) 326 Total deferred income tax liabilities (3,334) (356) Valuation allowance (11,278) (8,568) Net deferred tax assets $ 6,656 $ 11,427
Summary of activity related to gross unrecognized tax benefits	The following table summarizes the activity related to the Company’s gross unrecognized tax benefits for the years ended April 30, 2019 and 2018 (in thousands): April 30, 2019 2018 Balance as of May 1 $ 11,170 $ 9,856 Increases related to prior year tax positions 216 228 Decreases related to prior year tax positions — — Increases related to current year tax positions 1,756 1,347 Decreases related to lapsing of statute of limitations (549) (261) Balance as of April 30 $ 12,593 $ 11,170

AOCI (Loss) and Reclassificat_2

AOCI (Loss) and Reclassifications Adjustments (Tables)	12 Months Ended
	Apr. 30, 2019
AOCI (Loss) and Reclassifications Adjustments
Schedule of components of accumulated other comprehensive loss	The components of accumulated other comprehensive loss are as follows (in thousands): Total Accumulated Other Available-for-Sale Foreign Currency Comprehensive Securities Translation Adjustments Loss Total accumulated other comprehensive loss balance as of April 30, 2018 $ (57) $ 36 $ (21) Changes in foreign currency translation adjustments, net of $0 taxes — (34) (34) Unrealized gains, net of $51 of taxes 57 — 57 Total accumulated other comprehensive loss balance as of April 30, 2019 $ — $ 2 $ 2

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Apr. 30, 2019
Commitments and Contingencies
Summary of non-cancellable operating and capital lease commitments	April 30, 2019 (In thousands) Operating leases 2020 $ 5,298 2021 3,527 2022 2,723 2023 1,554 2024 953 Thereafter — $ 14,055

Business Acquisitions (Tables)

Business Acquisitions (Tables)	12 Months Ended
	Apr. 30, 2019
Business Combinations [Abstract]
Schedule of the fair value of the assets acquired and liabilities assumed at the acquisition date	The following table summarizes the consideration transferred to acquire Altoy and the amounts of identified assets acquired and liabilities assumed at the acquisition date, as well as the fair value of the noncontrolling interest in Altoy at the acquisition date (in thousands): Customer relationships $ 1,600 Goodwill 122 Trademark and trade names 60 Deferred tax liability (332) Other assets and liabilities assumed 286 Total net identified assets acquired $ 1,736 Fair value of consideration transferred: Cash $ 625 Fair value of the Company's investment in Altoy prior to the acquisition 851 Fair value of the noncontrolling interest in Altoy 260 Total $ 1,736
Schedule of unaudited pro forma summary presents consolidated information of the Company as if the business combination had occurred	Fiscal year ended April 30, 2017 2016 Revenue $ 229,287 $ 233,941 Net income from continuing operations $ 15,808 $ 15,595 Net income attributable to AeroVironment $ 15,888 $ 15,666

Impact of Adoption of New Acc_2

Impact of Adoption of New Accounting Standards (Tables)	12 Months Ended
	Apr. 30, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	Effect of the April 30, 2018 Adoption of April 30, 2018 As Reported ASC Topic 606 As Adjusted Assets Current assets: Cash and cash equivalents $ 143,517 $ — $ 143,517 Short-term investments 113,649 — 113,649 Accounts receivable, net of allowance for doubtful accounts of $1,080 at April 30, 2018 56,813 — 56,813 Unbilled receivables and retentions (inclusive of related party unbilled receivables of $3,145 at April 30, 2018) 13,076 3,796 16,872 Inventories, net 38,640 (1,215) 37,425 Prepaid expenses and other current assets 5,103 — 5,103 Current assets of discontinued operations 28,349 (2,681) 25,668 Total current assets 399,147 (100) 399,047 Long-term investments 40,656 — 40,656 Property and equipment, net 19,219 — 19,219 Deferred income taxes 11,168 326 11,494 Other assets 2,721 281 3,002 Total assets $ 472,911 $ 507 $ 473,418 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 21,340 $ — $ 21,340 Wages and related accruals 16,851 — 16,851 Income taxes payable 4,085 — 4,085 Customer advances 2,145 1,419 3,564 Other current liabilities 6,892 62 6,954 Current liabilities of discontinued operations 9,184 110 9,294 Total current liabilities 60,497 1,591 62,088 Deferred rent 1,536 — 1,536 Other non-current liabilities 622 — 622 Deferred tax liability 67 — 67 Liability for uncertain tax positions 49 — 49 Commitments and contingencies Stockholders’ equity: Preferred stock, $0.0001 par value: Authorized shares—10,000,000; none issued or outstanding at April 30, 2018 — — — Common stock, $0.0001 par value: Authorized shares—100,000,000 Issued and outstanding shares—23,908,736 at April 30, 2018 2 — 2 Additional paid-in capital 170,139 — 170,139 Accumulated other comprehensive loss (21) — (21) Retained earnings 239,997 (1,084) 238,913 Total AeroVironment stockholders’ equity 410,117 (1,084) 409,033 Noncontrolling interest 23 — 23 Total equity 410,140 (1,084) 409,056 Total liabilities and stockholders’ equity $ 472,911 $ 507 $ 473,418 The tables below presents the impact of adoption on the Company’s statement of operations for the fiscal years ended April 30, 2018 and 2017 (in thousands except share and per share data). Year Ended April 30, 2018 As Reported ASC Topic 606 Impact As Adjusted Revenue: Product sales $ 195,330 $ (3,618) $ 191,712 Contract services (inclusive of related party revenue of $29,594 for the year ended April 30, 2018) 75,722 990 76,712 271,052 (2,628) 268,424 Cost of sales: Product sales 111,990 (2,597) 109,393 Contract services 50,174 1,172 51,346 162,164 (1,425) 160,739 Gross margin: Product sales 83,340 (1,021) 82,319 Contract services 25,548 (182) 25,366 108,888 (1,203) 107,685 Selling, general and administrative 50,826 — 50,826 Research and development 26,433 — 26,433 Loss (income) from continuing operations 31,629 (1,203) 30,426 Other income (expense): Interest income, net 2,240 — 2,240 Other expense, net (49) — (49) Income from continuing operations before income taxes 33,820 (1,203) 32,617 Provision for income taxes 10,177 (377) 9,800 Equity method investment loss, net of tax (1,283) — (1,283) Net (loss) income from continuing operations 22,360 (826) 21,534 Discontinued operations: Gain on sale of business, net of tax — — — Income (loss) from discontinued operations, net of tax (2,508) (1,379) (3,887) Net income (loss) from discontinued operations (2,508) (1,379) (3,887) Net (loss) income 19,852 (2,205) 17,647 Net loss attributable to noncontrolling interest 216 — 216 Net (loss) income attributable to AeroVironment $ 20,068 $ (2,205) $ 17,863 Net (loss) income per share attributable to AeroVironment—Basic Continuing operations $ 0.97 $ (0.03) $ 0.93 Discontinued operations (0.11) (0.06) (0.17) Net loss per share attributable to AeroVironment—Basic $ 0.86 $ (0.09) $ 0.76 Net (loss) income per share attributable to AeroVironment—Diluted Continuing operations $ 0.95 $ (0.03) $ 0.91 Discontinued operations (0.11) (0.06) (0.16) Net (loss) per share attributable to AeroVironment—Diluted $ 0.84 $ (0.09) $ 0.75 Weighted-average shares outstanding: Basic 23,471,241 23,471,241 23,471,241 Diluted 23,813,772 23,813,772 23,813,772 Year Ended April 30, 2017 As Reported ASC Topic 606 Impact As Adjusted Revenue: Product sales $ 159,630 $ (706) $ 158,924 Contract services 69,310 4,871 74,181 228,940 4,165 233,105 Cost of sales: Product sales 88,963 76 89,039 Contract services 44,792 2,401 47,193 133,755 2,477 136,232 Gross margin: Product sales 70,667 (782) 69,885 Contract services 24,518 2,470 26,988 95,185 1,688 96,873 Selling, general and administrative 47,642 — 47,642 Research and development 28,465 — 28,465 Loss (income) from continuing operations 19,078 1,688 20,766 Other income (expense): Interest income, net 1,618 — 1,618 Other expense, net 172 — 172 Income from continuing operations before income taxes 20,868 1,688 22,556 Provision for income taxes 4,138 620 4,758 Equity method investment loss, net of tax (119) — (119) Net (loss) income from continuing operations 16,611 1,068 17,679 Discontinued operations: Gain on sale of business, net of tax — — — Income (loss) from discontinued operations, net of tax (4,154) (447) (4,601) Net income (loss) from discontinued operations (4,154) (447) (4,601) Net (loss) income 12,457 621 13,078 Net loss attributable to noncontrolling interest 22 — 22 Net (loss) income attributable to AeroVironment $ 12,479 $ 621 $ 13,100 Net (loss) income per share attributable to AeroVironment—Basic Continuing operations $ 0.72 $ 0.05 $ 0.77 Discontinued operations (0.18) (0.02) (0.20) Net loss per share attributable to AeroVironment—Basic $ 0.54 $ 0.03 $ 0.57 Net (loss) income per share attributable to AeroVironment—Diluted Continuing operations $ 0.72 $ 0.05 $ 0.76 Discontinued operations (0.18) (0.02) (0.20) Net (loss) per share attributable to AeroVironment—Diluted $ 0.54 $ 0.03 $ 0.56 Weighted-average shares outstanding: Basic 23,059,045 23,059,045 23,059,045 Diluted 23,307,738 23,307,738 23,307,738 The tables below presents the impact of adoption on the Company’s statement of comprehensive (loss) income for the fiscal years ended April 30, 2018 and 2017 (in thousands). Year Ended April 30, 2018 As Reported ASC Topic 606 Impact As Adjusted Net (loss) income $ 19,852 $ (2,205) $ 17,647 Other comprehensive income: Change in foreign currency translation adjustments 36 — 36 Unrealized gain on investments, net of deferred tax expense of $25 and $43 for the fiscal years ended 2018 and 2017 70 — 70 Total comprehensive (loss) income 19,958 (2,205) $ 17,753 Net loss attributable to noncontrolling interest 216 — 216 Comprehensive (loss) income attributable to AeroVironment $ 20,174 $ (2,205) $ 17,969 Year Ended April 30, 2017 As Reported ASC Topic 606 Impact As Adjusted Net (loss) income $ 12,457 $ 621 $ 13,078 Other comprehensive income: Change in foreign currency translation adjustments — — — Unrealized gain on investments, net of deferred tax expense of $25 and $43 for the fiscal years ended 2018 and 2017 74 — 74 Total comprehensive (loss) income 12,531 621 $ 13,152 Net loss attributable to noncontrolling interest 22 — 22 Comprehensive (loss) income attributable to AeroVironment $ 12,553 $ 621 $ 13,174 The table below presents the impact of adoption on the Company’s statement of cash flows for the fiscal years ended April 30, 2018 and 2017 (in thousands). Year Ended April 30, 2018 As Reported ASC Topic 606 Impact As Adjusted Operating activities Net income (loss) $ 19,852 $ (2,205) $ 17,647 Gain on sale of business, net of tax — — — Loss from discontinued operations, net of tax 2,508 1,379 3,887 Net income from continuing operations 22,360 (826) 21,534 Adjustments to reconcile net loss to cash provided by operating activities: Depreciation and amortization 5,982 — 5,982 Loss from equity method investments 1,283 — 1,283 Impairment of long-lived assets 255 — 255 Provision for doubtful accounts 977 — 977 Impairment of intangible assets and goodwill 1,021 — 1,021 Gains on foreign currency transactions (87) — (87) Deferred income taxes 3,835 (982) 2,853 Gain on business acquisition — — — Stock-based compensation 4,956 — 4,956 Loss on disposition of property and equipment 20 — 20 Amortization of held-to-maturity investments 1,424 — 1,424 Changes in operating assets and liabilities: Accounts receivable 11,211 (141) 11,070 Unbilled receivables and retentions 903 1,350 2,253 Inventories 2,268 (1,076) 1,192 Income tax receivable — — — Prepaid expenses and other assets 419 (280) 139 Accounts payable 5,736 — 5,736 Other liabilities 7,873 1,351 9,224 Net cash provided by (used in) operating activities of continuing operations 70,436 (604) 69,832 Investing activities Acquisition of property and equipment (9,563) — (9,563) Equity method investments (3,267) — (3,267) Business acquisitions, net of tax — — — Proceeds from sale of business — — — Redemptions of held-to-maturity investments 227,663 — 227,663 Purchases of held-to-maturity investments (221,680) — (221,680) Redemptions of available-for-sale investments 450 — 450 Net cash provided by investing activities from continuing operations (6,397) — (6,397) Financing activities Principal payments of capital lease obligations (288) — (288) Tax withholding payment related to net settlement of equity awards (397) — (397) Exercise of stock options 2,705 — 2,705 Net cash provided by financing activities from continuing operations 2,020 — 2,020 Discontinued operations Operating activities of discontinued operations (1,227) 604 (623) Investing activities of discontinued operations (1,219) — (1,219) Financing activities of discontinued operations — — — Net cash (used in) provided by discontinued operations (2,446) 604 (1,842) Net increase in cash and cash equivalents 63,613 — 63,613 Cash and cash equivalents at beginning of period 79,904 — 79,904 Cash and cash equivalents at end of period $ 143,517 $ — $ 143,517 Supplemental disclosures of cash flow information Cash paid, net during the period for: Income taxes $ 1,813 — $ 1,813 Non-cash activities Unrealized gain on investments, net of deferred tax expense of $25 and $43 $ 70 — $ 70 Reclassification from share-based liability compensation to equity $ 384 — $ 384 Change in foreign currency translation adjustments $ 36 — $ 36 Acquisitions of property and equipment included in accounts payable $ 379 — $ 379 Year Ended April 30, 2017 As Reported ASC Topic 606 Impact As Adjusted Operating activities Net income (loss) $ 12,457 $ 621 $ 13,078 Gain on sale of business, net of tax — — — Loss from discontinued operations, net of tax 4,154 447 4,601 Net income from continuing operations 16,611 1,068 17,679 Adjustments to reconcile net loss to cash provided by operating activities: Depreciation and amortization 5,054 — 5,054 Loss from equity method investments 119 — 119 Impairment of long-lived assets 46 — 46 Provision for doubtful accounts 48 — 48 Impairment of intangible assets and goodwill — — — Gains on foreign currency transactions 284 — 284 Deferred income taxes (52) 361 309 Gain on business acquisition (584) — (584) Stock-based compensation 3,392 — 3,392 Loss on disposition of property and equipment 44 — 44 Amortization of held-to-maturity investments 2,382 — 2,382 Changes in operating assets and liabilities: Accounts receivable (19,608) (112) (19,720) Unbilled receivables and retentions 4,667 (4,052) 615 Inventories (19,225) 2,409 (16,816) Income tax receivable — — — Prepaid expenses and other assets (1,484) — (1,484) Accounts payable 545 — 545 Other liabilities (233) 67 (166) Net cash provided by (used in) operating activities of continuing operations (7,994) (259) (8,253) Investing activities Acquisition of property and equipment (9,017) — (9,017) Equity method investments — — — Business acquisitions, net of tax (430) — (430) Proceeds from sale of business — — — Redemptions of held-to-maturity investments 121,522 — 121,522 Purchases of held-to-maturity investments (148,991) — (148,991) Redemptions of available-for-sale investments 400 — 400 Net cash provided by investing activities from continuing operations (36,516) — (36,516) Financing activities Principal payments of capital lease obligations (390) — (390) Tax withholding payment related to net settlement of equity awards (5) — (5) Exercise of stock options 3,865 — 3,865 Net cash provided by financing activities from continuing operations 3,470 — 3,470 Discontinued operations Operating activities of discontinued operations (2,505) 259 (2,246) Investing activities of discontinued operations (838) — (838) Financing activities of discontinued operations — — — Net cash (used in) provided by discontinued operations (3,343) 259 (3,084) Net increase in cash and cash equivalents (44,383) — (44,383) Cash and cash equivalents at beginning of period 124,287 — 124,287 Cash and cash equivalents at end of period $ 79,904 $ — $ 79,904 Supplemental disclosures of cash flow information Cash paid, net during the period for: Income taxes $ 1,804 — $ 1,804 Non-cash activities Unrealized gain on investments, net of deferred tax expense of $25 and $43 $ 74 — $ 74 Reclassification from share-based liability compensation to equity $ 307 — $ 307 Change in foreign currency translation adjustments $ — — $ — Acquisitions of property and equipment included in accounts payable $ 724 — $ 724

