AeroVironment, Inc. (AVAV) 2018 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the AeroVironment, Inc. First Quarter 2018 Earnings Call. (Operator Instructions) 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, Inc.2018 年第一季財報電話會議。(接線員指示) 提醒各位，本次會議將錄音以供重播。

With us today with the company is President and Chief Executive Officer, Mr. Wahid Nawabi; Senior Vice President and Chief Financial Officer, Ms. Teresa Covington; and Vice President of Investor Relations, Mr. Steve Gitlin.

今天與會的公司代表包括：總裁兼執行長 Wahid Nawabi 先生；資深副總裁兼財務長 Teresa Covington 女士；以及投資人關係副總裁 Steve Gitlin 先生。

And at this time, I'd like to turn the conference call over to Mr. Gitlin. Please go ahead, sir.

現在，我想把電話會議交給 Gitlin 先生。先生，請開始。

Thank you, [Adrienne], and welcome to our first quarter fiscal '18 earnings call.

謝謝您，[Adrienne]，歡迎參加我們 2018 會計年度第一季財報電話會議。

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 include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements; and may contain words such as believe, anticipate, expect, estimate, intend, project, plan or words or phrases with similar meaning. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control that may cause our business strategy or actual results to differ materially from the forward-looking statements.

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。前瞻性陳述包括但不限於任何可能預測、預報、指出或暗示未來結果、表現或成就的陳述；並可能包含例如 believe（相信）、anticipate（預期）、expect（預期）、estimate（估計）、intend（打算）、project（推估）、plan（計畫）或具有類似含義的詞語或片語。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。

Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, reliance on sales to the U.S. government; availability of U.S. government funding for defense procurement and R&D programs; changes in the timing and/or amount of government spending; risks related to our international business, including compliance with export control laws; potential need for changes in our long-term strategy in response to future developments; the extensive regulatory requirements governing our contracts with the U.S. government and international customers; the consequences to our financial position, business and reputation that could result from failing to comply with such regulatory requirements; unexpected technical and marketing difficulties inherent in major research and product development efforts; the impact of potential security and cyber threats; changes in the supply and/or demand and/or prices for our products and services; the activities of competitors and increased competition; failure of the markets in which we operate to grow; uncertainty in the customer adoption rate of commercial unmanned aircraft systems and electric vehicles; failure to remain a market innovator and create new market opportunities; changes in significant operating expenses, including components and raw materials; failure to develop new products, product liability, infringement and other claims; changes in the regulatory environment and general economic and business conditions in the U.S. and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission.

可能導致實際結果與前瞻性陳述存在重大差異的因素包括但不限於：對美國政府銷售的依賴；美國政府對國防採購及研發計畫的資金可得性；政府支出時點及/或金額的變動；與我們國際業務相關的風險（包括遵循出口管制法規）；因應未來發展而可能需要調整長期策略；規範我們與美國政府及國際客戶合約的廣泛監管要求；未能遵循該等監管要求可能對我們的財務狀況、業務及聲譽造成的後果；重大研究與產品開發工作固有的非預期技術與行銷困難；潛在安全與網路威脅的影響；我們產品與服務的供給及/或需求及/或價格變動；競爭對手的活動與競爭加劇；我們所處市場未能成長；商用無人航空系統與電動車的客戶採用率不確定；未能保持市場創新者地位並創造新的市場機會；重大營運費用（包括零組件與原材料）變動；未能開發新產品、產品責任、侵權及其他索賠；監管環境變化，以及美國及全球其他地區的一般經濟與商業狀況變動。如需上述風險與不確定性的進一步清單與說明，請參閱我們向美國證券交易委員會（SEC）提交的報告。

The content of this conference call contains time-sensitive information that is accurate only as of today, August 29, 2017. The company undertakes no obligation to make any revision to the statements contained in our remarks or to update them to reflect the events or circumstances occurring after this conference call.

本次電話會議內容包含具時效性的資訊，僅截至今日（2017 年 8 月 29 日）為準且為正確。公司不承擔對我們發言中所包含陳述進行任何修訂之義務，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。

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

接下來由 Wahid Nawabi 發表談話。Wahid？

Thank you, Steve. On today's call, I will briefly review AeroVironment's first quarter financial results then share with you the progress we made during the quarter on our fiscal year and long-term plans. Teresa Covington will review first quarter financials in detail, then I will discuss our outlook for the balance of the year. Following this, Teresa, Steve and I will take your questions.

謝謝你，Steve。在今天的電話會議中，我將先簡要回顧 AeroVironment 第一季財務結果，接著與各位分享本季在我們會計年度計畫與長期計畫方面所取得的進展。Teresa Covington 將詳細說明第一季財務表現，之後我將討論今年剩餘期間的展望。隨後，Teresa、Steve 與我將回答各位的提問。

Our 3 primary messages today are as follows: first, we achieved our revenue expectations and exceeded our profitability expectations for the quarter; second, we're on track to achieve our previously stated full year guidance, supported by our increased visibility during the first quarter; and third, we continue to execute on our growth initiatives successfully while positioning AeroVironment for long-term value creation.

我們今天的三項主要訊息如下：第一，我們達成本季營收預期，且獲利表現優於預期；第二，在第一季能見度提升的支持下，我們正按計畫達成先前所公布的全年財測指引；第三，我們持續成功執行成長計畫，同時為 AeroVironment 的長期價值創造做好布局。

And now let's review first quarter financial results. In our fourth quarter earnings release, we communicated our revenue and profitability expectations for the first quarter. As a reminder, our first quarters tend to produce the lowest revenue and profit each year. And by providing our expectations, we have sought to help calibrate first quarter expectations going forward through fiscal 2018.

現在讓我們回顧第一季財務結果。在第四季財報新聞稿中，我們已溝通第一季的營收與獲利預期。提醒各位，我們每年的第一季通常是營收與獲利最低的季度。透過提供我們的預期，我們希望協助各位在 2018 會計年度期間更好地校準對第一季的預期。

First quarter revenue of $43.8 million was 21% higher than in first quarter fiscal 2017 and at the high end of our expectations of $40 million to $44 million. Loss per fully diluted share of $0.19 was 63% smaller than in first quarter fiscal 2017 and significantly more favorable than our expected loss of $0.32 to $0.40 per share. The smaller-than-expected loss per share resulted primarily from 3 factors: first, more favorable revenue mix of products and services; second, lower-than-planned operating expenses; and third, an income tax benefit of $1 million relating to our equity incentive plan.

