AeroVironment, Inc. (AVAV) 2009 Q4 法說會逐字稿

Good day, ladies and gentlemen. Welcome to the AeroVironment fourth quarter and full fiscal year 2009 earnings conference call. At this time, all participants are in a listen-only mode. We will conduct a question-and-answer session after management's remarks. As a reminder, this conference is being recorded for replay purposes.

各位女士、各位先生，大家好。歡迎參加 AeroVironment 2009 會計年度第四季及全年財報電話會議。此刻，所有與會者將以僅聆聽模式參與。我們將在管理階層致詞後進行問答環節。提醒各位，本次會議將錄音以供重播。

With us today from the Company is the 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'd like to turn the conference 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。現在我想把會議交給 Gitlin 先生。先生，請開始。

Thank you, Dustin. Welcome to AeroVironment fourth quarter and full fiscal 2009 earnings call. Before I hand the call over the management, 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 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.

謝謝你，Dustin。歡迎參加 AeroVironment 2009 會計年度第四季及全年財報電話會議。在我把電話交給管理階層之前，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。前瞻性陳述係基於目前的預期、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、政府及技術因素，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。

For a list and description of such risks and uncertainties, see the reports we filed with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on any forward-looking statements which speak only as of the date on which they are made. We do not intend and under take no obligation to update any forward-looking statements whether as a result of new information future events or other wise. The content of this conference call contains time sensitive information that is accurate only as of today June 23, 2009, the Company under takes no obligation to make any revision to the statements contained in our remarks or to update them to reflect the events or circumstances occuring after this conference call.

關於此類風險與不確定性的清單及說明，請參閱我們向美國證券交易委員會提交的報告。提醒投資人勿過度依賴任何前瞻性陳述；該等陳述僅截至其作成之日有效。我們無意且不承擔任何義務因新資訊、未來事件或其他原因更新任何前瞻性陳述。本次電話會議內容包含具時效性的資訊，僅在今日（2009 年 6 月 23 日）為準確；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的義務。

With that said, it's my pleasure to turn the call over to Tim Conver.

在此，我很高興把電話交給 Tim Conver。

Thank you Steven. Welcome to our fourth quarter and full fiscal 2009 conference call. Today I will provide highlights on the fourth quarter and the full fiscal 2009 year and go in to more detail on the business segments before turning the call over to Steve Wright for a discussion of the financial performance. After my closing comments we will open the call up for your questions. We had record revenue in Q4, driving year-over-year revenue growth of 15% with a 13% operating margin. Our business segments each maintained our strong market share and production product lines as well as our solid customer relationships, positioning us well for continued growth in these businesses. Our development efforts showed significant progress, moving ahead multiple innovative solutions we believe will provide compelling new value propositions in large markets with significant growth potential. From a financial perfective our Q4 was strong with record quarterly revenue of $76 million resulting in full year revenue of 248 million up 15% from fiscal 2008. Operating margin in Q4 was 12%, with full year operating margin at 13%.

謝謝你，Steven。歡迎參加我們 2009 會計年度第四季及全年電話會議。今天我將提供第四季與 2009 會計年度全年的重點摘要，並在把電話交給 Steve Wright 討論財務表現之前，更詳細說明各業務部門。我的結語之後，我們將開放提問。第四季我們創下營收新高，帶動年增 15% 的營收成長，營業利益率為 13%。各業務部門均維持我們強勁的市占率與量產產品線，以及穩固的客戶關係，使我們在這些業務上具備持續成長的良好定位。我們的研發工作亦取得顯著進展，推進多項創新解決方案；我們相信這些方案將在具顯著成長潛力的大型市場中，提供具吸引力的新價值主張。從財務角度來看，第四季表現強勁，單季營收創新高達 7,600 萬美元，使全年營收達 2.48 億美元，較 2008 會計年度成長 15%。第四季營業利益率為 12%，全年營業利益率為 13%。

Beyond our financial results, we achieved many important business and market milestones during the year that will be important drivers of future financial performance. Some examples include winning the fourth US Department of Defense competition for a small unmanned aircraft system program of record. With Puma AE adding a significant new capability at the top end of the hand launched UAS spectrum. We received the first production orders for our digital data link, signaling the successful transition from internal R&D to production for DDL. Customers exercise contract options on the Global Observer program and we continued successful development performance. We demonstrated the promise defects of Switchblade for a multiple potential customers and applications that have developed sense we debuted this radical new idea. We achieved broadened exposure of our electrical vehicle solutions and charging capabilities to a rapidly evolving industry seeking to increase the probability of successful EV adoption. And we grew our team to accommodate the opportunities ahead of us.

除財務成果之外，我們在年度期間也達成多項重要的業務與市場里程碑，這些將成為未來財務表現的重要驅動因素。例子包括：在美國國防部針對小型無人機系統（small unmanned aircraft system）正式列裝計畫（program of record）的競標中第四度勝出；Puma AE 在手持發射（hand launched）UAS 光譜的高階端新增了重要能力。我們也收到數位資料鏈（digital data link）的首批量產訂單，顯示 DDL 已成功由內部研發轉入量產。客戶行使 Global Observer 計畫的合約選擇權，我們並持續展現成功的研發履約表現。我們向多個潛在客戶與應用展示了 Switchblade 的潛力與效果，自我們首次推出這個激進的新概念以來，相關需求與應用持續發展。我們也讓電動車解決方案與充電能力在快速演進、致力提升電動車成功導入機率的產業中獲得更廣泛的曝光。並且我們擴編團隊，以因應未來的機會。

We are all aware of the macroeconomic issues of the last year, but we also noted other important developments with the potential to positively affect the markets that we are serving. President Obama and Secretary of Defense Gates, both continue to push for fielding more 21st Century tools to support the needs of war fighter including increased ISR or Intelligence Surveillance Reconnaissance Resources. The DOD intends to cancel several high dollar defense programs and to elevate the priority and presumable the percentage of the budget for irregular warfare and soldier systems. Also there is increasing global investment in the development and deploying of electric vehicles and their supporting infrastructure. Including US government funding for transportation electrification and demonstration of clean transportation solutions. We continue to believe we are strategically well positioned with our unmanned aircraft systems focused on actionable intelligence and communication, and our efficient energy systems focused on clean electric vehicles and energy.

我們都清楚過去一年宏觀經濟所面臨的問題，但我們也注意到其他重要發展，可能對我們所服務的市場帶來正面影響。歐巴馬總統與國防部長 Gates 皆持續推動部署更多 21 世紀工具，以支援作戰人員（war fighter）的需求，包括增加 ISR（情報、監視與偵察）資源。國防部打算取消若干高金額的國防計畫，並提高非正規作戰與士兵系統的優先順序，以及（推測）其在預算中的占比。此外，全球對電動車及其支援基礎設施的研發與部署投資正在增加，包括美國政府對運輸電氣化的資金支持，以及潔淨運輸解決方案的示範。我們仍然相信：在以可行動情報與通訊為核心的無人機系統，以及以潔淨電動車與能源為核心的高效率能源系統方面，我們在策略上具備良好定位。

In our Q3 conference call, I discussed several factors that adversely impacted our revenue for that quarter. PosiCharge sales and sales of small UAS to foreign military services affected by the global economy. The economic climate and affect on those elements of our business has not changed materially, but remain committed and fully engaged in both markets. We believe we are creating opportunities for improvement in the future. Some initial loss adoption had been impacted by funding constraints in Q3 and that situation remains status quo. R&D revenue shortfalls due to hiring delays are being addressed affectively as we recruit and hire great people.

在我們第三季電話會議中，我曾討論數項對當季營收造成不利影響的因素：PosiCharge 銷售，以及受全球經濟影響而對外國軍方單位的小型 UAS 銷售。經濟環境及其對上述業務要素的影響並未出現重大改變，但我們仍對這兩個市場保持承諾並全力投入。我們相信正在為未來改善創造機會。部分初期採用（adoption）在第三季受到資金限制影響，而該情況目前仍維持不變。由於招募延遲造成的研發收入不足，正隨著我們招募並聘用優秀人才而有效改善。

During Q3, we believe that one of our customers decided to wait to procure DDL enabled Raven systems even though it mean't system delivery delays. We believe that DDL induced delays in Raven UAS orders will go away when digital data link production availability begins in our second half of fiscal 2010. I remain convinced that our innovations and execution on systems solutions are helping customers win in important ways and I believe customer appreciation of the unique value of our solutions will continue to translate in to long-term growth.

在第三季期間，我們認為其中一位客戶決定等待採購具 DDL 功能的 Raven 系統，即使這意味著系統交付延遲。我們相信，當數位資料鏈在 2010 會計年度下半年開始具備量產供應能力時，DDL 所導致的 Raven UAS 訂單延遲將會消失。我仍深信，我們在系統解決方案上的創新與執行，正以重要方式協助客戶取得成功；我也相信，客戶對我們解決方案獨特價值的認同，將持續轉化為長期成長。

Now, focusing on our UAS business, we moved forward on multiple fronts, generating revenue and creating growth opportunities from existing products. The services supporting our customers continue to be successful with our own products, system upgrades, new product wins, and the progress on development programs that promises future new product introductions. We have seen a growing amount of our UAS funding reflected in DOD budget line items over the last few years. The current FY '09 supplemental and FY 2010 DOD budget requests although not yet final suggest that this growth trend will continue. Raven remains a capability that our customers plan to proliferate and build on throughout their organizations. Our customers view this as a standard capability that they wish to have and use where ever ground troops operate.