Organization and Significant _4

Organization and Significant Accounting Policies (Details)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Sales Revenue | Customer concentration | Agencies of U.S. Government
Concentration risk (as a percent)	58.00%	58.00%	65.00%
Sales Revenue | Customer concentration | U.S. Army
Concentration risk (as a percent)	28.00%	19.00%	20.00%
Accounts receivable balances | Credit concentration | Agencies of U.S. Government
Concentration risk (as a percent)	26.00%	49.00%

Organization and Significant _5

Organization and Significant Accounting Policies Accounts Receivable (Details) - USD ($) $ in Thousands	Apr. 30, 2019	Apr. 30, 2018
Accounts Receivable , Unbilled Receivables and Retentions
Retentions	$ 1,102	$ 1,411

Organization and Significant _6

Organization and Significant Accounting Policies Long-Lived Assets (Details) - USD ($)	3 Months Ended	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2019
UAS Quantix Solution
Long-Lived Assets
Impairment loss	$ 4,398,000
Machinery and equipment | Minimum
Long-Lived Assets
Estimated useful life		2 years
Machinery and equipment | Maximum
Long-Lived Assets
Estimated useful life		7 years
Computer equipment and software | Minimum
Long-Lived Assets
Estimated useful life		2 years
Computer equipment and software | Maximum
Long-Lived Assets
Estimated useful life		5 years
Furniture and fixtures | Minimum
Long-Lived Assets
Estimated useful life		3 years
Furniture and fixtures | Maximum
Long-Lived Assets
Estimated useful life		7 years

Organization and Significant _7

Organization and Significant Accounting Policies Accrued Sales Commission (Details) - USD ($) $ in Thousands	Apr. 30, 2019	Apr. 30, 2018
Other current liabilities
Accrued liabilities
Accrued sales commission	$ 1,301	$ 1,293

Organization and Significant _8

Organization and Significant Accounting Policies Self-Insurance Liability (Details) - USD ($)	Jan. 01, 2018	Dec. 31, 2017	Jan. 27, 2018	Apr. 30, 2018	Dec. 31, 2017	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Self-Insurance Liability
Estimated self-insurance liability of employee medical claim				$ 1,003,000		$ 965,000	$ 1,003,000
Income Taxes
U.S. federal statutory income tax rate (as a percent)	21.00%	35.00%		21.00%	35.00%	21.00%	30.40%	34.00%
Deferred tax expense			$ 3,100,000			$ 3,300,000	$ 3,300,000

Organization and Significant _9

Organization and Significant Accounting Policies Performance Obligations (Details) $ in Thousands	Apr. 30, 2019USD ($)
Organization and Significant Accounting Policies
Remaining performance obligations	$ 164,326
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-30
Organization and Significant Accounting Policies
Remaining performance obligations (as a percentage)	92.00%
Performance Obligations
Year of performance obligations	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-30
Organization and Significant Accounting Policies
Remaining performance obligations (as a percentage)	7.00%
Performance Obligations
Year of performance obligations	1 year

Organization and Significant_10

Organization and Significant Accounting Policies Contract Estimates (Details) - USD ($)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2017	Apr. 30, 2018
Material adjustment to any one contract	$ 0	$ 0
Revision of estimate of total costs required to complete the contracts | Cumulative catch-up adjustment
Amount of revised aggregate impact of adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods			$ 1,255,000

