AeroVironment, Inc. (AVAV) 2019 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the AeroVironment, Inc. Second Quarter 2019 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.2019年第二季財報電話會議。(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 the 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'd 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, Adrienne, and it's good to be with you today. Please note that on today's call, certain information presented contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

謝謝你，Adrienne，很高興今天與各位一同參與。請注意，在今天的電話會議中，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。

Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements. And they 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、預報、指出或暗示未來結果、績效或成就的陳述。其通常包含如believe（相信）、anticipate（預期）、expect（預期）、estimate（估計）、intend（打算）、project（推估）、plan（計畫）等字眼，或具有類似含義的詞語或片語。

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.

前瞻性陳述係基於目前的預期、預測與假設，並涉及風險與不確定性，包括但不限於我們無法控制的經濟、競爭、政府及技術因素，這些因素可能導致我們的業務策略或實際結果與前瞻性陳述存在重大差異。

For further information on these risks, we encourage you to review the risk factors discussed in AeroVironment's periodic reports on Form 10-K and Form 10-Q filed with the SEC and the Form 8-K filed today with the SEC, along with the associated earnings release and the safe harbor statement contained therein.

如需進一步了解這些風險，我們建議您查閱AeroVironment向美國證券交易委員會（SEC）提交的Form 10-K與Form 10-Q定期報告中所討論的風險因素，以及今日向SEC提交的Form 8-K，並一併參閱相關的財報新聞稿及其中所載的安全港聲明。

The content of this conference call contains time-sensitive information that is accurate only as of today, November 29, 2018. The company undertakes no obligation to make any revision to any forward-looking statements contained in our remarks today or to update them to reflect the events or circumstances occurring after this conference call.

本次電話會議內容包含具時效性的資訊，僅截至今日（2018年11月29日）為準且為正確。公司不承擔對我們今日發言中所包含的任何前瞻性陳述進行修訂的義務，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.

接下來我們將由Wahid Nawabi發表談話。

Thank you, Steve, and welcome to our second quarter fiscal year 2019 earnings conference call. On today's call, we will focus on 3 key messages. First, our team is successfully executing our plan, as reflected in our strong second quarter and first half results. Second, continued strong backlog and visibility keep us on track to achieve our fiscal year 2019 objectives. And third, robust customer demand for our innovative solutions, coupled with our strategy, support our long-term value creation goals.

謝謝你，Steve，歡迎各位參加我們2019會計年度第二季財報電話會議。今天的電話會議，我們將聚焦三項關鍵訊息。第一，我們的團隊正成功執行計畫，這反映在我們強勁的第二季及上半年業績。第二，持續強勁的在手訂單（backlog）與能見度，使我們維持在達成2019會計年度目標的軌道上。第三，客戶對我們創新解決方案的強勁需求，加上我們的策略，支持我們長期價值創造的目標。

Today, I will review our second quarter fiscal year 2019 financial and operating performance and then provide an overview of some notable developments during the quarter. Next, Teresa Covington will provide a detailed review of second quarter and year-to-date financials. Then I will discuss our goals for fiscal year 2019, including our revised guidance, which reflects our strong momentum. Teresa, Steve and I will then take your questions.

今天我將回顧我們2019會計年度第二季的財務與營運表現，並概述本季一些重要進展。接著，Teresa Covington將就第二季及年初至今的財務狀況進行詳細說明。然後我將討論我們2019會計年度的目標，包括反映我們強勁動能的修訂後財測指引。最後，Teresa、Steve與我將回答各位的提問。

We are executing our fiscal year 2019 plan and continue to deliver strong results. Second quarter revenue of $73 million increased by 11% year-over-year. Earnings per diluted share from continuing operations was $0.29. Funded backlog increased by 44% from $113 million to $164 million year-over-year. It is important to note that over the last 4 quarters, we have consistently generated high funded backlog levels. This strong funded backlog is helping us level load quarterly revenue and our operations.

我們正在執行2019會計年度計畫，並持續交出強勁成果。第二季營收為7,300萬美元，年增11%。持續營運的稀釋後每股盈餘為0.29美元。已獲資金支持的在手訂單（funded backlog）年增44%，由1.13億美元增至1.64億美元。值得注意的是，在過去四個季度，我們一貫維持高水準的已獲資金支持在手訂單。這項強勁的已獲資金支持在手訂單，有助於我們平衡各季度營收與營運負荷。

Year-to-date, our performance reflects strong improvement over last year. Revenue of $151 million increased by 51% over fiscal year 2018. And earnings per diluted share from continuing operations of $1.14, including a $0.26 onetime litigation settlement, is up $1 over the same period last year. This strong year-over-year improvement significantly enhances our visibility, as Teresa will detail shortly.

年初至今，我們的表現較去年大幅改善。營收為1.51億美元，較2018會計年度增加51%。持續營運的稀釋後每股盈餘為1.14美元，其中包含一次性訴訟和解收益0.26美元，較去年同期增加1美元。這項強勁的年增改善顯著提升了我們的能見度，Teresa稍後將進一步說明。

Now let's review some notable developments from the quarter. Within the U.S. Department of Defense market, we remain the leader in small UAS, and our growing loitering missile systems business is disrupting the Tactical Missile Systems category.

接下來讓我們回顧本季一些重要進展。在美國國防部市場中，我們仍是小型無人機系統（small UAS）的領導者，而我們持續成長的滯空攻擊飛彈系統業務，正在顛覆戰術飛彈系統（Tactical Missile Systems）類別。

The recently released 2018 U.S. National Defense Strategy defines a number of initiatives designed, in part, to enhance the lethality of U.S. military forces. These initiatives include several supported by AeroVironment solutions namely: expanding surveillance, investing in infantry firepower and increasing the production of critical munitions.

近期發布的《2018年美國國家防禦戰略》提出多項倡議，部分目的在於提升美軍部隊的致命性。這些倡議包括數項由AeroVironment解決方案所支持的內容，即：擴大監視能力、投資步兵火力，以及提高關鍵彈藥的生產。

AeroVironment unmanned solutions deliver greater situational awareness and lethality to front-line troops more affordably than many legacy ISR and weapon systems. We believe our solutions will serve an important role in providing U.S. and allied forces winning capabilities in the future battle space through existing and next-generation offerings.