第一季營收為 4,380 萬美元，較 2017 會計年度第一季成長 21%，並落在我們 4,000 萬至 4,400 萬美元預期區間的高端。完全稀釋後每股虧損 0.19 美元，較 2017 會計年度第一季縮小 63%，且明顯優於我們預期的每股虧損 0.32 至 0.40 美元。每股虧損小於預期主要來自三項因素：第一，產品與服務的營收組合更有利；第二，營運費用低於原先規劃；第三，與我們股權激勵計畫相關的 100 萬美元所得稅利益。

We experienced a healthy 9% sequential increase in funded backlog in the quarter. As a result, our visibility into the midpoint of our fiscal 2018 revenue guidance increased to 53%, which Teresa will detail shortly in her comments.

本季已獲資金支持的在手訂單（funded backlog）較前一季健康成長 9%。因此，我們對 2018 會計年度營收指引中點的能見度提升至 53%，Teresa 稍後將在她的發言中詳細說明。

We also increased our inventory position to approximately $72 million in order to support the execution of our fiscal 2018 plan.

我們也將存貨水位提高至約 7,200 萬美元，以支援 2018 會計年度計畫的執行。

Now I will share some highlights of our first quarter progress. In our small UAS business, we remain on track for important long-term growth opportunities. Specifically, we continue to pursue the Department of Defense frequency relocation program, which involves modifying all small UAS and the DoD fleet to operate on new radio frequencies. Additionally, we delivered the first 30 Snipe systems to our U.S. DoD customer and we're focused on preparing for our upcoming -- for an upcoming competition for the U.S. Army Soldier Borne Sensor program, which we expect to begin this fiscal year.

接下來我將分享第一季進展的幾項重點。在我們的小型無人航空系統（small UAS）業務方面，我們仍按計畫推進重要的長期成長機會。具體而言，我們持續推動國防部（DoD）的頻率遷移計畫，該計畫涉及修改所有小型無人航空系統以及 DoD 機隊，使其能在新的無線電頻率上運作。此外，我們已向美國 DoD 客戶交付首批 30 套 Snipe 系統，並專注於為即將到來的——美國陸軍 Soldier Borne Sensor 計畫的競標做準備，我們預期該競賽將於本會計年度開始。

Also in the quarter, we shipped our first Puma AE and Raven systems to the U.S. Customs and Border Patrol. We believe that a high-tech smart wall incorporating 21st century technology such as our small UAS can better protect our homeland quickly and cost-effectively. We look forward to demonstrating our unique value proposition to U.S. Customs and Border Patrol to help secure our borders intelligently.

同樣在本季，我們向美國海關與邊境保護局（U.S. Customs and Border Patrol）出貨了首批 Puma AE 與 Raven 系統。我們相信，結合 21 世紀科技（例如我們的小型無人航空系統）的高科技智慧牆，能以更快速且更具成本效益的方式更好地保護國土安全。我們期待向美國海關與邊境保護局展示我們獨特的價值主張，協助以更智慧的方式確保邊境安全。

Beyond U.S. borders, we signed a multi-year contract with the Australian Defence Force for their acquisition of Wasp AE systems, along with value-added support services and content from our Australian partners. As part of this contract, we're establishing an international certified logistics and repair facility with our Australian partner.

在美國境外方面，我們與澳洲國防軍簽署多年期合約，供其採購 Wasp AE 系統，並提供加值支援服務以及來自我們澳洲合作夥伴的內容。作為該合約的一部分，我們正與澳洲合作夥伴共同建立一座國際認證的物流與維修設施。

In addition to Australia, we also added 1 new Middle East customer in our first quarter.

除了澳洲之外，我們在第一季也新增了1位中東新客戶。

As we communicated during our previous earnings call, we continue to experience growing international demand for our family of small UAS, and we expect this demand to contribute meaningfully to our fiscal 2018 results.

如同我們在上一次財報電話會議中所溝通的，我們持續看到對我們小型無人航空系統（UAS）系列產品的國際需求成長，並預期這項需求將對我們2018會計年度的業績做出實質貢獻。

While on the topic of the international market, recent news articles highlighted the U.S. Army's decision to ban the use of consumer drones from a certain Chinese company, citing Syria security concerns. Our small UAS solutions are designed to be highly secure and reliable while delivering actionable intelligence to our customers, so they can proceed with certainty in harsh and extreme environments.

談到國際市場，近期新聞報導指出，美國陸軍決定禁止使用某家中國公司的消費級無人機，理由是對敘利亞的安全疑慮。我們的小型UAS解決方案在設計上具備高度安全性與可靠性，同時為客戶提供可採取行動的情報，使其能在嚴苛與極端環境中確信無虞地執行任務。

Not only is the security of our small UAS of critical importance to our military customers, but enterprise customers also place high importance on information security. The trust of the U.S. military, along with more than 40 allied nations, says a great deal about the security and reliability of our integrated family of systems.

我們小型UAS的安全性不僅對軍方客戶至關重要，企業客戶同樣高度重視資訊安全。美國軍方以及40多個盟國對我們的信任，充分說明了我們整合式系統家族在安全性與可靠性方面的表現。

Turning now to our Tactical Missile Systems business. Our leading Switchblade Loitering missile solution continues to protect U.S. forces in dangerous environments. We continue to deliver value through market-leading hardware and through support services.

接著談我們的戰術飛彈系統（Tactical Missile Systems）業務。我們領先業界的Switchblade滯空攻擊飛彈解決方案持續在危險環境中保護美軍部隊。我們透過市場領先的硬體以及支援服務，持續為客戶創造價值。

Our multiple Switchblade variants include Blackwing, which is generating more interest after a successful deployment on U.S. Navy submarines. That interest is translating into procurement dollars to expand deployment and improve the overall performance of the solution set. Other variants of our family of Tactical Missile Systems are advancing through development or production. Tactical Missile Systems is another AeroVironment business offering compelling long-term growth opportunities.