Organization and Significant_11

Organization and Significant Accounting Policies Revenue by Category (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Apr. 30, 2018	Jan. 27, 2018	Oct. 28, 2017	Jul. 29, 2017	Apr. 30, 2017	Jan. 28, 2017	Oct. 29, 2016	Jul. 30, 2016	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Disaggregation of revenue
Revenue	$ 87,930	$ 75,322	$ 72,979	$ 78,043	$ 113,629	$ 54,633	$ 65,801	$ 34,361	$ 314,274	$ 268,424	$ 233,105
Contract Liability
Disaggregation of revenue
Revenue									1,587	977	483
Domestic
Disaggregation of revenue
Revenue									151,124	142,158	149,698
International
Disaggregation of revenue
Revenue									163,150	126,266	83,407
U.S. government
Disaggregation of revenue
Revenue									182,586	156,996	151,595
Non-U.S. government
Disaggregation of revenue
Revenue									131,688	111,428	81,510
FFP
Disaggregation of revenue
Revenue									224,090	212,976	177,506
CPFF
Disaggregation of revenue
Revenue									89,485	55,203	54,052
T&M
Disaggregation of revenue
Revenue									699	245	1,547
Small UAS
Disaggregation of revenue
Revenue									183,157	167,534	145,760
TMS
Disaggregation of revenue
Revenue									65,087	63,406	81,182
HAPS
Disaggregation of revenue
Revenue									55,407	29,593	3
Other
Disaggregation of revenue
Revenue									$ 10,623	$ 7,891	$ 6,160

Organization and Significant_12

Organization and Significant Accounting Policies Research and Development (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Research and Development
Revenue from customer funded research and development	$ 76,407	$ 52,489	$ 43,329
Cost of sales	54,824	36,855	29,527
Research and Development With Federal Government
Total estimated costs	21,933
Funding	11,225
Reimbursement amount	10,708
Reimbursements under the contract	5,936	4,188	233
Foreign currency transactions
Foreign currency gain (loss)	(38)	87	(284)
Lease Accounting
Deferred rent liabilities	1,173	1,536
Advertising Costs
Advertising expenses	897	526	227
Numerator for basic earnings per share:
Continuing operations attributable to AeroVironment	41,912	21,750	17,701
Discontinued operations, net of tax	5,526	(3,887)	(4,601)
Net income attributable to AeroVironment	$ 47,438	$ 17,863	$ 13,100
Denominator for basic (loss) earnings per share:
Weighted-average common shares outstanding, excluding unvested restricted stock (in shares)	23,663,410	23,471,241	23,059,045
Dilutive effect of employee stock options and unvested restricted stock (in shares)	408,303	342,531	248,693
Denominator for diluted (loss) earnings per share (in shares)	24,071,713	23,813,772	23,307,738
Number of shares reserved for issuance that are anti-dilutive	18,000	22,000	86,000

Organization and Significant_13

Organization and Significant Accounting Policies Other - Recently Adopted Accounting Standards (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2019	May 01, 2018	Apr. 30, 2018
Revenue recognition
Retained earnings	$ 286,351		$ 238,913
Revenue, Practical Expedient, Initial Application and Transition, Nondisclosure of Transaction Price Allocation to Remaining Performance Obligation [true false]	true
Revenue, Practical Expedient, Incremental Cost of Obtaining Contract [true false]	true
Revenue, Practical Expedient, Initial Application and Transition, Completed Contract, Same Reporting Period [true false]	true
Leases
Lease, Practical Expedient, Use of Hindsight [true false]	true
ASU 2014-09 | Effect of the Adoption of ASC Topic 606
Revenue recognition
Retained earnings		$ 500
Retained earnings, continuing operations		$ 564

Discontinued Operations (Detail

Discontinued Operations (Details)	Feb. 22, 2019USD ($)	Jun. 29, 2018USD ($)	Apr. 30, 2019USD ($)contract	Apr. 30, 2018USD ($)	Apr. 30, 2017USD ($)
Discontinued operations
Amount of recall and other damages sought	$ 6,500,000
Statement of operations
Net loss from discontinued operations			$ (2,964,000)	$ (3,887,000)	$ (4,601,000)
Gain on sale of business, net of tax expense of $2,444 for the year ended April 30, 2019			8,490,000
Tax expense			2,444,000
Net income (loss) from discontinued operations			5,526,000	(3,887,000)	(4,601,000)
EES Business | Disposed of by sale
Discontinued operations
Cash consideration received		$ 31,994,000
Gain on sale of business		$ 11,420,000	(486,000)
Working capital dispute			1,085,000
Amounts recorded in the consolidated financial statements			0
EES Business | Disposed of by sale | Other income (expense)
Statement of operations
Net Sales			2,758,000
EES Business | Discontinued Operations
Statement of operations
Net Sales			4,256,000	38,411,000	36,201,000
Cost of sales			5,097,000	33,384,000	29,983,000
Gross margin			(841,000)	5,027,000	6,218,000
Selling, general and administrative			1,515,000	7,825,000	8,895,000
Research and development			1,072,000	3,526,000	4,577,000
Other (expense), net				(27,000)
Other income, net			1,000		7,000
Loss from discontinued operations before income taxes			(3,427,000)	(6,351,000)	(7,247,000)
Benefit for income taxes			(463,000)	(2,464,000)	(2,646,000)
Net loss from discontinued operations			(2,964,000)	(3,887,000)	(4,601,000)
Gain on sale of business, net of tax expense of $2,444 for the year ended April 30, 2019			8,490,000
Tax expense			2,444,000
Net income (loss) from discontinued operations			5,526,000	$ (3,887,000)	$ (4,601,000)
Holdback | Disposed of by sale
Discontinued operations
Cash consideration received			$ 6,500,000
Number of remaining contracts | contract			2

Discontinued Operations - Asset

Discontinued Operations - Assets and liabilities (Details) - USD ($)	Apr. 30, 2019	Apr. 30, 2018
Current assets:
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 1,041,000	$ 1,080,000
Total current assets classified as discontinued operations		25,668,000
Current liabilities:
Total current liabilities		9,294,000
EES Business | Discontinued Operations
Current assets:
Accounts receivable, net of allowance for doubtful accounts of $139 at April 30, 2018		6,889,000
Accounts receivable, allowance for doubtful accounts (in dollars)		139,000
Inventories, net		15,494,000
Prepaid expenses and other current assets		185,000
Property and equipment, current net		3,100,000
Total current assets classified as discontinued operations		25,668,000
Total assets classified as discontinued operations		25,668,000
Current liabilities:
Accounts payable		5,121,000
Wages and related accruals		1,946,000
Customer advances		1,028,000
Other current liabilities		1,199,000
Total current liabilities		9,294,000
Total liabilities classified as discontinued operations		$ 9,294,000

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	Apr. 30, 2019	Apr. 30, 2018
Short-term investments:
Total held-to-maturity and short-term investments	$ 150,487	$ 113,649
Long-term investments:
Total long-term investments	9,386	40,656
Held to maturity securities
Short-term investments:
Total held-to-maturity and short-term investments	150,487	113,649
Long-term investments:
Total long-term investments	9,386	38,514
Held to maturity securities | Municipal securities
Short-term investments:
Total held-to-maturity and short-term investments	5,332	35,344
Long-term investments:
Total long-term investments		2,046
Held to maturity securities | U.S. government securities
Short-term investments:
Total held-to-maturity and short-term investments	63,205	31,620
Long-term investments:
Total long-term investments	7,404	27,356
Held to maturity securities | Corporate bonds
Short-term investments:
Total held-to-maturity and short-term investments	81,950	46,685
Long-term investments:
Total long-term investments	$ 1,982	9,112
Available-for-sale securities
Long-term investments:
Total long-term investments		2,142
Available-for-sale securities | Auction rate securities
Long-term investments:
Total long-term investments		$ 2,142

Investments - Held-To-Maturity

Investments - Held-To-Maturity Securities (Details) - USD ($) $ in Thousands	Apr. 30, 2019	Apr. 30, 2018
Held To Maturity Securities
Amortized Cost	$ 159,873	$ 152,163
Gross Unrealized Gains	100	11
Gross Unrealized Losses	(58)	(474)
Fair Value	159,915	151,700
Municipal securities
Held To Maturity Securities
Amortized Cost	5,332	37,390
Gross Unrealized Gains	2	9
Gross Unrealized Losses	(1)	(36)
Fair Value	5,333	37,363
U.S. government securities
Held To Maturity Securities
Amortized Cost	70,609	58,976
Gross Unrealized Gains	78
Gross Unrealized Losses	(52)	(367)
Fair Value	70,635	58,609
Corporate bonds
Held To Maturity Securities
Amortized Cost	83,932	55,797
Gross Unrealized Gains	20	2
Gross Unrealized Losses	(5)	(71)
Fair Value	$ 83,947	$ 55,728

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Value of the Held-to-Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Apr. 30, 2019	Apr. 30, 2018
Amortized cost of held-to-maturity securities by contractual maturity
Due within one year	$ 150,487
Due after one year through five years	9,386
Total	159,873	$ 152,163
Fair value of held-to-maturity securities by contractual maturity
Due within one year	150,498
Due after one year through five years	9,417
Fair Value	$ 159,915	$ 151,700

Investments - Auction rate secu

Investments - Auction rate securities (Details) $ in Thousands	12 Months Ended
	Apr. 30, 2018USD ($)item
Available-For-Sale Securities
Amortized Cost	$ 2,250
Gross unrealized losses	(108)
Fair value	$ 2,142
Auction rate securities
Investments
Number of available-for-sale securities | item	2
Available For Sale Securities
Period for which the issuer of securities is not required to redeem the securities	365 days
Auction rate securities | Minimum
Available For Sale Securities
Maturity period of available-for-sale securities	1 year
Pre-determined interval to reset interest rates to current rates	30 days
Auction rate securities | Maximum
Available For Sale Securities
Maturity period of available-for-sale securities	16 years
Pre-determined interval to reset interest rates to current rates	35 days

Fair Value Measurements Reconci

Fair Value Measurements Reconciliation (Details) $ in Thousands	12 Months Ended
	Apr. 30, 2019USD ($)
Reconciliation between beginning and ending balances of items measured at fair value on recurring basis
Balance at the beginning of the period	$ 2,142
Total gains (realized or unrealized) included in other comprehensive income	108
Purchases, issuances and settlements, net	$ (2,250)

