AeroVironment (AVAV) 10-Q 5 Sep 19 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jul. 27, 2019	Aug. 28, 2019
Document and Entity Information
Entity Registrant Name	AEROVIRONMENT, INC.
Entity File Number	001-33261
Entity Central Index Key	0001368622
Document Type	10-Q
Document Quarterly Report 1	true
Document Transition Report 1	false
Document Period End Date	Jul. 27, 2019
Entity Incorporation State Country Code 1	DE
Entity Tax Identification Number	952705790
Amendment Flag	false
Trading Symbol	AVAV
Security 12b Title 1	Common Stock, par value $0.0001 per share
Security Exchange Name 1	NASDAQ
Entity Interactive Data Current 1	Yes
Current Fiscal Year End Date	--04-30
Entity Address, Address Line One	900 Innovators Way
Entity Address, City or Town	Simi Valley
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	93065
City Area Code	805
Local Phone Number	520-8350
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		23,980,491
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Small Business	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 27, 2019	Apr. 30, 2019
Current assets:
Cash and cash equivalents	$ 137,094	$ 172,708
Short-term investments	163,634	150,487
Accounts receivable, net of allowance for doubtful accounts of $1,053 at July 27, 2019 and $1,041 at April 30, 2019	42,724	31,051
Unbilled receivables and retentions (inclusive of related party unbilled receivables of $12,649 at July 27, 2019 and $9,028 at April 30, 2019)	47,935	53,047
Inventories	56,336	54,056
Prepaid expenses and other current assets	7,606	7,418
Income taxes receivable		821
Total current assets	455,329	469,588
Long-term investments	4,887	9,386
Property and equipment, net	17,747	16,905
Operating lease right-of-use assets	9,917
Deferred income taxes	7,699	6,685
Intangibles, net	16,727	459
Goodwill	8,080
Other assets	14,196	5,821
Total assets	534,582	508,844
Current liabilities:
Accounts payable	11,450	15,972
Wages and related accruals	12,085	18,507
Customer advances	3,268	2,962
Current operating lease liabilities	2,771
Income taxes payable	1,367
Other current liabilities	12,167	7,425
Total current liabilities	43,108	44,866
Deferred rent		1,173
Non-current operating lease liabilities	7,597
Other non-current liabilities	2,298	150
Deferred tax liability	29	29
Liability for uncertain tax positions	51	51
Commitments and contingencies
Stockholders' equity:
Authorized shares-10,000,000; none issued or outstanding at July 27, 2019 and April 30, 2019
Issued and outstanding shares-23,990,459 shares at July 27, 2019 and 23,946,293 shares at April 30, 2019	2	2
Additional paid-in capital	177,207	176,216
Accumulated other comprehensive loss	171	2
Retained earnings	304,126	286,351
Total AeroVironment stockholders' equity	481,506	462,571
Noncontrolling interest	(7)	4
Total equity	481,499	462,575
Total liabilities and stockholders' equity	$ 534,582	$ 508,844

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jul. 27, 2019	Apr. 30, 2019
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 1,053	$ 1,041
Due from Related Parties	$ 12,649	$ 9,028
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, Authorized shares	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	23,990,459	23,946,293
Common stock, outstanding shares	23,990,459	23,946,293

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2019	Jul. 28, 2018
Revenue:
Total revenue	$ 86,911	$ 78,043
Cost of sales:
Cost of sales	45,639	45,454
Gross margin:
Total gross margin	41,272	32,589
Operating Expenses [Abstract]
Selling, general and administrative	13,668	11,956
Research and development	8,709	6,435
Income from continuing operations	18,895	14,198
Other income:
Interest income, net	1,329	906
Other income, net	355	8,388
Income from continuing operations before income taxes	20,579	23,492
Provision for income taxes	2,133	2,567
Equity method investment loss, net of tax	(1,347)	(602)
Net income from continuing operations	17,099	20,323
Discontinued operations:
Gain on sale of business, net of tax expense of $2,577		8,843
Loss from discontinued operations, net of tax		(1,850)
Net income from discontinued operations		6,993
Net income	17,099	27,316
Net loss attributable to noncontrolling interest	11	14
Net income attributable to AeroVironment	$ 17,110	$ 27,330
Net income per share attributable to AeroVironment-Basic
Basic, continuing (in dollars per share)	$ 0.72	$ 0.86
Basic, discontinuing (in dollars per share)		0.30
Net income per share attributable to AeroVironment - Basic (in dollars per share)	0.72	1.16
Net income per share attributable to AeroVironment-Diluted
Diluted, continuing (in dollars per share)	0.71	0.85
Diluted, discontinued (in dollars per share)		0.29
Net income per share attributable to AeroVironment - Diluted (in dollars per share)	$ 0.71	$ 1.14
Weighted average shares outstanding:
Basic (in shares)	23,745,199	23,574,595
Diluted (in shares)	24,069,933	24,010,303
Product sales
Revenue:
Revenue	$ 65,839	$ 55,313
Cost of sales:
Cost of sales	30,408	29,811
Gross margin:
Total gross margin	35,431	25,502
Contract services
Revenue:
Revenue	21,072	22,730
Cost of sales:
Cost of sales	15,231	15,643
Gross margin:
Total gross margin	$ 5,841	$ 7,087

CONSOLIDATED STATEMENTS OF IN_2

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2019	Jul. 28, 2018
CONSOLIDATED STATEMENTS OF INCOME
Revenue from Related Parties	$ 12,335	$ 11,563
Tax expense		$ 2,577

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2019	Jul. 28, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 17,099	$ 27,316
Other comprehensive income:
Change in foreign currency translation adjustments	169	(20)
Unrealized gain on investments, net of deferred tax expense of $51 for the three months ended July 28, 2018		57
Total comprehensive income	17,268	27,353
Net loss attributable to noncontrolling interest	11	14
Comprehensive income attributable to AeroVironment	$ 17,279	$ 27,367

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) $ in Thousands	3 Months Ended
	Jul. 28, 2018USD ($)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unrealized gain on investments, net of deferred tax expense	$ 51

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
Balance at Apr. 30, 2018	$ 409,033	$ 2	$ 170,139	$ 238,913	$ (21)	$ 23
Balance (in shares) at Apr. 30, 2018		23,908,736
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Apr. 30, 2018							$ 409,056
Increase (Decrease) in Stockholders' Equity
Net income				27,330			27,316
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	27,330
Net loss attributable to noncontrolling interest						(14)	14
Unrealized gain on investments	57				57		57
Foreign currency translation	(20)				(20)		(20)
Stock options exercised	67		67				67
Stock options exercised (in shares)		6,000
Restricted stock awards (in shares)		33,412
Restricted stock awards forfeited (in shares)		(13,453)
Tax withholding payment related to net share settlement of equity awards	(819)		(819)				(819)
Tax withholding payment related to net share settlement of equity awards (in shares)		(11,353)
Stock-based compensation	1,402		1,402				1,402
Balance at Jul. 28, 2018	437,050	$ 2	170,789	266,243	16	9
Balance (in shares) at Jul. 28, 2018		23,923,342
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jul. 28, 2018							437,059
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
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Apr. 30, 2019							462,575
Increase (Decrease) in Stockholders' Equity
Net income				17,110			17,099
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	17,110
Net loss attributable to noncontrolling interest						(11)	11
Foreign currency translation	169				169		169
Stock options exercised	93		93				93
Stock options exercised (in shares)		3,000
Restricted stock awards (in shares)		57,861
Restricted stock awards forfeited (in shares)		(4,720)
Tax withholding payment related to net share settlement of equity awards	(668)		(668)				(668)
Tax withholding payment related to net share settlement of equity awards (in shares)		(11,975)
Stock-based compensation	1,566		1,566				1,566
Balance at Jul. 27, 2019	481,506	$ 2	$ 177,207	304,126	$ 171	$ (7)	481,506
Balance (in shares) at Jul. 27, 2019		23,990,459
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jul. 27, 2019							481,499
Increase (Decrease) in Stockholders' Equity
Adoption of ASU	$ 665			$ 665			$ 665

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2019	Jul. 28, 2018
Operating activities
Net income	$ 17,099	$ 27,316
Gain on sale of business, net of tax		(8,843)
Loss from discontinued operations		1,850
Net income from continuing operations	17,099	20,323
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Depreciation and amortization	2,079	1,746
Loss from equity method investments	1,347	602
Provision for doubtful accounts	11	(48)
Other non-cash expense	32
Non-cash lease expense	(251)
Losses (gains) on foreign currency transactions	1	(2)
Deferred income taxes	(349)	(306)
Stock-based compensation	1,566	1,287
Gain on sale of property and equipment	(75)
Amortization of held-to-maturity investments	(527)	(115)
Changes in operating assets and liabilities:
Accounts receivable	(11,557)	43,189
Unbilled receivables and retentions	5,112	(42,998)
Inventories	(1,946)	(4,819)
Income tax receivable	821
Prepaid expenses and other assets	(616)	(133)
Accounts payable	(5,110)	(9,893)
Other liabilities	(4,524)	(3,797)
Net cash provided by operating activities of continuing operations	3,113	5,036
Investing activities
Acquisition of property and equipment	(1,902)	(1,423)
Equity method investments	(4,569)
Business acquisition, net of cash acquired	(18,641)
Proceeds from sale of business		31,994
Proceeds from the sale of property and equipment	81
Redemptions of held-to-maturity investments	65,035	78,909
Purchases of held-to-maturity investments	(70,463)	(81,646)
Redemptions of available-for-sale investments		2,250
Purchases of available-for-sale investments	(2,693)
Net cash (used in) provided by investing activities from continuing operations	(33,152)	30,084
Financing activities
Principal payments of capital lease obligations		(57)
Tax withholding payment related to net settlement of equity awards	(668)	(819)
Exercise of stock options	93	67
Net cash provided by financing activities from continuing operations	(575)	(809)
Discontinued operations
Operating activities of discontinued operations	0	(6,609)
Investing activities of discontinued operations	0	(431)
Financing activities of discontinued operations	0	0
Net cash used in discontinued operations		(7,040)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(30,614)	27,271
Cash, cash equivalents, and restricted cash at beginning of period	172,708	143,517
Cash, cash equivalents, and restricted cash at end of period	142,094	170,788
Cash paid, net during the period for:
Income taxes	294	(7)
Non-cash activities
Unrealized gain on investments, net of deferred tax expense of $51 for the three months ended July 28, 2018		57
Change in foreign currency translation adjustments	169	(20)
Acquisitions of property and equipment included in accounts payable	$ 1,253	$ 595

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	3 Months Ended
	Jul. 28, 2018USD ($)
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)

