AeroVironment Inc (AVAV) 2021 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to AeroVironment's First Quarter Fiscal Year 2021 Earnings Call. This is Steve Gitlin, Chief Marketing Officer and Vice President of Investor Relations for AeroVironment. (Operator Instruction]. As a reminder, this conference is being recorded for replay purposes.

女士們、先生們，下午好，歡迎參加 AeroVironment 2021 財年第一季財報電話會議。我是 AeroVironment 首席行銷長兼投資者關係副總裁 Steve Gitlin。（操作員指令）。提醒一下，本次會議將會被錄音以供重播。

Before we begin, please note that on this call, certain information presented contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements and may contain words such as believe, anticipate, expect, estimate, intend, project, plan or words or phrases with similar meaning. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control that may cause our business, strategy or actual results to differ materially from the forward-looking statements. For further information on these risks, we encourage you to review the risk factors discussed in AeroVironment's periodic reports on Form 10-K and Form 10-Q filed with the SEC and the Form 8-K filed today with the SEC, along with the associated earnings release and the safe harbor statement contained therein. This afternoon, we also filed a slide presentation with our earnings release and posted the presentation on our website at avinc.com in the Events and Presentations section. The content of this conference call contains time-sensitive information that is accurate only as of today, September 9, 2020. The company undertakes no obligation to make any revision to any forward-looking statements contained in our remarks today or to update them to reflect the events or circumstances occurring after this conference call.

在我們開始之前，請注意，在本次電話會議中，所提供的某些資訊包含《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。前瞻性陳述包括但不限於任何可能預測、預報、表明或暗示未來結果、表現或成就的陳述，並且可能包含諸如相信、預期、期望、估計、打算、預測、計劃或具有類似含義的詞語或短語。前瞻性陳述是基於目前的預期、預測和假設，其中涉及風險和不確定性，包括但不限於我們無法控制的經濟、競爭、政府和技術因素，這些因素可能導致我們的業務、策略或實際結果與前瞻性陳述有重大差異。有關這些風險的更多信息，我們建議您查看 AeroVironment 向美國證券交易委員會提交的 10-K 表和 10-Q 表定期報告以及今天向美國證券交易委員會提交的 8-K 表中討論的風險因素，以及相關的收益報告和其中包含的安全港聲明。今天下午，我們還在收益報告中提交了一份幻燈片演示，並將其發佈在我們的網站 avinc.com 的「活動和演示」部分。本次電話會議的內容包含時間敏感訊息，僅截至今天（2020 年 9 月 9 日）準確。本公司不承擔對今天評論中包含的任何前瞻性陳述進行修改或更新以反映本次電話會議後發生的事件或情況的義務。

Joining me today from AeroVironment are President and Chief Executive Officer, Mr. Wahid Nawabi; and Senior Vice President and Chief Financial Officer, Mr. Kevin McDonnell.

今天與我一起出席的還有 AeroVironment 總裁兼執行長 Wahid Nawabi 先生和資深副總裁兼財務長 Kevin McDonnell 先生。

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

我們現在開始聽瓦希德·納瓦比的演講。瓦希德？

Thank you, Steve. Welcome to our first quarter fiscal year 2021 earnings conference call.

謝謝你，史蒂夫。歡迎參加我們 2021 財年第一季財報電話會議。

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

在今天的電話會議上，我將強調我們的收益報告第 3 張投影片中也包含的 3 個關鍵資訊。首先，儘管遭遇了前所未有的新冠疫情並帶來全球經濟挑戰，我們仍有望實現 2021 財年的目標。其次，我們在戰術無人機系統、戰術飛彈系統和 HAPS 產品線的關鍵成長計畫方面繼續取得進展。第三，我們正在成功執行我們的長期成長策略，同時為股東帶來巨大的價值。

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

我將首先總結我們2021財年第一季的業績，然後我們將討論我們在第一季的成就。接下來，凱文將對本季度的財務表現進行更詳細的總結，然後我將討論我們對 2021 財年的展望，然後凱文、史蒂夫和我回答你們的問題。

Now let's review our financial performance in the quarter, which we have summarized on Slide #4 of our earnings presentation. We delivered first quarter revenue of $87.5 million, consistent with the expectations we shared with you during our fourth quarter fiscal year 2020 earnings conference call. Full year diluted earnings per share from continuing operations was $0.42 compared to $0.71 for the prior year, a difference resulting primarily from a shift in revenue mix, which we expected. Non-GAAP earnings per diluted share from continuing operations for fiscal year 2021 was $0.44 compared to $0.74 for the prior year.

現在讓我們回顧一下本季的財務業績，我們在收益報告的第 4 張投影片中對此進行了總結。我們第一季的營收為 8,750 萬美元，與我們在 2020 財年第四季財報電話會議上與您分享的預期一致。全年持續經營每股攤薄收益為 0.42 美元，而前一年為 0.71 美元，差異主要源自於收入結構的變化，這也符合我們的預期。2021 財年非公認會計準則持續經營每股攤薄收益為 0.44 美元，前一年為 0.74 美元。

We are executing our plan effectively while meeting continued robust global demand for AeroVironment's highly differentiated solutions. Now I will review our business achievements in the first quarter. Our small unmanned-aircraft systems product line represented 64% of total revenue in the first quarter. Importantly, we remain the leader in the global market for small UAS. Demand for our battle proven Raven, Puma and Wasp solutions remains strong. Additionally, we continue to engage with growing number of customers and have received orders for our Puma LE system, which now can fly continuously for 6.5 hours. This extended flight time provides customers with even more Group 2 capabilities in the Puma LE's Group 1 footprint at a substantially lower cost than other Group 2 solutions.

我們正在有效地執行我們的計劃，同時滿足全球對 AeroVironment 高度差異化解決方案持續強勁的需求。現在我來回顧我們第一季的經營成果。我們的小型無人機系統產品線佔第一季總收入的 64%。重要的是，我們仍然是全球小型無人機市場的領導者。我們久經考驗的 Raven、Puma 和 Wasp 解決方案的需求依然強勁。此外，我們繼續與越來越多的客戶合作，並已收到 Puma LE 系統的訂單，現在可以連續飛行 6.5 小時。延長的飛行時間讓客戶在 Puma LE 的 Group 1 覆蓋範圍內享受到更多的 Group 2 功能，而且成本卻比其他 Group 2 解決方案低得多。

We continue to demonstrate Quantix Recon to customers who are interested in its advanced capabilities, such as fully-automated launch, flight planning, operation, data collection, landing and radio-frequency silent operation. We believe these advanced features are compelling to customers who are focused on enhancing capabilities and reducing the cognitive load on system operators. Quantix Recon is one of the first unmanned systems to deliver a level of intelligence and autonomy that does not require a human operator's attention during its mission. We expect these capabilities to continue to expand and increasingly to define our solutions in the future of unmanned systems. Our teams are hard at work creating these features for our next-generation of tactical UAS to provide to our customers.

我們繼續向對 Quantix Recon 的先進功能感興趣的客戶展示其功能，例如全自動發射、飛行計劃、操作、數據收集、著陸和射頻靜默操作。我們相信，這些先進的功能對於專注於增強功能和減少系統操作員的認知負擔的客戶來說具有吸引力。Quantix Recon 是首批能夠提供一定程度的智慧和自主性的無人系統之一，在執行任務期間不需要人類操作員的關注。我們期望這些能力能夠繼續擴展，並日益明確我們未來無人系統的解決方案。我們的團隊正在努力為下一代戰術無人機系統創建這些功能，以提供給我們的客戶。

Next, our Tactical Missile Systems product line represented about 11% of first quarter revenue. We are executing against the record LMAMS contract award for Switchblade that we received on April 30. We recognized about $32 million of revenue from this award in fiscal year 2020, another $2 million as of the end of our first quarter of fiscal year 2021 and we anticipate recognizing a total of about $42 million during our fiscal year 2021.

其次，我們的戰術飛彈系統產品線約佔第一季營收的 11%。我們正在按照 4 月 30 日獲得的創紀錄的 LMAMS Switchblade 合約進行執行。我們在 2020 財年從該獎項中確認了約 3,200 萬美元的收入，截至 2021 財年第一季末又確認了 200 萬美元的收入，我們預計在 2021 財年共確認約 4,200 萬美元的收入。

Our strong momentum last fiscal year developing our larger Switchblade variant continued into this year with a number of successful demonstrations, tests and continued customer support and funding. As part of this variance maturation, we plan to deliver a number of systems to our customers for operational deployment this fiscal year. We are also establishing low-rate initial production capability, consistent with the expectations of our customers. We continue to believe this larger Switchblade variant represents a game-changing solution to disrupt the larger segment of the missile market currently dominated by legacy systems, such as Hellfire, Javelin and TOW missiles. These legacy missiles accounted for more than $1 billion in enacted DoD procurement funding in government fiscal year 2020.