接著聚焦於我們的 UAS 業務：我們在多個面向持續推進，從既有產品創造營收並開拓成長機會。支援客戶的服務業務持續成功，涵蓋我們自有產品、系統升級、新產品得標，以及研發計畫的進展；這些研發計畫承諾未來將推出新產品。過去幾年，我們看到國防部預算科目（DOD budget line items）中反映的 UAS 資金逐步增加。目前 2009 會計年度追加預算（FY '09 supplemental）與 2010 會計年度國防部預算請求（FY 2010 DOD budget requests）雖尚未定案，但顯示此成長趨勢可望延續。Raven 仍是一項客戶計畫在其組織內廣泛部署並持續擴充的能力。客戶將其視為希望在地面部隊作戰的任何地點都能擁有並使用的標準能力。

The Army's acquisition objective for Raven was raised to 2182 systems during our fiscal '09 and their procurement objective was set at that level. After upgrading most of the Raven As to Raven Bs two years ago and upgrading frequencies last year we look ahead to a strong upgrade cycle to digital data link for the installed base of Raven Bs beginning in the second half of this fiscal year. We also continue to work with current Raven customers to address their desire for a broad Raven system product improvement program, anticipated in the future.

陸軍對 Raven 的採購目標（acquisition objective）在我們 2009 會計年度期間提高至 2,182 套系統，其採購目標（procurement objective）亦設定在該水準。在兩年前將大多數 Raven A 升級為 Raven B、並於去年完成頻率升級後，我們展望本會計年度下半年開始，針對既有 Raven B 裝機基礎（installed base）展開強勁的數位資料鏈升級週期。我們也持續與現有 Raven 客戶合作，以回應其對更廣泛 Raven 系統產品改良計畫的需求，該計畫預期將於未來推動。

Our service business has maintained an extremely high level of operational availability of Raven in Iraq and Afghanistan, so the ground troops can rely on our systems when they need them for self protection and operate more affectively. In fact, one gunny sergeant with multiple rotations in the Middle East told us his marines did not go outside the wire without their small UAS. We have received many questions about the drivers of our service business. As a result of how ore customers manage their spare parts inventory we have not yet been able to correlate their buying patterns directly with overseas Ops tempo. You can see how that part of our business fluctuates by comparing our Q4 results to Q3.

我們的服務業務在伊拉克與阿富汗維持 Raven 極高的作業可用率，使地面部隊在需要自我防護時能依賴我們的系統，並更有效地執行任務。事實上，一位在中東多次輪調的砲兵士官長（gunny sergeant）告訴我們，他的陸戰隊員在沒有小型 UAS 的情況下不會走出營區（outside the wire）。我們收到許多關於服務業務驅動因素的問題。由於客戶管理備品庫存的方式，我們尚未能將其採購模式與海外作戰節奏（Ops tempo）直接建立關聯。你可以透過比較第四季與第三季的結果，看到這部分業務如何波動。

We believe one factor affecting repairs demand is that when we process their vehicles through our depot for system upgrades the general refresh that we perform on these vehicles results in extending the time before they require additional repairs and spare parts. Essentially rolling some future service revenue in to our current upgrade revenue. Separately, we continue to work with our customers to determine the appropriate level of replacement parts they will need to support the legacy analog systems and the pending conversion of their fleets to digital data link. I expect the introduction of our digital data link to be very successful and significant both in the value delivered to our customers and for our business.

我們認為影響維修需求的一項因素是：當我們在維修中心（depot）為其載具進行系統升級時，我們所執行的一般性翻新（general refresh）會延長這些載具在需要額外維修與備品之前的時間。這本質上是把部分未來的服務收入「滾入」目前的升級收入之中。另一方面，我們持續與客戶合作，以確定支援既有類比系統（legacy analog systems）以及其機隊即將轉換為數位資料鏈所需的適當替換零件水準。我預期我們的數位資料鏈導入將非常成功，無論在為客戶交付的價值或對我們的業務而言，都將具有重大意義。

DDL is moving towards production now with final testing and production readiness, it will dramatically enhance the capability of Army Raven systems by increasing the number of air vehicles that can be flown in a given geography, and enhancing communications encryption. It will also enable a portable ad hoc network capability where ever and when ever needed. As we mentioned previously, we anticipate cutting DDL in to Raven production and making DDL upgrades available in the second half of fiscal 2010. We view the upgrade cycle associated with DDL as an important contributor to your revenue this fiscal year, after introducing DDL and Raven we plan to transition it next to Puma AE and sometime later to WASP. In time we expect all small unmanned aircraft system customers to want to adopt digital data link. I expect DDL to become increasingly important enabler of how customers use our small unmanned aircraft systems.

DDL 目前正朝向量產推進，已進入最終測試與量產就緒階段；它將透過提升在特定地理區域內可同時飛行的飛行器數量，以及強化通訊加密能力，顯著增強 Army Raven 系統的能力。它也將在任何需要的地點與時間，提供可攜式臨時自組網（portable ad hoc network）能力。如同先前提到的，我們預期在 2010 會計年度下半年將 DDL 導入 Raven 量產，並提供 DDL 升級。我們認為，與 DDL 相關的升級週期將是本會計年度營收的重要貢獻來源；在導入 DDL 與 Raven 之後，我們計畫接續轉移至 Puma AE，並在更晚些時候轉移至 WASP。長期而言，我們預期所有小型無人航空系統客戶都會希望採用數位資料鏈。我預期 DDL 將日益成為客戶使用我們小型無人航空系統方式的重要促成因素。

Also, in 2009, we won the US Special Operations Command All Environment Capable Variant or AECV competition with our Puma AE. We received the award at the end of June 2008 and received full rate production authorization just 11 months later in May 2009. We are now working with our customers to support activities aimed at moving Puma in to production. We believe Puma AE is viewed as an important capability by our current customer and that demonstrations to other customers which are just now beginning could result in much broader demand for this unique platform and capability. AV is now the prime contractor for each of the small -- four small unmanned air craft programs of record in DOD. Each program satisfies that customers requirement with the unique airplane platform, WASP, Raven or Puma.

此外，在 2009 年，我們以 Puma AE 贏得美國特種作戰司令部（US Special Operations Command）的「全環境能力型」（All Environment Capable Variant，AECV）競標。我們於 2008 年 6 月底獲得該項授標，並在 11 個月後、也就是 2009 年 5 月取得全速率量產核准。我們目前正與客戶合作，支援推動 Puma 進入量產的相關活動。我們相信，Puma AE 被我們現有客戶視為一項重要能力；而對其他客戶的展示目前才剛開始，可能會使這一獨特平台與能力產生更廣泛的需求。AV 目前是國防部（DOD）四項小型無人航空器（small unmanned aircraft）正式計畫（programs of record）的主承包商。每一項計畫都以獨特的飛機平台——WASP、Raven 或 Puma——滿足該客戶的需求。

Each of these different airplane systems employs our common ground control, common user interface and common training of support systems. In the future we expect these systems will also incorporate a common digital data link. DOD would then have thousands of airplanes and ground control systems capability of persistently collecting ISR while each is a node capable of bidirectionally linking information and communication. It would then be very easy, perhaps compelling, for our customers to mix and match our different airplane platforms and a growing array of payloads to address a much broader spectrum of missions all without incurring the additional cost and risk of new airplanes, control systems and their development, system integration, system training, support, and O&M.

上述各種不同的飛機系統皆採用我們共通的地面控制、共通的使用者介面，以及共通的訓練與支援系統。未來我們預期這些系統也將納入共通的數位資料鏈。如此一來，國防部將擁有數以千計的飛機與地面控制系統，能持續蒐集 ISR（情監偵），同時每一套系統都是可雙向連結資訊與通訊的節點。屆時，我們的客戶將能非常容易——甚至可能具有強烈誘因——在不增加新飛機、控制系統及其研發、系統整合、系統訓練、支援與操作及維護（O&M）等額外成本與風險的情況下，混搭我們不同的飛機平台與日益增加的各式酬載，以涵蓋更廣泛的任務範疇。

I continue to believe that we are still in the early stages of adoption of small unmanned aircraft systems and may not yet have seen their highest and best use. We are looking forward to the growth potential in our on going production programs through further market penetration and broader value creation. We are at least as excited about the new growth opportunities promised by our UAS development initiatives in Switchblade, Global Observer, Stealthy Persistent Perch and Stare and Nano Air Vehicle. Other wise known as the SB2S and NAV, these development programs are both moving forward. While SB2S is still in the early development stages and Nano Air Vehicle is still in the lab each represent unique and entirely new capabilities for Stealthy Intelligence Surveillance and Recognizance and the resulting actionable intelligence desired by our customers. We continue to make good progress on development and performance demonstrations and we believe our development customers shares our perspective.

