AeroVironment, Inc. (AVAV) 2015 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the AeroVironment, Incorporated fourth-quarter FY15 earnings call.

各位女士、先生，大家好，歡迎參加AeroVironment, Incorporated 2015財年第四季財報電話會議。

(Operator Instructions)

（接線員指示）

As a reminder, this conference is being recorded for replay purposes. With us today from the Company is the Chairman and Chief Executive Officer, Mr. Tim Conver, interim CFO, Teresa Covington, and Vice President of Investor Relations, Mr. Steven Gitlin.

提醒各位，本次電話會議將錄音以供重播。今天與會的公司代表包括：董事長兼執行長Tim Conver先生、代理財務長Teresa Covington女士，以及投資人關係副總裁Steven Gitlin先生。

And now at this time, I would like to turn the conference over to Mr. Steven Gitlin. Please go ahead, sir.

現在我想把會議交給Steven Gitlin先生。先生，請開始。

Thank you, Tamara. Welcome to AeroVironment's fourth quarter and full FY15 earnings call.

謝謝你，Tamara。歡迎參加AeroVironment第四季及2015財年全年財報電話會議。

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. For a list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission.

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。有關此類風險與不確定性的清單與說明，請參閱我們向美國證券交易委員會提交的報告。

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 undertake no obligation to update any forward-looking statement whether as a result of new information, future events or otherwise.

提醒投資人不要過度依賴任何前瞻性陳述，該等陳述僅截至其作出之日有效。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而更新任何前瞻性陳述。

The content of this conference call contains time sensitive information that is accurate only as of today, June 30, 2015. The Company undertakes no obligation to make any revision to the statements contained in our remarks or to update them to reflect events or circumstances occurring after this conference call. We will now begin with remarks from Tim Conver. Tim?

本次電話會議內容包含具時效性的資訊，僅截至今日（2015年6月30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或更新之義務，以反映本次電話會議後發生的事件或情況。現在我們先請Tim Conver發表談話。Tim？

Thank you, Steve. The AeroVironment team made great progress on our business objectives in FY15. Our results are best summarized by the two following achievements. First, our strong core business delivered the revenue we expected and exceeded expectations for profitability. Second, our growth portfolio advanced through careful strategic investments that improved our position for large new market opportunities.

謝謝你，Steve。AeroVironment團隊在2015財年於我們的業務目標上取得了重大進展。我們的成果可由以下兩項成就最佳概括。第一，我們強勁的核心業務實現了我們預期的營收，且獲利能力超出預期。第二，我們的成長型投資組合透過審慎的策略性投資持續推進，提升了我們把握大型新市場機會的有利地位。

More broadly, we strengthened our market leadership positions, moved key programs forward to generate long-term value, reinforced our strategic plan and continued to extend our track record of successfully driving innovation.

更廣泛而言，我們強化了市場領導地位，推動關鍵專案以創造長期價值，鞏固了策略計畫，並持續延伸我們成功推動創新的良好紀錄。

Today I will summarize our FY15 by first reviewing our financial performance and achievements during the quarter and the year and then discussing our operating performance in our core business and in our growth portfolio. Teresa Covington will provide a detailed overview of our financials before our I'll share our outlook and goals for FY16 and then we'll take your questions.

今天我將先回顧我們在本季與本年度的財務表現與成果，接著討論核心業務與成長型投資組合的營運表現。Teresa Covington將在我之後提供更詳細的財務概覽；接著我會分享我們對2016財年的展望與目標，然後進入問答。

Now our financial results. Our fourth-quarter revenue was $86 million, an 18% year-over-year increase. Gross margin in the quarter increased by 50% year over year, and fully diluted earnings per share were $0.31. Our FY15 revenue of $259 million was just about at the midpoint of our revenue guidance range of $250 million to $270 million and was up 3% year over year.

先看財務結果。我們第四季營收為8,600萬美元，年增18%。本季毛利率較去年同期提高50個基點，完全稀釋後每股盈餘為0.31美元。2015財年營收為2.59億美元，約落在我們2.5億至2.7億美元營收指引區間的中點，年增3%。

Gross margin as a percent of revenue for the year was 40%, well above our guidance range of 34.5% to 37.5%. We're pleased to report that even after making the incremental investments we plan for the year, the strong gross margin produced an operating profit of $2 million, which translates to fully diluted EPS of $0.13.

全年毛利率（占營收比重）為40%，明顯高於我們34.5%至37.5%的指引區間。我們很高興報告，即使在完成本年度規劃的額外投資後，強勁的毛利仍帶來200萬美元的營業利益，折合完全稀釋後每股盈餘0.13美元。

Total cash equivalents and investments increased by over $27 million, up 11% year over year. Ending funded backlog was $64.7 million compared to $65.9 million the prior year. In our core business we reported another year of revenue in line with projected growth targets and our team delivered strong gross profits.

現金約當物及投資總額增加逾2,700萬美元，年增11%。期末已獲資金支持的在手訂單（funded backlog）為6,470萬美元，去年同期為6,590萬美元。在核心業務方面，我們再度達成與預期成長目標一致的年度營收，團隊也交出強勁的毛利貢獻。

Briefly I'd like to provide additional context to the accounting restatement referenced in our press release. This matter related to accounting for amortization of the premium of held to maturity bonds and had no impact on our balance sheet, income statement or on net cash flow. Teresa will provide more details in her prepared remarks.

我想簡要補充新聞稿中提及的會計重編（restatement）之背景。此事項與持有至到期債券溢價攤銷的會計處理相關，對我們的資產負債表、損益表或淨現金流均無影響。Teresa將在其準備好的發言中提供更多細節。

Now let's review our operating performance in FY15 starting with our Efficient Energy Systems segment, or EES, where we maintain market leadership positions in all three product lines. Electric vehicle, or EV test systems, industrial EV charging solutions and passenger EV charging solutions.

接著回顧我們2015財年的營運表現，先從高效能源系統（Efficient Energy Systems，EES）事業部開始；我們在三條產品線皆維持市場領導地位：電動車（EV）測試系統、工業用EV充電解決方案，以及乘用車EV充電解決方案。

In our EV test system product line, we introduced the next generation of smart EV test systems last September with the AV-900 EX. Capable of more varied and accurate testing and scalable from 250 kilowatts to more than 1 megawatt. We believe our current and prospective customers will embrace this new capability in the EV testings market.

在EV測試系統產品線方面，我們於去年9月推出新一代智慧EV測試系統AV-900 EX。該系統可進行更多樣且更精準的測試，並可從250千瓦擴充至超過1兆瓦。我們相信現有與潛在客戶將會在EV測試市場中採用這項新能力。

In our industrial EV charging business, we continue to serve our customers in airports, vehicle manufacturing, distribution, consumer goods and industrial product markets while engaging with new global enterprise customers for potential expansion. We expect industrial EVs to continue to gain market share from fossil fuel vehicles.

在工業用EV充電業務方面，我們持續服務機場、車輛製造、物流配送、消費品及工業產品等市場的客戶，同時也與新的全球企業客戶洽談，以尋求潛在擴張。我們預期工業用EV將持續從化石燃料車輛手中取得市占。

In passenger EV charging solutions, we have deployed nearly 25,000 level 2 charge docks throughout North America. We have significantly differentiated our market-leading technology with our portable TurboCord dual-voltage charging system which we launched in January of 2014.

在乘用車EV充電解決方案方面，我們已在北美部署近25,000個Level 2充電座。我們於2014年1月推出可攜式TurboCord雙電壓充電系統，顯著強化並差異化我們的市場領先技術。

At the beginning of our FY16, Volvo became the first automaker to include TurboCord as standard agreement with the delivery of its plug-in vehicles. This important development highlights TurboCord's value in a global OEM solution and establishes an important new distribution channel for us. We hope to secure additional TurboCord in the trunk OEM adoption.

在我們2016財年開始之際，Volvo成為首家將TurboCord納入其插電式車款交付標準配備的汽車製造商。這項重要進展凸顯TurboCord在全球OEM解決方案中的價值，並為我們建立了一個重要的新通路。我們希望能爭取更多OEM採用「後車廂內附TurboCord」的配置。

This January we introduced TurboDock level 2 workplace charging system. With Bluetooth connectivity, TurboDock provides access controlled charging at lower cost than cellular-based networks. We see great potential for growth in the workplace and commercial market segments with this product.

今年1月我們推出TurboDock Level 2職場充電系統。透過藍牙連線，TurboDock可在成本低於行動網路型（cellular-based）網路的情況下，提供具存取控管的充電服務。我們認為此產品在職場與商用市場區隔具有很大的成長潛力。

And now let's turn to operating performance in our Unmanned Aircraft Systems segment where we focus on global defense and commercial markets with unmanned airplane systems, or UAS, tactical missile systems, large UAS and commercial UAS. I will update you on each of these areas separately starting with small UAS.

接下來談我們的無人航空系統（Unmanned Aircraft Systems）事業部之營運表現。我們聚焦全球國防與商用市場，涵蓋無人飛機系統（UAS）、戰術飛彈系統、大型UAS以及商用UAS。我將分別更新各領域的進展，先從小型UAS開始。

In our core small UAS business we remain the market leader with the largest installed base in the global defense industry and a very active development portfolio. Our battle proven Puma became the first small UAS approved by the FAA for commercial operations, demonstrating how our core technology delivers value across defense and commercial markets.