上個財年，我們在開發更大型號的 Switchblade 變體方面保持了強勁勢頭，今年我們繼續進行了多次成功的演示和測試，並獲得了客戶的持續支持和資金支持。作為這一差異成熟的一部分，我們計劃在本會計年度向客戶交付一些系統以供營運部署。我們也正在建立低速率初始生產能力，以滿足客戶的期望。我們仍然相信，這種更大的「彈簧刀」變體代表著一種改變遊戲規則的解決方案，可以打破目前由「地獄火」飛彈、「標槍」飛彈和「陶式」飛彈等傳統系統主導的飛彈市場的更大份額。這些遺留飛彈佔2020財政年度國防部已頒布的採購資金的10多億美元。

Moving now to HAPS, which represented 19% of first quarter revenue. We successfully completed the fourth test flight of the newly named sun glider solar HAPS in the first quarter. This was a longer flight that also flew higher than previous tests following the envelope expansion process we are executing during this demonstration phase. We expect this program to transition to a full testing and certification phase towards the end of our current fiscal year 2021. As a result, this should produce revenue similar to our fiscal year 2020 annual HAPS run rate of about $60 million.

現在轉到 HAPS，它佔第一季營收的 19%。我們在第一季成功完成了新命名的太陽滑翔機太陽能HAPS第四次試飛。在我們在此演示階段執行的擴展包絡過程之後，這是一次更長的飛行，並且飛得比以前的測試更高。我們預計該計劃將在 2021 財政年度結束時進入全面測試和認證階段。因此，這應該會產生與我們 2020 財年約 6,000 萬美元的 HAPS 年度運行率相似的收入。

From a broader perspective, momentum for HAPS continues to build with the HAPS alliance expanding awareness of this emerging capability and global leaders in telecommunications, aerospace and technology joining forces with us to realize its potential. As a pioneer and leader in the space, AeroVironment is very well positioned to establish the platform and related capabilities and build relationships that will bring HAPS to market. Our strong relationship with SoftBank Corporation, our HAPSMobile, Inc. joint venture, and our collaboration with Alphabet's loon on the Sunglider's communication payload provide a solid foundation for continued progress and the realization of HAPS as a means to deliver global connectivity and create shareholder value.

從更廣泛的角度來看，隨著 HAPS 聯盟不斷擴大對這一新興能力的認識，以及電信、航空航太和技術領域的全球領導者與我們攜手合作以實現其潛力，HAPS 的發展勢頭將繼續增強。作為該領域的先驅和領導者，AeroVironment 完全有能力建立平台和相關能力，並建立將 HAPS 推向市場的關係。我們與軟銀公司、HAPSMobile, Inc. 建立了牢固的合作關係。合資企業，以及我們與 Alphabet 的 loon 在 Sunglider 通訊有效載荷方面的合作，為持續進步和實現 HAPS 作為提供全球連接和創造股東價值的手段奠定了堅實的基礎。

Now I would like to address the impact of COVID-19 on our business. We are experiencing some delays in customer contracting decisions as our domestic and international customers continue to adjust to their own remote work situations. We are also experiencing some delays in limited areas of our supply chain resulting from the impact of the pandemic. When we developed our fiscal year 2021 annual plan, we included assumptions about the pandemic, which is why it is slightly back-end loaded, with about 60% of revenue in the second half of the fiscal year. While this is a very fluid and unprecedented situation, we are prepared for the likelihood that the COVID-19 pandemic will persist into next calendar year and are well positioned to mitigate its impact on our business. The vast majority of our people continue to operate remotely while maintaining and delivering on our commitments to customers, fellow team members and our shareholders.

現在我想談談 COVID-19 對我們業務的影響。由於我們的國內外客戶繼續適應自己的遠距工作情況，我們在客戶簽約決策方面遇到了一些延遲。由於疫情的影響，我們供應鏈的某些部分也出現了一些延誤。我們在製定2021財年年度計畫時，就考慮了疫情的影響，因此該計畫的後端負載略高，約60%的收入來自財年下半年。儘管這是一個非常不穩定且前所未有的情況，但我們已經為 COVID-19 疫情持續到下一個日曆年的可能性做好了準備，並且已做好準備以減輕其對我們業務的影響。我們的絕大多數員工繼續遠距辦公，同時維持並履行對客戶、團隊成員和股東的承諾。

Despite the uncertainties regarding the pandemic, we remain on track to achieve our fiscal year 2021 objectives and are well positioned for growth in the year ahead and over the long term. Thanks to the unwavering focus of our employees, we are confident we will emerge from this pandemic as an even stronger company.

儘管疫情存在不確定性，但我們仍有望實現 2021 財年的目標，並為未來一年及長期的成長做好準備。感謝員工的堅定專注，我們有信心，我們將在這場疫情過後成為一家更強大的公司。

As a measure of how our people feel about working at AeroVironment, we were recently certified by the Great Place to Work organization as a great place to work for a second year in a row. The great-place-to-work methodology involves sending a very detailed anonymous survey to all of our team members to assess their views on questions relating to justice, fairness, credibility, respect and a number of other important dimensions of a company's workplace environment and culture. 87% of our people completed the survey this year, and our overall score of 90% grew significantly from last year.

為了衡量我們的員工在 AeroVironment 工作的感受，我們最近連續第二年被卓越職場組織認證為最佳工作場所。最佳工作場所評估方法包括向我們所有的團隊成員發送非常詳細的匿名調查，以評估他們對公正、公平、可信度、尊重以及公司工作環境和文化的其他一些重要方面的看法。今年我們有 87% 的員工完成了調查，總體得分為 90%，比去年有顯著成長。

When we look at how different demographic groups within the company feel about AeroVironment through the great-place-to-work assessment, 100% of African-Americans, 90% of Hispanic or Latin X, 87% of Asian and 89% of our LGBT team members who responded to the survey agree that AeroVironment is a great place to work. While these are very high and best-in-class scores, we realized that there is more work to do.

當我們透過最佳工作場所評估來觀察公司內不同人口群體對 AeroVironment 的感受時，100% 的非裔美國人、90% 的西班牙裔或拉丁裔 X、87% 的亞裔和 89% 的 LGBT 團隊成員都同意 AeroVironment 是一個最佳工作場所。雖然這些分數非常高，是同類中最好的，但我們意識到還有很多工作要做。

As we discussed on our last earnings call, we remain committed to promoting diversity and increasing representation of African-American and other underrepresented groups within AeroVironment. Our new internal diversity and inclusion committee includes 16 team members from across our company, representing a broad spectrum of backgrounds and identities. This committee has been meeting on a regular basis and has developed a calendar of events designed to raise awareness further with AeroVironment about issues relating to diversity.

正如我們在上次財報電話會議上所討論的那樣，我們仍然致力於促進多樣性，並增加非裔美國人和其他代表性不足的群體在 AeroVironment 內的代表性。我們新的內部多元化和包容性委員會包括來自整個公司的 16 名團隊成員，代表著廣泛的背景和身分。該委員會定期舉行會議，並制定了活動日程表，旨在進一步提高 AeroVironment 對多樣性相關問題的認識。

Our recruiting efforts include outreach to minority serving institutions, both through partners and directly. We're also continuing to plan and carry out STEM education and mentoring programs in our local communities. We remain committed to the objective of diversifying our team further, and more generally, we continue to advance our efforts to seek the most talented people to join our team regardless of race, gender, religious belief, ethnicity, country of origin or sexual orientation.

我們的招募工作包括透過合作夥伴或直接方式聯繫少數族裔服務機構。我們也將繼續在當地社區規劃和開展 STEM 教育和指導計畫。我們仍致力於進一步實現團隊多元化的目標，更廣泛地說，我們將繼續努力尋找最有才華的人加入我們的團隊，不論其種族、性別、宗教信仰、民族、原籍國或性取向。

Now I will turn the call over to Kevin McDonnell for a summary of first quarter financials. Kevin?

現在，我將把電話轉給凱文麥克唐納 (Kevin McDonnell)，請他總結第一季的財務狀況。凱文？

Thank you, Wahid. Today, I'll be reviewing the highlights of our first quarter financial performance. I will be referring to both our press release and earnings presentation available on our website. I will deviate finally from past practice by only addressing the key financial metrics in my remarks and leaving some of the details to the press release and earnings presentation.

謝謝你，瓦希德。今天，我將回顧我們第一季財務表現的亮點。我將參考我們網站上的新聞稿和收益報告。我最終將改變過去的做法，只在我的發言中討論關鍵的財務指標，而將一些細節留到新聞稿和收益報告中。

Revenue for the first quarter of fiscal 2021 was $87.5 million, an increase of 1% from the first quarter of fiscal 2020 revenue of $86.9 million. The breakdown of revenue by product area is contained on Slide 6 of the quarterly earnings presentation.

2021財年第一季營收為8,750萬美元，較2020財年第一季的8,690萬美元成長1%。季度財報的第 6 張投影片列出了按產品領域劃分的收入明細。

During the quarter, we saw strength in domestic small UAS, which was up 24% from the same period last year and HAPSMobile development revenues, which were up 33%. This was largely offset by lower international small UAS revenue. In general, our international visibility has been most impacted by COVID.