我仍然相信，我們仍處於小型無人航空系統採用的早期階段，可能尚未看到其最高與最佳用途。我們期待透過進一步的市場滲透與更廣泛的價值創造，推動現有量產計畫的成長潛力。我們對於由我們的 UAS 研發計畫所帶來的新成長機會同樣感到振奮，包括 Switchblade、Global Observer、Stealthy Persistent Perch and Stare，以及 Nano Air Vehicle。這些研發計畫亦稱為 SB2S 與 NAV，兩者都在持續推進。雖然 SB2S 仍處於早期研發階段、Nano Air Vehicle 仍在實驗室中，但它們各自代表了匿蹤情監偵（Stealthy Intelligence Surveillance and Recognizance）以及客戶所需可採取行動之情報的獨特且全新能力。我們在研發與性能展示方面持續取得良好進展，並相信我們的研發客戶與我們有相同的觀點。

Switchblade creates a unique new capability combining in one system portable ISR, lethal payloads precision delivery and minimal collateral damage, demonstrated Switchblade operation in multiple concepts of operation and there is growing interest among multiple customers many in this systems unique capability. We believe adoption of Switchblade is increasingly probable and expect revenue in fiscal 2010 as initial adoption begins. The timing of production decisions remains difficult to predict.

Switchblade 創造了一項獨特的新能力：在單一系統中結合可攜式 ISR、致命酬載的精準投送，以及將附帶損害降至最低；我們已在多種作戰概念（concepts of operation）下展示 Switchblade 的運作，且多個客戶對此系統的獨特能力之興趣日益增加。我們認為 Switchblade 的採用機率正持續提高，並預期在 2010 會計年度，隨著初期採用開始而帶來營收。量產決策的時點仍難以預測。

We have begun final assembly of the first Global Observer airplane and beginning fabrication of the secondary airplane. We anticipate flight testing in the second half of this fiscal year, culminating in military utility assessments of initial systems at the end of the three plus year development program. Options for two additional Global Observer airplanes have been exercised and the total Global Observer contract funding now exceeds $120 million. The value proposition of Global Observer is ISR and communications provided affordable, seamlessly and persistently. By exploiting an extreme endurance aircraft in the stratosphere for the first time, GO will open an exciting and high value new business opportunity in between conventional atmospheric aircraft and space satellites T.

我們已開始第一架 Global Observer 飛機的最終組裝，並開始製作第二架飛機。我們預期在本會計年度下半年進行飛行測試，並在為期三年以上的研發計畫結束時，完成初始系統的軍事效用評估。兩架額外 Global Observer 飛機的選擇權已被行使，Global Observer 合約總資金目前已超過 1.2 億美元。Global Observer 的價值主張在於：以可負擔的方式、無縫且持續地提供 ISR 與通訊。透過首次在平流層運用極長航時飛機，GO 將在傳統大氣層飛機與太空衛星之間，開啟一項令人振奮且高價值的新商機。

The market for each of these development solutions was white space when we began. We help define the market by continuing to work with potential customers to create the concepts of operation that will deliver the highest value mission affects in tandem with completing and adapting the platform developments and demonstrating their performance. The timing associated with customer adoption and production decision making on these innovations is hard to predict because they are each new ideas with capabilities that change the way users think about how they operate; however, there are huge up sides. Customers have the potential for a leap to innovative and potentially game changing new capabilities that can help them win, and we have the potential of launching important new system solutions producing long-term business growth based on original innovations and the market leading positions they create.

當我們開始時，這些研發解決方案各自的市場都屬於「白地」（white space）。我們持續與潛在客戶合作，建立能帶來最高價值任務效果的作戰概念，同時完成並調整平台研發並展示其性能，以協助定義市場。由於這些創新皆為新構想，其能力會改變使用者對操作方式的思維，因此客戶採用與量產決策的時點難以預測；然而，上行空間非常可觀。客戶有機會躍升至創新、甚至可能改變遊戲規則的新能力，協助他們取勝；而我們也有機會推出重要的新系統解決方案，憑藉原創創新及其所建立的市場領先地位，帶來長期的業務成長。

Our efficient energy systems business segment also had positive performance both in existing product business as well as in the development of potential new market and product opportunities. We created the EES or Efficient Energy Segment at the beginning of FY '09 by combining two prior segments with the intent of improving our effectiveness and our efficiency. The organizational integration was completed successfully and it produced higher operating margins, 25% revenue growth and robust product and market development in fiscal '09 all in the face of significant economic challenges in the primary markets that segment serves. The global interest in clean transportation and electric vehicle development stimulated record sales of our electric vehicle test systems, which play an important role in design and development efforts in this emerging industry. General Motors, for example, recently opened their global battery development lab in Michigan. They selected our EV test systems as their battery cycling solution procuring more than 30 systems just for that facility.

我們的高效率能源系統（Efficient Energy Systems）事業部門在既有產品業務以及潛在新市場與新產品機會的開發方面，也都有正向表現。我們在 2009 會計年度（FY '09）初，將先前兩個事業部門合併，成立 EES（Efficient Energy Segment，高效率能源事業部門），目的在提升我們的效能與效率。組織整合已成功完成，並在該事業部門所服務之主要市場面臨顯著經濟挑戰的情況下，仍於 FY '09 帶來更高的營業利益率、25% 的營收成長，以及強勁的產品與市場開發。全球對潔淨運輸與電動車研發的興趣，帶動我們電動車測試系統創下銷售紀錄；這些系統在此新興產業的設計與開發工作中扮演重要角色。以通用汽車（General Motors）為例，他們近期在密西根州啟用全球電池研發實驗室，並選用我們的 EV 測試系統作為其電池循環測試解決方案，僅該設施就採購了 30 套以上系統。

Our production PosiCharge systems support industrial electric vehicles and material handling markets. The global economic slowdown and resulting pressure on capital spending drove an overall lift truck industry contraction. At the same time, we broadened the PosiCharge product line to address both lighter duty opportunity charging and heavy duty electric vehicle charging and strengthened our distribution with a new relationship with Toyota material handling USA. We think there remains a significant market opportunity for this line of industrial EV charging systems and we will continue to strengthen our market position by pressing what we believe to be our advantage in both market share and fast charging and our financial strength. From a development perspective our EES segment made significant progress in introducing our new product line of EV solutions to the emerging electric vehicle industry and we believe our charging infrastructure can be a key enabler of transportation electrification success, and EV adoption. We believe that electric vehicles will make their way in to the mainstream. Although it is difficult to know when. We intend to be ready to support passenger and fleet EV adoption with comprehensive charging solutions ranging from slow overnight charges to our flag ship solution true fast charge systems capable of fully recharging certain battery packs in fewer than ten minutes.

我們量產的 PosiCharge 系統支援工業用電動車與物料搬運市場。全球經濟放緩及其對資本支出的壓力，導致整體堆高機（lift truck）產業萎縮。與此同時，我們擴充 PosiCharge 產品線，以涵蓋較輕負載的機會充電（opportunity charging）與重負載電動車充電，並透過與 Toyota Material Handling USA 的新合作關係強化我們的通路。我們認為這條工業 EV 充電系統產品線仍有顯著的市場機會；我們將持續強化市場地位，推進我們在市占率與快速充電方面的優勢，以及我們的財務實力。從研發角度來看，我們的 EES 事業部門在將新一代 EV 解決方案產品線導入新興電動車產業方面取得重大進展；我們相信，我們的充電基礎設施可成為運輸電氣化成功與 EV 採用的關鍵促成因素。我們相信電動車將走向主流，儘管難以判斷時間點。我們的目標是做好準備，以全面的充電解決方案支援乘用車與車隊 EV 的採用，範圍涵蓋夜間慢充到我們的旗艦方案——真正的快速充電系統，可在不到十分鐘內為特定電池組完成充滿電。

During FY '09, we learned more about small wind generation and urban environments. After three years of studying this market and installing and monitoring almost 20 early adopter architectural wind systems we had good success in product development, marketing, regulatory approval and tax treatment but we have not achieved the ROI proposition we wanted to deliver to customers. We conclude for now architectural wind rooftop clean energy generators are suited for green customers and institutions that are less sensitive to energy pricing.

在 FY '09 期間，我們對小型風力發電與都市環境有了更多了解。在研究該市場三年、並安裝與監測近 20 套早期採用者的建築風力系統後，我們在產品開發、行銷、法規核准與稅務待遇方面取得良好成果，但我們尚未達成希望提供給客戶的投資報酬（ROI）主張。因此，我們目前的結論是：建築式屋頂潔淨能源風力發電機較適合對能源價格敏感度較低的綠色客戶與機構。

The engineering team and our EES segment also continues to produce great results on Global Observer subsystems. We believe the efficiency and performance of their motor generator and battery pack technology currently represents the state of the art. These systems are essential contributors to the unique capabilities of Global Observer Electric Propulsion system and extreme endurance stratospheric flight capability.

工程團隊與我們的 EES 事業部門在 Global Observer 子系統方面也持續產出優異成果。我們相信，他們的馬達發電機與電池組技術在效率與性能上目前代表最先進水準。這些系統是 Global Observer 電力推進系統之獨特能力，以及其平流層極長航時飛行能力的關鍵貢獻者。

For that is an overview, at this point Steve Wright will take you through the financial performance in the fourth quarter and full year.

以上為概述；接下來，Steve Wright 將帶各位檢視第四季與全年財務表現。

Thanks Tim and good afternoon. Revenue for the fourth quarter was 76 million, an increase of 18% over fourth quarter prior year of 64.3 million. Looking at revenue by segment, UAS revenue was 65.4 million, an increase of 17% over the prior year. The growth in UAS revenue was largely due to higher customer funded R&D and higher product deliveries partially offset by slower services. The increase in customer funded R&D and product revenues were largely due to increased activity on the Global Observer contract and product deliveries to DOD customers respectively.

