AeroVironment, Inc. (AVAV) 2018 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the AeroVironment, Inc. Third Quarter 2018 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

各位女士、先生，大家好，歡迎參加 AeroVironment, Inc.2018 年第三季財報電話會議。(接線員指示) 提醒各位，本次會議將錄音以供重播。

With us today from 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. Steven 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 Steven Gitlin 先生。

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

現在我想把會議交給 Gitlin 先生。先生，請開始。

Thank you very much, Brandon, and welcome to our earnings call. 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. 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 research and development 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 United States 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.

非常感謝你，Brandon，並歡迎各位參加我們的財報電話會議。請注意，在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、指示或暗示未來業績結果、表現或成就的陳述；並可能包含如 believe（相信）、anticipate（預期）、expect（預期）、estimate（估計）、intend（打算）、project（推估）、plan（計畫）或具有類似意義的詞語或片語。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。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；重大研發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；未能維持市場創新者地位並創造新的市場機會；重大營運費用（包括零組件與原物料）變動；未能開發新產品、產品責任、侵權及其他索賠；以及美國及全球其他地區的監管環境變化與一般經濟及商業狀況。如需上述風險與不確定性的進一步清單與說明，請參閱我們向美國證券交易委員會提交的報告。

The content of this conference call contains time-sensitive information that is accurate only as of today, March 6, 2018. 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.

本次財報電話會議內容包含具時效性的資訊，僅截至今日（2018 年 3 月 6 日）為準確。公司不承擔對我們發言中所包含之陳述作任何修訂的義務，亦無義務更新以反映本次電話會議後發生的事件或情況。

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

接下來由 Wahid Nawabi 發表談話。Wahid？

Thank you, Steve. Good afternoon. Our solid third quarter results keep us on track to achieve our fiscal year 2018 goals and advance our objectives of creating value for our stockholders, customers and employees. On today's call, I will briefly review AeroVironment's third quarter financial results, then share with you the significant progress we made during the quarter on our fiscal year 2018 and long-term plans. Teresa Covington will review the third 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。各位下午好。我們第三季的穩健成果，使我們持續按計畫達成 2018 會計年度目標，並推進為股東、客戶與員工創造價值的宗旨。在今天的電話會議中，我將簡要回顧 AeroVironment 第三季的財務結果，接著與各位分享我們在本季於 2018 會計年度及長期計畫方面所取得的重大進展。Teresa Covington 將詳細說明第三季財務數據，之後我將討論我們對本年度剩餘期間的展望。接著，Teresa、Steve 與我將回答各位的提問。

Today's 3 main messages are as follows: First, we successfully executed our plan in the third quarter. Second, continued strong backlog supported by significant order flow in the quarter increased our visibility into our full year revenue and EPS objectives. And third, with the formation of our HAPSMobile JV with SoftBank Corp. and its $65 million contract to AV, we have launched our global next-generation broadband communication business.

今天的 3 項主要訊息如下：第一，我們在第三季成功執行了既定計畫。第二，在本季顯著的訂單流入支持下，持續強勁的在手訂單（backlog）提升了我們對全年營收與每股盈餘（EPS）目標的可見度。第三，隨著我們與 SoftBank Corp. 成立 HAPSMobile 合資公司（JV），以及其對 AV 的 6,500 萬美元合約，我們已啟動全球下一代寬頻通訊業務。

Now let's review the solid results our team delivered in the third quarter. Revenue of $63.9 million increased by 20% year-over-year, and loss per share of $0.04 was less than half of last year's third quarter loss of $0.09 per share. It is important to point out that our third quarter loss per share includes an estimated onetime expense of $3.1 million or $0.13 per share from remeasuring our deferred tax asset and liabilities due to the federal Tax Cuts and Jobs Act of 2017. This means that third quarter earnings per share would have been $0.09 if not for this onetime adverse effect. Fiscal year-to-date revenue grew by 30% over last year, and earnings per diluted share of $0.07 is significantly higher than last year's $0.78 loss per share for the first 9 months.

現在讓我們回顧團隊在第三季交出的穩健成果。營收為 6,390 萬美元，年增 20%；每股虧損 0.04 美元，不到去年第三季每股虧損 0.09 美元的一半。需要特別指出的是，我們第三季每股虧損包含一項估計的一次性費用 310 萬美元（或每股 0.13 美元），係因《2017 年聯邦減稅與就業法案》導致我們重新衡量遞延所得稅資產與負債所致。這表示若非此一次性不利影響，第三季每股盈餘本應為 0.09 美元。本會計年度截至目前的營收較去年成長 30%；稀釋後每股盈餘 0.07 美元，顯著高於去年前 9 個月每股虧損 0.78 美元。

Healthy demand for our products and services in the United States and across the globe drove funded backlog to $123.5 million, significantly increasing our revenue visibility for the current fiscal year, as Teresa will detail shortly. Across our business, our team produced solid results. Now I'll share with you some highlights from the quarter.

美國及全球對我們產品與服務的健康需求，推動已獲資金支持的在手訂單（funded backlog）達到 1.235 億美元，顯著提升我們對本會計年度營收的可見度，Teresa 稍後將進一步說明。在各項業務中，我們的團隊都交出穩健成果。接下來我將與各位分享本季的一些重點。

We see signs of increasing demand for small UAS within the U.S. DoD where we maintain our leading market share. In our core small UAS business, we're tracking several important opportunities. First, the Army Soldier Borne Sensor, or SBS, program is moving ahead with the goal of selecting a very small drone that can be carried by a war fighter and deployed quickly to provide situational awareness within 1 or 2 kilometers. As we stated previously, we have delivered 30 snipe systems for customer evaluation. The anticipated award date is later this calendar year with a total acquisition objective of more than 7,000 systems over the life of the program. As always, this will be a tough competition against very capable competitors in the nano UAS category, but we're confident in the strength and value of our solutions.

我們看到美國國防部（DoD）對小型無人航空系統（small UAS）的需求有增加跡象，而我們在該領域維持領先的市占率。在我們核心的小型 UAS 業務中，我們正追蹤數個重要機會。第一，陸軍「士兵攜行感測器」（Soldier Borne Sensor，SBS）計畫正持續推進，目標是選定一款可由戰鬥人員攜帶、並可快速部署的超小型無人機，以在 1 至 2 公里範圍內提供態勢感知。如先前所述，我們已交付 30 套 snipe 系統供客戶評估。預計授標日期為本曆年稍晚，且在該計畫期間的總採購目標超過 7,000 套系統。一如既往，這將是在奈米級 UAS 類別中與多家實力強勁競爭對手之間的艱鉅競爭，但我們對自身解決方案的優勢與價值充滿信心。

The U.S. Army is also in the process of evaluating our Puma and Raven systems equipped with the new frequency modifications. This program is currently referred to as FCS and was formally called Frequency Relocation. We stand ready to respond to requests for proposal for the FCS program.

美國陸軍也正在評估我們搭載新頻率修改的 Puma 與 Raven 系統。該計畫目前稱為 FCS，先前正式名稱為 Frequency Relocation（頻率遷移）。我們已準備就緒，隨時回應 FCS 計畫的招標書（RFP）需求。

Additionally, we recently responded to an RFI from the Department of Homeland Security for small UAS capabilities and look forward to pursuing this opportunity.

此外，我們近期也回覆了國土安全部（Department of Homeland Security）針對小型 UAS 能力的資訊徵詢（RFI），並期待推進此一機會。

International demand for our family of small UAS also remains strong. During the third quarter, we secured our largest ever international contract award for small UAS. This Middle Eastern customer issued a $44.5 million contract for Puma AE systems with the i45 super gimbal sensor suite. As we previewed in our last earnings call, in order to respond more effectively to continued international demand, we are establishing in-country logistics support services operations. The first is up and running in Australia, and the second is planned for the first quarter of fiscal 2019 in Western Europe. As we've said previously, some of our international customers operate our small UAS continuously, relying on our solutions to help them proceed with certainty 24/7. Positioning our logistics support services capabilities closer to our international customers gives us the ability to be more responsive and deliver more value.

我們小型 UAS 系列產品的國際需求仍然強勁。在第三季，我們取得了迄今為止最大的一筆小型 UAS 國際合約授標。這位中東客戶針對搭載 i45 超級雲台感測器套件的 Puma AE 系統，簽發了 4,450 萬美元合約。如同我們在上次財報電話會議中預告，為了更有效回應持續的國際需求，我們正在建立在地的物流支援服務營運。第一個據點已在澳洲啟用運作，第二個據點則規劃於 2019 會計年度第一季在西歐設立。如同我們先前所述，我們部分國際客戶會持續不間斷地操作我們的小型 UAS，仰賴我們的解決方案以 24/7 的方式協助其在確定性下推進任務。將我們的物流支援服務能力部署在更靠近國際客戶之處，使我們能更迅速回應並交付更高價值。

Our new overseas operations also address our customers' desire to build even more intimate and stronger relationships with us. AeroVironment continues to be viewed as the best-in-class small UAS Family of Systems solution provider across the global market even with significant native and non-native competition.

我們新的海外營運也回應了客戶希望與我們建立更緊密、更強韌關係的需求。即使面臨顯著的本土與非本土競爭，AeroVironment 仍持續被視為全球市場中同級最佳的小型 UAS 系統家族（Family of Systems）解決方案供應商。

In our Tactical Missile Systems business, we continue to produce and deliver our Switchblade systems to help protect our forces as we advance the development of our Switchblade variants. As part of the U.S. Army's continued evaluation and procurement process, we competed again and we were again selected as the de facto solution provider for their LMAMS requirement. We're currently working to finalize the contract with the Army for the next tranche of orders for Switchblade systems via a joint urgent operational need statement. This means that Switchblade continues to be the solution for LMAMS, and this contract will lead to additional demand and deliveries. Once the current contract negotiations are finalized, we intend to provide more information on its scope.

