AeroVironment, Inc. (AVAV) 2008 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the fourth quarter and full fiscal year 2008 AeroVironment earnings conference call. At this time, all participants are in a listen-only mode. We will conduct a question and answer session towards the end of this conference. As a reminder this, conference is being recorded for replay purposes.

各位女士、先生，大家好，歡迎參加 AeroVironment 2008 會計年度第四季暨全年財報電話會議。此刻，所有與會者皆處於僅收聽模式。我們將在本次會議接近尾聲時進行問答環節。提醒各位，本次會議將錄音以供日後重播。

With us today from the company is Chairman and Chief Executive Officer, Mr. Tim Conver; Chief Financial Officer, Mr. Steve Wright; and Director of Investor Relations, Mr. Steven Gitlin. Now at this time, I would like to turn the presentation over to Mr. Gitlin. Please go ahead, sir.

今天與會的公司代表包括：董事長兼執行長 Tim Conver 先生；財務長 Steve Wright 先生；以及投資人關係總監 Steven Gitlin 先生。現在，我想把簡報交給 Gitlin 先生。先生，請開始。

Thank you, Dustin. Welcome to AV's fourth quarter and full fiscal year 2008 earnings call. Before I hand the call over to management, please note that on this call, certain in formation presented contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

謝謝你，Dustin。歡迎各位參加 AV 2008 會計年度第四季暨全年財報電話會議。在我把電話交給管理團隊之前，請注意，本次電話會議中所呈現的部分資訊包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。

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.

前瞻性陳述包括但不限於任何可能預測、預報、指出或暗示未來結果、績效或成就的陳述，並可能包含如「相信」、「預期」、「期望」、「估計」、「意圖」、「推估」、「計畫」等字眼，或具有類似含義的詞語或片語。

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.

前瞻性陳述係基於目前的期望、預測與假設，並涉及風險與不確定性，包括但不限於我們無法控制的經濟、競爭、政府與技術因素，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存在重大差異。

Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, reliance on sales to the U.S. government, changes in the supply and/or demand and/or prices for our products, the activities of competitors, failure of the markets in which we operate to grow, failure to expand into new markets, changes in significant operating expenses, including components and raw materials, failure to develop new products, changes in the regulatory environment, and general economic and business conditions in the United States and elsewhere in the world.

可能導致實際結果與前瞻性陳述存在重大差異的因素包括但不限於：對美國政府銷售的依賴；我們產品供給與/或需求與/或價格的變動；競爭對手的活動；我們所營運市場未能成長；未能拓展至新市場；重大營運費用（包括零組件與原物料）變動；未能開發新產品；法規環境變動；以及美國及全球其他地區的一般經濟與商業狀況。

For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend and undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

如需上述風險與不確定性的進一步清單與說明，請參閱我們向美國證券交易委員會提交的報告。我們無意且不承擔任何義務更新任何前瞻性陳述，無論係因新資訊、未來事件或其他原因。

The content of this conference call contains time-sensitive information that is accurate only as of today, June 24, 2008. The company undertakes no obligation to make any revision to the statements contained in our remarks, or to update them to reflect the events or circumstances occurring after this conference call. With that, it's my pleasure to turn the call over to Tim Conver.

本次財報電話會議內容包含具時效性的資訊，僅截至今日（2008 年 6 月 24 日）為準且為正確。公司不承擔對我們發言中所含陳述作任何修訂之義務，亦不承擔更新以反映本次電話會議後發生之事件或情況之義務。接下來，我很高興把電話交給 Tim Conver。

Thank you, Steven. Welcome to our fourth quarter and full fiscal 2008 conference call. On April 30, we completed our second fiscal year end as a public company and our solid organic growth is once again in line with our targets.

謝謝你，Steven。歡迎各位參加我們 2008 會計年度第四季暨全年電話會議。我們於 4 月 30 日完成了作為上市公司第二個會計年度的結算，而我們穩健的內生成長再次符合我們的目標。

At the beginning of FY '08 we said we expected 20 to 25% revenue growth with 12 to 14% operating margin. Continued strong demand for our products and services made for a record fourth quarter revenue of 64.3 million and a total FY '08 revenue of 215.7 million. This represents a year-over-year revenue growth of 24%, with an operating margin of 13%.

在 2008 會計年度開始時，我們表示預期營收成長 20% 至 25%，營業利益率為 12% 至 14%。我們產品與服務持續強勁的需求，帶來創紀錄的第四季營收 6,430 萬美元，以及 2008 會計年度全年營收 2 億 1,570 萬美元。這代表年對年營收成長 24%，營業利益率為 13%。

Doing what we say continues to be a core value of the company in all of our relationships. In addition to delivering the financial results and supporting our customer needs, we made significant progress positioning the company for future growth across our businesses. Here are eight examples of that progress.

言行一致持續是公司在所有關係中的核心價值。除了交付財務成果並支援客戶需求之外，我們也在為公司未來跨各業務的成長布局方面取得重大進展。以下是八個進展例子。

We successfully transitioned WASP three into a full rate production in support of the BATMAV program with both the U.S. Air Force and the U.S. Marine Corps, placing orders for these systems. We won a competitive award to develop our Global Observer, Stratospheric persistent UAS, under a $57 million joint capabilities technology demonstration program.

我們成功將 WASP III 轉入全速量產，以支援 BATMAV 計畫；美國空軍與美國海軍陸戰隊均已下單採購這些系統。我們在競爭中獲得獎項，於一項 5,700 萬美元的聯合能力技術示範（JCTD）計畫下，開發我們的 Global Observer 平流層長航時（persistent）無人航空系統（UAS）。

We grew our UAS spares and repairs business in support of the growing number of our Raven and Wasp systems used by our customers. We added to the number of international Allied military customers for our small UAS. We achieved important milestones in several technology development programs, including Global Observer, Switchblade, and Digital DataLink.

我們擴大了 UAS 備品與維修業務，以支援客戶使用的 Raven 與 Wasp 系統數量持續增加。我們也增加了採購我們小型 UAS 的國際盟軍軍事客戶數量。我們在多項技術開發計畫中達成重要里程碑，包括 Global Observer、Switchblade 與 Digital DataLink。

We managed to increase and expand the number of architectural wind early adopter systems purchased by our customers and installed on their buildings. We successfully demonstrated our PosiCharge technology, as fast charge infrastructure for on-road electric vehicle demonstrations in both the United States and Europe. And we grew our human resource strength, which is the source of the high value we deliver to customers, while maintaining a culture of innovation, agility and customer responsiveness.

我們設法提升並擴大客戶採購的建築用風力（architectural wind）早期採用者系統數量，並將其安裝於客戶建築上。我們成功展示 PosiCharge 技術，作為道路用電動車示範計畫的快速充電基礎設施，並在美國與歐洲皆完成展示。同時，我們在維持創新、敏捷與客戶回應文化的前提下，強化了人力資源實力——這正是我們為客戶創造高價值的來源。

These developments position us well to address what we believe are two important long-term global trends. One, the increased security and economic value of ISR, communications and force protection that is driving the adoption of UAS. And two, the increased economic and environmental value of energy efficiency, which we believe will drive the adoption of clean energy and clean transportation.

這些發展使我們能更好地因應我們認為兩項重要的長期全球趨勢。第一，ISR（情報、監視與偵察）、通訊與部隊防護的安全與經濟價值提升，正推動 UAS 的採用。第二，能源效率的經濟與環境價值提升，我們相信這將推動潔淨能源與潔淨運輸的採用。

With these accomplishments as a backdrop, I would like to take a little more time than usual on this call to address two broader issues that may be on the minds of our investors, especially in the short-term. By far the most frequently asked question we receive when we speak with investors relates to, what will happen as a result of a drawdown of U.S. troops in Iraq as it relates to our small UAS business? Here's my view.

以這些成就為背景，我想在本次電話會議中比平常多花一些時間，談兩個可能在投資人心中、尤其是短期內的較宏觀議題。到目前為止，我們在與投資人交流時最常被問到的問題是：若美軍自伊拉克撤軍（drawdown），對我們的小型 UAS 業務會有什麼影響？以下是我的看法。

First, it's clear that UAS are here to stay. Newsweek's recent headline quote "the hundreds of drones cruising over Iraq and Afghanistan have changed war forever," end quote, is a good summary. The effectiveness of our small UAS is not limited to the mountains of Afghanistan or the cities of Iraq. These systems provide unique value wherever our ground forces operate.

第一，很明顯 UAS 將會長期存在。《新聞週刊》近期的標題引述：「在伊拉克與阿富汗上空巡航的數百架無人機已永遠改變戰爭」，引述完畢，這是一個很好的總結。我們小型 UAS 的效能並不限於阿富汗的山區或伊拉克的城市。無論我們的地面部隊在哪裡行動，這些系統都能提供獨特價值。

Our customers have each determined that they require this capability throughout their force structures. We believe they will continue to buy these systems whether we are fighting a war or training, similar to the adoption of other breakthrough technologies, like night vision. We have found a congressional support for affordable force protection is widespread and bipartisan and we believe that any administration will provide similar support.