我們的多款Switchblade衍生型號包括Blackwing；在成功部署於美國海軍潛艦之後，正引發更多關注。這些關注正轉化為採購資金，用以擴大部署並提升整體解決方案組合的效能。我們戰術飛彈系統家族的其他型號也正推進至開發或量產階段。戰術飛彈系統是AeroVironment另一項具備吸引力的長期成長機會的業務。

In Commercial Information Solutions, we're readying our distribution strategy to support Quantix and AV DSS availability later this calendar year. We've demonstrated our integrated solutions value proposition to early-adopter customers by identifying issues they were not even aware of and then tracking this resolution.

在商業資訊解決方案（Commercial Information Solutions）方面，我們正在完善通路策略，以支援Quantix與AV DSS於今年稍晚的供貨與上市。我們已向早期採用客戶展示整合式解決方案的價值主張：找出他們甚至未曾察覺的問題，並追蹤其解決進度。

This is a preliminary step toward providing prescriptive solutions that will increase returns for farmers, among other industries. The same security and reliability that our military customers value so much means a great deal to these and other customers we intend to pursue in this potentially large commercial market.

這是邁向提供「處方式」解決方案的前置步驟，該方案將提升農民等產業的報酬。我們軍方客戶高度重視的同等安全性與可靠性，對這些以及我們計畫在這個潛在龐大商業市場中爭取的其他客戶而言，也同樣意義重大。

In our EES segment, our industrial EV charging business secured a new contract and initiated shipments for a global carrier at one of the nation's largest international airports. Indicative of this business' growing international footprint, we also completed shipments of a major Asian airport with fully network charging and ground support equipment battery management systems.

在我們的EES事業部中，工業用電動車（EV）充電業務取得一項新合約，並在全美最大國際機場之一，開始為一家全球性航空公司出貨。為反映該業務日益擴大的國際版圖，我們也完成對亞洲一座主要機場的出貨，內容包含全網路化充電設備與地勤支援設備電池管理系統。

In our passenger EV charging business, we surpassed 61,000 Level 2 charging systems deployed in North America. Internationally, we delivered TurboCords to a new European customer, and we began pilot shipments of products to -- for China and Europe for Volvo.

在乘用電動車充電業務方面，我們在北美已部署超過61,000套Level 2（第二級）充電系統。在國際市場方面，我們向一位新的歐洲客戶交付TurboCords，並開始為Volvo向中國與歐洲進行產品試點出貨。

And in our third EES product line, we continue to shift EV test systems to multiple customers in China and in North America, reflecting strength in our end markets.

而在我們第三條EES產品線方面，我們持續向中國及北美的多家客戶移轉（交付）電動車測試系統，反映我們終端市場的強勁需求。

I've described a number of AeroVironment's solutions that are helping our customers proceed with certainty. Innovation has driven AeroVironment since our founding in 1971 by Dr. Paul MacCready when he set in motion our culture of relentless problem-solving and doing what has never been done before.

我已描述了多項AeroVironment的解決方案，協助客戶能夠確信無虞地推進其任務。自1971年由Paul MacCready博士創立以來，創新一直驅動著AeroVironment；他啟動了我們永不止息解決問題、並完成前所未有之事的企業文化。

In the more than 45 years since, our team has envisioned, invented and commercialized remarkable solutions that help our customers succeed while strengthening the core culture elements that make AeroVironment so special. Creativity manifests in the work our people perform across our entire organization.

在此後超過45年的時間裡，我們的團隊構想、發明並商業化了卓越的解決方案，協助客戶成功，同時也強化了使AeroVironment如此與眾不同的核心文化要素。創造力體現在我們員工於整個組織各個層面所完成的工作之中。

Now we announce what I believe is the perfect name for the front end of our innovation engine, MacCready Works. In our new MacCready Works, we assembled a small dedicated team of the industry's brightest and most experienced thinkers to focus on defining the future of our technology solutions alongside AeroVironment's other innovators embedded in each of our businesses. We are partnering with customers to deploy customer funding, along with our own research and development funds, to solve some of their most important problems and transition them to unique solutions. These solutions will address problems that extend from our farms to our skies and beyond.

現在我們宣布一個我認為最適合用來命名我們創新引擎前端的名稱：MacCready Works。在全新的MacCready Works中，我們組建了一支小而專注的團隊，匯聚業界最聰明且最具經驗的思想者，專注於與AeroVironment各事業體中其他創新者並肩，界定我們技術解決方案的未來。我們正與客戶合作，運用客戶資金以及我們自身的研發資金，解決他們最重要的一些問題，並將其轉化為獨特的解決方案。這些解決方案將涵蓋從農場到天空乃至更遠的各類問題。

We're exploring ideas that will help our customers cope with the challenges they face today as well as the challenges that have yet to present themselves. We're excited to put a name on this team and look forward to its contributions to AeroVironment's future.

我們正在探索能協助客戶因應當前挑戰，以及尚未出現之挑戰的各種構想。我們很高興為這支團隊命名，並期待其對AeroVironment未來的貢獻。

Now Teresa will provide a detailed review of first quarter financials. Teresa?

接下來Teresa將就第一季財務表現進行詳細說明。Teresa？

Thank you, Wahid, and good afternoon, everyone. AeroVironment's fiscal 2018 first quarter results are as follows: revenue for Q1 was $43.8 million, an increase of $7.5 million or 21% from the first quarter of fiscal 2017 revenue of $36.2 million. The increase in revenue resulted from an increase in product sales of $15.4 million, partially offset by a decrease in contract services revenue of $7.8 million.

謝謝你，Wahid，各位下午好。AeroVironment 2018會計年度第一季業績如下：第一季營收為4,380萬美元，較2017會計年度第一季的3,620萬美元增加750萬美元，增幅21%。營收增加主要來自產品銷售增加1,540萬美元，但部分被合約服務營收減少780萬美元所抵銷。

Looking at revenue by segment. UAS revenue was $36.3 million, an increase of $5.8 million or 19% from the first quarter of fiscal 2017 revenue of $30.5 million. The increase was due to an increase in product deliveries of $13.5 million and an increase in service revenue of $0.7 million, partially offset by a decrease in customer-funded R&D work of $8.5 million.