Organization and Significant Ac

Organization and Significant Accounting Policies	3 Months Ended
	Jul. 27, 2019
Organization and Significant Accounting Policies
Organization and Significant Accounting Policies	AeroVironment, Inc. Notes to Consolidated Financia l Statements (Unaudited) ​ 1. Organization and Significant Accounting Policies ​ Organization ​ AeroVironment, Inc., a Delaware corporation (the “Company”), is engaged in the design, development, production, support and operation of unmanned aircraft systems (“UAS”) for various industries and governmental agencies. ​ Basis of Presentation ​ The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation with respect to the interim financial statements have been included. The results of operations for the three months ended July 27, 2019 are not necessarily indicative of the results for the full year ending April 30, 2020. For further information, refer to the consolidated financial statements and footnotes thereto for the year ended April 30, 2019, included in the Company’s Annual Report on Form 10-K. ​ The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, including estimates of anticipated contract costs and revenue utilized in the revenue recognition process, that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. ​ The Company’s consolidated financial statements include the assets, liabilities and operating results of wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. ​ In December 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 has been accounted for as an equity method investment. The Company has presented its proportion of HAPSMobile’s net loss in equity method investment activity, net of tax in the consolidated statements of operations. The carrying value of the investment in HAPSMobile was recorded in other assets. Refer to Note 6—Equity Method Investments for further details. ​ 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 represents 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. ​ 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 assets, liabilities and operating results of Pulse have been included in the Company’s consolidated financial statements. Refer to Note 18—Business Acquisitions for further details. ​ Recently Adopted Accounting Standards ​ Effective May 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842), along with several additional clarification ASU’s issued during 2018, collectively the “New Lease Standard”. This New Lease Standard requires the lessee to recognize the assets and liabilities for the rights and obligations created by leases. The Company elected to adopt the New Lease Standard using the modified retrospective transition approach through a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. As such the Company did not recast comparative consolidated financial statements. The Company also elected the package of practical expedients which allows the Company 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 elected the short-term lease exception to not record right-of-use assets and lease liabilities for leases with a term less than 12 months and the practical expedient to not separate lease and non-lease components. Adoption of the New Lease Standard resulted in the recording of lease assets and lease liabilities on the consolidated balance sheet with no cumulative impact to retained earnings and did not have a material impact on the consolidated statement of cash flows. Refer to Note 10—Leases for additional information required as part of the adoption of the New Lease Standard. ​ In July 2018, the FASB issued ASU 2018-09, “Codification Improvements” (“ASU 2018-09”). ASU 2018-09 provides technical corrections, clarifications and other improvements across a variety of accounting topics. Among the clarifications, ASU 2018-09 clarifies that an entity should recognize excess tax benefits in the period in which the amount of the deduction is determined. This includes deductions that are taken on the entity’s return in a different period from when the event that gives rise to the tax deduction occurs and the uncertainty about whether the entity will receive a tax deduction and the amount of the tax deduction is resolved. Certain amendments were applicable immediately while others provide transition guidance and are effective in the Company’s first quarter of fiscal year 2020. The Company adopted ASU 2018-09 on May 1, 2019 using the modified retrospective method. The adoption of ASU 2018-09 resulted in a cumulative adjustment to increase retained earnings by $665,000 at May 1, 2019. ​ Reclassifications ​ Certain prior year amounts have been reclassified to conform to the current year presentation. Specifically, the Company’s existing intangible assets have been reclassified from other assets to intangibles, net on the consolidated balance sheet for all periods presented. ​ Restricted Cash ​ The Company classifies cash accounts which are not available for general use as restricted cash. Pursuant to the terms of the Pulse Purchase Agreement, the Company maintains an escrow account to satisfy the payment of contingent consideration due to the sellers if certain objectives are met. The restricted funds in the escrow account are recorded in other assets on the consolidated balance sheet. As of July 27, 2019 restricted cash was $5,000,000. The Company had no restricted cash as of April 30, 2019. ​ 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. ​ 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 Topic 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 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 tactical missile systems (“TMS”) product deliveries and Customer-Funded Research and Development 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 July 27, 2019, the Company had approximately $165,237,000 of remaining performance obligations under fully funded contracts with its customers, which the Company also refers to as funded backlog. The Company currently expects to recognize approximately 91% of the remaining performance obligations as revenue in fiscal 2020, an additional 9% in fiscal 2021, and the balance thereafter. ​ The Company collects sales, value added, 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, and it is recorded in other current liabilities. ​ 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 three month period ended July 27, 2019 or the three month period ended July 28, 2018. No adjustment on any one contract was material to the Company’s unaudited consolidated financial statements for the three month period ended July 27, 2019 or the three month period ended and July 28, 2018. ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ July 27, ​ July 28, Revenue by major product line/program 2019 2018 ​ Small UAS ​ $ 66,745 ​ $ 41,216 ​ TMS ​ ​ 5,587 ​ ​ 22,766 ​ HAPS ​ ​ 12,335 ​ ​ 11,563 ​ Other ​ 2,244 ​ 2,498 ​ Total revenue ​ $ 86,911 ​ $ 78,043 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ July 27, ​ July 28, ​ Revenue by contract type ​ 2019 2018 ​ FFP ​ $ 67,944 ​ $ 58,003 ​ CPFF ​ ​ 18,264 ​ ​ 19,983 ​ T&M 703 ​ 57 Total revenue ​ $ 86,911 ​ $ 78,043 ​ ​ Each of these contract types presents advantages and disadvantages. Typically, the Company assumes more risk with FFP contracts. However, these types of contracts generally offer additional profits when the Company completes the work for less than originally estimated. CPFF contracts generally subject the Company to lower risk. Accordingly, the associated base fees are usually lower than fees on FFP contracts. Under T&M contracts, the Company’s profit may vary if actual labor hour rates vary significantly from the negotiated rates. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ July 27, ​ July 28, ​ Revenue by customer category ​ 2019 2018 ​ U.S. government: ​ $ 49,134 ​ $ 35,908 ​ Non-U.S. government ​ ​ 37,777 ​ ​ 42,135 ​ Total revenue ​ $ 86,911 ​ $ 78,043 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ July 27, ​ July 28, ​ Revenue by geographic location ​ 2019 2018 ​ Domestic ​ $ 38,808 ​ $ 35,352 ​ International ​ ​ 48,103 ​ ​ 42,691 ​ Total revenue ​ $ 86,911 ​ $ 78,043 ​ ​ 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 three month period ended July 27, 2019 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 three month periods ended July 27, 2019 and July 28, 2018 that was included in contract liability balances at the beginning of each year were $830,000 and $1,548,000, respectively. ​ 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. ​ Investments ​ The Company’s investments are accounted for as held-to-maturity and available-for-sale and reported at amortized cost and cost less impairment, respectively. The Company has elected to measure available-for-sale investments that do not have readily determinable fair values at cost minus impairment, if any, adjusted for changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. ​ Fair Values of Financial Instruments ​ Fair values of cash and cash equivalents, accounts receivable, unbilled receivables and retentions, and accounts payable approximate cost due to the short period of time to maturity. ​ Government Contracts ​ Payments to the Company on government CPFF or T&M 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 CPFF or T&M government contracts to be recorded at actual rates to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. 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 July 27, 2019 and April 30, 2019, the Company had $345,000 and $93,000 reserved for incurred cost claim audits, respectively. ​ 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 technology, in-process research and development, customer relationships, trademarks and tradenames, and non-compete agreements. The Company determines the appropriate useful life by performing an analysis of expected cash flows based on historical experience of the acquired businesses and the Company’s comparable 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. ​ Goodwill ​ Goodwill represents the excess of the cost of an acquired entity over the fair value of the acquired net assets. Goodwill is tested for impairment annually during the fourth quarter of the Company’s fiscal year or when events or circumstances change in a manner that indicates goodwill might be impaired. Events or circumstances that could trigger an impairment review include, but are not limited to, a significant adverse change in legal factors or in the business or political climate, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, significant changes in the manner of the Company’s use of the acquired assets or the strategy for the Company’s overall business, significant negative industry or economic trends or significant underperformance relative to projected future results of operations. ​ Earnings Per Share ​ Basic earnings per share is computed using the weighted-average number of common shares outstanding, excluding shares of unvested restricted stock. ​ The reconciliation of basic to diluted shares is as follows (in thousands except share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Income from July 27, 2019 July 28, 2018 Continuing operations attributable to AeroVironment ​ $ 17,110 ​ $ 20,337 Discontinued operations, net of tax ​ — ​ 6,993 ​ Net income attributable to AeroVironment ​ $ 17,110 ​ $ 27,330 ​ Denominator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ Weighted average common shares ​ 23,745,199 ​ 23,574,595 ​ Dilutive effect of employee stock options, restricted stock and restricted stock units ​ 324,734 ​ 435,708 ​ Denominator for diluted earnings per share ​ ​ 24,069,933 ​ ​ 24,010,303 ​ ​ Potentially dilutive shares not included in the computation of diluted weighted-average common shares because their effect would have been anti-dilutive were 3,675 and for the three months ended July 27, 2019 and July 28, 2018, respectively. ​ Recently Issued Accounting Standards ​ In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments ​ In August 2018, the FASB issued ASU 2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement . ​ 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 .

Discontinued Operations

Discontinued Operations	3 Months Ended
	Jul. 27, 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 for the three months ended July 28, 2018. 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 July 27, 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 a previously announced product 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. On August 16, 2019, the Company filed a counterclaim against Webasto seeking payment of the Holdback and declaratory relief regarding Webasto’s cancellation of an assigned contract. The Company believes that the allegations are generally meritless and is mounting 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 $444,000 and $399,000 has been recorded in other income, net in the consolidated statements of operations for three months ended July 27, 2019 and July 28, 2018, 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 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). ​ ​ ​ ​ ​ ​ ​ July 28, ​ ​ ​ 2018 ​ Net sales $ 4,256 ​ Cost of sales ​ 4,278 ​ Gross margin ​ (22) ​ Selling, general and administrative ​ 1,453 ​ Research and development ​ 1,065 ​ Other income, net ​ ​ 1 ​ Loss from discontinued operations before income taxes ​ (2,539) ​ Benefit for income taxes ​ ​ (689) ​ Net loss from discontinued operations ​ $ (1,850) ​ Gain on sale of business, net of tax expense of $2,577 ​ ​ 8,843 ​ Net income from discontinued operations ​ $ 6,993 ​ ​

