AeroVironment, Inc. (AVAV) 2019 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to AeroVironment's Fourth Quarter and Full Fiscal Year 2019 Earnings Call. This is Steven Gitlin, Vice President of Investor Relations for AeroVironment. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

各位女士、各位先生，下午好，歡迎參加 AeroVironment 2019 會計年度第四季暨全年財報電話會議。我是 AeroVironment 投資人關係副總裁 Steven Gitlin。(接線員指示) 提醒各位，本次電話會議將錄音以供日後重播。

Joining me today from AeroVironment are President and Chief Executive Officer, Mr. Wahid Nawabi; and Senior Vice President and Chief Financial Officer, Mrs. Teresa Covington.

今天與我一同出席的 AeroVironment 主管包括：總裁兼執行長 Wahid Nawabi 先生，以及資深副總裁兼財務長 Teresa Covington 女士。

Please note that on this call, certain information presented contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements and may contain words such as believe, anticipate, expect, estimate, intend, project, plan or words or phrases with similar meaning.

請注意，在本次電話會議中所呈現的部分資訊，包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。前瞻性陳述包括但不限於任何可能預測、預報、指出或暗示未來結果、表現或成就的陳述，並可能包含如 believe、anticipate、expect、estimate、intend、project、plan 等字詞，或具有相近含義的字詞或片語。

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. 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.

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。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與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, June 25, 2019. 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，僅在今日（2019 年 6 月 25 日）為準且為正確。公司不承擔任何義務對我們今日發言中所包含的任何前瞻性陳述進行修訂，或更新以反映本次電話會議後發生的事件或情況。

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

接下來我們將由 Wahid Nawabi 發表談話。Wahid？

Thank you, Steve, and welcome to our fourth quarter and full fiscal year 2019 earnings conference call. On today's call, I will emphasize 3 key messages. First, our team delivered outstanding results in fiscal year 2019 across nearly every aspect of our business. Second, we achieved great progress in our growth initiatives. And third, we continue to successfully transform AeroVironment to achieve our long-term value creation objectives.

謝謝你，Steve，也歡迎各位參加我們 2019 會計年度第四季暨全年財報電話會議。在今天的電話會議中，我將強調 3 個關鍵訊息。第一，我們的團隊在 2019 會計年度於幾乎所有業務面向都交出了卓越成果。第二，我們在成長計畫上取得了重大進展。第三，我們持續成功推動 AeroVironment 的轉型，以達成我們長期的價值創造目標。

I will start by summarizing our outstanding fiscal year 2019 performance and discuss our key achievements during the fourth quarter and full fiscal year. Next, Teresa will provide a more detailed summary of financial performance in the year, and I will discuss our goals for fiscal year 2020 before Teresa, Steve and I take your questions.

我將先總結我們 2019 會計年度的亮眼表現，並說明第四季與全年期間的主要成就。接著 Teresa 將更詳細地說明年度財務表現；之後我會在 Teresa、Steve 與我回答各位提問之前，說明我們對 2020 會計年度的目標。

Now for our fiscal year 2019 financial highlights. Throughout the year, our team executed our plan effectively, delivering financial results across our business that met and exceeded our guidance. Fiscal year 2019 results are as follows. Revenue of $314.3 million increased 17% over last year and exceeded our guidance range. Gross profit of $128.4 million increased 19%, while gross margin of 41% increased 80 basis points. Income from continuing operations of $33.8 million increased by 11%.

接下來是我們 2019 會計年度的財務重點。全年期間，我們的團隊有效執行計畫，交出符合並超越我們指引的整體財務成果。2019 會計年度結果如下：營收 3.143 億美元，較去年成長 17%，並高於我們的指引區間。毛利 1.284 億美元，成長 19%；毛利率 41%，提升 80 個基點。持續營運業務所得 3,380 萬美元，成長 11%。

We delivered outstanding results across our portfolio. Small UAS revenue of $183.2 million increased 9%. Tactical Missile Systems revenue of $65.1 million increased 3%. HAPS revenue of $55.4 million increased 87%. In other revenue, mainly customer-funded R&D in our MacCready Works group and CIS of $10.6 million increased 35%. International revenue, including small UAS and HAPS, represented 52% of total company revenue in the fiscal year, surpassing domestic revenue for the first time. Fully diluted earnings per share from continuing operations of $1.74 increased by $0.83, meeting the higher end of our guidance range.

我們在整體產品組合上都交出了卓越成果。小型無人機系統（Small UAS）營收 1.832 億美元，成長 9%。戰術飛彈系統（Tactical Missile Systems）營收 6,510 萬美元，成長 3%。高空偽衛星（HAPS）營收 5,540 萬美元，成長 87%。其他營收（主要為 MacCready Works 團隊與 CIS 的客戶出資研發）為 1,060 萬美元，成長 35%。國際營收（包含小型 UAS 與 HAPS）占公司全年總營收 52%，首次超越國內營收。持續營運業務的完全稀釋每股盈餘為 1.74 美元，增加 0.83 美元，達到我們指引區間的高端。

For the first time, we delivered balanced revenue across all 4 quarters of the fiscal year, enabling us to improve planning and execution to the benefit of our operations. One outcome of the year's balanced revenue is a fourth quarter year-over-year comparison that does not reflect our strong full year growth and performance as compared to fiscal year 2018.

我們首次在會計年度的 4 個季度都實現較為均衡的營收分布，使我們得以改善規劃與執行，並讓營運受益。年度營收均衡化的一個結果是：第四季的年對年比較，無法反映我們相較 2018 會計年度在全年層面的強勁成長與表現。

I would like to highlight some of the drivers of fiscal year 2019 profitability. Fiscal year 2019 diluted earnings per share were particularly strong primarily due to 3 factors: first, favorable product revenue mix; second, a gain from a onetime litigation settlement; and third, a more favorable federal tax rate compared to the prior year as a result of changes to the federal corporate tax rate.

我想強調幾項推動 2019 會計年度獲利能力的因素。2019 會計年度稀釋每股盈餘特別強勁，主要來自 3 項因素：第一，有利的產品營收組合；第二，一次性訴訟和解帶來的收益；第三，由於聯邦公司稅率變動，使得聯邦有效稅率較前一年更為有利。

Entering fiscal year 2020, our visibility remains strong, similar to last year. We enter fiscal year 2020 with $164.3 million in funded backlog, plus other items that Teresa will describe shortly. (inaudible) will continue delivering more balanced revenue throughout fiscal year 2020.

進入 2020 會計年度，我們的能見度仍然強勁，與去年相近。我們以 1.643 億美元的已獲資金支持之在手訂單（funded backlog）進入 2020 會計年度，另加上 Teresa 稍後將說明的其他項目。(聽不清楚) 我們將在 2020 會計年度持續實現更為均衡的營收分布。

Outstanding performance extended beyond our financial results and across our business. Our core defense business remains the small UAS leader around the globe. During the fiscal year, we announced contracts for the Portuguese Army, 2 additional undisclosed Allied nations as well as the German Navy, totaling more than $40 million. 20 of our 45-plus international customers are in Europe, 10 are in the Middle East and Central Asia and the remainder in Africa, Asia, Central America, South America and Oceania. We are truly building a global business.

卓越表現不僅體現在財務結果，也延伸至我們整體業務。我們的核心國防業務仍是全球小型 UAS 的領導者。在本會計年度期間，我們宣布與葡萄牙陸軍、另外 2 個未揭露的盟國，以及德國海軍簽訂合約，合計金額超過 4,000 萬美元。我們 45 個以上的國際客戶中，有 20 個在歐洲、10 個在中東與中亞，其餘分布於非洲、亞洲、中美洲、南美洲與大洋洲。我們確實正在打造一個全球化的業務。

In the United States market, we did not secure an award for the U.S. Army SBS program in fiscal year 2019 nor did we secure a place among the initial candidates for the U.S. Army SRR program conducted by the Defense Innovation Unit. We continue to engage with these customers and stand ready for ongoing opportunities as they arise.

在美國市場方面，我們在 2019 會計年度未能取得美國陸軍 SBS 計畫的得標，也未能在由國防創新單位（Defense Innovation Unit）執行的美國陸軍 SRR 計畫中，進入初始候選名單。我們仍持續與這些客戶互動，並在相關機會出現時，隨時準備把握後續機會。

Our recently announced acquisition of Pulse Aerospace strengthens our family of small UAS, meaningfully expanding our total addressable market and driving accretion over the long term. This acquisition offers further evidence that we're executing a disciplined capital allocation strategy, deploying our balance sheet towards opportunities that drive high growth and value creation in target markets. This transaction does so by providing our customers with category-leading vertical takeoff and landing, or VTOL UAS, which complements our fixed-wing UAS very nicely. VTOL systems can take off and land without human intervention, can hover and play for extended periods of time and maneuver in ways fixed-wing aircraft cannot. These unique maneuvering capabilities are particularly useful in confined areas. VTOL systems can also carry very heavy payloads relative to their weight. This flexibility, along with multiple payload options, provide attractive capabilities to customers in defense and commercial end markets.

我們近期宣布收購 Pulse Aerospace，強化了我們的小型 UAS 產品家族，顯著擴大我們的整體可服務市場（TAM），並在長期帶來增益（accretion）。此項收購進一步證明我們正在執行嚴謹的資本配置策略，運用資產負債表資源投入能在目標市場帶動高成長與價值創造的機會。本交易透過為客戶提供同類領先的垂直起降（VTOL）無人機系統（UAS）來達成上述目標，並與我們的固定翼 UAS 形成非常良好的互補。VTOL 系統可在無需人工介入的情況下起飛與降落，能夠懸停並長時間滯空，且可進行固定翼飛機無法做到的機動動作。這些獨特的機動能力在狹小區域中特別有用。相較其自重，VTOL 系統也能搭載非常重的酬載。這種彈性，加上多種酬載選項，為國防與商業終端市場的客戶提供了具吸引力的能力。

Recently, Pulse Aerospace won a more than $13 million indefinite delivery, indefinite quantity-type contract with an undisclosed defense customer towards Vapor unmanned VTOL systems. Since then, we have secured the first 2 delivery orders under this contract and we're working to deliver the solutions to our customer. We are in a unique position to deliver our global UAS footprint and production capabilities to create value with the innovative Vapor family of VTOL solutions.