在核心的小型UAS業務方面，我們仍是市場領導者，擁有全球國防產業中最大的裝機基礎，並具備非常活躍的研發專案組合。我們經戰場驗證的Puma成為首款獲FAA核准可進行商業營運的小型UAS，展現我們的核心技術如何在國防與商用市場創造價值。

AeroVironment developed and introduced the concept of a family of small UAS with differentiated platforms optimized for different missions and interoperable with the common ground control system, data link, user interface, training, support and all environment capabilities. All environment refers to the unique capability of these airplanes to regularly land in saltwater in addition to landing on the ground, and is designated by the suffix AE. This family of small UAS is unique to AeroVironment and is another growing differentiator for our solutions.

AeroVironment開發並提出「小型UAS家族」的概念：以差異化平台針對不同任務最佳化，並可與共同的地面控制系統、資料鏈路、使用者介面、訓練、支援及全環境能力互通。「全環境」指這些飛機除可在地面降落外，亦具備可經常在鹽水中降落的獨特能力，並以AE後綴標示。此小型UAS家族為AeroVironment獨有，也是我們解決方案日益重要的差異化優勢。

Last year the Army and the Marine Corps each defined their next-generation small UAS requirements as a family of systems. And both are built almost entirely around AeroVironment's solutions. The Army defined a new micro UAS as part of its system requirement and our Shrike vertical takeoff and landing, or VTOL solution is well positioned for that requirement when the Army decides to initiate a procurement.

去年，陸軍與海軍陸戰隊各自將其下一代小型UAS需求定義為「系統家族」。兩者幾乎完全以AeroVironment的解決方案為核心建構。陸軍在其系統需求中定義了一款新的微型UAS；當陸軍決定啟動採購時，我們的Shrike垂直起降（VTOL）解決方案在滿足該需求方面具備良好優勢。

In FY15, we supported the Army's large installed base of Raven and Puma systems with sustainment orders and performance improvement upgrades. We expect sustainment revenue from maintaining and upgrading our large and growing fleet of systems supplied across all military services to continue to be an important ongoing component of our business.

在2015財年，我們透過維持性訂單（sustainment orders）與效能提升升級，支援陸軍龐大的Raven與Puma系統裝機基礎。我們預期，透過維護與升級供應至各軍種、規模龐大且持續成長的系統機隊所帶來的維持性營收，將持續成為我們業務的重要且長期的組成部分。

The Marine Corps began procurement of their new small UAS requirement with Wasp AE systems in FY25 -- FY15 and is evaluating additional Puma AE procurement.

海軍陸戰隊在2015財年開始採購其新小型UAS需求，採用Wasp AE系統，並正在評估進一步採購Puma AE。

The US Navy shows great potential as the next market to begin adoption of small UAS. Our all environment and enhanced ship deck landing capability are unique and compelling for Navy applications. In fact the Navy recently conducted successful evaluations of our Puma AE and procured their first systems.

美國海軍展現出成為下一個開始採用小型UAS市場的巨大潛力。我們的全環境能力與強化的艦艇甲板降落能力對海軍應用而言獨特且具吸引力。事實上，海軍近期已成功完成對我們Puma AE的評估，並採購了其首批系統。

International demand for small UAS continues to grow with multiple acquisition programs moving forward on independent but hard to predict timelines. For example, the Australian Defense Force recently began training on its new Wasp AE systems. These international programs include significant opportunities emerging in India, with our Dynamatics MoU. And in Turkey with our Altoy joint venture.

國際對小型無人航空系統（UAS）的需求持續成長，多項採購計畫正各自推進，但時程獨立且難以精準預測。例如，澳洲國防軍近期已開始就其新型 Wasp AE 系統進行訓練。這些國際計畫亦包含在印度浮現的重大機會，對應我們與 Dynamatics 的合作備忘錄（MoU）；以及在土耳其，對應我們與 Altoy 的合資企業。

We remain in a strong position to fulfill established and emerging needs for small UAS to support United States and allied forces, as well as any urgent needs that may develop in an increasingly uncertain world.

我們仍處於有利地位，能夠滿足既有與新興的小型 UAS 需求，以支援美國及盟軍部隊，以及在日益不確定的世界中可能出現的任何緊急需求。

And now I will discuss our FY15 investments and how they improved our competitive position across three areas within our growth portfolio. Innovation is at the core of our business model and strategic investments will position AeroVironment for continued success and value creation.

接下來我將說明我們在 FY15 的投資，以及這些投資如何在我們成長投資組合中的三個領域提升了競爭地位。創新是我們商業模式的核心，而策略性投資將使 AeroVironment 得以持續成功並創造價值。

During FY15, we invested $46 million in internal research and development, or R&D. Each about $26 million of that amount, or 10% of revenue, was used to support our core business and the additional $20 million was strategic investment into our growth portfolio. In addition, we spent $25 million performing customer funded R&D for a total of $71 million in research and development invested primarily in UAS and tactical missile system technology.

在 FY15 期間，我們在內部研究與開發（R&D）投入 4,600 萬美元。其中約 2,600 萬美元（約占營收 10%）用於支援核心業務，另有 2,000 萬美元為對成長投資組合的策略性投資。此外，我們執行客戶出資的研發支出 2,500 萬美元，使研發總投入達 7,100 萬美元，主要投資於 UAS 與戰術飛彈系統技術。

We think our investment in new UAS solutions and our deep understanding of the industry represents a strategic advantage in the race to deliver next-generation solutions to customers, build market leadership and deliver return on invested capital.

我們認為，對新型 UAS 解決方案的投資以及對產業的深刻理解，構成我們在競逐向客戶交付下一代解決方案、建立市場領導地位並提升投入資本報酬方面的策略優勢。

We said at the beginning of last year, investments throughout FY15 in tactical missile systems, Global Observer and commercial UAS would position AeroVironment to lead when adoption accelerates and would generate significant value in the near and long term and we continue to believe that.

我們在去年年初即表示，FY15 全年對戰術飛彈系統、Global Observer 與商用 UAS 的投資，將使 AeroVironment 在採用加速時具備領先地位，並在短期與長期創造顯著價值；我們至今仍相信如此。

These investments yielded the intended results to better position us for the specific tactical missile systems and Global Observer adoption opportunities that we can now continue to pursue within our normal incremental investments -- within our normal and without incremental investments. Building out enterprise solutions for large commercial market UAS adoption, however, will require continued investment this year.

這些投資達成了預期成果，使我們更能把握特定的戰術飛彈系統與 Global Observer 採用機會；我們現在可在正常的增量投資範圍內持續推進——也就是在我們既有的正常投資之內，無需額外增量投資。然而，為大型商用市場的 UAS 採用建立企業級解決方案，今年仍需要持續投資。

In tactical missile systems, we have been delivering Switchblade systems and generating revenue from hardware sales, customer support and R&D for the last few years. We applied incremental FY15 investment to develop and demonstrate new Switchblade variants that customers have requested as a result of seeing Switchblade's unique capabilities. These variants have now demonstrated and been deployed from ground, air and sea platforms.

在戰術飛彈系統方面，過去幾年我們持續交付 Switchblade 系統，並透過硬體銷售、客戶支援與研發取得營收。我們在 FY15 追加投資，用於開發並展示客戶在見識到 Switchblade 獨特能力後所要求的新型 Switchblade 變體。這些變體現已完成展示，並已可由陸、空、海平台部署。

Additionally we prepared for a pending Army program of record for LMAMS by developing advanced capabilities for Switchblade. We did develop three separate customer funded Switchblade variants in FY15 and all demonstrations met or exceeded customer expectations. We co-funded these developments with AeroVironment R&D investment as I outlined earlier, which proved essential in successfully driving all three opportunities forward.

此外，為因應陸軍即將啟動的 LMAMS 正式列裝計畫（program of record），我們透過開發 Switchblade 的先進能力進行準備。我們在 FY15 確實開發了三款由客戶出資的 Switchblade 變體，且所有展示均達到或超越客戶期望。如我先前所述，我們以 AeroVironment 的研發投資共同分攤這些開發成本，這對成功推動三項機會向前進展至關重要。

As a direct result of these successes to date, we are confident that at least one of these variants will produce significant product revenue in FY16. We expect the other two likely will receive additional customer funding to proceed in FY16. We are optimistic that continued success in these programs will accelerate adoption of a family of tactical missile systems and drive significant revenue growth.

基於目前為止的成功成果，我們有信心其中至少一款變體將在 FY16 帶來可觀的產品營收。我們預期另外兩款很可能在 FY16 獲得更多客戶資金以繼續推進。我們樂觀認為，這些計畫的持續成功將加速一系列戰術飛彈系統的採用，並帶動顯著的營收成長。

A program objective memorandum, or POM, is the recommendation of an armed service on how they plan to allocate resources for a program over the next five-year planning cycle. We believe the LMAMS program of record has not yet been included in the Army FY17 POM which will likely move a start of that program of record out by one or two years.

計畫目標備忘錄（Program Objective Memorandum，POM）是軍種就未來五年規劃週期內，如何為某項計畫配置資源所提出的建議。我們認為，LMAMS 的正式列裝計畫尚未納入陸軍 FY17 的 POM，因此該正式列裝計畫的啟動時間很可能將延後一到兩年。

However we think this can actually have a positive outcome for us. It provides the opportunity for Switchblade as the only deployed solution to continue satisfying multiple procurement opportunities prior to a program of record.

