AeroVironment Inc (AVAV) 2022 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the AeroVironment Fourth Quarter and Full Fiscal Year 2022 Conference Call. (Operator Instructions)

女士們，先生們，感謝你們的支持，並歡迎參加 AeroVironment 第四季度和 2022 財年全年電話會議。 （操作員說明）

Please be advised that today's conference is being recorded for replay purposes. (Operator Instructions)

請注意，今天的會議正在錄製以供重播。 （操作員說明）

I would now like to hand the conference over to Jonah Teeter-Balin. Thank you. Please go ahead, sir.

我現在想把會議交給 Jonah Teeter-Balin。謝謝你。請繼續，先生。

Thanks, and good afternoon, ladies and gentlemen. Welcome to AeroVironment's Fourth Quarter and Full Fiscal Year 2022 Earnings Call. This is Jonah Teeter-Balin, Senior Director of Corporate Development and Investor Relations for AeroVironment.

謝謝，下午好，女士們，先生們。歡迎參加 AeroVironment 的 2022 年第四季度和全年財報電話會議。我是 AeroVironment 企業發展和投資者關係高級總監 Jonah Teeter-Balin。

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

在我們開始之前，請注意本次電話會議中提供的某些信息包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。前瞻性陳述包括但不限於任何可能預測、預測、指示或暗示未來的結果、表現或成就，並可能包含諸如相信、預期、期望、估計、打算、項目、計劃或具有類似含義的詞或短語。前瞻性陳述基於當前的預期、預測和假設，其中涉及風險和不確定性，包括但不限於我們無法控制的經濟、競爭、政府和技術因素，這些因素可能導致我們的業務戰略或實際結果不同實質上來自前瞻性陳述。

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 our other filings with the SEC, along with the associated earnings release and safe harbor statement contained therein. This afternoon, we also filed a slide presentation with our earnings release and posted the presentation on our website at avinc.com in the Events & Presentations section. The content of this conference call contains time-sensitive information that is accurate only as of today, June 28, 2022. 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.

有關這些風險的更多信息，我們鼓勵您查看 AeroVironment 的 10-K 表格定期報告和我們向 SEC 提交的其他文件中討論的風險因素，以及其中包含的相關收益發布和安全港聲明。今天下午，我們還在收益報告中提交了幻燈片演示文稿，並將演示文稿發佈在我們網站 avinc.com 的活動和演示文稿部分。本次電話會議的內容包含的時間敏感信息僅在今天，即 2022 年 6 月 28 日是準確的。公司不承擔對我們今天評論中包含的任何前瞻性陳述進行任何修改或更新它們以反映本次電話會議後發生的事件或情況。

Joining me today from AeroVironment are Chairman, President and Chief Executive Officer, Mr. Wahid Nawabi; and Senior Vice President and Chief Financial Officer, Mr. Kevin McDonnell. We will now begin with remarks from Wahid Nawabi. Wahid?

今天從 AeroVironment 加入我的有董事長、總裁兼首席執行官 Wahid Nawabi 先生；高級副總裁兼首席財務官 Kevin McDonnell 先生。我們現在從瓦希德·納瓦比的講話開始。瓦希德？

Thank you, Jonah. Welcome to our fourth quarter and full fiscal year 2022 earnings conference call. I'll start by summarizing last quarter and full fiscal year performance and discuss our recent achievements. Then Kevin will provide a more detailed summary of our financial results, after which I will follow up with a discussion of goals for fiscal year 2023 before Kevin, Jonah and I take your questions.

謝謝你，約拿。歡迎來到我們的第四季度和 2022 財年全年收益電話會議。我將首先總結上個季度和整個財年的表現，並討論我們最近的成就。然后凱文將提供更詳細的財務業績摘要，之後我將在凱文、喬納和我回答您的問題之前討論 2023 財年的目標。

Let me emphasize a few key messages, which are included on Slide #3 of our earnings presentation. First, our team executed well during the fourth quarter, enabling us to meet our guidance for the year despite continued supply chain constraints, elevated material costs and tight labor markets. Second, we're confident that fiscal year 2023 will be a solid organic growth year for the company, given our backlog and visibility for the year. And third, the world has changed considerably since we last spoke. The war in Ukraine has brought increased focus to our most innovative solutions, including small UAS, medium UAS and Tactical Missile Systems. We anticipate benefiting from strong and sustained demand from multiple domestic and international customers going forward.

讓我強調一些關鍵信息，這些信息包含在我們收益演示的幻燈片 #3 中。首先，我們的團隊在第四季度表現良好，使我們能夠在持續的供應鏈限制、材料成本上升和勞動力市場緊張的情況下達到我們的年度指導。其次，鑑於我們今年的積壓和知名度，我們相信 2023 財年將是公司穩健的有機增長年。第三，自我們上次發言以來，世界發生了很大變化。烏克蘭戰爭使我們更加關注我們最具創新性的解決方案，包括小型無人機、中型無人機和戰術導彈系統。我們預計未來將受益於來自多個國內和國際客戶的強勁和持續的需求。

Before I provide greater detail on these themes, let me summarize our financial results for the quarter and fiscal year. We delivered fourth quarter revenue of $133 million compared to $136 million last year and an increase of about 47% sequentially from $90 million in the third quarter. For the full fiscal year, we achieved record revenue of $446 million compared to $395 million last fiscal year. As previously discussed, our growth in fiscal year 2022 was primarily due to higher sales of our median UAS product line as well as the impact from strategic acquisitions which more than offset lower shipments of our small UAS product line. Gross profit for the fourth quarter was $48.6 million compared to $59.7 million in the prior year period, and our gross margin decreased to 37% from 44% in fiscal year 2021.