Inventories, net (Details)

Inventories, net (Details) - USD ($) $ in Thousands	Apr. 30, 2019	Apr. 30, 2018
Inventories, net
Raw materials	$ 16,792	$ 12,020
Work in process	19,162	14,780
Finished goods	25,926	14,578
Inventories, gross	61,880	41,378
Reserve for inventory excess and obsolescence	(7,824)	(3,953)
Inventories, net	$ 54,056	$ 37,425

Intangibles (Details)

Intangibles (Details) - USD ($)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Intangibles
Intangibles, net	$ 459,000
Amortization expense	$ 357,000	$ 296,000	$ 139,000
Weighted average
Intangibles
Weighted average amortization period	1 year	3 years
Other assets, long term
Intangibles
Intangibles, gross	$ 1,770,000	$ 1,582,000
Less accumulated amortization	(1,311,000)	(954,000)
Intangibles, net	459,000	628,000
Licenses | Other assets, long term
Intangibles
Intangibles, gross	1,006,000	818,000
Customer relationships | Other assets, long term
Intangibles
Intangibles, gross	733,000	733,000
Trademarks and tradenames | Other assets, long term
Intangibles
Intangibles, gross	28,000	28,000
Other | Other assets, long term
Intangibles
Intangibles, gross	$ 3,000	$ 3,000

Intangibles Estimated Amortizat

Intangibles Estimated Amortization Expense (Details) $ in Thousands	Apr. 30, 2019USD ($)
Estimated amortization expense
2020	$ 360
2021	98
2022	1
Intangibles, net	$ 459

Property and Equipment, net (De

Property and Equipment, net (Details) - USD ($) $ in Thousands	Apr. 30, 2019	Apr. 30, 2018
Property and equipment, net
Property and equipment, gross	$ 92,368	$ 88,266
Less accumulated depreciation and amortization	(75,463)	(69,047)
Property and equipment, net	16,905	19,219
Leasehold improvements
Property and equipment, net
Property and equipment, gross	12,324	10,541
Machinery and equipment
Property and equipment, net
Property and equipment, gross	40,432	40,377
Furniture and fixtures
Property and equipment, net
Property and equipment, gross	2,145	2,094
Computer equipment and software
Property and equipment, net
Property and equipment, gross	35,056	31,895
Construction in process
Property and equipment, net
Property and equipment, gross	$ 2,411	$ 3,359

Property and Equipment, net Oth

Property and Equipment, net Other (Details) - USD ($)	3 Months Ended	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Depreciation expense		$ 7,311,000	$ 5,676,000	$ 4,939,000
Computer equipment and software
Depreciation expense		135,000	201,000
Property and equipment under capital lease, cost	$ 1,836,000	1,836,000	1,836,000
Accumulated depreciation of asset under capital lease	1,822,000	$ 1,822,000	$ 1,687,000
UAS Quantix Solution
Impairment loss	$ 4,398,000

Investments in Companies Acco_2

Investments in Companies Accounted for Using the Equity Method (Details)	3 Months Ended	12 Months Ended
	Jul. 29, 2017USD ($)	Apr. 30, 2019USD ($)	Apr. 30, 2018USD ($)	Apr. 30, 2017USD ($)	Apr. 30, 2020	May 10, 2019JPY (¥)	May 10, 2019USD ($)	Feb. 09, 2019JPY (¥)	Feb. 09, 2019USD ($)	Feb. 08, 2019	Jan. 29, 2019JPY (¥)	Jan. 29, 2019USD ($)	Apr. 17, 2018JPY (¥)	Apr. 17, 2018USD ($)	Dec. 31, 2017	Dec. 27, 2017JPY (¥)	Dec. 27, 2017USD ($)
Equity Method Investments
Equity method investment loss, net of tax	$ (1,283,000)	$ (3,944,000)	$ (1,283,000)	$ (119,000)
SoftBank
Equity Method Investments
Ownership percentage															90.00%
Payments for purchase of interest											¥ 209,500,000	$ 1,926,000	¥ 150,000,000	$ 1,407,000
HAPSMobile
Equity Method Investments
Ownership percentage		10.00%			5.00%	10.00%	10.00%	10.00%	10.00%	5.00%					10.00%
Payments for purchase of interest																¥ 210,000,000	$ 1,860,000
HAPSMobile | Equity method investment loss, net of tax
Equity Method Investments
Equity method investment loss, net of tax		$ 3,944,000	1,283,000
HAPSMobile | Other assets, long term
Equity Method Investments
Carrying value of investment		$ 5,612,000	$ 2,020,000
HAPSMobile | SoftBank
Equity Method Investments
Payments for purchase of interest						¥ 500,000,000	$ 4,569,000	¥ 632,800,000	$ 5,671,000

Investments in Companies Acco_3

Investments in Companies Accounted for Using the Equity Method - Altoy (Details) - USD ($) $ in Thousands	Feb. 01, 2017	Jul. 29, 2017	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017	Mar. 31, 2014
Equity Method Investments
Entity's share of net loss		$ (1,283)	$ (3,944)	$ (1,283)	$ (119)
Altoy
Equity Method Investments
Total ownership interest	85.00%
Altoy
Equity Method Investments
Ownership percentage						49.00%
Ownership interest acquired	36.00%
Cash	$ 625
Altoy | Other income (expense)
Equity Method Investments
Entity's share of net loss				$ (119)

Warranty Reserves (Details)

Warranty Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Warranty Reserves
Beginning balance	$ 2,090	$ 1,947
Warranty expense	211	1,884
Changes in estimates related to pre-existing warranties	491
Warranty costs settled	(1,088)	(1,741)
Ending balance	$ 1,704	$ 2,090

Warranty Reserves Estimated Cos

Warranty Reserves Estimated Cost (Details) - USD ($)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2017
Warranty Reserves
Standard Product Warranty Accrual, Preexisting, Increase (Decrease)	$ 491,000
Product Warranty Expense	240,000
UAS
Warranty Reserves
Product Warranty Expense	$ 251,000
UAS | Warranty reserve.
Warranty Reserves
Standard Product Warranty Accrual, Preexisting, Increase (Decrease)		$ 491,000

Employee Savings Plan (Details)

Employee Savings Plan (Details) - USD ($)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Employee Savings Plan
Amount of expense in contribution to the plan	$ 3,961,000	$ 2,953,000	$ 2,603,000

Severance Charges (Details)

Severance Charges (Details)	12 Months Ended
	Apr. 30, 2017USD ($)
Severance Charges
Severance costs	$ 1,262,000
Accrued wages and related accruals	127,000
Officer
Severance Charges
Severance costs	850,000
Cost of sales
Severance Charges
Severance costs	555,000
SG&A
Severance Charges
Severance costs	$ 707,000

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Stock Based Compensation
Stock based compensation expense	$ 6,985,000	$ 4,956,000	$ 3,392,000
Restated 2006 Plan
Stock Based Compensation
Maximum number of shares that may be granted to one participant during any twelve month period	2,000,000
Maximum amount that may be paid in cash as a performance-based award to one participant during any twelve month period	$ 5,000,000
Restated 2006 Plan | Maximum
Stock Based Compensation
Number of shares authorized to be issued pursuant to awards	4,884,157
Restated 2006 Plan | Incentive stock options | Minimum
Stock Based Compensation
Percentage of the fair market value on date of grant	100.00%
2002 Plan | Stock options
Stock Based Compensation
Exercisable period from grant date	5 years
Number of awards that may be granted	0
1992 Plan | Stock options
Stock Based Compensation
Exercisable period from grant date	5 years
Fiscal 2018 LTIP | Performance based restricted stock units
Stock Based Compensation
Stock based compensation expense	$ 588,000	269,000
Fiscal 2018 LTIP | Performance based restricted stock units | Maximum
Stock Based Compensation
Stock based compensation expense	2,275,000
Fiscal 2017 LTIP | Performance based restricted stock units
Stock Based Compensation
Stock based compensation expense	$ 301,000	$ 159,000

Stock-Based Compensation Stock

Stock-Based Compensation Stock Option Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Shares
Options granted (in shares)	0	0	0
Stock options
Intrinsic value of options
Intrinsic value of options exercised	$ 371	$ 2,407	$ 1,747
Intrinsic value of options outstanding	15,569	10,890
Intrinsic value of exercisable options	$ 13,950	$ 8,587
Restated 2006 Plan | Stock options
Shares
Outstanding at the beginning of the year (in shares)	339,026	446,624	678,799
Options exercised (in shares)	(2,000)	(107,598)	(167,310)
Options canceled (in shares)			(64,865)
Outstanding at the end of the year (in shares)	337,026	339,026	446,624
Options exercisable (in shares)	297,516
Weighted Average Exercise Price
Outstanding at the beginning of the year (in dollars per share)	$ 25.29	$ 24.93	$ 24.46
Options exercised (in dollars per share)	32.19	23.80	22.32
Options canceled (in dollars per share)			26.76
Outstanding at the end of the year (in dollars per share)	25.25	$ 25.29	$ 24.93
Options exercisable (in dollars per share)	$ 24.94
2002 Plan | Stock options
Shares
Outstanding at the beginning of the year (in shares)			13,824
Options exercised (in shares)			(9,601)
Options canceled (in shares)			(4,223)
Weighted Average Exercise Price
Outstanding at the beginning of the year (in dollars per share)			$ 11.79
Options exercised (in dollars per share)			11.79
Options canceled (in dollars per share)			$ 11.79
1992 Plan | Stock options
Shares
Outstanding at the beginning of the year (in shares)	18,302	43,415	68,604
Options exercised (in shares)	(4,000)	(25,113)	(25,189)
Outstanding at the end of the year (in shares)	14,302	18,302	43,415
Options exercisable (in shares)	14,302
Weighted Average Exercise Price
Outstanding at the beginning of the year (in dollars per share)	$ 0.59	$ 0.59	$ 0.59
Options exercised (in dollars per share)	0.59	0.59	0.59
Outstanding at the end of the year (in dollars per share)	0.59	$ 0.59	$ 0.59
Options exercisable (in dollars per share)	$ 0.59