AeroVironment的無人化解決方案，相較於許多傳統ISR（情監偵）與武器系統，能以更具成本效益的方式，為前線部隊提供更高的態勢感知與致命性。我們相信，透過現有與次世代產品，我們的解決方案將在未來戰場空間中，為美國及盟軍提供致勝能力並扮演重要角色。

We also believe our solutions deliver exceptional capabilities and value in both conventional and nonconventional threat environments. Examples of new U.S. DoD procurement opportunities include the Army's short-range reconnaissance and soldier-borne sensor programs. Both of these programs represent initial adoption opportunities for our next-generation small UAS. We are tracking them closely and look forward to updating you when we have news to share.

我們也相信，我們的解決方案在傳統與非傳統威脅環境中都能提供卓越能力與價值。美國國防部新的採購機會例子包括陸軍的短程偵察（short-range reconnaissance）與士兵攜行感測器（soldier-borne sensor）計畫。這兩項計畫都代表我們次世代小型無人機系統的初期採用機會。我們正密切追蹤，並期待在有新消息可分享時向各位更新。

The fiscal year 2019 defense appropriations bill was enacted in our second quarter, and demand for our solutions remained robust. Nearly $60 million was appropriated for our small UAS, made up of the Army's $46 million funding for Raven systems and the Air Force's $13.5 million for Puma systems. And $110 million was appropriated for the Army and Marine Corps' LMAMS requirements, which specify AeroVironment as the supplier. This totals $170 million of appropriated funding for AeroVironment solutions. We look forward to negotiating and finalizing contract awards for these line items in the coming months.

2019會計年度國防撥款法案於我們第二季期間完成立法生效，市場對我們解決方案的需求仍然強勁。其中近6,000萬美元撥款用於我們的小型無人機系統，包括陸軍為Raven系統提供的4,600萬美元資金，以及空軍為Puma系統提供的1,350萬美元。另有1.10億美元撥款用於陸軍與海軍陸戰隊的LMAMS需求，該需求指定AeroVironment為供應商。合計共有1.70億美元的撥款資金用於AeroVironment解決方案。我們期待在未來數月就這些預算科目進行協商並完成合約授予。

Based on our winning track record, we continue to expand our leadership position in the small UAS category for defense requirement internationally with more than 45 allied customers. Notable second quarter contract awards that reflect our strong international position are as follows: a $5.9 million NATO support and procurement agency contract for Raven systems for the Portuguese Army, our first contract with Portugal; a $13 million U.S. Air Force IDIQ contract to support Raven systems to multiple Caribbean nations; a $9 million Puma systems award for a Baltic nation; and a $3.2 million Puma systems award for an ally and the DoD's Indo-Pacific Command region.

憑藉我們優異的得標紀錄，我們持續擴大在國際國防需求小型無人機系統類別的領導地位，客戶涵蓋超過45個盟國。反映我們強勁國際地位的第二季重要合約授予如下：北約支援與採購局（NSPA）為葡萄牙陸軍採購Raven系統的590萬美元合約（亦為我們與葡萄牙的首份合約）；美國空軍一份1,300萬美元的IDIQ合約，用於支援多個加勒比海國家的Raven系統；某波羅的海國家9,000萬美元的Puma系統訂單；以及一個盟國與國防部印太司令部（Indo-Pacific Command）區域的320萬美元Puma系統訂單。

We believe small UAS and TMS are in the early stages of market adoption. We envision a future in which unmanned systems deliver increasingly valuable capabilities across defense and commercial markets and well beyond their contributions today.

我們認為，小型無人機系統與TMS仍處於市場採用的早期階段。我們展望未來，無人系統將在國防與商業市場中提供日益重要的能力，其貢獻將遠超過今日。

Achieving these broader and deeper penetration of unmanned systems requires continued innovation across hardware and software domains. It also involves the implementation of unmanned solutions in new integrated approaches, in which they work together to deliver more significant benefits to our customers.

要實現無人系統更廣、更深的滲透，需要在硬體與軟體領域持續創新。這也涉及以新的整合式方法導入無人化解決方案，使其協同運作，為我們的客戶帶來更顯著的效益。

In October, we announced a [teaming] agreement with General Dynamics Land Systems that serves as a powerful example of this new integration approach. We are working with General Dynamics to integrate small UAS and Switchblade Tactical Missile Systems into armored combat vehicles for new upcoming U.S. Army and Marine Corps' acquisition programs and for potential retrofit of existing vehicles. Essentially, we are establishing a new paradigm for airpower in which armored vehicle commanders would possess their own aerial capabilities for reconnaissance and precision strike while stationary or on the move.

10月，我們宣布與通用動力陸地系統（General Dynamics Land Systems）達成一項[協同作戰]協議，這是此一新整合方法的有力例證。我們正與通用動力合作，將小型無人航空系統（small UAS）與「Switchblade」戰術飛彈系統整合至裝甲戰鬥車輛中，以因應即將到來的美國陸軍與海軍陸戰隊採購計畫，並用於既有車輛的潛在改裝。本質上，我們正在建立一種新的空中戰力典範：裝甲車指揮官在靜止或行進間，將可擁有自身的空中能力，用於偵察與精準打擊。

Working together, our small UAS and Switchblade, for example, can deliver game-changing situational awareness and precision strike capabilities directly to the commander of an unarmed -- an armored vehicle. This represents a new channel for us to enable and protect the war fighter. It can also generate additional demand for our solutions through our other programs of record. This also represents an important new way to integrate our unmanned systems into other platforms to enhance our customers' battlefield capabilities across multiple domains. While development of this integrated solution is at a very early stage, we are confident in its superior ability to enable and protect the war fighter.

例如，我們的小型無人航空系統與Switchblade協同運作，可直接為一輛未武裝——一輛裝甲車的指揮官——提供具顛覆性的態勢感知與精準打擊能力。這代表我們在賦能並保護作戰人員方面開啟了一個新的通路。也可透過我們其他既定計畫（programs of record）為我們的解決方案帶來額外需求。這同時也代表一種重要的新方式：將我們的無人系統整合至其他平台，以在多個領域提升客戶的戰場能力。雖然此整合式解決方案仍處於非常早期的開發階段，我們對其在賦能並保護作戰人員方面的卓越能力充滿信心。

In our nascent commercial businesses, we remain focused on executing our design, development and demonstration program for HAPS. We consider the ongoing announcements of new competing solutions emerging from multiple new players in this market as a recognition of the potential of this large global opportunity.

