AeroVironment Inc (AVAV) 2018 Q4 法說會逐字稿

Welcome to the AeroVironment, Inc.

歡迎來到 AeroVironment, Inc.

Fourth Quarter and Full Fiscal 2018 Earnings Call.

2018 年第四季度和完整財報電話會議。

My name is Adrianne, and I'll be your operator for today's call.

我叫阿德里安娜，我將擔任您今天通話的接線員。

(Operator Instructions) Please note, this conference is being recorded.

（操作員說明）請注意，本次會議正在錄製中。

I'll now turn the call over to Steve Gitlin.

我現在將把電話轉給史蒂夫·吉特林。

Steve Gitlin, you may begin.

史蒂夫·吉特林，你可以開始了。

Thank you very much, Adrianne, and welcome to our fourth quarter and full fiscal 2018 earnings call.

非常感謝您，Adrianne，歡迎參加我們的第四季度和 2018 財年完整財報電話會議。

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.

請注意，在本次電話會議中，提供的某些信息包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements; and may contain words such as believe, anticipate, expect, estimate, intend, project, plan or words or phrases with similar meaning.

前瞻性陳述包括但不限於任何可能預測、預告、表明或暗示未來結果、業績或成就的陳述；並且可能包含相信、預期、期望、估計、打算、項目、計劃等詞語或具有類似含義的詞語或短語。

Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties including, but not limited to, economic, competitive, governmental and technological factors outside of our control that may cause our business strategy or actual results to differ materially from the forward-looking statements.

前瞻性陳述基於當前的預期、預測和假設，涉及風險和不確定性，包括但不限於我們無法控制的經濟、競爭、政府和技術因素，這些因素可能導致我們的業務戰略或實際結果與實際結果存在重大差異。前瞻性陳述。

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 develop programs; changes in the timing and/or amount of government spending; risks -- our ability to perform under existing contracts, including the asset purchase agreement for the proposed sale of our EES business and obtain new contracts; 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; failures of the markets in which we operate to grow; uncertainty in the customer adoption rate of commercial Unmanned Aircraft Systems; 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.

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；美國政府為國防採購和研發項目提供資金的情況；政府支出的時間和/或金額發生變化；風險——我們履行現有合同的能力，包括擬議出售我們的 EES 業務的資產購買協議以及獲得新合同的能力；與我們的國際業務相關的風險，包括遵守出口管制法律；為應對未來發展而改變我們長期戰略的潛在需要；管理我們與美國政府和國際客戶的合同的廣泛監管要求；未能遵守此類監管要求可能對我們的財務狀況、業務和聲譽造成的後果；主要研究和產品開發工作中固有的意外技術和營銷困難；潛在安全和網絡威脅的影響；我們的產品和服務的供應和/或需求和/或價格的變化；競爭對手的活動和競爭加劇；我們業務增長所在的市場失靈；商業無人機系統的客戶採用率的不確定性；未能保持市場創新者地位並創造新的市場機會；重大運營費用的變化，包括零部件和原材料；開發新產品失敗、產品責任、侵權等索賠；美國和世界其他地區的監管環境以及總體經濟和商業狀況的變化。

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

有關此類風險和不確定性的進一步列表和描述，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, June 26, 2018.

本次電話會議的內容包含時效性信息，僅截至今天（2018 年 6 月 26 日）準確。

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.

該公司沒有義務對我們的言論中包含的聲明進行任何修改或更新它們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.

現在我們將首先聽取瓦希德·納瓦比的講話。

Wahid?

瓦希德？

Thank you, Steve, and welcome to our fourth quarter and full fiscal year 2018 earnings conference call.

謝謝史蒂夫，歡迎參加我們的 2018 年第四季度和整個財年收益電話會議。

On today's call, we intend to convey 4 key messages.

在今天的電話會議上，我們打算傳達4個關鍵信息。

First, our team continued to deliver outstanding financial and operational results in fiscal 2018.

首先，我們的團隊在 2018 財年繼續取得了出色的財務和運營業績。

Second, we have developed a multiyear track record of meeting or exceeding our annual guidance and progressing toward our long-term value creation objectives.

其次，我們已經建立了多年達到或超過我們的年度指導並朝著我們的長期價值創造目標邁進的記錄。

Third, we are reshaping our portfolio to put all our focus on solutions based on robotics, sensors, software analytics and connectivity to serve promising large global markets, consisting of defense, telecommunications and Commercial Information Solutions.

第三，我們正在重塑我們的產品組合，將所有重點放在基於機器人、傳感器、軟件分析和連接的解決方案上，以服務於有前景的大型全球市場，包括國防、電信和商業信息解決方案。

And fourth, we are making strategic investments to realize these large and exciting opportunities.

第四，我們正在進行戰略投資，以實現這些巨大而令人興奮的機遇。

Two years ago, I was privileged to assume my current role at AeroVironment.

兩年前，我很榮幸在 AeroVironment 擔任目前的職務。

Since that time, our team has remained committed to achieving success and creating value for all of our stakeholders.

從那時起，我們的團隊一直致力於取得成功並為所有利益相關者創造價值。

Today, I will begin by discussing the strategic reshaping of our portfolio with the formation of our HAPSMobile joint venture with SoftBank and anticipated divestiture of our Efficient Energy Systems business segment.

今天，我將首先討論我們與軟銀成立 HAPSMobile 合資企業以及預期剝離高效能源系統業務部門等對我們產品組合的戰略重塑。

Then I will summarize our strong performance in fiscal 2018 by highlighting our financial results, discussing how we performed against our goals and reviewing our achievements.

然後，我將通過強調我們的財務業績、討論我們如何實現目標並回顧我們的成就來總結我們在 2018 財年的強勁表現。

Next, Teresa will provide a more detailed summary of financial performance, and I will discuss our goals for fiscal 2019 before Teresa, Steve and I take your questions.

接下來，特蕾莎將提供更詳細的財務業績總結，在特蕾莎、史蒂夫和我回答你們的問題之前，我將討論我們 2019 財年的目標。

First, I would like to take a moment to discuss our recently announced strategic portfolio reshaping through the divestiture of our EES business and our increased focus on UAS and TMS.

首先，我想花點時間討論一下我們最近宣布的通過剝離 EES 業務以及更加關注 UAS 和 TMS 進行的戰略投資組合重塑。

As a result of our ongoing strategic review of our business portfolio and given the exciting opportunities in our UAS business for small UAS, Tactical Missile Systems, High-Altitude Pseudo-Satellite, or HAPS, and Commercial Information Solutions, we determined that our UAS business will drive the greatest value for shareholders and requires 100% focus and investment of time and resources.

經過我們對業務組合的持續戰略審查，並考慮到我們的無人機業務在小型無人機、戰術導彈系統、高空偽衛星（HAPS）和商業信息解決方案方面的令人興奮的機會，我們確定我們的無人機業務將為股東帶來最大價值，需要100%的專注以及時間和資源的投入。

Given the anticipated divestiture of EES, which we expect it to be completed in our first fiscal quarter, the earnings from this business will be reflected as discontinued operations in our financial statements.

鑑於 EES 的預期剝離（我們預計將在第一財季完成），該業務的收益將在我們的財務報表中反映為已終止業務。

Now for our fiscal 2018 financial highlights.

現在我們來看看 2018 財年的財務亮點。

Throughout the year, we executed our strategy effectively, delivering strong financial results across our portfolio of businesses that exceeded our fiscal 2018 guidance.

全年，我們有效執行了我們的戰略，在我們的業務組合中實現了強勁的財務業績，超出了 2018 財年的指導。

Fiscal 2018 results are as follows.

2018 財年業績如下。

Full year revenue from continuing operations of $271 million plus revenue from discontinued operations totaling $309 million, which was above our guidance range of $280 million to $300 million.

全年持續經營業務收入為 2.71 億美元，加上終止經營業務收入總計 3.09 億美元，高於我們 2.8 億美元至 3 億美元的指導範圍。

Full year operating income from continuing operations of $31.6 million increased by 66% over the prior year.