Stock-Based Compensation Non-Ve

Stock-Based Compensation Non-Vested Stock Options (Details) - USD ($)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Options
Options granted (in shares)	0	0	0
Weighted Average Grant Date Fair value
Unrecognized compensation cost related to non-vested stock awards	$ 6,214,000
Period over which unrecognized compensation cost is expected to be recognized	2 years
Weighted average period over which unrecognized compensation cost is expected to be recognized	1 year 10 months 24 days
Exercise of stock options	$ 71,000	$ 2,705,000	$ 3,865,000
Excess tax benefit from stock-based compensation	$ 0	$ 0	0
Stock options
Options
Non-vested at beginning of year (in shares)	83,014
Vested (in shares)	(43,504)
Non-vested at end of year (in shares)	39,510	83,014
Weighted Average Grant Date Fair value
Non-vested at beginning of year (in dollars per share)	$ 10.97
Vested (in dollars per share)	11.03
Non-vested at end of year (in dollars per share)	$ 10.90	$ 10.97
Exercise of stock options	$ 67,000	$ 2,576,000	3,863,000
Fair value of shares vested	$ 4,756,000	$ 3,328,000	$ 2,942,000

Stock-Based Compensation Other

Stock-Based Compensation Other (Details)	12 Months Ended
	Apr. 30, 2019$ / sharesshares
Stock-Based Compensation
Range of Exercise Price, low end of range (in dollars per share)	$ 0.59
Range of Exercise Price, high end of range (in dollars per share)	$ 31.27
Options Outstanding
Number of Options (in shares) | shares	351,328
Weighted Average Remaining Contractual Life In Years	4 years 4 months 2 days
Weighted Average Exercise Price (in dollars per share)	$ 24.24
Options Exercisable
Number of Options Exercisable (in shares) | shares	311,818
Weighted Average Exercise Price (in dollars per share)	$ 23.82
Weighted Average Remaining Contractual Life	4 years 1 month 17 days
0.59 - 19.16
Stock-Based Compensation
Range of Exercise Price, low end of range (in dollars per share)	$ 0.59
Range of Exercise Price, high end of range (in dollars per share)	$ 19.16
Options Outstanding
Number of Options (in shares) | shares	68,302
Weighted Average Remaining Contractual Life In Years	3 years 4 months 10 days
Weighted Average Exercise Price (in dollars per share)	$ 14.56
Options Exercisable
Number of Options Exercisable (in shares) | shares	68,302
Weighted Average Exercise Price (in dollars per share)	$ 14.56
19.17 - 26.24
Stock-Based Compensation
Range of Exercise Price, low end of range (in dollars per share)	19.17
Range of Exercise Price, high end of range (in dollars per share)	$ 26.24
Options Outstanding
Number of Options (in shares) | shares	58,500
Weighted Average Remaining Contractual Life In Years	3 years 10 months 10 days
Weighted Average Exercise Price (in dollars per share)	$ 20.54
Options Exercisable
Number of Options Exercisable (in shares) | shares	58,500
Weighted Average Exercise Price (in dollars per share)	$ 20.54
26.25 - 26.99
Stock-Based Compensation
Range of Exercise Price, low end of range (in dollars per share)	26.25
Range of Exercise Price, high end of range (in dollars per share)	$ 26.99
Options Outstanding
Number of Options (in shares) | shares	80,000
Weighted Average Remaining Contractual Life In Years	6 years 1 month 24 days
Weighted Average Exercise Price (in dollars per share)	$ 26.70
Options Exercisable
Number of Options Exercisable (in shares) | shares	48,000
Weighted Average Exercise Price (in dollars per share)	$ 26.70
27.00 - 27.99
Stock-Based Compensation
Range of Exercise Price, low end of range (in dollars per share)	27
Range of Exercise Price, high end of range (in dollars per share)	$ 27.99
Options Outstanding
Number of Options (in shares) | shares	50,000
Weighted Average Remaining Contractual Life In Years	4 years 6 months 22 days
Weighted Average Exercise Price (in dollars per share)	$ 27.27
Options Exercisable
Number of Options Exercisable (in shares) | shares	50,000
Weighted Average Exercise Price (in dollars per share)	$ 27.27
28.00 - 32.19
Stock-Based Compensation
Range of Exercise Price, low end of range (in dollars per share)	28
Range of Exercise Price, high end of range (in dollars per share)	$ 31.27
Options Outstanding
Number of Options (in shares) | shares	94,526
Weighted Average Remaining Contractual Life In Years	3 years 8 months 5 days
Weighted Average Exercise Price (in dollars per share)	$ 29.85
Options Exercisable
Number of Options Exercisable (in shares) | shares	87,016
Weighted Average Exercise Price (in dollars per share)	$ 29.73

Stock-Based Compensation Restri

Stock-Based Compensation Restricted Stock Awards (Details) - Restricted stock awards shares in Thousands	12 Months Ended
	Apr. 30, 2019$ / sharesshares
Shares
Unvested stock at beginning of year (in shares) | shares	341,911
Stock granted (in shares) | shares	57,476
Stock vested (in shares) | shares	(163,839)
Stock canceled (in shares) | shares	(9,389)
Unvested stock at end of year (in shares) | shares	226,159
Weighted Average Grant Date Fair Value
Unvested stock at beginning of year (in dollars per share) | $ / shares	$ 31.13
Stock granted (in dollars per shares) | $ / shares	74.05
Stock vested (in dollars per shares) | $ / shares	29.03
Stock canceled (in dollars per shares) | $ / shares	36.19
Unvested stock at end of year (in dollars per share) | $ / shares	$ 43.35

Long-Term Incentive Awards (Det

Long-Term Incentive Awards (Details) - USD ($)	3 Months Ended			12 Months Ended
	Jul. 28, 2018	Jul. 29, 2017	Apr. 30, 2017	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Stock Based Compensation
Stock based compensation expense				$ 6,985,000	$ 4,956,000	$ 3,392,000
LTIP
Stock Based Compensation
Stock based compensation expense				1,889,000	428,000
Fiscal 2019 LTIP | Performance based restricted stock units
Stock Based Compensation
Stock based compensation expense				572,000
Fiscal 2019 LTIP | Performance based restricted stock units | 100% Vested
Stock Based Compensation
Vesting (as a percentage)	100.00%
Fiscal 2019 LTIP | Performance based restricted stock units | 50% Vested
Stock Based Compensation
Vesting (as a percentage)	50.00%
Fiscal 2019 LTIP | Performance based restricted stock units | 200% Vested
Stock Based Compensation
Vesting (as a percentage)	200.00%
Fiscal 2019 LTIP | Performance based restricted stock units | Maximum
Stock Based Compensation
Stock based compensation expense				3,033,000
Fiscal 2018 LTIP | Performance based restricted stock units
Stock Based Compensation
Stock based compensation expense				588,000	269,000
Fiscal 2018 LTIP | Performance based restricted stock units | 100% Vested
Stock Based Compensation
Vesting (as a percentage)			100.00%
Fiscal 2018 LTIP | Performance based restricted stock units | 50% Vested
Stock Based Compensation
Vesting (as a percentage)			50.00%
Fiscal 2018 LTIP | Performance based restricted stock units | 200% Vested
Stock Based Compensation
Vesting (as a percentage)			200.00%
Fiscal 2018 LTIP | Performance based restricted stock units | Maximum
Stock Based Compensation
Stock based compensation expense				2,275,000
Fiscal 2017 LTIP | Performance based restricted stock units
Stock Based Compensation
Stock based compensation expense				$ 301,000	$ 159,000
Issue of fully-vested shares of common stock to settle	14,814
Fiscal 2017 LTIP | Performance based restricted stock units | 100% Vested
Stock Based Compensation
Vesting (as a percentage)		100.00%
Fiscal 2017 LTIP | Performance based restricted stock units | 50% Vested
Stock Based Compensation
Vesting (as a percentage)		50.00%
Fiscal 2017 LTIP | Performance based restricted stock units | 200% Vested
Stock Based Compensation
Vesting (as a percentage)		200.00%

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jul. 29, 2017	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Income Taxes
Domestic	$ 32,651,000	$ 50,644,000		$ 22,642,000
Foreign	(34,000)	(166,000)		(86,000)
Income from continuing operations before income taxes	32,617,000	50,478,000	$ 32,617,000	22,556,000
Equity method investment loss, net of tax	(1,283,000)	(3,944,000)	$ (1,283,000)	(119,000)
Income (loss) before income taxes	$ 31,334,000	46,534,000		$ 22,437,000
Deferred tax liabilities for income taxes on undistributed earnings		$ 0

Income Taxes Reconciliation (De

Income Taxes Reconciliation (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Dec. 31, 2017	Apr. 30, 2018	Dec. 31, 2017	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Income Taxes
U.S. federal statutory income tax rate (as a percent)	21.00%	35.00%	21.00%	35.00%	21.00%	30.40%	34.00%
State and local income taxes, net of federal benefit (as a percent)					(2.20%)	(2.20%)	(1.70%)
R&D and other tax credits (as a percent)					(8.10%)	(7.00%)	(10.80%)
Valuation allowance (as a percent)					3.70%	4.90%	3.80%
Foreign rate differential						0.10%
Return to provision adjustments (as a percent)					(0.30%)	(0.10%)	(0.30%)
Permanent items (as a percent)					0.80%	(2.70%)	(2.30%)
Foreign derived intangible income (as a percent)					(3.70%)
Excess benefit of stock options (as a percent)					(3.10%)	(4.40%)	(1.00%)
Tax Act (as a percent)						10.40%
Other (as a percent)					1.10%	0.60%	(0.60%)
Effective income tax rate (as a percent)					9.20%	30.00%	21.10%
Current:
Federal					$ 1,953	$ 6,010	$ 4,336
State					228	900	243
Current					2,181	6,910	4,579
Deferred:
Federal					1,945	3,272	(66)
State					551	(330)	280
Foreign					(36)	(52)	(35)
Deferred					2,460	2,890	179
Total income tax expense (benefit)					4,641	9,800	$ 4,758
Deferred income tax assets:
Accrued expenses			$ 5,771		5,206	5,771
Allowances, reserves, and other			2,100		2,729	2,100
Unrealized loss on securities			25			25
Net operating loss and credit carry-forwards			12,361		13,208	12,361
Intangibles basis			94		125	94
Total deferred income tax assets			20,351		21,268	20,351
Deferred income tax liabilities:
Fixed asset basis			(682)		(425)	(682)
Revenue recognition			326		(2,909)	326
Total deferred income tax liabilities			(356)		(3,334)	(356)
Valuation allowance			(8,568)		(11,278)	(8,568)
Net deferred tax assets			$ 11,427		$ 6,656	$ 11,427