Investments

Investments	3 Months Ended
	Jul. 27, 2019
Investments
Investments	3. Investments ​ Investments consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 27, ​ April 30, ​ ​ 2019 2019 ​ ​ ​ ​ Short-term investments: ​ ​ ​ ​ ​ ​ ​ Held-to-maturity securities: ​ ​ ​ ​ ​ ​ ​ Municipal securities ​ $ 7,873 ​ $ 5,332 ​ U.S. government securities ​ ​ 81,689 ​ ​ 63,205 ​ Corporate bonds ​ ​ 74,072 ​ ​ 81,950 ​ Total held-to-maturity short-term investments ​ $ 163,634 ​ $ 150,487 ​ Long-term investments: ​ ​ ​ ​ ​ ​ ​ Held-to-maturity securities: ​ ​ ​ ​ ​ ​ ​ U.S. government securities ​ ​ 1,006 ​ ​ 7,404 ​ Corporate bonds ​ ​ 1,188 ​ ​ 1,982 ​ Total held-to-maturity investments ​ 2,194 ​ 9,386 ​ Available-for-sale securities: ​ ​ ​ ​ ​ ​ ​ Investment in limited partnership fund ​ 2,693 ​ — ​ Total available-for-sale investments ​ 2,693 ​ — ​ Total long-term investments ​ $ 4,887 ​ $ 9,386 ​ ​ Held-To-Maturity Securities ​ As of July 27, 2019 and April 30, 2019, 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 highly rated corporate bonds. Interest earned from these investments is recorded in interest income. ​ The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the held-to-maturity investments as of July 27, 2019 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 27, 2019 ​ ​ ​ ​ Gross Gross ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ ​ ​ Cost ​ Gains ​ Losses ​ Value ​ Municipal securities ​ $ 7,873 ​ $ 2 ​ $ — $ 7,875 ​ U.S. government securities ​ ​ 82,695 ​ ​ 129 ​ ​ (11) ​ 82,813 ​ Corporate bonds ​ ​ 75,260 ​ ​ 43 ​ ​ (6) ​ 75,297 ​ Total held-to-maturity investments ​ $ 165,828 ​ $ 174 ​ $ (17) ​ $ 165,985 ​ ​ The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the held-to-maturity investments as of April 30, 2019 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 30, 2019 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ ​ Cost Gains Losses Value Municipal securities $ 5,332 ​ $ 2 ​ $ (1) ​ $ 5,333 ​ U.S. government securities ​ 70,609 ​ ​ 78 ​ ​ (52) ​ ​ 70,635 ​ Corporate bonds ​ 83,932 ​ ​ 20 ​ ​ (5) ​ ​ 83,947 ​ Total held-to-maturity investments $ 159,873 $ 100 $ (58) $ 159,915 ​ ​ The amortized cost and fair value of the held-to-maturity securities by contractual maturity at July 27, 2019 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost Fair Value Due within one year ​ $ 163,634 ​ $ 163,792 ​ Due after one year through five years ​ 2,194 ​ 2,193 ​ Total ​ $ 165,828 ​ $ 165,985 ​ ​ Available-For-Sale Securities ​ Investment in Limited Partnership Fund ​ During the three months ended July 27, 2019, the Company made its initial capital contribution to a limited partnership fund. This investment does not have readily determinable fair values. The Company has elected to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. ​ The following table is a summary of the activity related to the available-for-sale investments recorded in long-term investments (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 30, 2019 Changes in ​ July 27, 2019 ​ ​ Carrying ​ Fair Value ​ Sales or ​ Carrying ​ ​ Value ​ Reflected in Net Income ​ Purchases ​ Value Investment in limited partnership ​ $ — ​ $ — ​ $ 2,693 ​ $ 2,693 Total investments without readily determinable fair values $ — $ — $ 2,693 ​ $ 2,693 ​ ​ 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. During the three months ended July 28, 2018, the remaining investment grade auction rate municipal bonds were redeemed at par value.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jul. 27, 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: ​ ● ​ ● ​ ● ​ The Company’s financial liabilities measured at fair value on a recurring basis at July 27, 2019, were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement Using ​ ​ ​ Significant ​ ​ ​ ​ ​ ​ Quoted prices in ​ other ​ Significant ​ ​ ​ ​ ​ active markets for ​ observable ​ unobservable ​ ​ ​ ​ ​ identical assets ​ inputs ​ inputs ​ ​ ​ Description ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ Total Contingent consideration ​ $ — ​ $ — ​ $ 4,295 ​ $ 4,295 ​ Total ​ $ — ​ $ — ​ $ 4,295 ​ $ 4,295 ​ ​ ​ 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, 2019 ​ $ — ​ Business acquisition ​ ​ 4,263 ​ Transfers to Level 3 ​ — ​ Total gains (realized or unrealized) ​ ​ ​ ​ Included in selling, general and administrative ​ 32 ​ Included in other comprehensive income ​ — ​ Settlements ​ — ​ Balance at July 27, 2019 ​ $ 4,295 ​ 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 July 27, 2019 ​ $ — ​ ​ Pursuant to the Pulse Purchase Agreement, the sellers may receive up to a maximum of $5,000,000 in additional cash consideration (“contingent consideration”), if specific research and development milestones are achieved by December 10, 2021. The contingent consideration was valued using a probability weighted discounted cash flow model. The analysis considered, among other items, contractual terms of the Pulse Purchase Agreement, the Company’s discount rate, the timing of expected future cash flows and the probability that the milestones required for payment of the contingent consideration will be achieved. See Note 18—Business Acquisitions.

Inventories, net

Inventories, net	3 Months Ended
	Jul. 27, 2019
Inventories, net
Inventories, net	5. Inventories, net ​ Inventories consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 27, ​ April 30, ​ ​ 2019 2019 Raw materials ​ $ 16,600 ​ $ 16,792 ​ Work in process ​ 20,836 ​ 19,162 ​ Finished goods ​ 27,029 ​ 25,926 ​ Inventories, gross ​ 64,465 ​ 61,880 ​ Reserve for inventory excess and obsolescence ​ (8,129) ​ (7,824) ​ Inventories, net ​ $ 56,336 ​ $ 54,056 ​ ​

Equity Method Investments

Equity Method Investments	3 Months Ended
	Jul. 27, 2019
Equity Method Investments
Equity Method Investments	6. Equity Method Investments ​ In December of 2017, the Company and SoftBank formed a joint venture, HAPSMobile, which is a Japanese corporation. As of July 27, 2019, the Company’s ownership stake in HAPSMobile was 5%, with the remaining 95% held by SoftBank. In connection with the formation of the joint venture on December 27, 2017, the Company initially purchased shares of HAPSMobile representing a 5% ownership interest in exchange for an investment of 210,000,000 yen ($1,860,000). The Company subsequently purchased additional shares of HAPSMobile in order to maintain a 5% ownership stake in the joint venture. The first such purchase occurred on April 17, 2018, at which time the Company invested 150,000,000 yen ($1,407,000) for the purchase of additional shares of HAPSMobile. On January 29, 2019, the Company invested an additional 209,500,000 yen ($1,926,000) 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 yen ($4,569,000) of additional shares of HAPSMobile to maintain its 10% ownership stake. During the three months ended July 27, 2019 the Company did not purchase any additional shares in the HAPSMobile joint venture, and as a result its ownership percentage was diluted from 10% to approximately 5%. ​ As the Company has the ability to exercise significant influence over the operating and financial policies of HAPSMobile pursuant to the applicable Joint Venture Agreement and related organizational documents, the Company’s investment is accounted for as an equity method investment. For the three months ended July 27, 2019 and July 28, 2018, the Company recorded its ownership percentage of the net loss of HAPSMobile, or $1,347,000 and $602,000, respectively, in equity method investment loss, net of tax in the unaudited consolidated statement of operations. At July 27, 2019 and April 30, 2019, the carrying value of the investment in HAPSMobile of $9,002,000 and $5,612,000, respectively, was recorded in other assets.

Warranty Reserves

Warranty Reserves	3 Months Ended
	Jul. 27, 2019
Warranty Reserves
Warranty Reserves	7. Warranty Reserves ​ The Company accrues an estimate of its exposure to warranty claims based upon both current and historical product sales data and warranty costs incurred. The warranty reserve is included in other current liabilities. The related expense is included in cost of sales. Warranty reserve activity is summarized as follows for the three months ended July 27, 2019 and July 28, 2018, respectively (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ July 27, ​ July 28, ​ ​ 2019 2018 ​ Beginning balance ​ $ 1,704 ​ $ 2,090 ​ Warranty expense ​ 549 ​ 611 ​ Changes in estimates related to pre-existing warranties ​ ​ — ​ ​ 712 ​ Warranty costs settled ​ (540) ​ (275) ​ Ending balance ​ $ 1,713 ​ $ 3,138 ​ ​ During the three months ended July 28, 2018, the Company revised its estimates based on the results of additional engineering studies and recorded incremental warranty reserve charges totaling $712,000 related to the estimated costs to repair a component of certain small UAS that were delivered in prior periods. At July 27, 2019, the total remaining warranty reserve related to the estimated costs to repair the impacted UAS was $222,000. As of July 27, 2019 a total of $254,000 of costs related to this warranty have been incurred.

Intangibles

Intangibles	3 Months Ended
	Jul. 27, 2019
Intangibles
Intangibles	8. Intangibles ​ The components of intangibles are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 27, ​ April 30, ​ ​ 2019 2019 ​ Technology ​ $ 14,950 ​ $ - ​ In-process research and development ​ ​ 1,370 ​ ​ - ​ Licenses ​ ​ 1,006 ​ ​ 1,006 ​ Customer relationships ​ ​ 873 ​ ​ 733 ​ Non-compete agreements ​ ​ 320 ​ ​ - ​ Trademarks and tradenames ​ ​ 68 ​ ​ 28 ​ Other ​ ​ 3 ​ ​ 3 ​ Intangibles, gross ​ ​ 18,590 ​ ​ 1,770 ​ Less accumulated amortization ​ (1,863) ​ (1,311) ​ Intangibles, net ​ $ 16,727 ​ $ 459 ​ ​ The weighted average amortization period at July 27, 2019 and April 30, 2019 was five years and one years, respectively. Amortization expense for the three months ended July 27, 2019 and July 28, 2018 was $552,000 and $69,000, respectively. ​ Technology, in-process research and development, customer relationships, trademarks and tradenames, and non-compete agreements were recognized in conjunction with the Company’s acquisition of Pulse on June 10, 2019. Refer to Note 18—Business Acquisitions for further details. ​ Estimated amortization expense for the next five years is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ Year ending ​ ​ April 30, 2020 ​ $ 681 ​ 2021 ​ 2,860 ​ 2022 ​ 3,102 ​ 2023 ​ 2,961 ​ 2024 ​ 2,834 ​ ​ ​ $ 12,438 ​ ​

Goodwill

Goodwill	3 Months Ended
	Jul. 27, 2019
Goodwill.
Goodwill	9. Goodwill ​ The following table presents the changes in the Company’s goodwill balance (in thousands): ​ ​ ​ ​ ​ Balance at April 30, 2019 $ - Additions to goodwill ​ ​ 8,080 Impairment of goodwill ​ ​ - Balance at July 27, 2019 ​ $ 8,080 ​ The increase of goodwill is attributable to the acquisition of Pulse. Refer to Note 18—Business Acquisitions for further details.