全年持續經營業務營業收入為 3160 萬美元，比上年增長 66%。

Full year diluted earnings per share from continuing operations of $0.95 increased by 32% over fiscal 2017.

全年持續經營業務攤薄每股收益為 0.95 美元，比 2017 財年增長 32%。

From a visibility standpoint, our determination to grow our order book resulted in record fiscal year-end backlog from continuing operations of $174.3 million, up 146% year-over-year, which provides a strong start for fiscal 2019.

從可見性的角度來看，我們增加訂單的決心導致持續運營的財年末積壓訂單達到創紀錄的 1.743 億美元，同比增長 146%，這為 2019 財年提供了良好的開端。

Consistent with previously stated expectations, full year gross margin from continuing operations was 40%.

與之前預期一致，全年持續經營業務毛利率為 40%。

One of the contributors to this margin decline was a significant increase in customer-funded research and development from HAPSMobile as we ramp the development of our solar HAPS system under a cost plus fixed fee contract.

利潤率下降的原因之一是 HAPSMobile 客戶資助的研發活動大幅增加，因為我們根據成本加固定費用合同加大了太陽能 HAPS 系統的開發力度。

As a reminder, cost plus fixed fee customer-funded R&D projects typically carry lower financial risks and deliver lower gross margins than fixed price hardware contracts.

需要提醒的是，與固定價格硬件合同相比，成本加固定費用、客戶資助的研發項目通常具有較低的財務風險和較低的毛利率。

Most important is the fact that they fund development of potentially valuable new capabilities, like solar HAPS.

最重要的是，他們資助潛在有價值的新功能的開發，例如太陽能 HAPS。

I will discuss HAPS in more detail later on this call.

我將在稍後的電話會議上更詳細地討論 HAPS。

Across almost all financial measures, we delivered superior results in fiscal 2018.

在幾乎所有財務指標中，我們在 2018 財年都取得了優異的業績。

We also achieved the majority of our stated business objectives for the year.

我們還實現了今年大部分既定業務目標。

We increased our small UAS footprint in domestic and international markets, the latter including the single largest international small UAS order in our history, valued at $44.5 million from a large Middle East nation.

我們擴大了小型無人機在國內和國際市場的足跡，後者包括我們歷史上最大的單一國際小型無人機訂單，來自一個中東大國，價值 4450 萬美元。

This order continued our strong international revenue momentum and we now count 45 allied nations as customers.

該訂單延續了我們強勁的國際收入勢頭，目前我們的客戶有 45 個盟國。

Our small UAS remain the solutions of choice to defense organizations around the world.

我們的小型無人機仍然是世界各地國防組織的首選解決方案。

We secured record new U.S. government orders for our Tactical Missile Systems to increase its contribution to our funded backlog and, more importantly, to protect our forces from harm in high-risk operating environments.

我們為我們的戰術導彈系統獲得了創紀錄的美國政府新訂單，以增加其對我們資助的積壓訂單的貢獻，更重要的是，保護我們的部隊在高風險作戰環境中免受傷害。

From August 2017 through May 2018, we recorded $111 million in orders for Switchblade systems and services.

從 2017 年 8 月到 2018 年 5 月，我們的 Switchblade 系統和服務訂單價值達 1.11 億美元。

We began shipping our highly innovative and integrated Quantix and AV DSS information solution into the agriculture vertical in our Commercial Information Solutions, or CIS business.

我們開始將高度創新和集成的 Quantix 和 AV DSS 信息解決方案運送到我們的商業信息解決方案或 CIS 業務的農業垂直領域。

And we continue to make important progress on our key fiscal 2018 strategic initiatives relating to operational improvements and our people strategy.

我們繼續在與運營改進和人才戰略相關的 2018 財年關鍵戰略舉措方面取得重要進展。

For 3 of our of fiscal 2018 goals, we experienced customer delays that prevented us from achieving our intended results.

對於 2018 財年的 3 個目標，我們遇到了客戶延遲，導致我們無法實現預期結果。

First, while we grew backlog for TMS significantly through orders for our Switchblade systems for the Army's LMAMS program, TMS revenue did not increase over last year due to the timing of those orders.

首先，雖然我們通過為陸軍 LMAMS 項目訂購 Switchblade 系統，顯著增加了 TMS 的積壓訂單，但由於這些訂單的時間安排，TMS 收入並未比去年增加。

We expect those orders to drive revenue this fiscal year.

我們預計這些訂單將推動本財年的收入。

Second, the U.S. DoD frequency relocation program that was redefined by the U.S. Army as the FCS program continued to experience delays.

其次，美國陸軍因 FCS 計劃而重新定義的美國國防部頻率遷移計劃繼續出現延誤。

We anticipate progress on this program this fiscal year.

我們預計本財年該計劃將取得進展。

Third, government fiscal year 2018 budget appropriation delays prevented us from demonstrating meaningful progress with other U.S. government customers, such as the Department of Homeland Security.

第三，政府 2018 財年預算撥款的延遲使我們無法向其他美國政府客戶（例如國土安全部）展示有意義的進展。

However, incremental funding has been requested and approved in the government fiscal year '18 budget.

然而，政府 '18 財年預算已請求並批准了增量資金。

Factors that affected our achievement of other goals include: first, the Army awarded a $2.6 million initial small order for the SBS program to a competitor last month.

影響我們實現其他目標的因素包括：首先，陸軍上個月向競爭對手授予了一份價值 260 萬美元的 SBS 項目初始小訂單。

This is an initial small order and we see promising upcoming opportunities to secure this program.

這是一個最初的小訂單，我們看到未來有機會獲得該計劃。

Second, among our Switchblade variants, while we achieved positive progress for one, we did not achieve our targeted progress for others.

其次，在我們的 Switchblade 變體中，雖然我們在其中一種變體中取得了積極進展，但在其他變體中我們沒有實現目標進展。

We remain focused on developing these variants effectively to address large new opportunities for our TMS business.

我們仍然專注於有效開發這些變體，為我們的 TMS 業務帶來巨大的新機遇。

In addition to our publicly stated goals for the year, we achieved several very important strategic milestones that we have been working toward for some time, which position us for continued growth.

除了我們公開宣布的今年目標外，我們還實現了幾個非常重要的戰略里程碑，一段時間以來我們一直在努力實現這些目標，這為我們的持續增長奠定了基礎。

First and foremost, we began deploying our balance sheet to establish a joint venture with SoftBank Corporation called HAPSMobile.

首先也是最重要的是，我們開始部署資產負債表，與軟銀公司建立一家名為 HAPSMobile 的合資企業。

We are developing the next-generation solar HAPS solution for the JV to provide global broadband telecommunications services.

我們正在為合資公司開發下一代太陽能HAPS解決方案，以提供全球寬帶電信服務。

As of today, AeroVironment owns 5% of the JV and has the option to increase our equity stake in the joint venture up to 19% in the near future.

截至目前，AeroVironment 擁有合資公司 5% 的股份，並可以選擇在不久的將來將我們在合資公司的股權增加至 19%。

This represents another strategic use of capital, which our strong balance sheet enables.

這是我們強大的資產負債表所實現的資本的另一種戰略用途。

This is a great example of how our position at the intersection of robotics, sensors, software analytics and connectivity is creating exciting opportunities for long-term value creation.

這是一個很好的例子，說明我們在機器人、傳感器、軟件分析和連接交叉領域的地位如何為長期價值創造創造令人興奮的機會。

This strategic opportunity creates value for AV in 2 ways.

這一戰略機遇通過兩種方式為 AV 創造價值。

First, by manufacturing and selling HAPS systems to HAPSMobile, subject to our conformance to contract terms.

首先，在我們遵守合同條款的前提下，製造並向 HAPSMobile 銷售 HAPS 系統。

And second, by participating in the HAPSMobile Inc.'s business as it seeks to deliver broadband and 5G telecommunications services around the globe.

其次，參與 HAPSMobile Inc. 的業務，因為該公司致力於在全球範圍內提供寬帶和 5G 電信服務。

The financial impact of the current investment phase of the HAPS program appears in our financial statements in 4 forms: A, using cash from our balance sheet to maintain and potentially to increase our equity stake in the JV; B, absorbing our portion of the JV's near-term losses and anticipated long-term gains as we progress through the program; C, capital spending to build our facility and capability; and D, gross margin impact as our overall revenue mix is influenced by the HAPSMobile funded cost plus program.