在我提供有關這些主題的更多詳細信息之前，讓我總結一下我們本季度和財政年度的財務業績。我們第四季度的收入為 1.33 億美元，而去年為 1.36 億美元，比第三季度的 9000 萬美元環比增長約 47%。在整個財年，我們實現了創紀錄的 4.46 億美元的收入，而上一財年為 3.95 億美元。如前所述，我們在 2022 財年的增長主要是由於我們的中位數 UAS 產品線的銷售額增加以及戰略收購的影響，這足以抵消我們小型 UAS 產品線的出貨量下降。第四季度的毛利潤為 4860 萬美元，而去年同期為 5970 萬美元，我們的毛利率從 2021 財年的 44% 下降至 37%。

This expected reduction primarily reflects product mix and the impact from ongoing supply chain inefficiencies. However, our performance improved significantly from Q3's 24%, and we anticipate this improvement to continue into this fiscal year. We reported non-GAAP adjusted net income of $7.3 million or $0.29 per diluted share as compared to $10.9 million or $0.44 per diluted share for the fourth quarter of fiscal year 2021.

這種預期的減少主要反映了產品組合和持續供應鏈效率低下的影響。然而，我們的業績比第三季度的 24% 有了顯著改善，我們預計這種改善將持續到本財年。我們報告的非 GAAP 調整後淨收入為 730 萬美元或每股攤薄收益 0.29 美元，而 2021 財年第四季度為 1090 萬美元或每股攤薄收益 0.44 美元。

In summary, our results for the quarter were in line with our expectations and largely met our guidance for fiscal year 2022. Looking ahead, we're quite optimistic about our fiscal year 2023 and beyond. We believe recent world events and demand dynamics will further enhance our ability to grow and deliver more value to our shareholders even as we manage through continuing macroeconomic headwinds. Since last quarter, we have continued to take steps to manage supply chain constraints in a tight labor market. With regards to supply chain, we're now in direct contact with component manufacturers such as Intel and NVIDIA to improve material lead times. We're also working directly with the Office of the Secretary of Defense to prioritize our raw material orders due to the Ukraine conflict.

總而言之，我們本季度的業績符合我們的預期，並在很大程度上符合我們對 2022 財年的指導。展望未來，我們對 2023 財年及以後的財年相當樂觀。我們相信，即使我們在持續的宏觀經濟逆風中進行管理，最近的世界事件和需求動態將進一步增強我們的增長能力並為我們的股東創造更多價值。自上個季度以來，我們繼續採取措施在勞動力市場緊張的情況下管理供應鏈限制。在供應鏈方面，我們現在與英特爾和英偉達等零部件製造商直接接觸，以縮短材料交貨時間。由於烏克蘭衝突，我們還直接與國防部長辦公室合作，優先考慮我們的原材料訂單。

Finally, we've decided to buy inventory well ahead of our current forecasted needs to ensure stability of supply for this year and beyond. While we expect supply chain constraints to persist through this coming fiscal year and even longer, we believe these additional steps and those we've previously taken will improve our ability to meet increasing customer demand for our innovative solutions. In regard to tight labor markets, it's still a challenge to find and hire the top talent we need to support our continued growth.

最後，我們決定提前購買庫存，以確保今年及以後的供應穩定。雖然我們預計供應鏈限制將持續到下一個財年甚至更長時間，但我們相信這些額外的步驟以及我們之前採取的措施將提高我們滿足客戶對我們創新解決方案不斷增長的需求的能力。在勞動力市場緊張的情況下，尋找和僱用支持我們持續增長所需的頂尖人才仍然是一項挑戰。

In addition to the steps I outlined last quarter we're reprioritizing certain development activities to ensure the most important and urgent programs get the resources they need. That said, with the passage of the fiscal year 2022 defense budget, we now see some increased urgency in the U.S. DoD's acquisitions and contracting for the remainder of the government's fiscal year. This is a result of 2 primary factors currently in play. First, there is an urgency within the U.S. Department of Defense to obligate the remaining funds on approved programs and task orders now that an omnibus budget is in place. The government is no longer constrained by a continuing resolution and at the same time, has approximately 3 months to finalize and fund numerous programs. And second, AeroVironment has received increased attention lately because of the relevance of our innovative solutions in relation to the war in Ukraine.