本季度，我們看到國內小型無人機系統表現強勁，比去年同期成長了 24%，HAPSMobile 開發收入成長了 33%。這在很大程度上被國際小型無人機系統收入的下降所抵消。總體而言，我們的國際知名度受到 COVID 的影響最大。

Turning to gross margin. Slide 5 of the quarterly earnings presentation shows our product service mix and overall gross margin trends over the past 5 quarters. Gross margin for the first quarter was $35.4 million or 40% of revenue compared to $41.3 million or 47% of revenue for the first quarter of last fiscal year. The 47% gross margin last year was an outlier with exceptionally strong gross product margins of 54% and favorable product service mix. The 40% overall gross margin in the first quarter this year was in line with our expectations.

轉向毛利率。季度財報的第 5 張投影片展示了我們過去 5 季的產品服務組合和整體毛利率趨勢。第一季的毛利率為 3,540 萬美元，佔營收的 40%，而去年同期的毛利率為 4,130 萬美元，佔營收的 47%。去年 47% 的毛利率是一個異常值，因為產品毛利率異常高，達到 54%，產品服務組合良好。今年第一季整體毛利率40%符合我們的預期。

Next, I'll turn to operating expenses. SG&A expense for the first quarter was $12 million or 14% of revenue compared to SG&A expense of $13.7 million or 16% of revenue for the first quarter of FY '20. The lower spend in the current quarter is, in large part, related to a reduction in travel and trade show expenses as a result of COVID-related restrictions. R&D expense for the first quarter was $11.1 million or 13% of revenue compared to R&D expense of $8.7 million or 10% of revenue for the first quarter of FY '20. We continue to make significant R&D investments. These investments include enhancements to current products, new variants within product lines and product additions. We believe these investments will enable continued leadership in the small UAS space and drive growth in both our small UAS and TMS product lines in the near future and longer term.

接下來，我將談談營運費用。第一季的銷售、一般及行政費用為 1,200 萬美元，佔營收的 14%，而 2,020 財年第一季的銷售、一般及行政費用為 1,370 萬美元，佔營收的 16%。本季支出減少，很大程度是由於新冠疫情相關限制導致的差旅和貿易展覽費用減少。第一季的研發費用為 1,110 萬美元，佔營收的 13%，而 2020 財年第一季的研發費用為 870 萬美元，佔營收的 10%。我們繼續進行大量研發投資。這些投資包括對現有產品的增強、產品線中的新變體和產品添加。我們相信，這些投資將使我們在小型 UAS 領域繼續保持領先地位，並在近期和長期推動我們的小型 UAS 和 TMS 產品線的成長。

Looking at the bottom line. Net income attributable to AeroVironment for the first quarter of fiscal 2021 was $10.1 million or $0.42 per diluted share compared to $17.1 million or $0.71 per diluted share for the first quarter of fiscal 2020. The $7 million reduction in net income was largely a result of reduced gross margin dollars of $5.9 million and increased R&D investments of $2.4 million, which were mentioned previously, and reduced interest income of $1.1 million related to lower investment yields and more conservative investment policy. Net income was positively impacted by lower SG&A expense of $1.7 million and reduced tax rate of 9.6% versus the prior year of 10.4%. The decrease in tax rate was primarily due to an increase in excess tax benefits from equity awards.

看看底線。2021 財年第一季歸屬於 AeroVironment 的淨收入為 1,010 萬美元，即每股攤薄收益 0.42 美元，而 2020 財年第一季為 1,710 萬美元，即每股攤薄收益 0.71 美元。淨收入減少 700 萬美元，主要是因為毛利率減少 590 萬美元、研發投資增加 240 萬美元（如前所述），以及由於投資收益率降低和投資政策更為保守而導致的利息收入減少 110 萬美元。淨收入受到銷售、一般及行政費用降低 170 萬美元和稅率降低 9.6%（上年度為 10.4%）的正面影響。稅率下降主要是由於股權獎勵超額稅收優惠增加所致。

Looking at the full year. We expect the year-end tax rate to be between 11% and 12%. In terms of adjusted EPS, Slide 11 shows a reconciliation of GAAP and adjusted non-GAAP EPS. Non-GAAP diluted earnings per share for the first quarter of fiscal 2021 was $0.44 per diluted share and excludes $0.02 per diluted share of intangible amortization related expense associated with our acquisition of Pulse Aerospace. Non-GAAP diluted earnings per share for the first quarter of fiscal 2020 and was $0.74 per diluted share and excludes $0.03 per diluted share, which includes deal, cost, integration expenses and intangible amortization expense associated with our acquisition of Pulse Aerospace.

放眼全年。我們預計年底稅率將在11%至12%之間。就調整後的每股盈餘而言，幻燈片 11 顯示了 GAAP 和調整後的非 GAAP 每股盈餘的對帳。2021 財年第一季的非 GAAP 稀釋每股收益為 0.44 美元，不包括與收購 Pulse Aerospace 相關的每股 0.02 美元的無形資產攤銷相關費用。2020 財年第一季非 GAAP 稀釋每股收益為 0.74 美元，不包括每股 0.03 美元，其中包括與我們收購 Pulse Aerospace 相關的交易、成本、整合費用和無形攤銷費用。

Turning to the balance sheet. Once again, we ended the quarter in a strong cash position. Cash, cash equivalents, investments at the end of the first quarter of fiscal 2021 totaled $338.5 million, an increase of $20.8 million from the end of fiscal 2020. Total cash flow from operating activities during the quarter was $26.8 million, of which $10.5 million was the result of working capital improvements and the remainder from other operating activities. The working capital improvement came primarily from lower accounts receivable, partially offset by lower accounts payable and reduced accrued liabilities as a result of year-end bonus payouts. In terms of capital expenditures, we spent $4.1 million during the quarter.

轉向資產負債表。我們再次以強勁的現金狀況結束了本季。2021財年第一季末的現金、現金等價物及投資總額為3.385億美元，較2020財年末增加2,080萬美元。本季經營活動產生的現金流量總額為 2,680 萬美元，其中 1,050 萬美元來自營運資本改善，其餘則來自其他營運活動。營運資本的改善主要來自於應收帳款的減少，但部分被應付帳款的減少和年終獎金支付導致的應計負債的減少所抵銷。在資本支出方面，我們本季支出了 410 萬美元。

Now I'd like to highlight some of our backlog metrics. Our funded backlog at the end of Q1 was $154.4 million, a decrease of $10.1 million from the first quarter of fiscal 2020 and a decrease of $53.6 million in the fourth quarter of fiscal 2020 backlog of $208.1 million.

現在我想強調我們的一些積壓指標。我們第一季末的資金積壓訂單為 1.544 億美元，比 2020 財年第一季減少了 1,010 萬美元，比 2020 財年第四季的 2.081 億美元積壓訂單減少了 5,360 萬美元。

In terms of fiscal 2021 visibility, which is highlighted on Slide 7 of the earnings presentation. As of today, we have year-to-date revenues of $87 million, first quarter ending backlog that we anticipate to execute in fiscal 2021 of $147 million. Quarter-to-date bookings that we anticipate to execute in fiscal 2021 of $20 million. Unfunded backlog from incrementally funded contracts we anticipate to recognize revenue during the balance of the year of $30 million. This adds up to $284 million or 71% of our fiscal 2021 midpoint revenue guidance range.

就 2021 財年的可見性而言，收益報告的第 7 張投影片重點強調了這一點。截至今天，我們今年迄今的營收為 8,700 萬美元，預計第一季末的積壓訂單將在 2021 財年達到 1.47 億美元。我們預計 2021 財年本季迄今的訂單金額為 2,000 萬美元。我們預計，來自增量資助合約的未籌資積壓訂單將在今年餘下時間確認 3,000 萬美元的收入。這相當於 2.84 億美元，占我們 2021 財年中期收入指引範圍的 71%。

Now I'd like to turn it back to Wahid.

現在我想把話題轉回給瓦希德。

Thanks, Kevin. AeroVironment's growth strategy is based on innovation. Our solutions are the result of our strategic research and development investments. These R&D investments typically exceed 10% of revenue each year and last year totaled 13%. We are the pioneer and leader in every one of our target markets, and our successful track record of profitable growth and value creation demonstrates the strength of our business model.

謝謝，凱文。AeroVironment 的成長策略以創新為基礎。我們的解決方案是我們策略研究和開發投資的結果。這些研發投資通常每年超過營收的 10%，去年總額達 13%。我們是每個目標市場的先驅和領導者，我們成功的獲利成長和價值創造記錄證明了我們商業模式的實力。

We continue to invest in innovation and growth with new capabilities and solutions advancing through our MacCready Works and engineering labs. Some of these development efforts seek to enhance existing solutions, some introduced new solutions to existing end markets and some target new capabilities for new markets.

我們繼續投資於創新和成長，透過我們的 MacCready Works 和工程實驗室不斷推進新的能力和解決方案。其中一些開發工作旨在增強現有的解決方案，一些開發工作旨在為現有的終端市場引入新的解決方案，還有一些開發工作旨在為新市場提供新的功能。

We are expanding our portfolio to address a broader and more valuable range of customer missions. For example, Puma LE and the larger Switchblade variant are new solutions addressing new missions and potentially valuable new market segments. And we are aggressively developing and demonstrating innovative new unmanned CIS solutions that are smarter and more autonomous to support our customers' missions against much more capable adversaries in permissive and contested environments.