近期，Pulse Aerospace 與一位未公開的國防客戶簽訂了一份金額超過 1,300 萬美元的不定期交付、不定量（IDIQ）型合約，標的為 Vapor 無人垂直起降（VTOL）系統。此後，我們已在該合約下取得首批 2 份交付訂單，並正努力向客戶交付解決方案。我們具備獨特優勢，能運用我們全球無人航空系統（UAS）的佈局與生產能力，透過創新的 Vapor 系列 VTOL 解決方案創造價值。

In our Tactical Missile Systems business, Switchblade remains the primary driver of customer demand. To highlight the growth opportunity we see here, I would like to touch on one of the latest Switchblade variants currently under development. This customer co-funded variant is larger than the original Switchblade, has a longer flight duration, can cover greater distances and carries a much larger warhead for the delivery of significant mission effects on targets. This variant will expand our addressable market significantly. We look forward to providing additional details on this exciting development as we continue to make progress.

在我們的戰術飛彈系統業務中，Switchblade 仍是客戶需求的主要驅動因素。為了凸顯我們在此看到的成長機會，我想談談目前正在開發中的最新 Switchblade 變體之一。這款由客戶共同出資的變體比原始 Switchblade 更大，滯空時間更長，可覆蓋更遠距離，並搭載更大彈頭，以對目標產生顯著的任務效果。此變體將大幅擴大我們的可服務市場。隨著我們持續取得進展，我們期待就這項令人振奮的開發提供更多細節。

Moving to our HAPS business. During fiscal year 2019, we achieved a number of significant milestones in this potentially game-changing market opportunity. In April, we announced the rollout of the first Hawk30 solar HAPS system after a design, development and assembly period of less than 2 years. This is an enormous accomplishment and reflects our deep expertise and knowledge of this groundbreaking technology. Hawk30's 260-foot wingspan is equivalent to that of an A380 passenger aircraft, which is the largest passenger airplane in the world. The top surface of the Hawk30's wing is covered by advanced photovoltaic cells that generate electricity from solar energy. 10 highly efficient electric motors, also designed by AeroVironment, will propel the Hawk30 to altitudes of about 65,000 feet.

接著談我們的 HAPS 業務。在 2019 會計年度，我們在這個可能改變遊戲規則的市場機會中達成多項重要里程碑。4 月，我們宣布在不到 2 年的設計、開發與組裝期間後，首架 Hawk30 太陽能 HAPS 系統正式下線。這是一項巨大的成就，反映出我們在這項突破性技術上的深厚專業與知識。Hawk30 的翼展達 260 英尺，相當於全球最大客機 A380 的翼展。Hawk30 機翼上表面覆蓋先進的光伏電池，可將太陽能轉換為電力。10 具高效率電動馬達（同樣由 AeroVironment 設計）將推動 Hawk30 飛至約 65,000 英尺的高度。

At this stratospheric altitude, Hawk30 is designed to operate for months without landing, above the clouds and all other commercial air traffic and can maintain its orbit over a designated area. This is particularly important because unlike orbiting satellites and balloons, Hawk30 can maintain its position relative to the earth, delivering carrier-grade connectivity to standard handsets and other connected IoT devices on the ground and in the air. The service area from a single Hawk30 is as wide as 120 miles, covering a very large geographic area.

在此平流層高度，Hawk30 的設計可在不降落的情況下運作數月，位於雲層之上及所有其他商業航空交通之上，並可在指定區域上空維持其軌道。這點尤其重要，因為不同於繞行衛星與氣球，Hawk30 能相對於地球維持其位置，向地面與空中的標準手機及其他已連網的物聯網（IoT）裝置提供電信等級的連線能力。單一 Hawk30 的服務範圍最寬可達 120 英里，覆蓋極為廣大的地理區域。

In fiscal year 2019, we announced multiple increases to the value of the contract for AeroVironment's design and development of 2 Hawk30 aircraft. The resulting contract value increased to $126 million. This is a large increase from the initial contract value of $65 million, which we announced in January of 2018. We recognize this customer-funded research and development work as revenue.

在 2019 會計年度，我們宣布多次調增 AeroVironment 針對 2 架 Hawk30 飛機之設計與開發合約金額。因此，合約總價提高至 1.26 億美元。相較於我們在 2018 年 1 月宣布的初始合約金額 6,500 萬美元，這是一項大幅增加。我們將這項由客戶出資的研發工作認列為營收。

Another way we intend to create value is through our partial ownership of the HAPSMobile, Inc. joint venture alongside SoftBank Corporation. We exercised a onetime option to increase our ownership from 5% to 10% in March of 2019 at the initial valuation. We invested another $4.6 million in May of 2019 to maintain our 10% ownership, bringing our total equity investment in this opportunity to about $15 million. HAPSMobile subsequently raised approximately $125 million from SoftBank for investment into Loon, which deploys networks of lighter-than-air balloons drifting at high altitudes to deliver Internet connectivity to rural and remote communities.

我們擬創造價值的另一種方式，是透過我們對 HAPSMobile, Inc. 的部分持股。該公司為我們與軟銀集團（SoftBank Corporation）共同成立的合資企業。我們於 2019 年 3 月在初始估值下行使一次性選擇權，將持股比例由 5% 提高至 10%。我們於 2019 年 5 月再投資 460 萬美元以維持 10% 持股，使我們在此機會上的股權投資總額約達 1,500 萬美元。其後，HAPSMobile 自軟銀募集約 1.25 億美元，用於投資 Loon；Loon 透過在高空漂移的輕於空氣氣球網路，向鄉村與偏遠社區提供網際網路連線。

Since we did not participate in this last fundraising round for HAPSMobile, our ownership stake was diluted to approximately 5.5%. As future fundraising rounds take place, we will evaluate the investments required to maintain our ownership stake against other investment opportunities across our business.

由於我們未參與 HAPSMobile 上一輪募資，我們的持股比例被稀釋至約 5.5%。隨著未來募資輪次進行，我們將評估為維持持股比例所需的投資，並與我們業務中其他投資機會進行權衡。

Another value-creation opportunity we see here is the potential to be the exclusive manufacturer of solar HAPS systems for HAPSMobile as long as our quality, performance and cost for such work is competitive. Prior to its anticipated 2023 commercial launch, HAPSMobile will require a number of production Hawk30 aircraft even as it has already announced its plans for a larger aircraft named Hawk50.

我們在此看到的另一項價值創造機會，是在我們的品質、性能與成本具競爭力的前提下，成為 HAPSMobile 太陽能 HAPS 系統的獨家製造商。在其預計於 2023 年商業化上市之前，HAPSMobile 將需要若干架量產的 Hawk30 飛機，儘管其已宣布規劃一款更大型、名為 Hawk50 的飛機。

Before HAPSMobile's commercial launch, we expect that flight testing, demonstration and aircraft certification will have been completed, and we plan to enter into production based on successfully achieving project milestones and objectives.

在 HAPSMobile 商業化上市之前，我們預期將完成飛行測試、展示與飛機認證，並計畫在成功達成專案里程碑與目標的基礎上進入量產。

We also possess exclusive rights to market the Hawk30 for noncommercial applications everywhere, except in Japan. We will capitalize on our market leadership around the globe to deploy this game-changing technology to defense applications. HAPSMobile is another example of how we are deploying our balance sheet strategically to position us for long-term value creation.

我們亦擁有在日本以外全球各地，針對非商業用途行銷 Hawk30 的獨家權利。我們將運用在全球市場的領導地位，將這項可能改變遊戲規則的技術部署於國防應用。HAPSMobile 也是我們如何策略性運用資產負債表，以布局長期價值創造的另一個例子。

Moving now to our Commercial Information Solutions business, we are gaining more knowledge and experience with our Quantix data collection drone and AV DSS analytics solution. As I have stated previously, this business and the market it serves continue to be in very early stages of adoption. As a result, the revenue impact to our business from this area is not material. We believe this continues to represent a large attractive long-term market opportunity.

接著談我們的商業資訊解決方案業務，我們正透過 Quantix 資料蒐集無人機與 AV DSS 分析解決方案累積更多知識與經驗。如我先前所述，該業務及其所服務的市場仍處於非常早期的採用階段。因此，該領域對我們業務的營收影響並不重大。我們相信這仍代表一個龐大且具吸引力的長期市場機會。

The unique set of capabilities we have developed will make their way into this market as it matures and is already informing other solutions we're developing for the defense market. We're monitoring this market closely for signs indicating an inflection in adoption and in the meantime, are minimizing our investments to reflect slower adoption. This slower adoption also affects how we account for some of the investments we've made in this business. Specifically, we recorded an impairment charge of $4.4 million in the fourth quarter of fiscal year 2019 primarily for investments in our AV DSS cloud-based analytics solution and other fixed assets. We also wrote down $1.7 million of Quantix inventory in the same quarter.

我們所開發的獨特能力組合，將隨著市場成熟而逐步導入該市場，並且已在為我們正在為國防市場開發的其他解決方案提供啟發。我們正密切監測該市場，尋找顯示採用率出現拐點的跡象；在此期間，我們正降低投資以反映較慢的採用速度。這種較慢的採用速度也影響我們對該業務部分投資的會計處理方式。具體而言，我們在 2019 會計年度第四季認列 440 萬美元的減損費用，主要與我們對 AV DSS 雲端式分析解決方案及其他固定資產的投資相關。我們也在同一季度將 Quantix 存貨減記 170 萬美元。

We're transforming our business in multiple exciting ways. We reshaped our portfolio in May 2018 with the divestiture of our EES business. We are deploying our balance sheet strategically with our HAPS investments, our Pulse Aerospace acquisition in the first quarter of fiscal year 2020 and our continued pursuit of assets that can help us execute our strategy more quickly and more cost-effectively.