在我們的戰術飛彈系統（Tactical Missile Systems）業務中，我們持續生產並交付 Switchblade 系統，以在推進 Switchblade 各型號研發的同時協助保護我方部隊。作為美國陸軍持續評估與採購流程的一部分，我們再次參與競標，並再次被選為其 LMAMS 需求的事實上解決方案供應商。我們目前正與陸軍合作，透過聯合緊急作戰需求聲明（joint urgent operational need statement）來完成下一批 Switchblade 系統訂單的合約定案。這表示 Switchblade 仍是 LMAMS 的解決方案，而該合約將帶來額外需求與交付。待目前合約談判完成後，我們將提供更多關於其範圍的資訊。

The U.S. government released the President's fiscal year 2019 budget request in February, and it reflects healthy demand for our solutions that I will now summarize. The Army requests the procurement of 200 Raven B systems, valued at $46.4 million as part of the long-standing Rucksack Portable Unmanned Aircraft Systems, or RPUAS program. This is the largest Army request for Raven systems in years. The Army also requests $21.7 million for Soldier Borne Sensor acquisition in government fiscal year '19, and the Air Force is requesting $13.5 million for Puma AE system procurement. This totals more than $80 million in potential government fiscal year '19 small UAS demand from the U.S. DoD, a larger quantity and value that we have seen in years.

美國政府於 2 月公布總統的 2019 會計年度預算請求案，內容反映出對我們解決方案的健康需求，我現在將加以摘要。陸軍在其長期的背負式可攜無人航空系統（Rucksack Portable Unmanned Aircraft Systems，RPUAS）計畫中，申請採購 200 套 Raven B 系統，價值 4,640 萬美元。這是多年來陸軍對 Raven 系統提出的最大採購請求。陸軍亦在政府 2019 會計年度申請 2,170 萬美元用於 Soldier Borne Sensor 採購，而空軍則申請 1,350 萬美元用於 Puma AE 系統採購。合計而言，這代表美國國防部（U.S. DoD）在政府 2019 會計年度對小型 UAS 的潛在需求超過 8,000 萬美元，其數量與金額均為多年來所見之高。

Beyond government fiscal year 2019, the budget request proposes procurement funding for the Army's Short-Range Reconnaissance UAS, or SRR, formerly known as Short-Range Micro, with an acquisition objective of more than 2,500 systems. The associated proposed funding over the following 4 years for SRR totals more than $100 million, providing initial visibility into plans for the Army's next-generation small UAS procurement.

除政府 2019 會計年度之外，該預算請求案亦提出陸軍短程偵察 UAS（Short-Range Reconnaissance UAS，SRR；前稱 Short-Range Micro）的採購經費，採購目標超過 2,500 套系統。未來 4 年針對 SRR 的相關提案經費合計超過 1 億美元，為陸軍下一代小型 UAS 採購計畫提供初步能見度。

The government fiscal year 2019 budget request also includes an Army procurement line item totaling $113 million for more than 1,300 Switchblade rounds, plus additional equipment and services. This represents by far the largest procurement request for Switchblade systems that we have ever seen. More importantly, it further validates Switchblade's unique and game-changing capabilities, enforce protection and collateral damage avoidance.

政府 2019 會計年度預算請求案亦包含一項陸軍採購科目，總額 1.13 億美元，用於採購超過 1,300 枚 Switchblade 彈藥（rounds），並包含額外設備與服務。這是我們迄今所見對 Switchblade 系統規模最大的一次採購請求。更重要的是，這進一步驗證了 Switchblade 獨特且具顛覆性的能力，包括部隊防護與避免附帶損害。

Shifting to our commercial information solutions, or CIS, initiative. We're now selling Quantix drones and AV DSS subscriptions through a growing network of agriculture dealers and directly via our website, www.avdroneanalytics.com. We are focused on 2 specific geographic regions in the United States for our launch: California's Central Valley and the Midwest Corn Belt. Our CIS business is focused on achieving its milestones this year for product launch, dealer sales channel development, customer usage and satisfaction. Because we offer a fully integrated drone, sensor and data analytics solution, we believe the dealer channel onboarding and end user education process is a critical component of our growth strategy. The manufacturers suggest that retail price for the Quantix drone and a 1-year subscription of AV DSS is $16,500.

接著談我們的商業資訊解決方案（commercial information solutions，CIS）計畫。我們目前透過日益擴大的農業經銷商網絡，以及透過我們的網站 www.avdroneanalytics.com 直接銷售 Quantix 無人機與 AV DSS 訂閱服務。我們在美國選定兩個特定地理區域作為上市重點：加州中央谷地與中西部玉米帶。我們的 CIS 業務今年聚焦於達成產品上市、經銷銷售通路開發、客戶使用與滿意度等里程碑。由於我們提供的是完整整合的無人機、感測器與資料分析解決方案，我們認為經銷通路導入與終端使用者教育流程是我們成長策略的關鍵組成。製造商建議 Quantix 無人機與 1 年期 AV DSS 訂閱的零售價格為 16,500 美元。

Initial market feedback indicates that our price value proposition is compelling. We believe we are well positioned with a uniquely differentiated solution and focus on growing this business over the long term.

初步市場回饋顯示，我們的價格價值主張相當具吸引力。我們相信，憑藉高度差異化的獨特解決方案，我們已具備良好定位，並將專注於長期擴大此業務。

Still within our emerging commercial portfolio of growth initiatives, we're very excited about our new strategic joint venture with SoftBank Corp. to launch our global stratospheric broadband communication business. The initial phase of the joint venture company, named HAPSMobile, Inc., is intended to demonstrate the next-generation solar High-Altitude Pseudo-Satellite, or HAPS. By high altitude, we mean maintaining continuous operation at more than 60,000 feet above sea level. We are fortunate to have partnered with SoftBank Corp. whose leaders share the same strategic vision for this global business.

同樣在我們新興的商業成長計畫組合之中，我們對與 SoftBank Corp. 的全新策略性合資企業感到非常振奮。以啟動我們的全球平流層寬頻通訊業務。該合資公司初期階段（公司名為 HAPSMobile, Inc.）旨在展示下一代太陽能高空偽衛星（High-Altitude Pseudo-Satellite，HAPS）。所謂高空，是指在海平面以上超過 60,000 英尺維持連續運作。我們很榮幸能與 SoftBank Corp. 合作。其領導團隊與我們對此全球業務擁有相同的策略願景。

Our joint venture agreement grants AeroVironment the rights to develop, produce and supply the aircraft to HAPSMobile JV based on contract terms for commercial opportunities globally. AeroVironment also retains exclusive rights to pursue noncommercial opportunities globally outside of Japan. AeroVironment owns 5% of the HAPSMobile JV, and we have the option to increase our ownership to as much as 19% of the JV. The HAPSMobile JV's planned initial $100 million capitalization funds AeroVironment's demonstration program valued at $65 million.

我們的合資協議授予 AeroVironment 權利，得依據合約條款，為全球商業機會開發、製造並供應飛行器予 HAPSMobile 合資公司（JV）。AeroVironment 亦保留在日本以外全球範圍內追求非商業機會的獨家權利。AeroVironment 持有 HAPSMobile 合資公司 5% 股權，並可選擇將持股提高至合資公司最高 19%。HAPSMobile 合資公司規劃的初始 1 億美元資本額，將為 AeroVironment 價值 6,500 萬美元的示範計畫提供資金。

Without a doubt, AeroVironment is the pioneer and world leader in HAPS with decades of demonstrated achievements. Our work in the 1980s and '90s with the U.S. government agencies such as NASA culminated in the flight of our 200 wingspan helio solar HAPS, which achieved the world's highest altitude in level flight at more than 96,000 feet in 2001, a record that still stands today. We also successfully demonstrated high-definition television broadcast, 3G mobile telephony and Internet connectivity from our Pathfinder Plus solar HAPS, which now resides in the Smithsonian Air and Space Museum.

毫無疑問，AeroVironment 是 HAPS 的先驅與全球領導者，並擁有數十年經驗所累積、經證實的成就。我們在 1980 與 1990 年代與 NASA 等美國政府機構合作的成果，最終促成我們翼展 200 英尺的 Helios 太陽能 HAPS 試飛；該機於 2001 年在平飛狀態下達到超過 96,000 英尺的全球最高高度紀錄，且該紀錄至今仍未被打破。我們也成功以 Pathfinder Plus 太陽能 HAPS 展示高畫質電視廣播、3G 行動通訊與網際網路連線能力；該機目前典藏於史密森尼國家航空航天博物館（Smithsonian Air and Space Museum）。

One use case for the HAPS system is to provide next-generation 5G broadband communications connectivity to consumers and businesses around the globe. A HAPS solution would leapfrog the costly build-out of terrestrial infrastructure, speeding Internet of Things, or IoT, adoption. The potential unit demand is very large, and the unit price would be significantly higher than that of our small UAS. We will provide more information on this growth initiative as competitive constraints permit. For now, consider this a partner-funded active initiative within our growth portfolio, which adds significant optionality to our long-term investment thesis.