我們的客戶各自都已認定，他們在其整體兵力架構中都需要這項能力。我們相信，無論是在作戰或訓練，他們都會持續採購這些系統，這與其他突破性技術（如夜視裝備）的採用情況相似。我們發現，國會對於可負擔的部隊防護支持廣泛且跨黨派；我們也相信，任何一屆政府都會提供類似支持。

If a drawdown in U.S. forces from Iraq does take place, we believe it will take sometime to complete and that it will require tools such as our systems that protect our troops during the process. The main driver for our spares and repairs revenue is total flight hours of our aircraft. We believe the number of aircraft in use will continue to increase, even if the ops tempo decreases due to drawdown, reduces flight hours on each airplane.

如果美軍確實自伊拉克撤軍，我們相信完成撤軍需要一段時間，且在此過程中將需要像我們這樣能保護部隊的工具。我們備品與維修收入的主要驅動因素是我們飛機的總飛行時數。我們相信，即使因撤軍導致作戰節奏下降、使每架飛機的飛行時數減少，實際使用中的飛機數量仍將持續增加。

In that scenario, we believe the net effect on our spares and repairs business is unclear, but I think the net result will be determined primarily by the total use of the system. Finally, we believe that the new UAS capabilities that we're developing and the new markets and applications that are emerging, will continue to drive UAS market growth and our revenue growth.

在那種情境下，我們認為對備品與維修業務的淨影響仍不明確，但我認為最終結果主要將由系統的總使用量所決定。最後，我們相信，我們正在開發的新 UAS 能力，以及正在浮現的新市場與新應用，將持續推動 UAS 市場成長與我們的營收成長。

The second question we're often asked is what will happen when we face significant competition, which I believe refers to competition from large prime contractors. It's important to remember that each and every full and open competition we've entered has included a significant number of competitors, including large aerospace prime contractors.

我們經常被問到的第二個問題是：當我們面臨重大競爭時會發生什麼事？我認為這指的是來自大型主承包商（prime contractors）的競爭。重要的是要記住，我們參與的每一場完全且公開的競標，都包含相當多的競爭者，其中也包括大型航太主承包商。

We've managed to win each of the three competitions for DOD programs of record to date, as well as the one and a half-year competition for the Global Observer JCTD award. There are a number of reasons for our success in the market.

截至目前，我們已成功贏得三項國防部（DOD）正式列案（programs of record）的競標，以及為期一年半的 Global Observer JCTD 獎項競爭。我們在市場上成功有多項原因。

First, we're competing in market segments that we created and we've been focused on for years. Second, we've built a competitive strategy from the ground-up to be uniquely good at anticipating and delivering on our customers' most important needs. And third, our capabilities are focused on a limited set of markets, where we're committed to winning every competition we enter and expanding every customer relationship we have.

第一，我們在自己所開創、且多年來持續專注的市場區隔中競爭。第二，我們自下而上建立競爭策略，使我們能在預判並滿足客戶最重要需求方面具備獨特優勢。第三，我們的能力聚焦於有限的一組市場；我們承諾在每一場參與的競爭中都要勝出，並擴大我們與每一位客戶的合作關係。

I think the voice of the customer speaks most clearly through market share and market share favors us in small UAS and Stratospheric persistent UAS. Precisely because of the strategic advantage afforded by our small size relative to others, our focus and our ability -- our agility, excuse me. Let's now review our three business segments, beginning with UAS.

我認為，客戶的聲音最清楚地體現在市占率上，而在小型 UAS 與平流層長航時（persistent）UAS 方面，市占率對我們有利。正是因為相較於其他公司，我們規模較小所帶來的策略優勢、我們的專注，以及我們的能力——更正，是我們的敏捷性。現在讓我們回顧三個業務部門，先從 UAS 開始。

With a $56 million fourth quarter, UAS produced record revenues of 186.6 million for FY '08, an increase of 27% over FY '07. There are five aspects of our UAS business that we believe will continue to drive future growth.

第四季達 5,600 萬美元，UAS 於 08 會計年度創下 1.866 億美元的創紀錄營收，較 07 會計年度成長 27%。我們認為 UAS 業務有五個面向將持續推動未來成長。

First, sale of existing products to existing customers. Raven continues to dominate the UAS -- small UAS market, but our Wasp line is ramped up and it is now contributing to revenue as well. The Marine Corps is issuing their Ravens to the battalion level, while they are issuing their Wasp to the platoon level.

第一，將既有產品銷售給既有客戶。Raven 持續主導 UAS——小型 UAS 市場，但我們的 Wasp 產品線已加速放量，現在也開始貢獻營收。海軍陸戰隊正將其 Raven 配發至營級單位，同時將 Wasp 配發至排級單位。

We have already received inquiries from other customers regarding Wasp and we are pursuing them actively. Second, services that sustain our deployed system, as the total number of aircraft in use increases, we benefit from increased spares, repairs and training revenue. Our logistics group has also added turnkey flight services to its portfolio.

我們已收到其他客戶對 Wasp 的詢問，並正積極推進。第二，維持我們已部署系統的服務；隨著投入使用的飛行器總數增加，我們將受益於備品、維修與訓練收入的提升。我們的後勤團隊也將交鑰匙飛行服務納入其產品組合。

Third, product upgrades will continue to drive revenue. Our customers have already been upgrading their previously purchased Ravens to Raven B configurations and we are actively working with them to define the next Raven product improvement program.

第三，產品升級將持續帶動營收。我們的客戶已在將先前購買的 Raven 升級為 Raven B 規格，我們也正與他們積極合作，界定下一個 Raven 產品改良計畫。

We anticipate that our digital DataLink will be broadly adopted after it becomes available during FY '09 for initial military assessment. Fourth, new products, the Global Observer program is ramping up and will contribute meaningfully to our FY '09 revenue. Global Observer intends to provide affordable persistence in the stratosphere and that's a game-changer.

我們預期數位 DataLink 在 09 會計年度可供初步軍方評估後，將被廣泛採用。第四，新產品方面，Global Observer 計畫正加速推進，並將對我們 09 會計年度營收做出具實質意義的貢獻。Global Observer 旨在於平流層提供可負擔的長時間滯空能力，這將改變遊戲規則。

We believe the six government customers who are funding the Global Observer three-year development program, are a strong indication of broad interest in this capability. Switchblade, another customer-funded initiative is bringing to reality yet another unique capability.

我們認為，資助 Global Observer 三年期開發計畫的六個政府客戶，強烈顯示市場對此能力具有廣泛興趣。Switchblade 是另一項由客戶出資的計畫，正把另一項獨特能力化為現實。

Switchblade combines the visual information provided by our small UAS with a precision munition delivery ability. This will deliver an entirely new level of precision and response time, while significantly minimizing collateral damage. Each of these programs represents a significant market opportunity that has never before been addressed successfully.

Switchblade 結合我們小型 UAS 所提供的視覺資訊，以及精準彈藥投送能力。這將帶來全新的精準度與反應時間，同時大幅降低附帶損害。上述每一項計畫都代表一個過去從未被成功滿足的重大市場機會。

And fifth, new markets and applications. We benefited this year from growing international adoption of Raven during FY '08, receiving orders from Denmark and Spain. Shortly after the end of FY '08, we also received our first Raven order from the Netherlands, and we are pursuing actively a number of additional international opportunities.

第五，新市場與新應用。我們在 08 會計年度受益於 Raven 在國際市場的採用成長，取得丹麥與西班牙的訂單。08 會計年度結束後不久，我們也收到來自荷蘭的第一筆 Raven 訂單，並正積極推進多項額外的國際機會。

We believe that our international customers are following the earlier adoption pattern of our U.S. DOD customers and represent potential long-term future growth order flow, as they gain the same experience and confidence in our solutions that all of our earlier customers have.

我們認為，國際客戶正遵循美國國防部客戶早期採用的模式；隨著他們累積與我們早期客戶相同的使用經驗與對解決方案的信心，將可能形成長期的未來成長訂單流。

We also remain convinced of the broader potential of our small UAS in applications such as border patrol, law enforcement, infrastructure monitoring and emergency response, when regular use of UAS and national air space is approved.

我們也仍然堅信，小型 UAS 在邊境巡邏、執法、基礎設施監測與緊急應變等應用上具有更廣泛的潛力，前提是 UAS 的常態使用與國家空域的核准得以落實。

In addition to the growing interest in UAS, there's also an increased interest in efficient energy solutions, which leads us to a review of our other operating segments, PosiCharge and Energy Technology. This will be the last time we report PosiCharge and Energy Technology Center's individual segments.

除了對 UAS 日益增加的興趣之外，市場對高效率能源解決方案的興趣也在提升，這使我們轉而檢視其他營運部門：PosiCharge 與 Energy Technology。這將是我們最後一次分別報告 PosiCharge 與 Energy Technology Center 的個別部門。

In May, we announced that we would combine these two groups into a single operating segment called Efficient Energy Systems, or EES. Starting with our Q1 FY '09 cycle, we will report these as a single segment.

在 5 月，我們宣布將把這兩個團隊合併為單一營運部門，稱為 Efficient Energy Systems（EES）。自 09 會計年度第一季起，我們將以單一部門方式進行揭露。

This is essentially the organizational combination that worked very well for us two years ago, when we combined the group that was performing UAS R&D with our small UAS production business. EES is designed to address the increasing economic and environmental value of efficient electric energy solutions.