HAPS 計劃當前投資階段的財務影響以 4 種形式出現在我們的財務報表中： A、使用資產負債表中的現金來維持並可能增加我們在合資企業中的股權； B，隨著項目的進展，吸收我們在合資企業的近期損失和預期長期收益中所佔的份額； C、用於建設我們的設施和能力的資本支出； D，毛利率影響，因為我們的整體收入組合受到 HAPSMobile 資助的成本加成計劃的影響。

Once again, this is one of our key long-term value creation opportunities that we will continue to invest in, in order to generate the 2 forms of value creation I described earlier.

再次強調，這是我們關鍵的長期價值創造機會之一，我們將繼續投資，以產生我之前描述的兩種形式的價值創造。

Our second strategic milestone in 2018 was securing the next significant tranche of Switchblade orders for the Army's LMAMS program through DoD Joint Urgent Operational Needs statements, generating $111 million in hardware and services orders that I mentioned earlier.

我們 2018 年的第二個戰略里程碑是通過國防部聯合緊急作戰需求聲明，為陸軍 LMAMS 計劃獲得下一批重要的 Switchblade 訂單，產生了我之前提到的 1.11 億美元的硬件和服務訂單。

Additionally, we saw the largest procurement line item yet for Switchblade in the U.S. government fiscal year 2019 budget request, totaling nearly $113 million to fund future Switchblade orders.

此外，我們在美國政府 2019 財年預算請求中看到了迄今為​​止最大的 Switchblade 採購項目，總計近 1.13 億美元，用於為未來的 Switchblade 訂單提供資金。

As a reminder, the budget is not finalized until approved by Congress and signed by the U.S. President.

需要提醒的是，預算只有在國會批准並由美國總統簽署後才能最終確定。

A testament to the operational improvements we have been implementing was our designation by the U.S. Army as a Tier 1 supplier.

我們被美國陸軍指定為一級供應商，這證明了我們一直在實施的運營改進。

This recognizes us as one of the highest ranking suppliers to the U.S. DoD.

這使我們成為美國國防部排名最高的供應商之一。

Additionally, we are part of the first group of nearly 10,000 companies to achieve the stringent requirements for ISO 9001 2015 and AS 9100D certifications, which give our customers even greater confidence that we deliver the quality they expect to serve as their partner of choice for UAS and TMS.

此外，我們是首批達到 ISO 9001 2015 和 AS 9100D 認證嚴格要求的近 10,000 家公司之一，這讓我們的客戶更加相信我們能夠提供他們期望成為 UAS 首選合作夥伴的質量和經顱磁刺激。

These important supplier quality and certification achievements are quite significant, given our selection in April as 1 of 7 companies to compete for upcoming Army small UAS task orders under a new 5-year IDIQ contract valued at up to $248 million.

這些重要的供應商質量和認證成就非常重要，因為我們在4 月份被選為7 家公司之一，根據價值高達2.48 億美元的新5 年期IDIQ 合同競爭即將到來的陸軍小型無人機任務訂單。

In summary, our UAS and TMS core business and growth portfolio are strong and robust.

總而言之，我們的 UAS 和 TMS 核心業務和增長組合強勁且強勁。

Our team is aligned with our growth strategy and demand for our solutions also remains strong, thanks to our proven strategy, investments and execution.

我們的團隊與我們的增長戰略保持一致，並且由於我們經過驗證的戰略、投資和執行，對我們解決方案的需求也仍然強勁。

Now Teresa will summarize our financial performance in fiscal 2018.

現在，Teresa 將總結我們 2018 財年的財務業績。

Teresa?

特蕾莎？

Thank you, Wahid, and good afternoon, everyone.

謝謝瓦希德，大家下午好。

On June 1, 2018, we entered into an asset purchase agreement with Webasto Charging Systems Inc., in which we agreed to sell substantially all of the assets of our Efficient Energy Systems business segment and to transfer certain liabilities related to the EES business.

2018年6月1日，我們與Webasto Charging Systems Inc.簽訂了資產購買協議，其中我們同意出售高效能源系統業務部門的幾乎所有資產，並轉讓與EES業務相關的某些負債。

As of April 30, 2018, we determined that the EES business met the criteria for classification as an asset held for sale and represents a strategic shift in our operations.

截至2018年4月30日，我們確定EES業務符合持有待售資產的分類標準，代表著我們運營的戰略轉變。

Therefore, the assets and liabilities and the results of operations of the EES business are reported as discontinued operations for all periods discussed.

因此，EES 業務的資產和負債以及經營業績在所有討論期間均報告為非持續經營業務。

AeroVironment's fiscal 2018 fourth quarter results are as follows.

AeroVironment 2018財年第四季度業績如下。

Revenue from continuing operations for the fourth quarter was $117.4 million, an increase of $1.7 million or 1% from the fourth quarter of fiscal 2017 revenue of $115.7 million.

第四季度持續運營收入為 1.174 億美元，比 2017 財年第四季度 1.157 億美元的收入增加了 170 萬美元，增幅為 1%。

The increase was due to an increase in service revenue of $15.6 million, partially offset by a decrease in product deliveries of $13.9 million.

這一增長是由於服務收入增加了 1560 萬美元，但部分被產品交付量減少 1390 萬美元所抵消。

Gross margin from continuing operations for the fourth quarter was $52.2 million or 44% of revenue compared to $57.4 million or 50% of revenue for the fourth quarter of fiscal 2017.

第四季度持續運營毛利率為 5,220 萬美元，佔收入的 44%，而 2017 財年第四季度的毛利率為 5,740 萬美元，佔收入的 50%。

The decrease in gross margin was primarily due to a decrease in product sales margin of $9.9 million, partially offset by an increase in service margins of $4.7 million.

毛利率下降主要是由於產品銷售利潤減少 990 萬美元，但部分被服務利潤增加 470 萬美元所抵消。

Gross margin as a percentage of revenue decreased from 50% to 44%, primarily due to a lower percentage of product sales in the fourth quarter.

毛利率佔收入的百分比從 50% 下降至 44%，主要是由於第四季度產品銷售百分比下降。

Looking at the rest of the income statement, SG&A expense from continuing operations for the fourth quarter of fiscal 2018 was $15.3 million or 13% of revenue compared to SG&A expense of $14.4 million or 12% of revenue for the fourth quarter of fiscal 2017.

從損益表的其餘部分來看，2018 財年第四季度持續運營的SG&A 費用為1530 萬美元，佔收入的13%，而2017 財年第四季度的SG&A 費用為1440 萬美元，佔收入的12 %。

R&D expense from continuing operations for the fourth quarter of fiscal 2018 was $7.4 million or 6% of revenue compared to R&D expense of $6.7 million or 6% of revenue for the fourth quarter of fiscal 2017.

2018 財年第四季度持續運營的研發費用為 740 萬美元，佔收入的 6%，而 2017 財年第四季度的研發費用為 670 萬美元，佔收入的 6%。

Income from continuing operations for the fourth quarter of fiscal 2018 was $29.5 million or 25% of revenue compared to $36.3 million or 31% of revenue for the fourth quarter of fiscal 2017.

2018 財年第四季度的持續運營收入為 2950 萬美元，佔收入的 25%，而 2017 財年第四季度的持續經營收入為 3630 萬美元，佔收入的 31%。

The decrease in income from operations was primarily due to lower gross margins of $5.2 million, an increase in SG&A of $0.9 million and an increase in R&D expense of $0.7 million.

運營收入減少主要是由於毛利率下降 520 萬美元、SG&A 增加 90 萬美元以及研發費用增加 70 萬美元。

Net other income for the fourth quarter of fiscal 2018 was $0.9 million compared to net other income of $1 million for the fourth quarter of fiscal 2017.