按事業部別來看營收。UAS營收為3,630萬美元，較2017會計年度第一季的3,050萬美元增加580萬美元，增幅19%。增加原因為產品交付增加1,350萬美元、服務營收增加70萬美元，但部分被客戶出資研發（R&D）工作減少850萬美元所抵銷。

EES revenue was $7.5 million, an increase of $1.8 million or 31% from the first quarter of fiscal 2017 revenue of $5.7 million. This increase was primarily due to an increase in product delivery of passenger electric vehicle charging equipment.

EES營收為750萬美元，較2017會計年度第一季的570萬美元增加180萬美元，增幅31%。此一增加主要來自乘用電動車充電設備產品交付增加。

Turning to gross margin. Gross margin for the first quarter was $11.6 million or 27% as compared to $6.7 million or 18% for the first quarter of fiscal 2017. The increase in gross margin was primarily due to an increase in product sales margins of $6.4 million, partially offset by a decrease in service margins of $1.4 million.

接著看毛利率。第一季毛利為1,160萬美元，毛利率27%；相較之下，2017會計年度第一季毛利為670萬美元，毛利率18%。毛利增加主要來自產品銷售毛利增加640萬美元，但部分被服務毛利減少140萬美元所抵銷。

By segment, UAS gross margin increased to $9.8 million for the first quarter of fiscal 2018 from $5.4 million. As a percentage of revenue, gross margin for UAS increased from 18% to 27%, primarily due to a decrease in product warranty-related costs and an increase in the proportion of product sales to total revenue.

按事業部別，UAS毛利在2018會計年度第一季增至980萬美元，較先前的540萬美元增加。以營收百分比計，UAS毛利率由18%提升至27%，主要因產品保固相關成本下降，以及產品銷售占總營收比重提高。

EES gross margin increased $0.5 million to $1.8 million for the first quarter of fiscal 2018, primarily due to an increase in product sales volume. As a percentage of revenue, gross margin for EES increased from 22% to 24%.

EES 毛利於 2018 會計年度第一季增加 0.5 百萬美元至 1.8 百萬美元，主要由於產品銷售量增加所致。以營收百分比計，EES 毛利率由 22% 提升至 24%。

SG&A expense for the first quarter of fiscal 2018 was $13.3 million or 31% of revenue compared to SG&A expense of $13.7 million or 38% of revenue for the first quarter of fiscal 2017.

2018 會計年度第一季的 SG&A 費用為 13.3 百萬美元，約占營收 31%，相較之下，2017 會計年度第一季的 SG&A 費用為 13.7 百萬美元，約占營收 38%。

R&D expense for the first quarter of fiscal 2018 was $6.5 million or 15% of revenue compared to R&D expense of $8.6 million or 24% of revenue for the first quarter fiscal 2017.

2018 會計年度第一季的研發（R&D）費用為 6.5 百萬美元，約占營收 15%，相較之下，2017 會計年度第一季的研發費用為 8.6 百萬美元，約占營收 24%。

The loss from operations for the first quarter of fiscal 2018 was $8.2 million or minus 19% of revenue compared to a loss from operations of $15.6 million or minus 43% of revenue for the first quarter of fiscal 2017. The operating loss decrease was primarily due to higher gross margins of $4.9 million and a decrease in R&D expense of $2.1 million.

2018 會計年度第一季的營業損失為 8.2 百萬美元，約為營收的負 19%，相較之下，2017 會計年度第一季的營業損失為 15.6 百萬美元，約為營收的負 43%。營業損失減少主要由於毛利增加 4.9 百萬美元，以及研發費用減少 2.1 百萬美元。

Net other income for the first quarter of fiscal 2018 was $0.5 million compared to the prior year net other income of $0.1 million. The net other income increase was primarily due to an increase in interest income and a foreign exchange loss in the prior year.

2018 會計年度第一季的其他淨收益為 0.5 百萬美元，較前一年度的其他淨收益 0.1 百萬美元增加。其他淨收益增加主要由於利息收入增加，以及前一年度出現外匯損失。

Benefit from income taxes for the first quarter of fiscal 2018 was $3.2 million compared to a benefit for income taxes of $3.9 million for the first quarter of fiscal 2017. The effective income tax rate was 41.6% for the first quarter of fiscal 2018 as compared to an effective income tax rate of 24.9% for the first quarter of fiscal 2017.

2018 會計年度第一季的所得稅利益為 3.2 百萬美元，相較之下，2017 會計年度第一季的所得稅利益為 3.9 百萬美元。2018 會計年度第一季的有效所得稅率為 41.6%，相較之下，2017 會計年度第一季的有效所得稅率為 24.9%。

The effective income tax rate for the first quarter fiscal 2018 included a discrete excess tax benefit of $1 million resulting from the vesting of restricted stock awards and exercises of stock options.

2018 會計年度第一季的有效所得稅率包含 1 百萬美元的一次性超額稅務利益，係因限制型股票獎酬歸屬及員工股票選擇權行使所致。

Net loss attributable to AeroVironment for the first quarter of fiscal 2018 was $4.4 million or a $0.19 loss per share compared to a net loss attributable to AeroVironment of $11.6 million or a $0.51 loss per share for the first quarter of fiscal 2017.

2018 會計年度第一季歸屬於 AeroVironment 的淨損為 4.4 百萬美元，或每股虧損 0.19 美元；相較之下，2017 會計年度第一季歸屬於 AeroVironment 的淨損為 11.6 百萬美元，或每股虧損 0.51 美元。

Turning to our balance sheet. Cash, cash equivalents and investments at the end of the first quarter fiscal 2018 totaled $261.1 million, an increase of $19.2 million from the end of fiscal 2017. The increase in cash, cash equivalents and investments was driven by the collection of accounts receivable from our record fourth quarter fiscal 2017 revenue.

接著看資產負債表。截至 2018 會計年度第一季末，現金、約當現金及投資合計為 261.1 百萬美元，較 2017 會計年度末增加 19.2 百萬美元。現金、約當現金及投資的增加，主要來自我們在 2017 會計年度第四季創紀錄營收所產生之應收帳款回收。

Accounts receivable, including unbilled and retention receivables at the end of the first quarter fiscal 2018, totaled $41.4 million, a decrease of $47.1 million from the end of fiscal year 2017.