Leases

Leases	3 Months Ended
	Jul. 27, 2019
Leases
Leases	10. Leases ​ The Company leases certain buildings, land and equipment. Under the New Lease Standard, at contract inception the Company determines whether the contract is or contains a lease and whether the lease should be classified as an operating or a financing lease. Operating leases are recorded in operating lease right-of-use assets, current operating lease liabilities and non-current operating lease liabilities. ​ The Company recognizes operating lease right-of-use assets and operating lease liabilities based on the present value of the future minimum lease payments over the lease term at commencement date. The Company uses its incremental borrowing rate based on the information available at commencement date to determine the present value of future payments and the appropriate lease classification. The Company defines the initial lease term to include renewal options determined to be reasonably certain. The Company’s leases have remaining lease terms of less than one year to six years, some of which may include options to extend the lease for up to 10 years, and some of which may include options to terminate the lease after two years. None of the Company’s options to extend or terminate are reasonably certain of being exercised, and are therefore not included in the Company’s determination of lease assets and liabilities. For operating leases, the Company recognizes lease expense for these leases on a straight-line basis over the lease term. ​ Many of the Company’s real estate lease agreements contain incentives for tenant improvements, rent holidays, or rent escalation clauses. For tenant improvement incentives, if the incentive is determined to be a leasehold improvement owned by the lessee, the Company generally records incentive as a reduction to fixed lease payments thereby reducing rent expense. For rent holidays and rent escalation clauses during the lease term, the Company records rental expense on a straight-line basis over the term of the lease. For these lease incentives, the Company uses the date of initial possession as the commencement date, which is generally when the Company is given the right of access to the space and begins to make improvements in preparation for intended use. ​ The Company does not have any finance leases. The Company does not have any material restrictions or covenants in its lease agreements, sale-leaseback transactions, land easements or residual value guarantees. ​ In determining the inputs to the incremental borrowing rate calculation, the Company makes judgments about the value of the leased asset, its credit rating and the lease term including the probability of its exercising options to extend or terminate the underlying lease. Additionally, the Company makes judgments around contractual asset substitution rights in determining whether a contract contains a lease. ​ The components of lease costs recorded in cost of sales for product sales and contract services and selling, general and administrative (“SG&A”) expense were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ July 27, ​ 2019 Operating lease cost ​ $ 1,120 Short term lease cost ​ ​ 237 Variable lease cost ​ ​ 89 Sublease income ​ ​ (117) Total lease costs, net ​ $ 1,329 ​ Supplemental lease information were as follows: ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ July 27, ​ 2019 ​ ​ (In thousands) Cash paid for amounts included in the measurement of operating lease liabilities ​ $ 1,389 Right-of-use assets obtained in exchange for new lease liabilities ​ $ 10,561 ​ ​ ​ ​ Weighted average remaining lease term ​ ​ 37 months Weighted average discount rate ​ ​ 3.7% ​ Maturities of operating lease liabilities as of July 27, 2019 were as follows (in thousands): ​ ​ ​ ​ ​ 2020 ​ $ 2,350 2021 ​ 3,638 2022 ​ 2,866 2023 ​ 1,647 2024 ​ 1,055 Thereafter ​ 61 Total lease payments ​ ​ 11,617 Less: imputed interest ​ ​ (1,249) Total present value of operating lease liabilities ​ $ 10,368 ​ ​ Maturities of operating lease liabilities as of April 30, 2019 were as follows: ​ ​ ​ ​ ​ 2020 ​ $ 5,298 2021 ​ 3,527 2022 ​ 2,723 2023 ​ 1,554 2024 ​ 953 Thereafter ​ — Total lease payments ​ $ 14,055 ​

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income and Reclassifications Adjustments	3 Months Ended
	Jul. 27, 2019
Accumulated Other Comprehensive Income and Reclassifications Adjustments
Accumulated Other Comprehensive Income and Reclassifications Adjustments	11. Accumulated Other Comprehensive Income and Reclassifications Adjustments ​ The components of accumulated other comprehensive income and adjustments are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Accumulated Other ​ ​ Income Balance, net of $0 deferred taxes, as of April 30, 2019 $ 2 ​ Reclassifications out of accumulated other comprehensive income, net of taxes ​ — ​ Change in foreign currency translation adjustments, net of $0 taxes ​ ​ 169 ​ Balance, net of $0 deferred taxes, as of July 27, 2019 $ 171 ​ ​

Customer-Funded Research & Deve

Customer-Funded Research & Development	3 Months Ended
	Jul. 27, 2019
Customer-Funded Research & Development
Customer-Funded Research & Development	12. Customer-Funded Research & Development ​ Customer-funded R&D costs are incurred pursuant to contracts (revenue arrangements) to perform R&D activities according to customer specifications. These costs are direct contract costs and are expensed to cost of sales as costs are incurred. Revenue from customer-funded R&D contracts are recognized in accordance with Topic 606 over time as costs are incurred. Revenue from customer-funded R&D was approximately $15,120,000 and $17,117,000 for the three months ended July 27, 2019 and July 28, 2018, respectively.

Long-Term Incentive Awards

Long-Term Incentive Awards	3 Months Ended
	Jul. 27, 2019
Long-Term Incentive Awards.
Long-Term Incentive Awards	13. Long-Term Incentive Awards ​ During the three months ended July 27, 2019, the Company granted awards under its amended and restated 2006 Equity Incentive Plan (the “Restated 2006 Plan”) to key employees (“Fiscal 2020 LTIP”). Awards under the Fiscal 2020 LTIP consist of: (i) time-based restricted stock awards which vest in equal tranches in July 2020, July 2021 and July 2022, 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, 2022. 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. For the three months ended July 27, 2019, the Company recorded $131,000 of compensation expense related to the Fiscal 2020 LTIP. The Company recorded no compensation expense related to the Fiscal 2020 LTIP for the three months ended July 28, 2018. At July 27, 2019, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2020 LTIP is $4,696,000. ​ During the three months ended July 28, 2018, the Company also granted awards under 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) 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. For the three months ended July 27, 2019 and July 28, 2018, the Company recorded $33,000 and $44,000 of compensation expense related to the Fiscal 2019 LTIP, respectively. At July 27, 2019, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2019 LTIP is $2,933,000. ​ During the three months ended July 29, 2017, the Company also 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) 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. For the three months ended July 27, 2019 and July 28, 2018, the Company recorded $8,000 and $490,000 of compensation expense related to the Fiscal 2018 LTIP, respectively. At July 27, 2019, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2018 LTIP is $2,180,000. ​ 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 vested in equal tranches in July 2017, July 2018 and July 2019, and (ii) PRSUs which vested based on the Company’s achievement of revenue and operating income targets for the three-year period ending April 30, 2019. During the three months ended July 27, 2019, the Company issued a total of 14,814 fully-vested shares of common stock to settle the PRSUs in the Fiscal 2017 LTIP. No compensation expense was recorded during the three months ended July 27, 2019 for the Fiscal 2017 LTIP. ​ At July 27, 2019 and April 30, 2019, the Company recorded cumulative stock-based compensation expense from the Fiscal 2020 LTIP, Fiscal 2019 LTIP and Fiscal 2018 LTIP of $1,600,000 and $1,429,000, respectively. At each reporting period, the Company reassesses the probability of achieving the performance targets for the PRSUs. 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	3 Months Ended
	Jul. 27, 2019
Income Taxes
Income Taxes	14. Income Taxes ​ For the three months ended July 27, 2019, the Company recorded a provision for income taxes of $2,133,000, yielding an effective tax rate of 10.4%. For the three months ended July 28, 2018, the Company recorded a provision for income taxes of $2,567,000, yielding an effective tax rate of 10.9%. The variance from statutory rates for the three months ended July 27, 2019 was primarily due to federal R&D credits, foreign derived intangible income deduction and the recording of discrete excess tax benefits, resulting from the vesting of restricted stock awards and exercises of stock options. The variance from statutory rates for the three months ended July 28, 2018 was primarily due to federal R&D credits and the recording of discrete excess tax benefits resulting from the vesting of restricted stock awards and exercises of stock options.

Share Repurchase

Share Repurchase	3 Months Ended
	Jul. 27, 2019
Share Repurchase
Share Repurchase	15. Share Repurchase ​ In September 2015, the Company’s Board of Directors authorized a program to repurchase up to $25,000,000 of the Company’s common stock with no specified termination date for the program. No shares were repurchased under the program during the three months ended July 27, 2019 or July 28, 2018. As of July 27, 2019 and April 30, 2019, approximately $21,200,000 million remained authorized for future repurchases under this program.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Jul. 27, 2019
Related Party Transactions
Related Party Transactions	16. Related Party Transactions ​ Related party transactions are defined as transactions between the Company and entities either controlled by the Company or that the Company can significantly influence. Although SoftBank has a controlling interest in HAPSMobile, the Company determined that it has the ability to exercise significant influence over HAPSMobile. As such, HAPSMobile and SoftBank are considered related parties of the Company. 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 net value of $134,354,000, 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 $12,335,000 and $11,563,000 for the three months ended July 27, 2019 and July 28, 2018, respectively. At July 27, 2019 and April 30, 2019, the Company had unbilled related party receivables from HAPSMobile of $12,649,000 and $9,028,000 recorded in unbilled receivables and retentions on the consolidated balance sheets, respectively. During the year ended April 30, 2019, the Company owned a 10% stake in accordance with the JVA which was diluted to approximately 5% during the first three months ended July 27, 2019. Refer to Note 6—Equity Method Investments for further details.

Legal Settlements

Legal Settlements	3 Months Ended
	Jul. 27, 2019
Legal Settlements
Legal Settlements	17. Legal Settlements ​ In May 2018, the Company entered into a settlement agreement to dismiss its claims against MicaSense Inc. and former AeroVironment employees, Gabriel Torres, Justin McAllister, and Jeff McBride. The terms and amount of the settlement agreement are confidential. The proceeds of the settlement were received during the three months ended July 28, 2018 and have been recorded in other income, net on the consolidated statements of operations.

Business Acquisitions

Business Acquisitions	3 Months Ended
	Jul. 27, 2019
Business Acquisitions
Business Acquisitions	18. Business Acquisitions ​ On June 10, 2019, the Company purchased 100% of the issued and outstanding member units of Pulse pursuant to the terms of the Pulse Purchase Agreement. The Company’s acquisition of Pulse’s helicopter UAS 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. The Company financed the acquisition entirely from available cash on hand. ​ In addition to the consideration paid at closing, the acquisition of Pulse includes contingent consideration arrangements that require additional consideration to be paid by the Company to the sellers of Pulse if two specified research and development milestones are achieved by December 10, 2021. Amounts are payable upon the achievement of the milestones. The range of the undiscounted amounts the Company could pay under each of the contingent consideration agreements is zero or $2,500,000 ($5,000,000 in total if both milestones are achieved). The fair value of the contingent consideration recognized on the acquisition date of $4,263,000 was estimated by applying the income approach. That measure is based on significant Level 3 inputs not observable in the market. Key assumptions include (1) a discount rate of 4.5% and (2) the probability that each of the milestones will be achieved. ​ As of July 27, 2019, there were no changes in the key assumptions for the contingent consideration recognized as a result of the acquisition of Pulse. As of July 27, 2019, the fair value of the contingent consideration was $4,295,000. The increase in fair value is attributable to the accretion of the liability discount. ​ The following table summarizes the provisional allocation of the purchase price over the estimated fair value of the assets and liabilities assumed in the acquisition of Pulse (in thousands): ​ ​ ​ ​ ​ ​ ​ June 10, ​ ​ ​ 2019 ​ Technology $ 14,950 ​ Goodwill ​ ​ 8,080 ​ In-process R&D ​ ​ 1,370 ​ Inventory ​ ​ 334 ​ Non-compete agreements ​ ​ 320 ​ Other assets, net of liabilities assumed ​ ​ (614) ​ Total net identified assets acquired ​ $ 24,440 ​ ​ ​ ​ ​ ​ Fair value of consideration: ​ ​ ​ ​ Cash ​ $ 18,677 ​ Holdback ​ ​ 1,250 ​ Retention ​ ​ 250 ​ Contingent consideration ​ ​ 4,263 ​ Total ​ $ 24,440 ​ ​ Determining the fair value of the intangible assets acquired requires significant judgment, including the amount and timing of expected future cash flows, long-term growth rates and discount rates. The fair value of the intangibles assets was determined using a discounted cash flow analysis, which were based on the Company’s best estimate of future sales, earnings and cash flows after considering such factors as general market conditions, anticipated customer demand, changes in working capital, long term business plans and recent operating performance. Use of different estimates and judgments could yield materially different results. ​ The goodwill is attributable to the synergies the Company expects to achieve through leveraging the acquired technology to its existing customers, the workforce of Pulse and expected future customers in the helicopter UAS market. For tax purposes the acquisition was treated as an asset purchase and the goodwill is deductible ratably over a period of fifteen years. ​ Supplemental Pro Forma Information (unaudited) ​ Pulse did not contribute significant revenues or net income to the Company for the period from June 10, 2019 to July 27, 2019. The following unaudited pro forma summary presents consolidated information of the Company as if the business acquisition had occurred on May 1, 2018 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ July 27, ​ July 28, ​ ​ 2019 2018 Revenue ​ $ 87,138 ​ $ 79,313 ​ Net income attributable to AeroVironment ​ $ 17,393 ​ $ 26,369 ​ ​ The Company did not have any material, nonrecurring pro forma adjustments directly attributable to the business acquisition included in the reported pro forma revenue and earnings. ​ These pro forma amounts have been calculated by applying the Company’s accounting policies, assuming transaction costs had been incurred during the three months ended July 28, 2018, reflecting the additional amortization that would have been charged assuming the fair value adjustments to intangible assets had been applied from May 1, 2018 with the consequential tax effects, and including the results of Pulse prior to acquisition. ​ The Company incurred approximately $341,000 of acquisition-related costs. These expenses are included in selling, general and administrative expense on the Company’s consolidated income statement for the three months ended July 27, 2019. ​ 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, 2018, nor are they indicative of results of operations that may occur in the future.