2018 財年第四季度的其他淨收入為 90 萬美元，而 2017 財年第四季度的其他淨收入為 100 萬美元。

The effective income tax rate from continuing operations was 30.4% for the fourth quarter of fiscal 2018 as compared to an effective income tax rate of 23.7% for the fourth quarter of fiscal 2017.

2018 財年第四季度持續經營業務的有效所得稅率為 30.4%，而 2017 財年第四季度的有效所得稅率為 23.7%。

Equity method investment activity, net of tax, for the fourth quarter of fiscal 2018 was a loss of $0.9 million or $0.04 per diluted share compared to equity method investment activity net of loss of $8,000 for the fourth quarter of fiscal 2017.

2018 財年第四季度的權益法投資活動（扣除稅後）虧損 90 萬美元，即稀釋後每股虧損 0.04 美元，而 2017 財年第四季度權益法投資活動扣除稅後虧損 8,000 美元。

Net income from continuing operations attributable to AeroVironment for the fourth quarter of fiscal 2018 was $20.2 million or $0.85 per diluted share compared to net income from continuing operations attributable to AeroVironment of $28.4 million or $1.21 per diluted share for the fourth quarter of fiscal 2017.

2018 財年第四季度 AeroVironment 持續運營淨利潤為 2020 萬美元，稀釋後每股收益 0.85 美元，而 2017 財年第四季度 AeroVironment 持續運營淨利潤為 2840 萬美元，稀釋每股收益 1.21 美元。

Loss from discontinued operations net of tax for the fourth quarter of fiscal 2018 was $1.9 million or $0.08 loss per diluted share compared to income from discontinued operations net of tax of $2 million for the fourth quarter of fiscal 2017 or $0.09 income per diluted share.

2018 財年第四季度終止經營業務的稅後淨虧損為190 萬美元，即稀釋後每股虧損0.08 美元，而2017 財年第四季度終止經營業務的稅後淨額為200 萬美元，即稀釋後每股收益0.09 美元。

Now moving through our full year fiscal 2018 results.

現在我們將回顧 2018 財年全年業績。

Revenue from continuing operations for fiscal 2018 was $271.1 million, an increase of $42.2 million or 18% from fiscal 2017 revenue of $228.9 million.

2018 財年持續運營收入為 2.711 億美元，比 2017 財年 2.289 億美元的收入增加了 4,220 萬美元，即 18%。

The increase was due to an increase in product deliveries of $35.7 million and an increase in customer-funded R&D work of $8.2 million, partially offset by a decrease in service revenue of $1.7 million.

這一增長是由於產品交付量增加了 3570 萬美元，以及客戶資助的研發工作增加了 820 萬美元，但部分被服務收入減少 170 萬美元所抵消。

Gross margin from continuing operations for fiscal 2018 was $108.9 million or 40% of revenue compared to $95.2 million or 42% of revenue for fiscal 2017.

2018 財年持續運營毛利率為 1.089 億美元，佔收入的 40%，而 2017 財年為 9520 萬美元，佔收入的 42%。

The increase in gross margin was primarily due to an increase in product sales margin of $12.7 million and an increase in service margins of $1 million.

毛利率的增長主要是由於產品銷售利潤增加了1270萬美元，服務利潤增加了100萬美元。

Gross margin as a percentage of revenue decreased from 42% to 40%, primarily due to unfavorable product mix.

毛利率佔收入的百分比從 42% 下降至 40%，主要是由於不利的產品組合。

Looking at the rest of the income statement.

看看損益表的其餘部分。

SG&A expense from continuing operations for fiscal 2018 was $50.8 million or 19% of revenue compared to SG&A expense of $47.6 million or 21% of revenue for fiscal 2017.

2018 財年持續運營的 SG&A 費用為 5,080 萬美元，佔收入的 19%，而 2017 財年的 SG&A 費用為 4,760 萬美元，佔收入的 21%。

R&D expense from continuing operations for fiscal 2018 was $26.4 million or 10% of revenue compared to R&D expense of $28.5 million or 12% of revenue for fiscal 2017.

2018 財年持續運營的研發費用為 2640 萬美元，佔收入的 10%，而 2017 財年的研發費用為 2850 萬美元，佔收入的 12%。

Income from continuing operations for fiscal 2018 was $31.6 million or 12% of revenue compared to $19.1 million or 8% of revenue for fiscal 2017.

2018 財年持續運營收入為 3,160 萬美元，佔收入的 12%，而 2017 財年為 1,910 萬美元，佔收入的 8%。

The increase in income from operations was primarily due to higher gross margins of $13.7 million and a decrease in R&D expense of $2 million, partially offset by an increase in SG&A of $3.2 million.

運營收入的增加主要是由於毛利率提高了 1,370 萬美元，研發費用減少了 200 萬美元，但 SG&A 的增加部分抵消了 320 萬美元。

Net other income for fiscal 2018 was $2.2 million compared to $1.8 million for fiscal 2017.

2018 財年的其他淨收入為 220 萬美元，而 2017 財年為 180 萬美元。

The effective income tax rate from continuing operations was 30.1% for fiscal 2018 as compared to an effective income tax rate of 19.8% for fiscal 2017.

2018 財年持續經營業務的有效所得稅率為 30.1%，而 2017 財年的有效所得稅率為 19.8%。

The provision for income taxes for fiscal year 2018 included the impact of the Tax Cuts and Jobs Act of 2017, inclusive of a reduction in the blended fiscal year 2018 federal statutory tax rate from 35% to 30.4% and an estimated $3.4 million onetime expense, resulting from the remeasurement of our deferred tax assets and liabilities.

2018 財年的所得稅準備金包括 2017 年減稅和就業法案的影響，其中包括將 2018 財年聯邦法定混合稅率從 35% 降低至 30.4%，以及估計 340 萬美元的一次性費用，由於重新計量我們的遞延所得稅資產和負債而產生。

Equity method investment activity net of tax for fiscal 2018 was a loss of $1.3 million or $0.05 per diluted share compared to equity method investment activity net of loss of $0.1 million for fiscal 2017 or $0.01 per diluted share.

2018 財年的權益法投資活動（扣除稅後）虧損130 萬美元，即稀釋後每股虧損0.05 美元，而2017 財年權益法投資活動扣除稅後虧損10 萬美元，即稀釋後每股虧損0.01美元。

Net income from continuing operations attributable to AeroVironment for fiscal 2018 was $22.4 million or $0.95 per diluted share compared to net income from continuing operations attributable to AeroVironment of $16.6 million or $0.72 per diluted share for fiscal 2017.

2018 財年歸屬於 AeroVironment 的持續經營淨利潤為 2240 萬美元，即稀釋後每股 0.95 美元，而 2017 財年歸屬於 AeroVironment 的持續經營淨利潤為 1660 萬美元，即稀釋後每股 0.72 美元。

Loss from discontinued operations net of tax for fiscal 2018 was $2.5 million or an $0.11 diluted loss per share compared to a loss from discontinued operations net of tax of $4.2 million for fiscal 2017 or an $0.18 loss per diluted share.

2018 財年終止經營業務的稅後淨虧損為250 萬美元，即稀釋後每股虧損0.11 美元，而2017 財年終止經營業務的稅後淨虧損為420 萬美元，即稀釋後每股虧損0.18 美元。

Our funded backlog from continuing operations as of April 30, 2018, was $174.3 million, an increase of $53.4 million or 44% from the third quarter of fiscal 2018, and an increase of $103.4 million or 146% from the fourth quarter of fiscal 2017.

截至2018 年4 月30 日，我們持續運營的積壓資金為1.743 億美元，比2018 財年第三季度增加了5340 萬美元，即44%，比2017 財年第四季度增加了1.034 億美元，即146%。

Turning to our balance sheet, cash, cash equivalents and investments at the end of the fourth quarter of fiscal 2018 totaled $297.8 million, an increase of $55.9 million from the end of fiscal 2017 cash, cash equivalents and investments of $242 million.

就我們的資產負債表而言，截至 2018 財年第四季度末的現金、現金等價物和投資總額為 2.978 億美元，比 2017 財年末的現金、現金等價物和投資 2.42 億美元增加了 5590 萬美元。

Net accounts receivable, including unbilled receivables and retention from continuing operations at the end of the fourth quarter fiscal 2018, totaled $69.9 million, a decrease of $13 million from the end of the fourth quarter of fiscal 2017.