謝謝你，Tim，下午好。第四季營收為7,600萬美元，較去年同期第四季的6,430萬美元成長18%。按部門來看，UAS營收為6,540萬美元，較去年同期成長17%。UAS營收成長主要來自客戶出資的研發（R&D）增加以及產品交付增加，但部分被服務業務放緩所抵銷。客戶出資研發與產品營收的增加，主要分別來自Global Observer合約活動提升，以及對國防部（DOD）客戶的產品交付增加。

EES revenue was 10.6 million an increase of 27% from Q4 last year primarily due to higher deliveries of EV test systems. Turning to gross margin, gross margin in the fourth quarter was 26.4 million, up 15% from Q4 of the prior year. Gross margin as a percent of revenue 35%, versus 36% in Q4 last year. By segment, UAS gross margin was 20.9 million, up 4% from Q4 last year, primarily due to higher sales volume, partially offset by higher program cost as a percent of revenue, UAS revenue was 32%, compared to 36% in Q4 last year. EES gross margin was 5.4 million, up 91%, from Q4 last year, primarily due to increased sales volume, operational improvements and product mix. As a percent of revenue EES gross margin was 51% versus 34% in Q4 last year.

EES營收為1,060萬美元，較去年第四季成長27%，主要因電動車（EV）測試系統交付增加。接著看毛利，第四季毛利為2,640萬美元，較去年第四季成長15%。毛利率為35%，去年第四季為36%。按部門來看，UAS毛利為2,090萬美元，較去年第四季成長4%，主要因銷售量增加，但部分被專案成本占營收比重提高所抵銷；UAS毛利率為32%，去年第四季為36%。EES毛利為540萬美元，較去年第四季成長91%，主要因銷售量增加、營運改善及產品組合所致。EES毛利率為51%，去年第四季為34%。

SG&A for the quarter was 10.3 million or 14% of revenues, compared to 9.1 million or 14% of revenue in the prior year. SG&A expense was higher primarily due to higher sales in marketing efforts and bidden proposal activity. R&D for the quarter was 7 million or 9% of revenue, compared to the prior year amount of 4.7 million or 7% of revenue. The growth in R&D was primarily due to increased investments in various UAS development initiatives.

本季SG&A（銷售、一般及行政費用）為1,030萬美元，占營收14%，去年同期為910萬美元，占營收14%。SG&A費用增加主要因銷售與行銷投入提高，以及投標提案活動增加。本季R&D（研發費用）為700萬美元，占營收9%，去年同期為470萬美元，占營收7%。研發費用成長主要因對多項UAS開發計畫的投資增加。

Operating income for the quarter was 9 million, or 12% of revenue. Operating income 2% lower than Q4 prior year due to higher SG&A and R&D partially offset by higher gross margin. Net income for the quarter was 5.8 million or $0.27 for fully diluted share compared to 6.4 million or $0.30 per fully diluted share in the same quarter a year ago.

本季營業利益為900萬美元，占營收12%。由於SG&A與R&D增加，部分被毛利提升所抵銷，營業利益較去年第四季下降2%。本季淨利為580萬美元，完全稀釋每股盈餘為0.27美元；去年同期淨利為640萬美元，完全稀釋每股盈餘為0.30美元。

Now moving quickly to our year to date results, revenue for the full year was 247.7 million up 15% from the prior year period of 215.7 million. By segment, UAS revenue was 211.4 million up 13% from prior year period, and EES revenue 36.3 million, up 25% from the prior year period. Gross margin for the full year was 88.6 million. Compared the 78.5 million a year ago. Gross margin as a percent of revenue was 36%. Unchanged from prior year. By segment, UAS gross margin was 71 million, up 3%. EES gross margin was 17.6 million up 77%. SG&A for the full year 34.2 million or 14% of revenue. Compared to the prior year period of 33.7 million or 16% of revenue.

接著快速說明本年度累計結果，全年營收為2億4,770萬美元，較去年同期的2億1,570萬美元成長15%。按部門來看，UAS營收為2億1,140萬美元，較去年同期成長13%；EES營收為3,630萬美元，較去年同期成長25%。全年毛利為8,860萬美元，去年為7,850萬美元。毛利率為36%，與去年持平。按部門來看，UAS毛利為7,100萬美元，成長3%；EES毛利為1,760萬美元，成長77%。全年SG&A為3,420萬美元，占營收14%；去年同期為3,370萬美元，占營收16%。

R&D for the full year was 21.8 million or 9% of revenue, versus 16.4 million or 8% of revenue in the prior year. Operating income for the full year totaled 32.6 million or 13% of revenue. Operating income increased 14% from the prior year. The effective tax rate for the full year was 28.3%. Down from the prior year of 33.7%. This decrease was caused primarily by higher R&D tax credits in the current fiscal year. Net income for the full year 24.2 million or $1.11, per fully diluted share compared to 21.4 million or $1 per fully diluted share last year. Looking at backlog, funded backlog at the end of the fourth quarter was 114.8 million. Up 32.8 million or 40% from April 30, 2008.

全年R&D為2,180萬美元，占營收9%；去年為1,640萬美元，占營收8%。全年營業利益合計3,260萬美元，占營收13%。營業利益較去年成長14%。全年有效稅率為28.3%，低於去年的33.7%。此下降主要因本會計年度研發稅額抵減增加所致。全年淨利為2,420萬美元，完全稀釋每股盈餘為1.11美元；去年為2,140萬美元，完全稀釋每股盈餘為1.00美元。就積壓訂單（backlog）而言，第四季末已獲資金支持的積壓訂單為1億1,480萬美元，較2008年4月30日增加3,280萬美元或40%。

Turning to our balance sheet, cash equivalence and investments at the end of the fourth quarter totaled 145.2 million, up 14.6 million from the prior quarter amount of 130.6 million. Positive cash flow is largely due to improved income, and working capital partially offset by capital expenditures. Turning to receivables, at the end of the fourth quarter, our accounts receivable including unbilled receivables totaled 62.6 million up 9.4 million from the prior quarter. Total day sales outstanding approximately 74 days compared to 92 days at the prior quarter end.

接著看資產負債表，第四季末現金、約當現金及投資合計1億4,520萬美元，較前一季的1億3,060萬美元增加1,460萬美元。正向現金流主要來自獲利改善與營運資金變動，但部分被資本支出所抵銷。再看應收款項，第四季末應收帳款（含未開立帳單之應收款）合計6,260萬美元，較前一季增加940萬美元。應收帳款週轉天數（DSO）約74天，前一季末為92天。

Taking a look at inventory, inventories were 11.6 million at the end of the quarter, compared to 20.4 million at the end of the prior quarter, days in inventory were approximately 21 days, compared to 52 days at the end of the prior quarter. Turning to capital expenditures. In the fourth quarter we invested approximately 4.4 million, or 6% of revenue, and property improvements and capital equipment.

再看存貨，季末存貨為1,160萬美元，前一季末為2,040萬美元；存貨天數約21天，前一季末為52天。接著談資本支出，第四季我們投資約440萬美元，約占營收6%，用於不動產改善與資本設備。

Now I would like the turn things back to Tim to discuss expectations for our fiscal year 2010.

現在我想把時間交還給Tim，請他說明我們對2010會計年度的展望。

Thanks Steve. I believe we are well positioned for long-term growth. We are the market leader in small unmanned aircraft systems providing all existing programs of record in DOD. The utility and value of these systems continues to increase, at the same time DOD is increasing its priority on supplying tools to the ground troops that enhance protection, ISR and effectiveness. Development programs address both DOD and electric vehicle market priority with unique value propositions, strong customer relationships. And our outstanding team of high performance associates continues to perform. We look ahead to 2010 and beyond with excitement and confidence. I expect this year's operations and revenues to be heavily affect by the transition of digital data link to production and the retro fit of Raven systems. Our development programs will continue to be on the front burner by far the largest being the Global Observer.

謝謝你，Steve。我相信我們已為長期成長做好充分準備。我們是小型無人航空系統市場的領導者，為國防部（DOD）所有既有的正式列裝計畫（programs of record）提供產品。這些系統的效用與價值持續提升，同時國防部也正提高優先順序，提供能強化地面部隊防護、ISR（情報、監視與偵察）與作戰效能的工具。我們的開發計畫同時對應國防部與電動車市場的優先需求，具備獨特價值主張與強健的客戶關係。而我們優秀的高績效團隊也持續交出成果。我們對2010年及更長遠的未來充滿期待與信心。我預期今年的營運與營收將深受數位資料鏈（digital data link）轉入量產，以及Raven系統改裝（retro fit）的影響。我們的開發計畫仍將是最優先事項，其中規模最大的是Global Observer。

Business development will also be a strong focus this year especially with the opportunities to move towards production adoption of Switchblade and the numerous electrical vehicle infrastructure decisions in the [offering]. We anticipate that our FY 2010 revenue will grow 18 to 22% over FY '09. With operating margin between 12 and 14%.

今年業務開發也將是重點，特別是有機會推動Switchblade朝量產採用，以及在[offering]中眾多電動車基礎設施決策所帶來的機會。我們預期2010會計年度營收將較2009會計年度成長18%至22%，營業利益率介於12%至14%。

For reasons which all ready stated, we expect quarterly results to start lower and grow higher in FY 2010 than in prior years. Over the past three fiscal years we seen our second half results generate the majority of total annual revenue. We anticipate DDL production to be up and running in the second half and expect that to drive FY 2010 revenue to be more heavily weighted towards the second half of the year representing up to two-thirds of the total fiscal revenue. We also expect first half revenue to ramp from the first to the second quarter. In formulating our fiscal 2010 guidance we looked at internal and external factors that could affect our business. We assume reduction in operations in Iraq and increase in troop levels in Afghanistan. We assume that on balance overall Ops tempo would decline a bit potentially effecting the repairs and spares portion of our UAS service business. We also considered delayed in orders due to customers waiting for small UAS systems with our Digital Data Link to become available.