我們正在擴大我們的產品組合，以解決更廣泛、更有價值的客戶任務。例如，Puma LE 和更大的 Switchblade 變體是針對新任務和潛在有價值的新細分市場的新解決方案。我們正在積極開發和展示創新的新型無人 CIS 解決方案，這些解決方案更加聰明、更加自主，以支持我們的客戶在寬鬆和有爭議的環境中對抗更強大的對手。

We're executing our strategy to offer a multi-domain portfolio of unmanned solutions and capabilities, integrating robotics, sensors, software analytics and connectivity technologies to equip our customers with the tools to win. By doing so, we believe we will continue to grow our business and deliver even greater value to our shareholders and our customers. Customers within the U.S. DoD -- the U.S. DoD continue to rely on our solutions to protect and enable U.S. forces. For example, there is $90 million in procurement funding proposed in the U.S. government's fiscal year 2021 defense budget for AeroVironment's solutions.

我們正在實施我們的策略，提供多領域的無人解決方案和功能組合，整合機器人、感測器、軟體分析和連接技術，為我們的客戶提供勝利的工具。透過這樣做，我們相信我們的業務將繼續成長，並為我們的股東和客戶帶來更大的價值。美國國防部內部的客戶—美國國防部繼續依賴我們的解決方案來保護和支援美國軍隊。例如，美國政府2021財政年度國防預算中提議為AeroVironment的解決方案提供9,000萬美元的採購資金。

It is difficult to know the future of the U.S. defense budget given the upcoming presidential election and the budgetary impact of the massive economic assistance provided by the federal government during the pandemic. By contrast, we're confident that the solutions we supply now, and are developing for the future, fit into categories that remain high priority generate bipartisan support and offer attractive economics as compared to legacy solutions. We believe that the unmanned systems segment of the DoD's budget is among the most attractive and likely to receive continued robust investments.

鑑於即將到來的總統大選以及聯邦政府在疫情期間提供的大規模經濟援助對預算的影響，很難知道美國國防預算的未來走向。相較之下，我們相信，我們現在提供的解決方案以及為未來開發的解決方案屬於仍然高度優先的類別，與傳統解決方案相比，可以獲得兩黨支持並提供有吸引力的經濟效益。我們認為，國防部預算中的無人系統部分是最具吸引力的部分之一，並且很可能繼續獲得大量投資。

Yet we are in a time of great uncertainty. In times like these, our strong balance sheet signals confidence to our customers who seek long-term partners and suppliers. Additionally, our strong cash position and no debt serve as a valuable resource to inorganic opportunities that support our growth strategy. Supported by 71% visibility to the midpoint of our guidance range, we reaffirm our full fiscal year 2021 guidance of revenue of between $390 million and $410 million, as summarized on Slide #9 of our earnings presentation. We expect an operating margin of between 12% and 12.5% and earnings per diluted share of $1.65 to $1.85. This financial guidance assumes approximately 7% ownership of the HAPSMobile joint venture. We expect non-GAAP earnings per diluted share, which excludes amortization of acquired intangible assets, to be between $1.74 and $1.94. We still expect first half revenue to account for approximately 40% to the midpoint of our revenue guidance range. We also expect first half earnings per diluted share to represent about 35% of the midpoint of our diluted EPS guidance range.

然而，我們正處於一個充滿不確定性的時代。在這樣的時期，我們強勁的資產負債表向尋求長期合作夥伴和供應商的客戶表明了信心。此外，我們強大的現金狀況和無債務為支持我們成長策略的無機機會提供了寶貴的資源。在我們指導範圍中點 71% 的可見性的支持下，我們重申 2021 財年全年收入指引在 3.9 億美元至 4.1 億美元之間，正如我們的收益報告第 9 張投影片所總結的那樣。我們預計營業利潤率在 12% 至 12.5% 之間，每股攤薄收益在 1.65 美元至 1.85 美元之間。本財務指引假設 HAPSMobile 合資企業擁有約 7% 的所有權。我們預計非公認會計準則每股攤薄收益（不包括收購無形資產的攤銷）將介於 1.74 美元至 1.94 美元之間。我們仍然預計上半年收入將占到我們收入指引範圍中點的約 40%。我們也預計上半年每股攤薄收益將占我們每股攤薄收益指引範圍中點的 35% 左右。

As Kevin mentioned earlier, revenue mix will result in a lower gross margin percentage in fiscal year 2021 as compared to the prior year. We expect research and development investments to range between 11% and 12% of revenue this fiscal year.

正如 Kevin 之前提到的，收入組合將導致 2021 財年的毛利率百分比與前一年相比有所下降。我們預計本財年研發投資將佔營收的 11% 至 12%。

In summary, to reiterate our main points for today's call. First, despite the unprecedented COVID-19 pandemic and the resulting global economic challenges, we are on track to achieve our fiscal year 2021 objectives. Second, we continue to make progress on our key growth initiatives within our tactical UAS, Tactical Missile Systems and HAPS product lines. And third, we are successfully executing our long-term growth strategy while delivering significant value to our shareholders.

總而言之，重申我們今天電話會議的要點。首先，儘管遭遇了前所未有的新冠疫情並帶來全球經濟挑戰，我們仍有望實現 2021 財年的目標。其次，我們在戰術無人機系統、戰術飛彈系統和 HAPS 產品線的關鍵成長計畫方面繼續取得進展。第三，我們正在成功執行我們的長期成長策略，同時為股東帶來巨大的價值。

Thank you to our customers, our team members and our shareholders for your ongoing engagement and for challenging us always to deliver excellence. We continue to focus on delivering on our promise to help you proceed with certainty.

感謝我們的客戶、團隊成員和股東的持續參與以及不斷激勵我們追求卓越的精神。我們將繼續致力於兌現我們的承諾，幫助您確定地前進。

Kevin, Steve and I will now take your questions.

凱文、史蒂夫和我現在將回答你們的問題。

Thank you, Wahid. We will now begin the question-and-answer session. (Operator Instruction]. Our first question this afternoon comes from Ken Herbert of Canaccord Genuity. Ken?

謝謝你，瓦希德。我們現在開始問答環節。（操作員指令）。今天下午我們的第一個問題來自 Canaccord Genuity 的 Ken Herbert。肯？

Wahid, I just wanted to first start off. I think you mentioned in your remarks that your execution on the LMAMS contract accounted for $2 million of revenues in the first quarter, which would imply $40 million for the remainder of the year. I just wondered if you could provide any more detail on the cadence of that or how we should think about that progressing through fiscal '21.

瓦希德，我只是想先開始。我想您在發言中提到過，LMAMS 合約的執行在第一季帶來了 200 萬美元的收入，這意味著在今年剩餘時間內將帶來 4000 萬美元的收入。我只是想知道您是否可以提供更多有關這一進程的細節，或者我們應該如何看待這一進程在 21 財年取得的進展。

Sure. So Ken, what I said in my remarks was that on our fourth quarter of fiscal year '20, on the contract, the record contract that we received last quarter, we recognized approximately $32 million worth of revenue in our fourth quarter of last fiscal year. In addition to that, we recognized roughly about $6 million worth of revenue in our first quarter this quarter. And then for the full year, we expect roughly about $42 million worth of revenue for -- from the LMAMS contract. So roughly, if you add up the fourth quarter fiscal year '20 number of $32 million to the $42 million, we're going to be -- we expect to recognize approximately $74 million worth of revenue against that contract value.

當然。肯，我在發言中說過，在 20 財年第四季度，根據我們上個季度收到的唱片合同，我們在上個財年第四季度確認了約 3200 萬美元的收入。除此之外，我們本季第一季的營收約為 600 萬美元。就全年而言，我們預計 LMAMS 合約的收入約為 4,200 萬美元。因此，粗略地說，如果將 20 財年第四季的 3,200 萬美元加到 4,200 萬美元，我們預計將根據該合約價值確認約 7,400 萬美元的收入。

Okay. My question was of the $42 million this year, with $6 million in the first quarter, can you provide any more detail on how that paces through the second, third and fourth quarter for us?

好的。我的問題是，今年的 4,200 萬美元中，第一季為 600 萬美元，您能否提供更多有關第二、第三和第四季進展的詳細資訊？

So first of all, a quick correction. I think for the first quarter, we recognized $2 million worth of the revenue, not $6 million, as I mentioned earlier. In terms of the distribution, it really varies based on the ASC 606 revenue-recognition rules, we have not specified the details of that. But you could see, as we build products and we progress towards the contract and customer acceptances happen, we will recognize the revenue.

首先，快速糾正一下。我認為第一季我們確認的收入是 200 萬美元，而不是我之前提到的 600 萬美元。就分配而言，它確實根據 ASC 606 收入確認規則而有所不同，我們尚未具體說明其細節。但你可以看到，隨著我們生產出產品、履行合約並得到客戶認可，我們就會確認收入。

Okay. Great. And if I could, just one follow-up. The -- I think you mentioned you've booked $20 million so far this quarter towards the full year number, obviously, as part of your 70% that you provide on the revenue line. How does that compare to prior quarters? Can you give any -- or I guess, the second quarter in prior years? Are you ahead of where you were? Or is the COVID impact maybe dragging that down a bit, especially with international customers?