截至 2018 財年第四季度末，應收賬款淨額（包括未開票應收賬款和持續運營保留款項）總計 6,990 萬美元，較 2017 財年第四季度末減少 1,300 萬美元。

Total days sales outstanding from continuing operations for the fiscal year 2018 was approximately 103.

2018 財年持續經營業務的未償銷售總天數約為 103 天。

Net inventory from continuing operations at the end of the fourth quarter fiscal year 2018 was $38.6 million compared to $40.9 million at the end of the fourth quarter fiscal year 2017.

截至 2018 財年第四季度末，持續經營業務的淨庫存為 3860 萬美元，而 2017 財年第四季度末為 4090 萬美元。

Days in inventory outstanding from continuing operations for the fiscal year 2018 was approximately 90 days.

2018 財年持續運營的庫存天數約為 90 天。

Accounts payable from continuing operations at the end of the fourth quarter fiscal year 2018 was $21.3 million compared to $15.9 million at the end of the fourth quarter fiscal year 2017.

截至 2018 財年第四季度末，持續經營業務應付賬款為 2130 萬美元，而 2017 財年第四季度末為 1590 萬美元。

Total days payable outstanding from continuing operations for the fiscal year 2018 was approximately 42 days.

2018 財年持續經營業務的應付應付天數總計約為 42 天。

Current assets from discontinued operations at the end of the fourth quarter fiscal year 2018 were $28.3 million.

截至 2018 財年第四季度末，來自已終止經營業務的流動資產為 2830 萬美元。

Current liabilities from discontinued operations at the end of the fourth quarter fiscal year 2018 was $9.2 million.

截至 2018 財年第四季度末，終止經營業務產生的流動負債為 920 萬美元。

Turning to capital expenditures, in fiscal year 2018, we invested approximately $9.6 million in property improvements and capital equipment for continuing operations and recognized $6 million of depreciation and amortization expense.

談到資本支出，2018 財年，我們投資了約 960 萬美元用於持續運營的財產改善和資本設備，並確認了 600 萬美元的折舊和攤銷費用。

We adopted the new ASC 606 revenue recognition standard as required for all public companies on May 1, 2018, under the full retrospective transition method.

我們於 2018 年 5 月 1 日按照全面追溯過渡法對所有上市公司採用了新的 ASC 606 收入確認標準。

For fiscal year 2016, the cumulative increase to retained earnings from continuing operations was approximately $0.7 million.

2016財年，持續經營留存收益累計增加約70萬美元。

For fiscal year 2017, the revenue increase on continuing operations was approximately $4.2 million, and a cumulative increase to retained earnings from continuing operations was approximately $1.8 million.

2017財年，持續經營業務的收入增長約為420萬美元，持續經營留存收益的累計增長約為180萬美元。

We will have the impact for fiscal year 2018 with our first quarter fiscal 2019 results.

我們的 2019 財年第一季度業績將對 2018 財年產生影響。

The impact to our revenue in prior years is primarily driven by contracts in our Tactical Missile Systems business.

對我們前幾年收入的影響主要是由我們的戰術導彈系統業務合同驅動的。

We continue to assess the potential impact of this guidance for fiscal 2019 but do not currently expect it to be material.

我們將繼續評估該指引對 2019 財年的潛在影響，但目前預計影響不會很大。

Now an update to our fiscal year 2019 visibility.

現在更新我們 2019 財年的可見性。

As of today, we have fourth quarter ending backlog from continuing operations that we expect to execute in fiscal 2019 of $147 million.

截至今天，我們第四季度末的持續運營積壓訂單預計將在 2019 財年執行 1.47 億美元。

Q1 quarter-to-date bookings from continuing operations that we anticipate to execute in fiscal '19 of $6 million.

我們預計 19 財年執行的第一季度至今持續運營業務的預訂額為 600 萬美元。

Unfunded backlog from incrementally funded contracts and continuing operations that we anticipate to recognize revenue during the balance of the year of $15 million.

來自增量資助合同和持續運營的無資金積壓，我們預計將在今年剩餘時間確認收入 1500 萬美元。

This adds up to $168 million or 56% at the midpoint of revenue guidance.

這總計達 1.68 億美元，佔收入指導中值的 56%。

With the Tax Cuts and Jobs Act, we anticipate a lower full year effective tax rate for continuing operations in the range of 15% to 18%.

根據《減稅和就業法案》，我們預計持續經營業務的全年有效稅率將降低至 15% 至 18%。

Now I'd like to turn things back to Wahid to discuss AV's expectations for fiscal year 2019.

現在我想回到瓦希德來討論 AV 對 2019 財年的預期。

Thanks, Teresa.

謝謝，特蕾莎。

We're focused on delivering profitable growth through our innovative technology solutions.

我們專注於通過創新技術解決方案實現盈利增長。

We believe we are in a leading position for multiple large global market opportunities, and with the reshaping of our portfolio, we are well positioned for long-term value creation.

我們相信，我們在多個大型全球市場機會中處於領先地位，並且隨著我們投資組合的重塑，我們為長期價值創造做好了準備。

Our fiscal 2019 goals, which are consistent with our long-term strategy, are as follows.

我們的 2019 財年目標與我們的長期戰略一致，如下。

First, maintain our small UAS leadership in the U.S. DoD and win the majority of task order dollars in the Army's recently renewed $248 million IDIQ contract, while expanding our footprint by winning upcoming new small UAS program requirements.

首先，保持我們在美國國防部小型無人機領域的領先地位，並贏得陸軍最近續籤的2.48 億美元IDIQ 合同中的大部分任務訂單，同時通過贏得即將推出的新小型無人機項目需求來擴大我們的足跡。

Continue to expand our international small UAS footprint by securing new orders from existing and new customers.

通過從現有和新客戶那裡獲得新訂單，繼續擴大我們的國際小型無人機足跡。

Second, execute effectively in TMS by maintaining world-class production and reliability for our Switchblade contracts, while we work to fulfill record demand from our existing U.S. government customers.

其次，在 TMS 中有效執行，保持 Switchblade 合同的世界一流生產和可靠性，同時我們努力滿足現有美國政府客戶創紀錄的需求。

Position the next Switchblade variant for adoption and production, greatly expanding our addressable market opportunity.

定位下一個 Switchblade 變體以供採用和生產，從而極大地擴展我們的潛在市場機會。

Third, succeed in our solar HAPS business strategy, which includes executing on the remaining portion of the now $76 million contract to position us for full capability demonstration for solar HAPS and determine whether or not we increase our equity ownership in the joint venture to up to 19%.

第三，成功實施我們的太陽能 HAPS 業務戰略，其中包括執行目前價值 7600 萬美元的合同的剩餘部分，以使我們能夠進行太陽能 HAPS 的全面能力展示，並確定我們是否將合資企業的股權增加到19 %。

Fourth, progress our CIS business strategy, including seeking potential strategic partnerships to accelerate market education and adoption.

第四，推進我們的 CIS 業務戰略，包括尋求潛在的戰略合作夥伴關係，以加速市場教育和採用。

And fifth, continue to make strategic investments to further our business strategy.

第五，繼續進行戰略投資以推進我們的業務戰略。

The government fiscal 2019 budget request that is now working its way through Congress provides strong support for our business.

目前正在國會審議的政府 2019 財年預算請求為我們的業務提供了強有力的支持。

The $113 million in proposed funding for Switchblade, which I mentioned earlier, creates a strong foundation for our TMS business.

我之前提到的 Switchblade 擬議融資 1.13 億美元為我們的 TMS 業務奠定了堅實的基礎。

The Army's $46 million proposed for Raven procurement expands their fleet of medium-range reconnaissance systems.

陸軍提議斥資 4600 萬美元購買“Raven”，以擴大其中程偵察系統隊伍。

The Air Force's $13.5 million request for Puma systems will help provide security for Air Force personnel and bases.