基於先前已說明的原因，我們預期2010會計年度的季度表現將在年初較低、之後逐季走高，相較以往年度更為明顯。過去三個會計年度中，我們下半年貢獻了全年營收的大部分。我們預期DDL量產將在下半年啟動並運作，並帶動2010會計年度營收更偏向下半年，可能占全年營收的三分之二。我們也預期上半年營收將從第一季到第二季逐步爬升。在制定2010會計年度指引時，我們考量了可能影響業務的內外部因素。我們假設伊拉克的作戰行動將縮減、阿富汗的部隊人數將增加。我們假設整體作戰節奏（Ops tempo）大致上會略為下降，可能影響我們UAS服務業務中維修與備品的部分。我們也考量到客戶可能因等待搭載我們數位資料鏈（Digital Data Link）的小型UAS系統上市，而延後下單。

We Integrated the demand for small unmanned aircraft systems as evidence by the government's FY '09 supplemental and FY 2010 procurement plans with planning information from customers to anticipate small UAS revenue. The fact that our Global Observer program has been funded beyond $120 million, provides good visibility into that program revenue. We expect initial adoption process for Switchblade will generate preproduction orders this year although we are not counting on significant production revenue for Switchblade in fiscal 2010. We expect Puma AE product sales to begin slowly and grow in this fiscal year after the recently received full rate production authorization. We anticipate lingering softness in PosiCharge revenue as a result of the continued impact of recession on capital spending, some what offset by new product and new distribution affects on revenue.

我們整合了小型無人航空系統的需求資訊，包括政府2009會計年度追加預算（supplemental）與2010會計年度採購計畫所反映的需求，以及客戶提供的規劃資訊，以推估小型UAS營收。Global Observer計畫已獲得超過1.2億美元的資金支持，為該計畫營收提供良好能見度。我們預期Switchblade的初期採用流程今年將帶來量產前訂單（preproduction orders），但我們並未在2010會計年度假設Switchblade會有顯著的量產營收。我們預期Puma AE產品銷售在近期取得全速率量產授權後，將於本會計年度先緩慢起步並逐步成長。我們預期PosiCharge營收仍將偏弱，原因是景氣衰退對資本支出的持續影響，但新產品與新通路對營收的影響將在一定程度上抵銷。

We assume the demand for electric vehicle tests equipment will moderate somewhat with some initial orders for on road electrical vehicle charging solutions developing. I'm very encouraged by what I see ahead of us, I temper my enthusiasm by reminding myself and our investors that predicting the timing and the rate of adoption of innovative solutions has always been the biggest challenge in our technology innovation strategy. I believe that what we are doing at AV is important work and creating unique value for our customers, that it will enable us to can you be the to grow rapidly while creating value for our stockholders. Thank you once again for your attention and interest in our company.

我們假設電動車測試設備的需求將會稍微趨緩，同時也會開始出現一些針對道路用電動車充電解決方案的初期訂單正在形成。我對我們未來所看到的前景感到非常振奮，但我也會提醒自己與投資人：在我們的技術創新策略中，預測創新解決方案的導入時點與採用速度，一直都是最大的挑戰。我相信我們在 AV 所做的是重要的工作，並為客戶創造獨特價值，這將使我們能夠快速成長，同時為股東創造價值。再次感謝各位對本公司的關注與興趣。

Steve Wright and I will now take your questions.

Steve Wright 和我現在將回答各位的提問。

Thank you sir. (Operator Instructions). Michael Lewis from BB&T Capital Markets.

謝謝您，先生。（接線員指示）。BB&T Capital Markets 的 Michael Lewis。

Thank you, very much, for taking my call. Steve two quick questions, unfunded backlog level?

非常感謝您接聽我的來電。Steve 兩個很快的問題：未獲資金支持的在手訂單（unfunded backlog）水位是多少？

Unfunded backlog at the end of the quarter was 511 million, and again the caution there, Mike, this we don't believe this is an indication of future sales. No expected value put on by management on those numbers.

本季末未獲資金支持的在手訂單為 5.11 億美元。再次提醒，Mike，我們不認為這能代表未來銷售的指標。管理層並未對這些數字賦予任何預期價值。

That's fair. I needed to plug in the model. Customer funded R&D, where did that come in the quarter?

這樣說合理。我需要把它放進模型裡。客戶出資的研發（Customer funded R&D），本季入帳是多少？

Customer funded project R&D, 20.4 million. In Q4.

客戶出資的專案研發為 2,040 萬美元，在第四季。

Okay. Thank you. Now, Tim, just two very quick questions for you as well. First with regard to the [Vee Toll] Perch and Stare technologies, we are starting to see more activity here, when do you believe the dod is going to start to push these ISR R&D projects more aggressively, in other words, when do you anticipate more dollars will start to swing in to the R&D efforts versus what you already announced then has been put to out to the community.

好的，謝謝。Tim，我也有兩個很快的問題。第一，關於 [Vee Toll] 的 Perch and Stare 技術，我們開始看到更多活動；你認為國防部（DoD）何時會更積極推動這些 ISR 研發專案？換句話說，你預期何時會有更多資金開始轉向研發投入，而不是像你們先前宣布、已對外釋出的那些內容？

Mike as you know, that is currently a development funded by [Darpa], and we recently announced another extension to that contract. It's going very well, I think we are going to have some beta versions in the field for evaluation through that contract operation we will get feed back from that. We expect to make adaptations and push those back out in for next generation of evaluation. So we are still in the, I would say, relatively early development stages and not anticipating that would transition into a production program in the near future, certainly not that year.

Mike，如你所知，這目前是由 [Darpa] 出資的開發案，我們最近也宣布該合約再次延長。進展非常順利；我認為我們會在該合約執行期間推出一些 beta 版本到現場進行評估，並從中取得回饋。我們預期會做出調整，並將改版再推出，作為下一代的評估。因此我們仍處於相對早期的開發階段，並不預期在短期內會轉入量產計畫，當然今年更不會。

That's -- I understand, with regard to the [Darpa] testing when they get to initial sets will they do doing that at [Aberdeen] by chance?

了解——關於 [Darpa] 的測試，他們在進行初始批次時，是否有可能會在 [Aberdeen] 進行？

I don't know what the specific plan is, Mike, although our expectation would be they would end up with operators.

Mike，我不清楚具體計畫是什麼，不過我們的預期是最後會交由操作人員使用。

Okay. Then just a second question with regard to the way that you had addressed the guidance. I'm going to try, you may not answer the question, but did you see Q1 revenue around where we witnessed Q1 revenue in fiscal year nine or directionally is that around the area that we should anticipate to see coming up in July?

好的。第二個問題，關於你們對財測的說法。我試著問一下——你可能不會回答——你們是否看到第一季營收大約會落在會計年度九的第一季水準？或方向上，我們是否應該預期七月即將到來的第一季大概在那個區間？

I will jump in first. I think what Tim said is traditionally we seen heavier second halves than first halves but this year it's accentuated by digital data link in the second half. We said up to two-thirds of the volume in the second half, one-third in the first half, and then further, trailing up Q1, will be the pinch point, the lowest quarter followed by Q2 and then on.

我先補充一下。我認為 Tim 的意思是：傳統上我們下半年會比上半年更強，但今年因為數位資料鏈（digital data link）在下半年，這個現象更明顯。我們說過最多可能有三分之二的量在下半年、三分之一在上半年；另外，第一季會是最吃緊的點、也是最低的一季，接著是第二季，然後逐季走高。

Thank you very much.

非常感謝。

Patrick McCarthy with FBR Capital Markets.

FBR Capital Markets 的 Patrick McCarthy。

Good afternoon and thank you for taking my call as well. I was wondering for you have comments on the restructuring. I'm wondering whether kind of breaking that program up a little bit, either opens the door for you on some of your UAS systems.

下午好，也謝謝你接聽我的來電。我想請你們談談重整（restructuring）。我在想，把那個計畫稍微拆分之後，是否會為你們某些 UAS 系統打開機會之門？

From our business perspective it's not a bad thing. As you know, the class one category of unmanned aircraft systems within FCS, was looking for a Perch and Stare capability in that platform. I think with whatever happens with the program and with that particular element of the program, if the Army determines they want to deploy an operational Perch and Stare capability in a small unmanned aircraft I think we will be in a stronger position to address that now than we would have been previously.

從我們的業務角度來看，這不是壞事。如你所知，在 FCS 中的第一級（class one）無人機系統類別，原本就在該平台上尋求 Perch and Stare 能力。我認為不論該計畫以及其中那個特定要素最後如何發展，如果陸軍決定要在小型無人機上部署可作戰的 Perch and Stare 能力，我們現在會比以前更有利於因應。

You did -- close enough to the end game development wise to play a role?

你們——在開發上已經接近最終階段到足以扮演角色了嗎？

Well, we are -- I think our last press release on the [Darpa] program identified we are going to deploy operational prototypes and expect feed back from the utility assessment, we plan to incorporate if a second generation that would go back out in to the field. So that's the stage of the current development program which in fact is moving in to demonstration.