截至 2018 會計年度第一季末，應收帳款（含未開立帳單及保留款應收帳款）合計為 41.4 百萬美元，較 2017 會計年度末減少 47.1 百萬美元。

Total days sales outstanding for the first quarter fiscal 2018 was approximately 134 days compared to 45 days for the prior quarters -- prior quarter and 152 days for the first quarter of fiscal 2017.

2018 會計年度第一季的應收帳款週轉天數（DSO）約為 134 天，相較之下，前一季為 45 天，而 2017 會計年度第一季為 152 天。

Net inventory at the end of the first quarter fiscal year 2018 was $72 million compared with $60.1 million at the end of the prior quarter. Days in inventory for the first quarter fiscal 2018 were approximately 185 days compared to 87 days for the prior quarter and 124 days for the first quarter of fiscal 2017. This increase in inventory days was primarily due to anticipated fiscal 2018 shipments from orders in backlog and anticipated orders.

截至 2018 會計年度第一季末，淨存貨為 72.0 百萬美元，相較之下，前一季末為 60.1 百萬美元。2018 會計年度第一季的存貨天數約為 185 天，相較之下，前一季為 87 天，而 2017 會計年度第一季為 124 天。存貨天數增加主要由於預期 2018 會計年度將出貨之在手訂單，以及預期訂單所致。

Turning to capital expenditures. In the first quarter fiscal year 2018, we invested approximately $3 million in property improvement and capital equipment and recognized $1.9 million of depreciation and amortization expense.

接著談資本支出。在 2018 會計年度第一季，我們約投資 3 百萬美元於不動產改善及資本設備，並認列 1.9 百萬美元的折舊與攤銷費用。

Now an update to our fiscal 2018 visibility. As of today, we have year-to-date revenue in fiscal 2018 of $44 million; first quarter ending backlog that we expect to execute in fiscal 2018 of $56 million; Q2 quarter-to-date bookings that we anticipate to execute in fiscal 2018 of $32 million; unfunded backlog from incrementally funded contracts that we anticipate to recognize revenue during the balance of the year of $3 million; revenues needed to hold EES revenues flat relative to last year of $19 million. This adds up to $154 million or 53%, at the midpoint of revenue guidance.

現在更新我們對 2018 會計年度的可視性。截至今日，我們在 2018 會計年度的年初至今營收為 44 百萬美元；第一季期末在手訂單中預期於 2018 會計年度執行的為 56 百萬美元；第二季截至目前的接單中預期於 2018 會計年度執行的為 32 百萬美元；來自分期撥款合約之未撥款在手訂單中，預期於本年度剩餘期間認列營收的為 3 百萬美元；為使 EES 營收與去年持平所需之營收為 19 百萬美元。合計為 154 百萬美元，或在營收指引中點的 53%。

Now I'd like to turn things back to Wahid to discuss AV's expectations for fiscal year 2018.

接下來我想把時間交還給 Wahid，請他說明 AV 對 2018 會計年度的預期。

Thank you, Teresa. Before addressing our outlook for the year, I will comment briefly on the federal budget request as it relates to our solutions.

謝謝你，Teresa。在談及我們對本年度的展望之前，我將先就與我們解決方案相關的聯邦預算請求簡要評論。

As we have been communicating, budget line items typically account for a small portion of AeroVironment's UAS revenue. Much of the funding for U.S. military procurement of our solutions come in the form of urgent need statements, and a growing percentage is from international customers.

如同我們一直在溝通的，預算科目通常僅占 AeroVironment 無人機系統（UAS）營收的一小部分。美國軍方採購我們解決方案的多數資金，係以緊急需求聲明（urgent need statements）的形式取得，且來自國際客戶的比重正持續提高。

The current government fiscal 2018 President's budget request includes approximately $50 million for relevant small UAS and tactical missile solutions. These requested funds address small UAS for the Marine Corps and Army, and Lethal Miniature Aerial Missile Systems, or LMAMS, for the Army.

目前政府 2018 會計年度總統預算請求中，包含約 50 百萬美元用於相關的小型 UAS 與戰術飛彈解決方案。這些請求資金涵蓋海軍陸戰隊與陸軍的小型 UAS，以及供陸軍使用的致命微型空中飛彈系統（Lethal Miniature Aerial Missile Systems，LMAMS）。

Recent news regarding increased U.S. troop deployment to Afghanistan has the potential to provide further opportunities for our solutions.

近期有關美國增加向阿富汗部署部隊的消息，可能為我們的解決方案帶來更多機會。

In the short time since we spoke with you at the end of June, we have delivered on our expectations and advanced our business toward the long-term value creation we're so focused on realizing. We are the leading publicly traded unmanned aircraft systems or drone company, serving a roster of highly discriminating customers around the world. Our market positions remain strong across our tactical UAS, Tactical Missile Systems and Efficient Energy Systems businesses.

自 6 月底與各位通話以來的短時間內，我們已達成既定預期，並推動業務朝我們高度聚焦的長期價值創造目標前進。我們是領先的上市無人機系統（UAS）或無人機公司，服務全球一群要求極高的客戶。我們在戰術 UAS、戰術飛彈系統以及高效能源系統（Efficient Energy Systems）業務的市場地位仍然穩固。

Soon, we will launch our Commercial Information Solutions offering into a promising new commercial market, and multiple Switchblade variants are progressing through development to production, expanding the size of this market opportunity.

不久後，我們將把商業資訊解決方案（Commercial Information Solutions）產品推向一個前景可期的新商業市場；同時，多款 Switchblade 變體正從開發推進至量產，擴大此市場機會的規模。

We're also making good progress on internal initiatives relating to attracting and retaining the best people and making continuous improvement a cultural standard of how we do business.

我們也在內部計畫方面取得良好進展，包括吸引並留任最佳人才，以及將持續改善打造為我們營運方式的文化標準。

Given our effective performance to date, along with our increased visibility, we reiterate our stated fiscal 2018 guidance as follows: revenue between $280 million and $300 million, with diluted earnings per share between $0.45 and $0.65. Similar to previous years, we expect revenue in the first half of the year to represent about 40% of full year revenue, and we're on track to invest 9% to 10% of revenue on internal research and development.