空軍要求購買 Puma 系統的 1,350 萬美元將有助於為空軍人員和基地提供安全保障。

And the pending competition for the Army's short-range reconnaissance solution provides the potential for proposed $100 million in additional funding for government fiscal years 2020 through 2022.

陸軍短程偵察解決方案即將展開的競爭為政府 2020 年至 2022 財年擬議的 1 億美元額外資金提供了可能性。

This is a robust funding environment for our solutions within the U.S. DoD.

對於美國國防部內我們的解決方案來說，這是一個強大的融資環境。

We continue to see strong demand from our international customers in addition to the U.S. DoD.

除美國國防部外，我們繼續看到國際客戶的強勁需求。

As a reminder, our fiscal 2019 guidance no longer includes EES.

提醒一下，我們的 2019 財年指導不再包括 EES。

With strong fiscal 2018 performance, 56% visibility that Teresa shared earlier and strong proposed government procurement funding for our solutions, we expect to deliver revenue in fiscal 2019 from continuing operations of between $290 million and $310 million, with diluted earnings per share of between $1.10 and $1.40.

憑藉2018 財年的強勁業績、Teresa 早些時候分享的56% 的知名度以及為我們的解決方案擬議的政府採購資金，我們預計2019 財年持續運營收入將在2.9 億至3.1 億美元之間，攤薄後每股收益將在1.10 美元之間和 1.40 美元。

This earnings guidance assumes 5% ownership level in our HAPSMobile joint venture and includes a onetime gain of $0.25 to $0.60 -- to $0.26 per share due to the favorable settlement of previously disclosed litigation.

該盈利指引假設我們在 HAPSMobile 合資企業中擁有 5% 的所有權，並包括由於之前披露的訴訟得到有利和解而導致每股 0.25 美元至 0.60 美元的一次性收益，即每股 0.26 美元。

We expect lower gross margin this year due mainly to a higher proportion of services revenue relative to product revenue.

我們預計今年毛利率較低，主要是由於服務收入相對於產品收入的比例較高。

We also expect R&D spending of 10% to 11%.

我們還預計研發支出為 10% 至 11%。

We see continued variations in quarterly revenue.

我們看到季度收入持續變化。

However, due mainly to our record funded backlog, this year, we expect about half of our revenue in the first half of the fiscal year and about half of first half revenue in the first quarter.

然而，主要由於我們創紀錄的資金積壓，今年我們預計本財年上半年收入的一半左右，第一季度收入的一半左右。

Once again, our key messages today are: first, our team continued to deliver outstanding financial and operational results in fiscal 2018; second, we have developed a multiyear track record of meeting or exceeding our annual guidance and progressing toward our long-term value creation objectives; third, we are reshaping our portfolio to put all our focus on solutions based on robotics, sensors, software analytics and connectivity to serve promising large global markets consisting of defense, telecommunications and Commercial Information Solutions; and fourth, we're making strategic investments to realize these large and exciting opportunities.

我們今天的關鍵信息再次是：第一，我們的團隊在 2018 財年繼續交付出色的財務和運營業績；其次，我們已經建立了多年達到或超過我們的年度指導並朝著我們的長期價值創造目標邁進的記錄；第三，我們正在重塑我們的產品組合，將所有重點放在基於機器人、傳感器、軟件分析和連接的解決方案上，以服務於有前景的大型全球市場，包括國防、電信和商業信息解決方案；第四，我們正在進行戰略投資，以實現這些巨大而令人興奮的機會。

Thank you to all members of the AeroVironment team for your outstanding efforts in support of our stakeholders in 2018.

感謝 AeroVironment 團隊的所有成員在 2018 年為支持我們的利益相關者做出的傑出努力。

Thank you to all of our customers for choosing AeroVironment to help you proceed with certainty.

感謝我們所有的客戶選擇 AeroVironment 來幫助您放心地前進。

And thank you to our stockholders for supporting the value creation potential of our people and our business.

感謝我們的股東支持我們的員工和業務創造價值的潛力。

Teresa, Steve and I will now take your questions.

特蕾莎、史蒂夫和我現在將回答你們的問題。

(Operator Instructions) And our first question comes from Joseph DeNardi from Stifel.

（操作員說明）我們的第一個問題來自 Stifel 的 Joseph DeNardi。

Wahid, I think last year, you mentioned that CMS was also $75 million, maybe half of it was R&D, half of it was product related.

Wahid，我想去年，您提到 CMS 也有 7500 萬美元，可能一半是研發，一半是產品相關。

Can you just give us an update on what that looked like last fiscal year?

您能否向我們介紹一下上一財年的最新情況？

Sure, Joe.

當然，喬。

So as I said in my remarks that we have achieved significant progress on our tactical missiles business -- systems business in general, given the record backlog that we booked in the fiscal year.

正如我在發言中所說，考慮到我們在本財年預訂的訂單量創歷史新高，我們在戰術導彈業務（總體而言系統業務）方面取得了重大進展。

Primarily due to government fiscal year budgeting delays and appropriations that we saw in fiscal -- government fiscal year 2018, the timing of those bookings were such that our ability to deliver those products by the request of our customers within fiscal '19 -- fiscal '18, I'm sorry -- did not really take place.

主要是由於我們在 2018 財年看到的政府財政年度預算延遲和撥款，這些預訂的時間安排使得我們有能力在“19 財年”內根據客戶的要求交付這些產品。 18、對不起——沒有真正發生。

So essentially, that revenue showed up that -- those orders showed up as backlogs, which we intend to execute in the fiscal year 2019.

因此，從本質上講，收入表明——這些訂單表現為積壓訂單，我們打算在 2019 財年執行。

We feel very strong about the prospects of the long-term value creation and robust business and our TMS business long term.

我們對長期價值創造和強勁業務以及我們的 TMS 業務的長期前景充滿信心。

As you know, the Switchblade product is the product of choice and the solution of choice within our U.S. DoD customers and we have successfully won several of the competitions that are out there.

如您所知，Switchblade 產品是我們美國國防部客戶的首選產品和解決方案，我們已經成功贏得了多項競爭。

And we also intend to expand that portfolio of the Tactical Missile Systems variants in fiscal '19, as you heard in my remarks.

正如您在我的講話中所聽到的，我們還打算在 19 財年擴大戰術導彈系統變體的產品組合。

So we achieved a lot of milestones that I mentioned.

所以我們實現了我提到的許多里程碑。

However, the government fiscal year budget timing delayed the recognition of that revenue in fiscal '18.

然而，政府財政年度預算的時間安排推遲了 18 財年該收入的確認。

Yes.

是的。

I guess, what I'm trying to get at is when you think about the potential from the variants of Switchblade, what was the customer-funded R&D for TMS last year, if you can talk about it?

我想，我想了解的是，當您考慮 Switchblade 變體的潛力時，去年客戶資助的 TMS 研發是多少，您能談談嗎？

So unfortunately, due to the nature of those programs, I'm not able to comment specifically on those particulars.

不幸的是，由於這些程序的性質，我無法具體評論這些細節。

But as I said in my remarks, we continue to see demand and desire from our customers for our Switchblade and its variants.

但正如我在發言中所說，我們繼續看到客戶對我們的彈簧刀及其變體的需求和渴望。

We both -- we see -- we have booked revenue both in terms of product delivery revenue as well as services revenue for development of variants which, to me, is both positive indicators for the TMS business.

我們都——我們看到——我們已經在產品交付收入和變體開發服務收入方面登記了收入，對我來說，這都是 TMS 業務的積極指標。

And we will share more details on this tomorrow during our Analyst and Investor Day.

我們將在明天的分析師和投資者日分享更多細節。

And our next question comes from Peter Arment from Baird.

我們的下一個問題來自貝爾德 (Baird) 的彼得·阿門特 (Peter Arment)。

Wahid, a question regarding -- thanks for the revenue, kind of the moving parts on the revenue side.

瓦希德，一個關於收入方面的問題，感謝收入方面的變化。

You mentioned that.

你提到過這一點。

I think you didn't on the earnings per share for the year for fiscal '19.

我認為您沒有提及 19 財年的每股收益。

Normally, you've kind of provided a little bit of cadence how you think the bottom line.