除了我在上個季度概述的步驟外，我們正在重新確定某些開發活動的優先級，以確保最重要和最緊迫的項目獲得他們需要的資源。也就是說，隨著 2022 財年國防預算的通過，我們現在看到美國國防部在政府財政年度剩餘時間內的採購和合同變得更加緊迫。這是目前發揮作用的兩個主要因素的結果。首先，鑑於綜合預算已經到位，美國國防部迫切需要將剩餘資金用於已批准的項目和任務訂單。政府不再受到持續決議的限制，同時，有大約 3 個月的時間來完成和資助眾多計劃。其次，由於我們的創新解決方案與烏克蘭戰爭的相關性，AeroVironment 最近受到了越來越多的關注。

Now before turning the call over to Kevin, I would like to provide an update on current developments within our individual product lines. I'll start with our Tactical Missile Systems product line, where we have experienced significant heightened interest recently primarily due to the war in Ukraine. Switchblade is highly relevant to the current conflict in Ukraine, given its unique advantages compared to any other weapon or missile system, including its longer range, significant loitering time on target, precision strike capabilities and patented wave-off capability to name a few.

現在，在將電話轉給 Kevin 之前，我想提供有關我們各個產品線當前發展的最新信息。我將從我們的戰術導彈系統產品線開始，主要由於烏克蘭戰爭，我們最近對該產品線產生了極大的興趣。彈簧刀與烏克蘭當前的衝突高度相關，與任何其他武器或導彈系統相比，它具有獨特的優勢，包括射程更遠、瞄準目標的顯著遊蕩時間、精確打擊能力和獲得專利的揮動能力等等。

In April, I met with the Ukrainian ambassador and Defense Attaché. Since then, Ukraine has effectively used our Switchblade Loitering missiles, which they have received through the U.S. Department of Defense as part of the presidential drawdown orders. Not surprisingly, Ukraine has asked for many more and recent congressional legislation authorizing $40 billion of military and humanitarian aid signed by the President on May 21 should help provide additional quantities.

4 月，我會見了烏克蘭大使和武官。從那以後，烏克蘭有效地使用了我們的彈簧刀遊蕩導彈，這是他們通過美國國防部收到的，作為總統撤軍命令的一部分。毫不奇怪，烏克蘭已經要求更多，最近國會立法授權總統於 5 月 21 日簽署的 400 億美元的軍事和人道主義援助應該有助於提供更多數量。

While the timing of such task orders is still being finalized, we anticipate a significant positive impact to our fiscal year and beyond given the U.S. Army's plan to procure Switchblades for the European theater, particularly within NATO countries in Ukraine's proximity. I'm also pleased to inform you that we have been successful at attaining the U.S. government's approval to sell Switchblade 300 and Switchblade 600 to more than 20 of our allies around the world.

儘管此類任務訂單的時間安排仍在最終確定中，但鑑於美國陸軍計劃為歐洲戰區，特別是在烏克蘭附近的北約國家採購彈簧刀，我們預計將對我們的財政年度及以後產生重大的積極影響。我也很高興地通知您，我們已成功獲得美國政府的批准，將 Switchblade 300 和 Switchblade 600 出售給我們在全球的 20 多個盟友。

We are now fielding FMS and DCS requests for Switchblade 300 and 600 from several allies seeking these innovative solutions. We're also experiencing increased demand for the Switchblade 300 sensor-to-shooter solution and our other small and medium UAS platforms such as Puma, Raven, Wasp and the JUMP 20. Further, we're seeing increased interest from industry partners such as Northrop Grumman to develop additional variants of Switchblade for new and expanded mission sets.

我們現在正在處理來自尋求這些創新解決方案的幾個盟友對 Switchblade 300 和 600 的 FMS 和 DCS 請求。我們對 Switchblade 300 傳感器到射擊解決方案以及我們其他中小型 UAS 平台（如 Puma、Raven、Wasp 和 JUMP 20）的需求也在增加。此外，我們看到行業合作夥伴的興趣也在增加，例如諾斯羅普·格魯曼公司為新的和擴展的任務集開發更多的 Switchblade 變體。

In summary, all these positive and encouraging developments will take some time to mature and translate into orders and backlog. We expect global supply chain constraints will soon remain our primary challenge in converting all this demand into game-changing solutions ready to be shipped to our customers.

總之，所有這些積極和令人鼓舞的發展都需要一些時間才能成熟並轉化為訂單和積壓。我們預計全球供應鏈限制將很快成為我們將所有這些需求轉化為準備好交付給客戶的改變遊戲規則的解決方案的主要挑戰。

Overall, we remain committed to assisting the U.S. and our allies in Europe and elsewhere to provide for -- to prepare for threats and to combat them effectively. We're proud of this assistance we've already provided to the Ukrainian citizens in defending the country this year, and we expect strong double-digit growth in Tactical Missile Systems in fiscal year 2023.

總體而言，我們將繼續致力於協助美國和我們在歐洲和其他地方的盟國為威脅做好準備並有效打擊它們。我們為今年已經向烏克蘭公民提供的保衛國家的援助感到自豪，我們預計 2023 財年戰術導彈系統將實現兩位數的強勁增長。

Now let me turn to our small UAS product line. As I mentioned last quarter, our domestic customers are focused on developing requirements and initiating new acquisition programs for the next generation of small UAS. While we work with our U.S. DoD customers on these upcoming programs, we continue to expand the adoption of our small UAS within our growing international customer base. As an example, last quarter, we announced a $20 million order for our Puma systems for Ukraine. Additionally, we recently donated over 100 of our Quantix Recon unmanned aircraft systems and operational training services to the Ukraine Ministry of Defense. These Quantix Recon systems are already performing life-saving missions for the Ukrainian military.