在我們新興的商業業務方面，我們仍專注於執行HAPS的設計、開發與示範計畫。我們將市場上多家新進者持續宣布推出新的競爭性解決方案，視為對這一龐大全球機會潛力的肯定。

In Commercial Information Solutions, we continue to expand our reach into the large agriculture market. We continue to believe in the compelling value proposition of our unique solution. However, the overall market adoption rate is lower than most anticipated, as we have previously communicated. We continue to seek strategic partners to help us capitalize on this potentially large long-term (technical difficulty) creation opportunity.

在商業資訊解決方案（Commercial Information Solutions）方面，我們持續擴大在大型農業市場的觸及範圍。我們仍然相信我們獨特解決方案具備極具吸引力的價值主張。然而，整體市場採用速度低於多數人的預期，正如我們先前所溝通。我們持續尋求策略夥伴，協助我們把握這個潛在龐大的長期（技術難度）價值創造機會。

Now Teresa will review our second quarter financials. Teresa?

接下來由Teresa回顧我們第二季的財務表現。Teresa？

Thank you, Wahid, and good afternoon, everyone.

謝謝你，Wahid，各位下午好。

AeroVironment's fiscal 2019 second quarter results are as follows. Revenue from continuing operations for the second quarter fiscal 2019 was $73 million, an increase of $7.2 million or 11% from the second quarter of fiscal 2018 revenue of $65.8 million. The increase was due to an increase in service revenue of $8.5 million, partially offset by a decrease in product deliveries of $1.3 million. The second quarter fiscal 2019 revenue by major product line/program is as follows: small UAS was $42.2 million, TMS was $15 million, HAPS was $12.8 million, and other was $2.9 million.

AeroVironment 2019會計年度第二季的業績如下。2019會計年度第二季持續營運收入為7,300萬美元，較2018會計年度第二季的6,580萬美元增加720萬美元（或11%）。此增幅主要來自服務收入增加850萬美元，部分被產品交付減少130萬美元所抵銷。2019會計年度第二季按主要產品線/計畫別之營收如下：小型UAS為4,220萬美元，TMS為1,500萬美元，HAPS為1,280萬美元，其他為290萬美元。

Gross margin from continuing operations for the second quarter fiscal 2019 was $28.4 million or 39% of revenue compared to $30.1 million or 46% of revenue for the second quarter fiscal 2018. The decrease in gross margin was primarily due to a decrease in product sales margin of $2.7 million, partially offset by an increase in service margins of $1 million. Gross margin as a percentage of revenue decreased from 46% to 39% due to a higher percentage of service revenue in the second quarter as well as lower gross margins in both product sales and service revenue due to mix.

2019會計年度第二季持續營運毛利為2,840萬美元，佔營收39%，相較於2018會計年度第二季毛利3,010萬美元、佔營收46%。毛利下滑主要由產品銷售毛利減少270萬美元所致，部分被服務毛利增加100萬美元所抵銷。毛利率由46%降至39%，係因第二季服務收入占比較高，以及產品銷售與服務收入的毛利率皆因組合因素而較低。

Looking at the rest of the income statement. SG&A expense from continuing operations for the second quarter of fiscal 2019 was $13.6 million or 19% of revenue compared to SG&A expense of $12.8 million or 19% of revenue for the second quarter of fiscal 2018. R&D expense from continuing operations for the second quarter of fiscal 2019 was $8.1 million or 11% of revenue compared to R&D expense of $6.8 million or 10% of revenue for the second quarter of fiscal 2018.

再看損益表其餘項目。2019會計年度第二季持續營運之銷售、一般及行政費用（SG&A）為1,360萬美元，佔營收19%，相較於2018會計年度第二季為1,280萬美元，亦佔營收19%。2019會計年度第二季持續營運之研發費用（R&D）為810萬美元，佔營收11%，相較於2018會計年度第二季為680萬美元，佔營收10%。

Income from continuing operations for the second quarter of fiscal 2019 was $6.6 million or 9% of revenue compared to a $10.5 million or 16% of revenue for the second quarter of fiscal 2018. The decrease in income from operations was primarily due to a decrease in gross margin of $1.7 million, an increase in R&D expense of $1.3 million and an increase in SG&A expense of $0.9 million.

2019會計年度第二季持續營運之營業利益為660萬美元，佔營收9%，相較於2018會計年度第二季為1,050萬美元，佔營收16%。營業利益下滑主要由毛利減少170萬美元、研發費用增加130萬美元，以及SG&A費用增加90萬美元所致。

Net other income for the second quarter of fiscal 2019 was $2.4 million compared to net other income of $0.4 million for the second quarter of fiscal 2018. The increase in net other income was due to income from the transition services agreement with Webasto Charging Systems and higher interest income on our investments.

2019會計年度第二季其他淨收益為240萬美元，相較於2018會計年度第二季其他淨收益40萬美元。其他淨收益增加係因與Webasto Charging Systems之過渡服務協議帶來的收入，以及我們投資的利息收入較高。

The effective income tax rate from continuing operations was 13.5% for the second quarter of fiscal 2019 as compared to an effective income tax rate of 30.8% for the second quarter of fiscal 2018. The effective tax rate for the second quarter fiscal 2019 included a discrete excess tax benefit of $0.4 million resulting from the vesting of restricted stock awards and exercises of stock options. Equity method investment activity, net of tax, for the second quarter of fiscal 2019 was a loss of $0.8 million or $0.03 per diluted share compared to no equity method investment activity, net of tax, for the second quarter of fiscal 2018.