通常，你會提供一點你對底線的看法。

Does it sound like it's fairly balanced throughout the year, just given the way the shipments are flowing through?

考慮到出貨量的流動方式，聽起來全年是否相當平衡？

Just maybe a little more color on that.

也許只是多一點顏色而已。

Yes, Peter.

是的，彼得。

So as I said on my remarks at the end that our revenue distribution throughout the year remains fluctuating primarily because of the nature of our business, right?

正如我在最後的發言中所說，我們全年的收入分配仍然存在波動，主要是因為我們業務的性質，對嗎？

We see -- historically, we've seen higher fourth quarters and lower first quarters and first halfs.

我們看到，從歷史上看，我們看到第四季度業績較高，而第一季度和上半年業績較低。

However, in fiscal '19, as I said on my comments, we expect that half of our fiscal year's revenue to occur on the first half of the year.

然而，在 19 財年，正如我在評論中所說，我們預計本財年收入的一半將出現在上半年。

And approximately half of the first half revenue to occur within our first quarter of this fiscal year.

上半年收入的大約一半將發生在本財年第一季度。

So generally speaking -- and the main contributor to that, of course, is these large historical levels of backlog and the bookings that we have in our backlog that enables us to execute on that earlier within the year.

所以一般來說 - 當然，造成這種情況的主要因素是這些大量的歷史積壓訂單以及我們積壓訂單中的預訂，這些預訂使我們能夠在今年早些時候執行該訂單。

And that will be the overall distribution of revenue throughout the year.

這將是全年收入的總體分配。

In terms of EPS, we've only provided guidance for the full year and that is a range of EPS from continued operations, $1.10 to $1.40.

就每股收益而言，我們僅提供了全年的指導，即持續運營的每股收益範圍，即 1.10 美元至 1.40 美元。

But that does include a onetime gain from a previously disclosed litigation of $0.25 to $0.26 per share.

但這確實包括先前披露的訴訟帶來的每股 0.25 至 0.26 美元的一次性收益。

Just regarding the latter, do you know when that officially will be flowing through in terms of -- is it in the first half or is it -- how do we expect to see that?

就後者而言，你知道什麼時候正式生效嗎？是在上半年還是——我們期望如何看到這一點？

Yes.

是的。

We expect that to occur -- the onetime gain to occur during the first quarter of this fiscal year.

我們預計這種情況將會發生——本財年第一季度將出現一次性收益。

And we also expect the EES divestiture to occur during the -- to close during the first quarter of this fiscal year.

我們還預計 EES 剝離將在本財年第一季度完成。

And your next question comes from Nick Johnson from Piper Jaffray.

您的下一個問題來自 Piper Jaffray 的 Nick Johnson。

So I just -- it sounds like your domestic business is going well, which is great.

所以我只是——聽起來你的國內業務進展順利，這很棒。

I still want to maybe touch more on your international opportunities, maybe give some update there.

我仍然想更多地談談你們的國際機會，也許可以提供一些最新情況。

And any potential for the tariff or trade restrictions that have been going on internationally by our government, if that would potentially impact you guys as well?

我們的政府在國際上實施的關稅或貿易限制是否有可能對你們產生影響？

Sure.

當然。

So most of the news that we see in the public domain related to foreign trade and foreign military sales are related to programmatic sort of products and capabilities within the U.S. DoD.

因此，我們在公共領域看到的大多數與對外貿易和對外軍售有關的新聞都與美國國防部內的程序化產品和能力有關。

However, given -- having said that, we expect our international business to remain strong.

然而，話雖如此，我們預計我們的國際業務將保持強勁。

It's been very strong throughout the last several years, as you've seen in our results.

正如您在我們的結果中看到的那樣，過去幾年它一直非常強勁。

We're up to 45 countries now internationally in terms of new customers or existing customers for AeroVironment.

目前，AeroVironment 的新客戶或現有客戶已遍布全球 45 個國家/地區。

And the amount of our revenue for tactical UAS internationally is also very healthy.

我們在國際戰術無人機方面的收入也非常健康。

We also booked the largest ever order from a Middle East nation, as you saw in my remarks, for $44.5 million.

正如您在我的講話中看到的，我們還從中東國家訂購了有史以來最大的訂單，價值 4450 萬美元。

So going forward in fiscal 2019, as I've said for the past 2 years, we believe that our international business is strong and diverse.

因此，展望 2019 財年，正如我在過去兩年中所說的那樣，我們相信我們的國際業務強勁且多元化。

And we continue to see desire and interest and demand from our customers and we expect to continue that momentum in fiscal '19.

我們繼續看到客戶的願望、興趣和需求，我們預計在 19 財年將繼續保持這種勢頭。

The governments around the world, allied nations, also see tremendous value in our capabilities given the type of conflicts that are going on around the world, essentially almost every continent and every region of the world.

考慮到世界各地（基本上是世界上幾乎每個大陸和每個地區）正在發生的衝突類型，世界各國政府、盟國也看到了我們能力的巨大價值。

So we feel quite positive about our products.

所以我們對我們的產品感到非常積極。

We do have to obtain export licenses for every single one of our UAS shipments for international customers.

我們為國際客戶運送的每一架無人機都必須獲得出口許可證。

We've been very successful with that historically, and there's always a timing risk on that as before.

從歷史上看，我們在這方面非常成功，但和以前一樣，總是存在時機風險。

But we don't expect that to be any issues in fiscal '19.

但我們預計這不會成為 19 財年的任何問題。

Okay.

好的。

And then just as a follow-up.

然後作為後續行動。

You mentioned in your commentary that there is an opportunity also on Homeland Security, which you haven't seen before.

您在評論中提到，國土安全部也有機會，這是您以前從未見過的。

So what kind of -- what's the size of that opportunity?

那麼，這個機會的規模有多大呢？

And maybe in comparison to the -- what you've seen in the U.S. Army?

也許與您在美國陸軍中看到的相比？

Sure.

當然。

So similar to the other businesses that I mentioned earlier, the government fiscal year '18 budget procurement and appropriation process delay caused some delay in the acquisition process and obligation of those funded dollars that are already approved in the budget of the government's budget.

與我之前提到的其他業務類似，政府 18 財年預算採購和撥款流程的延遲導致了政府預算中已批准的資助美元的採購流程和義務出現了一些延遲。

That's already approved in fiscal '18.

這已在 18 財年獲得批准。

So -- however, in fiscal -- government fiscal '17 budget, there was about $4 million worth of appropriations specifically for small UAS and our solutions for the Department of Homeland Security.

然而，在政府 17 財年的財政預算中，有大約 400 萬美元的撥款專門用於小型無人機和我們為國土安全部提供的解決方案。

There was approximately $10 million worth of funding approved in government fiscal year '18, which you can see these figures publicly in the released documents from the government.

政府 18 財年批准了價值約 1000 萬美元的資金，您可以在政府發布的文件中公開看到這些數字。

So we have delivered the initial systems, which we shared with you guys publicly several quarters ago.

因此，我們已經交付了初始系統，並在幾個季度前與大家公開分享。

However, the $10 million funding line item has not been obligated yet.

然而，1000 萬美元的資金項目尚未兌現。

And we're working with our customer through the process of fulfilling that demand and we continue to see the demand and the request from DHS, specifically the Customs and Border Patrol, for our solutions.

我們正在與客戶合作來滿足這一需求，並且我們將繼續看到國土安全部（特別是海關和邊境巡邏隊）對我們的解決方案的需求和要求。

They see great value in our solutions.

他們看到了我們的解決方案的巨大價值。

We believe that it delivers a very unique, compelling value proposition for border patrol and border security.

我們相信，它為邊境巡邏和邊境安全提供了非常獨特、引人注目的價值主張。

However, the timing delays due to the appropriation process could vary.

然而，由於撥款過程而導致的時間延遲可能會有所不同。

(Operator Instructions) And the next question comes from Brian Ruttenbur from Drexel Hamilton.

（操作員說明）下一個問題來自 Drexel Hamilton 的 Brian Ruttenbur。

So first of all, I -- if I could get a breakdown of depreciation and amortization going forward when you exclude the EES.