HAPS 系統的一項使用情境，是為全球消費者與企業提供下一代 5G 寬頻通訊連線。HAPS 解決方案可跨越昂貴的地面基礎設施建置，並加速物聯網（Internet of Things，IoT）採用。潛在的單位需求量非常龐大，而單位價格也將顯著高於我們的小型 UAS。在競爭限制允許的範圍內，我們將就此成長計畫提供更多資訊。目前，請將其視為我們成長組合中一項由合作夥伴出資、正在推進的主動計畫，為我們的長期投資論點增添顯著的選擇權價值。

Now onto our EES business, which continues to pave the way as a leader in the EV charging and testing industry with innovative solutions. In the third quarter, we launched our TurboDX next-generation global EV charging solution for commercial, workplace, utility and residential customers. Built upon our TurboCore product architecture, this is a single scalable charging platform, and our first OEM-branded version has agency certifications for the U.S, European and Chinese markets. TurboDX is optionally networked using Bluetooth and Wi-Fi with smartphone app integration. In addition to shipping this product domestically, we also commenced manufacturing a derivative series of this product, packaged in a custom-designed enclosure for a global OEM customer for Europe and China. We will soon begin shipping units to domestic network partners and installations for commercial, workplace applications. Demand for our ground support charging equipment remains solid, and we are seeing sustained interest in our EV test systems, primarily for global automotive OEMs developing larger, higher-voltage, next-generation battery packs.

現在談到我們的EES業務，該業務持續以創新解決方案在電動車充電與測試產業中引領潮流。在第三季，我們推出了TurboDX新一代全球電動車充電解決方案，服務商用、職場、公用事業與住宅客戶。該方案建立在我們的TurboCore產品架構之上，是一個可擴充的單一充電平台；我們首個OEM品牌版本已取得美國、歐洲與中國市場的機構認證。TurboDX可選配透過藍牙與Wi‑Fi進行聯網，並整合智慧型手機App。除在國內出貨該產品外，我們也開始為一位全球OEM客戶（面向歐洲與中國）製造此產品的衍生系列，並採用客製化設計外殼封裝。我們將很快開始向國內網路合作夥伴出貨，並用於商用與職場應用的安裝。我們的地面支援充電設備需求仍然穩健，同時我們也看到市場對電動車測試系統的持續興趣，主要來自正在開發更大容量、更高電壓之下一代電池組的全球汽車OEM廠商。

As you can see, we are making significant progress throughout our business, progress that supports our current year goals and positions us for our long-term business strategy and growth objectives.

如各位所見，我們在整體業務上正取得顯著進展；這些進展支持我們本年度目標，並使我們能夠落實長期業務策略與成長目標。

Now Teresa Covington will provide a detailed review of third quarter and year-to-date financial performance. Teresa?

接下來由Teresa Covington就第三季及年初至今的財務表現進行詳細說明。Teresa？

Thank you, Wahid, and good afternoon, everyone. AeroVironment's fiscal 2018 third quarter results are as follows. Revenue for Q3 was $63.9 million, an increase of $10.8 million or 20% from the third quarter of fiscal 2017 revenue of $53.2 million. The increase in revenue resulted from an increase of product sales of $12.5 million, partially offset by a decrease in service revenue of $1.7 million.

謝謝你，Wahid，各位下午好。AeroVironment 2018會計年度第三季的業績如下。第三季營收為6,390萬美元，較2017會計年度第三季的5,320萬美元增加1,080萬美元，增幅20%。營收增加主要來自產品銷售增加1,250萬美元，但部分被服務營收減少170萬美元所抵銷。

Looking at revenue by segment. UAS revenue was $53.4 million, an increase of $11.5 million or 28% from the third quarter of fiscal 2017 revenue of $41.9 million. The increase was due to an increase in product deliveries of $13 million and an increase in customer-funded R&D work of $1.2 million, partially offset by a decrease in service revenue of $2.7 million. EES revenue was $10.5 million, a decrease of $0.8 million or minus 7% from the third quarter of fiscal 2017 revenue of $11.3 million. This decrease was primarily due to a decrease in product deliveries of PosiCharge industrial electric vehicle charging systems, partially offset by an increase in product deliveries of our power cycling and test systems.

按部門來看營收。UAS營收為5,340萬美元，較2017會計年度第三季的4,190萬美元增加1,150萬美元，增幅28%。增加原因為產品交付增加1,300萬美元，以及客戶出資研發（R&D）工作增加120萬美元，但部分被服務營收減少270萬美元所抵銷。EES營收為1,050萬美元，較2017會計年度第三季的1,130萬美元減少80萬美元，降幅7%。此下降主要由於PosiCharge工業電動車充電系統的產品交付減少，但部分被我們電力循環與測試系統產品交付增加所抵銷。

Turning to gross margin. Gross margin for the third quarter was $20.6 million or 32% as compared to $19.4 million or 36% for the third quarter of fiscal 2017. The increase in gross margin was primarily due to an increase in product sales margin of $4.2 million, partially offset by a decrease in service margins of $3 million. By segment, UAS gross margin increased to $17.3 million for the third quarter of fiscal 2018 from $16.4 million for the third quarter of fiscal 2017. As a percentage of revenue, gross margin for UAS decreased from 39% to 32%, primarily due to a lower service margin on a UAS program due to unfavorable cost adjustments and unfavorable sales mix. We anticipate higher service margins in the fourth quarter. EES gross margin increased $0.3 million to $3.3 million for the third quarter of fiscal 2018, primarily due to favorable product mix. As a percentage of revenue, gross margin for EES increased from 27% to 31%.

接著看毛利率。第三季毛利為2,060萬美元，毛利率32%；相較之下，2017會計年度第三季毛利為1,940萬美元，毛利率36%。毛利增加主要來自產品銷售毛利增加420萬美元，但部分被服務毛利減少300萬美元所抵銷。按部門來看，UAS第三季毛利由2017會計年度第三季的1,640萬美元增加至2018會計年度第三季的1,730萬美元。以營收百分比計，UAS毛利率由39%降至32%，主要因某UAS專案的服務毛利較低，原因包括不利的成本調整與不利的銷售組合。我們預期第四季服務毛利率將較高。EES第三季毛利增加30萬美元至330萬美元，主要受惠於有利的產品組合。以營收百分比計，EES毛利率由27%提升至31%。

Looking at the rest of the income statement. SG&A expense for the third quarter of fiscal 2018 was $13.5 million or 21% of revenue compared to SG&A expense of $12.8 million or 24% of revenue for the third quarter of fiscal 2017. R&D expense for the third quarter of fiscal 2018 was $7.3 million or 11% of revenue compared to R&D expense of $8 million or 15% of revenue for the third quarter of fiscal 2017. The loss from operations for the third quarter of fiscal 2018 was $0.2 million or minus 0.4% of revenue compared to a loss from operations of $1.4 million or minus 3% of revenue for the third quarter of fiscal 2017. The decrease in loss from operations was primarily due to higher gross margins of $1.2 million and a decrease in R&D expense of $0.7 million, partially offset by an increase in SG&A of $0.7 million.

再看損益表其餘項目。2018會計年度第三季SG&A費用為1,350萬美元，占營收21%；相較之下，2017會計年度第三季SG&A費用為1,280萬美元，占營收24%。2018會計年度第三季研發（R&D）費用為730萬美元，占營收11%；相較之下，2017會計年度第三季研發費用為800萬美元，占營收15%。2018會計年度第三季營業損失為20萬美元，占營收-0.4%；相較之下，2017會計年度第三季營業損失為140萬美元，占營收-3%。營業損失縮小主要由於毛利增加120萬美元及研發費用減少70萬美元，但部分被SG&A增加70萬美元所抵銷。

Net other income for the third quarter of fiscal 2018 was unchanged compared to the prior year net other income of $0.4 million. The effective income tax rate was 300.5% for the third quarter of fiscal 2018 as compared to an effective income tax rate of minus 102.7% for the third quarter of fiscal 2017. The third quarter fiscal 2018 effective tax rate included the impact of the Tax Cut and Jobs Act of 2017, which included an estimated onetime expense of $3.1 million or $0.13 per share related to our remeasuring of deferred tax assets and liabilities. The increase was partially offset by the reversal of a $0.7 million reserve for uncertain tax position and a $0.2 million discrete excess tax benefit from the vesting of equity awards. The equity method investment activity, net of tax, on the HAPSMobile joint venture for the third quarter of fiscal 2018 was a loss of $0.4 million or $0.02 per share compared to equity method investment activity, net of tax, loss of $8,000 for the third quarter of fiscal 2017.

2018會計年度第三季其他淨收益與前一年度持平，仍為40萬美元。2018會計年度第三季有效所得稅率為300.5%，相較之下，2017會計年度第三季有效所得稅率為-102.7%。2018會計年度第三季有效稅率包含2017年《減稅與就業法案》（Tax Cut and Jobs Act）的影響，其中包括因重新衡量遞延所得稅資產與負債而估計的一次性費用310萬美元（每股0.13美元）。上述增加部分被兩項因素抵銷：沖回不確定稅務立場準備金70萬美元，以及因股權獎酬歸屬而產生的離散超額稅務利益20萬美元。2018會計年度第三季，HAPSMobile合資企業按權益法認列之投資損益（稅後）為虧損40萬美元（每股虧損0.02美元）；相較之下，2017會計年度第三季按權益法認列之投資損益（稅後）為虧損8,000美元。

The net loss attributable to AeroVironment for the third quarter of fiscal 2018 was $0.8 million or a $0.04 loss per share compared to net loss attributable to AeroVironment of $2.2 million or a $0.09 loss per share for the third quarter of fiscal 2017.