Organization and Significant _2

Organization and Significant Accounting Policies (Policies)	3 Months Ended
	Jul. 27, 2019
Organization and Significant Accounting Policies
Basis of Presentation	Basis of Presentation ​ The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation with respect to the interim financial statements have been included. The results of operations for the three months ended July 27, 2019 are not necessarily indicative of the results for the full year ending April 30, 2020. For further information, refer to the consolidated financial statements and footnotes thereto for the year ended April 30, 2019, included in the Company’s Annual Report on Form 10-K. ​ The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, including estimates of anticipated contract costs and revenue utilized in the revenue recognition process, that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. ​ The Company’s consolidated financial statements include the assets, liabilities and operating results of wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. ​ In December 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 has been accounted for as an equity method investment. The Company has presented its proportion of HAPSMobile’s net loss in equity method investment activity, net of tax in the consolidated statements of operations. The carrying value of the investment in HAPSMobile was recorded in other assets. Refer to Note 6—Equity Method Investments for further details. ​ 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 represents 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. ​ 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 assets, liabilities and operating results of Pulse have been included in the Company’s consolidated financial statements. Refer to Note 18—Business Acquisitions for further details.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards ​ Effective May 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842), along with several additional clarification ASU’s issued during 2018, collectively the “New Lease Standard”. This New Lease Standard requires the lessee to recognize the assets and liabilities for the rights and obligations created by leases. The Company elected to adopt the New Lease Standard using the modified retrospective transition approach through a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. As such the Company did not recast comparative consolidated financial statements. The Company also elected the package of practical expedients which allows the Company 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 elected the short-term lease exception to not record right-of-use assets and lease liabilities for leases with a term less than 12 months and the practical expedient to not separate lease and non-lease components. Adoption of the New Lease Standard resulted in the recording of lease assets and lease liabilities on the consolidated balance sheet with no cumulative impact to retained earnings and did not have a material impact on the consolidated statement of cash flows. Refer to Note 10—Leases for additional information required as part of the adoption of the New Lease Standard. ​ In July 2018, the FASB issued ASU 2018-09, “Codification Improvements” (“ASU 2018-09”). ASU 2018-09 provides technical corrections, clarifications and other improvements across a variety of accounting topics. Among the clarifications, ASU 2018-09 clarifies that an entity should recognize excess tax benefits in the period in which the amount of the deduction is determined. This includes deductions that are taken on the entity’s return in a different period from when the event that gives rise to the tax deduction occurs and the uncertainty about whether the entity will receive a tax deduction and the amount of the tax deduction is resolved. Certain amendments were applicable immediately while others provide transition guidance and are effective in the Company’s first quarter of fiscal year 2020. The Company adopted ASU 2018-09 on May 1, 2019 using the modified retrospective method. The adoption of ASU 2018-09 resulted in a cumulative adjustment to increase retained earnings by $665,000 at May 1, 2019. ​
Reclassifications	Reclassifications ​ Certain prior year amounts have been reclassified to conform to the current year presentation. Specifically, the Company’s existing intangible assets have been reclassified from other assets to intangibles, net on the consolidated balance sheet for all periods presented.
Restricted Cash	Restricted Cash ​ The Company classifies cash accounts which are not available for general use as restricted cash. Pursuant to the terms of the Pulse Purchase Agreement, the Company maintains an escrow account to satisfy the payment of contingent consideration due to the sellers if certain objectives are met. The restricted funds in the escrow account are recorded in other assets on the consolidated balance sheet. As of July 27, 2019 restricted cash was $5,000,000. The Company had no restricted cash as of April 30, 2019.
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. ​ 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 Topic 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 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 tactical missile systems (“TMS”) product deliveries and Customer-Funded Research and Development 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 July 27, 2019, the Company had approximately $165,237,000 of remaining performance obligations under fully funded contracts with its customers, which the Company also refers to as funded backlog. The Company currently expects to recognize approximately 91% of the remaining performance obligations as revenue in fiscal 2020, an additional 9% in fiscal 2021, and the balance thereafter. ​ The Company collects sales, value added, 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, and it is recorded in other current liabilities. ​ 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 three month period ended July 27, 2019 or the three month period ended July 28, 2018. No adjustment on any one contract was material to the Company’s unaudited consolidated financial statements for the three month period ended July 27, 2019 or the three month period ended and July 28, 2018. ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ July 27, ​ July 28, Revenue by major product line/program 2019 2018 ​ Small UAS ​ $ 66,745 ​ $ 41,216 ​ TMS ​ ​ 5,587 ​ ​ 22,766 ​ HAPS ​ ​ 12,335 ​ ​ 11,563 ​ Other ​ 2,244 ​ 2,498 ​ Total revenue ​ $ 86,911 ​ $ 78,043 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ July 27, ​ July 28, ​ Revenue by contract type ​ 2019 2018 ​ FFP ​ $ 67,944 ​ $ 58,003 ​ CPFF ​ ​ 18,264 ​ ​ 19,983 ​ T&M 703 ​ 57 Total revenue ​ $ 86,911 ​ $ 78,043 ​ ​ Each of these contract types presents advantages and disadvantages. Typically, the Company assumes more risk with FFP contracts. However, these types of contracts generally offer additional profits when the Company completes the work for less than originally estimated. CPFF contracts generally subject the Company to lower risk. Accordingly, the associated base fees are usually lower than fees on FFP contracts. Under T&M contracts, the Company’s profit may vary if actual labor hour rates vary significantly from the negotiated rates. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ July 27, ​ July 28, ​ Revenue by customer category ​ 2019 2018 ​ U.S. government: ​ $ 49,134 ​ $ 35,908 ​ Non-U.S. government ​ ​ 37,777 ​ ​ 42,135 ​ Total revenue ​ $ 86,911 ​ $ 78,043 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ July 27, ​ July 28, ​ Revenue by geographic location ​ 2019 2018 ​ Domestic ​ $ 38,808 ​ $ 35,352 ​ International ​ ​ 48,103 ​ ​ 42,691 ​ Total revenue ​ $ 86,911 ​ $ 78,043 ​ ​ 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 three month period ended July 27, 2019 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 three month periods ended July 27, 2019 and July 28, 2018 that was included in contract liability balances at the beginning of each year were $830,000 and $1,548,000, respectively.
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.
Investments	Investments ​ The Company’s investments are accounted for as held-to-maturity and available-for-sale and reported at amortized cost and cost less impairment, respectively. The Company has elected to measure available-for-sale investments that do not have readily determinable fair values at cost minus impairment, if any, adjusted for changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.
Fair Values of Financial Instruments	Fair Values of Financial Instruments ​ Fair values of cash and cash equivalents, accounts receivable, unbilled receivables and retentions, and accounts payable approximate cost due to the short period of time to maturity.
Government Contracts	Government Contracts ​ Payments to the Company on government CPFF or T&M 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 CPFF or T&M government contracts to be recorded at actual rates to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. 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 July 27, 2019 and April 30, 2019, the Company had $345,000 and $93,000 reserved for incurred cost claim audits, respectively.
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 technology, in-process research and development, customer relationships, trademarks and tradenames, and non-compete agreements. The Company determines the appropriate useful life by performing an analysis of expected cash flows based on historical experience of the acquired businesses and the Company’s comparable 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.
Goodwill	Goodwill ​ Goodwill represents the excess of the cost of an acquired entity over the fair value of the acquired net assets. Goodwill is tested for impairment annually during the fourth quarter of the Company’s fiscal year or when events or circumstances change in a manner that indicates goodwill might be impaired. Events or circumstances that could trigger an impairment review include, but are not limited to, a significant adverse change in legal factors or in the business or political climate, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, significant changes in the manner of the Company’s use of the acquired assets or the strategy for the Company’s overall business, significant negative industry or economic trends or significant underperformance relative to projected future results of operations.
Earnings Per Share	Earnings Per Share ​ Basic earnings per share is computed using the weighted-average number of common shares outstanding, excluding shares of unvested restricted stock. ​ The reconciliation of basic to diluted shares is as follows (in thousands except share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Income from July 27, 2019 July 28, 2018 Continuing operations attributable to AeroVironment ​ $ 17,110 ​ $ 20,337 Discontinued operations, net of tax ​ — ​ 6,993 ​ Net income attributable to AeroVironment ​ $ 17,110 ​ $ 27,330 ​ Denominator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ Weighted average common shares ​ 23,745,199 ​ 23,574,595 ​ Dilutive effect of employee stock options, restricted stock and restricted stock units ​ 324,734 ​ 435,708 ​ Denominator for diluted earnings per share ​ ​ 24,069,933 ​ ​ 24,010,303 ​ ​ Potentially dilutive shares not included in the computation of diluted weighted-average common shares because their effect would have been anti-dilutive were 3,675 and for the three months ended July 27, 2019 and July 28, 2018, respectively.
Recently Issued Accounting Standards	Recently Issued Accounting Standards ​ In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments ​ In August 2018, the FASB issued ASU 2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement . ​ 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 .