首先，如果我能得到排除 EES 後的折舊和攤銷明細。

I'm just trying to figure out your cash flows and EBITDA going forward.

我只是想算出你們未來的現金流和 EBITDA。

If you could talk a little bit about that and your guidance for cash generation in fiscal '19.

您能談談這一點以及您對 19 財年現金生成的指導嗎？

Brian, we have not provided guidance on the cash in the past.

布萊恩，我們過去沒有提供有關現金的指導。

On the capital side in 2018, we invested $9.6 million and $6 million of depreciation and amortization.

2018年資本方面，我們投資了960萬美元，折舊和攤銷6​​00萬美元。

Historically, over the last couple of years from continuous operations, we've invested 4% of revenue and capital.

從歷史上看，在過去幾年的持續運營中，我們投入了 4% 的收入和資本。

And so -- and historically, it's been in the 3% to 5% range.

所以——從歷史上看，它一直在 3% 到 5% 的範圍內。

We would expect it to be in that range in fiscal '19.

我們預計 19 財年該數字將處於該範圍內。

Regarding cash, we haven't forecasted cash.

關於現金，我們尚未預測現金。

We had very strong cash from operations in fiscal '18.

我們在 18 財年的運營中擁有非常強勁的現金。

Okay.

好的。

So what is your depreciation and amortization on a going forward basis, excluding the EES?

那麼，不包括 EES 的情況下，您未來的折舊和攤銷是多少？

Well, we had $6 million in fiscal '18.

嗯，我們 18 財年有 600 萬美元。

We haven't provided a forecast of what that looks like in '19, but we do expect the amount of capital that we're spending to be in the 3% to 5% range of revenue.

我們尚未對 19 年的情況做出預測，但我們確實預計我們支出的資本金額將在收入的 3% 至 5% 範圍內。

Okay.

好的。

And then plans for cash.

然後計劃現金。

You have roughly $300 million in cash.

您擁有大約 3 億美元的現金。

I think that you're talking about ramping up certain operations, getting ready to perform on these opportunities in front of you on the unmanned side.

我認為您正在談論加強某些操作，準備在您面前的無人方面執行這些機會。

What kind of capital is that going to require outside of your traditional CapEx?

除了傳統的資本支出之外，還需要什麼樣的資本？

Or do you see that there's going to be increased use of your capital outside of that?

或者您是否認為除此之外您的資本使用將會增加？

So Brian, this is Wahid.

布萊恩，這是瓦希德。

That's a really good question.

這是一個非常好的問題。

As I said in my remarks, first and foremost, the board and our leadership team, we review our capital allocation and the return on those -- on that capital regularly and quite rigorously.

正如我在發言中所說，首先是董事會和我們的領導團隊，我們定期且相當嚴格地審查我們的資本配置及其回報。

Inherent to our business strategy is the timing of certain market adoptions that we're pursuing within our business strategy.

我們業務戰略的本質是我們在業務戰略中追求的某些市場採用的時機。

And when and if those adoptions take place, the demand for cash to scale our various businesses still remains quite strong and healthy.

當這些採用發生時，擴大我們各種業務的現金需求仍然相當強勁和健康。

So for example, we have utilized some of our cash in fiscal '18, as you saw, in the formation of our joint venture for HAPSMobile with SoftBank Corporation.

例如，正如您所見，我們在 18 財年與軟銀公司組建了 HAPSMobile 合資企業，其中使用了部分現金。

And there's primarily 2 methods or means of utilization of capital for that business.

該業務主要有兩種利用資本的方法或手段。

One, as we ramp up that business and demonstrate the capability, we will be building facilities and manufacturing capacity to manufacture airplanes to sell to the joint venture, AeroVironment will.

第一，當我們擴大業務並展示能力時，我們將建設設施和製造能力來製造飛機並出售給合資企業，AeroVironment 將這樣做。

And then secondly, we still have an option to increase our ownership in the joint venture from 19 -- from 5% today up to 19% at a certain time.

其次，我們仍然可以選擇在某個時候將我們在合資企業中的持股比例從 19%——從現在的 5% 增加到 19%。

And so if we work to increase that, that will consume additional capital for that.

因此，如果我們努力增加這一點，就會為此消耗額外的資本。

And obviously, this is considered to be a very large, global business.

顯然，這被認為是一項非常龐大的全球業務。

The rollout of 5G connectivity and mobile telephony and telecommunication is a multibillion-dollar opportunity based on several, several reports publicly.

根據多份公開報告，5G 連接以及移動電話和電信的推出是一個價值數十億美元的機會。

And HAPSMobile is right at the center of that opportunity in terms of the enablement capabilities to achieve that globally.

就在全球範圍內實現這一目標的支持能力而言，HAPSMobile 正是這一機遇的中心。

So that's just one example of uses of our cash amongst many others, such as our Tactical Missile Systems business, international business, et cetera.

這只是我們現金使用的一個例子，還有許多其他業務，例如我們的戰術導彈系統業務、國際業務等。

And the next question comes from Nick Johnson from Piper Jaffray.

下一個問題來自 Piper Jaffray 的 Nick Johnson。

Sorry, I just had one more follow-up here.

抱歉，我剛剛又進行了一次後續行動。

I know in the past you've split out revenue between UAS and EES.

我知道過去你們在 UAS 和 EES 之間分配收入。

I know obviously, EES is going forward, but maybe we could get the figures for this quarter.

我顯然知道，EES 正在向前發展，但也許我們可以獲得本季度的數據。

Help give an idea for kind of core business growth projected in 2019.

幫助您了解 2019 年預計的核心業務增長情況。

Nick, are you referring to EES revenue as discontinued operations for this fiscal year's first quarter?

Nick，您是指將 EES 收入視為本財年第一季度的停產業務嗎？

No.

不。

For fiscal fourth quarter, this previous quarter here.

對於第四財季，此處為上一季度。

I know in the past, you guys have given out revenue between the 2 segments.

我知道過去你們已經在這兩個部分之間分配了收入。

So Nick, in the fourth quarter, UAS revenue was $117.4 million.

尼克，第四季度 UAS 收入為 1.174 億美元。

In the fourth quarter of '17, UAS revenue was $115.7 million.

2017 年第四季度，UAS 收入為 1.157 億美元。

So it was -- okay, I see.

原來如此——好吧，我明白了。

So as a total, not there, none.

所以總的來說，不存在，沒有。

You're counting none from EES.

你沒有從 EES 中算出任何一個。

Is that correct?

那是對的嗎？

That is correct.

那是對的。

That's just the continuing operations.

這只是持續運營。

Yes.

是的。

The balance of it would be the EES discontinued operations.

其餘部分將是 EES 已終止的業務。

And that concludes our question-and-answer session.

我們的問答環節到此結束。

I'll now turn the call back over to Steve Gitlin for final remarks.

現在，我將把電話轉回給史蒂夫·吉特林，讓他發表最後的評論。

Thank you, Adrianne, and thank you all for your attention today and for your interest in AeroVironment.

謝謝阿德里安，感謝大家今天的關注以及對 AeroVironment 的興趣。

An archived version of this call, all SEC filings and relevant company and industry news can be found on our website, avinc.com.

本次電話會議的存檔版本、所有 SEC 文件以及相關公司和行業新聞均可在我們的網站 avinc.com 上找到。

The live audio webcast of tomorrow's investor and analyst event will begin at 8:30 a.m.

明天的投資者和分析師活動的現場音頻網絡直播將於上午 8:30 開始。

Eastern time and can be found on the Events and Presentations section of the investor portion of our corporate website.

東部時間，可以在我們公司網站投資者部分的活動和演示部分找到。

The presentation file for tomorrow's event will be posted shortly before the event begins.

明天活動的演示文件將在活動開始前不久發布。

We look forward to speaking with you tomorrow and again following next quarter's results.

我們期待明天與您交談，並在下一季度的業績公佈後再次與您交談。

We wish you a good day.

我們祝您有美好的一天。

Thank you, ladies and gentlemen.

謝謝你們，女士們、先生們。

This concludes today's conference.

今天的會議到此結束。

Thank you for participating, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。