2018會計年度第三季歸屬於AeroVironment的淨損為80萬美元，即每股虧損0.04美元；相較之下，2017會計年度第三季歸屬於AeroVironment的淨損為220萬美元，即每股虧損0.09美元。

Now moving through our first 3 quarters fiscal 2018 results. Revenue for the first 3 quarters of fiscal 2018 was $181.5 million, an increase of $42 million as compared to $139.5 million for the 9 months ended January 28, 2017. The increase in revenue is due to an increase in product deliveries of $51.4 million, partially offset by a decrease in service revenue of $9.4 million.

接著看2018會計年度前三季的累計結果。2018會計年度前三季營收為1億8,150萬美元，較截至2017年1月28日止九個月的1億3,950萬美元增加4,200萬美元。營收增加係因產品交付增加5,140萬美元，但部分被服務營收減少940萬美元所抵銷。

UAS increased $40.5 million to $153.7 million for the first 3 quarters of fiscal 2018, primarily due to an increase in product deliveries of $49.6 million, partially offset by a decrease in customer-funded R&D work of $8 million and a decrease in service revenue of $1.2 million. EES revenue increased $1.6 million to $27.9 million for the first 3 quarters of fiscal 2018, primarily due to an increase in product deliveries of passenger electric vehicle charging system and PosiCharge industrial electric vehicle charging systems.

UAS 在 2018 會計年度前三季增加 4,050 萬美元至 1 億 5,370 萬美元，主要由於產品交付增加 4,960 萬美元，部分被客戶出資研發（R&D）工作減少 800 萬美元以及服務收入減少 120 萬美元所抵銷。EES 收入在 2018 會計年度前三季增加 160 萬美元至 2,790 萬美元，主要由於乘用電動車充電系統及 PosiCharge 工業電動車充電系統的產品交付增加。

Gross margin for the first 3 quarters of fiscal 2018 was $63.2 million or 35% as compared to $43.5 million or 31% for the first 3 quarters of fiscal 2017. The increase was primarily due to an increase in product margins of $23.3 million, partially offset by a decrease in service margins of $3.5 million. UAS gross margin increased to $55.3 million for the first 3 quarters of fiscal 2018 from $36.7 million. As a percentage of revenue, gross margin for UAS increased from 32% to 36%, primarily due to the increased sales volume and an increase in the proportion of product sales to total revenue. EES gross margin increased $1.1 million to $7.9 million for the first 3 quarters of fiscal 2018. As a percentage of revenue, gross margin for EES increased from 26% to 28%, primarily due to the increased sales volume and a decrease in sustaining engineering activities in support of our existing products.

2018 會計年度前三季的毛利為 6,320 萬美元或 35%，相較於 2017 會計年度前三季的 4,350 萬美元或 31%。該增加主要由於產品毛利增加 2,330 萬美元，部分被服務毛利減少 350 萬美元所抵銷。UAS 毛利在 2018 會計年度前三季增至 5,530 萬美元，較 3,670 萬美元增加。以收入百分比計，UAS 毛利率由 32% 提升至 36%，主要由於銷售量增加，以及產品銷售占總收入比重提高。EES 毛利在 2018 會計年度前三季增加 110 萬美元至 790 萬美元。以收入百分比計，EES 毛利率由 26% 提升至 28%，主要由於銷售量增加，以及為支援既有產品之維持性工程活動減少。

SG&A expense for the first 3 quarters of fiscal 2018 was $41.3 million or 23% of revenue compared to SG&A expense of $39.8 million or 29% of revenue for the first 3 quarters of fiscal 2017. The increase in SG&A expense was primarily due to the impairment charges totaling $1 million related to our Turkish majority-owned subsidiary during the 3 months ended October 28, 2017.

2018 會計年度前三季的銷售、一般及行政（SG&A）費用為 4,130 萬美元或占收入 23%，相較於 2017 會計年度前三季 SG&A 費用 3,980 萬美元或占收入 29%。SG&A 費用增加主要由於截至 2017 年 10 月 28 日止三個月期間，與我們在土耳其之多數持股子公司相關的減損費用合計 100 萬美元。

R&D expense for the first 3 quarters of fiscal 2018 was $21 million or 12% of revenue compared to R&D expense of $25.1 million or 18% of revenue for the first 3 quarters of fiscal 2017.

2018 會計年度前三季的研發（R&D）費用為 2,100 萬美元或占收入 12%，相較於 2017 會計年度前三季研發費用 2,510 萬美元或占收入 18%。

Net other income for the first 3 quarters of fiscal 2018 was $1.3 million compared to prior year net other income of $0.8 million. The net other income increase was primarily due to the foreign exchange loss in the prior year and higher short-term interest rates in fiscal 2018.

2018 會計年度前三季的其他淨收益為 130 萬美元，相較於前一年度其他淨收益 80 萬美元。其他淨收益增加主要由於前一年度的外匯損失，以及 2018 會計年度較高的短期利率。

The provision for income taxes for the first 3 quarters of fiscal 2018 was $0.3 million compared to a benefit for income taxes of $2.8 million for the first 3 quarters of fiscal 2017. The effective income tax rate was 12.6% for the first 3 quarters of fiscal 2018 as compared to an effective income tax rate of 13.6% for the first 3 quarters of fiscal 2017.

2018 會計年度前三季的所得稅費用為 30 萬美元，相較於 2017 會計年度前三季所得稅利益 280 萬美元。2018 會計年度前三季的有效所得稅率為 12.6%，相較於 2017 會計年度前三季的有效所得稅率 13.6%。

The year-to-date fiscal 2018 effective tax rate included the impact of the Tax Cut and Jobs Act of 2017, which included an estimated onetime expense of $3.1 million related to remeasuring our deferred tax assets and liabilities. We expect the full year 2018 effective tax rate to be higher than 2017. The unfavorable impact from the tax law change in fiscal 2018 has been partially offset by the discrete excess tax benefit from the vesting of equity awards, the third quarter reversal of an uncertain tax position and favorable return to provision adjustments. For future fiscal years with higher pretax income, we anticipate a lower full year effective tax rate in the range of 11% to 18%.

2018 會計年度年初至今的有效稅率包含 2017 年《減稅與就業法案》（Tax Cut and Jobs Act）的影響，其中包括與重新衡量我們的遞延所得稅資產與負債相關的估計一次性費用 310 萬美元。我們預期 2018 全年有效稅率將高於 2017 年。2018 會計年度稅法變更帶來的不利影響，已部分被以下因素抵銷：股權獎酬歸屬所產生的一次性超額稅務利益、第三季對不確定稅務立場的回轉，以及申報與提列差異調整帶來的有利影響。對於未來會計年度在稅前所得較高的情況下，我們預期全年有效稅率將較低，約落在 11% 至 18% 的區間。

Equity method investment activity, net of tax, for the first 3 quarters of fiscal 2018 was a loss of $0.4 million compared to equity method investment activity, net of tax loss of $0.1 million for the first 3 quarters of fiscal 2017.

2018 會計年度前三季按權益法認列之投資活動（稅後）為虧損 40 萬美元，相較於 2017 會計年度前三季按權益法認列之投資活動（稅後）虧損 10 萬美元。

Net income attributable to AeroVironment for the first 3 quarters of fiscal 2018 was $1.7 million or $0.07 earnings per diluted share compared to net loss attributable to AeroVironment for $18 million or a $0.78 loss per share for the first 3 quarters of fiscal 2017.

2018 會計年度前三季歸屬於 AeroVironment 的淨利為 170 萬美元，或稀釋後每股盈餘 0.07 美元；相較於 2017 會計年度前三季歸屬於 AeroVironment 的淨損 1,800 萬美元，或每股虧損 0.78 美元。

Our funded backlog as of January 27, 2018, was $123.5 million, a decrease of $3.6 million or 3% from the second quarter of fiscal 2018 and a decrease of $4.6 million or 4% from the third quarter of fiscal 2017.

截至 2018 年 1 月 27 日，我們的已獲資金支持之在手訂單（funded backlog）為 1 億 2,350 萬美元，較 2018 會計年度第二季減少 360 萬美元或 3%，並較 2017 會計年度第三季減少 460 萬美元或 4%。

Turning to our balance sheet. Cash, cash equivalents and investments at the end of the third quarter fiscal 2018 totaled $260.7 million, a decrease of $0.2 million from the end of the second quarter fiscal 2018 and an increase of $18.7 million from the end of fiscal 2017. Net accounts receivable, including unbilled receivables and retention at the end of the third quarter fiscal 2018, totaled $50.7 million, an increase of $2.1 million from the end of the second quarter of fiscal year 2018. Total days sales outstanding for the third quarter fiscal 2018 was approximately 70 days compared to 55 days from the prior quarter and 68 days for the third quarter of fiscal 2017.

接著看我們的資產負債表。2018 會計年度第三季末的現金、約當現金及投資合計 2 億 6,070 萬美元，較 2018 會計年度第二季末減少 20 萬美元，並較 2017 會計年度末增加 1,870 萬美元。2018 會計年度第三季末的應收帳款淨額（包含未開立帳單之應收款及保留款）合計 5,070 萬美元，較 2018 會計年度第二季末增加 210 萬美元。2018 會計年度第三季的應收帳款週轉天數（DSO）約為 70 天，相較於前一季的 55 天，以及 2017 會計年度第三季的 68 天。

Net inventory at the end of the third quarter fiscal year 2018 was $77.3 million compared to $76 million at the end of the prior quarter. Days in inventory for the third quarter fiscal 2018 were approximately 159 days compared to 156 days for the prior quarter and 165 days for the third quarter fiscal 2017.