我們正以多種令人振奮的方式轉型我們的業務。我們於 2018 年 5 月透過出售 EES 業務重塑了我們的投資組合。我們正透過 HAPS 投資、於 2020 會計年度第一季收購 Pulse Aerospace，以及持續尋求能協助我們更快速且更具成本效益地執行策略的資產，來策略性地運用我們的資產負債表。

We continue to look at ways to partner with organizations in key areas to gain access to innovative technologies that can speed the delivery of our solutions. We are expanding our footprint and access to pools of exceptional talent, with new innovation centers in New England and the Midwest. And we're working with other prime contractors to generate demand through new platforms and programs. These include our teaming agreements with General Dynamics Land Systems to integrate small UAS and Switchblade into the Army's next-generation armored combat vehicles and the Marine Corps' armored reconnaissance vehicles and with KRATOS to integrate Switchblade and other tube-launched UAS into a new unmanned fighter jet capable of traveling long distances quickly to support missions against near peers.

我們持續尋找在關鍵領域與各類組織合作的方式，以取得創新技術，從而加速我們解決方案的交付。我們正透過在新英格蘭與美國中西部設立新的創新中心，擴大我們的據點並接觸卓越人才庫。同時，我們也與其他主承包商合作，透過新平台與新計畫創造需求。其中包括：我們與 General Dynamics Land Systems 的團隊合作協議，將小型 UAS 與 Switchblade 整合至陸軍下一代裝甲戰鬥車輛與海軍陸戰隊裝甲偵察車輛；以及與 KRATOS 的合作，將 Switchblade 與其他管射式 UAS 整合至一款新的無人戰鬥機，其可快速長距離飛行，以支援對抗實力相近對手（near peers）的任務。

And we're building on our capabilities in artificial intelligence and autonomy to give our next-generation unmanned systems the ability to operate in denied airspace, detect targets and make decisions without human input. We believe an operator in the loop will remain a requirement for any lethal capabilities.

我們也正以人工智慧與自主化方面的能力為基礎，讓我們的下一代無人系統具備在受拒止空域中運作、偵測目標並在無需人為輸入的情況下做出決策的能力。我們相信，對於任何致命能力而言，保留「人在迴路中」的操作員仍將是必要要求。

We have made tremendous progress in fiscal year 2019 and so far in the beginning of fiscal year 2020. I am incredibly proud of our team's accomplishments and their work to advance and diversify our portfolio.

我們在2019會計年度以及截至2020會計年度初期為止都取得了巨大的進展。我為我們團隊的成就，以及他們推動並多元化我們產品組合的工作感到無比自豪。

Now I will turn the call over to Teresa to discuss fiscal year 2019 financials. Teresa?

接下來我將把電話會議交給Teresa，請她說明2019會計年度的財務狀況。Teresa？

Thank you, Wahid, and good afternoon, everyone. AeroVironment's fiscal 2019 fourth quarter results are as follows. Revenue from continuing operations for the fourth quarter fiscal 2019 was $87.9 million, a decrease of $25.7 million or 23% from the fourth quarter of fiscal 2018 revenue of $113.6 million. The decrease was due to a decrease in product deliveries of $25.4 million as well as a decrease in service revenue of $0.3 million.

謝謝你，Wahid，各位下午好。AeroVironment 2019會計年度第四季的業績如下。2019會計年度第四季持續營運收入為8,790萬美元，較2018會計年度第四季的1億1,360萬美元減少2,570萬美元，降幅23%。減少的原因在於產品交付減少2,540萬美元，以及服務收入減少30萬美元。

Fourth quarter fiscal 2019 revenue by major product line/program is as follows. Small UAS was $52 million. TMS was $16 million. HAPS was $17.4 million. And other was $2.5 million.

2019會計年度第四季按主要產品線／專案的收入如下。小型UAS為5,200萬美元。TMS為1,600萬美元。HAPS為1,740萬美元。其他為250萬美元。

Gross margin from continuing operations for the fourth quarter fiscal 2019 was $37 million or 42% of revenue compared to $50.6 million or 45% of revenue for the fourth quarter of fiscal 2018. The decrease in gross margin was primarily due to a decrease in product margin of $12.3 million and a decrease in service margin of $1.2 million.

2019會計年度第四季持續營運的毛利為3,700萬美元，占收入42%，相較於2018會計年度第四季毛利5,060萬美元、占收入45%。毛利下降主要是由於產品毛利減少1,230萬美元，以及服務毛利減少120萬美元。

Gross margin as a percentage of revenue decreased from 45% to 42% primarily due to an increase in the proportion of service revenue to total revenue, unfavorable service revenue mix and higher CIS inventory reserves.

毛利率由45%降至42%，主要原因是服務收入占總收入的比重提高、服務收入組合不利，以及CIS存貨備抵增加。

Looking at the rest of the income statement, SG&A expense from continuing operations for the fourth quarter of fiscal 2019 was $20.3 million or 23% of revenue compared to SG&A expense of $15.3 million or 13% of revenue for the fourth quarter of fiscal 2018. The increase in SG&A was primarily due to a CIS fixed-asset impairment charge. The rate of adoption for our Quantix and AV DSS solution has been slower than we expected. In the fourth quarter, we lowered our future outlook for unit sales, and as a result of the lower forecast, took an impairment charge of $4.4 million on Quantix and AV DSS fixed assets.

再看損益表其餘項目，2019會計年度第四季持續營運的SG&A費用為2,030萬美元，占收入23%，相較於2018會計年度第四季SG&A費用1,530萬美元、占收入13%。SG&A增加主要是由於CIS固定資產減損費用。我們的Quantix與AV DSS解決方案的採用速度比我們預期更慢。在第四季，我們下調了未來的單位銷售展望，並因預測下修，對Quantix與AV DSS固定資產認列了440萬美元的減損費用。

R&D expense from continuing operations for the fourth quarter of fiscal 2019 was $11.6 million or 13% of revenue compared to R&D expense of $7.4 million or 7% of revenue for the fourth quarter fiscal 2018.

2019會計年度第四季持續營運的研發費用為1,160萬美元，占收入13%，相較於2018會計年度第四季研發費用740萬美元、占收入7%。

Income from continuing operations for the fourth quarter of fiscal 2019 was $5.1 million or 6% of revenue compared to $27.9 million for the fourth quarter fiscal 2018. The decrease in income from operations was primarily due to a decrease in gross margins of $13.6 million, an increase in SG&A expense of $5 million and an increase in R&D expense of $4.2 million.

2019會計年度第四季持續營運的營業利益為510萬美元，占收入6%，相較於2018會計年度第四季為2,790萬美元。營業利益下降主要是由於毛利減少1,360萬美元、SG&A費用增加500萬美元，以及研發費用增加420萬美元。

Net other income for the fourth quarter of fiscal 2019 was $2.8 million compared to net other income of $0.9 million for the fourth quarter of fiscal 2018. The increase in net other income was due to income from the transition services agreement with the buyer of the EES business and higher interest income on our investments. The effective income tax rate from continuing operations was minus 1% for the fourth quarter of fiscal 2019 compared to an effective income tax rate of 30.7% for the fourth quarter of fiscal 2018. The decrease in our effective tax rate for the fourth quarter fiscal 2019 was due to the reduction in the fiscal 2019 federal statutory rate from 30.4% to 21% and lower pretax profits.

2019會計年度第四季其他淨收益為280萬美元，相較於2018會計年度第四季其他淨收益90萬美元。其他淨收益增加係因與EES業務買方簽訂的過渡服務協議所帶來的收入，以及我們投資的利息收入較高。2019會計年度第四季持續營運的有效所得稅率為負1%，相較於2018會計年度第四季有效所得稅率30.7%。2019會計年度第四季有效稅率下降，係因2019會計年度聯邦法定稅率由30.4%降至21%，以及稅前利潤較低。

Equity method investment activity, net of tax, for the fourth quarter of fiscal 2019 was a loss of $1.9 million or $0.08 per diluted share compared to a loss of $0.9 million, net of tax, for the fourth quarter of fiscal 2018. Net income from continuing operations attributable to AeroVironment for the fourth quarter of fiscal 2019 was $6.1 million or $0.26 per diluted share compared to a net income from continuing operations attributable to AeroVironment of [$19 million] or $0.79 per diluted share for the fourth quarter of fiscal 2018.

2019會計年度第四季按權益法認列之投資損益（稅後）為虧損190萬美元，或每股稀釋虧損0.08美元；相較於2018會計年度第四季（稅後）虧損90萬美元。2019會計年度第四季歸屬於AeroVironment之持續營運淨利為610萬美元，或每股稀釋盈餘0.26美元；相較於2018會計年度第四季歸屬於AeroVironment之持續營運淨利為[1,900萬美元]，或每股稀釋盈餘0.79美元。

The net loss from discontinued operations, net of tax, for the fourth quarter of fiscal 2019 was $0.4 million compared to a loss from discontinued operations, net of tax, of $2.2 million for the fourth quarter of fiscal 2018.

2019會計年度第四季停業部門淨損（稅後）為40萬美元，相較於2018會計年度第四季停業部門淨損（稅後）220萬美元。

Now moving through to our full year fiscal 2019 results. Revenue for fiscal 2019 was $314.3 million, an increase of $45.9 million as compared to $268.4 million for fiscal 2018. The increase in revenue was due to an increase in service revenue of $25.5 million and an increase in product revenue of $20.4 million.

接著來看我們2019會計年度全年的業績。2019會計年度收入為3億1,430萬美元，較2018會計年度的2億6,840萬美元增加4,590萬美元。收入增加係因服務收入增加2,550萬美元，以及產品收入增加2,040萬美元。

The inception-to-date revenue for HAPSMobile is $77.5 million. The total value of all contracts with HAPSMobile is $133.4 million, which consists of $125.7 million for the design development agreement and $7.7 million for preliminary design and other related efforts. There is $55.9 million remaining on these contracts, which includes a portion that is currently unfunded.

HAPSMobile自成立至今的累計收入為7,750萬美元。與HAPSMobile所有合約的總價值為1億3,340萬美元，其中包括1億2,570萬美元的設計開發協議，以及770萬美元的初步設計與其他相關工作。這些合約尚餘5,590萬美元，其中包含目前尚未到位資金的一部分。

Gross margin for fiscal 2019 was $128.4 million or 41% of revenue as compared to $107.7 million or 40% for fiscal 2018. The increase was due to an increase in product margins of $16.3 million and an increase in service margins of $4.4 million. Gross margin as a percentage of revenue increased from 40% to 41% primarily due to a favorable product mix, partially offset by unfavorable service mix and an increase in CIS inventory reserve charges.