持續營運之有效所得稅率在2019會計年度第二季為13.5%，相較於2018會計年度第二季的有效所得稅率30.8%。2019會計年度第二季的有效稅率包含一筆一次性超額稅務利益40萬美元，係因限制型股票獎酬歸屬及員工股票選擇權行使所致。2019會計年度第二季按權益法認列之投資活動（稅後）為虧損80萬美元，或稀釋後每股虧損0.03美元；相較之下，2018會計年度第二季（稅後）無按權益法認列之投資活動。

Net income from continuing operations attributable to AeroVironment for the second quarter of fiscal 2019 was $7 million or $0.29 per diluted share compared to net income from continuing operations attributable to AeroVironment of $7.8 million or $0.32 per diluted share for the second quarter of fiscal 2018.

2019會計年度第二季歸屬於AeroVironment之持續營運淨利為700萬美元，或稀釋後每股0.29美元；相較於2018會計年度第二季歸屬於AeroVironment之持續營運淨利為780萬美元，或稀釋後每股0.32美元。

The company completed the sale of the EES business to Webasto Charging Systems in the first quarter of fiscal 2019. The company has not received the additional holdback cash consideration of $6.5 million, which the company is entitled to receive upon tendering consent to assignment of 2 remaining customer contracts to Webasto. The company's satisfaction of the requirements for the payment of the holdback is currently under dispute.

公司已於2019會計年度第一季完成將EES業務出售予Webasto Charging Systems。公司尚未收到額外的保留款現金對價650萬美元；公司在將剩餘2份客戶合約同意轉讓予Webasto後，即有權收取該款項。目前公司是否已滿足支付該保留款之要求，正處於爭議之中。

Loss from discontinued operations, net of tax, for the second quarter of fiscal 2019 was $1 million or $0.04 loss per diluted share compared to a loss from discontinued operations, net of tax, of $33,000 for the second quarter of fiscal 2018.

2019會計年度第二季停業部門虧損（稅後）為100萬美元，或稀釋後每股虧損0.04美元；相較於2018會計年度第二季停業部門虧損（稅後）為33,000美元。

Now moving through our first half fiscal 2019 results. Revenue for the first half of fiscal 2019 was $151 million, an increase of $50.8 million as compared to $100.2 million for the 6 months ended October 27, 2018. The increase in revenue was due to an increase in product deliveries of $35.1 million and an increase in contract service revenue of $15.7 million. The first half of fiscal 2019 revenue by major product line/program is as follows: small UAS was $83.4 million, TMS was $37.8 million, HAPS was $24.4 million, and other was $5.4 million.

接著說明2019會計年度上半年的業績。2019會計年度上半年營收為1.51億美元，較截至2018年10月27日止6個月的1.002億美元增加5,080萬美元。營收增加係因產品交付增加3,510萬美元，以及合約服務收入增加1,570萬美元。2019會計年度上半年按主要產品線/計畫別之營收如下：小型UAS為8,340萬美元，TMS為3,780萬美元，HAPS為2,440萬美元，其他為540萬美元。

Gross margin for the first half of fiscal 2019 was $61 million or 40% as compared to $38.8 million or 39% for the first half of fiscal 2018. The increase was due to an increase in product margins of $20 million and an increase in service margins of $2.2 million. Gross margin as a percentage of revenue increased from 39% to 40% due primarily to higher gross margin and product sales, partially offset by lower gross margins and service revenue.

2019 會計年度上半年毛利為 6,100 萬美元（40%），相較於 2018 會計年度上半年之 3,880 萬美元（39%）。增加主要係因產品毛利增加 2,000 萬美元及服務毛利增加 220 萬美元。毛利占營收比率由 39% 提升至 40%，主要由較高毛利與產品銷售帶動，部分被較低毛利與服務營收所抵銷。

SG&A expense for the first half of fiscal 2019 was $25.6 million or 17% of revenue compared to SG&A expense of $24.1 million or 24% of revenue for the first half of fiscal 2018. R&D expense for the first half of fiscal 2019 was $14.5 million or 10% of revenue compared to R&D expense of $12.4 million or 12% of revenue for the first half of fiscal 2018.

2019 會計年度上半年 SG&A 費用為 2,560 萬美元（占營收 17%），相較於 2018 會計年度上半年 SG&A 費用 2,410 萬美元（占營收 24%）。2019 會計年度上半年研發（R&D）費用為 1,450 萬美元（占營收 10%），相較於 2018 會計年度上半年研發費用 1,240 萬美元（占營收 12%）。

Income from continuing operations for the first half of fiscal 2019 was $20.8 million or 14% of revenue compared to a $2.4 million or 2% of revenue for the first half of fiscal 2018. The increase in income from operations was primarily due to an increase in gross margins of $22.2 million, partially offset by an increase in R&D expense of $2.2 million and an increase in SG&A expense of $1.6 million.

2019 會計年度上半年持續營業業務之收益為 2,080 萬美元（占營收 14%），相較於 2018 會計年度上半年之 240 萬美元（占營收 2%）。營業利益增加主要係因毛利增加 2,220 萬美元，部分被研發費用增加 220 萬美元及 SG&A 費用增加 160 萬美元所抵銷。

Net other income for the first half of fiscal 2019 was $11.7 million compared to the prior year net other income of $0.9 million. The net other income increase was primarily due to a litigation settlement income earned under a transition services agreement with Webasto Charging Systems and an increase in interest income resulting from higher short-term interest rates in fiscal 2019.

2019 會計年度上半年其他淨收益為 1,170 萬美元，相較於前一年度其他淨收益 90 萬美元。其他淨收益增加主要係因與 Webasto Charging Systems 之過渡服務協議下取得的訴訟和解收益，以及 2019 會計年度短期利率較高所帶動的利息收入增加。

The effective income tax rate from continuing operations was 11.6% for the first half of fiscal 2019 as compared to an effective income tax rate of 4.2% for the first half of fiscal 2018. The increase in effective income tax rate was due to higher income before taxes, partially offset by a reduced federal statutory rate from the Tax Cut and Jobs Act.

2019 會計年度上半年持續營業業務之有效所得稅率為 11.6%，相較於 2018 會計年度上半年之有效所得稅率 4.2%。有效所得稅率上升係因稅前所得較高，部分被《減稅與就業法案》（Tax Cut and Jobs Act）降低聯邦法定稅率所抵銷。

Equity method investment activity, net of tax, for the first half of fiscal 2019 was a loss of $1.4 million or $0.06 per diluted share compared to no equity method investment activity, net of tax, for the first half of fiscal 2018.