2018 會計年度第三季末的存貨淨額為 7,730 萬美元，相較於前一季末的 7,600 萬美元。2018 會計年度第三季的存貨天數約為 159 天，相較於前一季的 156 天，以及 2017 會計年度第三季的 165 天。

Turning to capital expenditures. In the third quarter fiscal year 2018, we invested approximately $2.4 million in property improvements and capital equipment and recognized $1.9 million of depreciation and amortization expense.

接著談資本支出。在 2018 會計年度第三季，我們約投入 240 萬美元於不動產改善及資本設備，並認列 190 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 $182 million; third quarter ending backlog that we expect to execute in fiscal 2018 of $69 million; Q4 quarter-to-date bookings that we anticipate to execute in fiscal 2018 of $38 million; no unfunded backlog from incrementally funded contracts; and revenues needed to hold EES revenues flat relative to last year of $1 million. This adds up to $290 million or 100% at the midpoint of revenue guidance.

現在更新我們對 2018 會計年度的可見度。截至今日，我們在 2018 會計年度年初至今的收入為 1 億 8,200 萬美元；第三季期末在手訂單中我們預期於 2018 會計年度執行的金額為 6,900 萬美元；第四季截至目前的接單中我們預期於 2018 會計年度執行的金額為 3,800 萬美元；來自逐步撥款合約的未獲資金支持之在手訂單為零；以及為使 EES 收入相較去年持平所需的收入為 100 萬美元。上述合計為 2 億 9,000 萬美元，亦即在收入指引中點達成 100%。

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

現在我想把話題交回給Wahid，請他談談AV對2018財政年度剩餘期間的展望。

Thank you, Teresa. As I stated earlier, we are on track with our plans for fiscal 2018. Our persistence and strategy are translating into higher demand for our uniquely differentiated solutions from our DoD and international customers, and we've made strong progress with HAPS and CIS in strategic commercial markets. As always, there are timing risks relating to government approvals for exports and contracts, particularly related to the LMAMS contract I mentioned earlier. However, with our 100% visibility, we reiterate our annual guidance of $280 million to $300 million in revenue and $0.45 to $0.65 in diluted earnings per share. We also continue to expect research and development investments of 9% to 10% of revenue this fiscal year. We are confident in our ability to manufacture and deliver in the fourth quarter to meet our customers' delivery schedules and achieve our guidance. The strong order flow we've generated this fiscal year supports healthy funded backlog beyond fiscal 2018. In total, U.S. Department of Defense procurement requests of nearly $200 million for small UAS and Switchblade provide the potential for continued strong visibility into government fiscal year '19.

謝謝你，Teresa。如我先前所述，我們正按計畫推進2018財政年度的各項安排。我們的堅持與策略正轉化為國防部（DoD）與國際客戶對我們具高度差異化解決方案的更高需求，同時我們也在策略性商業市場中，於HAPS與CIS方面取得了強勁進展。一如既往，出口與合約的政府核准時點存在時程風險，尤其是與我先前提到的LMAMS合約相關。然而，基於我們100%的可視性，我們重申全年指引：營收2.8億至3.0億美元，以及稀釋後每股盈餘0.45至0.65美元。我們也仍預期本財政年度研發投資將占營收的9%至10%。我們對於在第四季完成製造與交付、以符合客戶交付時程並達成指引，充滿信心。本財政年度所帶動的強勁訂單流，支持2018財政年度之後仍維持健康的已獲資金支持之在手訂單（funded backlog）。整體而言，美國國防部對小型UAS與Switchblade近2億美元的採購需求，為政府2019財政年度提供了持續強勁可視性的潛力。

To reiterate our main messages today. First, we successfully executed our plan in the third quarter. Second, continued strong backlog supported by significant order flow in the quarter increased our visibility into our full year revenue and EPS objectives. And third, with the formation of our HAPSMobile JV with SoftBank Corp. and its $65 million contract to AeroVironment, we have launched our global next-generation broadband communication business.

再次重申我們今天的主要訊息。第一，我們在第三季成功執行了我們的計畫。第二，在本季顯著訂單流的支持下，持續強勁的在手訂單提升了我們對全年營收與每股盈餘（EPS）目標的可視性。第三，隨著我們與SoftBank Corp.成立HAPSMobile合資企業（JV），以及其對AeroVironment的6,500萬美元合約，我們已啟動全球下一代寬頻通訊業務。

Thank you for your continued support, and thanks to all our employees for their hard work in serving our customers and delivering on our promise to help them proceed with certainty. We remain committed to delivering transformational innovations and creating significant value for stockholders.

感謝各位持續的支持，也感謝所有員工辛勤付出，服務客戶並兌現我們協助客戶「確定前行」的承諾。我們仍致力於提供具變革性的創新，並為股東創造顯著價值。

Teresa, Steve and I will now take your questions.

Teresa、Steve和我現在開始回答各位的提問。

(Operator Instructions) From Stifel, we have Joseph DeNardi.

(接線員指示) 來自Stifel的Joseph DeNardi。

Wahid, I can't think of a time since AV has been public, at least, where there's more going on, and you've always talked about how it's hard to predict revenues just given uncertainty around the timing and magnitude of adoption of some of your capabilities. But if you could just maybe step back and put timing aside and look out maybe 3 or 4 or 5 years, why shouldn't revenues be kind of multiples higher -- of where they are now given the opportunities in front of you?

Wahid，自從AV上市以來，至少在我印象中，從未有過像現在這麼多事情同時在進行；而你也一直提到，由於你們某些能力的採用時點與採用幅度存在不確定性，因此很難預測營收。但如果你能先把時點因素放一邊，往前看3年、4年或5年，考量你們面前的機會，為什麼營收不應該比現在高出好幾倍呢？

First and foremost, very good points. I've been here for over 7 years and at this position for almost 2 years. And I do agree with you that our -- the demands and the strategic growth initiatives that we've got in -- within our business does look better than I can recall in my recent history here with the company. And that's primarily what I referred to, the direct outcome and results of our strategy and execution and commitment to our long-term stockholder value creation and strategic value creation. So if you look at every aspect of our business, from our domestic small UAS business where we enjoy very strong market share and we have very satisfied customers, we see strong demand signals there. Our Tactical Missile Systems business, we've grown that business significantly and we see also significant strong growth signals on that business. The launch of our commercial information solutions business is very early in a very large potential long-term market and opportunity. And of course, with our solar HAPS business that we just launched our joint venture, it essentially sets and launches our global stratospheric broadband communication business. We're very excited and very focused on execution on that business, and it represents a very large opportunity long term for our 3 stakeholders. And on the EV charging business and EV solutions, obviously, that's directly tied to the adoption of EV market, but the signs there look quite positive as well. So in a nutshell, I could not agree with you more that, in general, our business is doing quite well. We're very satisfied with the execution of our strategy so far for this year, and that's why we confirmed our guidance for this year. Now relating to the size of the revenue and what it could be, we're working on the long-term strategic gets for our business. And with that, it's hard to be able to predict that in a short time frame as to what that would look like. Based on what we see in our pipeline, in our forecast, in our opportunities, in our engagements with our customers in the markets, we feel confident about our confirming of the guidance, and we will update you as we proceed forward.

首先，你的觀點非常到位。我在這裡超過7年，在這個職位也將近2年。我也同意，我們業務中的需求與策略性成長計畫，就我近年在公司任職的記憶而言，確實比以往任何時候都更好。而這主要就是我所指的：我們策略、執行與承諾所帶來的直接成果與結果，目標是創造長期股東價值與策略性價值。因此，如果你檢視我們業務的各個面向，從我們在美國國內的小型UAS業務（我們享有非常高的市占率且客戶滿意度很高），我們看到強勁的需求訊號。在戰術飛彈系統（Tactical Missile Systems）業務方面，我們已大幅成長，且也看到非常顯著的強勁成長訊號。我們的商業資訊解決方案（commercial information solutions）業務才剛起步，面向的是一個非常龐大、具長期潛力的市場與機會。當然，隨著我們剛成立合資企業的太陽能HAPS業務，這實質上奠定並啟動了我們全球平流層寬頻通訊業務。我們對該業務感到非常振奮，也高度聚焦於執行；長期而言，這對我們三方利害關係人而言代表非常巨大的機會。至於電動車（EV）充電業務與EV解決方案，顯然與EV市場的採用進程直接相關，但那裡的跡象也相當正面。總而言之，我非常同意你的看法：整體來說，我們的業務表現相當不錯。我們對今年迄今的策略執行非常滿意，因此我們確認了今年的指引。至於營收規模以及它可能達到的水準，我們正在推進業務的長期策略目標。在此情況下，要在短時間內精準預測其最終樣貌確實很困難。根據我們在管線、預測、機會，以及與客戶與市場互動中所看到的情況，我們對確認指引充滿信心，並會在後續進展中持續向各位更新。

Okay. All right. And then maybe just a little bit more kind of tactical question. If I look at LMAMS procurement from the Army in dollars, it goes from $55 million in FY '17 to $9 million in FY '18 and back up to $113 million in FY '19. You said last fiscal year, the Tactical Missiles business as a whole, I think, was about $75 million. I think maybe half of that was Switchblade or LMAMS. Can you help me understand what we should expect from LMAMS revenue just given the dip in funding in FY '18 and then the rebound in '19?