Organization and Significant _3

Organization and Significant Accounting Policies (Tables)	3 Months Ended
	Jul. 27, 2019
Organization and Significant Accounting Policies
Schedule of revenue by category	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ July 27, ​ July 28, Revenue by major product line/program 2019 2018 ​ Small UAS ​ $ 66,745 ​ $ 41,216 ​ TMS ​ ​ 5,587 ​ ​ 22,766 ​ HAPS ​ ​ 12,335 ​ ​ 11,563 ​ Other ​ 2,244 ​ 2,498 ​ Total revenue ​ $ 86,911 ​ $ 78,043 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ July 27, ​ July 28, ​ Revenue by contract type ​ 2019 2018 ​ FFP ​ $ 67,944 ​ $ 58,003 ​ CPFF ​ ​ 18,264 ​ ​ 19,983 ​ T&M 703 ​ 57 Total revenue ​ $ 86,911 ​ $ 78,043 ​ ​ Each of these contract types presents advantages and disadvantages. Typically, the Company assumes more risk with FFP contracts. However, these types of contracts generally offer additional profits when the Company completes the work for less than originally estimated. CPFF contracts generally subject the Company to lower risk. Accordingly, the associated base fees are usually lower than fees on FFP contracts. Under T&M contracts, the Company’s profit may vary if actual labor hour rates vary significantly from the negotiated rates. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ July 27, ​ July 28, ​ Revenue by customer category ​ 2019 2018 ​ U.S. government: ​ $ 49,134 ​ $ 35,908 ​ Non-U.S. government ​ ​ 37,777 ​ ​ 42,135 ​ Total revenue ​ $ 86,911 ​ $ 78,043 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ July 27, ​ July 28, ​ Revenue by geographic location ​ 2019 2018 ​ Domestic ​ $ 38,808 ​ $ 35,352 ​ International ​ ​ 48,103 ​ ​ 42,691 ​ Total revenue ​ $ 86,911 ​ $ 78,043 ​
Schedule of reconciliation of basic to diluted shares	The reconciliation of basic to diluted shares is as follows (in thousands except share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Income from July 27, 2019 July 28, 2018 Continuing operations attributable to AeroVironment ​ $ 17,110 ​ $ 20,337 Discontinued operations, net of tax ​ — ​ 6,993 ​ Net income attributable to AeroVironment ​ $ 17,110 ​ $ 27,330 ​ Denominator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ Weighted average common shares ​ 23,745,199 ​ 23,574,595 ​ Dilutive effect of employee stock options, restricted stock and restricted stock units ​ 324,734 ​ 435,708 ​ Denominator for diluted earnings per share ​ ​ 24,069,933 ​ ​ 24,010,303 ​

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Jul. 27, 2019
Discontinued Operations and Disposal Groups [Abstract]
Schedule of statements of operations data for the EES Business	The table below presents the statements of operations data for the EES Business (in thousands).

Investments (Tables)

Investments (Tables)	3 Months Ended
	Jul. 27, 2019
Investments
Schedule of investments	Investments consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 27, ​ April 30, ​ ​ 2019 2019 ​ ​ ​ ​ Short-term investments: ​ ​ ​ ​ ​ ​ ​ Held-to-maturity securities: ​ ​ ​ ​ ​ ​ ​ Municipal securities ​ $ 7,873 ​ $ 5,332 ​ U.S. government securities ​ ​ 81,689 ​ ​ 63,205 ​ Corporate bonds ​ ​ 74,072 ​ ​ 81,950 ​ Total held-to-maturity short-term investments ​ $ 163,634 ​ $ 150,487 ​ Long-term investments: ​ ​ ​ ​ ​ ​ ​ Held-to-maturity securities: ​ ​ ​ ​ ​ ​ ​ U.S. government securities ​ ​ 1,006 ​ ​ 7,404 ​ Corporate bonds ​ ​ 1,188 ​ ​ 1,982 ​ Total held-to-maturity investments ​ 2,194 ​ 9,386 ​ Available-for-sale securities: ​ ​ ​ ​ ​ ​ ​ Investment in limited partnership fund ​ 2,693 ​ — ​ Total available-for-sale investments ​ 2,693 ​ — ​ Total long-term investments ​ $ 4,887 ​ $ 9,386 ​
Schedule of activity related to available-for-sale investments recorded in long-term investments	The following table is a summary of the activity related to the available-for-sale investments recorded in long-term investments (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 30, 2019 Changes in ​ July 27, 2019 ​ ​ Carrying ​ Fair Value ​ Sales or ​ Carrying ​ ​ Value ​ Reflected in Net Income ​ Purchases ​ Value Investment in limited partnership ​ $ — ​ $ — ​ $ 2,693 ​ $ 2,693 Total investments without readily determinable fair values $ — $ — $ 2,693 ​ $ 2,693 ​
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 gains, gross unrealized losses, and estimated fair value of the held-to-maturity investments as of July 27, 2019 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 27, 2019 ​ ​ ​ ​ Gross Gross ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ ​ ​ Cost ​ Gains ​ Losses ​ Value ​ Municipal securities ​ $ 7,873 ​ $ 2 ​ $ — $ 7,875 ​ U.S. government securities ​ ​ 82,695 ​ ​ 129 ​ ​ (11) ​ 82,813 ​ Corporate bonds ​ ​ 75,260 ​ ​ 43 ​ ​ (6) ​ 75,297 ​ Total held-to-maturity investments ​ $ 165,828 ​ $ 174 ​ $ (17) ​ $ 165,985 ​ ​ The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the held-to-maturity investments as of April 30, 2019 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 30, 2019 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ ​ Cost Gains Losses Value Municipal securities $ 5,332 ​ $ 2 ​ $ (1) ​ $ 5,333 ​ U.S. government securities ​ 70,609 ​ ​ 78 ​ ​ (52) ​ ​ 70,635 ​ Corporate bonds ​ 83,932 ​ ​ 20 ​ ​ (5) ​ ​ 83,947 ​ Total held-to-maturity investments $ 159,873 $ 100 $ (58) $ 159,915 ​
Schedule of amortized cost and fair value by contractual maturity	The amortized cost and fair value of the held-to-maturity securities by contractual maturity at July 27, 2019 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost Fair Value Due within one year ​ $ 163,634 ​ $ 163,792 ​ Due after one year through five years ​ 2,194 ​ 2,193 ​ Total ​ $ 165,828 ​ $ 165,985 ​
Available-for-sale securities | Auction rate securities
Investments
Schedule of amortized cost and fair value by contractual maturity	​ ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Jul. 27, 2019
Fair Value Measurements
Schedule of financial liabilities measured at fair value on recurring basis	The Company’s financial liabilities measured at fair value on a recurring basis at July 27, 2019, were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement Using ​ ​ ​ Significant ​ ​ ​ ​ ​ ​ Quoted prices in ​ other ​ Significant ​ ​ ​ ​ ​ active markets for ​ observable ​ unobservable ​ ​ ​ ​ ​ identical assets ​ inputs ​ inputs ​ ​ ​ Description ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ Total Contingent consideration ​ $ — ​ $ — ​ $ 4,295 ​ $ 4,295 ​ Total ​ $ — ​ $ — ​ $ 4,295 ​ $ 4,295 ​
Schedule of financial assets measured at fair value on a recurring basis	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, 2019 ​ $ — ​ Business acquisition ​ ​ 4,263 ​ Transfers to Level 3 ​ — ​ Total gains (realized or unrealized) ​ ​ ​ ​ Included in selling, general and administrative ​ 32 ​ Included in other comprehensive income ​ — ​ Settlements ​ — ​ Balance at July 27, 2019 ​ $ 4,295 ​ 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 July 27, 2019 ​ $ — ​

Inventories, net (Tables)

Inventories, net (Tables)	3 Months Ended
	Jul. 27, 2019
Inventories, net
Schedule of inventories	Inventories consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 27, ​ April 30, ​ ​ 2019 2019 Raw materials ​ $ 16,600 ​ $ 16,792 ​ Work in process ​ 20,836 ​ 19,162 ​ Finished goods ​ 27,029 ​ 25,926 ​ Inventories, gross ​ 64,465 ​ 61,880 ​ Reserve for inventory excess and obsolescence ​ (8,129) ​ (7,824) ​ Inventories, net ​ $ 56,336 ​ $ 54,056 ​ ​

Warranty Reserves (Tables)

Warranty Reserves (Tables)	3 Months Ended
	Jul. 27, 2019
Warranty Reserves
Summary of warranty reserve activity	Warranty reserve activity is summarized as follows for the three months ended July 27, 2019 and July 28, 2018, respectively (in thousands):

Intangibles (Tables)

Intangibles (Tables)	3 Months Ended
	Jul. 27, 2019
Intangibles
Schedule of components of intangibles	The components of intangibles are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 27, ​ April 30, ​ ​ 2019 2019 ​ Technology ​ $ 14,950 ​ $ - ​ In-process research and development ​ ​ 1,370 ​ ​ - ​ Licenses ​ ​ 1,006 ​ ​ 1,006 ​ Customer relationships ​ ​ 873 ​ ​ 733 ​ Non-compete agreements ​ ​ 320 ​ ​ - ​ Trademarks and tradenames ​ ​ 68 ​ ​ 28 ​ Other ​ ​ 3 ​ ​ 3 ​ Intangibles, gross ​ ​ 18,590 ​ ​ 1,770 ​ Less accumulated amortization ​ (1,863) ​ (1,311) ​ Intangibles, net ​ $ 16,727 ​ $ 459 ​
Schedule of estimated amortization expense for the next five years	Estimated amortization expense for the next five years is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ Year ending ​ ​ April 30, 2020 ​ $ 681 ​ 2021 ​ 2,860 ​ 2022 ​ 3,102 ​ 2023 ​ 2,961 ​ 2024 ​ 2,834 ​ ​ ​ $ 12,438 ​ ​

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Jul. 27, 2019
Goodwill.
Schedule of the changes in goodwill balances	The following table presents the changes in the Company’s goodwill balance (in thousands): ​ ​ ​ ​ ​ Balance at April 30, 2019 $ - Additions to goodwill ​ ​ 8,080 Impairment of goodwill ​ ​ - Balance at July 27, 2019 ​ $ 8,080

Leases (Tables)

Leases (Tables)	3 Months Ended
	Jul. 27, 2019
Leases
Schedule of components of lease costs	The components of lease costs recorded in cost of sales for product sales and contract services and selling, general and administrative (“SG&A”) expense were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ July 27, ​ 2019 Operating lease cost ​ $ 1,120 Short term lease cost ​ ​ 237 Variable lease cost ​ ​ 89 Sublease income ​ ​ (117) Total lease costs, net ​ $ 1,329
Schedule of supplemental lease information	​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ July 27, ​ 2019 ​ ​ (In thousands) Cash paid for amounts included in the measurement of operating lease liabilities ​ $ 1,389 Right-of-use assets obtained in exchange for new lease liabilities ​ $ 10,561 ​ ​ ​ ​ Weighted average remaining lease term ​ ​ 37 months Weighted average discount rate ​ ​ 3.7%
Schedule of maturities of operating lease liabilities - ASC 842	Maturities of operating lease liabilities as of July 27, 2019 were as follows (in thousands): ​ ​ ​ ​ ​ 2020 ​ $ 2,350 2021 ​ 3,638 2022 ​ 2,866 2023 ​ 1,647 2024 ​ 1,055 Thereafter ​ 61 Total lease payments ​ ​ 11,617 Less: imputed interest ​ ​ (1,249) Total present value of operating lease liabilities ​ $ 10,368
Schedule of maturities of operating lease liabilities - ASC 840	​ ​ ​ ​ ​ 2020 ​ $ 5,298 2021 ​ 3,527 2022 ​ 2,723 2023 ​ 1,554 2024 ​ 953 Thereafter ​ — Total lease payments ​ $ 14,055 ​

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income and Reclassifications Adjustments (Tables)	3 Months Ended
	Jul. 27, 2019
Accumulated Other Comprehensive Income and Reclassifications Adjustments
Schedule of components of accumulated other comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ Accumulated Other ​ ​ Income Balance, net of $0 deferred taxes, as of April 30, 2019 $ 2 ​ Reclassifications out of accumulated other comprehensive income, net of taxes ​ — ​ Change in foreign currency translation adjustments, net of $0 taxes ​ ​ 169 ​ Balance, net of $0 deferred taxes, as of July 27, 2019 $ 171 ​ ​

Business Acquisitions (Tables)