2019會計年度毛利為1億2,840萬美元，占收入41%，相較於2018會計年度毛利1億770萬美元、占收入40%。增加係因產品毛利增加1,630萬美元，以及服務毛利增加440萬美元。毛利率由40%升至41%，主要由於產品組合有利，但部分被服務組合不利以及CIS存貨備抵提列增加所抵銷。

SG&A expense for fiscal 2019 was $60.3 million or 19% of revenue compared to SG&A expense of $50.8 million or 19% our revenue for fiscal 2018. The increase in SG&A was primarily due to a $4.4 million fixed-asset impairment charge in our CIS business and expenses related to the transition services agreement from the buyer of the EES business.

2019會計年度SG&A費用為6,030萬美元，占收入19%，相較於2018會計年度SG&A費用5,080萬美元、占收入19%。SG&A增加主要是由於我們CIS業務的440萬美元固定資產減損費用，以及與EES業務買方之過渡服務協議相關的費用。

R&D expense for fiscal 2019 was $34.2 million or 11% of revenue compared to R&D expense of $26.4 million or 10% of revenue for fiscal 2018. Net other income for fiscal 2019 was $16.7 million compared to the prior year net other income of $2.2 million. The net other income increase was primarily due to a litigation settlement, income earned under the transition services agreement from the buyer of the EES business and an increase in interest income.

2019 會計年度的研發費用為 3,420 萬美元，約占營收的 11%，相較之下 2018 會計年度的研發費用為 2,640 萬美元，約占營收的 10%。2019 會計年度的其他淨收益為 1,670 萬美元，較前一年度其他淨收益 220 萬美元為高。其他淨收益增加主要係因訴訟和解、依與 EES 業務買方簽訂之過渡服務協議所取得之收入，以及利息收入增加所致。

The effective income tax rate from continuing operations was 9.2% for fiscal 2019 as compared to an effective income tax rate of 30% for fiscal 2018. The effective income tax rate for fiscal 2019 included the impact of a onetime deferred tax expense resulting from the remeasurement of our existing deferred tax assets and liabilities of $3.3 million. The decrease in the effective income tax rate was also due to the reduction in the fiscal 2019 federal statutory rate from 30.4% to 21%.

2019 會計年度持續營業之有效所得稅率為 9.2%，相較之下 2018 會計年度的有效所得稅率為 30%。2019 會計年度的有效所得稅率包含一次性遞延所得稅費用之影響，該費用係因重新衡量我們既有遞延所得稅資產與負債而產生，金額為 330 萬美元。有效所得稅率下降亦係因 2019 會計年度聯邦法定稅率由 30.4% 降至 21%。

Equity method investment activity, net of tax, for fiscal 2019 was a loss of $3.9 million or $0.16 per diluted share compared to a loss of $1.3 million, net of tax, for fiscal 2018. The increased loss was due to an increase in ownership in the HAPSMobile joint venture from 5% to 10% and higher investments made by the HAPSMobile joint venture.

2019 會計年度按權益法認列之投資活動（稅後）為虧損 390 萬美元，或每股稀釋虧損 0.16 美元；相較之下 2018 會計年度（稅後）虧損為 130 萬美元。虧損增加係因我們在 HAPSMobile 合資企業的持股由 5% 提高至 10%，以及 HAPSMobile 合資企業進行較高額投資所致。

Net income from continuing operations attributable to AeroVironment for fiscal 2019 was $41.9 million or $1.74 per diluted share compared to $21.8 million or $0.91 per diluted share for fiscal 2018. Net income from discontinued operations, net of tax, for fiscal 2019 was $5.5 million or $0.23 per diluted share compared to a loss from discontinued operations net of tax of $3.9 million for fiscal 2018 or a $0.16 loss per diluted share. Fiscal 2019 included an $8.5 million gain, net of tax, on the sale of the EES business.

2019 會計年度歸屬於 AeroVironment 之持續營業淨利為 4,190 萬美元，或每股稀釋盈餘 1.74 美元；相較之下 2018 會計年度為 2,180 萬美元，或每股稀釋盈餘 0.91 美元。2019 會計年度停業單位淨利（稅後）為 550 萬美元，或每股稀釋盈餘 0.23 美元；相較之下 2018 會計年度停業單位（稅後）為虧損 390 萬美元，或每股稀釋虧損 0.16 美元。2019 會計年度包含出售 EES 業務之稅後處分利益 850 萬美元。

Our funded backlog as of April 30, 2019 was $164.3 million, a decrease of $100,000 from the fourth quarter of fiscal 2018 and an increase of $31.8 million or 24% from the third quarter of fiscal 2019 backlog of $132.5 million.

截至 2019 年 4 月 30 日，我們的已資金支持之在手訂單（funded backlog）為 1.643 億美元，較 2018 會計年度第四季減少 10 萬美元，並較 2019 會計年度第三季在手訂單 1.325 億美元增加 3,180 萬美元或 24%。

Turning to our balance sheet. Cash, cash equivalents and investments at the end of the fourth quarter of fiscal 2019 totaled $332.6 million, an increase of $34.8 million from the end of fiscal 2018 cash, cash equivalents and investments of $297.8 million.

接著看我們的資產負債表。截至 2019 會計年度第四季末，現金、約當現金及投資合計為 3.326 億美元，較 2018 會計年度末現金、約當現金及投資 2.978 億美元增加 3,480 萬美元。

Net accounts receivable, including unbilled receivables and retention at the end of the fourth quarter of fiscal 2019 totaled $84.1 million. The unbilled receivables and retention balance was $53 million, inclusive of $9 million of related party amount. Total days sales outstanding from continuing operations for the fourth quarter of fiscal year 2019 was approximately 87 days compared to 49 days for the fourth quarter of fiscal year 2018.

截至 2019 會計年度第四季末，應收帳款淨額（包含未開立帳單之應收款及保留款）合計為 8,410 萬美元。未開立帳單之應收款及保留款餘額為 5,300 萬美元，其中包含 900 萬美元之關係人款項。2019 會計年度第四季持續營業之應收帳款週轉天數（DSO）約為 87 天，相較之下 2018 會計年度第四季為 49 天。

Net inventory at the end of the fourth quarter of fiscal year 2019 was $54.1 million compared to $37.4 million at the end of the fourth quarter of fiscal year 2018. Days in inventory outstanding for the fourth quarter of fiscal year 2019 was approximately 92 days compared to 63 days for the fourth quarter of fiscal year 2018.

截至 2019 會計年度第四季末，存貨淨額為 5,410 萬美元，相較之下 2018 會計年度第四季末為 3,740 萬美元。2019 會計年度第四季存貨週轉天數約為 92 天，相較之下 2018 會計年度第四季為 63 天。

Accounts payable at the end of the fourth quarter of fiscal year 2019 was $16 million compared to $21.3 million at the end of the fourth quarter of fiscal year 2018. Total days payable outstanding for the fourth quarter of fiscal year 2019 was approximately 24 days compared to 23 days for the fourth quarter of fiscal year 2018.

截至 2019 會計年度第四季末，應付帳款為 1,600 萬美元，相較之下 2018 會計年度第四季末為 2,130 萬美元。2019 會計年度第四季應付帳款週轉天數約為 24 天，相較之下 2018 會計年度第四季為 23 天。

Turning to capital expenditures. In the fourth quarter of fiscal year 2019, we invested approximately $2.1 million in property improvements and capital equipment for continuing operations and recognized $2.1 million of depreciation and amortization expense.

接著談資本支出。在 2019 會計年度第四季，我們於持續營業投入約 210 萬美元用於不動產改善及資本設備，並認列 210 萬美元之折舊與攤銷費用。

Now an update to our fiscal 2020 visibility. As of today, we have fourth quarter ending backlog that we expect to execute in fiscal 2020 of $152 million, Q1 quarter-to-date bookings that we anticipate to execute in fiscal 2020 of $29 million, unfunded backlog from incrementally funded contracts that we anticipate to recognize revenue during the balance of the year of $16 million. This adds up to $197 million or 55% of our fiscal year 2020 midpoint revenue guidance range. We anticipate a full year effective tax rate in the range of 11% to 12%.

現在更新我們對 2020 會計年度的可見度。截至今日，我們有預期於 2020 會計年度執行的第四季期末在手訂單 1.52 億美元、第一季截至目前的接單（bookings）2,900 萬美元（預期於 2020 會計年度執行），以及來自逐步撥款合約之未資金支持在手訂單（unfunded backlog）1,600 萬美元（預期於本年度剩餘期間認列營收）。合計為 1.97 億美元，約占我們 2020 會計年度營收指引區間中點的 55%。我們預期全年有效稅率約在 11% 至 12% 之間。

Now I'd like to turn things back to Wahid.

現在我想把時間交還給 Wahid。

Thanks, Teresa. We have now delivered double-digit top line growth for 2 years in a row. The large majority of government fiscal year 2019 appropriations totaling nearly $200 million for our solutions are not reflected in our fiscal year-end funded backlog. These expected orders support our continued growth in fiscal year 2020.

謝謝，Teresa。我們已連續兩年達成營收雙位數成長。政府 2019 財政年度對我們解決方案的撥款總額接近 2 億美元，其中絕大部分尚未反映在我們會計年度期末的已資金支持在手訂單中。這些預期訂單將支持我們在 2020 財政年度持續成長。

Government fiscal year 2020 appropriations for our solutions are slightly lower than in the previous year but still very high compared to our historical trends. We expect Tactical Missile Systems and small UAS to drive growth in fiscal year 2020. We expect a shift in revenue mix in our fiscal year 2020 that will result in lower gross margins than in fiscal year 2019.

政府 2020 財政年度對我們解決方案的撥款略低於前一年，但相較於我們的歷史趨勢仍然非常高。我們預期戰術飛彈系統（Tactical Missile Systems）與小型無人機系統（small UAS）將帶動 2020 財政年度的成長。我們預期 2020 財政年度的營收組合將發生變化，導致毛利率低於 2019 財政年度。

Additionally, we do not anticipate another onetime gain similar to the litigation settlement we benefited from last year. We do, however, expect continued double-digit growth in revenue reflecting the large market adoption potential for our business to between $350 million and $370 million. This would mark the third consecutive year of double-digit strong revenue growth.