然而，我們認為這實際上可能對我們帶來正面結果。這讓 Switchblade 作為唯一已部署的解決方案，有機會在正式列裝計畫啟動之前，持續滿足多項採購機會。

Last year we combined our Global Observer solution for high altitude long endurance, or HALE UAS, and our TERN solution or medium altitude long endurance, or MALE UAS, to form our large UAS business area.

去年，我們將用於高空長航時（HALE）UAS 的 Global Observer 解決方案，與用於中空長航時（MALE）UAS 的 TERN 解決方案整合，成立我們的大型 UAS 業務領域。

Our strategic investments in FY15 ensured we are well positioned for both Global Observer and TERN Phase III opportunities and we anticipate the ongoing pursuit of programs in both categories in our FY16 base plan. We remain engaged in active teaming in MoU agreements and customer discussions for Global Observer adoption by allied governments.

我們在 FY15 的策略性投資確保我們已為 Global Observer 與 TERN 第三階段（Phase III）機會做好充分準備，並預期在 FY16 的基本計畫中持續推進這兩類計畫。我們仍透過合作備忘錄（MoU）協議與客戶討論，積極參與與盟國政府就採用 Global Observer 的合作組隊。

TERN represents the next generation category of MALE UAS for operation from small naval vessels. We, with our industry-leading partners, remain focused on executing our Phase II TERN program with DARPA. We are committed to delivering the most capable and effective solution and competing to secure an anticipated Phase III contract later this year.

TERN 代表可由小型海軍艦艇運作的下一代 MALE UAS 類別。我們與業界領先的合作夥伴，仍專注於與 DARPA 執行第二階段（Phase II）TERN 計畫。我們致力於交付最具能力且最有效的解決方案，並競標以取得預期於今年稍晚授予的第三階段（Phase III）合約。

Our third area of strategic investment in FY15 was in developing a new business in commercial UAS. Here we are developing both hardware and software solutions to deliver powerful insights on demand that will support competent decision making for improved enterprise performance.

我們在 FY15 的第三個策略性投資領域，是發展商用 UAS 的新業務。在此我們同時開發硬體與軟體解決方案，以按需提供強大的洞察，支援勝任的決策制定，進而提升企業績效。

Our investments in commercial UAS include pilot programs with lead adopters in large markets, like our service agreement with BP. These customer engagements are delivering important successes and valuable learning and are expanding in terms of applications, customers and industry verticals.

我們在商用 UAS 的投資包含與大型市場的領先採用者進行試點計畫，例如我們與 BP 的服務協議。這些客戶合作帶來重要成果與寶貴學習，並在應用、客戶與產業垂直領域方面持續擴展。

The FAA issuance of Section 333 exemptions for our Puma AE and VTOL UAS provide us with increased flexibility to conduct customer demonstrations and commercial services supporting our market entry strategy and exposing more potential customers to our differentiated offering.

美國聯邦航空總署（FAA）核發我們 Puma AE 與 VTOL UAS 的第 333 條豁免（Section 333 exemptions），使我們在進行客戶展示與提供商業服務方面更具彈性，支持我們的市場進入策略，並讓更多潛在客戶接觸到我們具差異化的產品與服務。

In FY16 we will need to continue to invest to position AeroVironment for leadership in commercial UAS solution adoption. We will continue to develop the hardware, back-office and customer-facing software to optimize our solution for maximum customer value. We will work closely with lead customers to refine the winning solutions for what we believe is a large and dynamic global opportunity. And for our shareholders, we are confident that this will lead to enhanced value.

在 FY16，我們需要持續投資，以使 AeroVironment 在商用 UAS 解決方案採用方面取得領導地位。我們將持續開發硬體、後台系統以及面向客戶的軟體，以最佳化我們的解決方案並為客戶創造最大價值。我們將與領先客戶密切合作，精煉致勝解決方案，以把握我們認為龐大且充滿動態的全球機會。對股東而言，我們有信心這將帶來更高的價值。

Our team has substantial innovation capacity and is developing a compelling small UAS platform for broad commercial appeal. In FY15, we executed our plan and achieved the financial, operating and new opportunity positioning goals we had established. Our team developed and maintained strong relationships with customers, continued our leadership position in our core business markets and developed strong positions for future leadership positions in the large new market opportunities we're pursuing.

我們的團隊具備強大的創新能力，並正在開發一個對廣泛商業市場具吸引力的小型 UAS 平台。在 FY15，我們按計畫執行，並達成既定的財務、營運與新機會布局目標。我們的團隊與客戶建立並維持穩固關係，持續在核心業務市場保持領導地位，並在我們所追求的大型新市場機會中建立了未來領導地位的堅實基礎。

We also made several leadership changes to optimize our management resources for scaling into large new opportunities. Wahid Nawabi was appointed Chief Operating Officer. Roy Minson took on a new commercial UAS strategy position. And Kirk Flittie and Ken Karklin have been promoted into the Business segment General Management roles. And now Teresa will discuss our fourth quarter and full FY15 financials.

我們也進行了數項領導階層調整，以最佳化管理資源，支援向大型新機會擴張。Wahid Nawabi 獲任命為營運長（Chief Operating Officer）。Roy Minson 承擔新的商用 UAS 策略職務。Kirk Flittie 與 Ken Karklin 則晉升至事業部門總經理職務。接下來 Teresa 將說明我們第四季與 FY15 全年的財務表現。

Thank you, Tim, and good afternoon, everyone. AeroVironment's FY15 fourth-quarter results are as follows. Revenue for the fourth quarter was $86.5 million, an increase of $13 million, or 18%, as compared to $73.5 million a year ago.

謝謝你，Tim，各位下午好。AeroVironment FY15 第四季的業績如下：第四季營收為 8,650 萬美元，較去年同期的 7,350 萬美元增加 1,300 萬美元，增幅 18%。

Looking at revenue by segment UAS revenue was $78.7 million, an increase of $18.7 million, or 31% compared to last year. The increase was primarily due to higher product deliveries of $9.1 million, higher customer funded R&D work of $12.7 million, offset with lower service revenue of $3.1 million. EES revenue decreased $5.7 million, or 42%, to $7.8 million in the fourth quarter. This decrease was primarily due to lower product deliveries of our industrial EV charging solutions.

按部門來看，UAS 營收為 7,870 萬美元，較去年增加 1,870 萬美元，增幅 31%。增加主要來自產品交付增加 910 萬美元、客戶出資研發工作增加 1,270 萬美元，但被服務營收減少 310 萬美元所抵銷。EES 營收在第四季下降 570 萬美元（降幅 42%）至 780 萬美元。此下降主要由於我們工業用電動車（EV）充電解決方案的產品交付減少。

Turning to gross margin, gross margin for the fourth quarter was $45.4 million, an increase of $15.2 million as compared to $30.1 million in the prior year. By segment, UAS gross margin increased $16.8 million, or 66%, to $42.3 million in the quarter. The increase was primarily due to favorable product mix.

接著看毛利，第四季毛利為 4,540 萬美元，較前一年同期的 3,010 萬美元增加 1,520 萬美元。按部門來看，UAS 毛利在本季增加 1,680 萬美元（增幅 66%）至 4,230 萬美元，增加主要由於有利的產品組合。

As a percentage of revenue, gross margin for UAS increased from 42% to 54%. EES gross margin decreased $1.6 million, or 35%, to $3 million in the quarter primarily due to lower sales. As a percentage of revenue, EES gross margin increased from 35% to 39%.

以營收百分比計，UAS 毛利率由 42% 提升至 54%。EES 毛利在本季減少 160 萬美元（降幅 35%）至 300 萬美元，主要由於銷售下降。以營收百分比計，EES 毛利率由 35% 提升至 39%。

SG&A expense for the fourth quarter was $15.6 million, or 18% of revenue, compared to SG&A expense of $17 million, or 23% of revenue, in the prior year. R&D investments for the fourth quarter were $22.3 million, or 26% of revenue, compared to R&D investments of $6.2 million, or 8% of revenue in the prior year.

第四季的銷售、一般及行政（SG&A）費用為1,560萬美元，佔營收18%，相較於前一年度SG&A費用1,700萬美元、佔營收23%。第四季研發（R&D）投資為2,230萬美元，佔營收26%，相較於前一年度研發投資620萬美元、佔營收8%。

Operating income for the fourth quarter was $7.5 million, or 9% of revenue, compared to prior-year operating income of $6.9 million, or 9% of revenue. Operating income was higher primarily due to higher sales and gross margin.

第四季營業利益為750萬美元，佔營收9%，相較於前一年度營業利益690萬美元、佔營收9%。營業利益增加主要由於銷售額與毛利率提高。

Other expense net for the quarter was $0.5 million compared to the prior-year other income net of $2.9 million. Other income was lower primarily due to the prior-year gain related to our convertible notes investment. No convertible notes were held in the fourth quarter of this year.

本季其他費用淨額為50萬美元，相較於前一年度其他收益淨額290萬美元。其他收益下降主要因前一年度與我們可轉換票據投資相關的收益所致。本年度第四季未持有任何可轉換票據。

The effective tax rate for the quarter was minus 1.2%, a decrease from the prior year of 18.2%. Net income for the quarter was $7.1 million, or $0.31 per diluted share, compared to the net income of $8.1 million, or $0.35 per diluted share in the same quarter last year.