現在讓我談談我們的小型 UAS 產品線。正如我上個季度提到的，我們的國內客戶專注於為下一代小型 UAS 開發需求並啟動新的採購計劃。在我們與美國國防部客戶就這些即將推出的項目合作的同時，我們將繼續在我們不斷增長的國際客戶群中擴大我們小型 UAS 的採用。例如，上個季度，我們宣佈為烏克蘭的 Puma 系統訂購 2000 萬美元。此外，我們最近向烏克蘭國防部捐贈了 100 多架 Quantix Recon 無人機系統和操作培訓服務。這些 Quantix Recon 系統已經在為烏克蘭軍方執行救生任務。

We continue to invest in our small UAS solution portfolio with the intent of breaking several new products to the market over the next few years. These solutions are targeted to address both future U.S. DoD and expanded international customer requirements. With these R&D investments, we will also continue providing enhanced capability to our installed base of tens of thousands of systems globally. Based on current trends, we believe our small UAS product line will grow in fiscal year 2023, primarily driven by an uptick in international demand.

我們將繼續投資於我們的小型 UAS 解決方案組合，以期在未來幾年內將幾款新產品推向市場。這些解決方案旨在滿足未來美國國防部和擴大的國際客戶需求。通過這些研發投資，我們還將繼續為我們在全球數万個系統的安裝基礎提供增強的能力。根據當前趨勢，我們相信我們的小型無人機產品線將在 2023 財年增長，主要受國際需求上升的推動。

I will now move on to our medium UAS product line. We continue to stay engaged with the U.S. Army in anticipation of its future tactical UAS or FTUAS Increment 1 award. While the U.S. Army has not officially awarded this contract to anyone yet, we believe AeroVironment is well positioned to win. We expected an award announcement by now but suspect that the award timing is being negatively impacted by the war in Ukraine with the U.S. DoD resources allocated to more urgent contracting needs. As a reminder, the U.S. Army's FTUAS program in aggregate is expected to be valued at more than $1 billion over a 10-year period. We remain optimistic about this major opportunity going forward.

我現在將繼續討論我們的中型無人機產品線。我們將繼續與美國陸軍保持合作，期待其未來的戰術 UAS 或 FTUAS 增量 1 獎勵。雖然美國陸軍尚未正式將這份合同授予任何人，但我們相信 AeroVironment 已經做好了獲勝的準備。我們現在預計會宣布授標，但懷疑授標時間正受到烏克蘭戰爭的負面影響，美國國防部資源分配給更緊迫的合同需求。提醒一下，美國陸軍的 FTUAS 計劃在 10 年內的總價值預計將超過 10 億美元。我們對未來的這一重大機遇保持樂觀。

On the international front, we continue to engage with several countries who are interested in our JUMP 20 medium UAS solution. To date, we have provided proposals to multiple international allies in Europe and the Middle East. We also remain the market share leader in the USSOCOM MEUAS IV program while providing intelligence, surveillance and reconnaissance services with our JUMP 20 system. Overall, we believe our median UAS product line should achieve solid growth in fiscal year 2023.

在國際方面，我們繼續與幾個對我們的 JUMP 20 中型無人機解決方案感興趣的國家進行合作。迄今為止，我們已經向歐洲和中東的多個國際盟友提供了建議。我們還在 USSOCOM MEUAS IV 計劃中保持市場份額領先地位，同時通過我們的 JUMP 20 系統提供情報、監視和偵察服務。總體而言，我們認為我們的 UAS 產品線中值應在 2023 財年實現穩健增長。

Regarding our unmanned ground vehicles or UGV product line, we're seeing strong customer interest in Asia and Europe and are actively working to expand into additional markets. Some of this interest is related to the war in Ukraine, where our UGVs are becoming more relevant with the need to remove mines and other explosive devices. Similar to the overseas sales potential for the JUMP 20, we believe our UGV product line should continue to grow in fiscal year 2023.

關於我們的無人駕駛地面車輛或 UGV 產品線，我們在亞洲和歐洲看到了強烈的客戶興趣，並正在積極努力擴展到其他市場。這種興趣部分與烏克蘭戰爭有關，我們的 UGV 與清除地雷和其他爆炸裝置的需求越來越相關。與 JUMP 20 的海外銷售潛力類似，我們相信我們的 UGV 產品線應在 2023 財年繼續增長。

Within our HAPS product line, we continue to work on the next-generation Sunglider solar aircraft under the terms of our master design and development agreement, MDDA with SoftBank.