嗯，我們——我想我們上一則關於 [Darpa] 計畫的新聞稿提到，我們將部署可作業的原型機，並預期從效用評估（utility assessment）取得回饋；我們計畫把這些回饋納入第二代，並再送回現場。因此，這就是目前開發計畫的階段，事實上正走向示範（demonstration）。

There is also been discussion about integrating fuel cell technology in the smaller UAV, I seen your name mentioned a couple of times, how do you view that. What's the impact on AV AE if that happens?

另外也有人在討論把燃料電池技術整合到較小型的 UAV 上，我看到你們的名字被提到過幾次；你怎麼看？如果真的發生，對 AV AE 的影響是什麼？

Implementation on the fuel cells has the potential to extend the duration of small UAV's beyond what they can achieve with batteries. We have demonstrated a number of fuel cell integrations and flight Ops, and we talked about the publicly in the context of a contract we have on going with Air Force Research Lab. We initially incorporated fuel cells in our Puma prototype airplane and I believe exceeded nine hours of duration on the last test that we talked about. And we have on going development and integration programs on that AFRL contract, as well as others. The potential has been demonstrated to increase duration and to the extent that our customers have an appetite for that, we will be in a position to provide it.

燃料電池的導入有潛力把小型 UAV 的續航時間延長到超過電池所能達到的水準。我們已展示過多種燃料電池整合與飛行操作（flight Ops），也曾在公開場合談到，背景是我們與空軍研究實驗室（Air Force Research Lab）正在進行的一份合約。我們最初把燃料電池整合到 Puma 原型機上，我相信在我們最後一次提到的測試中，續航時間超過九小時。我們在該 AFRL 合約以及其他合約下，仍有持續的開發與整合計畫。這項延長續航的潛力已被證明；只要客戶有需求，我們就能提供。

Okay. One quick one, any sense, what is left on Global Observer, what hasn't been spent?

好的。再一個快問：Global Observer 還剩下多少？還有哪些尚未支出？

I don't think we talked about the specific backlog on that contract, Patrick.

Patrick，我想我們沒有談到那份合約的具體在手訂單（backlog）。

Patrick, we are probably halfway through roughly on that program both from programmatic and financial perspective.

Patrick，就該計畫而言，無論從專案進度或財務角度，我們大概已經走到一半左右。

Tim Quillin with Stephens, Inc.

Stephens, Inc. 的 Tim Quillin。

Quick details for Steve, one expected tax rate for fiscal 2010?

給 Steve 的快速細節：2010 會計年度的預期稅率是多少？

I don't have good guidance on that, Tim, but as we look at it now, we would think something like 35%, mainly because the Federal R&D tax credit is currently set to expire in December. If that is reset and extended then our tax rate would be lower.

Tim，我目前沒有很好的指引，但以我們現在的看法，大概會是 35% 左右，主要因為聯邦研發稅額抵減（Federal R&D tax credit）目前設定在 12 月到期。如果它被重新設定並延長，那我們的稅率就會更低。

Then the progress towards the Army Raven target?

那陸軍 Raven 目標的達成進度呢？

As of the end of Q4 we are 57% delivered against the army acquisition objective, which is 2182 systems, we delivered about 169 Raven systems to the Army against that acquisition during the quarter.

截至第四季末，我們已交付達到陸軍採購目標的 57%；該目標為 2,182 套系統。本季我們向陸軍交付了約 169 套 Raven 系統，計入該採購目標。

Brilliant. On the EES business, it actually grew faster than in fiscal '09 and gross margins expanded significantly so it's a meaningful contributor to earnings right now and there was a lot of different moving parts that you discussed with regards to the potential growth in fiscal 2010, puts and takes, so is the net of it we should think about that business growing at the same rate as you're overall revenue guidance and gross margins staying relatively static with that FY '09 levels or how should we think about that.

太好了。關於 EES 業務，它在 2009 會計年度的成長其實比更快，而且毛利率顯著擴張，所以現在對獲利是很有意義的貢獻；你也談到 2010 會計年度潛在成長有很多不同的變動因素、有利有弊。所以整體來看，我們是否應該把該業務視為以與你們整體營收指引相同的速度成長、毛利率大致維持在 2009 會計年度水準附近？或我們應該怎麼看？

I think that's a fair way to look at it, Tim.

Tim，我認為這樣看是合理的。

That's easy. Thank you. See you in a couple of days.

很簡單。謝謝。過幾天見。

We don't guide by segment but we certainly been happy with the performance we seen in that area in the last year.

我們不按事業部別提供財測，但我們確實對過去一年在那個領域所看到的表現感到滿意。

Thank you.

謝謝。

Our next question is from Troy Lahr with Stifel Nicolaus.

下一個問題來自 Stifel Nicolaus 的 Troy Lahr。

For fiscal 2009, SG&A finished around 14% of sales and R&D around 9. Are those kind of levels you would expect for 2010 or should we start looking at it as kind of repeating fourth quarter dollar levels?

在 2009 會計年度，SG&A 約占銷售額 14%，研發約占 9%。2010 年你們預期也會是這種水準嗎？還是我們應該把它視為大致重複第四季的美元金額水準？

Well, fourth quarter dollar levels were a bit high if you recall we started talking about ramping up the investment in SG&A and R&D back in Q2, we didn't really achieve that in Q3 but it came on in Q4. The way I would think about it, Troy, is the 12 to 14% operating income, the -- that's our guidance, gross margin in the mid-30s, SG&A and R&D make up the difference. So the FY '09 results are not a bad way of thinking about it for the future.

嗯，如果你記得的話，第四季的美元金額確實偏高；我們從第二季就開始談要加大對 SG&A 與研發的投資，第三季其實沒有真正做到，但第四季就上來了。Troy，我會這樣看：我們的指引是營業利益率 12% 到 14%，毛利率在 30% 中段，而 SG&A 與研發就是補足差額的部分。因此，2009 會計年度的結果作為未來的參考並不差。

So now it's my turn to help Steve. I think the way to think about that, Troy, is from the annual perspective. So we most of our SG&A a lot of it is IR&D and a lot of it is business development. We are going to be spreading that pretty much evenly as it grows over the year. Even though as we discussed earlier we see the revenue being skewed towards the second half because of the DDL upgrade initiative.

所以現在輪到我來幫 Steve 了。我認為，Troy，要這樣看：從年度的角度來看。我們的 SG&A 大部分——其中很多是 IR&D，還有很多是業務開發。隨著全年成長，我們會把這些費用大致平均地攤開。儘管如同我們先前討論的，由於 DDL 升級計畫，我們看到營收會偏向下半年。

The revenue guidance, are there certain things that need to happen that haven't occurred to get to that 18 to 22%. Do you need international orders to come through? I mean is that really predicated on any one thing in particular or how should we think about that.

關於營收指引，要達到 18% 到 22% 是否需要某些尚未發生的事情？你們需要國際訂單到位嗎？我的意思是，這是否真的取決於某一件特定事情，或者我們應該如何看待？

I would say Troy we had 115 million of backlog, we add it like any year we have a lot of things that have to happen to fill out the order book that would include international follow on orders data link order Is and so on and so forth. I don't know there is any one thing we would point to. It's a repeat of prior years where there is a lot of go gets.

我會說，Troy，我們有 1.15 億美元的在手訂單（backlog）。我們會像任何一年一樣去增加它；要把訂單簿補滿，會有很多事情必須發生，其中包括國際後續訂單、資料鏈（data link）訂單等等。我不認為有任何單一事項是我們會特別指出的。這跟過去幾年一樣，有很多需要去爭取（go gets）的機會。

Okay. That's helpful. Lastly, did you mention there were higher program costs at UAS in the quarter?

好的，這很有幫助。最後，你是否提到本季 UAS 的專案成本較高？

Not just in the quarter but certainly we did see some of that in Q4 with higher product deliveries which resulted in a 32% gross margin, a little bit lower than we like to see the full year at 34%, is sort of in the ballpark of where we think that business is sort of in the mid-30s plus or minus.

不只是本季；當然，我們在第四季確實看到一些情況：由於產品交付量較高，導致毛利率為 32%，比我們希望看到的略低；全年 34% 大致落在我們認為該業務應有的區間，也就是 30% 中段上下（mid-30s plus or minus）。

Higher cost was a mix shift issue, not really execution or anything like that.

較高的成本是產品組合變化（mix shift）問題，並不是執行面或類似的問題。

Correct.

正確。

Thanks, guys.

謝謝，各位。

Howard Rubel with Jefferies.

Jefferies 的 Howard Rubel。

I want too follow up on troy's comment I'm not sure -- the first quarter, if we look at the run rate for the fourth with SG&A and R&D, that would mean we see below average profitability in the first half relative to what you're going to see for the full year?

我想跟進 Troy 的評論。我不確定——第一季，如果我們看第四季的 SG&A 和 R&D 的運行率（run rate），那是否意味著相較於全年，你們在上半年會看到低於平均的獲利能力？

Maybe I didn't catch the question right. I was talking about the full year, profitability will be impacted in the first half of the year because our SG&A and R&D are largely going to come in at a rate that we saw in the second half of last year. And those are rates that are higher volume levels essentially that we will see in the first half of the year.