本季有效稅率為負1.2%，較前一年度的18.2%下降。本季淨利為710萬美元，稀釋後每股盈餘0.31美元，相較於去年同季淨利810萬美元、稀釋後每股盈餘0.35美元。

On an adjusted basis, which excludes the impact of the convertible bond and related equity investment, fourth-quarter EPS would have been $0.32 per diluted share compared to $0.27 per diluted share in the same quarter last year. We have provided an EPS reconciliation table in the press release.

以調整後基礎計算（排除可轉換債券及相關股權投資的影響），第四季每股盈餘（EPS）將為稀釋後每股0.32美元，相較於去年同季稀釋後每股0.27美元。我們已在新聞稿中提供EPS調節表。

Now moving quickly through the full-year FY15 results. Revenue for the year was $259.4 million, an increase of $7.7 million, or 3%, as compared to $251.7 million in the prior year. UAS revenue increased $12.1 million, or 6%, to $221 million primarily due to higher product deliveries of $12.2 million and higher customer funded R&D work of $8.6 million, offset by lower service revenue of $8.6 million. EES revenue decreased $4.4 million, or 10%, to $38.4 million, primarily due to lower product deliveries of our industrial EV charging solutions and lower passenger EV charging solutions.

接著快速說明FY15全年結果。全年營收為2億5,940萬美元，較前一年度2億5,170萬美元增加770萬美元，增幅3%。UAS營收增加1,210萬美元（增幅6%）至2億2,100萬美元，主要因產品交付增加1,220萬美元及客戶資助研發工作增加860萬美元，但被服務營收減少860萬美元所抵銷。EES營收減少440萬美元（降幅10%）至3,840萬美元，主要因我們工業用電動車（EV）充電解決方案的產品交付減少，以及乘用車EV充電解決方案下降。

Gross margin for the year was $104.3 million as compared to $93.6 million in the prior year. This represents an increase of $10.7 million, or 11%. UAS gross margin increased $11.9 million, or 15%, to $92.7 million. The increase was primarily due to favorable product mix. As a percentage of revenue, gross margin for UAS increased from 39% to 42%. EES gross margin decreased $1.2 million, or 10%, to $11.6 million, primarily due to lower sales volume. As a percentage of revenue, EES gross margin remained at 30%.

全年毛利為1億430萬美元，相較於前一年度9,360萬美元，增加1,070萬美元（增幅11%）。UAS毛利增加1,190萬美元（增幅15%）至9,270萬美元，增加主要由於有利的產品組合。以營收百分比計，UAS毛利率由39%提升至42%。EES毛利減少120萬美元（降幅10%）至1,160萬美元，主要因銷售量下降。以營收百分比計，EES毛利率維持在30%。

SG&A expense for the year was $55.8 million, or 21% of revenue, compared to $55.7 million, or 22% of revenue in the prior year. R&D investments for the year were $46.5 million, or 18% of revenue, compared to R&D investments of $25.5 million, or 10% of revenue in the prior year.

全年SG&A費用為5,580萬美元，佔營收21%，相較於前一年度5,570萬美元、佔營收22%。全年研發投資為4,650萬美元，佔營收18%，相較於前一年度研發投資2,550萬美元、佔營收10%。

Operating income for the year was $2 million, or 1% of revenue, compared to operating income of $12.4 million, or 5% of revenue last year. Other expense net for the year was $0.1 million compared to the prior-year other income net of $2.5 million. Other income was higher in the prior year primarily due to the gain related to the conversion feature of our convertible notes investment.

全年營業利益為200萬美元，佔營收1%，相較於去年營業利益1,240萬美元、佔營收5%。全年其他費用淨額為10萬美元，相較於前一年度其他收益淨額250萬美元。前一年度其他收益較高主要因與我們可轉換票據投資之轉換特徵相關的收益。

The effective tax rate for the year was minus 52.9% compared to the effective tax rate from prior year of 7.9%. Net income for the year was $2.9 million, or $0.13 per diluted share, compared to the net income of $13.7 million, or $0.60 per diluted share last year.

全年有效稅率為負52.9%，相較於前一年度有效稅率7.9%。全年淨利為290萬美元，稀釋後每股盈餘0.13美元，相較於去年淨利1,370萬美元、稀釋後每股盈餘0.60美元。

On an adjusted basis, which excludes the impact of the convertible bond and related equity investment, EPS would have been $0.13 per diluted share compared to earnings of $0.56 per diluted share in the prior year. Looking at backlog, funded backlog at the end of fourth quarter was $64.7 million, down $1.2 million, or 2%, from April 30, 2014.

以調整後基礎計算（排除可轉換債券及相關股權投資的影響），每股盈餘將為稀釋後每股0.13美元，相較於前一年度稀釋後每股盈餘0.56美元。就積壓訂單而言，第四季末的已獲資金支持（funded）積壓訂單為6,470萬美元，較2014年4月30日減少120萬美元（降幅2%）。

Turning to our balance sheet, cash equivalents and investments at the end of the fourth quarter totaled $275.6 million, up $17.4 million from the prior quarter. The increase in cash equivalents and investments was driven by lower working capital needs and higher income.

接著看資產負債表，第四季末現金等價物及投資合計為2億7,560萬美元，較前一季增加1,740萬美元。現金等價物及投資增加主要由於營運資金需求降低及收益提高。

Turning to receivables at the end of the fourth quarter, our accounts receivable including unbilled receivables totaled $51 million, up $5 million from the prior quarter. Total days sales outstanding was at approximately 53 days compared to 61 days at the end of the prior quarter.

第四季末應收款項方面，我們的應收帳款（含未開立帳單之應收款）合計為5,100萬美元，較前一季增加500萬美元。應收帳款週轉天數（DSO）約為53天，相較於前一季末的61天。

Taking a look at inventory, inventories were $39.4 million at the end of the quarter compared to $48.8 million at the end of the prior quarter. Days in inventory were approximately 86 days compared to 106 days at the end of the prior quarter.

再看存貨，季末存貨為3,940萬美元，相較於前一季末的4,880萬美元。存貨天數約為86天，相較於前一季末的106天。

Turning to capital expenditures, in the fourth quarter we invested approximately $3 million, or 3%, of revenue in property improvements and capital equipment. AV recognized $2 million of depreciation in the quarter. For the full year we invested approximately $5.3 million, or 2% of revenue in property improvements and capital equipment, and recognized $8.4 million of depreciation and amortization.

資本支出方面，第四季我們在不動產改善與資本設備上投資約300萬美元，約佔營收3%。AV於本季認列200萬美元折舊。全年我們在不動產改善與資本設備上投資約530萬美元，約佔營收2%，並認列840萬美元的折舊與攤銷。

During the fourth quarter of our fiscal year ended April 30, 2015, we identified a presentation error in our consolidated statements of cash flows for the fiscal years ended April 30, 2013 and 2014 and for the first three quarters of the fiscal year ended April 30, 2015. The amortization of premiums related to held to maturity investments was presented within the investing activities section rather than the operating activities section of our consolidated statements of cash flows.

在截至2015年4月30日止會計年度的第四季期間，我們發現截至2013年與2014年4月30日止會計年度，以及截至2015年4月30日止會計年度前三季之合併現金流量表存在表達錯誤。與持有至到期投資相關的溢價攤銷，被列示於合併現金流量表的投資活動項下，而非營業活動項下。

We corrected the error by restating those prior financial statements in the notes included in our Form 10-K for the year ended April 30, 2015. The error did not impact our consolidated balance sheet, consolidated income statement or the overall change in cash flow for any of those periods.

我們已在截至2015年4月30日止年度的Form 10-K所附註中，透過重編（restating）先前財務報表來更正該錯誤。該錯誤不影響我們的合併資產負債表、合併損益表，亦不影響上述任何期間的現金流量總變動。

Now an update to our FY16 visibility. As of today, we have fourth-quarter ending backlog that we can execute in FY16 of $61 million. We have various orders we have booked to date in the first quarter of $19 million. Incremental revenues to hold EES revenues flat year over year, $38 million. And finally the balance of the government FY15 that we have not booked yet of $43 million. This adds up to $162 million, or 60% at midpoint of revenue guidance. Now I'd like to turn things back to Tim to discuss AV's expectations for FY16.

接著更新我們對FY16的能見度。截至今日，我們有可於FY16執行的第四季期末積壓訂單為6,100萬美元。我們在第一季迄今已取得的各項訂單為1,900萬美元。為使EES營收年對年持平所需的增量營收為3,800萬美元。最後，尚未入帳的政府FY15餘額為4,300萬美元。合計為1億6,200萬美元，約為營收指引中點的60%。接下來我想把時間交還給Tim，討論AV對FY16的預期。

Thank you, Teresa. We have a strong position in our core small UAS and efficient energy systems business as demonstrated by our leading market share and ongoing competitive success. The core business has strong profitability as evidenced by our gross profit. And the markets for both segments suggest long-term growth trends. We anticipate single-digit growth in our core business this fiscal year and continued opportunity for long-term growth.