Business Acquisitions (Tables)	3 Months Ended
	Jul. 27, 2019
Business Acquisitions
Schedule of the fair value of the assets acquired and liabilities assumed at the acquisition date	The following table summarizes the provisional allocation of the purchase price over the estimated fair value of the assets and liabilities assumed in the acquisition of Pulse (in thousands): ​ ​ ​ ​ ​ ​ ​ June 10, ​ ​ ​ 2019 ​ Technology $ 14,950 ​ Goodwill ​ ​ 8,080 ​ In-process R&D ​ ​ 1,370 ​ Inventory ​ ​ 334 ​ Non-compete agreements ​ ​ 320 ​ Other assets, net of liabilities assumed ​ ​ (614) ​ Total net identified assets acquired ​ $ 24,440 ​ ​ ​ ​ ​ ​ Fair value of consideration: ​ ​ ​ ​ Cash ​ $ 18,677 ​ Holdback ​ ​ 1,250 ​ Retention ​ ​ 250 ​ Contingent consideration ​ ​ 4,263 ​ Total ​ $ 24,440 ​
Schedule of unaudited pro forma summary presents consolidated information of the Company as if the business combination had occurred	The following unaudited pro forma summary presents consolidated information of the Company as if the business acquisition had occurred on May 1, 2018 (in thousands):

Organization and Significant _4

Organization and Significant Accounting Policies - Pulse Aerospace, LLC (Details)	Jun. 10, 2019
Organization and Significant Accounting Policies
Ownership interest acquired	100.00%

Organization and Significant _5

Organization and Significant Accounting Policies - Recently Adopted Accounting Standards (Details) - USD ($)	Jul. 27, 2019	May 01, 2019	Apr. 30, 2019
Revenue recognition
Retained earnings	$ 304,126,000		$ 286,351,000
ASU 2014-09 | Effect of the Adoption of ASC Topic 606
Revenue recognition
Retained earnings, continuing operations		$ 665,000

Organization and Significant _6

Organization and Significant Accounting Policies - Restricted Cash (Details) - USD ($)	Jul. 27, 2019	Apr. 30, 2019
Organization and Significant Accounting Policies
Restricted Cash	$ 5,000,000	$ 0

Organization and Significant _7

Organization and Significant Accounting Policies - Performance Obligations (Details)	Jul. 27, 2019USD ($)
Organization and Significant Accounting Policies
Remaining performance obligations	$ 165,237,000
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)	91.00%
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)	9.00%
Performance Obligations
Year of performance obligations	2 years

Organization and Significant _8

Organization and Significant Accounting Policies - Contract Estimates (Details) - USD ($)	3 Months Ended
	Jul. 27, 2019	Jul. 28, 2018
Organization and Significant Accounting Policies
Material adjustment to any one contract	$ 0	$ 0

Organization and Significant _9

Organization and Significant Accounting Policies - Revenue by Category (Details)	3 Months Ended
	Jul. 27, 2019USD ($)contract	Jul. 28, 2018USD ($)
Disaggregation of revenue
Number of active contracts | contract	1
Contract Liability
Disaggregation of revenue
Revenue	$ 830,000	$ 1,548,000
Domestic
Disaggregation of revenue
Revenue	38,808,000	35,352,000
International
Disaggregation of revenue
Revenue	48,103,000	42,691,000
U.S. government
Disaggregation of revenue
Revenue	49,134,000	35,908,000
Non-U.S. government
Disaggregation of revenue
Revenue	37,777,000	42,135,000
FFP
Disaggregation of revenue
Revenue	67,944,000	58,003,000
CPFF
Disaggregation of revenue
Revenue	18,264,000	19,983,000
T&M
Disaggregation of revenue
Revenue	703,000	57,000
Small UAS
Disaggregation of revenue
Revenue	66,745,000	41,216,000
TMS
Disaggregation of revenue
Revenue	5,587,000	22,766,000
HAPS
Disaggregation of revenue
Revenue	12,335,000	11,563,000
Other
Disaggregation of revenue
Revenue	$ 2,244,000	$ 2,498,000

Organization and Significant_10

Organization and Significant Accounting Policies - Government Contracts (Details) - USD ($)	3 Months Ended
	Jul. 27, 2019	Jul. 28, 2018	Apr. 30, 2019
Government Contracts
Reserves for incurred cost claim audits	$ 345,000		$ 93,000
Numerator for basic earnings per share:
Continuing operations attributable to AeroVironment	17,110,000	$ 20,337,000
Discontinued operations, net of tax		6,993,000
Net income attributable to AeroVironment	$ 17,110,000	$ 27,330,000
Denominator for basic earnings per share:
Weighted average common shares	23,745,199	23,574,595
Dilutive effect of employee stock options, restricted stock and restricted stock units	324,734	435,708
Denominator for diluted earnings per share	24,069,933	24,010,303
Number of shares reserved for issuance that are anti-dilutive	3,675	25,392

Discontinued Operations (Detail

Discontinued Operations (Details)	Feb. 22, 2019USD ($)	Jul. 29, 2018USD ($)	Jun. 29, 2018USD ($)	Jul. 27, 2019USD ($)contract	Jul. 28, 2018USD ($)
Discontinued operations
Amount of recall and other damages sought	$ 6,500,000
Statement of operations
Net loss from discontinued operations					$ (1,850,000)
Gain on sale of business, net of tax expense of $2,577					8,843,000
Tax expense					2,577,000
Net income from discontinued operations					6,993,000
EES Business | Disposed of by sale
Discontinued operations
Cash consideration received			$ 31,994,000
Gain on sale of business			11,420,000
Working capital dispute		$ 1,085,000
Amounts recorded in the consolidated financial statements		$ 0
Statement of operations
Net Sales					4,256,000
Cost of sales					4,278,000
Gross margin					(22,000)
Selling, general and administrative					1,453,000
Research and development					1,065,000
Other income, net					1,000
Loss from discontinued operations before income taxes					(2,539,000)
Benefit for income taxes					(689,000)
Net loss from discontinued operations					(1,850,000)
Gain on sale of business, net of tax expense of $2,577					8,843,000
Tax expense					2,577,000
Net income from discontinued operations					6,993,000
EES Business | Disposed of by sale | Other income (expense)
Statement of operations
Net Sales				$ 444,000	$ 399,000
Holdback | Disposed of by sale
Discontinued operations
Cash consideration received			$ 6,500,000
Number of remaining contracts | contract				2

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	Jul. 27, 2019	Apr. 30, 2019
Short-term investments:
Total held-to-maturity and short-term investments	$ 163,634	$ 150,487
Long-term investments:
Total long-term investments	4,887	9,386
Held to maturity securities
Long-term investments:
Total long-term investments	2,194	9,386
Held to maturity securities | Municipal securities
Short-term investments:
Total held-to-maturity and short-term investments	7,873	5,332
Held to maturity securities | U.S. government securities
Short-term investments:
Total held-to-maturity and short-term investments	81,689	63,205
Long-term investments:
Total long-term investments	1,006	7,404
Held to maturity securities | Corporate bonds
Short-term investments:
Total held-to-maturity and short-term investments	74,072	81,950
Long-term investments:
Total long-term investments	1,188	$ 1,982
Available-for-sale securities
Long-term investments:
Total long-term investments	2,693
Available-for-sale securities | Auction rate securities
Long-term investments:
Total long-term investments	$ 2,693

Investments - Held-To-Maturity

Investments - Held-To-Maturity Securities (Details) - USD ($) $ in Thousands	Jul. 27, 2019	Apr. 30, 2019
Held To Maturity Securities
Amortized Cost	$ 165,828	$ 159,873
Gross Unrealized Gains	174	100
Gross Unrealized Losses	(17)	(58)
Fair Value	165,985	159,915
Municipal securities
Held To Maturity Securities
Amortized Cost	7,873	5,332
Gross Unrealized Gains	2	2
Gross Unrealized Losses		(1)
Fair Value	7,875	5,333
U.S. government securities
Held To Maturity Securities
Amortized Cost	82,695	70,609
Gross Unrealized Gains	129	78
Gross Unrealized Losses	(11)	(52)
Fair Value	82,813	70,635
Corporate bonds
Held To Maturity Securities
Amortized Cost	75,260	83,932
Gross Unrealized Gains	43	20
Gross Unrealized Losses	(6)	(5)
Fair Value	$ 75,297	$ 83,947

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Value of the Held-to-Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Jul. 27, 2019	Apr. 30, 2019
Amortized cost of held-to-maturity securities by contractual maturity
Due within one year	$ 163,634
Due after one year through five years	2,194
Total	165,828	$ 159,873
Fair value of held-to-maturity securities by contractual maturity
Due within one year	163,792
Due after one year through five years	2,193
Fair Value	$ 165,985	$ 159,915

Investments - Available for sal

Investments - Available for sale securities (Details) - Available-for-sale securities $ in Thousands	3 Months Ended
	Jul. 27, 2019USD ($)
Investments
Sales or Purchases	$ 2,693
Carrying Value	2,693
Investment in limited partnership fund
Investments
Sales or Purchases	2,693
Carrying Value	$ 2,693

Investments - Auction rate secu

Investments - Auction rate securities (Details) - Auction rate securities	12 Months Ended
	Apr. 30, 2019item
Investments
Number of available-for-sale securities	2
Minimum
Available For Sale Securities
Maturity period of available-for-sale securities	1 year
Maximum
Available For Sale Securities
Maturity period of available-for-sale securities	16 years

Fair Value Measurements - (Deta

Fair Value Measurements - (Details) $ in Thousands	Jul. 27, 2019USD ($)
Fair Value Measurement
Financial liabilities	$ 4,295
Contingent consideration
Fair Value Measurement
Financial liabilities	4,295
Recurring basis | Significant unobservable inputs (Level 3)
Fair Value Measurement
Financial liabilities	4,295
Recurring basis | Significant unobservable inputs (Level 3) | Contingent consideration
Fair Value Measurement
Financial liabilities	$ 4,295

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation (Details) - Significant unobservable inputs (Level 3) $ in Thousands	3 Months Ended
	Jul. 27, 2019USD ($)
Reconciliation between beginning and ending balances of items measured at fair value on recurring basis
Business acquisition	$ 4,263
Total gains (realized or unrealized) Included in selling, general and administrative	32
Balance at the end of the period	$ 4,295

Fair Value Measurements - Pulse

Fair Value Measurements - Pulse purchase agreement (Details) - Pulse Aerospace, LLC - USD ($) $ in Thousands	Jun. 10, 2019	Jul. 27, 2019
Fair Value Measurement
Cash	$ 18,677
Maximum
Fair Value Measurement
Cash		$ 5,000

Inventories, net (Details)

Inventories, net (Details) - USD ($) $ in Thousands	Jul. 27, 2019	Apr. 30, 2019
Inventories, net
Raw materials	$ 16,600	$ 16,792
Work in process	20,836	19,162
Finished goods	27,029	25,926
Inventories, gross	64,465	61,880
Reserve for inventory excess and obsolescence	(8,129)	(7,824)
Inventories, net	$ 56,336	$ 54,056