這本質上是我們兩年前採用且成效良好的組織整併方式，當時我們將負責 UAS 研發的團隊與小型 UAS 的生產業務合併。EES 的設計目的，是因應高效率電能解決方案日益提升的經濟與環境價值。

It will use the critical mass of its combined resources to focus on two major areas, clean transportation and clean energy systems. PosiCharge for industrial vehicles, PosiCharge for on-road vehicles, electric vehicle test equipment and architectural wind, are representative of the innovative solutions we intend to offer from this integrated group.

EES 將運用整合後資源所形成的關鍵規模，聚焦於兩大領域：潔淨運輸與潔淨能源系統。工業車輛用 PosiCharge、公路車輛用 PosiCharge、電動車測試設備，以及建築風力（architectural wind），都是我們計畫由此整合團隊提供的創新解決方案代表。

We increased PosiCharge revenues slightly over FY '07 and believe that we maintained approximately 50% of the fast charge market. There's no doubt that PosiCharge has increased productivity, enhanced safety, and improved energy efficiency for our customers. They continue to adopt and deploy our systems across their enterprises, although we have not seen the broader market adoption that we anticipated.

我們的 PosiCharge 營收較 07 會計年度小幅成長，並相信我們維持了約 50% 的快速充電市場占有率。毫無疑問，PosiCharge 已為客戶提升生產力、強化安全性並改善能源效率。客戶持續在其企業內採用並部署我們的系統，儘管我們尚未看到原先預期的更廣泛市場採用。

Based on our data, PosiCharge is the most widely used electric vehicle fast charge system in the world, supporting thousands of electric lift trucks used heavily every day. I think we have the best technology in the market and we will continue to work creatively to expand awareness and adoption of the PosiCharge solution.

根據我們的資料，PosiCharge 是全球使用最廣泛的電動車快速充電系統，支援數千台每天高頻使用的電動堆高機。我認為我們擁有市場上最好的技術，並將持續以創新方式擴大對 PosiCharge 解決方案的認知與採用。

PosiCharge was developed by our Energy Technology Center, which I'll now discuss in more detail. The purpose of our ETC has been twofold, to develop advanced electric technologies that support our existing businesses and to develop entirely new solutions targeting new opportunities for significant market adoption.

PosiCharge 由我們的 Energy Technology Center 開發，接下來我將更詳細說明。ETC 的目的有兩個：一是開發支援既有業務的先進電力技術；二是開發鎖定新機會、以期獲得顯著市場採用的全新解決方案。

Our electric vehicle test equipment has seen an uptick in sales, as more and more organizations work on electric and hybrid electric vehicle development programs. Our ETC team has delivered state of the art subsystems for energy generation, energy storage and propulsion, that are critical to achieving the performance targets of our revolutionary Global Observer system.

隨著越來越多組織投入電動與油電混合車的開發計畫，我們的電動車測試設備銷售有所提升。我們的 ETC 團隊已交付最先進的子系統，涵蓋發電、儲能與推進，這些對於達成我們革命性 Global Observer 系統的性能目標至關重要。

We are also seeing more interest in clean energy solutions, such as architectural wind, which has increased the number of customer-funded earlier adoption systems installed and operating. We're working with electric vehicle companies and potential customers to present our fast charge technology as an infrastructure solution.

我們也看到市場對潔淨能源解決方案（例如建築風力）的興趣提升，帶動更多由客戶出資的早期採用系統完成安裝並投入運轉。我們正與電動車公司及潛在客戶合作，將我們的快速充電技術作為基礎設施解決方案進行推廣。

With that as an overview for our business, Steve Wright, our CFO, will review our financial results. Steve?

以上為我們業務的概述。接下來由我們的財務長 Steve Wright 檢視財務結果。Steve？

Good afternoon. Revenue for the fourth quarter was 64.3 million, an increase of 27% over fourth quarter prior year of 50.7 million. Looking at revenue by segment, UAS revenue was 56 million, an increase of 25% over the prior year. The growth in UAS revenue was due to higher product sales and project R&D, partially offset by slightly lower services.

各位下午好。第四季營收為 6,430 萬美元，較去年同期第四季的 5,070 萬美元成長 27%。按部門來看，UAS 營收為 5,600 萬美元，較去年同期成長 25%。UAS 營收成長主要來自較高的產品銷售與專案研發（R&D），部分被服務收入略降所抵銷。

PosiCharge revenue was 3.9 million, an increase of 45% from Q4 last year, primarily due to higher revenue from sales to the automotive market. And Energy Technology Center revenue was 4.4 million, an increase of 43% from Q4 last year due to higher power processing equipment deliveries.

PosiCharge 營收為 390 萬美元，較去年第四季成長 45%，主要因對汽車市場的銷售帶來較高營收。Energy Technology Center 營收為 440 萬美元，較去年第四季成長 43%，原因是電力處理設備交付增加。

Turning to gross margin, gross margin in the fourth quarter was 23 million, up 20% from Q4 of last year. Gross margin as a percentage of revenue was 36% versus 38% in Q4 last year. By segment, UAS gross margin was 20.1 million, up 18% from Q4 of last year, and as a percent of revenue, UAS gross margin was 36% versus 38% last year. This decrease in gross margin rate was primarily due to higher program costs.

接著看毛利。第四季毛利為 2,300 萬美元，較去年第四季成長 20%。毛利率為 36%，去年第四季為 38%。按部門來看，UAS 毛利為 2,010 萬美元，較去年第四季成長 18%；UAS 毛利率為 36%，去年為 38%。毛利率下降主要是因計畫成本較高。

PosiCharge gross margin was 0.7 million, up 0.3 million from Q4 last year, primarily due to higher sales volume. As a percentage of revenue, PosiCharge gross margin was 19%, versus 16% in Q4 last year. Energy Technology Center gross margin was 2.1 million, up 0.5 million from Q4 last year due to higher sales volume.

PosiCharge 毛利為 70 萬美元，較去年第四季增加 30 萬美元，主要因銷售量提高。以營收百分比計，PosiCharge 毛利率為 19%，去年第四季為 16%。Energy Technology Center 毛利為 210 萬美元，較去年第四季增加 50 萬美元，原因是銷售量提高。

SG&A for the quarter was 9.1 million, or 14% of revenue, compared to 7 million, also 14% of revenue in the prior year. SG&A growth is primarily due to higher selling and marketing expense. R&D for the quarter totaled 4.7 million, or 7% of revenue, compared to the prior year amount of 4.7 million, or 9% of revenue.

本季 SG&A 為 910 萬美元，占營收 14%，去年同期為 700 萬美元，同樣占營收 14%。SG&A 的成長主要來自較高的銷售與行銷費用。本季研發（R&D）合計 470 萬美元，占營收 7%，去年同期為 470 萬美元，占營收 9%。

Customer-funded R&D during the quarter was 11.3 million, or 18% of revenue compared to 7.1 million, or 14% of revenue in the prior year. And total R&D, both internal and customer funded, totaled 16 million, or 25% of revenue versus 11.8 million, or 23% of revenue in the prior year.

本季由客戶出資的研發為 1,130 萬美元，占營收 18%，去年同期為 710 萬美元，占營收 14%。研發總額（含內部與客戶出資）合計 1,600 萬美元，占營收 25%，去年同期為 1,180 萬美元，占營收 23%。

Operating income for the quarter totaled 9.1 million, or 14% of revenue. Operating income was 22% higher than Q4 prior year, primarily due to higher gross margin, partially offset by higher SG&A. And net income for the quarter was 6.4 million, or $0.30 per fully diluted share, compared to 5.6 million, or $0.27 per fully diluted share last year.

本季營業利益合計 910 萬美元，占營收 14%。營業利益較去年第四季高 22%，主要因毛利較高，部分被較高的 SG&A 抵銷。本季淨利為 640 萬美元，完全稀釋後每股 0.30 美元；去年為 560 萬美元，完全稀釋後每股 0.27 美元。

Now moving quickly to our full year results. Revenue for the full year totaled 215.7 million, up 24% from the prior year and by segment, UAS revenue was 186.6 million, up 27% from the prior year. PosiCharge revenue was 18.6 million, up 6% from the prior year, and Energy Technology Center revenue was 10.5 million, up 9% from the prior year.

現在快速轉到我們的全年業績。全年營收合計為2.157億美元，較前一年成長24%；按事業部別來看，UAS營收為1.866億美元，較前一年成長27%。PosiCharge營收為1,860萬美元，較前一年成長6%；能源技術中心（Energy Technology Center）營收為1,050萬美元，較前一年成長9%。

Gross margin for the full year totaled 78.5 million, compared to 68.5 million in the prior year. Gross margin as a percentage of revenue was 36% versus 39% in the prior year. By segment, UAS gross margin was 68.6 million, up 19% from prior year. PosiCharge gross margin was 5.5 million, down 10%, and Energy Technology Center gross margin was 4.5 million, down 6%.