好的。偉大的。如果可以的話，我只想跟進一件事。我記得您提到過，本季到目前為止，您已經為全年收入預留了 2000 萬美元，這顯然是您提供的 70% 收入的一部分。與前幾季相比如何？您能給出任何——或者我猜，前幾年第二季的數據嗎？您是否比以前進步了？或者 COVID 的影響可能會稍微拖累這一點，尤其是對國際客戶而言？

Sure. So as I mentioned in my remarks, Ken, when we developed our plans at the end of last fiscal year, for this fiscal year, we made sure that we put in some buffer and cushion in terms of the overall plan accounting for the COVID-19 epidemic and delays that we were expecting. So our original plan that we developed at the beginning of the fiscal year or before the beginning of the fiscal year, comprehended some of those expectations of those types of delays that I mentioned. So since then, those expectations have become reality so far. And we're on track, according to our results so far. We -- our first quarter results are right within the expectations that we communicated to you last quarter. And we're very pleased with those results so far. We expected the first quarter bookings to be lighter than the normal flow of business that we've had in the past. But again, this is something quite common in our business. We've had ups and downs in our quarterly revenue distribution and bookings for a very long time. That's very natural in our business.

當然。因此，正如我在發言中提到的，肯，當我們在上個財年末制定本財年的計劃時，我們確保在總體計劃方面留出一些緩衝空間，以應對 COVID-19 疫情以及我們預期的延誤。因此，我們在財政年度開始或開始之前製定的原始計劃已經考慮到了我所提到的一些延遲預期。從那時起，這些期望就變成了現實。根據目前的結果，我們的進展一切順利。我們－我們的第一季業績完全符合我們上個季度向您傳達的預期。到目前為止，我們對這些結果非常滿意。我們預計第一季的預訂量將比過去的正常業務量少。但同樣，這在我們的業務中是很常見的。很長一段時間以來，我們的季度收入分配和預訂量一直起伏不定。這在我們的業務中很自然。

Yes, 60-40 is pretty much in line with what we've done. We did a little bit better the last couple of years. But prior to that, that's about where we're at.

是的，60-40 與我們所做的基本一致。過去幾年我們做得稍微好一點。但在此之前，我們的狀況大致是如此。

And from a visibility perspective, the current visibility is in line with visibility at this point in time in previous years.

從可見性角度來看，目前的可見性與前幾年此時的可見度一致。

Right. We've been in the last few years, we've been in the 70 -- low 70%, and that's about where we're at right now.

正確的。過去幾年，我們的比率一直處於 70% 左右，也就是現在的水平。

Yes. So according to our expectations, Ken, we're very much in line with our expectations and our plans. And we have noticed some delays both on the customer contracting side as well as on some specific suppliers, all of which we've accounted for in our plans and progressing quite nicely so far throughout the first quarter. Obviously, it's early. It's our first quarter of the year, and we'll keep you updated as we progress throughout the year.

是的。因此，根據我們的預期，肯，我們非常符合我們的預期和計劃。我們注意到客戶簽約方面以及一些特定供應商方面都出現了一些延誤，我們都已將其納入計劃，並且第一季迄今進展順利。顯然，現在還早。這是我們今年的第一季度，我們將隨時向您通報全年的進展。

Thank you, Ken. Our next question comes from Joe DeNardi at Stifel. Joe?

謝謝你，肯。我們的下一個問題來自 Stifel 的 Joe DeNardi。喬？

Wahid, thank you for the additional color on LMAMS and the variant and some of the more granular guidance you provided. That's helpful. You described LMAMS and I think the variant as a game-changing capability. I'm wondering if you would characterize the revenue benefit to AeroVironment from that capability being adopted as also a game changer. And then you mentioned preparing for LRIP, I think. When would you expect the award associated with that? Is that this fiscal year or sometime next year?

Wahid，感謝您對 LMAMS 及其變體提供的額外說明以及一些更詳細的指導。這很有幫助。您描述了 LMAMS，我認為該變體是一種改變遊戲規則的能力。我想知道您是否認為該功能為 AeroVironment 帶來的收入收益也將改變遊戲規則。然後我想你提到了為 LRIP 做準備。您預計何時會獲得與此相關的獎項？是本財政年度還是明年某個時候？

Sure, Joe. So thanks. We try to do best we can to provide as much information as we could at a high level of accuracy and confidence within our business. In terms of the larger variant of Switchblade, we do believe that this is a game-changing capability. The reason why we believe that is because the current market for a larger variant of this size, which we roughly compare to a Hellfire or Javelin or TOW, that amount of spending in the U.S. DoD's current budget year last year was about $1 billion. So it significantly increases the market size and opportunity for us relative to our original Switchblade. We've had tremendous success with this original Switchblade, as you've seen so far, with record contracts, and we've been the primary producer of that to the U.S. government, supplier for that. And we believe that this additional variant, larger variant, opens up a much bigger market for us, number one. Number two, so far, we're making very good progress. We -- as I said, it's co-funded by us and our customer. We are making really good progress in terms of developing the capability, demonstrating the capability and progressing and maturing the designs and development effort. And we've already started initially for low initial rate production set up in our manufacturing footprint. Obviously, this is a longer-term game and endeavor for us. We're excited about it, but we'll keep you updated. In terms of revenue potential, it is quite significant. It could be a game changer for us in the long run because the market is there, the potential is there, the funding dollars are there, we just have to execute and deliver the capability. And the rest, hopefully, will play out itself.

當然，喬。所以謝謝。我們盡力在我們的業務範圍內提供盡可能多的、高準確度和可信度的資訊。就 Switchblade 的更大版本而言，我們確實相信這是一種改變遊戲規則的能力。我們之所以這樣認為，是因為目前市場上對這種尺寸的較大型號導彈（我們將其粗略地與地獄火導彈、標槍導彈或陶式導彈進行比較）的支出，在美國國防部去年當前預算年度的支出約為 10 億美元。因此，相對於我們最初的 Switchblade，它顯著增加了我們的市場規模和機會。如您所見，我們憑藉原版 Switchblade 獲得了巨大的成功，簽訂了唱片合同，並成為美國政府的主要生產商和供應商。我們相信，這種額外的變體、更大的變體將為我們開闢更大的市場，這是第一個。第二，到目前為止，我們取得了非常好的進展。正如我所說，它是由我們和我們的客戶共同出資的。我們在開發能力、展示能力以及推進和完善設計和開發工作方面取得了非常好的進展。我們已經在我們的製造基地內開始進行低初始速率生產。顯然，這對我們來說是一場更長期的博弈和努力。我們對此感到非常興奮，但我們會隨時向您通報最新情況。從收入潛力來看，這是相當可觀的。從長遠來看，這可能會改變我們的局面，因為市場就在那裡，潛力就在那裡，資金就在那裡，我們只需要執行並實現這些能力。希望剩下的事情能夠自然解決。

And then the timing on an LRIP award?

那麼 LRIP 獎的頒發時間是怎麼樣的呢？

So we're co-funded currently for this program. The investment in terms of manufacturing generally is all on our part because we are the manufacturer. We will keep you updated on the awards as we go forward. As I mentioned in my remarks, we are right now in the process of both already building low limited quantities for initial deployment and our customers' operations. As I mentioned on my remarks, it is part of the program and the effort that we have with our customer. So when we have more information that we could share, we will be glad to share that with you, of course.

因此，我們目前為這個項目共同提供資金。製造方面的投資通常全部由我們承擔，因為我們是製造商。我們將隨時向您通報獲獎情況。正如我在演講中提到的，我們目前正在為初始部署和客戶的營運建立少量產品。正如我在演講中提到的，這是我們與客戶合作的計劃和努力的一部分。因此，當我們有更多可以分享的資訊時，我們當然很樂意與您分享。

Thank you, Joe. Our next question comes from Pete Skibitski at Alembic Global. Pete?

謝謝你，喬。我們的下一個問題來自 Alembic Global 的 Pete Skibitski。皮特？

Just a couple of questions. First one, the Quantix Recon, I think, is interesting. I want to get a sense of your perspective on it in terms of do you guys expect this to kind of play into a program of record in the next year or 2? And I guess, overall, how near-term a revenue contributor do you think it could be?

僅有幾個問題。第一個，我認為 Quantix Recon 很有趣。我想了解您對此的看法，您是否認為這會在明年或後年成為記錄計劃的一部分？我想，整體而言，您認為它在短期內能帶來多大的收入貢獻？

Sure. So Pete, Quantix Recon, the reason why I believe and we believe this is such a game-changing capability is because the way that the system is designed and operates addresses some fundamentally key desires and requirements that our customers really wish and have asked for, for a while for a long time. Essentially, this autonomous automatic flight planning and operation and navigation and then radio silent operation, where you can actually go into an area and you literally would not have to have any communication with an operator and achieve a mission or conduct a mission as a radio-silent system is really, really attractive. In terms of a program of record, I'm not in a position to be able to comment on that specifically. There is no specific programs that we know, but we do know customers who've been asking for this capability. We're engaged with those customers. We have delivered some -- to some of those customers, and we're in a process of hopefully delivering more to other customers. We'll keep you updated as that strategy progresses over time. And it's, again, another part of our overall strategy of a system solution offering to our customers as a family of systems.