在我們的 HAPS 產品線中，我們繼續根據我們與軟銀的主設計和開發協議 MDDA 的條款開發下一代 Sunglider 太陽能飛機。

During the term of the MDDA, AV has exclusive rights to design and manufacture Sunglider solar HAPS and any of its future variants based on certain terms. As was stated previously, the current phase of this partnership involves building a third aircraft and performing additional flight testing, demonstrating longer-duration flights and making progress towards FAA certification. We are now in negotiations with SoftBank on the second tranche of funding to advance the next steps of Sunglider's commercial development, which we expect to generate between $25 million to $35 million in revenue this fiscal year. As we discussed previously, we have also been evaluating restructuring and financing options for HAPSMobile. In furtherance of this effort, AV sold at 7% minority stake this past quarter back to SoftBank, which already owned a 93% majority share of the JV. We will now work directly with SoftBank to fund the development and demonstration of solar-powered HAPS. Regardless of the sale, both companies remain fully committed to our partnership and realizing the market potential for delivering stratospheric telecommunications services.

在 MDDA 期限內，AV 擁有根據特定條款設計和製造 Sunglider 太陽能 HAPS 及其任何未來變體的獨家權利。如前所述，該夥伴關係的當前階段包括建造第三架飛機並進行額外的飛行測試，展示更長時間的飛行並在 FAA 認證方面取得進展。我們現在正在與軟銀就第二筆資金進行談判，以推進 Sunglider 商業發展的下一步，我們預計本財年將產生 2500 萬至 3500 萬美元的收入。正如我們之前所討論的，我們還一直在評估 HAPSMobile 的重組和融資方案。為了推動這一努力，AV 在上個季度將 7% 的少數股權出售給了軟銀，後者已經擁有合資企業 93% 的多數股權。我們現在將直接與軟銀合作，為太陽能 HAPS 的開發和示範提供資金。無論出售如何，兩家公司都將繼續完全致力於我們的合作夥伴關係，並實現提供平流層電信服務的市場潛力。

And finally, our MacCready Works Advanced Solutions Group is actively engaged with several customers to develop next-generation autonomous multi-domain robotic solutions. Notably, we're now engaged with NASA's Jet Propulsion Laboratory on a future diversion of the Mars Helicopter, following Ingenuity's incredible success. Additionally, this past March, the Ingenuity Mars Helicopter and our team of engineers received the 2022 Collier Trophy. As a reminder, the Collier Trophy is considered the most prestigious industry award in the field of aviation. We are very proud of our talented team's accomplishments in this incredible history-making achievement, but we're not stopping there. Our team is also working on future-defining capabilities that enable our solutions to operate in highly contested battle spaces in the presence of heavy jamming and electronic warfare.

最後，我們的 MacCready Works 高級解決方案小組正積極與多家客戶合作，開發下一代自主多域機器人解決方案。值得注意的是，在 Ingenuity 取得令人難以置信的成功之後，我們現在正與 NASA 的噴氣推進實驗室就火星直升機的未來改道進行合作。此外，今年 3 月，Ingenuity Mars 直升機和我們的工程師團隊獲得了 2022 Collier Trophy。提醒一下，科利爾獎杯被認為是航空領域最負盛名的行業獎項。我們為我們才華橫溢的團隊在這一令人難以置信的歷史成就中取得的成就感到非常自豪，但我們並沒有就此止步。我們的團隊還在研究定義未來的能力，使我們的解決方案能夠在存在嚴重干擾和電子戰的情況下在競爭激烈的戰鬥空間中運行。

In summary, AeroVironment is well positioned for organic growth as we experienced continued robust demand for our portfolio of intelligent multi-domain robotic systems. At the same time, we remain committed to actively managing the headwinds facing our industry and economy. We're excited to continue building on this momentum to drive greater shareholder value in fiscal year 2023 and beyond.

總之，AeroVironment 為有機增長做好了準備，因為我們經歷了對我們的智能多域機器人系統組合的持續強勁需求。與此同時，我們仍致力於積極應對行業和經濟面臨的不利因素。我們很高興能夠繼續鞏固這一勢頭，在 2023 財年及以後推動更大的股東價值。

With that, I would like to now turn the call over to Kevin McDonnell for a review of fourth quarter financials. Kevin?

有了這個，我現在想把電話轉給凱文麥克唐納，以審查第四季度的財務狀況。凱文？

Thank you, Wahid. Today, I will be reviewing the highlights of our fourth quarter and full year fiscal 2022 performance, during which I will occasionally refer to both our press release and earnings presentation available on our website. Overall, our revenue in the quarter was in line with expectations despite continued supply chain headwinds. Adjusted gross margins reached a high for the year. Our adjusted EBITDA was solid and we also have some other positive income items during the quarter. As Wahid outlined, revenue for the fourth quarter of fiscal 2022 was $132.6 million, a decrease of 2% from the fourth quarter of fiscal 2021 revenue of $136 million.

謝謝你，瓦希德。今天，我將回顧我們 2022 財年第四季度和全年業績的亮點，在此期間，我偶爾會參考我們網站上提供的新聞稿和收益報告。總體而言，儘管供應鏈持續逆風，我們本季度的收入仍符合預期。調整後的毛利率達到年內高位。我們調整後的 EBITDA 穩健，本季度我們還有其他一些積極的收入項目。正如 Wahid 所述，2022 財年第四季度的收入為 1.326 億美元，比 2021 財年第四季度的 1.36 億美元下降 2%。

Slide 5 of the earnings presentation provides a breakdown of revenue by segment for the quarter. Our largest segment during the quarter was small UAS with $59.2 million of revenue. While this was down from last year's $70.9 million, it was the largest revenue quarter for the year for sUAS and included a $20 million FMS Puma order for Ukraine, as Wahid mentioned.