全年毛利合計為7,850萬美元，較前一年的6,850萬美元增加。毛利率為36%，前一年為39%。按事業部別來看，UAS毛利為6,860萬美元，較前一年成長19%。PosiCharge毛利為550萬美元，下降10%；能源技術中心毛利為450萬美元，下降6%。

SG&A for the full year totaled 33.7 million, or 16% of revenue compared to the prior year of 24 million, or 14% of revenue. The prior year SG&A included the SERP reversal of 2.2 million, or 1% of revenue. R&D for the full year totaled 16.4 million, or 8% of revenue, compared to 13.9 million, also 8% of revenue in the prior year.

全年銷售、一般及行政費用（SG&A）合計為3,370萬美元，占營收16%；前一年為2,400萬美元，占營收14%。前一年SG&A包含SERP回轉2,200萬美元，占營收1%。全年研發（R&D）合計為1,640萬美元，占營收8%；前一年為1,390萬美元，同樣占營收8%。

And total R&D, internal plus customer-funded, was 44.7 million, or 21% of revenue compared to 33 million, or 19% of revenue in the prior year. Full year operating income was 28.4 million, or 13% of revenue. Operating income was 7% below the prior year amount.

研發總額（內部加上客戶出資）為4,470萬美元，占營收21%；前一年為3,300萬美元，占營收19%。全年營業利益為2,840萬美元，占營收13%。營業利益較前一年水準低7%。

The effective tax rate for the full year was 34%, down from the prior year rate of 36%. The federal R&D tax credit expired in December 2007 and thus we expect a higher effective tax rate in fiscal year '09 unless the tax credit is renewed. Net income for the full year was 21.4 million, or $1 per fully diluted share compared to 20.7 million, or 1.22 per fully diluted share last year.

全年有效稅率為34%，低於前一年的36%。聯邦研發稅額抵減於2007年12月到期，因此除非該稅額抵減獲得延長，否則我們預期2009會計年度的有效稅率將較高。全年淨利為2,140萬美元，完全稀釋後每股盈餘為1美元；相較之下，去年淨利為2,070萬美元，完全稀釋後每股盈餘為1.22美元。

Looking at backlog, funded backlog ended fiscal year '08 at 82 million, up 21.1 million or 35% from prior year end. Turning to our balance sheet, cash equivalents and investments at the end of fiscal year totaled 118.4 million, up 7.6 million from our prior quarter amount of 110.8 million. This positive cash flow was largely due to income and working capital, partially offset by capital expenditures.

就在手訂單（backlog）而言，2008會計年度末的已獲資金支持在手訂單為8,200萬美元，較前一年年末增加2,110萬美元或35%。再看資產負債表，會計年度末的現金約當物與投資合計為1.184億美元，較前一季的1.108億美元增加760萬美元。這項正向現金流主要來自獲利與營運資金，部分被資本支出所抵銷。

Investments at the end of the fiscal year were 13.4 million, down from the previous quarter amount of 30.8 million. The decrease in investments was due to net redemptions of a municipal option rate securities. We funnel redemptions largely to U.S. treasury bills, which will limit our ability to earn higher interest income go forward. We currently hold about 80% of our cash and treasuries earning an average taxable interest rate of less than 2%.

會計年度末的投資為1,340萬美元，低於前一季的3,080萬美元。投資下降係因市政選擇權利率證券（municipal option rate securities）的淨贖回。我們將贖回資金主要投入美國國庫券，這將限制我們未來賺取較高利息收入的能力。目前我們約80%的現金與國庫券所賺取的平均應稅利率低於2%。

Subsequent to our fiscal year end, we were able to redeem four million of option rate securities at par and as of today, the company holds approximately 9.4 million of these securities. The option rate securities are backed by municipal bonds, rated A minus of higher and rated AA or higher with their insurance.

在會計年度結束後，我們得以按面值贖回400萬美元的選擇權利率證券；截至今日，公司仍持有約940萬美元的此類證券。該等選擇權利率證券以市政債券作為擔保，評等為A-或以上；若有保險保障，則評等為AA或以上。

At the end of the year, our accounts receivable including unbilled, totaled 50.4 million, up 6.5 million from the prior quarter. Total day sales outstanding were approximately 71 days, compared to 81 days at the prior quarter end. Taking a look at our inventory, inventories were 15.9 million at the end of the fiscal year compared to 17 million at the end of the third quarter.

年末應收帳款（含未開立帳單）合計為5,040萬美元，較前一季增加650萬美元。應收帳款週轉天數（DSO）約為71天，前一季末為81天。再看存貨，會計年度末存貨為1,590萬美元，第三季末為1,700萬美元。

Days in inventory were approximately 35 days compared to 53 days at the end of the third quarter. Turning to capital expenditures, in the fourth quarter, we invested approximately 1.3 million, or 2% of revenue in property improvements and capital equipment. Of this CapEx, approximately 90% was related to growth.

存貨天數約為35天，第三季末為53天。再談資本支出，第四季我們在不動產改善與資本設備上投資約130萬美元，約占營收2%。其中約90%的資本支出與成長相關。

Now I would like to turn things back to Tim to discuss expectations for the new year.

現在我想把時間交回給Tim，請他談談新年度的展望。

Thanks, Steve. We look forward to continued growth and opportunities across the entire business. We believe we will grow revenue in fiscal 2009 by 20 to 25%, with 12 to 14% operating profit. As we've discussed on multiple occasions, history demonstrates that our quarterly results can be bumpy.

謝謝，Steve。我們期待整體業務持續成長並把握各項機會。我們相信2009會計年度營收將成長20%至25%，營業利潤率為12%至14%。如同我們多次討論過的，歷史經驗顯示我們的季度業績可能會有起伏。

Last year, timing of orders and operational issues contributed to this bumpiness. During the first half of our fiscal 2009, we will be implementing a customer funded change in the radio frequencies that our small DOD unmanned aircraft system customers use, to transmit and receive information. We have fully tested these changes, that will implement the frequency upgrade and we're well prepared for this changeover. We are cutting in this change during our Q1 '09.

去年，訂單時點與營運問題造成了這種波動。在2009會計年度上半年，我們將實施一項由客戶出資的變更：調整我們的小型國防部（DOD）無人機系統客戶用於傳輸與接收資訊的無線電頻率。我們已完整測試這些變更，將進行頻率升級的導入，並已為此轉換做好充分準備。我們會在2009會計年度第一季（Q1 '09）導入此變更。

We will temporarily halt shipments of new Raven and Wasp systems while we reconfigure the hardware to the new configuration, then upgrade systems currently in the field and resume production shipments. Later in FY '09 we expect to introduce our new digital DataLink as a product improvement and that will also incorporate this frequency capability along with other important enhancements to our small UAS.

在我們將硬體重新配置為新規格期間，我們將暫時停止新的Raven與Wasp系統出貨，接著升級目前已在現場部署的系統，並恢復量產出貨。在2009會計年度稍晚，我們預期推出新的數位DataLink作為產品改良，該產品也將納入此頻率能力，並為我們的小型UAS加入其他重要強化。

This frequency change is anticipated in the guidance for FY '09 that I just shared a moment ago. I would like to thank you all for our continued interest in AV and at this point, Steve and I would be pleased to answer any questions.

這項頻率變更已反映在我剛才分享的2009會計年度指引中。感謝各位持續關注AV；此時Steve和我很樂意回答任何問題。

Thank you, sir. (OPERATOR INSTRUCTIONS) We'll go first to Michael Lewis, BB&T Capital Markets.

謝謝您，先生。（OPERATOR INSTRUCTIONS）我們先請BB&T Capital Markets的Michael Lewis提問。

Thank you. Very nice quarter. And, Tim, I was wondering, would you be able to provide us with a breakout of the logistics component of the UAS sales in both FY '08 and the fourth quarter?

謝謝。這一季表現非常好。Tim，我想請問，您是否能提供我們UAS銷售中物流（logistics）組成部分在2008會計年度以及第四季的拆分數據？

Hi, Mike. Thank you. Let me pass that to Steve because I think that's a function of how we break out the income statement between product and services in general.

嗨，Mike。謝謝。這題我交給Steve，因為這應該與我們一般如何在損益表中區分產品與服務有關。

Yes, Mike, we, we provide that breakout at the total company level. In Q4, products were 61%. Services, 21%, and project R&D.

是的，Mike，我們是在公司整體層級提供該拆分。第四季產品占61%；服務占21%；以及專案研發（project R&D）。

Okay. Do you have it for the full year?

好的。那全年也有嗎？

Full year. 57% for products, 30% for services, and 13% for project R&D.

全年：產品占57%；服務占30%；專案研發占13%。

Okay, and then just wanted to talk to you just for a second about the Raven B conversion. How many Raven A systems have you completed thus far? And also, what's the total number of Raven A systems left for conversion at this time?

好的，另外我想再跟您談一下Raven B的轉換。到目前為止你們已完成多少套Raven A系統的轉換？以及目前尚待轉換的Raven A系統總數是多少？

I don't have the specific numbers off the top of my head, Mike. However, I think the majority of the army's Raven As have now been converted to the Raven B configuration.

Mike，我一時沒有具體數字。不過，我認為陸軍的大多數Raven A目前都已轉換為Raven B配置。

I'll just jump in here. We don't know exactly how many Raven A's are left to be converted, but our understanding is contractually, there's about 170 Raven A systems that have yet to be converted. We -- those, those may be converted at the discretion of the army or not. We just -- we don't have any orders putting into conversion mode.