Income Taxes Carryforward (Deta

Income Taxes Carryforward (Details) - USD ($)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Tax Credit Carryforward
Increase in valuation allowance	$ 2,710,000	$ 3,152,000
State
Tax Credit Carryforward
Tax credit carryforwards	23,832,000
IRS
Tax Credit Carryforward
Tax credit carryforwards	$ 4,727,000

Income Taxes Other (Details)

Income Taxes Other (Details) - USD ($)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Unrecognized tax benefits
State net operating loss carryforwards	$ 10,000
Foreign net operating loss carryforwards	205,000
Foreign net operating losses subject to expiration	73,000
Activity related to gross unrecognized tax benefits
Beginning balance	11,170,000	$ 9,856,000
Increases related to prior year tax positions	216,000	228,000
Increases related to current year tax positions	1,756,000	1,347,000
Decreases related to lapsing of statute of limitations	(549,000)	(261,000)
Ending balance	12,593,000	11,170,000
Reversal of uncertain tax position reserve, including interest	549,000
Accrued interest and penalties related to unrecognized tax positions	18,000	$ 16,000
Statute of limitations expiration
Unrecognized tax benefits
Estimated decrease in unrecognized tax benefits in the next twelve months	$ (224,000)

Income Taxes - Tax Cuts and Job

Income Taxes - Tax Cuts and Jobs Act (Details) - USD ($)	Jan. 01, 2018	Dec. 31, 2017	Jan. 27, 2018	Apr. 30, 2018	Dec. 31, 2017	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Income Taxes
U.S. federal statutory income tax rate (as a percent)	21.00%	35.00%		21.00%	35.00%	21.00%	30.40%	34.00%
Deferred tax expense			$ 3,100,000			$ 3,300,000	$ 3,300,000

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Accumulated other comprehensive loss
Balance, net of $76 of taxes, as of April 30, 2018	$ (21)
Balance, net of $0 of taxes, as of January 26, 2019	2	$ (21)
Unrealized gain, tax portion	51	25	$ 43
Other comprehensive income, tax	0
Available-For-Sale Securities.
Accumulated other comprehensive loss
Balance, net of $76 of taxes, as of April 30, 2018	(57)
Unrealized gains, net of $51 of taxes	57
Balance, net of $0 of taxes, as of January 26, 2019		(57)
Foreign Currency Translation Adjustments
Accumulated other comprehensive loss
Balance, net of $76 of taxes, as of April 30, 2018	36
Change in foreign currency translation adjustments, net of $0 taxes	(34)
Balance, net of $0 of taxes, as of January 26, 2019	2	36
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive loss
Balance, net of $76 of taxes, as of April 30, 2018	(21)
Change in foreign currency translation adjustments, net of $0 taxes	(34)
Unrealized gains, net of $51 of taxes	57
Balance, net of $0 of taxes, as of January 26, 2019	$ 2	$ (21)

Changes in Accounting Estimat_2

Changes in Accounting Estimates (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 29, 2017	Apr. 30, 2019	Apr. 30, 2017	Apr. 30, 2018
Income from continuing operations	$ 31,334	$ 46,534	$ 22,437
Revision of estimate of total costs required to complete the contracts | Cumulative catch-up adjustment
Amount of revised aggregate impact of adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods				$ 1,255

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2020	May 10, 2019	Feb. 09, 2019	Feb. 08, 2019	Dec. 31, 2017
Long-Term Incentive Awards
Revenue	$ 55,407,000	$ 29,594,000
Unbilled related party receivables	9,028,000	3,145,000
Design and Development Agreement
Long-Term Incentive Awards
Maximum net value	133,360,000
Revenue	55,407,000	29,594,000
Board member | Consulting agreement
Long-Term Incentive Awards
Amount paid to related party	$ 55,000	48,000	$ 80,000
HAPSMobile
Long-Term Incentive Awards
Ownership percentage	10.00%			5.00%	10.00%	10.00%	5.00%	10.00%
Unbilled receivables and retention | HAPSMobile
Long-Term Incentive Awards
Unbilled related party receivables	$ 9,028,000	$ 3,145,000

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Future minimum lease payments under noncancelable operating leases
2020	$ 5,298,000
2021	3,527,000
2022	2,723,000
2023	1,554,000
2024	953,000
Total	14,055,000
Rental expense under operating leases	4,609,000	$ 4,011,000	$ 3,849,000
Letters of credit outstanding	7,079,000	6,389,000
Reserve for incurred cost claim audits	$ 93,000	$ 77,000

Business Acquisitions (Details)

Business Acquisitions (Details) - Altoy - USD ($) $ in Thousands	Feb. 01, 2017	Apr. 30, 2017	Apr. 30, 2019	Apr. 30, 2017	Apr. 30, 2016	Jan. 31, 2017
Business Acquisitions
Ownership interest acquired	36.00%
Ownership percentage	85.00%					49.00%
Business Combinations, Assets Acquired and Liabilities Assumed at Acquisition Date
Goodwill	$ 122
Deferred tax liabilities	(332)
Other assets and liabilities assumed	286
Total net identified assets acquired	1,736
Fair value of consideration transferred:
Cash	625
Fair value of the Company's investment in Altoy prior to the acquisition	851
Fair value of the noncontrolling interest in Altoy	260
Cash consideration received	1,736
Supplemental Pro forma Information
Revenue		$ 0		$ 229,287	$ 233,941
Net income from continuing operations		$ 122		15,808	15,595
Net income attributable to AeroVironment				$ 15,888	$ 15,666
Other income (expense)
Fair value of consideration transferred:
Gain recognized	584
SG&A
Supplemental Pro forma Information
Acquisition-related costs			$ 74
Customer relationships
Business Combinations, Assets Acquired and Liabilities Assumed at Acquisition Date
Intangible assets	1,600
Trademark and trade names
Business Combinations, Assets Acquired and Liabilities Assumed at Acquisition Date
Intangible assets	$ 60

Geographic Information (Details

Geographic Information (Details)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Non-U.S. customers
Product Information
Percentage of revenue	52.00%	47.00%	36.00%

Impact of Adoption of New Acc_3

Impact of Adoption of New Accounting Standards - Balance Sheet (Details) - USD ($) $ in Thousands	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Current assets:
Cash and cash equivalents	$ 172,708	$ 143,517
Short-term investments	150,487	113,649
Accounts receivable, net of allowance for doubtful accounts of $1,080 at April 30, 2018	31,051	56,813
Unbilled receivables and retentions (inclusive of related party unbilled receivables of $3,145 at April 30, 2018)	53,047	16,872
Inventories, net	54,056	37,425
Prepaid expenses and other current assets	7,418	5,103
Current assets of discontinued operations		25,668
Total current assets	469,588	399,047
Long-term investments	9,386	40,656
Property and equipment, net	16,905	19,219
Deferred income taxes	6,685	11,494
Other assets	6,280	3,002
Total assets	508,844	473,418
Current liabilities:
Accounts payable	15,972	21,340
Wages and related accruals	18,507	16,851
Income taxes payable		4,085
Customer advances	2,962	3,564
Other current liabilities	7,425	6,954
Current liabilities of discontinued operations		9,294
Total current liabilities	44,866	62,088
Deferred rent	1,173	1,536
Other non-current liabilities	150	622
Deferred tax liability	29	67
Liability for uncertain tax positions	51	49
Commitments and contingencies
Stockholders' equity:
Authorized shares—10,000,000; none issued or outstanding at April 30, 2018
Issued and outstanding shares—23,908,736 at April 30, 2018	2	2
Additional paid-in capital	176,216	170,139
Accumulated other comprehensive loss	2	(21)
Retained earnings	286,351	238,913
Total AeroVironment stockholders' equity	462,571	409,033
Noncontrolling interest	4	23
Total equity	462,575	409,056	$ 383,314	$ 361,260
Total liabilities and stockholders' equity	$ 508,844	473,418
ASU 2014-09 | As Reported.
Current assets:
Cash and cash equivalents		143,517
Short-term investments		113,649
Accounts receivable, net of allowance for doubtful accounts of $1,080 at April 30, 2018		56,813
Unbilled receivables and retentions (inclusive of related party unbilled receivables of $3,145 at April 30, 2018)		13,076
Inventories, net		38,640
Prepaid expenses and other current assets		5,103
Current assets of discontinued operations		28,349
Total current assets		399,147
Long-term investments		40,656
Property and equipment, net		19,219
Deferred income taxes		11,168
Other assets		2,721
Total assets		472,911
Current liabilities:
Accounts payable		21,340
Wages and related accruals		16,851
Income taxes payable		4,085
Customer advances		2,145
Other current liabilities		6,892
Current liabilities of discontinued operations		9,184
Total current liabilities		60,497
Deferred rent		1,536
Other non-current liabilities		622
Deferred tax liability		67
Liability for uncertain tax positions		49
Stockholders' equity:
Issued and outstanding shares—23,908,736 at April 30, 2018		2
Additional paid-in capital		170,139
Accumulated other comprehensive loss		(21)
Retained earnings		239,997
Total AeroVironment stockholders' equity		410,117
Noncontrolling interest		23
Total equity		410,140
Total liabilities and stockholders' equity		472,911
ASU 2014-09 | Adjustment
Current assets:
Unbilled receivables and retentions (inclusive of related party unbilled receivables of $3,145 at April 30, 2018)		3,796
Inventories, net		(1,215)
Current assets of discontinued operations		(2,681)
Total current assets		(100)
Deferred income taxes		326
Other assets		281
Total assets		507
Current liabilities:
Customer advances		1,419
Other current liabilities		62
Current liabilities of discontinued operations		110
Total current liabilities		1,591
Stockholders' equity:
Retained earnings		(1,084)
Total AeroVironment stockholders' equity		(1,084)
Total equity		(1,084)
Total liabilities and stockholders' equity		$ 507