收益報告的幻燈片 5 提供了本季度按部門劃分的收入明細。本季度我們最大的部分是小型 UAS，收入為 5920 萬美元。正如瓦希德所說，雖然這比去年的 7090 萬美元有所下降，但它是 sUAS 全年收入最大的季度，其中包括烏克蘭的 2000 萬美元 FMS Puma 訂單。

Our medium UAS segment had a solid quarter with $23.1 million of revenue. Most of our medium UAS revenue is classified as service revenue. We anticipate growth in this segment in future periods to come from product sales, including the Army's FTUAS program and international demand. Our Tactical Missile Systems, our TMS segment contributed $20.9 million of revenue during the quarter compared to 32 point -- $39.2 million in FY '21. TMS continue to be impacted by ongoing supply chain issues. Our HAPS segment contributed $13.1 million in Q4, a strong increase from $7.1 million in the comparable prior year quarter. Revenue from the Other segment, which includes our acquired Telerob and Progeny ISG businesses, increased year-over-year to $17 million versus $3 million in fiscal 2021 fourth quarter. Revenue for the fiscal year ended at $445.7 million as compared to $394.9 million for fiscal year 2021, representing an increase of $50.8 million or 13%. In FY '22, we saw a shift in our product service mix from approximately 70% product revenue in fiscal '21 to 54% product in fiscal '22. This shift is largely a result of the acquisition of Arcturus in FY '21, which is mostly a service business today and also a decline in sUAS revenue, which is mostly product revenue. This had a significant impact on our adjusted gross margins as a result of the lower percentage of higher margin product revenue.

我們的中型 UAS 部門有一個穩健的季度，收入為 2310 萬美元。我們的大部分中等 UAS 收入被歸類為服務收入。我們預計未來這一領域的增長將來自產品銷售，包括陸軍的 FTUAS 計劃和國際需求。我們的戰術導彈系統，我們的 TMS 部門在本季度貢獻了 2090 萬美元的收入，而 21 財年為 32 點 - 3920 萬美元。 TMS 繼續受到持續供應鏈問題的影響。我們的 HAPS 部門在第四季度貢獻了 1310 萬美元，比去年同期的 710 萬美元大幅增加。其他部門的收入（包括我們收購的 Telerob 和 Progeny ISG 業務）同比增長至 1700 萬美元，而 2021 財年第四季度為 300 萬美元。本財年的收入為 4.457 億美元，而 2021 財年的收入為 3.949 億美元，增加了 5080 萬美元或 13%。在 22 財年，我們的產品服務組合從 21 財年的大約 70% 產品收入轉變為 22 財年的 54% 產品。這種轉變主要是由於在 21 財年收購了 Arcturus，這主要是今天的服務業務，也是 sUAS 收入的下降，主要是產品收入。由於高利潤率產品收入的百分比較低，這對我們調整後的毛利率產生了重大影響。

Speaking of gross margins, Slide 5 of the earnings presentation shows the mix of product versus service revenue. For Q4, we saw an increase in the product mix to 56% compared to 47% in Q3, but this is down from 71% in the fiscal year 2021 fourth quarter. Slide 6 of the earnings presentation shows the trend of adjusted product and service gross margins while Slide 12 reconciles the GAAP gross margin to adjusted gross margins, which excludes intangible amortization expense and other noncash purchase accounting items.

說到毛利率，收益報告的幻燈片 5 顯示了產品與服務收入的組合。對於第四季度，我們看到產品組合從第三季度的 47% 增加到 56%，但這低於 2021 財年第四季度的 71%。收益報告的幻燈片 6 顯示了調整後的產品和服務毛利率的趨勢，而幻燈片 12 將 GAAP 毛利率與調整後的毛利率進行了核對，其中不包括無形攤銷費用和其他非現金采購會計項目。

I'll now speak to the adjusted gross margins. Overall, adjusted gross margin for the fourth quarter were 40%, up sequentially from 29% in the third quarter of FY '22. This increase was a result of higher product revenue, including higher-margin SAS product sales. Adjusted product gross margins for the quarter were 49% versus 37% in the third quarter due to the favorable product mix. In terms of adjusted gross, service margins, we also saw an increase to 28% in the fourth quarter versus 23% in the third quarter of the year. We ended the year with adjusted gross margins of 35.8%. We expect adjusted gross margins for next year to be in line with FY '22 with some improvement from product mix, but this improvement will be muted as a result of continued supply chain costs.

我現在談談調整後的毛利率。總體而言，第四季度調整後的毛利率為 40%，高於 22 財年第三季度的 29%。這一增長是產品收入增加的結果，包括利潤率更高的 SAS 產品銷售。由於有利的產品組合，本季度調整後的產品毛利率為 49%，而第三季度為 37%。在調整後的毛利率和服務利潤率方面，我們也看到第四季度增長至 28%，而今年第三季度為 23%。我們以 35.8% 的調整後毛利率結束了這一年。我們預計明年調整後的毛利率將與 22 財年一致，產品組合有所改善，但由於供應鏈成本的持續，這種改善將減弱。

Next, turning to operating expenses. SG&A expense for the fourth quarter was $21.9 million, down $2.9 million from last year's fourth quarter. SG&A includes intangible amortization and acquisition-related expenses of $4.3 million in Q4 fiscal 2022 and $6.7 million for the fiscal 2021 fourth quarter. Excluding intangible amortization and acquisition-related expenses, SG&A for the fourth quarter was $17.6 million or 13% of revenue compared to $18.2 million, also 13% of revenue in the prior year period.