2019 會計年度上半年權益法投資活動（扣稅後）為虧損 140 萬美元，或每股稀釋虧損 0.06 美元；相較於 2018 會計年度上半年（扣稅後）無權益法投資活動。

Net income from continuing operations attributable to AeroVironment for the first half of fiscal 2019 was $27.4 million or $1.14 per diluted share compared to $3.4 million or $0.14 per diluted share for the first half of fiscal 2018. Our funded backlog as of October 27, 2018, was $163.9 million, an increase of $50.3 million or 44% from the second quarter of fiscal 2018 and an increase of $6.8 million or 4% from the first quarter of fiscal 2019.

2019 會計年度上半年歸屬於 AeroVironment 之持續營業業務淨利為 2,740 萬美元，或每股稀釋盈餘 1.14 美元；相較於 2018 會計年度上半年之 340 萬美元，或每股稀釋盈餘 0.14 美元。截至 2018 年 10 月 27 日，我們的已資金支持（funded）在手訂單為 1.639 億美元，較 2018 會計年度第二季增加 5,030 萬美元（44%），並較 2019 會計年度第一季增加 680 萬美元（4%）。

Turning to our balance sheet. Cash, cash equivalents and investments at the end of the second quarter fiscal 2019 totaled $320.3 million, an increase of $22.5 million from the end of fiscal 2018 cash, cash equivalents and investments of $297.8 million. Net accounts receivable, including unbilled receivables and retention, at the end of the second quarter fiscal 2019 totaled $80.3 million. The unbilled receivables and retention balance of $45.7 million, inclusive of $7.8 million related party amounts. The unbilled receivables and retention balances arise due to timing differences between revenue recognition and billing.

接著看資產負債表。截至 2019 會計年度第二季末，現金、約當現金及投資合計 3.203 億美元，較 2018 會計年度末之 2.978 億美元增加 2,250 萬美元。截至 2019 會計年度第二季末，應收帳款淨額（含未開立帳單應收款及保留款）合計 8,030 萬美元。未開立帳單應收款及保留款餘額為 4,570 萬美元，其中包含 780 萬美元之關係人款項。未開立帳單應收款及保留款餘額係因收入認列與開立帳單之時間差所致。

All revenue from Tactical Missile Systems contracts is now recognized over time, which generally accelerates the timing of when revenue is recognized and results in an increase to unbilled receivables.

目前，戰術飛彈系統（Tactical Missile Systems）合約的所有收入皆按期間認列（over time），通常會加速收入認列時點，並導致未開立帳單應收款增加。

Total days sales outstanding from continuing operations for the second quarter fiscal year 2019 was approximately 95 days compared to 48 days for the fourth quarter fiscal year 2018.

2019 會計年度第二季持續營業業務之應收帳款週轉天數（DSO）約為 95 天，相較於 2018 會計年度第四季的 48 天。

Net inventory at the end of the second quarter fiscal year 2019 was $46.1 million compared to $37.4 million at the end of the fourth quarter fiscal year 2018. Days in inventory outstanding for the second quarter fiscal year 2019 was approximately 89 days compared to 79 days for the fourth quarter fiscal year 2018.

截至 2019 會計年度第二季末，存貨淨額為 4,610 萬美元，相較於 2018 會計年度第四季末的 3,740 萬美元。2019 會計年度第二季存貨週轉天數約為 89 天，相較於 2018 會計年度第四季的 79 天。

Accounts payable at the end of the second quarter fiscal year 2019 was $14.1 million compared to $21.3 million at the end of the fourth quarter fiscal year 2018. Total days payable outstanding for the second quarter fiscal year 2019 was approximately 27 days compared to 24 days for the fourth quarter fiscal year 2018.

截至 2019 會計年度第二季末，應付帳款為 1,410 萬美元，相較於 2018 會計年度第四季末的 2,130 萬美元。2019 會計年度第二季應付帳款週轉天數約為 27 天，相較於 2018 會計年度第四季的 24 天。

Turning to capital expenditures. In the second quarter fiscal year 2019, we invested approximately $2.7 million in property improvements and capital equipment and recognized $1.8 million of depreciation and amortization expense.

接著談資本支出。在 2019 會計年度第二季，我們約投入 270 萬美元於不動產改善及資本設備，並認列 180 萬美元之折舊與攤銷費用。

Now an update to our fiscal 2019 visibility. As of today, we have year-to-date revenue in fiscal 2019 of $151 million; second quarter ending backlog that we expect to execute in fiscal 2019 of $127 million; Q3 quarter-to-date bookings that we anticipate to execute in fiscal 2019 of $0.3 million; unfunded backlog from incrementally funded contracts that we anticipate to recognize revenue during the balance of the year of $17 million. This adds up to $296 million or 97% at the midpoint of revenue guidance. We anticipate a full year effective tax rate for continuing operations in the range of 12% to 14%.

接下來更新我們對 2019 會計年度的可視性（visibility）。截至今日，我們 2019 會計年度年初至今營收為 1.51 億美元；第二季期末在手訂單中預期於 2019 會計年度執行者為 1.27 億美元；第三季截至目前之接單（bookings）中預期於 2019 會計年度執行者為 30 萬美元；以及來自分期撥款合約之未資金支持在手訂單（unfunded backlog），預期於本年度剩餘期間認列收入者為 1,700 萬美元。合計為 2.96 億美元，約為營收指引中點的 97%。我們預期全年持續營業業務之有效稅率介於 12% 至 14%。

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

現在我想把時間交還給 Wahid，請他討論 AV 對 2019 會計年度的展望。

Thanks, Teresa. We're executing our plan effectively and enhancing our position for long-term value creation. Customer demand for our solutions remain robust, supported by strong DoD appropriations for those solutions.

謝謝你，Teresa。我們正有效執行計畫，並強化我們創造長期價值的定位。客戶對我們解決方案的需求仍然強勁，並受到國防部（DoD）對這些解決方案之強勁撥款所支持。

With strong and steady performance so far this year, we now have 97% visibility to the midpoint of our revised revenue guidance range, as Teresa described. This represents historically high visibility for us at this point in the fiscal year.