此外，我們不預期會再出現類似去年訴訟和解所帶來的一次性收益。然而，我們仍預期營收將持續呈現雙位數成長，反映市場對我們業務的高度採用潛力，營收將介於 3.50 億至 3.70 億美元。這將是連續第三年達成雙位數的強勁營收成長。

Our 55% visibility into the midpoint of our revenue guidance range is almost equal to last year's visibility at this time in the fiscal year and is much higher than visibility at this point in prior years.

我們對營收指引區間中點的 55% 可見度，幾乎與去年此時在該會計年度的可見度相當，且遠高於過往年度在此時點的可見度。

With lower gross margin and no expectation of litigation settlement gain, we expect GAAP diluted earnings per share for fiscal year 2020 of $1.35 to $1.55. This compares to our fiscal year 2019 GAAP diluted earnings per share of $1.74, which included $0.26 diluted earnings per share for the litigation settlement gain.

在毛利率較低且不預期有訴訟和解收益的情況下，我們預期 2020 會計年度 GAAP 每股稀釋盈餘為 1.35 至 1.55 美元。相較之下，我們 2019 會計年度 GAAP 每股稀釋盈餘為 1.74 美元，其中包含訴訟和解收益所貢獻的每股稀釋盈餘 0.26 美元。

Adding the acquisition-related expenses and amortization of intangibles associated with the Pulse Aerospace acquisition, adjusted non-GAAP diluted earnings per share equaled $1.47 to $1.67. As a reminder, we expect the Pulse Aerospace acquisition to be accretive to earnings by the third full year of operation and increasingly thereafter.

加回與 Pulse Aerospace 收購相關的費用以及無形資產攤銷後，調整後非 GAAP 每股稀釋盈餘為 1.47 至 1.67 美元。提醒一下，我們預期 Pulse Aerospace 的收購將在完整營運的第三年起對盈餘具增益效果（accretive），且其後增益將逐步提升。

We expect internal research and development investments to total 11% of revenue this fiscal year. Similar to fiscal year 2019, we expect revenue distribution to be roughly balanced between our first and second halves and within their associated quarters.

我們預期本會計年度內部研發投資合計將占營收的 11%。與 2019 會計年度類似，我們預期營收分布在上、下半年以及各自所屬季度之間將大致均衡。

Last quarter, we communicated our expectations that unbilled receivables would decline in coming months. We expect an increase in TMS shipments that were already recognized as revenue under the ASC 606 accounting standard. This increase in shipments should result in a decline in unbilled receivables in the first half of this fiscal year.

上一季，我們已傳達我們的預期：未開立帳單的應收款項將在未來幾個月下降。我們預期 TMS 出貨將增加，而這些出貨已依 ASC 606 會計準則認列為營收。此一出貨增加應會使本會計年度上半年未開立帳單的應收款項下降。

Once again, today's main messages are: first, our team delivered outstanding results in fiscal year 2019 across nearly every aspect of our business; second, we achieved great progress in our growth initiatives; and third, we continue to successfully transform AeroVironment to achieve our long-term value creation objectives.

再次重申，今天的主要訊息是：第一，我們的團隊在 2019 會計年度於幾乎所有業務面向都交出卓越成果；第二，我們在成長計畫上取得重大進展；第三，我們持續成功推動 AeroVironment 的轉型，以達成我們長期的價值創造目標。

Thank you to all our AeroVironment team members, including our newest colleagues in New England and Lawrence, Kansas for your engagement and dedication to supporting our customers. Thank you to our customers for continuing to entrust us with providing you the capabilities to help you proceed with certainty. And thank you to our shareholders for your continued confidence.

感謝所有 AeroVironment 團隊成員，包括我們在新英格蘭與堪薩斯州勞倫斯（Lawrence, Kansas）的最新同仁，感謝你們的投入與奉獻，協助支持我們的客戶。也感謝我們的客戶持續信任我們，讓我們為您提供能力，協助您更有把握地向前推進。並感謝股東們持續的信心支持。

Now Teresa, Steve and I will take your questions.

現在 Teresa、Steve 和我將回答各位的提問。

Thank you, Wahid. We will now begin the question-and-answer session. But before we do, just a couple of things. Number one, we realize that we've just given you a lot of information. And we've done that on purpose because it's the end of the year and we want to make sure we have the opportunity to share as much as possible with you.

謝謝你，Wahid。我們現在開始問答環節。但在開始之前，有幾點先說明。第一，我們知道我們剛剛提供了大量資訊。我們是刻意這麼做的，因為這是年度結束，我們希望確保有機會盡可能與各位分享更多內容。

We also realize that many of you do many of these calls on a multiday basis, and we realize how hard that can be and many of you are probably multitasking while you do this. So we ask one thing. Before we get into Q&A, let's everybody just take a breath, let's be present, and let's have a conversation.

我們也知道，許多人在多天內要參加很多這類電話會議，我們也理解這有多辛苦，而且你們當中很多人可能一邊進行這通電話一邊多工處理其他事情。所以我們只請求一件事。在進入問答之前，大家先深呼吸一下，專注當下，讓我們好好對話。

(Operator Instructions) And we will start with Ken Herbert from Canaccord.

(接線員指示) 我們將先請 Canaccord 的 Ken Herbert 提問。

I just wanted to first ask about HAPS. And it sounds like from your commentary, Wahid, that the revenues you might recognize from HAPS in fiscal '20 could be maybe flat to down slightly if we look at what you did this year, just considering some of the mixed comments around strength in small UAS and TMS. And I'm just wondering if you could provide a little more granularity on expectations for HAPS in particular. And then within that, what we should be watching out for in terms of some of the important milestones and where you are with the flight test aircraft and anything else you can detail around progress on that program.

我想先問關於 HAPS。從你的評論來看，Wahid，聽起來你們在 20 會計年度可能從 HAPS 認列的營收，若對照今年的表現，可能持平或略為下滑，主要是考量到你對小型 UAS 與 TMS 強勁表現的混合評論。我想請你就 HAPS 的預期提供更細的說明。另外，在此之中，我們應該關注哪些重要里程碑、你們在飛行測試用飛機方面的進度，以及你能就該計畫進展提供的其他細節。

Sure. So your general conclusions are roughly accurate based on what we provided at the comments. We expect the majority of the growth for the year-over-year growth to come from our small UAS and TMS business. As you know, our HAPS business is an exciting large opportunity for the long run. We're on the design, development and demonstration phase of this, which we generated so far about $126 million worth of backlog of orders. And the revenue between fiscal year '19 and fiscal year '20 will be roughly the same. Obviously, this is a customer-funded development work, which is primarily doing work to design, develop and demonstrate the aircraft.

好的。所以，根據我們在評論中提供的內容，你的整體結論大致正確。我們預期年度同比成長的主要來源將來自我們的小型 UAS 與 TMS 業務。如你所知，我們的 HAPS 業務在長期而言是一個令人振奮的大型機會。我們目前處於設計、開發與示範階段，迄今已累積約 1.26 億美元的訂單積壓（backlog）。而 19 會計年度與 20 會計年度之間的營收將大致相同。顯然，這是由客戶出資的開發工作，主要是在進行飛機的設計、開發與示範。

Beyond that, as you know, we have publicly said that we rolled out the first aircraft. And obviously, there's a lot more ground testing and flight testing to come later as part of this exercise. And then, of course, we are planning on eventually certifying the airplane and then getting into what I refer to as a business launch in production, which means producing these in volumes and scaling the business in the commercial market.

此外，如你所知，我們已公開表示我們已推出第一架飛機。顯然，作為此項工作的一部分，後續還有更多地面測試與飛行測試將在稍後進行。當然，我們也規劃最終對飛機進行認證，接著進入我所稱的量產商業啟動（business launch），也就是以一定規模生產並在商用市場擴大業務。

We still believe this is a very large -- significantly large global opportunity for us. Our partners are SoftBank and we, are very excited about this. That's why we are continuing to increase the value of the contract and keep growing our business in this area and progressing our strategy. And of course, there's lots of other value-creation opportunities as I outlined in my remarks on the call earlier, and it's very exciting for us to pursue this in the long term.

我們仍然相信，這對我們而言是一個非常龐大——極其龐大的全球機會。我們的合作夥伴是 SoftBank，而我們對此非常振奮。因此，我們持續提高合約價值、在此領域持續擴展業務，並推進我們的策略。當然，正如我先前在電話會議中所提到的，還有許多其他的價值創造機會，長期而言能夠追求這些機會對我們非常令人振奮。

Great. And if I could, just one follow-up on that. I think you mentioned in your prepared remarks that a portion of the, give or take, $56 million remaining was not yet funded or was partially unfunded. Can you talk about maybe what percentage of that is? And is there any risk around timing of that getting funded, obviously, through the partnership?

很好。如果可以的話，我再追問一點。我記得你在事先準備的講稿中提到，大約剩餘 5,600 萬美元中的一部分尚未獲得資金支持，或是部分未獲資金支持。你能談談大概占比是多少嗎？以及在透過合作夥伴取得資金支持的時點上，是否存在任何風險？

Sure. So I just provided that to make sure that we're very clear on specifics. Generally speaking, we are not expecting any surprises or issues there in my view -- in our view. It's just a natural nature of such a contract when you're working on a large complex program and long-term development effort that you have certain milestone as you complete, that you release the next phase, the next phase and the next step in the milestone of the contract. So a majority of that is really funded, but there's some portion of it always that may be or may not be unfunded in that regard.

當然。我提供那段說明只是為了確保我們在細節上非常清楚。一般而言，就我——就我們的看法，我們不預期那裡會有任何意外或問題。這只是此類合約的自然特性：當你在執行大型、複雜的計畫與長期開發工作時，會在完成某些里程碑後，釋出下一階段、再下一階段，以及合約里程碑中的下一步。因此，其中大部分其實是已獲資金支持的，但也總會有一部分在那方面可能是、也可能不是未獲資金支持。

Other than that, we're very pleased with our progress so far. This is historic, in my view, that we've been able to deliver the first airplane in less than 2 years from the start of this effort. We and both of our strategic partners are very convinced and committed about the performance characteristics of the airplane and its ability to compete in the marketplace for a multibillion-dollar global market, and we look forward to updating you in the future.