鑑於我們迄今的有效表現，以及可視性提升，我們重申先前所公布的 2018 會計年度指引如下：營收介於 2.80 億至 3.00 億美元之間，稀釋後每股盈餘介於 0.45 至 0.65 美元之間。與往年類似，我們預期上半年營收約占全年營收的 40%，且我們正按計畫將營收的 9% 至 10% 投入內部研發。

Better-than-anticipated profitability in the first quarter does not imply an increase in annual earnings per share above our guidance since Q1 benefited from the tax benefit we discussed earlier. While we will continue to manage expenses carefully, we expect operating expenses to increase in the balance of the year, and revenue mix will continue to move around within quarters.

第一季獲利優於預期，並不代表全年每股盈餘將高於我們的指引，因為第一季受惠於我們先前討論過的稅務利益。雖然我們將持續審慎控管費用，但我們預期今年剩餘期間的營業費用將增加，且營收組合在各季度之間仍會持續有所變動。

Once again, our 3 main messages today are: first, we achieved our revenue expectations and exceeded our profitability expectations for the quarter; second, we're on track to achieve our previously stated full year guidance, supported by our increased visibility during the first quarter; and third, we continue to execute on our growth initiatives successfully while positioning AeroVironment for long-term value creation. We remain confident in our ability to transform our innovation and for continued market leadership through the creation of superior customer value.

再次重申，我們今天的三個主要訊息是：第一，我們達成了本季的營收預期，且獲利表現超出預期；第二，在第一季能見度提升的支持下，我們正按計畫達成先前所述的全年指引；第三，我們持續成功推動成長計畫，同時讓 AeroVironment 為長期價值創造做好布局。我們仍對自身有信心，能夠將創新轉化為成果，並透過創造卓越的客戶價值，持續維持市場領導地位。

On behalf of our entire team, thank you for your attention today. And thanks to all our customers who continue to make AeroVironment their preferred choice, to our outstanding employees for their relentless dedication and to our stockholders for their continued confidence and support. We're excited about the future, and look forward to continued success.

我謹代表全體團隊，感謝各位今天的聆聽。也感謝所有持續選擇 AeroVironment 作為首選的客戶、感謝我們傑出員工不懈的投入，以及感謝股東持續的信任與支持。我們對未來充滿期待，並期待持續成功。

Teresa, Steve and I will now take your questions.

接下來，Teresa、Steve 和我將回答各位的提問。

(Operator Instructions) And our first question comes from Ken Herbert from Canaccord.

(接線員指示) 我們的第一個問題來自 Canaccord 的 Ken Herbert。

Wahid, I just wanted to first ask about the guidance. I can appreciate the tax benefit. Maybe it looks like about $0.05 in the quarter, if my math is correct. Obviously, the -- maintaining the full year EPS guidance implies significantly down guide -- or down EPS in the next 3 quarters relative to last year, even with better revenues. Can you just talk maybe about where we should see some of the pressure there? Obviously, you're taking R&D down as well relative to last year. Is it mix? Is it maybe just a little bit more investment on any programs? Or just help reconcile some of that relative to maybe just what's some conservatism that you've built into the estimates.

Wahid，我想先問一下關於指引。我理解稅務利益的影響。如果我算得沒錯，這一季大概約為 0.05 美元。顯然，在營收更好的情況下，維持全年 EPS 指引意味著接下來三季的指引——或接下來三季的 EPS——相較去年會明顯下降。你能談談壓力可能會出現在哪裡嗎？顯然，你們的研發費用相較去年也在下降。是產品組合的問題嗎？還是可能在某些專案上會有更多投資？或請協助我們釐清其中差異，以及你們在估算中納入了哪些保守因素。

Sure, Ken. So as I said earlier in my comments, we are very pleased with the results on our first quarter. We achieved our revenue expectations, and we overachieved on our EPS expectations. And we also feel comfortable with the full year guidance, and that's why we reiterated and reconfirmed our guidance for the full year in terms of revenue and EPS. The reason I caution about the full year is primarily because this is only the first quarter, and we've got 3 more quarters to go, number one.

當然可以，Ken。如我先前在評論中提到的，我們對第一季的結果非常滿意。我們達成了營收預期，且 EPS 表現超出預期。我們也對全年指引感到放心，因此我們重申並再次確認全年在營收與 EPS 方面的指引。我之所以對全年表現提出提醒，主要是因為這才第一季，我們還有另外三季要走，這是第一點。

And number two, historically and consistent with historical, this first quarter is the smallest of our 4 quarters. So we still have a longer way to go for the year in order for us to achieve our full year expectations. We're committed to that. We feel confident about our ability to succeed in that. And last but not least, also, we benefited in terms of the EPS on the first quarter because of those 3 primary reasons that I described earlier, one of which was the onetime tax benefit as a result of our incentive plan.

第二點，從歷史經驗來看且與過往一致，第一季是我們四個季度中最小的一季。因此，為了達成全年預期，我們今年還有很長一段路要走。我們致力於達成目標。我們對成功達成也很有信心。最後但同樣重要的是，第一季 EPS 之所以受惠，是因為我先前描述的三個主要原因，其中之一就是因我們的獎勵計畫而產生的一次性稅務利益。

Okay. And can you provide any more specifics on the visibility you've highlighted a few times? Is that what you're seeing internationally? Is that maybe what you're seeing domestically on some of the programs you're pursuing, say, around frequency relocation and other areas? Or maybe just a little bit more detail on specifics around the better visibility, that would be helpful.

了解。你能否就你們多次提到的能見度再提供更具體的說明？那是你們在國際市場看到的情況嗎？還是你們在國內、例如你們正在爭取的某些專案（像是頻率搬遷以及其他領域）所看到的情況？如果能就能見度改善的具體內容多談一些，會很有幫助。

Sure. So as you heard from Teresa's comments, she broke down the visibility into specific pieces that we historically have done in the past. Our visibility has improved since the last time we spoke on the last earnings call from -- for the fourth quarter and -- which represents essentially now up to $154 million, which is 53% of the midpoint of our guidance.