在今年迄今表現強勁且穩健的情況下，如 Teresa 所述，我們目前對修訂後營收指引區間中點的可視性已達 97%。這代表在本會計年度此時點，我們的可視性處於歷史高位。

The term visibility in this context refers to converting funded backlog and unfunded commitments into revenue in the current fiscal year. So while visibility tells us much about the front end of the business, there remains timing and execution risks to fulfilling those orders on the back end and achieving our full year guidance.

在此脈絡下，「可視性」指的是將已資金支持在手訂單與未資金支持承諾轉換為本會計年度的收入。因此，雖然可視性能讓我們對業務前端有相當了解，但在後端履行訂單並達成全年指引方面，仍存在時程與執行風險。

With respect to our earnings, year-to-date, we have also generated earnings per share from continuing operations of $1.14, which places us within our EPS guidance range already. While this as context -- with this as context, we are narrowing our revenue guidance within the upper portion of our range to between $300 million and $310 million, and we are raising and narrowing our earnings per diluted share from continuing operations guidance range to between $1.30 and $1.50.

就獲利而言，截至目前，我們持續營業業務每股盈餘亦達 1.14 美元，這使我們已落在 EPS 指引區間之內。在此背景下，我們將營收指引收斂至區間上緣，調整為 3.00 億至 3.10 億美元，並上調且收斂持續營業業務每股稀釋盈餘指引區間至 1.30 至 1.50 美元。

As we indicated earlier this fiscal year, we expect first half revenue to be similar to second half revenue and fairly evenly distributed across all 4 quarters. This represents a significant change from prior years, when historically, our fourth quarter produced the largest quarterly revenue. We also expect lower profitability in the second half mainly due to higher planned operating expenses and a shift in our revenue mix, with higher services sales compared to product sales. We continue to expect research and development investments to total 10% to 11% of full year revenue. These factors drive the revised guidance, which I just outlined. We are confident in our ability to extend our record of delivering on our objectives and achieving these revised targets.

如同我們在本會計年度稍早所指出的，我們預期上半年營收將與下半年營收相近，並在四個季度之間相當平均地分配。這與過去年度相比是一項重大變化；以往歷史上，我們第四季通常創造最高的單季營收。我們也預期下半年獲利能力較低，主要因為規劃中的營運費用增加，以及營收組合轉變——服務銷售占比提高、相較於產品銷售占比提高。我們仍預期研發投資將占全年營收的10%至11%。這些因素促使我們修訂指引，我剛才已概述。我們對於延續達成目標並實現這些修訂後目標的紀錄充滿信心。

In summary, to reiterate our main points for today's call. First, our team is successfully executing our plan, as reflected in our strong first half results. Second, continued strong backlog and visibility keep us on track to achieve our fiscal year 2019 objectives. And third, robust customer demand for our innovative solutions, coupled with our strategy, support our long-term value creation goals.

總結來說，重申今天電話會議的重點。第一，我們團隊正成功執行計畫，這反映在我們強勁的上半年成果。第二，持續強勁的在手訂單與能見度，使我們維持在達成2019會計年度目標的軌道上。第三，客戶對我們創新解決方案的強勁需求，加上我們的策略，支持我們長期價值創造的目標。

Thank you to AeroVironment's team members for your relentless drive to serve our customers and stockholders. Thank you to our customers who place their trust in AeroVironment to support their critical missions. And thank you to our stockholders for recognizing the value-creation potential of our people and our company.

感謝AeroVironment的團隊成員不懈努力，為我們的客戶與股東提供服務。感謝信任AeroVironment、讓我們支持其關鍵任務的客戶。也感謝我們的股東認同我們的人才與公司所具備的價值創造潛力。

Teresa, Steve and I will now take your questions.

Teresa、Steve和我現在將回答各位的提問。

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

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

Wahid, I first wanted to ask about the LMAMS and the $110 million in the fiscal '19 budget. I'm curious, have you seen any of that? I mean, is that -- any of that yet under contract? I know you talked about timing. And I know we're very early in the fiscal year, but can you just update us on where we are in the contract? Have you seen any of that yet? And then maybe how we should expect or how much of that potential in the budget do you see in your fiscal '19 just considering the timing?

Wahid，我首先想問LMAMS以及2019會計年度預算中的1.10億美元。我很好奇，你們有看到其中任何部分嗎？我的意思是——目前有任何部分已簽約了嗎？我知道你談到時程。我也知道我們才剛進入會計年度初期，但你能否更新一下合約目前進展到哪裡？你們有看到其中任何部分了嗎？另外，考量時程，你認為這筆預算中的潛在金額，有多少會反映在你們2019會計年度的表現中，或我們應該如何預期？

Sure. So Ken, the $110 million appropriated and authorized budget dollar amounts that are in the government fiscal year '19, which I mentioned earlier, is not under contract with us yet. We are already working on that. We're aware of it, as I mentioned. And we continue to work towards the definitization and finalization of that contract with the customer. And once we do that, we will obviously update you as we go forward. At this time, we're in that position.

當然。Ken，我先前提到的政府2019財政年度中已撥款並授權的1.10億美元預算金額，目前尚未與我們簽訂合約。我們已經在著手處理。如我所說，我們已知悉此事。我們也持續與客戶推進該合約的確定化（definitization）與最終定案。一旦完成，我們當然會在後續進展中向各位更新。目前我們正處於這個階段。

Okay. So is it possible, Wahid, that you can just give an estimate of maybe how much of that is factored into the guidance this year versus how much maybe falls into your fiscal '20?

好的。那麼Wahid，你是否可以估計一下，其中大約有多少已納入今年的指引、又有多少可能落在你們2020會計年度？

Yes. So unfortunately, because we're still in contract negotiations and definitization process, I'm not in a position to be able to comment on that specifically. Historically speaking, it always has taken us a certain amount of time for us to negotiate the contract, definitize it, finalize it. And then we have to produce the product and then, obviously, test them and then get approval from the customer to be able to deliver them. All of that activity is obviously planned and underway but still to be done.

是的。很遺憾，因為我們仍在合約談判與確定化流程中，我目前無法就此做出具體評論。就歷史經驗而言，我們一向需要一定時間來談判合約、完成確定化並最終定案。接著我們必須生產產品，並且進行測試，然後取得客戶核准才能交付。所有這些工作當然都已規劃並在進行中，但仍有待完成。

And our next question comes from Jon Ladewig from Stifel.