我補充一下。我們不確定還剩下多少Raven A需要轉換，但據我們了解，合約上大約還有170套Raven A系統尚未轉換。這些是否轉換可能由陸軍自行決定或不轉換。我們只是——我們目前沒有任何將其納入轉換的訂單。

Okay. Then just one final question, you put out the release on the seven million Netherlands order. Have you delivered any of this product to date?

好的。最後一個問題，你們發布了關於荷蘭7百萬美元訂單的新聞稿。到目前為止你們有交付任何產品了嗎？

No.

沒有。

Okay. Thank you very much.

好的。非常感謝。

Thanks, Mike.

謝謝，Mike。

Thank you. Our next question from Tim Quillin with Stephens.

謝謝。下一位提問者是Stephens的Tim Quillin。

Good afternoon.

下午好。

Hi, Tim. How are you?

嗨，Tim。你好嗎？

Good. In terms of the production halt that you're talking about on Raven and Wasp, how should we think about that in terms of the potential revenue impact in 1Q?

很好。就你們提到的Raven與Wasp停產（production halt）而言，我們應該如何看待其對第一季營收可能造成的影響？

Well, I think overall, it's positive. It's a, it's a directed change funded by the customer and that has an overall positive effect on revenue. In Q1, we expect it will have other things equal, a negative effect because we'll be deferring some production shipments while we cut in that change.

我認為整體而言是正面的。這是一項由客戶出資、具方向性的變更，對營收整體有正面影響。在第一季，在其他條件相同下，我們預期會有負面影響，因為在導入該變更期間，我們會遞延部分量產出貨。

I can just jump in here a little bit. As Tim mentioned, cutting in that change will defer revenue and for the balance of the year.

我可以在這裡稍微補充一下。如 Tim 所提到的，切入這項變更將會遞延營收，並影響今年剩餘期間。

We probably don't want to get into giving specific guidance by quarters and just stick with our annual guidance for all the reasons that we've discussed in the past. But since we are talking about this, probably the way to think about it is this cut-in will -- in Q1, will reduce our product revenues on the order that they would be running -- on the order of about two-thirds of the level that we were at in Q4.

我們大概不希望按季度提供具體指引，而是基於過去討論過的各種原因，維持我們的年度指引。不過既然談到這個，可能可以這樣理解：這次切入在第一季將使我們的產品營收降低——相對於原本的運行水準——大約降到我們第四季水準的三分之二左右。

Okay. That's helpful. Thank you. Can you give us some sense of just in general what the Raven backlog and pipeline looks like right now?

好的。這很有幫助。謝謝。你能否大致說明一下目前 Raven 的積壓訂單（backlog）和銷售管線（pipeline）狀況？

I know you still have some remaining backlog from your $46 million order from the army. Is -- are you anticipating additional orders this quarter, or should we expect the backlog, the funded backlog to decline by the end of July?

我知道你們仍有來自陸軍那筆 4,600 萬美元訂單的部分剩餘積壓。你們是否預期本季還會有額外訂單，或者我們應該預期到 7 月底時積壓（已獲資金支持的積壓）會下降？

Well, our funded backlog currently at 82 million is higher than it was last year, but if you look at the trend, we've never had multiyear backlog. We've never had huge levels of backlog, so we're continuously getting orders and filling them.

嗯，我們目前的已獲資金支持的積壓訂單為 8,200 萬美元，高於去年；但如果你看趨勢，我們從來沒有多年期的積壓訂單。我們也從來沒有非常龐大的積壓水位，所以我們是持續接單並交付。

Probably the metric we have talked about in the past with respect to Raven is the army acquisition objective, 1900 systems. Through Q4, we are about 43% delivered against that army acquisition objective.

就 Raven 而言，我們過去可能談過的一個指標是陸軍的採購目標：1,900 套系統。截至第四季，我們已交付約占該陸軍採購目標的 43%。

Okay, thank you. That's helpful. And the Energy Technology Center revenue bumped up quite a bit.

好的，謝謝。這很有幫助。另外，能源技術中心（Energy Technology Center）的營收大幅上升。

Is that solely the power processing equipment and is that sustainable? And also, is there some Global Observer revenue that's booked there and some that's booked in UAS, or how do you record the Global Observer project?

那是否完全來自電力處理設備（power processing equipment），而且可持續嗎？另外，Global Observer 的營收是否有一部分記在那裡、另一部分記在 UAS，或者你們是如何入帳 Global Observer 專案的？

The Global Observer -- excuse me -- energy first. Energy Technology for the full year is up about 900,000. Probably the surprisingly the single largest contributor to that variance was architectural wind.

Global Observer——不好意思——先談能源。能源技術（Energy Technology）全年增加約 90 萬美元。可能令人意外的是，造成這個差異的單一最大貢獻者是建築用風力（architectural wind）。

Power processing would be the other main component of that, again, on a full year basis. Global Observer revenues are all in UAS. Even a number of the engineers in the Energy Technology Center support Global Observer, but the revenue is all recorded under UAS.

電力處理（power processing）是另一個主要組成部分，同樣是以全年來看。Global Observer 的營收全部都在 UAS。即使能源技術中心有不少工程師支援 Global Observer，但營收全部都記在 UAS 之下。

Okay. The Energy Technology Center, it was up two million quarter to quarter, 4.4 million versus 2.3 million in 3Q '08?

好的。能源技術中心的營收季對季增加了 200 萬美元，從 2008 年第三季的 230 萬美元到 440 萬美元？

Yes, that growth would be power processing system.

是的，那個成長來自電力處理系統（power processing system）。

And is that sustainable?

那是可持續的嗎？

Well, that -- what Steve's referring to is power processing systems is the fast charge test equipment, Tim. And I don't know that sustainable's the right term, but clearly more and more organizations on a global basis, whether they are automotive companies, start-ups, or battery or FuelCell firms, are devoting an increasing amount of their energies to developing both electric and hybrid electric vehicles, and that is the primary driver for revenue in that product line for us.

嗯——Steve 所指的電力處理系統是快速充電測試設備（fast charge test equipment），Tim。我不確定「可持續」是不是最恰當的用詞，但很明顯地，全球越來越多的組織，不論是汽車公司、新創公司，或電池／燃料電池（FuelCell）企業，都在投入越來越多精力開發純電與油電混合車，而這正是我們該產品線營收的主要驅動因素。

Okay. That's great. And then just one last question for Steve. What do we expect the tax rate to be in fiscal '09? Thank you.

好的，很好。最後一個問題問 Steve：我們預期 2009 財年的稅率會是多少？謝謝。

Assuming the R&D credit does not, does not get renewed, I would think something in the high 30s, approximately 37%. And if the R&D credit gets renewed, as it has, a number of times in the past, I knocked a couple of points off of that to 35%.

假設研發抵減（R&D credit）沒有、沒有被延長，我認為會在接近 30% 後段，大約 37%。如果研發抵減如同過去多次那樣獲得延長，我會把它再下調幾個百分點到 35%。

Thank you.

謝謝。

We'll go next to Chris Donaghey with SunTrust Robinson.

接下來我們請 SunTrust Robinson 的 Chris Donaghey 提問。

Hi, good evening, and congratulations on the quarter, guys.

嗨，晚安，恭喜各位這一季的表現。

Thanks, Chris.

謝謝，Chris。

Tim, I was wondering if you could update us on kind of the congressional outlook for the wind tax credit, given the focus on the energy these days by congress.

Tim，我想請你更新一下在國會目前聚焦能源議題的情況下，風能稅收抵免（wind tax credit）的國會前景如何？

Well, I can tell you what I know. I don't know if that will count as a meaningful update or not. There, there is, there is language in both the energy bill and the agriculture bill that address small wind.

嗯，我可以告訴你我所知道的。我不確定這算不算有意義的更新。能源法案和農業法案中都有文字條款涉及小型風力（small wind）。

Although the language in each of those bills is less than what we are looking for, and what we're looking for is parody in terms of investment tax credit with small solar. So we, we expect that it's likely that we'll get some help in that existing language, but that we'll be continuing to look for a bill that provides parody across the board.

雖然這兩個法案中的措辭都低於我們所期待的；我們想要的是在投資稅額抵免（investment tax credit）方面，讓小型風力能與小型太陽能享有同等對待（parity）。因此，我們預期現有文字可能會帶來一些幫助，但我們也會持續尋求一項能在各方面提供同等對待的法案。

There seems to be bipartisan support for renewable energy and for the concept of parody in the investment tax credit, but you know as well as I do how difficult it is to predict legislation.

看起來兩黨對再生能源以及投資稅額抵免同等對待（parity）的概念都有支持，但你也知道，立法很難預測。

Okay, great. And just from the development of that product, or the -- from a deployment perspective. What are you looking for from a milestone perspective before you really open the throttles on business development activities and trying to put that out in the market aggressively?

好的，很好。那從該產品的開發，或——從部署的角度來看，在你們真正加大商務開發活動、並積極推向市場之前，你們希望達成哪些里程碑？

Well, there's -- I think that investment tax treatment is a significant objective of ours. We're also being careful to move reasonably slowly as early adopters get real world experience with the system. I think I've mentioned before we're currently on the third generation of this technology and we're in the midst of developing generation four.