當然。如同你從 Teresa 的評論中聽到的，她把能見度拆解成我們過去一向採用的幾個具體部分。自從上一次我們在第四季財報電話會議中溝通以來，我們的能見度已有所提升——目前約達 1.54 億美元，約為我們指引中點的 53%。

In terms of the color of our business, as I mentioned in my remarks, in the domestic small UAS, we continue to pursue specific opportunities, one of which is the frequency relocation, which we believe we're positioned quite well. But it really depends on the customer's execution timing as to when they expect to execute that and how fast can they actually execute the plans that they have put in place. And -- but we're positioned well for that. And then in addition to that, we also have our Snipe solution that we delivered, and there is a stated customer requirement for a potential program of record in the long run, which is referred to as the Soldier Borne Sensor, or SBS, program. We believe that our Snipe positions us quite well for that.

就我們業務的具體情況而言，如我在發言中提到的，在國內小型無人機系統（small UAS）方面，我們持續追求特定機會，其中之一是頻率搬遷（frequency relocation），我們認為自身處於相當有利的位置。但實際上仍取決於客戶的執行時程：他們預期何時執行，以及他們能多快落實已制定的計畫。不過，我們在這方面的布局良好。此外，我們也已交付 Snipe 解決方案，且客戶已明確提出長期可能成為正式採購專案（program of record）的需求，稱為 Soldier Borne Sensor（SBS）計畫。我們相信 Snipe 讓我們在該計畫上具備相當優勢。

And then, we have continued to say this before, and I restate that the demand for our small UAS products and solutions internationally is strong and continues to be strong. We added 1 new Middle East customer. We also delivered -- we signed a contract with the Australian Army -- Armed Forces. And so these are, what I refer to, consistent strong signals from international markets. And similar to the small UAS, our Tactical Missile Systems business enjoys a fairly strong position in the market. And we look forward to competing on various opportunities that are hopefully as part of our plan and is coming our way in the coming year.

另外，我們之前也持續提到，我在此再次重申：國際市場對我們小型無人機系統產品與解決方案的需求強勁，且仍持續強勁。我們新增了一位中東地區的新客戶。我們也——與澳洲陸軍——澳洲武裝部隊簽署了一份合約。因此，這些都是我所稱的、來自國際市場一致且強勁的訊號。同樣地，除了小型無人機系統之外，我們的戰術飛彈系統（Tactical Missile Systems）業務在市場上也享有相當強勢的地位。我們期待在未來一年，針對各項機會展開競爭，並希望這些機會能符合我們的計畫並朝我們而來。

(Operator Instructions) And we have Howard Rubel from Jefferies.

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

Wahid, a couple questions. First, is your -- if your R&D is down or flat a little bit, is your headcount down? Or are you just reallocating resources?

Wahid，我有幾個問題。第一，如果你們的研發費用下降或大致持平，那你們的人力編制是否也下降了？還是你們只是重新配置資源？

Howard, yes. So in the first quarter, our operating expenses, in general, were slightly lower than we expected, and that was one of the contributors to our better-than-expected performance on the EPS on first quarter. R&D is made up of generally both in-house R&D work that we do and also some work that we outsource to sub -- third-party subcontractors. In general, our headcount is somewhat of a flat. We have not decreased or increased it significantly one way or the other.

Howard，是的。第一季我們的營業費用整體而言略低於預期，這也是第一季 EPS 表現優於預期的原因之一。研發費用通常包含我們內部自行進行的研發工作，以及部分外包給分包——第三方分包商的工作。整體而言，我們的人力編制大致持平。我們並未在任何方向上大幅減少或增加人力。

However, we do intend to achieve our full year R&D expectations, which we provided, which is between 9% to 10%. And so I would say that we had a slower start at the beginning of the year, not necessarily because of our headcount changes, but primarily because of customer-funded R&D projects that take usually a priority over internal-funded R&D. And when that happens, our headcount gets more allocated to those customer-funded R&D projects, as well as some subcontract work that we could phase in later throughout the year.

不過，我們確實打算達成我們所提供的全年研發費用預期，也就是占比約 9% 到 10%。因此我會說，我們在年初的起步較慢，並不一定是因為人力編制變動，而主要是因為客戶出資的研發專案通常會優先於公司內部出資的研發。當這種情況發生時，我們的人力會更多分配到這些客戶出資的研發專案上，此外也有一些分包工作可以在今年稍晚分階段導入。

That's a high-class problem if customers want more work from you. So I mean, that could very well continue, and it would be -- it's a high-class problem if you miss it because your customer R&D is better. I guess that's a fair...

如果客戶希望你承接更多工作，那是個「高級的煩惱」。所以我的意思是，這很可能會持續下去；而且——如果你因為客戶的研發做得更好而錯過它，那也是個「高級的煩惱」。我想這樣說也算公平……

Yes, I would agree with you, Howard. And that's why I said we're pleased with our results. And obviously, it's above our expectation, but it's favorable, so we are -- we're pleased with the results.

是的，Howard，我同意你的看法。這也是為什麼我說我們對結果感到滿意。而且顯然，它高於我們的預期，但這是正面的，所以我們——我們對結果感到滿意。

The second thing is, could you talk for a moment about your commercial market progress? I know it's -- there's a lot of moving parts, and some of it is a function of what the FAA does. And I mean, every day, it seems as if that market changes a bit, and I know that elements of this are still speculative. But maybe if you could keep us grounded a little bit on sort of the parameters that you're thinking about and the progress you've made in, I guess, launching some of the new information solutions, that might be helpful, please.

第二點，你能否談一下你們在商業市場的進展？我知道——其中有很多變動因素，而其中一部分取決於 FAA 的作為。我的意思是，似乎每天那個市場都會有些變化，而且我知道其中一些要素仍屬推測。但也許你可以讓我們更務實一些，談談你們正在思考的參數，以及我想是你們在推出一些新的資訊解決方案方面所取得的進展，這會很有幫助，麻煩了。

Sure. So that's a great question and very, obviously, hot topic these days in the market in general. We believe that Commercial Information Solutions, as we refer to as CIS, represents a long-term very large opportunity for AeroVironment and for our customers and our shareholders. So for the long run, I would say that our position hasn't changed much at all, and we still believe that there's a large opportunity and growth potential for AeroVironment there.