下一個問題來自Stifel的Jon Ladewig。

I was hoping you guys could first start off with updating us on your capital allocation plans these days and kind of give us some color on what the latest thoughts are around HAPSMobile.

我希望你們能先更新一下目前的資本配置計畫，並談談對HAPSMobile最新的想法與一些背景。

Yes. So in terms of capital allocation, we currently, in our financial outlook that we provided, assume a 5% ownership in the joint venture with HAPS. You mentioned specifically HAPS. But per contract terms, we have the ability and the option to increase our joint venture ownership up to 19% during the step 2 contract with certain terms and conditions that are within the contract. And we have not, to date, executed that or implemented that. So as we progress through this process, we will keep you updated. And so as I've said before, the initial joint venture was a $100 million joint venture, which we contributed up to 5% of that for the ownership piece. That's one piece. And then obviously, besides that, we have ordinary capital consumption and investments in various parts of our business, such as tooling and fixtures and operations that we do, and Teresa usually provides an update on that. And that's the primary status of our capital expenditures year-to-date for this year.

好的。就資本配置而言，我們在所提供的財務展望中，目前假設在與HAPS的合資企業中持股5%。你特別提到HAPS。但依合約條款，在第二階段（step 2）合約期間，我們有能力與選擇權在符合合約內特定條款與條件下，將合資持股提高至19%。截至目前，我們尚未執行或落實該選項。因此，隨著流程推進，我們會持續向各位更新。如我先前所說，初始合資為1億美元的合資案，我們就持股部分出資最高達其中的5%。這是一部分。此外，我們也有一般性的資本耗用與對業務各部分的投資，例如我們在工具、治具與營運方面的投入，Teresa通常會就此提供更新。以上就是我們今年截至目前資本支出狀況的主要內容。

All right. The -- 2 other ones here just real quick. Can you kind of update us on the impact the change on the export laws have had on your sales to date? You talked about a bunch of the international sales, but has it fundamentally changed since the White House made that transition for allowing for additional exports? And then can you kind of give us some color on the breakout for sales between TMS, international small and HAPS?

好的。另外兩個問題，很快問一下。你能否更新出口法規變更迄今對你們銷售的影響？你提到許多國際銷售，但自白宮做出允許更多出口的轉變後，是否在根本上有所改變？另外，你能否提供一些資訊，說明TMS、國際小型（small）以及HAPS之間的銷售拆分？

Sure. So in terms of export licensing, Jon, we really haven't noticed a significant or meaningful change in the way that the export licenses are being processed or authorized. Having said that, historically speaking, we have a very strong track record of obtaining and complying with all the requirements with the state department for obtaining those licenses. And as you heard from my comments, we're up to over 45 allied countries now in terms of international customers for our small UAS products and solutions, and it's a growing list. And I mentioned a number of new awards that we have achieved in the second quarter earlier in my remarks. In terms of the breakdown of the revenue, Teresa can actually help you through with those numbers now.

當然。就出口許可而言，Jon，我們確實沒有注意到出口許可在處理或核准方式上出現重大或具實質意義的變化。話雖如此，從歷史來看，我們在取得許可方面一直有非常良好的紀錄，並且能遵循國務院對取得這些許可的所有要求。如你從我的評論中所聽到的，就我們的小型無人機系統（small UAS）產品與解決方案而言，目前國際客戶已涵蓋超過45個盟國，而且名單仍在增加。我在先前發言中也提到，我們在第二季取得了多項新的得標。至於營收拆分，Teresa現在可以協助你說明這些數字。

Jon, as I had talked about in my prepared remarks, for the first 6 months of fiscal 2019, small UAS was $83.4 million, Tactical Missile Systems was $37.8 million, HAPS was $24.4 million, other was $5.4 million. For the first half of fiscal 2018, small UAS was $67.1 million, TMS was $18.9 million, HAPS was $9.6 million, other was $4.5 million. For the first 6 months of fiscal 2019, our domestic sales were $82.1 million, international sales were $68.9 million. And for the 6 months in fiscal 2018, domestic sales were (technical difficulty), international sales were $39.4 million.

Jon，如我在事先準備的發言中提到的，2019會計年度前6個月，小型無人機系統（small UAS）為8,340萬美元，戰術飛彈系統（Tactical Missile Systems）為3,780萬美元，HAPS為2,440萬美元，其他為540萬美元。2018會計年度上半年，小型無人機系統為6,710萬美元，TMS為1,890萬美元，HAPS為960萬美元，其他為450萬美元。2019會計年度前6個月，我們的國內銷售為8,210萬美元，國際銷售為6,890萬美元。而在2018會計年度的6個月期間，國內銷售為（技術問題），國際銷售為3,940萬美元。

And our next question comes from Ken Herbert from Canaccord.

我們的下一個問題來自 Canaccord 的 Ken Herbert。

I just wanted to follow up. You had mentioned part of the headwind in the second half of the year, at least from a margin or maybe gross margin standpoint, was going to be a step-up in some corporate expenses. And I'm just wondering if you could maybe just provide the magnitude of that. And is that something we should think about as sort of onetime as we think about sort of moving out of the second half of '19?

我只是想追問一下。您提到今年下半年的一部分逆風，至少從利潤率或可能毛利率的角度來看，將會是某些公司費用的增加。我想請問您是否可以提供一下其幅度有多大。另外，當我們思考走出 2019 年下半年時，這是否應該被視為一次性的影響？

Sure, Ken. So I can -- generally speaking, as I mentioned in my remarks, our second half profitability profile looks, obviously, slightly lower than our first half to achieve the results that I provided on my guidance, the revised guidance. And there's 2 primary reasons for that. First is our revenue mix. And in the revenue mix, given any quarter, because our revenue is made up of large sums of projects and solution deliveries, the profile of those contracts and profitability (technical difficulty) could vary, such as services contracts versus product contracts and cost-plus contracts versus firm fixed-price contracts, et cetera, et cetera. So that's one category of impact for the second half. The second one is we also expect and plan higher operating expenditures, both on the R&D side as well as on the SG&A side. And those 2 factors are the primary factors affecting the profitability for the second half. And yes, to your second question, we -- this is really what I refer to based on the time frame that you look at this kind of a number. In other words, I don't foresee this as a systemic issue. I see this as a unique to the second half of the year as we are today, and it may change in different directions in the future, Ken.