好的。了解。接著問一個更偏戰術層面的問題。如果我看陸軍在LMAMS採購上的金額，從2017財政年度的5,500萬美元降到2018財政年度的900萬美元，然後在2019財政年度又回升到1.13億美元。你提到上一個財政年度，戰術飛彈業務整體我記得大約是7,500萬美元。我想其中可能有一半是Switchblade或LMAMS。在2018財政年度資金下滑、2019財政年度又反彈的情況下，你能否協助我理解我們對LMAMS營收應有何預期？

Great question, Joe. Very good observations. So if you -- again, if I go back to the earlier statement, being able to slice and dice the -- what I call the data on a short-term basis could give us an optical illusion, I would call it, so of speak, because our business is very focused strategically on the long-term get. So if you look at our historical revenue projections and track record for the Tactical Missile Systems business, we've grown that business very, very handsomely over the last several years. In terms of the demand for this business, as you know, we currently do not have a Program of Record with Switchblade, and there is a stated requirement in a potential Program of Record with the Army called the LMAMS program, which I alluded to. And so demand in terms of consumption and fulfilling that consumption to our customer happens primarily through Joint Urgent Operational Needs Statements and Overseas Contingency Operations in dollars that are really not programmatic. And so from that perspective, it's not unusual to see what I call slight fluctuations on a quarterly or even yearly basis slightly this way or the other way. But in general, if you look at the data, it shows and it supports our successful execution of our strategy and the long-term prospects of value creation because we have established a very, very compelling differentiated solution and value proposition for our solution, and we're expanding the Family of Systems to multiple variants, which are just at the beginning of their development and adoption curve. So over the long run, we feel very strong about our prospects for the Tactical Missile Systems business and the Switchblade Family of Systems. In the short term, you could always see a little bit of different types of profiles based on the timing of these events that take place in terms of procurement cycles.

很好的問題，Joe。觀察得非常到位。如果你——再回到我先前的說法——在短期內把我所稱的數據切分得很細來看，可能會產生一種我稱之為「視覺錯覺」的情況，因為我們的業務在策略上非常聚焦於長期目標。因此，如果你看我們戰術飛彈系統業務的歷史營收預測與實際紀錄，過去幾年我們把這項業務做得非常、非常出色地成長。就此業務的需求而言，如你所知，我們目前的Switchblade尚未成為正式列裝計畫（Program of Record），而陸軍存在一項已明確提出需求、可能成為正式列裝計畫的方案，稱為LMAMS計畫，我先前也提到過。因此，需求在消耗端的發生，以及我們向客戶履行該等消耗的供應，主要是透過「聯合緊急作戰需求聲明」（Joint Urgent Operational Needs Statements）以及「海外應急作戰」（Overseas Contingency Operations）等資金來進行，而這些資金在本質上並非計畫性（programmatic）。從這個角度來看，在季度甚至年度層面出現我所稱的些微波動，往這邊或那邊變動一些，並不罕見。但整體而言，如果你看數據，它顯示並支持我們成功執行策略與長期價值創造前景，因為我們已建立非常、非常具說服力的差異化解決方案與價值主張，同時我們也正把系統家族（Family of Systems）擴展到多種型號，而這些型號才剛開始進入其開發與採用曲線。因此，從長期來看，我們對戰術飛彈系統業務與Switchblade系統家族的前景非常有信心。短期而言，基於採購週期等事件發生的時點，你仍可能會看到一些不同型態的走勢輪廓。

And from Baird, we have Peter Arment.

接著來自 Baird 的 Peter Arment。

Wahid, if I could follow on to just kind of a timing question. You mentioned you were in the process of finalizing another contract with the Army for Switchblade. Is there an expectation of what that timeline looks like?

Wahid，如果我可以接續追問一個關於時程的問題。你提到你們正在完成與陸軍就 Switchblade 的另一份合約定案。是否能預期那個時間表大概會是什麼樣子？

Well, if -- as I said many times before, the timing of these things always, always is one of the most difficult items to predict, primarily because of all the external factors that are involved in the procurement process. So we do have an opportunity and a contract that we're negotiating with the U.S. government. As you know, the government budgeting process and the U.S. DoD budgeting process has been quite a rollercoaster ride in the last few months. And with the government shutdown and all those related activities and events, sort of made it more difficult to be able to predict exactly when we will be able to definitize that contract. As you see from our develop -- our production plans and expected demand, we have prepared for that opportunity in terms of production capacity and inventory. We stand ready to deliver and execute on that contract as soon as we definitize with the customer. However, the timing of that could be any day or month, and it's very difficult to time it exactly and accurately.

嗯——正如我之前多次提到的，這類事情的時程一向、一向是最難預測的項目之一，主要是因為採購流程中牽涉到許多外部因素。因此，我們確實有一個機會，並且正在與美國政府協商一份合約。如你所知，政府預算流程以及美國國防部（DoD）的預算流程在過去幾個月可說是相當顛簸起伏。再加上政府關門以及所有相關活動與事件，使得要精準預測我們何時能把該合約完成定案變得更困難。從我們的開發——我們的生產計畫與預期需求來看，我們已就這個機會在產能與庫存方面做好準備。一旦與客戶完成合約定案，我們隨時準備交付並執行該合約。然而，時程可能是任何一天或任何一個月，確實很難精確且準確地掌握。

Okay. That's helpful. And just if I could squeeze in one more, just on the -- congrats on the Puma contract announcement, but could you give us any more color on the timeline you expect the deliveries to occur with that?

了解。這很有幫助。另外如果我可以再塞一個問題——先恭喜你們宣布 Puma 合約，但能否再多提供一些你們預期該合約交付發生的時間線細節？

No problem, Peter. So obviously, this is a historic, again, achievement for AeroVironment. It's the largest ever international contract for small UAS for $44.5 million from a Middle Eastern country. So, a, we're very pleased with this contract, number one. It supports our strategic long-term objective of growing our international customer base as well as deepening our relationship with those customers, and this is another example of that. We have also -- as I said earlier, as I said, the inventory levels that we have built and capacity that we've increased in terms of our production is specifically for these types of opportunities, not just this one but, in general, these types of opportunities. So we intend to execute on this contract very quickly, and we stand ready to deliver. As we have more updates, we will update you within the next quarters to come.

沒問題，Peter。很明顯地，這再次是 AeroVironment 一項具有歷史意義的成就。這是來自某個中東國家、金額 4,450 萬美元、針對小型無人機系統（small UAS）的史上最大國際合約。所以第一，我們對這份合約非常滿意。它支持我們長期策略目標：擴大國際客戶基礎，同時深化與這些客戶的關係，而這就是另一個例子。此外——如我先前所說，我們建立的庫存水位以及在生產方面提升的產能，正是為了這類機會而準備，不僅是這一筆，而是整體而言這類機會。因此我們打算非常快速地執行這份合約，並且隨時準備交付。後續如有更多更新，我們會在接下來的幾個季度向各位更新。

From Canaccord Genuity, we have Ken Herbert.

接著是來自 Canaccord Genuity 的 Ken Herbert。

Wahid, I just wanted to just clarify. So it sounds like with -- and Teresa, the numbers you went through, you've got effectively 100% of the revenues either that you had in the backlog coming out of the third quarter or that you've booked so far this quarter that gets you to the midpoint of the full year guidance range. So anything that is booked and shipped between now and the end of April would be upside to the midpoint. Am I understanding that correctly?

Wahid，我只是想釐清一下。所以聽起來——還有 Teresa，你剛剛帶過的那些數字——你們基本上已經把第三季末在積壓訂單（backlog）中的收入，或是本季迄今已簽下的收入，等於 100% 都涵蓋在內，這些就足以讓你們達到全年財測區間的中點。所以從現在到 4 月底之間，任何新增簽約並出貨的部分，都會成為高於中點的上行空間。我這樣理解對嗎？

So, Ken, that's a very good point. We basically looked at our forecast and opportunities and the orders and the timing of various hurdles that we have to go through in order to be able to ship the product and recognize revenue. So we -- for those all reasons and those -- and probably many more, we reiterated and confirmed our previous guidance of $280 million to $300 million and EPS of $0.45 to $0.65. Obviously, there's always upside and downside risks and opportunities to our forecast and our guidance. Given the nature of our business and the various -- for example, export licenses, contracting definitization and paperwork that we have to achieve and complete, we're not at a point where we feel to change our guidance. And we feel strongly and confident about our execution capability, and we are going to provide you an update as we progress through the fourth quarter.

Ken，你提得很好。我們基本上檢視了我們的預測與機會、訂單，以及為了能出貨並認列收入所必須跨越的各項關卡之時程。因此，基於這些原因——以及可能還有更多原因——我們重申並確認先前的財測：營收 2.8 億至 3 億美元，EPS 為 0.45 至 0.65 美元。當然，我們的預測與指引一向存在上行與下行的風險與機會。考量我們業務的性質以及各種因素——例如出口許可、合約定案以及我們必須完成的文件流程——我們目前還不到要調整指引的程度。我們對自身的執行能力非常有信心，並且會在第四季推進過程中向各位提供更新。

Okay. No, that's fair. I can appreciate there's obviously a lot of moving pieces. I guess maybe another way to ask the question is, if you look at -- because historically, the fourth quarter is a very -- sort of, you typically end the year on a very strong note. If you look at the last few years, could you just talk about maybe how much of the business you typically sort of booked and shipped in the fourth quarter? I mean, I guess what I'm getting at is, with 2/3 of the quarter still here to come, what's been a historical pattern that you've seen for fourth quarter bookings and shipments that we might think about as it applies to this year?