當然。因此 Pete，Quantix Recon，我和我們都相信這是一個改變遊戲規則的能力的原因在於，系統的設計和運作方式解決了我們的客戶長期以來真正希望和要求的一些根本關鍵的願望和要求。本質上，這種自主的自動飛行計劃和操作以及導航，然後是無線電靜默操作，您實際上可以進入某個區域，而實際上您不必與操作員進行任何通信並完成任務或執行任務，因為無線電靜默系統真的非常有吸引力。就記錄程序而言，我無法對此做出具體評論。我們不知道具體的計劃，但我們確實知道客戶一直在要求這種功能。我們與這些客戶保持密切聯繫。我們已經向其中一些客戶提供了一些產品，並且我們希望能夠向其他客戶提供更多產品。隨著該策略的進展，我們將及時向您通報最新進展。這也是我們整體策略的一部分，即以系統系列的形式向客戶提供系統解決方案。

It's also maybe worth noting that if you look across our portfolio in small UAS and in Switchblade and Tactical Missile Systems, there were no programs of record when we began those products, when we introduced those products. We define a new capability. We put those into the hands of customers. They began to understand how they could be used, how they could add value to their operations. And those ultimately led to competitions and, in some cases, programs of record. So the nature of the unique set of capabilities that Quantix Recon offers is similar to what a Raven looked like years before it was adopted, what Switchblade looked like before it was adopted and follows the model we've been following quite successfully for a number of years.

也許還值得注意的是，如果你看看我們在小型無人機系統、彈簧刀和戰術飛彈系統方面的產品組合，你會發現，當我們開始生產這些產品、推出這些產品時，並沒有任何記錄項目。我們定義了一種新的能力。我們將這些交到客戶手中。他們開始了解如何使用它們，如何為他們的業務增加價值。這些最終導致了競賽，在某些情況下，也導致了記錄節目。因此，Quantix Recon 提供的獨特功能集的性質與 Raven 在被採用之前的性質類似，也與 Switchblade 在被採用之前的性質類似，並且遵循了我們多年來一直非常成功遵循的模型。

Okay. Fair point. And just one follow-up for me, guys. Just trying to get into your head more on this larger Switchblade variant because you're talking about it as kind of a Hellfire or a TOW or a Javelin replacement essentially, all powered missiles, right? You didn't mention mortars. Was that deliberate? Do you really see it as more of a replacement of those higher price point missile programs as opposed to replacement for maybe a lower price point mortar system?

好的。公平地說。夥計們，我還有一個後續問題。只是想更多地了解這種更大的 Switchblade 變體，因為您說它本質上是地獄火導彈、陶式導彈或標槍導彈的替代品，都是動力導彈，對嗎？你沒有提到迫擊砲。這是故意的嗎？您是否真的認為它更像是那些價格較高的飛彈計劃的替代品，而不是價格較低的迫擊砲系統的替代品？

So Pete, the reason why we chose to just highlight those 3 is because they're very well known. This capability is broad, generally fits in that category of size of missiles and warheads and capability. So there are a number of other ones besides the 3 that I mentioned, that we mentioned, that absolutely could qualify as a peer or become comparable in some way, shape or form. By no means, they're exactly the same. We obviously believe that we have something very innovative and disruptive in terms of its nature of how Switchblade works and how it's designed and the technology that's built into it. But the idea here is really to try to give you guys a sense of what does the size of that market look like and what type of capability this is. As we progress through this process, and we're in a position to share more details about it, we'll obviously do that with you in more detail as time goes forward and we progress.

所以 Pete，我們之所以選擇重點介紹這三個，是因為它們非常有名。這種能力範圍很廣，一般屬於飛彈、彈頭尺寸和能力的類別。因此，除了我提到的這 3 個之外，還有許多其他的，絕對可以算是同等的，或者在某種程度上可以進行比較。無論如何，它們並不完全相同。我們顯然相信，就 Switchblade 的工作方式、設計方式以及內建的技術而言，我們擁有非常創新和顛覆性的東西。但這裡的想法實際上是試圖讓你們了解這個市場的規模是什麼樣的，以及它具有什麼樣的能力。隨著我們在這過程中不斷取得進展，我們能夠分享更多有關它的細節，隨著時間的推移和我們的進步，我們顯然會與您更詳細地做到這一點。

And just one thought to add to that in response to your question, Pete. The nature of the Switchblade emerging family of systems is scalability. So if you start with the original Switchblade, small man portable, backpack-able, dismounted inventory type of solution designed for certain kind of soft targets, for example, the larger variant is obviously bigger, can fly longer, farther, carry a larger warhead and deliver much more significant effects on targets. And there are opportunities for different points along that scale, addressing all kinds of different missions that our customers are facing. So we're at a very early stage of the evolution of this family of systems that ultimately is designed to be able to deliver unique capabilities across a broad range of mission sets.

皮特，我只想補充一點關於你問題的答案。Switchblade 新興系統系列的本質是可擴展性。因此，如果你從原始的 Switchblade 開始，小型便攜式、可背包、可拆卸庫存類型的解決方案專為某些類型的軟目標而設計，那麼較大的變體顯然更大，可以飛得更長、更遠，攜帶更大的彈頭並對目標造成更顯著的影響。在這個範圍內，不同的點都有機會解決客戶面臨的各種不同任務。因此，我們正處於該系統系列發展的早期階段，該系統的最終設計目的是能夠在廣泛的任務集中提供獨特的功能。

Our next question comes from Peter Arment at Baird. Peter, please.

我們的下一個問題來自貝爾德的彼得·阿門特。請叫我彼得。

Wahid, you mentioned about -- you guys now have -- you've got quite a bit of visibility on the 71%, but you also kind of gave some commentary around international visibility, small UAS, that there was probably a little bit of delays in contracting because of COVID. How has that progressed, I guess, since as we've seen kind of the summer? And are you expecting some of that to improve as we get into the fall?

瓦希德，你提到了——你們現在對 71% 有了相當多的了解，但你也對國際知名度、小型無人機系統發表了一些評論，由於 COVID，簽約可能會有一些延遲。我想，自從我們進入夏天以來，情況進展如何？您是否預計，隨著秋季的到來，這種情況會有所改善？

Sure. So Peter, as I mentioned in the remarks, we do have a 71% visibility that Kevin outlined of the specifics of -- at this time of the year. This is pretty much in line with our historical levels. We have seen some delays on our customers contracting activities with us primarily because of the COVID-19 situation. Now there -- everybody is getting used to the new normal and they're essentially adjusting and figuring out how to do that. We're in very close contacts with our customers, all of our customers, domestic and international, across all of our family systems and products. And we feel very confident about our plans today. That's why we reaffirmed our guidance that we provided earlier. At the same time, we know what it takes to get these contracts over the line, over the -- cross them over the path, so to speak, and get into the final stage of awards. And based on all the data that we have, we feel quite good that we can achieve the outcomes, the goals that we've set for ourselves and expectations that we have for ourselves for this year. And at the same time, I would say, that we're also very sort of fortunate that we have a strong balance sheet. We're in a great position. There's going to be another year of profitable growth as a company and as a business. And the demand drivers overall long term for our business seems very positive. There's close to, as I mentioned on the call, $90 million worth of funding on government fiscal year '21 proposed budgets, which has not been approved yet, but there's a healthy dose of demand for these types of systems because this category we're in is quite attractive in the overall category of defense in general, both domestically and internationally.

當然。因此，彼得，正如我在評論中提到的那樣，我們確實有 71% 的可見性，這是凱文概述的具體情況——在今年的這個時候。這與我們的歷史水準基本一致。我們發現客戶與我們簽訂合約的活動有所延遲，這主要是由於 COVID-19 疫情的影響。現在，每個人都在適應新常態，他們基本上在進行調整併弄清楚如何做到這一點。我們與我們的客戶，包括我們所有的國內和國外客戶，以及我們所有的系列系統和產品的客戶都保持著非常密切的聯繫。我們對今天的計劃非常有信心。這就是我們重申之前提供的指導的原因。同時，我們知道如何才能獲得這些合同，可以說，要跨越這些合同的障礙，進入授予合同的最後階段。根據我們掌握的所有數據，我們很高興能夠實現今年的成果、我們為自己設定的目標和期望。同時，我想說，我們也非常幸運，擁有強勁的資產負債表。我們處於非常有利的地位。作為一家公司和一家企業，我們將迎來獲利成長的一年。從整體來看，我們業務的長期需求驅動因素似乎非常積極。正如我在電話中提到的那樣，政府 21 財年擬議預算中的資金接近 9000 萬美元，但尚未獲得批准，但對這類系統的需求很大，因為我們所處的這一類別在整個國防類別中都具有相當大的吸引力，無論是在國內還是在國際上。

Okay. That's helpful. And just as a follow-up on the HAPS, you mentioned that it was going to be entering kind of a new phase. So I assume that you've -- in the slides, you mentioned that there's -- you've had 11, I believe, contract modifications. So we would anticipate more of that as we get into this new phase? Or does it -- maybe just a little bit more insight on how that's going to play out.