Impact of Adoption of New Acc_4

Impact of Adoption of New Accounting Standards - Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 30, 2019	Apr. 30, 2018
Revenue from Contract with Customer [Abstract]
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 1,041	$ 1,080
Due from Related Parties	$ 9,028	$ 3,145
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, Authorized shares	10,000,000	10,000,000
Preferred stock, issued shares	0	0
Preferred stock, outstanding shares	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, Authorized shares	100,000,000	100,000,000
Common stock, Issued shares	23,946,293	23,908,736
Common stock, outstanding shares	23,946,293	23,908,736

Impact of Adoption of New Acc_5

Impact of Adoption of New Accounting Standards - Income Statement (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Apr. 30, 2018	Jan. 27, 2018	Oct. 28, 2017	Jul. 29, 2017	Apr. 30, 2017	Jan. 28, 2017	Oct. 29, 2016	Jul. 30, 2016	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2015
Revenue:
Revenue	$ 87,930	$ 75,322	$ 72,979	$ 78,043	$ 113,629	$ 54,633	$ 65,801	$ 34,361	$ 314,274	$ 268,424	$ 233,105
Cost of sales:
Cost of sales									185,871	160,739	136,232
Gross margin:
Total gross margin	$ 37,023	$ 30,392	$ 28,399	32,589	$ 50,594	$ 18,250	$ 30,143	$ 8,698	128,403	107,685	96,873
Selling, general and administrative									60,343	50,826	47,642
Research and development									34,234	26,433	28,465
Income from continuing operations									33,826	30,426	20,766
Other income (expense):
Interest income, net									4,672	2,240	1,618
Other expense, net									11,980	(49)	172
Income from continuing operations before income taxes				32,617					50,478	32,617	22,556
Provision for income taxes									4,641	9,800	4,758
Equity method investment loss, net of tax				$ (1,283)					(3,944)	(1,283)	(119)
Net income from continuing operations									41,893	21,534	17,679
Discontinued operations:
Gain on sale of business, net of tax									8,490
Income (loss) from discontinued operations, net of tax									(2,964)	(3,887)	(4,601)
Net income (loss) from discontinued operations									5,526	(3,887)	(4,601)
Net income									47,419	17,647	13,078	$ 13,078
Net loss attributable to noncontrolling interest									19	216	22
Net income attributable to AeroVironment									$ 47,438	$ 17,863	$ 13,100
Net income (loss) per share attributable to AeroVironment—Basic
Basic, continuing (in dollars per share)	$ 0.26	$ 0.35	$ 0.30	$ 0.86	$ 0.80	$ (0.02)	$ 0.33	$ (0.19)	$ 1.77	$ 0.93	$ 0.77
Basic, discontinuing (in dollars per share)									0.23	(0.17)	(0.20)
Net income per share attributable to AeroVironment - Basic (in dollars per share)									2	0.76	0.57
Net income (loss) per share attributable to AeroVironment—Diluted
Diluted, continuing (in dollars per share)	$ 0.26	$ 0.35	$ 0.29	$ 0.85	$ 0.79	$ (0.02)	$ 0.32	$ (0.19)	1.74	0.91	0.76
Diluted, discontinued (in dollars per share)									0.23	(0.16)	(0.20)
Net income per share attributable to AeroVironment - Diluted (in dollars per share)									$ 1.97	$ 0.75	$ 0.56
Weighted average shares outstanding:
Basic (in shares)									23,663,410	23,471,241	23,059,045
Diluted (in shares)									24,071,713	23,813,772	23,307,738
ASU 2014-09 | As Reported.
Revenue:
Revenue										$ 271,052	$ 228,940
Cost of sales:
Cost of sales										162,164	133,755
Gross margin:
Total gross margin										108,888	95,185
Selling, general and administrative										50,826	47,642
Research and development										26,433	28,465
Income from continuing operations										31,629	19,078
Other income (expense):
Interest income, net										2,240	1,618
Other expense, net										(49)	172
Income from continuing operations before income taxes										33,820	20,868
Provision for income taxes										10,177	4,138
Equity method investment loss, net of tax										(1,283)	(119)
Net income from continuing operations										22,360	16,611
Discontinued operations:
Income (loss) from discontinued operations, net of tax										(2,508)	(4,154)
Net income (loss) from discontinued operations										(2,508)	(4,154)
Net income										19,852	12,457
Net loss attributable to noncontrolling interest										216	22
Net income attributable to AeroVironment										$ 20,068	$ 12,479
Net income (loss) per share attributable to AeroVironment—Basic
Basic, continuing (in dollars per share)										$ 0.97	$ 0.72
Basic, discontinuing (in dollars per share)										(0.11)	(0.18)
Net income per share attributable to AeroVironment - Basic (in dollars per share)										0.86	0.54
Net income (loss) per share attributable to AeroVironment—Diluted
Diluted, continuing (in dollars per share)										0.95	0.72
Diluted, discontinued (in dollars per share)										(0.11)	(0.18)
Net income per share attributable to AeroVironment - Diluted (in dollars per share)										$ 0.84	$ 0.54
Weighted average shares outstanding:
Basic (in shares)										23,471,241	23,059,045
Diluted (in shares)										23,813,772	23,307,738
ASU 2014-09 | Adjustment
Revenue:
Revenue										$ (2,628)	$ 4,165
Cost of sales:
Cost of sales										(1,425)	2,477
Gross margin:
Total gross margin										(1,203)	1,688
Income from continuing operations										(1,203)	1,688
Other income (expense):
Income from continuing operations before income taxes										(1,203)	1,688
Provision for income taxes										(377)	620
Net income from continuing operations										(826)	1,068
Discontinued operations:
Income (loss) from discontinued operations, net of tax										(1,379)	(447)
Net income (loss) from discontinued operations										(1,379)	(447)
Net income										(2,205)	621
Net income attributable to AeroVironment										$ (2,205)	$ 621
Net income (loss) per share attributable to AeroVironment—Basic
Basic, continuing (in dollars per share)										$ (0.03)	$ 0.05
Basic, discontinuing (in dollars per share)										(0.06)	(0.02)
Net income per share attributable to AeroVironment - Basic (in dollars per share)										(0.09)	0.03
Net income (loss) per share attributable to AeroVironment—Diluted
Diluted, continuing (in dollars per share)										(0.03)	0.05
Diluted, discontinued (in dollars per share)										(0.06)	(0.02)
Net income per share attributable to AeroVironment - Diluted (in dollars per share)										$ (0.09)	$ 0.03
Weighted average shares outstanding:
Basic (in shares)										23,471,241	23,059,045
Diluted (in shares)										23,813,772	23,307,738
Product sales
Revenue:
Revenue									$ 212,089	$ 191,712	$ 158,924
Cost of sales:
Cost of sales									113,489	109,393	89,039
Gross margin:
Total gross margin									98,600	82,319	69,885
Product sales | ASU 2014-09 | As Reported.
Revenue:
Revenue										195,330	159,630
Cost of sales:
Cost of sales										111,990	88,963
Gross margin:
Total gross margin										83,340	70,667
Product sales | ASU 2014-09 | Adjustment
Revenue:
Revenue										(3,618)	(706)
Cost of sales:
Cost of sales										(2,597)	76
Gross margin:
Total gross margin										(1,021)	(782)
Contract services
Revenue:
Revenue									102,185	76,712	74,181
Cost of sales:
Cost of sales									72,382	51,346	47,193
Gross margin:
Total gross margin									$ 29,803	25,366	26,988
Contract services | ASU 2014-09 | As Reported.
Revenue:
Revenue										75,722	69,310
Cost of sales:
Cost of sales										50,174	44,792
Gross margin:
Total gross margin										25,548	24,518
Contract services | ASU 2014-09 | Adjustment
Revenue:
Revenue										990	4,871
Cost of sales:
Cost of sales										1,172	2,401
Gross margin:
Total gross margin										$ (182)	$ 2,470

Impact of Adoption of New Acc_6

Impact of Adoption of New Accounting Standards - Income Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenue from Related Parties	$ 55,407	$ 29,594

Impact of Adoption of New Acc_7

Impact of Adoption of New Accounting Standards - Comprehensive (loss) income (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2015
Impact of Adoption of New Accounting Standards
Net income	$ 47,419	$ 17,647	$ 13,078	$ 13,078
Other comprehensive income:
Change in foreign currency translation adjustments	(34)	36
Unrealized gain on investments	57	70	74	74
Total comprehensive income	47,442	17,753	13,152	13,152
Net loss attributable to noncontrolling interest	19	216	22	22
Comprehensive income (loss) attributable to AeroVironment	$ 47,461	17,969	13,174	$ 13,174
ASU 2014-09 | As Reported.
Impact of Adoption of New Accounting Standards
Net income		19,852	12,457
Other comprehensive income:
Change in foreign currency translation adjustments		36
Unrealized gain on investments		70	74
Total comprehensive income		19,958	12,531
Net loss attributable to noncontrolling interest		216	22
Comprehensive income (loss) attributable to AeroVironment		20,174	12,553
ASU 2014-09 | Adjustment
Impact of Adoption of New Accounting Standards
Net income		(2,205)	621
Other comprehensive income:
Total comprehensive income		(2,205)	621
Comprehensive income (loss) attributable to AeroVironment		$ (2,205)	$ 621

Impact of Adoption of New Acc_8

Impact of Adoption of New Accounting Standards - Comprehensive (loss) income (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Abstract]
Unrealized gain on investments, net of deferred tax expense	$ 51	$ 25	$ 43