謝謝你，Teresa。憑藉我們領先的市占率與持續的競爭成功，我們在核心的小型UAS與高效率能源系統業務上具備強勢地位。核心業務具備強勁獲利能力，從我們的毛利可見一斑。兩個事業部的市場也顯示長期成長趨勢。我們預期本會計年度核心業務將呈現個位數成長，並持續擁有長期成長機會。

But our growth strategy for AV goes far beyond our core business. In our growth portfolio, our 2015 incremental investments solidified the positions we have been building to compete for and capture identified tactical missile systems, Global Observer and MALE UAS opportunities. We expect contract decisions on each of these opportunities are likely to be decided over the next 24 months.

但AV的成長策略遠不止於核心業務。在我們的成長投資組合中，2015年的增量投資鞏固了我們為競逐並掌握已識別的戰術飛彈系統、Global Observer以及MALE UAS機會而建立的布局。我們預期這些機會的合約決策很可能在未來24個月內作出。

Each of these three opportunities represents initial adoption into potential billion-dollar markets. With the strong positions we have established last year, we can fund the ongoing pursuit of these new significant opportunities as well as support growth in our core business without incremental IR&D and SG&A spending levels this year.

這三項機會中的每一項，都代表著對潛在十億美元級市場的初期採用。憑藉我們去年建立的強勢地位，我們今年可以在不增加 IR&D 與 SG&A 支出水準的情況下，為持續追求這些新的重大機會提供資金，同時也支持核心業務的成長。

Building the strong position we want in the very large commercial UAS market opportunity that we believe is emerging will require incremental investment in both IR&D and SG&A this year. We intend to invest this year to develop enterprise solutions for global vertical markets including energy and agriculture and an innovative commercial small UAS.

要在我們認為正在浮現的、規模極大的商用 UAS 市場機會中建立我們想要的強勢地位，今年將需要在 IR&D 與 SG&A 兩方面增加投資。我們計畫今年投資，以開發面向全球垂直市場（包括能源與農業）的企業解決方案，以及一款創新的商用小型 UAS。

Third-party forecasters project billion-dollar market growth in commercial UAS. Our potential return on investment could be very large with success in this opportunity, but we will need to invest prudently now or risk missing a wave of adoption.

第三方預測機構預估商用 UAS 市場將成長至十億美元規模。若我們在此機會上取得成功，潛在投資報酬可能非常可觀，但我們現在必須審慎投資，否則可能錯失一波採用浪潮。

These incremental investments in commercial UAS market solutions could offset much of the operating profit our core business would otherwise generate this year, resulting in reduced or possibly no operating profit in FY16. As a result, we will guide profitability for FY16 at the gross profit margin level.

這些對商用 UAS 市場解決方案的增量投資，可能會抵銷我們核心業務今年原本可產生的大部分營業利益，導致 FY16 的營業利益降低，甚至可能沒有營業利益。因此，我們將以毛利率水準來提供 FY16 的獲利指引。

With that background we expect FY16 revenue of between $260 million and $280 million, and gross profit margin between 36% and 37.5%. We will maintain focus and visibility on the underlying gross profit, competitive effectiveness and revenue growth of our core business throughout FY16, while we pursue key new opportunities in tactical missile systems and large UAS. We will prudently manage gated investment decisions to develop winning solutions for our new commercial UAS business.

在上述背景下，我們預期 FY16 營收介於 2.60 億美元至 2.80 億美元之間，毛利率介於 36% 至 37.5%。在 FY16 期間，我們在追求戰術飛彈系統與大型 UAS 等關鍵新機會的同時，將持續聚焦並掌握核心業務的基礎毛利、競爭效能與營收成長。我們也將審慎管理分階段（gated）的投資決策，以開發能在新商用 UAS 業務中勝出的解決方案。

We see a future full of opportunities to drive shareholder value through success in these new markets. We built our core business by developing innovative new solutions and we are familiar with the process of new market adoption.

我們看到一個充滿機會的未來，可透過在這些新市場的成功來提升股東價值。我們的核心業務是透過開發創新解決方案建立起來的，我們也熟悉新市場採用的流程。

We will remain constructively engaged with lead adopting customers which positions us to make informed decisions on investments in order to be first to market with the right solution. As new opportunities develop in these dynamic emerging markets, we will continue to be guided by optimizing our return on invested capital and maximizing shareholder value.

我們將持續以建設性的方式與領先採用的客戶保持互動，使我們能就投資做出有依據的決策，並以正確的解決方案率先上市。隨著這些充滿活力的新興市場出現新的機會，我們將持續以最佳化投入資本報酬並極大化股東價值作為指引。

There are numerous specifics regarding our innovative solutions for these new opportunities that we cannot discuss in order to maintain a competitive advantage or because of customer confidentiality agreements. To the extent that these constraints ease in the future, we will share these bold and innovative solutions with you.

關於我們針對這些新機會所提出的創新解決方案，有許多具體細節我們無法討論，以維持競爭優勢或因客戶保密協議所限。若未來這些限制有所緩解，我們將與各位分享這些大膽且創新的解決方案。

Across our business, our technology solutions are designed to bring our current and our future customers the confidence to proceed in the complex and uncertain world in which they operate. Others have recognized our performance with Aviation Week selecting us as the Top Performing Company in the $250 million to $1 billion revenue category. This recognition reflects the quality and the performance of our people.

在我們整體業務中，我們的技術解決方案旨在讓現有與未來客戶，能在其所處的複雜且不確定的世界中更有信心地前進。其他機構也肯定了我們的表現，《Aviation Week》將我們評選為營收 2.5 億至 10 億美元級距中的「最佳表現公司」。這項肯定反映了我們團隊的品質與表現。

From design engineering to production, from procurement to sales, our people strive every day to do what's right for our customers and our shareholders. As always, thank you to the members of the AeroVironment team whose creativity, passion and grit turns bold ideas into compelling value propositions for our customers. To those customers who place their trust in us and to you on this call for your interest in AeroVironment. Teresa and I will now take your questions.

從設計工程到生產，從採購到銷售，我們的同仁每天都努力做對客戶與股東正確的事。一如既往，感謝 AeroVironment 團隊成員以創意、熱情與韌性，將大膽的想法轉化為對客戶具吸引力的價值主張。也感謝信任我們的客戶，以及在本次電話會議中關注 AeroVironment 的各位。Teresa 和我現在開始回答各位的提問。

(Operator Instructions)

（接線員指示）

Andrea James, Dougherty & Company.

Andrea James，Dougherty & Company。

You touched upon this in your opening remarks, but I was hoping we could go a bit deeper. You said you're expecting single-digit growth in your core business, and I guess that accounts for all of the guidance. So, I just want to make sure, does the FY16 guidance imply any recognized revenue growth against Switchblade commercial UAS or Global Observer?

您在開場致詞中提到了一點，但我希望我們能再深入一些。您說您預期核心業務會有個位數成長，我想這涵蓋了所有指引。因此我想確認一下：FY16 的指引是否意味著在 Switchblade 商用 UAS 或 Global Observer 方面會有任何已認列的營收成長？

Well, Andrea, I think I mentioned in the prepared remarks, or observed, that we have been delivering revenue from Switchblade programs for the last few years. That's a combination of hardware deliveries, customer-funded R&D, and services. So, certainly ongoing revenue from Switchblade. In fact, probably growing revenue from Switchblade this year.

嗯，Andrea，我想我在事先準備的發言中提到過，或也觀察到，我們在過去幾年一直有交付 Switchblade 計畫的營收。那是硬體交付、客戶出資的研發，以及服務的組合。所以，Switchblade 當然會有持續的營收。事實上，今年 Switchblade 的營收可能還會成長。

In terms of Global Observer, we don't have Global Observer revenue built in to our core plan. I did mention that we expect the first opportunity for a contract decision on Global Observer from a foreign government within the next 24 months; back to predicting the timing of adoption of innovation being difficult.

至於 Global Observer，我們的核心計畫中並未納入 Global Observer 的營收。我確實提到過，我們預期在未來 24 個月內，將有來自某個外國政府就 Global Observer 做出合約決策的第一個機會；回到先前所說，預測創新被採用的時間點是困難的。

Okay. And then, I guess I'll just throw this out there because it was in the news this week. Do you have any thoughts on the Board structure in light of the activist letter that made the rounds?

好的。另外，我想我就順帶問一下，因為這週新聞有報導。針對那封流傳的行動派股東信函，您對董事會架構有什麼看法嗎？

Well, we haven't responded to that letter at this point. As always, we continue to welcome open communication with all of our shareholders, and we value the input that is particularly directed towards enhancing shareholder value. So, we'll continue to make all of our decisions around the Business from a management and a Board level, with a focus on strong corporate governance and maximizing shareholder value.

嗯，我們目前尚未回覆那封信。一如既往，我們持續歡迎與所有股東進行公開溝通，也重視那些特別著眼於提升股東價值的意見。因此，我們將持續在管理層與董事會層級做出所有與公司業務相關的決策，並以健全的公司治理與極大化股東價值為重點。

Thank you. I'll hop back in the queue.

謝謝。我回到排隊序列。

Troy Jensen, Piper.

Troy Jensen，Piper。

Congrats on the nice quarter and the margins.

恭喜這一季表現不錯，毛利率也很好。

Thank you.

謝謝。

To follow up a little bit on the commercial opportunities here, do you think you'd be selling military-quality UAVs in the commercial applications, or do you plan on a new line of hardware to get in to the commercial space, or will your guys' entrance be more in the services side, like you're doing with BP?