接下來，轉向運營費用。第四季度的 SG&A 費用為 2190 萬美元，比去年第四季度減少了 290 萬美元。 SG&A 包括 2022 財年第四季度的 430 萬美元和 2021 財年第四季度的 670 萬美元的無形攤銷和收購相關費用。不計無形攤銷和收購相關費用，第四季度的 SG&A 為 1760 萬美元，佔收入的 13%，而去年同期為 1820 萬美元，佔收入的 13%。

For the full fiscal year 2022, SG&A, excluding intangible amortization and acquisition-related expense, was $73.5 million or 16% of revenue compared to full fiscal year 2021 of $56.4 million or 14% of revenue. We expect SG&A expense, excluding intangible amortization to be 15% to 16% of revenue in FY '23. R&D expense for the fourth quarter was 10% of revenue and 12% for the full year fiscal 2022. R&D as a percentage of revenue was in line with our guidance of 11% to 12% for the full year. We will continue to run R&D in the 10% to 11% range as we invest in new products and upgrades to existing products to meet the evolving needs of our customers.

2022 財年全年，SG&A（不包括無形攤銷和收購相關費用）為 7350 萬美元，佔收入的 16%，而 2021 財年全年為 5640 萬美元，佔收入的 14%。我們預計 SG&A 費用（不包括無形攤銷）將佔 23 財年收入的 15% 至 16%。第四季度的研發費用佔收入的 10%，2022 財年全年的研發費用為 12%。研發佔收入的百分比符合我們全年 11% 至 12% 的指導。我們將繼續在 10% 到 11% 的範圍內進行研發，同時投資新產品併升級現有產品以滿足客戶不斷變化的需求。

Looking at the bottom line, our GAAP net income for the fourth quarter of fiscal 2022 finished at $7.3 million or $0.29 per diluted share compared to net income of $10.9 million or $0.44 diluted share for the fourth quarter of fiscal 2021. Q4 net income benefited from a $6.5 million gain on the sale of our stake in the HAPSMobile JV and equity investment income of $4.4 million related to both the HAPSMobile JV sale and other investment gains. However, we did some catch-up on the tax provision during the quarter, resulting in a $15.5 million expense, which represented over 80% of our pretax income.

從底線來看，我們 2022 財年第四季度的 GAAP 淨收入為 730 萬美元或攤薄後每股 0.29 美元，而 2021 財年第四季度的淨收入為 1090 萬美元或攤薄後每股 0.44 美元。第四季度淨收入受益於出售我們在 HAPSMobile 合資企業中的股份獲得 650 萬美元收益，以及與 HAPSMobile 合資企業出售和其他投資收益相關的 440 萬美元股權投資收益。但是，我們在本季度對稅收條款做了一些補充，產生了 1550 萬美元的費用，占我們稅前收入的 80% 以上。

For the full year of fiscal 2022, we generated a GAAP net loss of $4.2 million or negative $0.17 diluted share compared to net income of $23.3 million or $0.96 per diluted share for fiscal 2021. The $27.5 million reduction in net income was primarily due to a decrease of $53.2 million in operating income, which was largely the result of an increase in intangible amortization expense from acquisitions and other noncash purchase accounting adjustments of $29.2 million and a decrease in gross margin due to changes in sales mix mentioned previously. We also had increased interest expense of $4.8 million and an increase in other expense of $2 million compared to FY '21.

在 2022 財年全年，我們產生了 420 萬美元的 GAAP 淨虧損或負 0.17 美元的攤薄收益，而 2021 財年的淨收入為 2330 萬美元或每股攤薄收益 0.96 美元。淨收入減少 2750 萬美元主要是由於營業收入減少 5,320 萬美元，這主要是由於收購和其他非現金采購會計調整導致的無形攤銷費用增加 2,920 萬美元，以及前面提到的銷售組合變化導致毛利率下降。與 21 財年相比，我們還增加了 480 萬美元的利息費用和 200 萬美元的其他費用。

The lower operating income and additional interest expense was partially offset by a tax benefit for the full year of $10.4 million versus a tax expense of $539,000 in FY '21. Also, the gains on the sale of the HAPS JV equity stake of $6.5 million and the income from our equity method investments of $4.6 million versus a loss of $10.5 million in FY '21.