除此之外，我們對目前的進展非常滿意。以我看來，這具有歷史意義：我們能在這項工作開始後不到兩年就交付第一架飛機。我們以及兩家策略合作夥伴都非常確信並承諾於該飛機的性能特性，以及其在數十億美元規模的全球市場中競爭的能力；我們也期待未來再向各位更新。

And our next question will come from Pete Skibitski at Alembic Global. Pete?

下一個問題來自 Alembic Global 的 Pete Skibitski。Pete？

Let me start with -- on the fiscal '20 guidance. Could you share with us how much Pulse is going to contribute to revenue in fiscal '20? And then you mentioned that small UAS and TMS would be the growth drivers in '20. Is TMS going to grow the most because it came in a little lighter than I thought for fiscal '19, so it seems like maybe there's still a lot of unappropriated funds out there for TMS.

我先從 20 會計年度的指引開始。你們能否與我們分享 Pulse 在 20 會計年度將對營收貢獻多少？另外你提到小型 UAS 與 TMS 將是 20 年的成長驅動力。TMS 會是成長最多的嗎？因為 19 會計年度的表現比我預期稍弱一些，所以看起來也許仍有不少尚未撥用的 TMS 資金在那裡。

Sure. So first, we're very pleased with the results that we delivered for fiscal year '19, with the double-digit second consecutive year of growth on the top line and very solid performance in the bottom. .

好的。首先，我們對 19 會計年度交出的成果非常滿意，營收端連續第二年達成兩位數成長，獲利端也有非常穩健的表現。.

Second, we're fortunate to have such a diversified portfolio of business and opportunities that allows us to lever different parts of our business depending on the markets and the customer situation and the timing of those orders.

第二，我們很幸運擁有如此多元化的業務與機會組合，使我們能夠依據市場狀況、客戶情境以及訂單時點，去運用並調度我們業務的不同部分。

As I mentioned on my remarks, the Pulse Aerospace acquisition really is a technology and product acquisition. It's really less about a revenue multiple or existing profitability multiple acquisition in terms of valuation. We are -- in -- [basically] are acquiring a whole family of vertical takeoff and landing systems that complements our small UAS very, very well. We have already secured a IDIQ contract to approximately over $13 million in the Pulse business. And since that acquisition, we have secured 2 of the task orders for that.

如同我在發言中提到的，收購 Pulse Aerospace 實際上是一項技術與產品的收購。就估值而言，這更不是以營收倍數或既有獲利倍數為主的收購。我們——基本上——是在收購一整個垂直起降系統家族，與我們的小型 UAS 非常、非常互補。我們已在 Pulse 業務中取得一份 IDIQ 合約，金額約超過 1,300 萬美元。而自該收購以來，我們已取得其中 2 份任務訂單（task orders）。

The revenue for this business is going to be not significant for fiscal year and we do not break our revenue down to that level of product lines. As Teresa outlined, we break them down through by different product families, small UAS being one, and the Pulse revenue will be reported under the small UAS category for us starting in fiscal '20 and beyond. So essentially, you can think of the Pulse product line as part of our small UAS Family of Systems in [future].

這項業務在本會計年度的營收不會很顯著，而我們也不會把營收拆分到這麼細的產品線層級。如 Teresa 所概述，我們是依不同產品家族來分類，其中小型 UAS 是一類；自 2020 會計年度起及之後，Pulse 的營收將在我們這裡歸入小型 UAS 類別。因此，本質上你可以把 Pulse 產品線視為我們小型 UAS 系統家族的一部分（在未來）。

Okay. Okay. Sounds great. And then on the TMS, again, is TMS going to be a growth leader in fiscal '20?

好的。好的。聽起來很棒。那再談 TMS，TMS 在 2020 會計年度是否會成為成長領先者？

Sure. So as I said, absolutely, both TMS and TUAS are both areas that is going to generate growth to increase our growth -- top line growth for the third consecutive year with double-digit numbers. We're very pleased with these guidance expectations that we have out of our business. We feel very strongly about the position that we have in the market and the amount of demand that exists in our products, both domestically and internationally. It's very exciting to see that across our portfolio, there seems to be very strong demands across the globe for our types of solutions and products. And I'm very pleased with the results of our teams and execution in the last fiscal year, and we're looking forward to update you on fiscal '20 as we go forward.

當然。所以如我所說，絕對是，TMS 與 TUAS 這兩個領域都將帶動成長，推升我們的成長——營收（top line）成長——連續第三年達到雙位數。我們對於業務所提供的這些財測預期感到非常滿意。我們對自身在市場上的定位，以及我們產品在國內與國際市場的需求量，都非常有信心。令人振奮的是，從我們的產品組合來看，全球對我們這類解決方案與產品似乎都有非常強勁的需求。我也非常滿意我們團隊在上一個會計年度的成果與執行力，並期待在推進 2020 會計年度的過程中，持續向各位更新。

And our next question comes from Joe DeNardi at Stifel, Nicolaus.

下一個問題來自 Stifel, Nicolaus 的 Joe DeNardi。

Just another one on HAPS. It seems like you guys have decent visibility now of kind of over the next few years in terms of maybe the revenue profile as you transition from production to certification and flight testing. So can you just talk about your -- should our expectation be that HAPS revenue is roughly flat for the next few years before a larger-scale production? Or does -- are you expecting the -- kind of the ramp-up in production to occur sooner than that?

再問一個關於 HAPS 的問題。看起來你們現在對未來幾年在營收輪廓方面有不錯的能見度，因為你們正從量產轉向認證與飛行測試。所以能否談談你們的看法——我們是否應該預期 HAPS 的營收在接下來幾年大致持平，直到更大規模的量產開始？或者——你們是否預期——量產的爬坡會比那更早發生？

Sure, Joe. So as I said, we are in a multiphased pursuit of this very large multibillion-dollar global market opportunity. This is a very exciting capability that is uniquely compelling to us and both our strategic partner. We're really focused on this phase of the activity or effort in the business plan, which is make 2 airplanes, design those airplanes and demonstrate the capability, which we intend to complete that within this phase of this project.

當然，Joe。如我所說，我們正以多階段方式推進這個規模非常龐大、達數十億美元的全球市場機會。這是一項對我們以及我們的策略夥伴而言都具有獨特吸引力、令人振奮的能力。我們目前真正聚焦在商業計畫中這一階段的活動或工作，也就是製造 2 架飛機、設計這些飛機並展示其能力；我們打算在本專案的這個階段內完成。

Our partner, SoftBank and we, both feel very confident and pleased with our progress so far. And obviously, this is not an easy task and an easy achievement. It's a never-been-done-before type of effort that you see. And beyond this step, we expect to obviously ramp up, as I mentioned on my remarks, producing a few more airplanes because you need more airplanes for the testing and certification phase. During that time, we will be obviously assessing the business and assessing the prospects of the future with our partner, and we'll inform you of the updates that we provide.

我們的夥伴 SoftBank 與我們，對目前的進展都非常有信心，也很滿意。而且很明顯，這不是一項容易的任務或容易達成的成就。這是一種前所未有的努力，你們所看到的就是如此。在完成這一步之後，我們預期會如我在發言中提到的那樣進一步爬坡，生產更多飛機，因為在測試與認證階段需要更多飛機。在那段期間，我們也會與夥伴一起評估業務、評估未來前景，並向各位提供我們的更新資訊。

As far as fiscal year '20 is concerned, we expect this business again to execute the strategy that we have and are very pleased with the top line growth that we're going to be delivering hopefully this year as well.

就 2020 會計年度而言，我們預期這項業務仍將執行我們既定的策略；同時，我們也對今年有望交付的營收成長感到非常滿意。

Okay. And then just on the acquired business. I mean you guys have had plenty of cash for a while. I'm sure a number of opportunities to engage in a decent-sized M&A like this and you haven't pulled the trigger really until now. The deal being earnings-accretive by year 3 isn't super compelling from where we stand, so can you talk about what's so attractive about it from your point of view?

好的。接著談談收購的業務。我的意思是，你們手上有充足現金已經有一段時間了。我相信你們也有不少機會去進行像這樣規模不小的併購，但你們直到現在才真正出手。從我們的角度看，這筆交易要到第 3 年才具備增益（earnings-accretive）並不是特別有吸引力，所以你能談談從你們的觀點來看，它到底吸引人的地方是什麼嗎？

Sure. Sure, of course, Joe. That's a great question. So I'm very excited and so is our team about the acquisition of Pulse product line in the assets. I really consider this a strategic product and technology acquisition, not necessarily an immediate or current revenue or profitability multiple acquisition. So that's number one. Number two, we are essentially getting the whole Family of Systems. Pulse Aerospace has multiple different products in the Vapor family of VTOL helicopters. They have a Vapor 15, 35, 55 and 65 with the whole integrated solutions set. We believe that this is a naturally perfect tuck-in and expansion in addition towards existing world-leading small UAS Family of Systems, obviously mostly the fixed wing.

當然。當然可以，Joe。這是個很好的問題。我以及我們團隊都對收購 Pulse 產品線與相關資產感到非常興奮。我把這視為一項策略性的產品與技術收購，而不一定是著眼於立即或當前營收或獲利倍數的收購。這是第一點。第二點，我們基本上取得了完整的系統家族（Family of Systems）。Pulse Aerospace 在 Vapor 系列 VTOL 直升機中有多種不同產品。他們有 Vapor 15、35、55 和 65，以及整套整合式解決方案。我們相信，這是一個自然而然、完美的補強（tuck-in）與擴充，可在我們既有、世界領先的小型 UAS 系統家族之上再加碼——而我們原本主要是固定翼。

So our customers will benefit from this in terms of more mission-critical objectives being accomplished within -- with the teaming of these 2 solutions and products. We can use our distribution channels globally with 45-plus countries around the world to sell a lot more of this. And as you all know, developing a product internally will easily take at least a couple of years, if not more than that, to come to fruition.