了解。不，這樣很合理。我能理解顯然有很多變動因素。我想也許換個方式問：因為歷史上第四季通常——你們通常會在年底以非常強勁的表現作結。如果看過去幾年，你們能否談談通常有多少業務是在第四季簽下並出貨的？我的意思是，現在距離季末還有大約 2/3 的時間，過去你們看到的第四季接單與出貨的歷史模式是什麼，我們可以如何用來思考今年的情況？

Yes. So we are in a slightly -- we are in a better position this year than before, as I said, because of our visibility for the full year, midpoint of our guidance, as Teresa outlined in the details, and she can add more points to this thing. What I would tell you, though, is that our ability to book additional orders throughout the fourth quarter for the fiscal year, obviously, is there. However, as the window shrinks over the next 2 months or 1.5 months, that probability decreases as time goes forward. But the most important criteria for a lot of this is really our customers' demands and requirements and expectations. And whatever their needs and demands are take high priority to everything else that we do, followed obviously by the contractual and timing risks related to the -- what I call the logistics of transacting these contracts. So therefore, we do have visibility. And what I outlined in my remarks, you also saw a strong amount of demand for our products beyond fiscal '18. And literally, $200 million worth of potential demand request by the President's federal government year '19 budget request, that's already into the budget plans that has been submitted, and it's public now. So those things, I believe, it's very positive for fiscal '19 and beyond. As far as fiscal '18 and this year is concerned, the window is short, and we feel strongly about our ability to execute and deliver on our reconfirmed guidance. Anything you'd like to add, Teresa?

是的。所以如我所說，今年我們處於一個略微——我們今年的狀況比以前更好，因為我們對全年、也就是指引中點的能見度更高；正如 Teresa 在細節中所概述的，她也可以再補充幾點。不過我想告訴你的是，我們在第四季整個會計年度期間持續取得額外訂單的能力，顯然是存在的。然而，隨著接下來 2 個月或 1.5 個月時間窗口縮短，這個機率會隨時間推進而下降。但其中最重要的判準，其實是客戶的需求、要求與期待。他們的需要與需求會優先於我們做的其他一切，其次當然是與——我所稱的——這些合約交易「物流」相關的合約與時程風險。因此，我們確實具備能見度。而且如我在發言中提到的，你們也看到我們產品在 2018 會計年度之後仍有強勁需求。此外，總統聯邦政府 2019 年度預算提案中提出的潛在需求請求金額高達 2 億美元，這已經納入並提交的預算規劃中，而且現在也已公開。所以我認為，這些對 2019 會計年度及之後都非常正面。至於 2018 會計年度與今年而言，時間窗口很短，但我們對於依照重申的指引執行與交付的能力很有信心。Teresa，你還想補充什麼嗎？

Yes. Ken, one of the things that I talked about in my visibility walk-down is that we did have a high number of quarter-to-date bookings that we expect to execute. So in that, we have $38 million thus far in the quarter. So that was very strong. And last year, in the fourth quarter, those came in a little bit later. And so at this time last year, our visibility was at 94.5%, so we are a little bit higher than we were last year.

是的。Ken，我在能見度逐步拆解（visibility walk-down）中提到的一點是，我們本季迄今有相當高的接單金額，而且我們預期能夠執行。就此而言，本季迄今我們已達 3,800 萬美元。所以這非常強勁。而去年第四季，這些訂單進來得稍微晚一些。因此在去年同一時間點，我們的能見度是 94.5%，所以我們目前比去年略高一些。

From Piper Jaffray, we have Troy Jensen.

來自 Piper Jaffray 的 Troy Jensen。

Maybe a couple for Wahid here. It sounds like -- on that $45 million contract, it sounds like you can't give us details on when it starts and the duration of it. But then in addition to that, can you just talk about the pipeline of other international deals? Are there other opportunities of this size in the pipeline?

這邊可能有幾個問題要問 Wahid。聽起來——關於那份 4,500 萬美元的合約，似乎你無法提供何時開始以及合約期間的細節。除此之外，你能否談談其他國際交易的案源（pipeline）？在案源中是否還有其他同等規模的機會？

Sure. So as I've said in my earlier remarks, the demand for our small UAS products is healthy and strong across the board, both from domestic customers and multiple different domestic customers. I mentioned the U.S. Army, the U.S. Air Force as well as the Department of Homeland Security. We also have very strong and broad customer demand for our small UAS internationally. This has been part of our strategy since the beginning of this business, and we have grown and delivered on that strategic objective very well, in my assessment over the last several years. And so this is one example of such opportunity. At any given time, we have a number of different opportunities globally, which I'm not able to go into more details in the specifics for multiple reasons. However, we intend to update you as we make progress. And the number of international customers for us now has grown over 40 countries all over the world. And we believe that as part of our long-term strategy for success in this business, we need to not only grow the breadth of our customer base but also the depth of our relationships with those customers, with support -- logistics support services in each country or regions of the world with larger contracts, Family of Systems sales and multiple branches of the U.S -- or the government's DoD departments. So in general, we feel very strong about our prospect for long-term growth in this business.

當然。如同我先前的發言所說，我們的小型 UAS 產品需求整體而言健康且強勁，來自國內客戶的需求很旺盛，而且是多個不同的國內客戶。我提到過美國陸軍、美國空軍以及國土安全部。我們在國際市場對小型 UAS 的客戶需求也非常強勁且廣泛。這自本業務一開始就是我們策略的一部分；依我評估，過去幾年我們在這項策略目標上成長並交付成果做得很好。因此，這就是其中一個機會的例子。在任何時點，我們在全球都有多個不同的機會，但基於多種原因，我無法就具體細節做更深入說明。不過，我們會在取得進展時向各位更新。目前我們的國際客戶數已成長到遍布全球超過 40 個國家。我們相信，作為我們在此業務長期成功策略的一部分，我們不僅需要擴大客戶基礎的廣度，也要加深與這些客戶的關係深度，並在各國或各區域提供支援——包含後勤支援服務、較大型合約、系統家族（Family of Systems）銷售，以及美國政府的國防部（DoD）各部門的多個分支。總體而言，我們對於此業務的長期成長前景非常有信心。

All right. Perfect. I have one follow-up maybe for Teresa here. If you look at the EES business, I'd just be curious to know if this current run rate of $35 million to $40 million, is the business profitable? And then if so, is there any thoughts of an acceleration in demand for EES?

好的。非常好。我可能有一個追問想請 Teresa 回答。如果看 EES 業務，我想了解目前每年 3,500 萬到 4,000 萬美元的營運速度（run rate），這項業務是否有獲利？如果有的話，對 EES 需求是否有任何加速的看法？

Yes, Troy. From the EES side of business, we report down to the gross margin level. It's how we report those numbers. So we don't talk about down to the operating profit level.

是的，Troy。就 EES 這邊的業務而言，我們的揭露是到毛利率層級。我們就是以這種方式報告這些數字。因此我們不會談到營業利益層級。

From Drexel Hamilton, we have Brian Ruttenbur.

來自 Drexel Hamilton 的 Brian Ruttenbur。

Just a couple of quick questions. On your pricing of your commercial drone that you've talked about, you mentioned $16,500 per year. Can you tell us a little bit more specifics? And how many of those have you actually sold or sold that subscription to?

我有幾個簡短問題。關於你們提到的商用無人機定價，你提到每年 16,500 美元。能否提供更具體一些的細節？以及你們實際上已經賣出多少套，或售出多少份該訂閱？

Sure. This is Wahid. I'll take that question. We just launched this business, as you know. We're in the very early stages of this very long-term and large potential opportunity in terms of building that business, developing that business and ensuring that we're at the forefront of the adoption curve in that market. The price that I mentioned, $16,500, it's made up of 2 pieces. It's -- you get a full system, which is the Quantix drone with the tablet that comes along with it and the packaging that goes along with that. In addition to that, you also get a 1-year subscription for the AV Decision Support System software platform. That is the AV DSS software platform, which then the user uses the drone and the tablet to collect the data, and then for advanced analytics, they load it into our cloud and then we process the data on AV DSS and then they can get actionable intelligence so they can make more informed decisions. So the price that we've launched, we intentionally packaged and bundled this because we have learned from our customer engagements that they want a simple, hassle-free solution that they can not only buy but also use and operate. And so that price is at $16,500. Now in addition to that, you asked the question about our status and our progress. We believe that the early education of getting the customer to understand the value proposition and how to use these systems is a very significant piece of the long-term strategic get and success. And so, therefore, we're really focused this quarter on onboarding our dealer channel and making sure that the customer sees value and the end outcome or end product being actionable intelligence. And so then this will actually essentially accelerate adoption and usage and growth in that market. So that's where we're really focused on. In the next quarters, as we make progress throughout the process, we'll provide you with more updates.