Equity Method Investments (Deta

Equity Method Investments (Details) ¥ in Thousands	3 Months Ended
	Jul. 27, 2019USD ($)	Jul. 28, 2018USD ($)	May 10, 2019JPY (¥)	May 10, 2019USD ($)	Apr. 30, 2019USD ($)	Feb. 09, 2019JPY (¥)	Feb. 09, 2019USD ($)	Feb. 08, 2019	Jan. 29, 2019JPY (¥)	Jan. 29, 2019USD ($)	Apr. 17, 2018JPY (¥)	Apr. 17, 2018USD ($)	Dec. 27, 2017JPY (¥)	Dec. 27, 2017USD ($)
Equity Method Investments
Equity method investment loss, net of tax	$ (1,347,000)	$ (602,000)
HAPSMobile
Equity Method Investments
Ownership percentage	5.00%		10.00%	10.00%	10.00%	10.00%	10.00%	5.00%	5.00%	5.00%			5.00%	5.00%
Payments for purchase of interest			¥ 500,000	$ 4,569,000		¥ 632,800	$ 5,671,000		¥ 209,500	$ 1,926,000	¥ 150,000	$ 1,407,000	¥ 210,000	$ 1,860,000
HAPSMobile | Equity method investment activity, net of tax
Equity Method Investments
Equity method investment loss, net of tax	$ (1,347,000)	$ (602,000)
HAPSMobile | Other assets, long term
Equity Method Investments
Carrying value of investment	$ 9,002,000				$ 5,612,000
HAPSMobile | SoftBank
Equity Method Investments
Ownership percentage	95.00%
AeroVironment | HAPSMobile
Equity Method Investments
Ownership percentage	5.00%

Warranty Reserves (Details)

Warranty Reserves (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2019	Jul. 28, 2018
Warranty Reserves
Beginning balance	$ 1,704	$ 2,090
Warranty expense	549	611
Changes in estimates related to pre-existing warranties		712
Warranty costs settled	(540)	(275)
Ending balance	$ 1,713	$ 3,138

Warranty Reserves Estimated Cos

Warranty Reserves Estimated Cost (Details) - USD ($)	3 Months Ended
	Jul. 27, 2019	Jul. 28, 2018
Warranty Reserves
Standard Product Warranty Accrual, Preexisting, Increase (Decrease)		$ 712,000
Product Warranty Expense	$ 254,000
UAS | Warranty reserve.
Warranty Reserves
Standard Product Warranty Accrual, Preexisting, Increase (Decrease)	$ 222,000

Intangibles (Details)

Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jul. 27, 2019	Jul. 28, 2018	Apr. 30, 2019
Intangibles
Intangibles, gross	$ 18,590		$ 1,770
Less accumulated amortization	(1,863)		(1,311)
Intangibles, net	$ 16,727		$ 459
Weighted average amortization period	5 years		1 year
Amortization expense	$ 552	$ 69
Technology
Intangibles
Intangibles, gross	14,950
In process research and development
Intangibles
Intangibles, gross	1,370
Licenses
Intangibles
Intangibles, gross	1,006		$ 1,006
Customer relationships
Intangibles
Intangibles, gross	873		733
Non-compete agreements
Intangibles
Intangibles, gross	320
Trademarks and tradenames
Intangibles
Intangibles, gross	68		28
Other
Intangibles
Intangibles, gross	$ 3		$ 3

Intangibles - Estimated amortiz

Intangibles - Estimated amortization expense (Details) $ in Thousands	Apr. 30, 2019USD ($)
Estimated amortization expense for the next five years
2020	$ 681
2021	2,860
2022	3,102
2023	2,961
2024	2,834
Total	$ 12,438

Goodwill (Details)

Goodwill (Details) $ in Thousands	3 Months Ended
	Jul. 27, 2019USD ($)
Goodwill.
Additions to goodwill	$ 8,080
Goodwill, Ending Balance	$ 8,080

Leases (Details)

Leases (Details)	3 Months Ended
	Jul. 27, 2019
Leases
Option to extend	true
Option to terminate	true
Option to terminate period (in years)	2 years
Minimum
Leases
Remaining lease terms (in years)	1 year
Maximum
Leases
Remaining lease terms (in years)	6 years
Option to extend period (in years)	10 years

Leases - Components of lease co

Leases - Components of lease costs (Details) $ in Thousands	3 Months Ended
	Jul. 27, 2019USD ($)
Components of lease costs
Operating lease cost	$ 1,120
Short term lease cost	237
Variable lease cost	89
Sublease income	(117)
Total lease costs, net	$ 1,329

Leases - Supplemental lease inf

Leases - Supplemental lease information (Details) $ in Thousands	3 Months Ended
	Jul. 27, 2019USD ($)
Leases
Cash paid for amounts included in the measurement of operating lease liabilities	$ 1,389
Right-of-use assets obtained in exchange for new lease liabilities	$ 10,561
Weighted average remaining lease term	37 months
Weighted average discount rate	3.70%

Leases - Maturities - ASC 842 (

Leases - Maturities - ASC 842 (Details) $ in Thousands	Jul. 27, 2019USD ($)
Maturities of operating lease liabilities:
2020	$ 2,350
2021	3,638
2022	2,866
2023	1,647
2024	1,055
Thereafter	61
Total lease payments	11,617
Less: imputed interest	(1,249)
Total present value of operating lease liabilities	$ 10,368

Leases - Maturities - ASC 840 (

Leases - Maturities - ASC 840 (Details) $ in Thousands	Apr. 30, 2019USD ($)
Maturities of operating lease liabilities:
2020	$ 5,298
2021	3,527
2022	2,723
2023	1,554
2024	953
Total lease payments	$ 14,055

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income and Reclassifications Adjustments (Details) - USD ($) $ in Thousands	Apr. 30, 2019	Jul. 27, 2019
Accumulated other comprehensive loss
Balance, net of $0 deferred taxes, as of April 30, 2019		$ 2
Balance, net of $0 deferred taxes, as of July 27, 2019	$ 2	171
Other comprehensive income, tax	0	0
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive loss
Balance, net of $0 deferred taxes, as of April 30, 2019		2
Change in foreign currency translation adjustments, net of $0 taxes		169
Balance, net of $0 deferred taxes, as of July 27, 2019	$ 2	$ 171

Customer-Funded Research & De_2

Customer-Funded Research & Development (Details) - USD ($)	3 Months Ended
	Jul. 27, 2019	Jul. 28, 2018
Customer-Funded Research & Development
Revenue from customer funded research and development	$ 15,120,000	$ 17,117,000

Long-Term Incentive Awards (Det

Long-Term Incentive Awards (Details) - USD ($)	3 Months Ended			12 Months Ended
	Jul. 27, 2019	Jul. 28, 2018	Jul. 29, 2017	Apr. 30, 2019
Stock Based Compensation
Stock based compensation expense	$ 1,600,000			$ 1,429,000
Fiscal 2020 LTIP
Stock Based Compensation
Stock based compensation expense		$ 0
Fiscal 2020 LTIP | Performance based restricted stock units
Stock Based Compensation
Stock based compensation expense	$ 131,000
Exercisable period from grant date	3 years
Fiscal 2020 LTIP | Performance based restricted stock units | 100% Vested
Stock Based Compensation
Vesting (as a percentage)	100.00%
Fiscal 2020 LTIP | Performance based restricted stock units | 50% Vested
Stock Based Compensation
Vesting (as a percentage)	50.00%
Fiscal 2020 LTIP | Performance based restricted stock units | 200% Vested
Stock Based Compensation
Vesting (as a percentage)	200.00%
Fiscal 2020 LTIP | Performance based restricted stock units | Maximum
Stock Based Compensation
Stock based compensation expense	$ 4,696,000
Fiscal 2019 LTIP | Performance based restricted stock units
Stock Based Compensation
Stock based compensation expense	33,000	$ 44,000
Exercisable period from grant date		3 years
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	2,933,000
Fiscal 2018 LTIP | Performance based restricted stock units
Stock Based Compensation
Stock based compensation expense	$ 8,000	$ 490,000
Exercisable period from grant date	3 years
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	$ 2,180,000
Fiscal 2017 LTIP | Performance based restricted stock units
Stock Based Compensation
Stock based compensation expense	$ 0
Exercisable period from grant date				3 years
Issue of fully-vested shares of common stock to settle	14,814

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2019	Jul. 28, 2018
Income taxes
Provision for income taxes	$ 2,133	$ 2,567
Effective tax benefit rate (as a percent)	10.40%	10.90%

Share Repurchase (Details)

Share Repurchase (Details) - USD ($)	3 Months Ended
	Jul. 27, 2019	Jul. 28, 2018	Apr. 30, 2019	Sep. 30, 2015
Share Repurchase
Stock Repurchase Program, Authorized Amount				$ 25,000,000
Shares repurchased and retired	0	0
Share authorized for future repurchases	$ 21,200,000		$ 21,200,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended
	Jul. 27, 2019	Jul. 28, 2018	May 10, 2019	Apr. 30, 2019	Feb. 09, 2019	Feb. 08, 2019	Jan. 29, 2019	Dec. 27, 2017
Long-Term Incentive Awards
Revenue	$ 12,335,000	$ 11,563,000
Unbilled related party receivables	12,649,000			$ 9,028,000
Design and Development Agreement
Long-Term Incentive Awards
Maximum net value	134,354,000
HAPSMobile | Design and Development Agreement
Long-Term Incentive Awards
Revenue	12,335,000	$ 11,563,000
Unbilled related party receivables	$ 12,649,000			$ 9,028,000
HAPSMobile
Long-Term Incentive Awards
Ownership percentage	5.00%		10.00%	10.00%	10.00%	5.00%	5.00%	5.00%
AeroVironment | HAPSMobile
Long-Term Incentive Awards
Ownership percentage	5.00%

Business Acquisitions (Details)

Business Acquisitions (Details)	Jun. 10, 2019USD ($)item	Jul. 27, 2019USD ($)	Jul. 28, 2018USD ($)
Business Acquisitions
Ownership interest acquired	100.00%
Business Combinations, Assets Acquired and Liabilities Assumed at Acquisition Date
Goodwill		$ 8,080,000
Fair value of consideration transferred:
Period of goodwill deduction		15 years
SG&A
Supplemental Pro forma Information
Acquisition-related costs		$ 341,000
Pulse Aerospace, LLC
Business Acquisitions
Ownership interest acquired	100.00%
Amount of cash less closing indebtedness and transaction costs	$ 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
Number of research and development milestones | item	2
Total milestone achievement	$ 5,000,000
Change in contingent consideration		0
Fair value of contingent consideration		4,295,000
Business Combinations, Assets Acquired and Liabilities Assumed at Acquisition Date
Inventory	334,000
Goodwill	8,080,000
Other assets and liabilities assumed	(614,000)
Total net identified assets acquired	24,440,000
Fair value of consideration transferred:
Cash	18,677,000
Holdback	1,250,000
Retention	250,000
Contingent consideration	$ 4,263,000
Supplemental Pro forma Information
Revenue		87,138,000	$ 79,313,000
Net income attributable to AeroVironment		17,393,000	$ 26,369,000
Pulse Aerospace, LLC | Discount rate
Business Acquisitions
Measurement input	4.5
Pulse Aerospace, LLC | Minimum
Business Acquisitions
Each milestone achievement	$ 0
Pulse Aerospace, LLC | Maximum
Business Acquisitions
Each milestone achievement	2,500,000
Fair value of consideration transferred:
Cash		$ 5,000,000
Pulse Aerospace, LLC | Technology
Business Combinations, Assets Acquired and Liabilities Assumed at Acquisition Date
Intangible assets	14,950,000
Pulse Aerospace, LLC | In process research and development
Business Combinations, Assets Acquired and Liabilities Assumed at Acquisition Date
Intangible assets	1,370,000
Pulse Aerospace, LLC | Non-compete agreements
Business Combinations, Assets Acquired and Liabilities Assumed at Acquisition Date
Intangible assets	$ 320,000