延續一下商用機會的問題，您認為在商用應用上會銷售軍規等級的 UAV 嗎？還是您計畫推出一條新的硬體產品線進入商用市場？或者你們的切入會更偏向服務端，例如你們與 BP 合作的模式？

We have a primary focus on enterprise solutions that would address large global vertical markets like energy, like agriculture. And our experience to date has brought us down to a business model that we're developing that would comprise capturing data from small unmanned aircraft. And that amounts to specific and sometimes specialized payloads on small UAS platforms that we think will be optimized for these enterprise solutions in industrial markets. So, probably a long way of saying that our target solution would be built around platforms that would be optimized for commercial applications rather than military applications.

我們主要聚焦於企業解決方案，以因應能源、農業等大型全球垂直市場。到目前為止的經驗，讓我們發展出一種商業模式：使用小型無人航空器來擷取資料。這涉及在小型 UAS 平台上搭載特定、且有時是專用的酬載（payload），我們認為這些平台將針對工業市場的企業解決方案進行最佳化。所以，換句話說，我們的目標解決方案，將以針對商用應用最佳化的平台為核心，而不是針對軍用應用。

Right.

了解。

Beyond that collection, of course, we've got a lot of data analytics and software presentation capability to close the loop on an actionable information enterprise solution.

此外，除了資料收集之外，我們當然也具備大量的資料分析與軟體呈現能力，以完成可採取行動資訊的企業解決方案閉環。

The entry into our engagement with commercial customers, however, has been based on applying our previously developed and proven small UAS from the military. And Puma, being the first FAA-certified small UAS for commercial applications, has been a great help in working with BP and others in that area.

不過，我們與商用客戶互動的切入點，是基於將我們先前為軍方開發且已驗證的小型 UAS 加以應用。而 Puma 作為第一款獲 FAA 認證、可用於商用的小型 UAS，在我們與 BP 及該領域其他客戶合作時提供了很大幫助。

Great. So, if I could follow up with a couple questions for Teresa here, mainly on the model and mainly on the expense side? I understand you talked about the investments maybe offsetting the operating profits. But if we just look at the R&D, it was up significantly here in the April quarter, how do we think about modeling that on a quarterly basis through 2016?

很好。如果我可以再追問 Teresa 幾個問題，主要是關於模型、以及費用端？我理解你們提到投資可能會抵銷營業利益。但如果我們只看研發費用，4 月那一季大幅上升，我們該如何在 2016 年以季度為基礎來建模？

And maybe touch on SG&A; it spiked up a bit here. Does it grow from this level, or was there some one-time stuff in the fiscal fourth quarter?

也請談談 SG&A；這一季也有些上升。它會在這個水準上繼續成長嗎？還是財年第四季有一些一次性因素？

The R&D in Q4 was abnormally high from our prior run rate, and is not a level that we expect to maintain going forward. We were closing out a year of incremental investment to position ourselves in these new markets, and we got off to a bit of a late start and a strong finish.

第四季的研發費用相較於我們先前的常態水準異常偏高，未來我們不預期會維持這樣的水準。我們是在結束一個為了在這些新市場建立定位而增加投資的年度；我們起步稍晚，但收尾很強。

Understood. But I guess I was wondering, Teresa, or for Teresa specifically, that we're two months in to the quarter, so you've got to have a fairly good grasp on what your R&D expense should look like this quarter. So, could you give us a range of where you think that number will be?

了解。但我想問的是，Teresa，或更具體地問 Teresa：我們已經進入本季兩個月了，所以你們應該對本季研發費用會長什麼樣子有相當好的掌握。你能否給我們一個你認為該數字會落在哪個區間？

I think the R&D for the first quarter, if you exclude the fourth quarter from 2015, the range for R&D will be in the range of the quarters from FY15, quarters one, two and three.

我認為第一季的研發費用，如果排除 2015 年的第四季，研發費用區間會落在 FY15 第一、第二與第三季的水準範圍內。

Are you talking $7 million to $8.5 million roughly on a quarterly basis?

你是指每季大約 700 萬到 850 萬美元嗎？

Correct.

正確。

But you said excluding July quarter, so that might be at a higher level?

但你說排除 7 月那一季，所以那一季可能會在更高的水準？

As Tim mentioned, the fourth quarter was abnormally high, at $22 million. Our first three quarters of FY15 were closer to our historic levels, in terms of R&D investment.

如 Tim 所提到，第四季異常偏高，達到 2,200 萬美元。我們 FY15 的前三季在研發投資方面更接近我們的歷史水準。

Peter Arment, Sterne, Agee.

Peter Arment，Sterne, Agee。

A follow-up on that, Tim: The last couple years, you've had a revenue base that was 40% in the first half of the fiscal year, and 60% in the second half of the year. With the guidance range you put out, and obviously there's a lot of moving parts, and I don't want to pin you down on any of them, but how do we think about the revenue progression throughout the year?

Tim，延續剛才那點：過去幾年，你們的營收基礎在會計年度上半年約占40%，下半年約占60%。以你們給出的指引區間來看，顯然有很多變動因素，我也不想把你釘死在任何一個假設上，但我們該如何看待全年各期間的營收走勢？

I think the best -- a good way to approach that is just looking at those historic patterns that you mentioned. We have been about 60% in the first half -- 40% in the first half, excuse me, and 60% in the second half. As we look at 2016, Q1 this year probably looks a lot like Q1 last year.

我認為最好的——一個不錯的切入方式，就是看你提到的那些歷史型態。我們大約是上半年60%——抱歉，是上半年40%，下半年60%。就2016年來看，今年的第一季大概會很像去年的第一季。

Okay, that's helpful. And then, Tim, if I could just ask you about, in terms of your building cash position, you guys continue to obviously generate a lot of cash and make the necessary internal investments on these -- a lot of these growth opportunities. But at what point do we -- either the cash gets returned back to shareholders, or you see an external use for it where you're going to look to acquire or something? Can you give us a little color on your thoughts on that? Thank you.

好的，這很有幫助。接著，Tim，如果我可以再問一下：就你們累積現金部位而言，你們顯然持續產生大量現金，並在這些——許多成長機會上進行必要的內部投資。但到什麼時點，我們會看到——要嘛把現金回饋給股東，要嘛你們看到外部用途，例如去做併購之類？能否稍微說明一下你們對此的想法？謝謝。

Yes, absolutely. The management and the Board are regularly looking at capital allocation, and evaluating options for return on invested capital. To date, we have continued to look at that, in the terms of primarily these very large growth opportunities that we are pursuing and that we've been talking about today in positioning for multiple new market opportunities that have billion-dollar potential.

是的，當然。管理團隊與董事會會定期檢視資本配置，並評估投入資本報酬的各種選項。迄今為止，我們持續這樣做，主要是著眼於我們正在追求、且今天也談到的這些非常龐大的成長機會，藉此為多個具備十億美元潛力的新市場機會進行布局。

Our investments to date have primarily been on the income statement to position ourselves for those markets. When those markets adopt, we expect the likelihood -- and historically we have seen the necessity to increase our investments to ensure adoption. And once they have adopted and begin to scale across an industry, if we then have proven -- if it then proves to be the kind of large opportunity we believed, we will either be displacing or attracting the largest competitors in the space, which means we'll have to move with great agility and make meaningful investments to secure a leading position in order to deliver the return to our stockholders that we have been investing for, all these years.

我們迄今的投資主要反映在損益表上，用以讓我們在那些市場中取得有利位置。當那些市場開始採用時，我們預期很可能——而且從歷史經驗看也確有必要——提高投資以確保採用。一旦它們採用並開始在產業中擴張規模，如果最終證明確實是我們所相信的那種大型機會，我們將會取代或吸引該領域最大的競爭者，這意味著我們必須以極高的敏捷度行動，並投入具實質意義的投資以鞏固領先地位，從而為我們多年來的投入，向股東交付應有的報酬。

That ability to move with agility is significantly enabled by the cash on the balance sheet, and that's what has driven our structure to date. At some time in the future, if in the context of those compelling returns on executing our plan, the Board -- if the Board ever determines that we, in that time, have excess cash, then obviously we'll consider other uses of that cash.

而能夠敏捷行動的能力，很大程度上是由資產負債表上的現金所支撐，這也是迄今驅動我們資本結構的原因。未來某個時間點，如果在執行我們計畫所帶來的具吸引力報酬的脈絡下，董事會——如果董事會在當時判定我們有多餘現金，那麼我們當然會考慮該現金的其他用途。

Thank you.

謝謝。

Bobby Burleson, Canaccord.

Bobby Burleson，Canaccord。

This is a question for Tim. I was curious, when we look at the opportunity for commercial UAS, and you talk about additional investments in enterprise solutions, how much is data analytics part of that investment in developing your own proprietary data analytics? And how long could you sustain that investment? If you're looking at energy and agriculture and maybe other verticals, how much reuse do you get out of what you developed for one?

這個問題想問Tim。我很好奇，當我們看商用UAS的機會、以及你提到在企業解決方案上追加投資時，資料分析在這項投資中占比有多大——也就是你們自行開發專有資料分析的部分？你們能維持這樣的投資多久？如果你們看的是能源、農業以及可能其他垂直領域，你們在某一個領域開發的成果，能在其他領域重複利用多少？

Data analytics, we believe, will be a significant element of that system solution that we intend to deliver, and that we believe will be the basis of the winning solution. To date, we have addressed that with a combination of internal development and extensive use of external partners. So, I think we'll continue that approach.