Impact of Adoption of New Acc_9

Impact of Adoption of New Accounting Standards - Cash flow (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 29, 2017	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2015
Operating activities
Net income (loss)		$ 47,419	$ 17,647	$ 13,078	$ 13,078
Gain on sale of business, net of tax		(8,490)
Loss from discontinued operations		2,964	3,887	4,601
Net income from continuing operations		41,893	21,534	17,679
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Depreciation and amortization		7,669	5,982	5,054
Loss from equity method investments	$ 1,283	3,944	1,283	119
Impairment of long-lived assets		4,398	255	46
Provision for doubtful accounts		(39)	977	48
Impairment of intangible assets and goodwill			1,021
Gains on foreign currency transactions		38	(87)	284
Deferred income taxes		4,792	2,853	309
Gain on business acquisition				(584)
Stock-based compensation		6,985	4,956	3,392
Loss on disposition of property and equipment		76	20	44
Amortization of held-to-maturity investments		(1,506)	1,424	2,382
Changes in operating assets and liabilities:
Accounts receivable		25,821	11,070	(19,720)
Unbilled receivables and retentions		(36,175)	2,253	615
Inventories		(16,631)	1,192	(16,816)
Income tax receivable		(821)
Prepaid expenses and other assets		(2,401)	139	(1,484)
Accounts payable		(7,054)	5,736	545
Other liabilities		(4,043)	9,224	(166)
Net cash provided by (used in) operating activities of continuing operations		26,946	69,832	(8,253)
Investing activities
Acquisition of property and equipment		(8,896)	(9,563)	(9,017)
Equity method investments		(7,598)	(3,267)
Business acquisitions, net of tax				(430)
Proceeds from sale of business		31,994
Redemptions of held-to-maturity investments		260,918	227,663	121,522
Purchases of held-to-maturity investments		(267,122)	(221,680)	(148,991)
Redemptions of available-for-sale investments		2,250	450	400
Net cash provided by (used in) investing activities from continuing operations		11,546	(6,397)	(36,516)
Financing activities
Principal payments of capital lease obligations		(161)	(288)	(390)
Tax withholding payment related to net settlement of equity awards		(1,094)	(397)	(5)
Exercise of stock options		71	2,705	3,865
Net cash (used in) provided by financing activities from continuing operations		(1,184)	2,020	3,470
Discontinued operations
Operating activities of discontinued operations		(7,686)	(623)	(2,246)
Investing activities of discontinued operations		(431)	(1,219)	(838)
Net cash used in discontinued operations		(8,117)	(1,842)	(3,084)
Net increase (decrease) in cash and cash equivalents		29,191	63,613	(44,383)
Cash and cash equivalents at beginning of period	79,904	143,517	79,904	124,287
Cash and cash equivalents at ending of period		172,708	143,517	79,904
Cash paid, net during the period for:
Income taxes		6,780	1,813	1,804
Non-cash activities
Unrealized gain on investments, net of deferred tax expense of $25 and $43		57	70	74
Reclassification from share-based liability compensation to equity			384	307
Change in foreign currency translation adjustments		(34)	36
Acquisitions of property and equipment included in accounts payable		810	379	724
ASU 2014-09 | As Reported.
Operating activities
Net income (loss)			19,852	12,457
Loss from discontinued operations			2,508	4,154
Net income from continuing operations			22,360	16,611
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Depreciation and amortization			5,982	5,054
Loss from equity method investments			1,283	119
Impairment of long-lived assets			255	46
Provision for doubtful accounts			977	48
Impairment of intangible assets and goodwill			1,021
Gains on foreign currency transactions			(87)	284
Deferred income taxes			3,835	(52)
Gain on business acquisition				(584)
Stock-based compensation			4,956	3,392
Loss on disposition of property and equipment			20	44
Amortization of held-to-maturity investments			1,424	2,382
Changes in operating assets and liabilities:
Accounts receivable			11,211	(19,608)
Unbilled receivables and retentions			903	4,667
Inventories			2,268	(19,225)
Prepaid expenses and other assets			419	(1,484)
Accounts payable			5,736	545
Other liabilities			7,873	(233)
Net cash provided by (used in) operating activities of continuing operations			70,436	(7,994)
Investing activities
Acquisition of property and equipment			(9,563)	(9,017)
Equity method investments			(3,267)
Business acquisitions, net of tax				(430)
Redemptions of held-to-maturity investments			227,663	121,522
Purchases of held-to-maturity investments			(221,680)	(148,991)
Redemptions of available-for-sale investments			450	400
Net cash provided by (used in) investing activities from continuing operations			(6,397)	(36,516)
Financing activities
Principal payments of capital lease obligations			(288)	(390)
Tax withholding payment related to net settlement of equity awards			(397)	(5)
Exercise of stock options			2,705	3,865
Net cash (used in) provided by financing activities from continuing operations			2,020	3,470
Discontinued operations
Operating activities of discontinued operations			(1,227)	(2,505)
Investing activities of discontinued operations			(1,219)	(838)
Net cash used in discontinued operations			(2,446)	(3,343)
Net increase (decrease) in cash and cash equivalents			63,613	(44,383)
Cash and cash equivalents at beginning of period	$ 79,904	$ 143,517	79,904	124,287
Cash and cash equivalents at ending of period			143,517	79,904
Cash paid, net during the period for:
Income taxes			1,813	1,804
Non-cash activities
Unrealized gain on investments, net of deferred tax expense of $25 and $43			70	74
Reclassification from share-based liability compensation to equity			384	307
Change in foreign currency translation adjustments			36
Acquisitions of property and equipment included in accounts payable			379	724
ASU 2014-09 | Adjustment
Operating activities
Net income (loss)			(2,205)	621
Loss from discontinued operations			1,379	447
Net income from continuing operations			(826)	1,068
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Deferred income taxes			(982)	361
Changes in operating assets and liabilities:
Accounts receivable			(141)	(112)
Unbilled receivables and retentions			1,350	(4,052)
Inventories			(1,076)	2,409
Prepaid expenses and other assets			(280)
Other liabilities			1,351	67
Net cash provided by (used in) operating activities of continuing operations			(604)	(259)
Discontinued operations
Operating activities of discontinued operations			604	259
Net cash used in discontinued operations			$ 604	$ 259

Impact of Adoption of New Ac_10

Impact of Adoption of New Accounting Standards - Cash flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Abstract]
Unrealized change in fair value of investments recorded in other comprehensive income (loss), net of deferred taxes	$ 51	$ 25	$ 43

Subsequent Events (Details)

Subsequent Events (Details) - Pulse Aerospace, LLC - Subsequent Event	Jun. 10, 2019USD ($)
Subsequent Event [Line Items]
Ownership interest acquired	100.00%
Cash	$ 20,650,000
Amount of retention to cover post closing indemnification claims	250,000
Amount of holdback	$ 1,250,000
Number of months after closing holdback will be paid	18 months
Maximum
Subsequent Event [Line Items]
Contingent consideration	$ 5,000,000

Quarterly Results of Operations

Quarterly Results of Operations (Unaudited) (Details) - USD ($)	3 Months Ended										12 Months Ended
	Apr. 30, 2019	Jul. 28, 2018	Apr. 30, 2018	Jan. 27, 2018	Oct. 28, 2017	Jul. 29, 2017	Apr. 30, 2017	Jan. 28, 2017	Oct. 29, 2016	Jul. 30, 2016	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Selected Quarterly Financial Information
Revenue			$ 87,930,000	$ 75,322,000	$ 72,979,000	$ 78,043,000	$ 113,629,000	$ 54,633,000	$ 65,801,000	$ 34,361,000	$ 314,274,000	$ 268,424,000	$ 233,105,000
Gross margin			37,023,000	30,392,000	28,399,000	32,589,000	50,594,000	18,250,000	30,143,000	8,698,000	$ 128,403,000	$ 107,685,000	$ 96,873,000
Net (loss) income from attributable to AeroVironment from continuing operations			$ 6,097,000	$ 8,431,000	$ 7,047,000	$ 20,337,000	$ 19,012,000	$ (647,000)	$ 7,756,000	$ (4,371,000)
Net (loss) income per share attributable to AeroVironment from continuing operations—basic			$ 0.26	$ 0.35	$ 0.30	$ 0.86	$ 0.80	$ (0.02)	$ 0.33	$ (0.19)	$ 1.77	$ 0.93	$ 0.77
Net (loss) income per share attributable to AeroVironment from continuing operations—diluted			$ 0.26	$ 0.35	$ 0.29	$ 0.85	$ 0.79	$ (0.02)	$ 0.32	$ (0.19)	$ 1.74	$ 0.91	$ 0.76
Number of weeks											91 days
Impairment of intangible assets and goodwill												$ 1,021,000
Deferred tax expense				$ 3,100,000							$ 3,300,000	$ 3,300,000
Other income (expense)
Selected Quarterly Financial Information
One time gain on litigation settlement		$ 260,000
Altoy | SG&A
Selected Quarterly Financial Information
Impairment of intangible assets and goodwill					$ 1,000,000
UAS Quantix Solution | SG&A
Selected Quarterly Financial Information
Impairment loss related to long lived assets	$ 4,400,000
Pre-tax impairment charge	$ 4,400,000

SCHEDULE II-VALUATION AND QUA_2

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Allowance for doubtful accounts
Movement in valuation and qualifying accounts and reserves
Balance at Beginning of Period	$ 1,080	$ 104	$ 56
Charged to Cost and Expenses	198	976	56
Deductions	(237)		(8)
Balance at End of Period	1,041	1,080	104
Warranty reserve
Movement in valuation and qualifying accounts and reserves
Balance at Beginning of Period	2,090	1,947	3,094
Charged to Cost and Expenses	702	1,884	1,838
Deductions	(1,088)	(1,741)	(2,985)
Balance at End of Period	1,704	2,090	1,947
Reserve for inventory excess and obsolescence
Movement in valuation and qualifying accounts and reserves
Balance at Beginning of Period	3,953	2,756	2,542
Charged to Cost and Expenses	5,054	2,758	1,115
Deductions	(1,183)	(1,561)	(901)
Balance at End of Period	7,824	3,953	2,756
Reserve for self-insured medical claims
Movement in valuation and qualifying accounts and reserves
Balance at Beginning of Period	1,003	1,133	979
Charged to Cost and Expenses	10,808	9,100	7,037
Deductions	(10,867)	(9,230)	(6,883)
Balance at End of Period	$ 944	$ 1,003	$ 1,133