當然可以，Ken。一般來說，正如我在發言中提到的，為了達成我在指引（修正後指引）中提供的結果，我們下半年的獲利表現輪廓顯然會比上半年略低一些。主要有兩個原因。第一是我們的營收組合。就營收組合而言，由於我們的營收在任何一季都由大量專案與解決方案交付所構成，這些合約的結構與獲利性（技術難度）可能會有所不同，例如服務合約相對於產品合約、成本加成合約相對於固定總價合約，等等。這是下半年影響的第一類因素。第二，我們也預期並規劃更高的營運支出，包含研發端以及 SG&A（銷售、一般及行政）端。這兩項因素是影響下半年獲利能力的主要因素。至於您第二個問題，是的——我所指的是要看您觀察這個數字的時間範圍。換句話說，我不認為這是系統性的問題。我認為以我們目前的情況來看，這是下半年特有的情況，未來也可能朝不同方向變化，Ken。

Okay. That's very helpful. If I could, just one final follow-up. You've also mentioned that the $6.5 million, I believe, expected payment in this quarter from the purchaser of the EES business was in dispute. Is that -- do you think there's risk to that number? Or is that just sort of timing? I mean, how do we think about that potential cash payment for that final transaction?

好的。這非常有幫助。如果可以的話，我再做最後一個追問。您也提到本季預期會收到 650 萬美元（我記得是這個數字），來自 EES 業務買方的付款目前有爭議。那——您認為這個金額存在風險嗎？還是只是時間點的問題？也就是說，我們應該如何看待這筆最終交易可能帶來的現金付款？

Sure, Ken. So yes, as Teresa mentioned, that is in dispute right now with us and the purchaser of the assets. And as you know, in different transactions, there's always issues related to the contract terms and how we negotiate those things. We are obviously working with them on that. We are still currently providing transitional support services to them in multiple fashions. However, there is a risk to that, and we're working through that. And as we have more updates throughout the next several months and quarters, we will update you and let you know.

當然可以，Ken。是的，如 Teresa 所提到的，我們與資產買方目前對此正處於爭議之中。而且如您所知，在不同交易中，合約條款以及我們如何就這些事項進行協商，總是會出現一些問題。我們顯然正在就此與對方合作處理。我們目前仍以多種方式向對方提供過渡性支援服務。不過，這確實存在風險，我們正在處理中。在接下來幾個月與幾個季度若有更多進展，我們會向各位更新並告知。

(Operator Instructions) And our next question comes from Peter Arment from Baird.

(接線員指示) 我們的下一個問題來自 Baird 的 Peter Arment。

So the question, I guess, is around you have 45 countries. I guess the international mix continues to grow. Can you talk just a little bit about -- are you -- or all those countries come with service contracts? Is that potentially a longer tail for the revenue stream as this grows with the international mix? And then just as a follow-up, unrelated, but when do you expect to deliver the 2 prototype aircraft for HAPS?

我想問題大概是：你們覆蓋 45 個國家。我想國際營收占比仍在持續成長。能否稍微談一下——你們在那些國家是否都附帶服務合約？隨著國際占比提高，這是否可能讓營收來源具有更長的尾端效應？另外再追問一個不相關的問題：你們預期何時交付 HAPS 的兩架原型機？

Sure, Peter. So in terms of our international market and customer adoption, we're now up to over 45 countries. The types of contracts that we have with those customers all vary, but overwhelming majority, yes, they have both initial hardware sales. In addition to that, we also have logistics support services and training services to help our customers train on using our products and then also maintaining and operating our products and solutions. So that is definitely true. And secondly, in general, the -- when we acquire a new international or domestic customer, there always, historically and in the future as well, continues to be a long tail in terms of sustainment and maintenance and upgrades. And in general, the international markets, I have said this before that we still believe it is about 5-plus years behind the adoption curve of our U.S. domestic customers in terms of maturity and adoption. So as I said before, we continue to believe that the international markets for our small UAS is strong and remains robust. And we're working to not only grow the number of international customers but also our share of their spend, and our solution portfolio within those customers can grow as a family of solutions for those customers as we go forward. And in terms of HAPS, we have not specified the specific timing of the deliveries of the 2 airplanes. Well, we have said before and we continue to say that we're, right now, focused on executing our step 2 design development and demonstration program, which includes the delivery of 2 airplanes in that process. And as we have updates, we will obviously keep you notified.

當然可以，Peter。就我們的國際市場與客戶採用而言，我們目前已擴展到超過 45 個國家。我們與這些客戶簽訂的合約類型各不相同，但絕大多數情況下，是的，既包含初始硬體銷售。此外，我們也提供後勤支援服務與訓練服務，協助客戶訓練如何使用我們的產品，並且維護與操作我們的產品與解決方案。所以這點確實如此。第二，一般而言——當我們取得新的國際或國內客戶時，過去一直如此、未來也會如此，通常都會在後續維持、維修與升級方面形成長尾效應。而整體來看，我之前也說過，我們仍認為國際市場在成熟度與採用程度上，大約比美國本土客戶的採用曲線落後 5 年以上。因此，如我先前所說，我們持續相信國際市場對我們的小型 UAS（無人航空系統）需求強勁且仍然穩健。我們正努力不僅增加國際客戶數量，也提升我們在其支出中的占比；同時，隨著我們持續推進，我們在這些客戶中的解決方案組合也能作為一個解決方案家族持續擴展。至於 HAPS，我們尚未公布交付兩架飛機的具體時間點。我們之前已表示、目前也仍然表示，我們現在專注於執行第二階段的設計開發與示範計畫，其中包含在該流程中交付兩架飛機。如有更新，我們當然會持續通知各位。

(Operator Instructions) And we have no questions in the queue. This will conclude today's teleconference. Thank you for participating, and you may now disconnect.

(接線員指示) 目前佇列中沒有問題。今天的電話會議到此結束。感謝各位參與，現在可以掛線。

Thank you.

謝謝。

Thank you.

謝謝。