我們相信，資料分析將會是我們打算交付的系統解決方案中的重要要素，也將是我們認為能勝出的解決方案基礎。迄今為止，我們透過內部開發與大量運用外部合作夥伴的組合來處理這一塊。因此，我想我們會延續這種做法。

We do not intend to build out everything from scratch. So, wherever possible, as we have to date, we'll engage with existing enterprises that have large and optimized solutions, much like we've done in addressing the multiple applications with BP on the North Slope. I don't know if that fully answered your question, but I'll wait to have you follow up.

我們不打算從零開始把所有東西都自己建起來。因此，只要可行，如同我們迄今所做的，我們會與既有企業合作，這些企業已擁有大型且最佳化的解決方案，就像我們在阿拉斯加北坡與BP合作、處理多種應用時所做的一樣。我不確定是否完全回答了你的問題，但我先停在這裡，等你追問。

That definitely helps. You obviously don't want to compete with your customer, let's say, in the agricultural space, it sounds like.

這確實有幫助。聽起來你們顯然不想在例如農業領域去跟你們的客戶競爭。

No, but the agricultural vertical, at least as much, if not more so, than energy, is a pretty complex set of opportunities that runs across the growers' operation, and precedes it and follows the food after it leaves the grower. So, it's a pretty interesting opportunity-rich new frontier, I believe.

不過，農業這個垂直領域，至少不亞於、甚至可能比能源更複雜，它涵蓋種植者的營運各環節，並且在種植作業之前就開始，且在食品離開種植者之後仍延伸下去。所以我認為，這是一個相當有趣、機會豐富的新前沿。

Greg Konrad, Jefferies.

Greg Konrad，Jefferies。

I was hoping to start on the EV business. I looked at EES in the quarter; it was down a bit. I think you said some of that was the industrial business. When I think about the past couple years, you've announced a number of agreements with electric cars for -- on the charger side. Can you maybe discuss a little bit what type of take rate you're seeing there, and some of the larger opportunities to announce other agreements with OEs?

我想先從EV業務談起。我看了本季的EES，略有下滑。我想你說其中一部分是工業業務所致。回顧過去幾年，你們宣布了多項與電動車相關的協議——在充電器端。你能否談談你們在那裡看到的搭載率（take rate）大概如何，以及在與其他OEM宣布更多協議方面，有哪些更大的機會？

Well, we do have half a dozen relationships with some of the largest auto manufacturers in the world. They're a very important part of our business strategy. One of our channels for distribution of our charging systems is through the dealer networks of those OEMs. We think it's particularly important that we've been able to announce this recent adoption of Volvo of TurboCord, that now includes TurboCord with the delivery of their plug-in vehicles that'll begin with their premium model launch in North America later this year.

嗯，我們確實與全球一些最大的汽車製造商建立了約半打的合作關係。它們是我們業務策略中非常重要的一部分。我們充電系統的其中一個分銷通路，是透過這些OEM的經銷商網路。我們認為特別重要的是，我們能宣布Volvo近期採用TurboCord，而這也意味著TurboCord將隨其插電式車款交付，並將於今年稍晚在北美以其高階車型上市作為起點。

That's an entirely new distribution channel. It has the potential to grow across, we believe, other OEMs. It seems to us like a compelling advantage to consumers. And that channel has the ability to significantly lever volume because it comes with the car when the consumer buys it.

那是一個全新的分銷通路。我們相信它有潛力擴展到其他OEM。對我們而言，這對消費者似乎是很有吸引力的優勢。而且這個通路能顯著放大出貨量，因為消費者買車時，它就隨車附帶。

That makes sense. And then, to follow up on cash, you had a very good conversion rate in this year, and it seems like inventories came down quite a bit. What should we expect going forward? And given the growth expectations of 2016, should we expect working capital to come up a bit from 2015?

了解。接著追問現金：你們今年的轉換率非常好，而且看起來存貨也下降不少。往後我們應該期待什麼？另外，考量2016年的成長預期，我們是否應預期營運資金會比2015年略為上升？

I think the biggest -- we were very focused on driving that inventory number down this year. That inventory number peaked a couple of years ago. And it's been a priority for the operating management team to get to the target that they achieved at the end of the fourth quarter. I think at this point going forward, it'd be a good assumption to plan on us keeping the same kind of ratios as we move along with growing revenue.

我想最大的——我們今年非常專注於把存貨數字降下來。存貨在幾年前達到高峰，而營運管理團隊一直把達成目標作為優先事項，並在第四季末達標。我認為從現在往後，一個合理的假設是：隨著營收成長，我們會維持大致相同的比率水準。

Michael Ciarmoli, KeyBanc Capital Markets.

Michael Ciarmoli，KeyBanc Capital Markets。

Tim, you mentioned it before; in terms of creating shareholder value, what do you think you guys might be doing wrong? The playbook you guys have now, I guess it's still generally similar to the S-1 filed nine years ago. There's a lot of growth opportunities; earnings aren't growing; it seems like the commercial market, to some extent, is passing you guys by when you look at DJI or what GoPro wants to do, Google and Amazon. Do you think the market really cares about exquisite optimized solutions, or do they just want cheap drones with off-the-shelf analytics out there? Trying to get a sense, from a strategic standpoint and a shareholder value standpoint, what you guys are thinking out there, because it seems like some of that first-mover advantage has eroded on you guys.

Tim，你之前提到過；就創造股東價值而言，你覺得你們可能做錯了什麼？你們現在的作法，我想大致仍與九年前提交的S-1相近。有很多成長機會；獲利沒有成長；而且看起來商用市場在某種程度上正從你們身邊呼嘯而過——當你看DJI、或GoPro想做的事，以及Google和Amazon。你覺得市場真的在乎精緻、最佳化的解決方案嗎？還是他們只想要便宜的無人機，搭配市面上現成的分析工具？我想從策略與股東價值的角度了解你們的想法，因為看起來你們的一些先行者優勢已被侵蝕。

Well, we've talked about multiple market opportunities. You're addressing the commercial UAS market opportunity explicitly, Michael. And I think the -- we continue to see a very large opportunity with major organizations in large verticals that I described.

嗯，我們談過多個市場機會。Michael，你是在明確談商用UAS市場機會。我認為——我們仍然在我所描述的那些大型垂直領域中，與主要組織看見非常龐大的機會。

Now, that's quite different than the market for consumer quadcopters that you're addressing. And certainly that's generated a lot of market cap, and a lot of initial investment that's been publicized in the last few months. Nevertheless, we believe that our validation with large industrial users of this enterprise model is going to produce a significant opportunity that we continue to pursue.

而那與你所提到的消費型四軸飛行器市場是截然不同的。當然，那個市場在過去幾個月帶來了很高的市值，以及許多被公開報導的初期投資。儘管如此，我們相信，我們在大型工業用戶對此企業模式的驗證，將會帶來一個重大的機會，而我們也將持續追求。

Outside of the commercial UAS market, we have been pursuing Global Observer and MALE and tactical missile system market opportunities. And we see, beginning last year, significant increased adoption activity from customers. That activity has sustained and increased over the last year, and we're now in a position to be able to look at likely contract decisions in those three areas this year and next year that, if made positively, would signal the adoption of billion-dollar potential markets with these new solutions.

在商用無人航空系統（UAS）市場之外，我們一直在追求 Global Observer 以及 MALE 與戰術飛彈系統市場的機會。而且我們看到，自去年開始，客戶的採用活動顯著增加。這些活動在過去一年持續並進一步增長，我們現在已經具備條件，能夠在今年與明年觀察這三個領域中可能的合約決策；若做出正面決策，將意味著這些新解決方案有望被採用於具備十億美元潛力的市場。

So, I think we have proven the underlying truth of the statement we've made for many years, that it's hard to predict the timing and the rate of adoption of innovations.

所以，我認為我們已經證明了我們多年來一直在說的那句話背後的真理：創新被採用的時點與採用速度很難預測。

Got it. Even on something like -- you mentioned and I mentioned DJI, the quadcopters. You've got the Shrike product. You guys probably could have attacked that market first. When you guys look at your product road map and -- do you think you're at the right price points to spark this adoption, or is it still too early or too tough to tell?

了解。即便像——你提到、我也提到的 DJI 四軸機那樣的產品。你們有 Shrike 產品。你們可能本來可以先攻下那個市場。當你們看你們的產品路線圖以及——你們覺得你們的定價點已經到位、足以引發這波採用嗎？還是說現在仍然太早或太難判斷？

We are using a variant of our Shrike product in the Qube system that we work with public safety agencies with, as they evaluate the adoption of UAS in their enterprises. That is much closer to a variant of a defense product than it is a quadcopter in the consumer class that you're describing. So, we have not entered the market with a low price-point product that you're describing, and that's not our espoused strategy.

我們在 Qube 系統中使用了 Shrike 產品的一個變體，該系統是我們與公共安全機構合作、在其評估於其組織內採用 UAS 時所使用的。那更接近於國防產品的變體，而不是你所描述的消費級四軸機。因此，我們尚未以你所描述的低價位產品進入該市場，而那也不是我們所主張的策略。

Josephine Millward, Benchmark Company.

Josephine Millward，Benchmark Company。

Given your backlog of $65 million, can you walk us through how you get visibility for guidance? Teresa, I think you said you have 60% visibility based on your backlog. And it sounds like you expect DoD UAS sustainment and upgrades to remain fairly steady, and you expect Switchblade and International to drive growth. Can you expand on that?