也許我沒有完全聽懂問題。我談的是全年：上半年獲利能力會受到影響，因為我們的 SG&A 和 R&D 大致會以去年下半年的水準發生。而那些費用水準基本上是對應較高的業務量，但我們在今年上半年不一定會有那樣的量。

That's fine, I understand that. On arch wind, it sounds as if you're turning down the heat it a little bit. You have going to de-emphasize it. Is that a fair way to think about it. And -- sorry.

好的，我明白了。關於 arch wind，聽起來你們似乎把力道稍微降了一點。你們會降低其優先順序（de-emphasize）。這樣理解公平嗎？然後——抱歉。

I think that's pretty much what I was saying Howard. We were very happy with almost everything we found and developed in that evaluation with our early adopter customers, with the sole exception of not getting to the that we wanted to be able to deliver to customers. Until we can change that mix, we think it's -- where I suggested, a very attractive renewable energy option that's unique and we will probably continue to be attractive to green customers that aren't sensitive to the economics of their energy costs.

我想我說的基本上就是這個意思，Howard。除了唯一一點例外之外，我們對於在與早期採用客戶的評估中所發現與開發的幾乎所有事情都很滿意；那個例外就是我們沒有達到希望能提供給客戶的<xml>經濟性</xml>。在我們能改變那個組合之前，我們認為——如我所說——這是一個非常有吸引力且獨特的再生能源選項，而且我們可能仍會對那些不太在意能源成本經濟性的綠色客戶具有吸引力。

I mean, I had this conversation 7 year pay back is not what you like to offer to people as a way to think about it.

我的意思是，我之前談過：7 年回收期（payback）不是你們希望提供給客戶的說法。

That's right. Yes.

沒錯，是的。

Two more questions one is on Switchblade, outside looking in it's been painful that you haven't been able to start in earnest on this, can you talk about some of the fits and starts, why now maybe there is hoops you've passed through that give you a bit more confidence that this is really it?

再兩個問題。第一個是關於 Switchblade，從外部看起來，你們一直無法真正開始推進，這過程似乎很痛苦。你能談談一些反覆（fits and starts）的原因嗎？為什麼現在也許你們已經跨過一些門檻，讓你們更有信心這次真的能成？

I think the confidence we are expressing is a function of the performance of the system that we demonstrated. Both in the initial carnation and as additional customers have come to the floor, each with a somewhat different application, they have funded incremental demonstrations of their own application, all of which have continued to be successful. So there is now a even larger set of customers all of whom appear to be very exited about what this capability can bring to enterprise, a continuing demonstration of product performance success and customer appetite and more customers with similar responses. All of the customers have the same issue of beginning of having to wrestle with how do they incorporate this new capability which is quite different in to their enterprise and how do they fund its adoption and do they do it alone or in tandem, so this is just a lot of moving parts but we have seen no abatement in what appears to be a strong appetite for the capability.

我認為我們所表達的信心，來自於我們所展示系統的性能表現。無論是在最初的版本（incarnation），或是後續更多客戶到現場、每位客戶都有略不同的應用情境時，他們都資助了針對其自身應用的增量展示，而這些展示持續成功。因此，現在有一個更大的客戶群，所有人似乎都對這項能力能為其組織（enterprise）帶來的價值感到非常興奮；產品性能成功的持續展示、客戶需求，以及更多客戶出現且反應相似。所有客戶都有同樣的問題：他們一開始必須思考如何把這個相當不同的新能力納入其組織，以及如何為其導入提供資金，並且是單獨導入還是協同導入。因此這裡有很多變動因素，但我們沒有看到對這項能力的強烈需求有任何減弱。

When it happens will lower R&D a little bit because you will be able to take it off nickel and absorb some of it.

當它發生時，R&D 會稍微下降一些，因為你們就能把它從「自掏腰包」（on nickel）轉出去，並吸收其中一部分。

I wouldn't assume -- I think about our R&D as back to the basic 8 to 10% of revenue internally funded on a long-term run rate as a target we are planning to operate the business on, if we are doing less R&D on one program we are going to want to start doing more on another. But I do agree with you as more customers weighed in for production adoption, then our internally funded portion of the development would trail off.

我不會這樣假設——我看待我們的 R&D，是以營收的 8% 到 10% 作為長期運行率目標，主要是內部自籌（internally funded），我們也計畫以此來營運公司。如果我們在某個專案上做較少的 R&D，我們會希望在另一個專案上做更多。不過我同意你的看法：隨著更多客戶投入量產導入，我們內部自籌的開發部分就會逐步下降。

Last on -- you have I think you said $145 million in cash, Tim, and that's a very rich problem to have. How have you thought about deploying some of it or -- or is there the anything on the agenda that would add higher returns than what you are getting now?

最後一題——我想你說你們有 1.45 億美元現金，Tim，這是個很「奢侈的煩惱」。你們如何思考部署其中一部分？或者——議程上是否有任何事情能帶來比你們目前取得的更高報酬？

Well, we continue to think about the cash primarily as an opportunity to invest in support and where appropriate accelerate our internal growth opportunities. And as I talked about in my comments this difficulty in predicting timing and rate of adoption, not only addresses or not only affects our top but it addresses our capital investments and our product development investments as well. So we are typically investing heavily before the fact in IR&D, increasing investments in business development and then as we close in on assurance of the timing of production adoption, we historically started to weigh in with capital investment and other high dollar investments that support the launch. So if we were to spool forward to a point in time when we would be anticipating large production commitments to Global Observer, for example, we then would be looking at significant CapEx investments and I think the flexibility to be able to pick our own timing and making those investments gives us a strategic advantage in that and other innovative technology market entrance.

嗯，我們仍然主要把現金視為一個投資機會：用來支援並在適當時加速我們的內生成長機會。正如我在評論中提到的，採用時點與採用速度難以預測，不僅影響我們的營收端，也同樣影響我們的資本投資與產品開發投資。因此，我們通常會在事前就大量投入 IR&D、增加業務開發投資；然後當我們更接近量產導入時點的確定性時，歷史上我們才會開始投入資本支出與其他高金額投資來支援上市/導入。因此，如果我們把時間往前推到某個點，例如我們預期 Global Observer 會有大量量產承諾時，我們就會考慮顯著的 CapEx 投資。我認為，能夠自行掌握投資時點的彈性，讓我們在這個以及其他創新技術市場切入上具有策略優勢。

Thank you. Thank you, Tim.

謝謝。謝謝你，Tim。

Next to Michael Ciarmoli with Boenning & Scattergood

下一位是 Boenning & Scattergood 的 Michael Ciarmoli。

I guess, Tim, on the guidance for fiscal 2010, what has to happen to hit the higher end of projections, 22% top line growth are you assuming some Switchblade revenue in there or are you assuming Puma significant level of Puma AE revenues?

Tim，我想問關於 2010 會計年度的指引：要達到預測區間的高端、也就是 22% 的營收成長，需要發生什麼？你們是否假設其中包含一些 Switchblade 的營收，或是假設 Puma、特別是 Puma AE 的營收會達到相當水準？

I think I mentioned a number of the key assumptions we built in to the guidance, that does include expectations we are going to begin to see some Switchblade adoption, via small quantity preproduction procurements although we are not counting on significant production revenue this year in those numbers. I think the content of the low end versus the high end will be largely the same in terms of programs, probably just a little bit more of everything. Because 5 points like 15 million of revenue. So it's a lot of what you mentioned, Mike, some Puma, some other things. And I think the mix would be very similar between the low end and the high end. It's just a little bit more.

我想我提過我們納入指引的一些關鍵假設，其中確實包括我們預期會開始看到一些 Switchblade 的採用，透過小量的量產前採購（preproduction procurements），不過在這些數字中，我們並未指望今年會有顯著的量產營收。我認為低端與高端在專案內容上大致相同，可能只是每一項都多一點。因為 5 個百分點大約就是 1,500 萬美元的營收。所以就像你提到的，Mike，一些 Puma、一些其他項目。我認為低端與高端的組合會非常相似，只是多一點而已。

Do you see your Raven unit deliveries in fiscal 2010 being up dramatically over '09. I think you delivered 456 units, do you see that pace changing at all? Given the funding that's been laid out that's existing funding and new funding that's been laid out for 2010?

你們是否預期 2010 會計年度 Raven 的單位交付量會比 2009 年大幅增加？我想你們交付了 456 台，你們認為這個節奏會有任何變化嗎？考量到已規劃的資金，包括既有資金與 2010 年新增資金？

I would say I don't think we want to it down by program. We are aware of that funding and take that in to consideration along with the information that our program managers at the Raven Army level tell us how they think the year will unfold, we are considering a budge budget and the best information we have.

我會說，我們不想按專案把它拆得那麼細。我們知道那些資金安排，並將其納入考量，同時也會參考我們在 Raven 陸軍層級的專案經理告訴我們他們認為今年會如何發展的資訊；我們是在考量預算（budget）以及我們所掌握的最佳資訊後做出判斷。

On the services line item you said funded R&D, about 20.4 million, that would imply this your services broke that downward trend, are you gaining better visibility in to that line item? Do you expect it to continue to be bumpy and lumpy in 2010?

關於您提到的服務項目中由客戶資助的研發（funded R&D），大約 2,040 萬美元，這似乎意味著你們的服務打破了先前的下滑趨勢；你們對該項目的能見度是否有所提升？你們預期 2010 年仍會持續呈現起伏不定、忽高忽低的狀況嗎？

The easy answer to that is yes, it will be bumpy and lumpy like all other line items. The services number was 12.2 million, if you do the math. That's up a bit from the prior quarter. I don't think this indicates a trend by itself. It is one quarters worth of volume. Represents backlog that we had the work off in the quarter just like the prior quarter sequentially before it indicated.