嗯——我認為投資稅務待遇（investment tax treatment）是我們的一個重要目標。我們也很謹慎地以相對較慢的速度推進，讓早期採用者能在真實世界中累積系統使用經驗。我想我之前提過，我們目前是這項技術的第三代，並正在開發第四代。

So far, we're very pleased with how it's behaving and how it's being received. But it's an entirely new concept and I think it's prudent for us and our customers to know what the real world experience is. So I would think a number of months of additional real evaluation in sight is appropriate.

到目前為止，我們對它的運作表現以及市場接受度都非常滿意。但這是一個全新的概念，我認為對我們和客戶而言，了解真實世界的使用經驗是審慎之舉。因此，我認為再有幾個月的實際評估是合適的。

Okay, great. And then on the Raven program, you mentioned that you're going to offer DDL as a product improvement later this year.

好的，很好。再來關於 Raven 計畫，你提到今年稍晚會把 DDL 作為產品改良推出。

Are there other improvements that, you know, will work this way -- work this towards a Raven C type of upgrade, or how would you expect DDL to be deployed? Does it involve a complete replacement of the, of the system to upgrade to DDL?

是否還有其他改良會以這種方式推進——朝向類似 Raven C 的升級？或者你預期 DDL 會如何部署？升級到 DDL 是否需要整套系統的全面更換？

Well, let me take that in two pieces. One is DDL itself. I think our current expectation is that will be introduced and rolled out independent of other product improvements and before other product improvements.

嗯，我分兩部分回答。第一是 DDL 本身。我們目前的預期是，DDL 會在其他產品改良之前、並且獨立於其他產品改良而導入與推廣。

It will require both hardware and software upgrades to -- on the air frame and in the ground control system. The list of other product improvements that we're working on with a broad set of Raven customers, range from payloads and imagery to other characteristics of the system.

它將需要在機體（air frame）以及地面控制系統（ground control system）上進行硬體與軟體升級。至於我們與廣泛的 Raven 客戶群共同推進的其他產品改良清單，涵蓋從載荷（payload）與影像（imagery）到系統其他特性等。

There's a lot of energy in the customer community about that opportunity and we're optimistic about that. But we think that will follow the introduction of DDL. Did I get both of your questions there?

客戶社群對這個機會投入了很多心力，我們也對此感到樂觀。但我們認為那會在 DDL 導入之後。這樣有回答到你兩個問題嗎？

I think so. Is there any way to estimate at this point what that would -- what a DDL conversion would run per system? Is it 50% of the original system cost, is it 25, is it 75, is there any way to quantify that at this point?

我想是的。那目前有沒有辦法估算每套系統做 DDL 轉換大概會是多少成本？是原始系統成本的 50%？25%？75%？目前有沒有任何方式可以量化？

We haven't -- we haven't put a specific price point on that in the public and in general, we haven't talked about specific prices. It's certainly not a 50% kind of price of the original system.

我們還沒有——我們還沒有對外公布具體的定價點，而且一般而言，我們也不談具體價格。它當然不會是原始系統價格的 50% 那種等級。

I think we would probably have to punt that one down the road, we haven't priced it, we can't talk about it here.

我想這題我們可能得先保留到之後；我們還沒定價，也無法在這裡談。

Okay, that's fine. And then just one last housekeeping question, I apologize if I missed it, do you have an IDIQ backlog number?

好的，沒問題。最後一個例行問題，不好意思如果我漏聽了：你們有 IDIQ 的積壓訂單數字嗎？

Yes. And again, firm backlog is what we really look at. IDIQ, unfunded backlog as of Q4, 384 million.

有。而且再次強調，我們真正看的還是確定積壓（firm backlog）。截至第四季，IDIQ 的未獲資金支持積壓（unfunded backlog）為 3.84 億美元。

Okay, great. Thanks again, and congratulations on the quarter.

好的，很好。再次感謝，也恭喜這一季的表現。

Thank you.

謝謝。

Thanks, Chris.

謝謝，Chris。

We'll take our next question from Brian Gesuale with Raymond James.

下一題我們請 Raymond James 的 Brian Gesuale 提問。

Yes, hi, guys. Wanted to kind of chat a little bit more about this frequency conversion just to make sure that I understand it. I guess kind of two or three questions rolled up into one here.

是的，嗨，各位。我想再多聊一點這個頻率轉換（frequency conversion），以確保我理解正確。我想把兩三個問題合在一起問。

Will you still be delivering Wasp product, and is is that why you'll still have that kind of one third of the product run rate? And then maybe, how many of the Ravens are you under contract now to swap out the frequencies when you do that upgrade phase and when should we expect that to start?

你們仍然會交付 Wasp 產品嗎？是否因此你們仍會保有大約三分之一的產品運行率？另外，當你們進入升級階段進行頻率更換時，目前有多少 Raven 已在合約之下需要更換頻率？我們應該預期何時開始？

And then maybe if you look at this in the complex, or in the context of your contract mix, what is this going to do to your cost plus mix and maybe your overall contract mix as you shut the line down before ramping it back up in the second quarter?

然後也許如果你從整體來看，或是在你的合約組合脈絡下來看，當你在第二季重新拉升產能之前先把產線停下來，這會對你的成本加成（cost plus）組合，以及可能對你整體合約組合造成什麼影響？

Well, this, this change, Brian, affects both Wasp and Raven and it affects all systems that DOD uses. So and there's a slight-as we implement it, we'll be implementing Raven first, then Wasp second. It will affect -- once we cut the change over, then all future production under contract will be delivered with the new frequency capabilities.

嗯，Brian，這項變更同時影響 Wasp 與 Raven，也影響國防部（DOD）使用的所有系統。所以——而且在我們導入時會有一點——我們會先導入 Raven，再導入 Wasp。它會影響——一旦我們完成切換，那麼所有未來依合約進行的生產，都將以新的頻率能力交付。

Okay, and--

好的，然後——

In terms of mix on that, Steve, do you want to take a shot at that?

就那個組合而言，Steve，你要不要回答一下？

Yes, well -- I mean let me answer that two ways. For Q1, as I said earlier, we don't want to get into a lot of detail on that -- that could be construed as guidance.

好的——我的意思是我用兩種方式回答。就第一季而言，如我先前所說，我們不想在這方面談太多細節——那可能會被解讀為提供財測指引。

I would just say the product revenues in Q1 will be about a third lower than the levels we had in Q4, based on what we see today. Two, the broader issue of mix, let me talk about the full year. In fiscal year '08, we had 57% products, 30% services and 13% project R&D, as I indicated earlier.

我只想說，依照我們目前看到的情況，第一季的產品營收將比第四季的水準大約低三分之一。第二，關於更廣泛的組合議題，我談一下全年。在 2008 會計年度，我們如先前所提，產品占 57%、服務占 30%、專案研發占 13%。

As we go into fiscal year '09, we will see -- we'll see growth in all areas, but there will be more growth in project R&D, primarily due to Global Observer relative to the other areas. So in terms of overall mix as we look out into '09, we would expect the project R&D to grow from the 13% up, somewhere into the low 20s.

進入 2009 會計年度後，我們會看到——各領域都會成長，但專案研發的成長會更高，主要是因為 Global Observer 相對於其他領域的帶動。因此，就我們展望 2009 年的整體組合而言，我們預期專案研發占比會從 13% 往上提升到約 20% 出頭的區間。

And then the other areas too, both the products and logistics as a share of the total to go down a little bit.

而其他領域也是，產品與後勤（logistics）占總額的比重會小幅下降。

Okay. That's very helpful. Thanks. On the -- as far as the backlog goes, as you mentioned record funded backlog here.

好的。這非常有幫助。謝謝。關於——就積壓訂單（backlog）而言，如你提到這裡的已資金支持積壓訂單創新高。

Given the conversion and kind of the disruption on the product line, how -- is it correct to think that most of these -- or a good portion of the recent orders you've had are really tied to this frequency conversion and of a cost plus nature, or how actually do we look at that?

考量到轉換以及產品線上的某種干擾，該怎麼——是否可以正確地理解為：你們近期拿到的大多數——或相當一部分——訂單其實都與這次頻率轉換有關，且屬於成本加成（cost plus）性質？或者我們實際上該怎麼看？

Some of it has been cost plus. I think the -- most of the conversion work will be done under CLS contract.

其中一部分確實是成本加成。我認為——大部分的轉換工作會在 CLS 合約下完成。

Okay.

好的。

Again, these conversions are for our DOD customers. It doesn't go beyond there.

再說一次，這些轉換是針對我們的國防部（DOD）客戶，不會延伸到其他地方。

Right, and I guess in terms of, targeting -- just I mean give us a magnitude or a time line in terms of, from -- I think, Tim, you mentioned Phase I is shut the down down and halt shipments, Phase II is upgrade the existing inventory and then third is production units getting shipped out with the new features. When, when is that Phase III kind of kick in, as you notionally see it today?

了解，我想就目標——只是說，請給我們一個量級或時間表：從——我想 Tim，你提到第一階段是停線並停止出貨，第二階段是升級現有庫存，第三階段是生產單位帶著新功能出貨。以你們今天概念性的看法，第三階段大概什麼時候開始？

That will all kick in in Q1, so it will be wham, bam, wham.