鑑於你們有 6,500 萬美元的在手訂單（backlog），你能帶我們了解一下你們如何取得對財測指引的能見度嗎？Teresa，我想你說你們基於在手訂單有 60% 的能見度。聽起來你們預期國防部（DoD）的 UAS 維持與升級將維持相對穩定，並且預期 Switchblade 與國際業務帶動成長。你能再展開說明嗎？

Let me walk through the FY16 visibility again. We have $61 million of Q4 ending backlog that we believe we can execute in 2016. Orders that we've booked thus far in the first quarter of $19 million; $38 million holding EES revenue flat; and then we believe the balance of government FY15 not yet booked of $43 million. And so, that totals to the $162 million.

我再帶大家走一遍 FY16 的能見度。我們在第四季期末有 6,100 萬美元的在手訂單，我們相信可在 2016 年執行完成。第一季迄今已簽下 1,900 萬美元的訂單；3,800 萬美元使 EES 營收持平；然後我們相信政府 FY15 尚未入帳的餘額為 4,300 萬美元。合計就是 1.62 億美元。

Okay. Is that $43 million from the base budget, because that seems quite high?

好的。那 4,300 萬美元是來自基本預算（base budget）嗎？因為看起來相當高。

It is not from the base budget. As you know from our history, our actual orders often exceed what is published in the government budget. So, this represents expectations of bookings.

不是來自基本預算。如同你從我們過往歷史所知，我們實際取得的訂單往往超過政府預算中公布的數字。因此，這代表的是對接單的預期。

And the other 40% -- what can you expand on what areas they might come from?

那另外 40%——你能再說明可能會來自哪些領域嗎？

Well, as usual at this time of the year, Josephine, we have what Steve Wright used to refer to as a go-get element of our business plan for the year. And that's defined by a set of business opportunities that we have identified with customers that we are in various stages of pursuing, and they are in various stages of contracting for.

嗯，Josephine，照往例在每年這個時點，我們的年度業務計畫中有一個 Steve Wright 過去常稱為「go-get」的要素。它是由一組我們已與客戶識別出的商機所構成；我們正處於不同階段的追案，而客戶也處於不同階段的合約簽訂流程中。

To the degree that there is uncertainty farther out in the year in those bookings, then we use a method to discount the probabilities of either the contract not being placed, or, more likely, a delay in contract placement such that we can get to a probability of revenue that then leads to our plan and to the guidance we're providing you.

至於在年度較後段的接單存在不確定性的部分，我們會用一種方法去折扣其機率：要嘛合約不會下單，要嘛更常見的是合約下單延後；如此我們就能得到一個營收機率，進而形成我們的計畫以及提供給各位的指引。

(Operator Instructions)

（接線員指示）

Andrea James, Dougherty & Company.

Andrea James，Dougherty & Company。

A couple housekeeping, and then more strategic: Teresa, what was the customer-funded R&D in Q4? Can you hear me?

幾個例行問題，然後再問一些策略面的：Teresa，第四季客戶出資的研發（R&D）是多少？你聽得到我嗎？

Yes, she heard you; she's just checking the number, Andrea.

是的，她聽得到；她只是在確認數字，Andrea。

Thank you, appreciate it.

謝謝，感謝。

For the fourth quarter, the customer-funded was $19.1 million.

第四季客戶出資的金額是 1,910 萬美元。

Thank you. (multiple speakers) And then, net/net by the end of this year, FY16, you think you'll have added to the cash balance over the course of the year?

謝謝。（多位發言者）然後，整體來看，到今年底 FY16，你們認為在這一年當中會增加現金餘額嗎？

Could you repeat the question, please?

可以請你重複一下問題嗎？

If you plan to -- I'm just looking at free cash flow, and what I think you've communicated so far on this call. Do you think you'll have added to the cash balance over the course of this fiscal year, by the end of the year?

如果你們計畫——我是在看自由現金流，以及我認為你們在這通電話中迄今傳達的內容。你覺得在本會計年度過程中、到年底時，你們的現金餘額會增加嗎？

Well, we did last year. We have historically. We don't guide on cash, so I don't -- we don't have a forecast that we are prepared to guide on, at this point. But we continue to have confidence in the strength of the core business.

嗯，我們去年確實增加了。我們歷來也是如此。我們不對現金提供指引，所以我——我們目前沒有準備好提供可用於指引的預測。不過，我們仍對核心業務的強勁表現有信心。

That's helpful. And then, to build off an earlier question, what's the strategic conversation that you guys have had, or to what level have you had a conversation about possibly going after that consumer market, the quadcopter market? And why not? Is it because it's commoditized? Or what is your thinking about whether or not to go after that business, and leverage maybe your brand name a little bit?

這很有幫助。然後，延續先前的問題，你們在策略上有進行過哪些討論、或到什麼程度討論過，是否要切入消費市場、也就是四軸機市場？為什麼不做？是因為已商品化嗎？或你們對是否要進入該業務、並可能稍微利用你們的品牌知名度，有什麼想法？

Well, as we've mentioned for the last year, we have been focused on the commercial enterprise solution. But the opportunity to address the consumer appetite for these products, with a leapfrog technology, has not escaped the innovation halls of AeroVironment engineering. So, I probably don't want to get too far ahead of myself on that. But it's an interesting question you pose.

嗯，如同我們過去一年所提到的，我們一直聚焦在商用企業解決方案。不過，以跳躍式技術來滿足消費者對這類產品的需求，並沒有逃過 AeroVironment 工程團隊的創新殿堂。所以，我可能不想在這點上講得太超前。但你提出的是個有趣的問題。

And it sounds like you guys -- it's something you might be studying at least? Fair enough, okay. I appreciate you taking my follow-ups, thank you.

聽起來你們——至少可能正在研究？可以，了解。謝謝你回答我的追問，謝謝。

Thank you, Andrea.

謝謝你，Andrea。

Josephine Millward, Benchmark Company.

Josephine Millward，Benchmark Company。

Hi, Tim. I just wanted to ask you, when you expect -- when do you expect the Phase III of TERN to be awarded? And if you can talk about the size of the program, and do you have that -- some of that in your guidance?

嗨，Tim。我想問一下，你預期——你預期 TERN 的第三階段（Phase III）何時會授標？以及如果你能談談該計畫的規模，還有你們是否已在指引中納入其中——其中的一部分？

Our best understanding is that DARPA expects to make a decision on the Phase III of the TERN program probably in the second half of our FY16. As I mentioned in my prior comments, we're very focused on executing on Phase II, and positioning ourselves well for Phase III.

我們目前最好的理解是，DARPA 預期會在我們 FY16 的下半年，對 TERN 計畫的第三階段做出決定。如同我先前的評論所提到的，我們非常專注於第二階段的執行，並讓自己在第三階段具備良好位置。

We think we have a strong position, but we know we are competing against one of the world's largest and most successful suppliers. We've got a very strong industry team working with us on this, that are as excited about this opportunity as we are.

我們認為我們的態勢很強，但我們也知道我們正在與全球最大且最成功的供應商之一競爭。我們有一個非常強的產業團隊與我們合作，他們對這個機會的興奮程度不亞於我們。

And in terms of the component of our revenue plan that would anticipate this program, I'd go back to the earlier answer on how we address uncertain -- uncertainty in late -- in contract opportunities that fall late in the year, and that tends to be adjusted for probabilities. Mostly, in the past, we found that when the actual results vary from the potential results, the [cost] is dominated by schedule slides rather than some other reason.

至於我們營收計畫中會預期該計畫的部分，我會回到先前關於我們如何處理——處理年度後段合約機會不確定性的回答；通常會依機率做調整。過去我們多半發現，當實際結果與潛在結果出現差異時，其「成本」主要是由時程延宕所主導，而不是其他原因。

And the size of the program, Tim?

那這個計畫的規模呢，Tim？

I don't believe that I've seen a number published by DARPA on that program. They have said they intend to produce an operating solution, so we're talking about a MALE airplane. I would guess it's a material contract.

我不認為我看過 DARPA 對該計畫公布過數字。他們表示他們打算產出一個可運作的解決方案，所以我們談的是一架 MALE 飛機。我猜會是一份具相當規模的合約。

Thank you, and I'm showing no further questions at this time. I would like to turn the call back over to Mr. Steve Gitlin for any closing remarks.

謝謝。目前我這邊顯示沒有其他問題。我想把電話交回給 Steve Gitlin 先生，請他做結語。

Thank you for your attention and for your interest in AeroVironment. An archived version of this call, all SEC filings, and relevant Company and industry news, can be found on our website, www.avinc.com.

感謝各位的關注，以及對 AeroVironment 的興趣。本次電話會議的存檔版本、所有 SEC 申報文件，以及相關的公司與產業新聞，都可在我們的網站 www.avinc.com 上找到。

We look forward to speaking with you again following next quarter's results. And good luck, women's soccer team, in today's game.

我們期待在下季財報結果出爐後再次與各位交流。也祝女子足球隊今天比賽好運。

Ladies and gentlemen, thank you for participating in today's conference. This concludes today's program. You may all disconnect. Everyone, have a great day.

各位女士、先生，感謝參與今天的電話會議。今天的議程到此結束。各位可以掛線。祝大家今天愉快。