當然。我是 Wahid。我來回答這個問題。如各位所知，我們剛推出這項業務。就建立與發展這項業務而言，我們仍處於非常早期的階段；這是一個非常長期且潛力巨大的機會，我們要確保自己站在該市場採用曲線（adoption curve）的最前沿。我提到的 16,500 美元價格由兩部分組成。也就是——你會得到一套完整系統，包括 Quantix 無人機、隨附的平板電腦，以及相關包裝。此外，你也會得到 AV Decision Support System 軟體平台的一年期訂閱。也就是 AV DSS 軟體平台：使用者用無人機與平板收集資料，接著為了進階分析把資料上傳到我們的雲端；我們在 AV DSS 上處理資料，然後他們就能取得可採取行動的洞察（actionable intelligence），以做出更有依據的決策。因此，我們推出的定價是刻意以套裝方式打包與綁定，因為從與客戶互動中我們了解到，他們希望有一個簡單、免麻煩的解決方案，不僅能購買，也能使用與操作。所以這個價格是 16,500 美元。另外，你也問到我們目前的狀態與進展。我們認為，在早期教育客戶理解價值主張以及如何使用這些系統，是長期策略取得與成功中非常重要的一環。因此，本季我們非常專注於讓經銷通路上線（onboarding），並確保客戶看見價值，而最終成果或最終產品是可採取行動的洞察。這將實質上加速該市場的採用、使用與成長。所以這是我們目前真正聚焦的方向。接下來幾季，隨著我們在整個流程中取得進展，我們會提供各位更多更新。

Okay. Can you -- just as a follow-up, can you tell us the number of dealers that you have, ballpark-ish? And then the margins you expect, are they above or below average margins?

好的。那我追問一下，你能否告訴我們你們大概有多少家經銷商（大概的數字即可）？另外，你們預期的毛利率是高於還是低於平均毛利率？

Sure. So, Brian, in terms of the dealers, for competitive reasons, we are not disclosing the specific number of dealers that we're involved in. What I mentioned on my remarks earlier, though, is that we're primarily focused on 2 regions of the United States, the Central Valley of the California market, which is a very strong agricultural market; also, the Corn Belt of the Midwest. In those 2 markets is where we're establishing our dealer channel. We're educating, we're signing them up, we're training them and we'll be doing the onboarding process. And from there, we're going to build our base and grow this business over time. In terms of the margins of this product, as Teresa mentioned earlier, we provide margin details up to the segment levels of our businesses. We do not break down the margins relative to each individual products, primarily for competitive reasons. And at this -- we intend, long term, to make money in this business. Like all of our businesses, that is our end goal. And as you can see from the solution set, part of the sale and the revenue and profit equation is from the hardware sale up front. But really, the long-term value and revenue and profit also comes from the software services as it's referred to Software-as-a-Service business or Data-as-a-Service business. So those are the components of the economic equation related to this business, which we have believed from the beginning that represents a very large long-term opportunity for us to engage in.

當然。Brian，關於經銷商數量，基於競爭因素，我們不會揭露我們合作的具體經銷商家數。不過我在先前的發言中提到，我們主要聚焦美國兩個區域：加州市場的中央谷地（Central Valley），那是一個非常強勁的農業市場；以及中西部的玉米帶（Corn Belt）。我們正在這兩個市場建立經銷通路。我們在進行教育、簽約、訓練，並會完成上線導入流程。接著我們將從那裡建立基礎，並隨時間推進擴大這項業務。至於這項產品的毛利率，如 Teresa 先前所提，我們提供的毛利資訊是到各事業部門（segment）層級。我們不會把毛利率拆到單一產品層級，主要也是基於競爭因素。而在這——我們長期的意圖是要在這項業務上賺錢。如同我們所有業務一樣，這是我們的最終目標。而且從這套解決方案你可以看到，銷售、營收與獲利方程式的一部分來自前端的硬體銷售。但真正的長期價值、營收與獲利也來自軟體服務，也就是所謂的軟體即服務（Software-as-a-Service）或資料即服務（Data-as-a-Service）業務。因此，這些就是與該業務相關的經濟方程式組成要素；我們從一開始就相信，這代表對我們而言非常龐大的長期機會，值得投入參與。

(Operator Instructions) And we do have Joseph DeNardi back online.

(接線員指示) 我們已讓 Joseph DeNardi 重新連線上線。

Wahid, I think in the press release where you announced the JV with SoftBank, you described it as historic. I don't think the market is really viewing it as historic or understanding why it would be historic. So can you just talk about what you mean by historic and what we should expect from the joint venture in terms of shareholder value?

Wahid，我想在你們宣布與 SoftBank 成立合資企業的新聞稿中，你把它形容為具有歷史意義。我不認為市場真的把它視為具有歷史意義，或理解為什麼它會具有歷史意義。所以你能否談談你所說的「歷史性」是什麼意思，以及就股東價值而言，我們應該對這家合資企業抱持什麼樣的期待？

So, Joe, I could not agree with you more in terms of the significance, the historical as well as strategic significance and importance of this joint venture and this launch of this business. We, as a company, have been in pursuit of this type of an arrangement in this kind of a business venture for multiple decades. And we have a tremendous track record; undoubtedly, the best track record in the world. And we're uniquely qualified in the world who can actually design, build and establish this stratospheric Pseudo-Satellite High-Attitude airplane. And we have a number of historical achievements and world records, one of which still stands after a decade plus of achieving it. And so what I mean by that is that the world's appetite for broadband communication is only going to increase and grow over time based on many, many different sources. And this platform and this solution set, we always believed, is going to be a game changer in this multi, multibillion dollar global market and of opportunity. And so not only are we uniquely qualified, we also have -- very fortunate to have a strategic partner that shares that same vision with us. They see this exactly how we've seen it for a long time. And after a -- what I call an exhaustive search, both parties came to the conclusion that this is the right partnership for us to launch this business. And I can't speculate on the market's understanding of that, but I will tell you that based on our assessment and our understanding of the opportunity and our ability to execute on this, this represents a very large significant global opportunity for us in the long run. And we're very excited on the launch of the business and as well as we'll keep you updated on our progress.

所以，Joe，就其重要性而言——無論是歷史性還是策略性的重大意義與重要性——我完全同意你的看法，這項合資以及這項業務的啟動都非常關鍵。我們公司為了追求這類安排與這種業務投資，已經努力了數十年。而且我們有非常卓越的實績；毫無疑問，是全球最好的實績。我們在全球具備獨特資格，能夠真正設計、建造並建立這種平流層偽衛星高空飛機平台。我們也有多項歷史性成就與世界紀錄，其中一項在達成十多年後至今仍然保持。因此，我所說的是：全球對寬頻通訊的需求只會隨時間增加並持續成長，背後有許多不同的驅動來源。而我們一直相信，這個平台與這套解決方案將會在這個數十億、甚至數百億美元規模的全球市場與機會中，成為改變遊戲規則的關鍵。因此，我們不僅具備獨特資格，也非常幸運能有一位與我們共享同樣願景的策略夥伴。他們對此的看法，正如我們長期以來所看到的一樣。在我所稱的「徹底搜尋」之後，雙方都得出結論：這是我們啟動這項業務的正確合作夥伴關係。我無法揣測市場對此的理解程度，但我可以告訴你，基於我們對機會的評估與理解，以及我們執行的能力，長期而言，這對我們代表著非常龐大且重大的全球性機會。我們對於業務的啟動感到非常振奮，也會持續向各位更新我們的進展。

Okay. And then just maybe going back to the first question I asked, I think, on tactical missiles and Army procurement funding, the $75 million that TMS generated last fiscal year. Should our expectation be that, that number goes down in FY '18 when you guys hopefully give us an update on that next quarter and then it goes back up in FY '19 just given the trend of Army procurement funding? Is that the expectation?

好的。然後也許回到我第一個問題，我想是關於戰術飛彈與陸軍採購經費，也就是 TMS 在上一財年創造的 7,500 萬美元。我們是否應該預期，在 FY '18 這個數字會下降——你們希望在下季給我們更新——然後在 FY '19 又會回升，考量到陸軍採購經費的趨勢？這是預期嗎？

Well -- so, Joe, the way I would answer that is if I could predict the timing of that JUONS contract that we're in negotiation for the definitization, I would be able to give you a more confident answer on that. Net-net, I think the take away that I have is we have healthy, long-term demand for this product. We've established a new category of loitering munition systems in the business of munitions, which is a multibillion dollar market opportunity. We're developing multiple variants of that solution. We're making significant progress with our customers in terms of consumption and deploying them more and to the use of the users and saving lives as well as our portfolio of tactical missile system has tremendous long-term potential as a business. So with all that, I wouldn't be able to provide any more specific details on the timing of the revenue for the fiscal year and fourth quarter primarily due to the timing of the procurement process of the U.S. DoD. But in general, we feel very strong about our business and prospects for the long-term value creation.

嗯——所以，Joe，我會這樣回答：如果我能預測我們正在就定案（definitization）進行談判的那份 JUONS 合約的時間點，我就能更有把握地回答你。總的來說，我的重點是：我們對這項產品有健康的長期需求。我們在彈藥業務中建立了一個新的「滯空彈藥系統」類別，而這是一個數十億美元規模的市場機會。我們正在開發該解決方案的多種型號。我們在客戶端的消耗與部署方面取得了顯著進展，讓使用者能更廣泛地運用並拯救生命；同時，我們的戰術飛彈系統產品組合也具有非常可觀的長期商業潛力。因此，基於上述因素，我無法就本財年與第四季營收的時間點提供更具體的細節，主要是因為美國國防部（U.S. DoD）的採購流程時程所致。但整體而言，我們對自身業務以及長期價值創造的前景非常有信心。

We will now turn it back to Steve Gitlin for closing comments.

我們現在把時間交回給 Steve Gitlin 作結語。

Thanks, Brandon, and thank you all for your attention today 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. We look forward to speaking with you again following next quarter's results. Good day.

謝謝你，Brandon，也感謝各位今天的關注，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 查閱。我們期待在下季財報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 joining. 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。您現在可以掛線。