好的。這很有幫助。作為 HAPS 的後續，您提到它將進入一個新階段。所以我假設你在幻燈片中提到過，我相信你已經進行了 11 項合約修改。那麼，當我們進入這個新階段時，我們預計會發生更多這樣的事情嗎？或者確實如此——也許只是對事情將如何發展有一點更深入的了解。

Yes, Peter. So in terms of the HAPS, what I wanted to specifically communicate is that we're making some great progress over the last 2 years or so on this program and in this initiative.

是的，彼得。因此，就 HAPS 而言，我想特別傳達的是，在過去兩年左右的時間裡，我們在這個計畫和這項計畫上取得了一些重大進展。

We're positioned really well. We've had 4 consecutive flights -- successful flights and demonstration so far. We have developed and delivered 2 airplanes, and we're sort of coming towards the end of the Phase 1 of this business plan. And where the transition from Phase 1 to the next phase, which is an extensive testing and certification phase is essentially a very smooth transition. And we expect that transition to happen sometime by the end of this fiscal year. And so we -- what I tried to articulate is that we expect our revenue for HAPS business this year to roughly be equivalent to our run rate of last fiscal year, which is around $60 million or so. And that gives you an idea as to what we expect this year. Obviously, in order to achieve that, there either have to be modifications on the existing contract that we have or we have to get a new contract. The good part is that we're very close with our partner, SoftBank, in this case. We work hand-in-glove in this process throughout the whole process on a daily basis, and we know what we have to do in order to get that done. So depending on the needs of the program, we will jointly address that as we go forward and we're in a good position for the long-term value creation here as well.

我們的定位非常好。到目前為止，我們已經進行了四次連續飛行並進行了演示，並取得了成功。我們已經開發並交付了兩架飛機，並且即將完成該商業計劃的第一階段。從第一階段到下一階段的過渡，即廣泛的測試和認證階段，本質上是一個非常平穩的過渡。我們預計這項轉變將在本財年末發生。因此，我想表達的是，我們預計今年 HAPS 業務的收入大致相當於上一財年的運行率，約為 6,000 萬美元左右。這讓您了解我們今年的期望。顯然，為了實現這一目標，我們要么修改現有的合同，要么簽訂一份新合同。好消息是，在這種情況下，我們與合作夥伴軟銀的關係非常密切。我們每天都在整個過程中密切合作，我們知道要完成這項工作需要做什麼。因此，根據計劃的需要，我們將在前進的過程中共同解決這個問題，我們也處於有利地位，可以創造長期價值。

Thank you for that question, Peter. Our next question comes from Louie DiPalma from William Blair.

謝謝你的提問，彼得。下一個問題來自 William Blair 的 Louie DiPalma。

Kevin, you mentioned that the Puma LE has stamina of approximately 6 hours. I was wondering, how does that translate to range? And how does that compare to the potential range that you could achieve with the aforementioned Switchblade long endurance variant?

凱文，您提到 Puma LE 的續航時間約為 6 小時。我想知道，這如何轉化為範圍？那麼，這與前面提到的 Switchblade 長續航版本所能達到的潛在範圍相比如何呢？

Right. So Louie, great question. I'm glad you asked the question. We do believe that our Puma LE, which now can fly up to 6.5 hours on a single battery and a single flight, continuous flight, is really a Group 2 capability and a Group 1 footprint, the economics package as well as financial considerations. And logistically, it is far, far easier to operate a Puma LE system than any of it's -- any of the conventional Group 2 systems that are out there. In terms of the range of the system, typically, with the standard antenna that we have, it could fly for 30 -- 20, 30 kilometers. We do have a long-range tracking antenna that we refer to as LRTA and essentially, what it does -- it's a slightly bigger antenna, but what it does, it allows the Puma to fly almost as close as 40, 50 kilometers. So it's pretty much longer range. Additionally, over the years, we've even demonstrated the ability to be able to control and communicate Puma through SatCom, satellite communication. So we have developed and demonstrated that capability with our Puma systems already more than 1 year ago. And so number one, the existing Puma by itself, great range and great endurance. With the long-range tracking antenna, it expands even further and also the capability exists to go even beyond on a satellite communication and connect it that way for much longer ranges.

正確的。所以 Louie，這個問題問得好。我很高興你問了這個問題。我們確實相信，我們的 Puma LE 僅靠一塊電池就能飛行長達 6.5 小時，單次飛行可以連續飛行，這確實具有 Group 2 的能力和 Group 1 的佔地面積，兼具經濟性和財務方面的考慮。從邏輯上講，操作 Puma LE 系統比操作任何現有的傳統 Group 2 系統都要容易得多。就係統範圍而言，通常情況下，使用我們現有的標準天線，它可以飛行 30 到 20、30 公里。我們確實有一個遠端追蹤天線，我們稱之為 LRTA，本質上，它的作用是 - 它是一個稍大的天線，但它的作用是，它允許 Puma 飛行到幾乎 40 到 50 公里的近距離。所以它的射程相當長。此外，多年來，我們甚至展示了透過 SatCom（衛星通訊）控制和通訊 Puma 的能力。我們在一年多前就已經透過 Puma 系統開發並展示了這個功能。首先，現有的 Puma 本身就具有極強的續航力和持久力。借助遠端追蹤天線，它可以進一步擴展，並且還可以超越衛星通訊並以這種方式連接更長的範圍。

And potentially, you could have the Puma connect to the -- a Sunglider antenna, right?

而且有可能，你可以讓 Puma 連接到 Sunglider 天線，對嗎？

That is accurately -- a very accurate statement, Louie. I mean our vision of these unmanned family of systems, robotic systems, absolutely encompasses that type of future state capabilities.

這是準確的──非常準確的表述，路易。我的意思是，我們對這些無人系統、機器人系統的願景絕對涵蓋了這種未來狀態的能力。

Great. And one final one. In July, you announced that you won the $21 million flight control system domain award that's currently under your army IDIQ that's for -- has a ceiling of $249 million. And you said that there are a total of 6 domains for this IDIQ. And I was wondering, what are the other domains? And was your award last year for $45 million for, I think it was 200 Raven aircraft? Is that also part of this IDIQ? And I'm just trying to size of what the potential opportunity is remaining here.

偉大的。最後一個。7 月份，您宣布贏得了價值 2100 萬美元的飛行控制系統領域獎，該獎項目前由陸軍 IDIQ 負責，最高金額為 2.49 億美元。而且您說這個IDIQ一共有6個網域。我想知道，其他網域是什麼？去年您獲得的 4500 萬美元獎勵是用來購買 200 架 Raven 飛機嗎？這也是 IDIQ 的一部分嗎？我只是想評估這裡還剩下哪些潛在機會。

Sure. So Scott, you're absolutely right. We did get that award. It was basically -- it's called the FCS portion of that contract. That contract is an IDIQ contract that encompasses the small UAS and it's -- there's been many task orders underneath that for a number of years now, maybe a couple of years or so. And Steve does have the specifics of what the 5 or 6 categories are. Steve, do you want to...

當然。所以斯科特，你完全正確。我們確實獲得了那個獎項。它基本上是——它被稱為該合約的 FCS 部分。該合約是一份涵蓋小型 UAS 的 IDIQ 合同，並且該合約下已經有許多任務訂單，持續了好幾年，大概有兩年左右了。史蒂夫確實知道這 5 個或 6 個類別的具體內容。史蒂夫，你想…

Sure, sure, Louie. So those 6 domains were defined by the Army as systems, tactical open government-owned architecture or TOGA. Other major components: RT 28 Puma spares, RQ 11-B, Raven spares and Flight Control Systems, FCS. Those are 6 domains. They all fall under that $248.5 million 5-year IDIQ-type contract.

當然，當然，路易。因此，陸軍將這 6 個領域定義為系統、戰術開放政府架構或 TOGA。其他主要零件：RT 28 Puma 備件、RQ 11-B、Raven 備件和飛行控制系統 (FCS)。那是 6 個域。它們都屬於價值 2.485 億美元的 5 年期 IDIQ 類型合約。

And it -- yes, go ahead.

是的，繼續吧。

Sorry. And for this, I know there were -- I think there were 4 other vendors as part of this IDIQ. It might have even been 5 other venders. But as far as you're aware, have you won the vast majority of the dollar amount thus far for this idea?

對不起。對此，我知道有——我認為還有其他 4 家供應商參與了此 IDIQ。甚至可能還有其他 5 個賣家。但據您所知，到目前為止，您是否已經憑藉這個想法贏得了絕大部分資金？

Louie, that is accurate, both comments are accurate. There are at least 5, maybe 6 different players on this IDIQ contract from inception. We have competed against task orders for all the years against that. We believe, based on the math that we've done, as the amount of awards that have been issued against that contract and the amount of awards that we won, that we've won the vast majority of them, vast majority of the dollars. And so essentially, you could see that it's very consistent with our track record of having a high win rate within our category both domestically as well as internationally.