那會全部在第一季啟動，所以會是很快、很密集地推進。

Okay. You guys are going to be busy.

好的。你們會很忙。

Yes.

是的。

Okay, terrific.

好的，太好了。

And that, that's sort of hiatus really is, was in the middle of Q1.

而且那個——那段算是暫停期，其實是在第一季中段。

Okay.

好的。

Or in production before Q1 concludes.

或是在第一季結束前恢復生產。

Okay, and I guess the last part, if we look at the UAS mix, it looks like that maintenance line has been very bumpy on a quarter to quarter basis, as you would expect. And so is the product side. I think product, your UAS product revenue is up more than twofold from the third quarter.

好的，我想最後一部分，如果我們看 UAS 組合，看起來維修那條線按季波動很大，這也符合預期。產品端也是。我想產品方面，你們的 UAS 產品營收相較第三季成長超過一倍。

As we kind of move out and you talk about that growth in product, how much of that was Raven versus Wasp, and are we starting to see some of these new products that you've worked for several years to get to production rates, are we really start to see that contribution come out in that balance here? Is that really the strength of the business that we're seeing?

當我們往後看、你談到產品成長時，其中有多少來自 Raven、多少來自 Wasp？另外，我們是否開始看到一些你們投入多年、才達到量產速率的新產品，真的開始在這個結構中貢獻出來？這是否就是我們看到的業務強勁之處？

Yeah, well, I think the -- in Q4, the part of that significant increase in products was picking up some -- what you saw as a relatively low shipment of products in Q3, and that's -- that was driven by, as I think I had mentioned in my comments, order flow and some operational issues. And secondly, it's the ramp-up of Wasp.

是的，我想——在第四季，產品大幅增加的一部分，是因為第三季你看到的產品出貨相對偏低，而那——如我在評論中提到的，是由訂單流入以及一些營運問題所驅動。第二個原因是 Wasp 的拉升。

So we got full rate of production approval earlier in the year, as we began to roll that out, we had the -- what we don't find surprising as early startup challenges, but we're, we're on track and shipping those out at an increasing rate now. So I think the -- it's a long answer to your question to say yes. We're starting to see significant contribution now from Wasp as a new product.

所以我們在年初就取得全速率量產（full rate production）核准；當我們開始推進時，我們遇到——我們不覺得意外的早期啟動挑戰，但我們目前進度正常，現在出貨速度也在提高。所以我想——用比較長的回答來說就是：是的，我們現在開始看到 Wasp 作為新產品帶來顯著貢獻。

Great. Nice job on the quarter. Thanks a lot.

很好。本季做得不錯。非常感謝。

Thank you, Brian.

謝謝你，Brian。

(OPERATOR INSTRUCTIONS) we'll go next to Howard Rubel is Jefferies & Company.

（接線員指示）接下來是 Jefferies & Company 的 Howard Rubel。

Thank you very much. I have a couple of things. I got disconnected for a moment, Steve, so I apologize. I think you said that the production rate for the first quarter would be down by a third, is that correct?

非常感謝。我有幾點。我剛剛有一瞬間斷線了，Steve，所以先致歉。我想你說第一季的生產速率會下降三分之一，對嗎？

Yes, from the Q4 level.

是的，相較第四季的水準。

Yes, that's correct. Okay. Thank you for that. Just a couple of other items, could you give us a sense of the number of customers in NATO that are now interested in either Raven or Wasp?

是的，沒錯。好的。謝謝你。再問幾個事項，你能否讓我們了解一下，目前在北約（NATO）有多少客戶對 Raven 或 Wasp 感興趣？

Well, Howard, we're -- we are working with over a dozen customers, potential customers right now, international customers primarily interested in Raven and, and a number of those now with the production introduction of Wasp, there's a growing interest there. So I, I don't think I can get into a specific number in NATO, but, but hopefully the more than 12, bakers dozen is helpful.

嗯，Howard，我們——我們目前正與十多個客戶、潛在客戶合作，主要是國際客戶，對 Raven 特別有興趣；而且其中有不少客戶在 Wasp 進入量產導入後，對它的興趣也在增加。所以我——我想我無法提供北約內的具體數字，但希望「超過 12 個」、也就是所謂的「一打多一個」能對你有幫助。

Yes, I mean there's only 20-odd in NATO, so I figure that's still a good stab at that by any stretch of the imagination. Couple things, where are you with getting Switchblade into the field? I know that there's been a number of issues that you need to overcome.

是的，我的意思是北約也就 20 個左右，所以不管怎麼看這都算是相當不錯的估計。再問兩件事：你們在把 Switchblade 推向實地部署方面進展如何？我知道你們需要克服一些問題。

Well, the issues are, are more a matter of demonstration of this new capability. We are -- we're doing very well on the second generation demonstration contract that we are working on now with our -- from our original customer.

嗯，那些問題更多是關於展示這項新能力。我們——我們在目前與原始客戶合作的第二代展示合約上進展非常順利。

We're expecting to do full scale demonstrations late summer, early fall on that program and we now have a second -- a contract from a second customer for a Switchblade derivative and we have very significant interest from other customers that we expect to show up as we go forward.

我們預期在今年夏末、初秋對該計畫進行全規模展示；而且我們現在也從第二個客戶拿到一份 Switchblade 衍生型的合約，並且我們也看到其他客戶非常高度的興趣，預期會在後續逐步浮現。

Our current view is that we should see increasing revenues from Switchblade throughout this fiscal year. We think most of those will probably continue to fall in our R&D category and we think it's not likely that it would transition to production orders yet this fiscal year. But that's my best guess at the time.

我們目前的看法是，在本會計年度內，Switchblade 的營收應該會逐步增加。我們認為其中大部分可能仍會落在研發（R&D）類別；我們也認為在本會計年度內，它不太可能就轉為量產訂單。但這是我目前能做的最佳判斷。

Tim you might call them like LRIP at this point, would that be a fairway to think about it?

Tim，你可能會把它稱作現階段的 LRIP（低速率初期生產）嗎？這樣理解合理嗎？

I'm not sure that I would -- certainly not at this point, we are not in what I would call an LRIP phase at this point. I think we're still demonstrating specific capabilities to customers and as we move farther down that line, we're going to go, I think, through more demonstration units and then into LRIP and then into production. And whether we, we're in the latter part of this year or beginning next year when we get to that point, it's a little hard to pin down.

我不確定我會——至少在目前這個時間點，我不會把它稱為 LRIP 階段。我認為我們仍在向客戶展示特定能力；隨著我們在這條路上走得更遠，我想我們會先經過更多展示單位，然後進入 LRIP，再進入量產。而我們會在今年後段或明年初到達那個點，現在還有點難以精準界定。

Just one last thing on that, and then I have just two other questions. So what you're finding is that the demonstration of the vehicle is creating more interest by other customers?

關於這點最後一問，然後我還有另外兩個問題。所以你們發現，對該載具的展示正在引發其他客戶更大的興趣？

Yes, I think that's been a very clear outcome and, and further, I think there's a very broad level of interest looking at the results of the demonstrations of the second stage contract that we're currently in. And those demonstrations, as I mentioned, would happen late summer, early fall.

是的，我認為這是一個非常明確的結果；而且進一步來說，我認為市場對我們目前所處第二階段合約展示結果的興趣非常廣泛。正如我提到的，那些展示會在夏末、初秋進行。

There were a couple of other high flying UAS contracts, I think, awarded to either Boeing or Lockheed, one of them was called Vulture or something like that, ultra high UASs, I believe. Is this just an alternate solution and you weren't competing, or how do you sort of look at that market, either opportunity or challenge or how would you define it?

我想還有幾個其他的高空飛行 UAS 合約，分別授予波音或洛克希德，其中一個好像叫 Vulture 之類的，應該是超高空 UAS。我想問的是，這只是另一種替代方案而你們沒有參與競標，還是你們如何看待那個市場——不論是機會或挑戰，你會怎麼定義？

Well, Global Observer is a JCTD program that's funded out of the office of secretary of defense and is -- or originated out of the office of the secretary of defense and it's funded by six different customers and managed by SOCOM. It's intent is to produce in a complete system and do a full demonstration of military utility.

嗯，Global Observer 是一個 JCTD 計畫，資金來自國防部長辦公室——也就是起源於國防部長辦公室——由六個不同的客戶共同出資，並由 SOCOM 管理。其目的在於打造一套完整系統，並進行軍事效用的完整示範。

For a handful of specific applications. Vulture, that you mentioned, is a program sponsored by DARPA. Its objective, as published, is to develop an airplane that flies up to 100,000 feet for five years at a time and it's a very long-term R&D-focused program to develop a capability that is well beyond any current technology.

針對少數特定應用。你提到的 Vulture 是由 DARPA 贊助的計畫。其公開的目標是研發一架可在 100,000 英尺高度連續飛行、一次可飛五年的飛機；這是一個非常長期、以研發為主的計畫，旨在發展遠超現有任何技術的能力。

We did put a proposal in for Vulture with DARPA and we did not get an award. They awarded three different contracts. We -- I guess I should point out that prior to developing the Global Observer system, the core technology that led to that was our solar unmanned aircraft program that we conducted for over a decade with over 50 flights on that, throughout that program we set and currently hold the world altitude record for any kind of airplane in level flight.