因此，我們的客戶將能受益於此，因為透過這兩種解決方案與產品的協同搭配，可以完成更多關鍵任務目標。我們可以運用遍及全球、覆蓋 45 個以上國家的通路，去銷售更多這類產品。而且各位都知道，若在內部自行開發產品，輕易就需要至少幾年時間，甚至更久，才能開花結果。

So in our view, this is a long-term strategic acquisition that strengthens our portfolio, delivers more value to our customers and certainly delivers a lot of value long-term in terms of our shareholders' interests as well. We're very excited about that. And we're also expanding our talent base -- engineering talent base, in the Midwest with opening that innovation center in Lawrence, Kansas. So all in all, we're very pleased with this acquisition and we believe that this is going to deliver a lot of value long-term for our shareholders.

因此在我們看來，這是一項長期的策略性收購，能強化我們的產品組合、為客戶帶來更多價值，並且從股東利益的角度來看，長期也能創造大量價值。我們對此非常興奮。同時，我們也在美國中西部擴充我們的人才基礎——工程人才基礎——在堪薩斯州勞倫斯（Lawrence, Kansas）設立那座創新中心。總而言之，我們對這項收購非常滿意，並相信它將在長期為股東帶來很大的價值。

Our next question comes from Troy Jensen from Piper Jaffray.

下一個問題來自 Piper Jaffray 的 Troy Jensen。

Congrats on the nice result, team. So Wahid, how about for you first? I mean you've touched on this a little bit in your prepared remarks, but it looks like U.S. defense spending on UAVs is going to have a down year. I guess, do you really think that's true for AeroVironment? I know you guys have always talked about coming up with new variants of your products to sell to different U.S. defense agencies. So just some more detailed thoughts on U.S. defense spending...

恭喜團隊取得很好的成果。那 Wahid，我先問你。我的意思是，你在事先準備的發言中已稍微提到，但看起來美國國防在無人機（UAV）上的支出今年可能會下滑。我想問，你真的認為這對 AeroVironment 也是如此嗎？我知道你們一直談到會推出新版本的產品，銷售給不同的美國國防機構。所以想請你更詳細談談美國國防支出……

Sure. Of course. Sure, Troy. So first of all, the year-to-year comparison certainly is slightly down, not a significant amount down, but slightly down compared to fiscal '19. But we have to keep in mind that fiscal year '19 and '20 in comparison to our historical averages is far greater than several years before that or as far as I've been with the company. So that's an important point to point out, and I had mentioned that in my remarks.

當然。沒問題。當然，Troy。首先，年度對年度的比較確實是略有下降，下降幅度不大，但相較於2019財年略為下滑。但我們必須記住，2019與2020財年相較於我們的歷史平均水準，仍遠高於此前好幾年，或至少在我任職公司期間所見皆是如此。所以這是一個需要強調的重要觀點，我也在我的發言中提到過。

Secondly, the demand driver for our business across the board overall at a macro level is very strong. More and more of the future is unmanned systems and robotics. We're very uniquely positioned as a technology solution provider at the intersection of these 4 future-defining technologies, obviously robotics and UAVs being one of them, sensors, software analytics and connectivity. So this is all very positive and encouraging for our small UAS.

第二，從宏觀層面來看，我們整體業務的需求驅動因素非常強勁。未來將越來越多地走向無人系統與機器人。我們作為技術解決方案供應商，獨特地位於這四項定義未來的技術交會點：顯然機器人與無人機（UAV）是其中之一，另外還有感測器、軟體分析以及連接性。因此，這些對我們的小型UAS而言都是非常正面且令人鼓舞的。

And needless to say, this is just one of our portfolio of diversified growth initiatives. We have small UAS that's contributing to our financials. We have our TMS business. We have our HAPS business. So we're very fortunate to have a pretty diverse portfolio of products, revenue and customer base globally that complements our business. And overall, I don't consider the view of the budget's slight decline from '19 to '20 a negative at all. I consider that as still a very positive relative to historical levels.

更不用說，這只是我們多元化成長計畫投資組合中的其中一項。我們有小型UAS為財務表現做出貢獻。我們有TMS業務。我們有HAPS業務。因此，我們很幸運擁有相當多元的產品、營收與全球客戶基礎，能與我們的業務相互補強。整體而言，我不認為預算從2019到2020的些微下降是負面的。相較於歷史水準，我仍認為這是非常正面的。

Right. Perfect. How about -- a couple here for Teresa quick. Just on the guidance here to get to the EPS. I think you said the tax guidance was 11% to 12%. And I just want to make sure it's non-GAAP. And then what should we assume for other income?

好的。非常好。接下來有幾個問題想快速問Teresa。關於這裡的指引，用來推到EPS。我想你提到稅率指引是11%到12%。我只是想確認這是非GAAP口徑。另外，其他收入應該假設多少？

Sure, Troy. Yes, the tax rate that we have in is 11% to 12% for fiscal '20. And your other question was what about other income?

當然，Troy。是的，我們對2020財年的稅率假設是11%到12%。你另一個問題是關於其他收入？

Just other -- yes, other income, which -- what does your EPS guidance assume in your model, or what should we be modeling...

就是其他——對，其他收入——你們的EPS指引在模型中假設了什麼，或者我們建模時應該假設……

We didn't provide guidance per se on the other income. In fiscal '19 we had the onetime litigation settlement. We also had the transition services from the buyer of our EES business, were the 2 drivers, along with our interest income.

我們並未就其他收入本身提供具體指引。在2019財年，我們有一次性的訴訟和解收入。另外還有我們EES業務買方提供的過渡服務，這是兩個驅動因素，再加上我們的利息收入。

(Operator Instructions) And our next question will come from Louie Dipalma with William Blair.

（接線員指示）下一個問題來自William Blair的Louie Dipalma。

What is your degree of confidence that you will win short-range reconnaissance orders in the context of how there seems to be an incredibly large number of contenders? And AeroVironment, at least prior to the Pulse Aerospace acquisition, historically has not specialized in VTOL systems.

在看起來有非常多競爭者的情況下，你們對於贏得短程偵察（short-range reconnaissance）訂單的信心程度如何？而且AeroVironment至少在收購Pulse Aerospace之前，歷來並不專精於VTOL系統。

Sure. So Louie, first and foremost, we're fortunate to have a diversified portfolio of businesses and growth opportunities that allows us to deliver strong results year after year and have strong demand drivers across our businesses.

當然。所以Louie，首先也是最重要的，我們很幸運擁有多元化的業務與成長機會組合，使我們能年復一年交出強勁成果，並且在各項業務上都有強勁的需求驅動因素。

Number two, in relationship to SRR, as I mentioned in my remarks, there was a very small down-select small award by the DIU, which we were not selected on that. That does not mean that we're not engaged with that customer. We are actually very engaged with that customer. We've tracked that opportunity and engaged with the customer quite closely. And we stand ready to compete in the future, and we'll obviously keep you updated on that.

第二，關於SRR，如我在發言中提到，DIU曾進行一次非常小規模的縮選並給出小額授標，我們沒有在那次被選中。但這並不代表我們沒有與該客戶互動。事實上，我們與該客戶互動非常密切。我們一直追蹤這個機會，並與客戶保持相當緊密的接觸。我們已準備好在未來參與競爭，並且會持續向各位更新。

In the same token, let's keep in mind that the overall view of the requirements and budget dollars for all types of solutions, specifically, in most cases, calling out our product specifications or names even, is quite robust for fiscal year 2020. And so we feel -- we're very pleased with those demand drivers. We're very pleased with our fiscal '19 results. And fiscal '20, of course, will be the third consecutive year of double-digit top line growth and very healthy profitability in the bottom line. The fact that there's more competitors in the space is really not a new news to us at all. We've been competing in this space for a very long time very successfully. We have a very high win rate. We obviously do not have 100% market share, but it doesn't mean that we're not going to continue to compete and stand ready to win opportunities in the future.

同樣地，也請記住，對於各類解決方案的需求與預算資金的整體觀點——尤其在多數情況下甚至點名我們的產品規格或產品名稱——在2020財年是相當強勁的。因此我們覺得——我們對這些需求驅動因素非常滿意。我們對2019財年的成果非常滿意。而2020財年當然將是連續第三年營收達到雙位數成長，且底線獲利能力非常健康。競爭者變多對我們而言其實不是什麼新消息。我們在這個領域競爭已久，而且非常成功。我們的得標率很高。我們顯然不是100%市占，但這不代表我們不會持續競爭，並隨時準備在未來贏得機會。

Okay. And I may have missed this, but what was the year-over-year growth rate for the international small UAS for the quarter?

好的。我可能漏聽了，但本季國際小型UAS的年增率是多少？

So Louie, you're asking small UAS -- international small UAS quarter-to-quarter. So in the fourth quarter, we had $35.9 million of revenue versus $46.5 million in fiscal '18. On a full year basis though, we were at $107.7 million of small UAS international revenue versus $96.7 million in 2018, so it grew 11.5%.

所以Louie，你問的是小型UAS——國際小型UAS的季度對季度。在第四季，我們的營收是3,590萬美元，而2018財年是4,650萬美元。但以全年來看，我們的國際小型UAS營收為1.077億美元，而2018年為9,670萬美元，因此成長了11.5%。

Okay. And you guys have commented regarding this international small UAS that it still seems to be in the very early innings. And I think last year, you signed your largest order ever for the Puma in the Middle East. Are there any other data points that you could provide to give us some sense of the penetration for like international small UAS and how your Puma and Raven stack up relative to the competitors internationally?

好的。你們曾評論這個國際小型UAS市場似乎仍處於非常早期的階段。而且我記得去年你們在中東拿到了Puma史上最大的一筆訂單。你們是否還能提供其他數據點，讓我們更了解例如國際小型UAS的滲透率，以及你們的Puma與Raven在國際上相對於競爭對手的定位如何？

So Louie, that's a great question. As I said in my remarks, we continue to grow our international footprint in small UAS very successfully and very well throughout this last several years. Our international business in terms of top line growth, as you've seen, has grown significantly, but so have the number of customers and the geographies that we're expanding into.

所以Louie，這是個很好的問題。如我在發言中所說，過去幾年我們持續且非常成功地擴大我們在小型UAS的國際版圖。你也看到，我們的國際業務在營收成長方面大幅提升，同時客戶數量以及我們拓展的地理區域也在增加。

Secondly is that I believe that our international markets are still 5-plus years, maybe 5 to 10 years, in many cases, behind the adoption cycle of the U.S. first-generation systems. And in majority of those countries, we have the ability and the opportunity to expand our portfolio and increase our share of that customer's overall spend and the DoD budgets. How large that is and how big could that be, time will tell, number one. Number two, overall, the demand drivers are very healthy.