路易，這是準確的，兩則評論都是準確的。從一開始，就有至少 5 名，甚至 6 名不同的球員簽署了這份 IDIQ 合約。我們多年來一直在與任務訂單競爭。我們相信，根據我們所做的計算，根據該合約頒發的獎勵金額和我們贏得的獎勵金額，我們已經贏得了其中的絕大多數，絕大多數金額。因此，從本質上講，您可以看到，這與我們在國內和國際上保持高勝率的記錄非常一致。

We'll take our next question, again, another follow-up question from Joe DeNardi. Joe?

我們將再次回答下一個問題，這是 Joe DeNardi 提出的另一個後續問題。喬？

So Wahid, in the first quarter, you disclosed $9.5 million in revenue from TMS. I think you said that the LMAMS contract contributed, too. So does that mean that the $7.5 million difference is coming from variance? And if so, can you say how many variants are making that?

那麼 Wahid，在第一季度，您揭露了來自 TMS 的 950 萬美元收入。我認為您說過 LMAMS 合約也起了作用。那麼這是否意味著 750 萬美元的差額來自於差異？如果是的話，您能說出有多少種變體可以實現這一點嗎？

So Joe, very good insight. We -- the revenue profile within our Tactical Missile Systems product line is made up of different categories of items, one of them being the original Switchblade, which we said we recognized about $2 million worth of revenue in the quarter for that. There's also a chunk of revenue in that is related to like training and sustainment of existing Switchblade systems for our customers and repair of what we refer to as training vehicles or training rounds that we provide to our customers for training new war fighters. Additionally, there's customer-funded R&D dollars that comes in for the funding, for example, new variants of the systems or maintenance of the similar enhancements on that. As the variance -- the other variance that we've spoken about publicly is the Blackwing variant. Obviously, that's in a much specific target market and a smaller more specific targeted market of submarines. But those are the different types of revenue that's in that bucket of TMS product line category.

所以喬，你的見解非常好。我們的戰術飛彈系統產品線的收入組成由不同類別的項目組成，其中之一就是原廠的Switchblade，我們表示本季我們因此確認了約 200 萬美元的收入。其中還有一大筆收入與為客戶培訓和維護現有的 Switchblade 系統以及修理我們為客戶提供的用於訓練新戰士的訓練車輛或訓練彈有關。此外，還有客戶資助的研發資金，例如係統的新變體或類似增強功能的維護。作為變體——我們公開談論的另一個變體是 Blackwing 變體。顯然，這是一個更具體的目標市場，而且是一個更小、更具體的潛艦目標市場。但這些都是 TMS 產品線類別中的不同類型的收入。

Okay. Okay. And then, Wahid, during your tenure and even back through Tim's, there's been, I think, a challenge around predicting timing and magnitude of adoption. But if you look back over the last several years, there aren't many defense companies with a better track record on meeting revenue guidance. So I feel like you have better visibility into the business on the revenue side than maybe you give yourself credit for. So the question is given the strong track record of visibility, when do you think you'll be in a position to provide more longer-term 3- to 5-year financial targets?

好的。好的。然後，瓦希德，在您任職期間，甚至在蒂姆任職期間，我認為，在預測採用的時間和規模方面一直存在挑戰。但如果回顧過去幾年，你會發現，沒有多少國防公司在實現收入預期方面擁有更好的記錄。因此，我覺得您對業務收入的了解程度可能比您自己認為的要高。所以問題是，鑑於良好的可見性記錄，您認為何時能夠提供更多長期的 3 至 5 年財務目標？

So thank you, Joe, for recognizing and noticing that. We try our best. We never consider it to be done, done. We always strive for better and more accurate information and predictions. In terms of the long term, again, look, we're very fortunate that we're in a position in a market that promises so much growth and prosperity for us. Yes, the whole world is challenged with the pandemic that's going on, and it's affecting every one of us all around the globe. But we believe that given our strong balance sheet, given our strong positions in these -- leading positions in these markets and the growth portfolio that we have and the track record that we've had in the years, this will be the fourth year of consistent profitable growth that we've been able to at least plan as well as deliver so far. So we look forward to that. In terms of long term, it is really a difficult challenge to see beyond the fiscal year. We do believe that these markets are large. We have a plan of strategy. So far, we're very much pleased with our results, and we look forward to executing and delivering more value. And as we have the ability to predict further along in a more accurate way, we would absolutely make sure that we keep you aware and informed on that front.

所以，喬，謝謝你認識並注意到這一點。我們盡力了。我們從不認為它已經完成了。我們始終致力於提供更好、更準確的資訊和預測。從長遠來看，我們非常幸運，我們處在一個能為我們帶來如此大的成長和繁榮的市場。是的，全世界都面臨這場疫情的挑戰，它影響著全球每一個人。但我們相信，鑑於我們強勁的資產負債表、我們在這些市場的領先地位、我們擁有的成長組合以及多年來的業績記錄，這將是我們至少迄今為止能夠計劃和實現的持續盈利增長的第四年。所以我們對此充滿期待。從長遠來看，展望未來財政年度確實是一個艱鉅的挑戰。我們確實相信這些市場很大。我們有一個戰略計劃。到目前為止，我們對我們的結果非常滿意，我們期待執行並提供更多價值。由於我們有能力以更準確的方式進行進一步的預測，我們絕對會確保讓您了解並了解這方面的情況。

Thank you, Joe. (Operator Instruction]. Our next question comes from Ken Herbert of Canaccord Genuity. Ken?

謝謝你，喬。（操作員指令）。我們的下一個問題來自 Canaccord Genuity 的 Ken Herbert。肯？

I wanted to ask a question for Kevin, perhaps. You delivered really good cash in the quarter, and it sounds like receivables specifically helped working capital. But are you -- I know the last couple of years, conversion has been lower than maybe in the prior years, and it can be fairly volatile. But can you talk about either way we should think about conversion on the free cash this year, say, relative to net income? Or maybe just some of the key puts and takes for the remainder of the year? And -- because it looks like you're positioned coming out of this quarter to have a really nice rebound in cash generation for the fiscal year.

也許我想問凱文一個問題。您在本季度提供了非常好的現金，聽起來應收帳款特別有助於營運資金。但你知道嗎——我知道過去幾年，轉換率可能比前幾年低，而且波動性很大。但是您能否談談我們應該如何考慮今年自由現金的轉換，例如相對於淨收入？或者可能只是今年剩餘時間裡的一些關鍵優缺點？而且——因為看起來你們已經做好準備，在本季結束後，財政年度的現金產生將出現非常好的反彈。

Yes. I mean, we're looking at a very much positive cash flow year. I mean, one of the key drivers is the investment in working capital items like inventory receivables and unbilled receivables, and we did bring that down substantially in the first quarter. The unbilled has been running kind of high in the $75 million, $76 million range. That should come down somewhat during the year, but potentially could be back at the same level by the end of the year as we recognize revenue on some of the contracts. But the other items there should stay fairly close to their current levels throughout the year. We did spend $4 million of CapEx in the quarter. That probably type of spending per quarter would be expected in the next several quarters. We are investing in new products and things like that. And so that -- the spending should continue through the year.

是的。我的意思是，我們預計今年的現金流將會非常正。我的意思是，其中一個關鍵驅動因素是對庫存應收帳款和未開票應收帳款等營運資本項目的投資，我們確實在第一季大幅降低了這項投資。未開票金額一直較高，介於 7,500 萬美元至 7,600 萬美元之間。這一數字在今年應該會有所下降，但隨著我們確認部分合約的收入，到年底可能會回到同一水平。但全年其他商品的價格應該會維持在接近目前水準的水準。我們在本季確實花費了 400 萬美元的資本支出。預計未來幾季每季的支出可能都達到這一水平。我們正在投資新產品和類似的東西。這樣，支出應該會持續到全年。

Thank you, Ken. And our next question comes -- a follow-up question from Peter Arment at Baird. Peter?

謝謝你，肯。我們的下一個問題是來自貝爾德的彼得·阿門特 (Peter Arment) 的後續問題。彼得？

Yes. Actually, Ken just asked what I was going to ask on the receivables. So thanks, Kevin, for all the details. I'll jump back in the queue.

是的。實際上，肯只是問我對應收帳款要問什麼問題。所以，感謝凱文提供的所有詳細資訊。我會重新回到隊列中。

Thank you. And with that, we have no further questions at this time. We appreciate everybody's engagement and interest. Thanks for your attention. And an archived version of this call, all SEC filings and relevant company and industry news can be found on our website, www.avinc.com. We wish you a good day. We look forward to speaking with you again following next quarter's results and continued good health and safety. Good afternoon.

謝謝。至此，我們目前沒有其他問題了。我們感謝大家的參與和興趣。感謝您的關注。本次電話會議的存檔版本、所有 SEC 文件以及相關公司和行業新聞均可在我們的網站 www.avinc.com 上找到。祝您有美好的一天。我們期待在下個季度取得成果並繼續保持健康和安全之後再次與您交談。午安.