我們確實向 DARPA 提交了 Vulture 的提案，但沒有得標。他們授予了三份不同的合約。我想我應該指出，在開發 Global Observer 系統之前，促成該系統的核心技術來自我們的太陽能無人機計畫；我們在那個計畫上投入了十多年、完成了超過 50 次飛行。在整個計畫中，我們創下並且目前仍保持各類飛機在平飛狀態下的世界高度紀錄。

So I think we have a huge percentage of the world's experience in that flight regime.

所以我認為我們在那個飛行高度區間擁有全球非常高比例的經驗。

My sense would probably be a huge percentage of the patents in that regime as well.

我的感覺是，在那個領域的專利，我們可能也占了很高比例。

Well, we've been, we've been plowing early -- previously unplowed ground in that area for a long time.

嗯，我們在那個領域長期以來一直在開拓——以前沒有人開墾過的——早期領域。

And then the last thing, I just want to talk about energy for a moment and architectural wind. Could you -- I mean there's two parts to this. One is how many customer installation do you have now and then second, how do your customers think about carbon credits, and is this sort of something that really would play in Europe?

最後一點，我想談一下能源與建築風力（architectural wind）。你能不能——我的意思是這有兩個部分：第一，你們目前有多少個客戶安裝案例？第二，你們的客戶如何看待碳權（carbon credits），這是否會在歐洲真正發揮作用？

I think we have less than ten current installed customers on architectural wind, Howard. Right now, carbon credits aren't playing a significant role in the early evaluation adoption of these systems from my perspective, but I do think that as a production business, it becomes a significant factor.

Howard，我想我們目前在建築風力方面的已安裝客戶不到十家。就我看來，目前碳權在這些系統早期評估與採用上並未扮演重要角色，但我確實認為，一旦成為量產型業務，它會成為一個重要因素。

Thank you, Tim.

謝謝你，Tim。

Thanks, Howard. Thanks, Howard Rubel.

謝謝，Howard。謝謝你，Howard Rubel。

We'll take our next question from Michael Ciarmoli with Boenning & Scattergood.

我們下一個問題來自 Boenning & Scattergood 的 Michael Ciarmoli。

Hi, guys, thanks for taking my call. Most of my questions have been answered. Just two quick ones. Relating to the frequency conversion in Q1, what impact do you think that has on gross margins, if any?

嗨，各位，謝謝接我的電話。我的大部分問題都已經被回答了。只剩兩個簡短問題。關於第一季的頻率轉換（frequency conversion），你們認為這對毛利率會有什麼影響（如果有的話）？

I don't think we have anything to comment on there. We just -- we really don't want to get into guidance by quarter.

我想我們對此沒有什麼要評論的。我們——我們真的不想按季度提供指引（guidance）。

Okay.

好的。

We've baked it into our full year guidance.

我們已把它納入全年指引之中。

Okay, fair enough. And then the last one, just this most recent quarter, product revenues of 39 million and product gross margin, 36%. So you had a high on the revenues there and a low in the gross margin. Is there anything to read into that? Was that a function of the programs or customer mix? Can you just elaborate on what was going on there?

好的，可以理解。最後一個問題：就最近這一季而言，產品營收 3,900 萬美元、產品毛利率 36%。所以營收創高、毛利率卻偏低。這裡有什麼值得解讀的嗎？是計畫或客戶組合（mix）的因素嗎？能否說明一下當時的情況？

I think it's really just the programs that we're working on in the quarter. There's nothing, no significant messages there.

我認為這真的只是我們當季正在執行的專案所致。沒有什麼——沒有任何重大訊息。

Okay. Fair enough. Thanks, guys.

好的，可以理解。謝謝各位。

Thanks, Mike.

謝謝你，Mike。

And we have a follow-up from Tim Quillin, Stephens.

我們有來自 Stephens 的 Tim Quillin 的追問。

Yeah, just two quick questions. One is regards to PosiCharge gross margins. I think 29% or so for the year.

是的，兩個簡短問題。第一個是關於 PosiCharge 的毛利率。我想全年大約是 29% 左右。

Is that how we should be thinking about those going into fiscal '09? And my second question is regarding Wasp and where you think the army is at as far as evaluating the Wasp for lower unit level deployment? Thanks.

我們在 2009 財年是否應該以這個水準來看待？第二個問題是關於 Wasp，以及你認為陸軍在評估 Wasp 以供較低單位層級部署方面，目前進展到哪裡？謝謝。

Let me take the gross margin question and Tim can take Wasp. I think the, 29% -- first, we won't be breaking it out go-forward. But just as, as it stands, 29%, we wouldn't normally -- we wouldn't guide on gross margin levels period, much less within the segment. But I guess my editorial is the 29% is lower than we would like to see it generally, as it is a commercial business. We would like to eventually see higher gross margins in PosiCharge.

我先回答毛利率的問題，Tim 可以回答 Wasp。我想，29%——首先，我們未來不會再把它拆分揭露。但就目前而言，29%——我們通常不會對毛利率水準提供指引，更不用說在事業部內的毛利率。不過我個人的看法是，29% 低於我們一般希望看到的水準，因為它是一項商業業務。我們希望 PosiCharge 最終能有更高的毛利率。

Okay.

好的。

Tim, regarding the army and Wasp, the army has not bought Wasp. Right now our only two Wasp customers in production are, are the Air Force and Marine Corps.

Tim，關於陸軍與 Wasp：陸軍尚未採購 Wasp。目前我們僅有兩個 Wasp 的量產客戶——空軍與海軍陸戰隊。

The army and other services and other customers are looking at Wasp and the relative benefits and trade-offs that it provides relative -- compared to, compared to Raven. And as I think I've indicated in the past, it's my view that the ultimate opportunity for small UAS gets down to the squad level because that's where the systems are actually used.

陸軍以及其他軍種與其他客戶正在評估 Wasp，以及相較於——相較於 Raven——它所帶來的相對優勢與取捨。我想我過去也提過，我的看法是，小型 UAS 的最終機會會下沉到班（squad）層級，因為系統實際上就是在那個層級被使用。

In the case of the army, they are issued at the brigade level, but then used by squads. So I, I know that there is, there's a level of interest, but it's hard for me at this point to quantify it or to put it in any kind of a timeframe.

以陸軍為例，裝備是在旅（brigade）層級配發，但由班來使用。所以我知道確實有一定程度的興趣，但目前我很難量化，或給出任何時間表。

Okay, thank you.

好的，謝謝。

We'll go back to Michael Lewis with BB&T Capital Markets.

我們回到 BB&T Capital Markets 的 Michael Lewis。

I'm going to beat a dead horse here with regard to the one third of product revenue coming out of UAS in the first quarter. Now, the question is, how do you expect that we'll pick that back up? Will that be evenly flowing through the rest of the year, or would there be a proportional ramp through the remaining three quarters?

我再重複追問一下關於第一季產品營收中有三分之一來自 UAS 的問題。問題是，你們預期要如何把這部分拉回來？會在今年剩餘期間平均流入，還是會在接下來三個季度按比例逐步爬升？

I -- let me jump first. I would say the latter. Proportionally ramp it through the balance of the year.

我——我先回答。我會說是後者：在今年剩餘期間按比例逐步爬升。

And just two, or actually three housekeeping. Cash flow from operations for the year?

另外兩個——其實三個——例行問題。全年營運活動現金流（cash flow from operations）是多少？

It -- yes, it was -- we were positive in fiscal '08. Are you talking fiscal year '08?

它——是的，我們在 2008 財年是正的。你是指 2008 財年嗎？

Yes, that's correct, cash flow from operations.

是的，沒錯，營運活動現金流。

Yes, we were positive.

是的，我們是正的。

Do you have that actual number?

你有實際數字嗎？

Yes, 15.5 million for the year.

有，全年是 1,550 萬美元。

15.5 million, okay. And your depreciation and amortization?

1,550 萬美元，好的。那折舊與攤銷（depreciation and amortization）呢？

For the year, 3.8 million, with 1.2 million of that in Q4.

全年是 380 萬美元，其中第四季是 120 萬美元。

Okay, and then just finally, you had offered the customer-funded R&D in the fourth quarter. I missed that number. What was that again?

好的。最後，你們提到第四季有客戶出資的研發（customer-funded R&D）。我漏聽了那個數字。可以再說一次嗎？

Okay, one second. Customer-funded R&D in Q4 was 11.3 million.

好的，等一下。第四季客戶出資的研發是 1,130 萬美元。

Okay, thank you very much.

好的，非常感謝。

Thank you.

謝謝。

And at this time, there appear to be no further questions. I would like to turn the conference back over to management for any additional or closing comments.

此時看起來沒有其他問題。我想把電話會議交回管理層，請問是否有任何補充或結語。

Well, thank you, all, for your continued interest and support of the company. We look forward to reporting our progress for the first quarter of fiscal 2009.

好的，感謝各位持續對本公司的關注與支持。我們期待在 2009 財年第一季向各位報告我們的進展。

And that does conclude today's conference call. Thank you for your participation. You may disconnect at this time.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。