第二，我認為在許多情況下，我們的國際市場在採用週期上仍落後美國第一代系統5年以上，可能是5到10年。在這些國家中的大多數，我們有能力與機會擴充產品組合，並提高我們在該客戶整體支出以及國防部（DoD）預算中的占比。這會有多大、能成長到多大，時間會告訴我們，這是第一點。第二點，整體而言，需求驅動因素非常健康。

Also, due to customer sensitivity and competitive reasons, I'm not in a position to be able to disclose specifics of our engagements with each customer. But as you saw from my remarks, our portfolio of customers, our diversification geographically as well as our solution sets' penetration within those customers are pretty strong, and it speaks volumes to these -- to the value proposition and the compelling capabilities of our solution that's helping our customers proceed with certainty.

另外，基於客戶敏感性與競爭因素，我無法披露我們與每位客戶互動的具體細節。但如你從我的發言中所見，我們的客戶組合、地理多元化，以及我們的解決方案在這些客戶中的滲透程度都相當強，這充分說明了——也充分體現了我們解決方案的價值主張與具吸引力的能力，正在幫助客戶更有把握地推進。

Next, we have a follow-up question from Pete Skibitski at Alembic Global.

接下來，我們有來自 Alembic Global 的 Pete Skibitski 的追問。

Wahid, can you talk a little bit about where the U.S. Army is going in UAVs with its air launch effects kind of like a -- just kind of an S&T effort and your potential role there?

Wahid，你能否談談美國陸軍在無人機（UAV）方面的發展方向，特別是其空射效應（air launch effects）這類有點像——算是一種科學與技術（S&T）投入的努力，以及你們在其中可能扮演的角色？

And then how much are you guys spending on things like autonomy and AI? It seems like that's becoming more important, at least domestically. I just want to get your thoughts on those 2 areas.

另外，你們在自主化與 AI 這類領域的投入大概有多少？看起來這在國內至少正變得更重要。我想聽聽你對這兩個領域的看法。

Sure, Pete. In terms of the U.S. Army and the whole DoD's overall approach to UAS, as I've said in several quarters and 2-plus years now, I believe that the overall macro trends in that space is very positive. More and more systems are going to become unmanned, and robotics systems and solutions integrated with ground systems is also going to increase. And we're fortunate to be that intersection of those 4 future deployment kind of technologies, as I said, number one.

當然，Pete。就美國陸軍以及整個國防部（DoD）對無人航空系統（UAS）的整體做法而言，正如我在過去幾個季度、以及兩年多來多次提到的，我認為該領域的整體宏觀趨勢非常正面。越來越多的系統將走向無人化，而與地面系統整合的機器人系統與解決方案也將增加。而我們很幸運，正處於我所說的四項未來部署技術的交會點上，這是第一點。

Number two, we also have the ability to expand our market -- addressable market, with new announcements and teamings on existing platforms, as I mentioned. So General Dynamics Land Systems and KRATOS are 2 examples.

第二點，我們也有能力透過新的公告以及在既有平台上的合作組隊（teamings），來擴大我們的市場——可服務市場（addressable market），如我先前所提。General Dynamics Land Systems 與 KRATOS 就是兩個例子。

The specifics that you refer to is essentially a program that we're working with -- a potential program with KRATOS Corporation, where our solution is going to be essentially included as part of a larger unmanned supersonic or a hypersonic unmanned UAV that carries Switchblade and other capabilities deep into the contested environments of an enemy and then it actually launches and delivers mission effects that really, in the past, have never been done before.

你所提到的具體內容，本質上是一個我們正在合作的計畫——與 KRATOS Corporation 的一個潛在計畫；我們的解決方案將被納入一個更大型的無人超音速或高超音速無人 UAV 之中，該平台可攜帶 Switchblade 及其他能力深入敵方的爭奪環境（contested environments），並實際發射與投送任務效應（mission effects），這在過去確實從未做到過。

These types of solutions and partnerships speaks to the potential opportunities in the space and the ability for our solutions to really deliver a lot more value to our customers' missions. And that's just one aspect of our macro demands and opportunities in our market.

這類解決方案與合作夥伴關係，凸顯了該領域的潛在機會，以及我們的解決方案能為客戶任務帶來更多價值的能力。而這只是我們市場中宏觀需求與機會的一個面向。

The other thing is also the U.S. Army and many other customers are coming up with new requirements for new types of systems and solutions, such as SBS and SRR and LRR and all that. And we're tracking all of those and we're engaged with them, and we'll keep you updated.

另外，美國陸軍以及許多其他客戶也正在提出新型系統與解決方案的新需求，例如 SBS、SRR、LRR 等等。我們正在追蹤所有這些需求並與他們保持互動，也會持續向各位更新。

Okay. And our last question will come from Joe DeNardi -- a follow-up question from Joe DeNardi of Stifel.

好的。我們的最後一個問題將來自 Stifel 的 Joe DeNardi——Joe DeNardi 的追問。

Wahid, can you just talk about what the customer is saying around Switchblade in terms of wanting to possibly deploy it more broadly across the force? Is that still a conversation? What are you hearing in terms of a competition -- a formal competition for that program? What's the latest there?

Wahid，你能否談談客戶對 Switchblade 的看法，尤其是是否希望在部隊中更廣泛地部署？這仍然是正在討論的議題嗎？關於該計畫的競爭——正式競標（formal competition）方面，你聽到的是什麼？目前最新進展如何？

Sure. So we're very pleased with the progress we've been making on our Tactical Missile Systems business, as you know, in terms of revenue growth and demand and value proposition to our customers. We continue to engage with our customer on the Switchblade -- the original Switchblade I refer to, adoption and potential larger penetration and deployment within the Army and larger forces. That remains to be a discussion point and an interest of our U.S. Army customer and our customer in general. The timing of which is really unpredictable. I won't be able to give you any more visibility into that specific relationship.

當然。如你所知，我們對戰術飛彈系統（Tactical Missile Systems）業務的進展非常滿意，無論是營收成長、需求，或是對客戶的價值主張。我們持續就 Switchblade——我指的是原始版本的 Switchblade——與客戶互動，討論其採用情況，以及在陸軍與更大規模部隊中更高滲透率與部署的可能性。這仍然是我們美國陸軍客戶以及整體客戶群的討論重點與興趣所在。至於時程，確實很難預測。我無法就該特定關係提供更多能見度。

However, I did mention in my remarks a new variance, very exciting new variance, which is being co-funded by us and one of our customers, that essentially is a larger version of our Switchblade that goes further, has a longer endurance, covers more geography and carries a significantly larger warhead. This variant, which we're actively in the development phase right now, is significantly going to increase the mission effects and the types of problems that our customers are trying to solve with our solution.

不過，我在發言中確實提到一個新的型號（variant），一個非常令人振奮的新型號，由我們與其中一位客戶共同出資；本質上它是我們 Switchblade 的更大型版本，射程更遠、續航更長、覆蓋更大地理範圍，並搭載顯著更大的彈頭。這個型號目前正積極處於研發階段，將大幅提升任務效應，以及客戶希望透過我們解決方案所解決的問題類型。

We believe that our small UAS was a pioneering capability in a small UAS, and we believe the same thing in our Tactical Missile Systems business in a similar way. So we're making really good progress on that development, and we'll keep you updated as we have more updates on that front.

我們相信，我們的小型無人航空系統（small UAS）在小型 UAS 領域屬於開創性能力；而在戰術飛彈系統業務方面，我們也以類似方式相信同樣如此。因此，我們在該研發上取得了非常良好的進展；一旦有更多更新，我們會持續向各位說明。

Overall, you could see in the DoD budgets, for government fiscal year '19 and '20, there's significant dollar for original Switchblade and majority of which is not reflected in our backlog and visibility numbers so far.

整體而言，你可以在國防部預算中看到，政府會計年度 2019 與 2020 年對原始 Switchblade 有相當可觀的預算金額，其中大部分目前尚未反映在我們的在手訂單（backlog）與能見度數字中。

I'd like to also point out -- I'm sorry, Joe, Pete's earlier question. I did not get a chance to answer his second part of his question, Peter, which was about AI, what are we doing in that area.

我也想補充指出——抱歉，Joe，回到 Pete 先前的問題。我剛才沒有機會回答他問題的第二部分，Peter，也就是關於 AI：我們在那個領域做了什麼。

As I mentioned in my remarks, that's a really important point. We have and we continue to invest heavily in the AI category. As I have said previously, we're at the intersection of this 4 future deployment technologies, very exciting. And connectivity, software analytics, AI, artificial intelligence is a very critical component of our solutions, even today, as well as in the future. We've got a lot of investments in that area, which we believe is going to further differentiate us from competition and enable our customers to do a lot more missions and deliver more value to them. And as we make progress, we'll keep you updated.

如我在發言中提到的，這點非常重要。我們已經並且持續在 AI 類別上大幅投資。正如我先前所說，我們位於這四項未來部署技術的交會點上，非常令人振奮。而連結性、軟體分析、AI（人工智慧）是我們解決方案中非常關鍵的組成部分，不僅是今天，也包括未來。我們在該領域投入了大量資源，我們相信這將進一步使我們與競爭對手形成差異化，並讓客戶能執行更多任務、為他們帶來更高價值。隨著我們取得進展，我們也會持續向各位更新。

Joe, do you have a follow-up?

Joe，你還有追問嗎？

I don't.

沒有。

So with that, as we have no further questions, we thank you all for spending a good chunk of your afternoon or evening with us, as the case may be. We appreciate your interest.

那麼，既然沒有進一步的問題，我們感謝各位在今天下午或晚間（視各位所在地而定）撥出相當一段時間與我們一同參與。我們感謝各位的關注。

An archive version of this call, all SEC filings and relevant company and industry news can be found on our website, avinc.com. And of course, we look forward to speaking with you again following next quarter's results. Good day.

本次電話會議的存檔版本、所有 SEC 申報文件以及相關公司與產業新聞，都可在我們的網站 avinc.com 上找到。當然，我們也期待在下個季度財報結果公布後再次與各位交流。祝各位順心。