最簡單的答案是：是的，它會像其他所有項目一樣起伏不定、忽高忽低。服務的數字如果你算一下，是 1,220 萬美元。這比上一季略有增加。我不認為單憑這點就代表一個趨勢。這只是單一季度的量，代表我們在本季消化的在手訂單（backlog），就像上一季按季序列所顯示的那樣。

Okay. Last question, and I will jump off here. There has been a lot of talk within the DOD about creating common ground stations, for some of the higher altitude larger UAV 's but on the smaller scale with the micro, tactical UAV's do you see that as an opportunity and I would imagine considering all of your UAV 's are on a common remote already, it would make it would an easy choice to look to you guys a at the model. Is that a near-term opportunity or something still in the works by the DOD?

好的。最後一個問題，我問完就先下線。國防部（DOD）內部一直有很多討論，關於為一些高空大型 UAV 建立共通地面站；但在較小規模、微型與戰術 UAV 方面，你們是否視之為一個機會？我想像，考量你們所有 UAV 都已使用同一套遙控（remote）系統，這會讓你們成為很容易被拿來當作範本的選擇。這是近期的機會，還是仍在 DOD 規劃中的事情？

I don't think it's anything we focused on as a major incremental opportunity in the near-term, Mike. All of our airplanes operate off the same ground control system. And we have all of the programs of record in DOD for this hand launch class of airplanes. So I think this is the defacto current standard. We've done demonstrations operating other platforms off of our ground control system, and I think the transition to digital data link makes it much easier to integrate other platforms in this same ground control scheme. I think we are well positioned in this class which is quite different from the larger airplane programs as well as the larger vehicle programs.

Mike，我不認為這是我們在近期聚焦為一個主要新增機會的事項。我們所有飛機都使用同一套地面控制系統運作。而且在 DOD 針對這種手持發射（hand launch）級別飛機，我們擁有所有正式列裝計畫（programs of record）。所以我認為這其實就是目前事實上的（de facto）標準。我們也做過示範，讓其他平台在我們的地面控制系統上運作；而我認為轉向數位資料鏈（digital data link）讓把其他平台整合進同一套地面控制架構變得容易得多。我們在這個級別上處於很有利的位置，而這也與大型飛機計畫以及大型載具計畫相當不同。

Okay. Perfect, thanks, guys.

好的。非常好，謝謝各位。

Thank you.

謝謝。

Next to Jeff Evanson with Dougherty & Company.

下一位是 Dougherty & Company 的 Jeff Evanson。

Thanks for taking my questions.

謝謝讓我提問。

Hi, Jeff.

嗨，Jeff。

Tim, after let me make sure I understand where we are on the first flight of the Global Observer, are you seeing you expect that somewhere and April? Is that any change from the Q3 call?

Tim，關於 Global Observer 的首次試飛，我想先確認我是否理解正確：你們預期會在某個時間點、在四月？這和第三季電話會議（Q3 call）相比有任何變化嗎？

Yes and no. Yes, that's what we are saying, no, that's no change.

是也不是。是的，我們現在就是這麼說；不是，這沒有變。

Can you talk me through what you see happening after the flight. We looking at 6 to 12 months of data evaluation, walk me through the time line would be after that.

你能帶我走一遍你們認為試飛之後會發生什麼嗎？我們會看到 6 到 12 個月的資料評估嗎？請帶我走一遍之後的時間表。

The program anticipates flight test tests of the aircraft and then integration of payloads onto the aircraft. And ultimately delivery of the entire system to the initial customer for military demonstration of the military effectiveness of the entire system in operation. And that was originally anticipated to happen in the latter part of what was initially a 3-year joint development plan that timing is now stretched out a bit as the customer has added additional airplanes to the one airplane program that was originally scheduled in that 3-year period.

該計畫預期會先進行飛機的飛行測試，接著把酬載（payload）整合到飛機上。最終會把整套系統交付給初始客戶，用於軍方示範整套系統在實際運作中的軍事效能。原先預期這會發生在最初為期三年的聯合開發計畫（joint development plan）後段；但由於客戶在原本三年期內僅規劃一架飛機的計畫上又增加了額外飛機，因此時程現在被拉長了一些。

Is the military thinking about the GO as a system and does the addition of extra aircraft suggest anything about the flight times that can be achieved? Yes, it is looked at by us and our customers as a system. And the primary concept of operation for this system is intended to deliver seemless persistence. That would be done by putting one platform over a specific spot on the earth where it orbits looking much like a GO sink from a satellite at a regional level . Say 5500 feet that platform is looking at a footprint of 600 miles in diameter. If the airplane stays on station for about a week, then a secondary airplane can come on that station take over that orbit the first airplane returns, refuels, the secondary plain stays there for say a week, and the first airplane returns, takes over the station, the secondary plane returns. So we got a rotation of two airplanes over a common geographic area providing seemless persistence.

軍方是否把 GO 視為一個系統？而增加額外飛機是否暗示可達成的滯空時間（flight times）有什麼意義？是的，我們與客戶都把它視為一個系統。這個系統的主要作戰概念（concept of operation）是要提供無縫的持續性（seemless persistence）。做法是讓一個平台在地球上某個特定點上空盤旋，從區域層級看起來很像衛星的 GO 俯視（sink）視角。比如在 55,000 英尺高度時，該平台可觀測直徑 600 英里的覆蓋範圍（footprint）。如果飛機能在定點滯留約一週，第二架飛機就可以接替進入該定點、接手軌道，第一架返回、補給燃料；第二架再停留例如一週，然後第一架再返回接手定點，第二架返回。如此我們就能以兩架飛機在同一地理區域輪替，提供無縫的持續性。

So you still anticipate a two aircraft rotation.

所以你們仍預期以兩架飛機輪替。

At a minimum in order to provide that level of persistence. Some customers may determine they want another airplane either for increased system reliability or for the ability to put up a orbit some place else that pops up.

至少需要如此，才能提供那種等級的持續性。有些客戶可能會決定再要一架飛機，可能是為了提高系統可靠性，或是為了能在其他突然出現需求的地方再建立一個軌道。

Okay. Couple of questions about the guidance. Do you expect UAS to grow faster than EES relative to the guidance you gave?

好的。關於財測（guidance）有幾個問題。相對於你們給出的財測，你是否預期 UAS 的成長會比 EES 更快？

I think our guidance has consistently addressed the enterprise level and we haven't broken out individually segments although, overall, you can see historically that the relative percentage of the business has stayed generally consistent over time.

我認為我們的財測一向是以企業整體層級來說明，我們並未把各個部門（segments）單獨拆分；不過整體而言，你可以從歷史上看到，業務的相對占比隨時間大致保持一致。

Two quick detailed questions for Steven. Steve, do you did our service revenue include any DDL revenue? I am guessing it would not have but I'm wanting to clarify.

給 Steven 兩個很快的細節問題。Steve，我們的服務營收是否包含任何 DDL 營收？我猜應該沒有，但我想確認一下。

There is 20.4 million of project R&D and 12.2 million of services, those are smashed together as service on the P&L, 20.4 million may have had a smidgen of DDL development in it. We have small R&D contracts. I don't want to say nothing but it's a small amount if there is anything there.

有 2,040 萬美元的專案研發（project R&D）以及 1,220 萬美元的服務，這兩項在損益表（P&L）上被合併列為服務（service）。2,040 萬美元裡可能包含一點點 DDL 開發。我們有一些小型研發合約。我不想說完全沒有，但即使有也只是很小的金額。

Then the funded backlog, anything in there for DDL.

那已獲資金支持的在手訂單（funded backlog）裡，有沒有任何 DDL？

I'm not sure I wouldn't be surprised if there is a some small bit of backlog but it would be a very small project DDL, I think there is some backlog.

我不確定；但如果裡面有一點點在手訂單我也不意外，不過會是非常小的 DDL 專案。我想是有一些在手訂單。

That was a Q2 R&D contract that's still --

那是第二季（Q2）的研發合約，仍然——

If you go back to Q2 we got a 6 or $7 million R&D contract, and I think we worked off most of it. There may be a smidgen of that left in backlog.

如果你回到第二季，我們拿到一筆 600 萬或 700 萬美元的研發合約，我想我們已經消化掉大部分了。在手訂單裡可能還剩一點點。

Great. Thank you very much.

很好。非常感謝。

That is all the time we have for questions. Would like to return things to Mr. Gitlin for any additional or closing comments.

我們的提問時間就到這裡。接下來想把時間交還給 Gitlin 先生，請他做任何補充或結語。

Thank you, all, for your continued attention and interest in AeroViroment. We would like to remind you that an archived version of this call as well as all SEC filings and relevant company and industry news can be found on our website at www.AVINC.com. We look forward to speaking with you again following next quarters results, have a good day.

感謝各位持續關注並對 AeroViroment 保持興趣。我們也提醒各位，本次電話會議的存檔版本，以及所有 SEC 申報文件與相關公司及產業新聞，都可在我們的網站 www.AVINC.com 上找到。我們期待在下季財報結果出爐後再次與各位交流，祝各位有美好的一天。

That does conclude today's conference call, thank you for your participation.

今天的電話會議到此結束，感謝各位的參與。