當然。這是個很好的問題，而且顯然也是近來市場普遍非常熱門的話題。我們相信，我們所稱的商業資訊解決方案（Commercial Information Solutions，簡稱 CIS），對 AeroVironment、我們的客戶以及股東而言，代表一個長期且非常龐大的機會。所以從長期來看，我會說我們的立場幾乎沒有改變，我們仍然相信那裡對 AeroVironment 而言有很大的機會與成長潛力。

In terms of the short term, we're really focused from now until the end of this calendar year, sort of very focused on the sales and marketing and channel distribution strategy related to our solutions. We have -- as we have discussed before, we have -- we unveiled the product line, the Quantix and DSS solution set. We believe that the hardware and software and services solution that we offer is highly differentiated and compelling to the market and to the competitors that are playing in the market. And we believe that we offer a compelling value proposition to this market and our target customers in that space.

就短期而言，我們真正聚焦的是從現在到今年曆年年底，會非常專注在與我們解決方案相關的銷售、行銷以及通路分銷策略。我們——如同先前討論過的，我們——我們已發布產品線，也就是 Quantix 與 DSS 解決方案組合。我們相信，我們所提供的硬體、軟體與服務整體解決方案，具有高度差異化，對市場以及在市場中競爭的對手都很有吸引力。我們也相信，對這個市場以及我們在該領域的目標客戶而言，我們提供了具吸引力的價值主張。

But right now, we got to make sure that we get the right product, the right solution to the market and ship it successfully to initial early-adopter customers. And then once we do that, we refer that to a gated approach. When we get to that phase and that gate, we can then assess our position, the response in the market, the macro-level climate that's going on in this whole space and then inform you of our plans and our findings.

但目前，我們必須確保把正確的產品、正確的解決方案帶到市場上，並成功出貨給最初的早期採用者客戶。接著一旦做到這點，我們稱之為「分階段（gated）的方法」。當我們進入那個階段、到達那個關卡時，我們就能評估我們的定位、市場反應、整個領域正在發生的宏觀環境，然後再向各位說明我們的計畫與發現。

In terms of the FAA, we've always known and we continue to believe that FAA will play and is going to play a critical role in the enabling -- as an enabling factor for the adoption of this market. There are certain applications that the FAA role is less significant than in some other applications. So for example, you could argue that a small farmer has visual line of sight on flying a drone over their farm. However, if you consider, for example, electric utilities, which has hundreds, if not thousands, of miles of transmission and distribution lines, would require a solution that can go much further linearly, which will be beyond visual line of sight. And so in that case, the FAA ruling would have a significant influence or factor in it. So in general, we're excited about the long run. We are focused on the short term, which is get the product to the market and then test the market and inform our decision for the next gate.

至於 FAA，我們一直都知道，而且也持續相信，FAA 將會、也正在扮演關鍵角色，作為推動這個市場採用的促成因素。在某些應用中，FAA 的角色不像在其他一些應用中那麼重要。例如，你可以說小型農戶在自家農場上空飛行無人機時，仍可維持目視視距（visual line of sight）。然而，如果你考慮例如電力公用事業，它們有數百、甚至數千英里的輸電與配電線路，就會需要能在線性距離上飛得更遠的解決方案，而那將超出目視視距（beyond visual line of sight）。因此在那種情況下，FAA 的裁定將會對其產生重大影響或成為重要因素。總體而言，我們對長期感到興奮。我們專注於短期，也就是把產品推向市場，然後測試市場，並為下一個關卡的決策提供依據。

Okay. I mean, I get it. And then, finally, the last thing, to go back to the Navy and Blackwing. And it seems as if there are -- if I'm not mistaken, there is incremental applications that are being developed and tested. Can you provide any further color on that?

好的。我的意思是，我明白。最後一點，回到海軍與 Blackwing。而且看起來——如果我沒弄錯的話——有一些增量式的應用正在開發與測試中。你能否就此提供更多細節或補充說明？

Sure. So as we said before, Blackwing is one of the variants of our Switchblade family of systems, which we have been able to publicly talk about based on our customers' permission. And we believe that Blackwing offers a tremendously differentiated and compelling value proposition for submarines. And about a year ago, if you recall, we demonstrated this capability to the Navy and U.S. DoD. The feedback was very favorable, and they decided to proceed with a pilot program of deployment of our initial pilot systems into a submarine. And the results of that were favorable.

當然。如同我們之前所說，Blackwing 是我們 Switchblade 系統家族的其中一個變體；基於客戶的許可，我們得以公開談論它。我們相信，Blackwing 對潛艦而言提供了極具差異化且非常有吸引力的價值主張。大約一年前，如果你還記得，我們向海軍與美國國防部（U.S. DoD）展示了這項能力。回饋非常正面，他們決定推進一項試點計畫，把我們最初的試點系統部署到一艘潛艦上。而其結果是正面的。

And now, as I mentioned on my remarks today, we've been -- we look forward to further funding to progress the development and maturation of the product with further field testing and deployments. And that will hopefully, we believe, that eventually will lead to a larger adoption in the long run. But it is a process that we have to follow and work with our customer to be able to essentially transform this capability into a solution set that delivers value for all of our stakeholders.

而現在，正如我今天在發言中提到的，我們一直——我們期待獲得進一步資金，以透過更多的實地測試與部署，推進產品的開發與成熟化。我們希望——也相信——這最終將在長期帶來更大規模的採用。但這是一個我們必須遵循的流程，並與客戶合作，才能在本質上把這項能力轉化為一套能為所有利害關係人創造價值的解決方案組合。

(Operator Instructions) And I will turn the call back over to Mr. Gitlin for final remarks.

(接線員指示) 我將把電話會議交回給 Gitlin 先生作最後致詞。

Thank you very much, [Jeannie], and thank you all for your attention today and your ongoing interest in AeroVironment. And an archived version of this call, along with all SEC filings and relevant company and industry news, can be found on our website, avinc.com. We look forward to speaking with you again following next quarter's results. Good day.

非常感謝你，[Jeannie]，也感謝各位今天的聆聽，以及各位對 AeroVironment 持續的關注與興趣。本次電話會議的存檔版本，以及所有 SEC 申報文件與相關的公司及產業新聞，都可在我們的網站 avinc.com 上找到。我們期待在下個季度業績公布後再次與各位交流。祝各位有美好的一天。

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating, and you may now disconnect.

謝謝各位女士、先生。今天的電話會議到此結束。感謝各位參與，現在可以掛線。