較低的營業收入和額外的利息支出被全年 1040 萬美元的稅收優惠部分抵消，而 21 財年的稅收支出為 539,000 美元。此外，出售 HAPS JV 股權的收益為 650 萬美元，我們的權益法投資收益為 460 萬美元，而 21 財年的虧損為 1050 萬美元。

In terms of adjusted EPS, Slide 10 of our earnings presentation, shows the reconciliation of GAAP and adjusted or non-GAAP diluted EPS. The company posted adjusted earnings per diluted share of $0.30 for the fourth quarter of fiscal 2020 versus $1.04 per diluted share for the fourth quarter of fiscal 2021. We have excluded a $0.26 per share gain from the sale of our HAPSMobile JV equity stake in our adjusted EPS. Looking at the full year, the company posted adjusted earnings per diluted share of $1.25 for fiscal 2022 versus $2.10 per diluted share for fiscal 2021.

就調整後的每股收益而言，我們收益報告的幻燈片 10 顯示了 GAAP 與調整後或非 GAAP 攤薄後每股收益的對賬。該公司公佈的 2020 財年第四季度的調整後每股攤薄收益為 0.30 美元，而 2021 財年第四季度的攤薄後每股收益為 1.04 美元。我們已排除出售我們調整後的 HAPSMobile JV 股權的每股收益 0.26 美元每股收益。縱觀全年，該公司公佈的 2022 財年調整後每股攤薄收益為 1.25 美元，而 2021 財年每股攤薄收益為 2.10 美元。

Before moving to the balance sheet, I'd like to note that we have added additional visibility on our stock-based compensation expense. Our adjusted EBITDA will now exclude stock-based compensation expense, which is more consistent with our peers and more representative of cash flow. On Slide 14 of the earnings presentation, we have provided the historical adjusted EBITDA calculation for the last 8 quarters.

在轉向資產負債表之前，我想指出，我們增加了基於股票的薪酬費用的額外可見性。我們調整後的 EBITDA 現在將不包括基於股票的薪酬費用，這與我們的同行更一致，更能代表現金流。在收益報告的幻燈片 14 中，我們提供了過去 8 個季度的歷史調整後 EBITDA 計算。

Now turning to the balance sheet. Total cash investments at the end of the year was $117.4 million, which represented a $16 million increase from the end of last quarter. This increase was a combination of proceeds from the sale of our interest in the HAPSMobile JV and operational cash flow. In terms of working capital, we see inventories increasing while unbilled receivables should decline so that working capital should remain around the same level for the next couple of quarters. However, we anticipate that inventories will continue to increase throughout the year because of increasing demand for our products and supply chain headwinds that requires us to buy some inventory ahead of demand. We continue to have a strong balance sheet with over $100 million of cash and investments in the $100 million working capital facility.

現在轉向資產負債表。年底的現金投資總額為 1.174 億美元，比上一季度末增加了 1600 萬美元。這一增長是出售我們在 HAPSMobile 合資企業中的權益和運營現金流的收益的組合。在營運資金方面，我們看到庫存增加，而未開票的應收賬款應該會下降，因此未來幾個季度的營運資金應該保持在同一水平。然而，我們預計庫存將在全年繼續增加，因為對我們產品的需求增加和供應鏈逆風要求我們在需求之前購買一些庫存。我們繼續擁有強大的資產負債表，擁有超過 1 億美元的現金和對 1 億美元營運資金設施的投資。

I'd like to conclude with some highlights of our backlog metrics. Slide 8 of the earnings presentation provides a summary of our current fiscal 2022 visibility. Our funded backlog at the end of the fourth quarter of fiscal 2022 was $210.8 million and our visibility today is at 57% of the midpoint of our guidance range.

最後，我想總結一下我們的積壓指標。收益演示文稿的幻燈片 8 提供了我們當前 2022 財年能見度的摘要。我們在 2022 財年第四季度末的資金積壓為 2.108 億美元，我們今天的能見度是我們指導範圍中點的 57%。

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

現在我想把它轉回給瓦希德。

Thanks, Kevin. Looking ahead into fiscal year 2023, we have a healthy funded backlog and total visibility of 57% as described on Slide #8 of our earnings presentation. Additionally, given the increasing global awareness and demand for our innovative solutions, the U.S. government's urgency to spend 2022 appropriate funding and our continued management of headwinds, I'm pleased to share with you our guidance for fiscal year 2023, which represents another strong growth year for the company.

謝謝，凱文。展望 2023 財年，我們有一個健康的資金積壓和 57% 的總能見度，如我們收益報告的幻燈片 #8 所述。此外，鑑於全球對我們創新解決方案的認識和需求不斷提高，美國政府迫切需要在 2022 年花費適當的資金以及我們對逆風的持續管理，我很高興與您分享我們對 2023 財年的指導，這代表了另一個強勁的增長年為公司。

As summarized on Slide #7 of our earnings presentation, we anticipate revenue of between $490 million and $520 million in fiscal year 2023, representing double-digit organic growth, and net income of $11 million to $18 million or $0.42 to $0.72 per diluted share. We anticipate non-GAAP adjusted EBITDA of between $82 million and $92 million, and non-GAAP earnings per diluted share, excluding acquisition-related costs, amortization of intangible assets and other one-time expenses of between $1.35 and $1.65. We anticipate about 60% of revenue in the second half of fiscal year 2023 compared to 40% in the first half, particularly as we benefit from orders placed at the end of the government's fiscal year and rapid turnaround shipments related to Ukraine.

正如我們收益報告的幻燈片 #7 所總結的那樣，我們預計 2023 財年的收入在 4.9 億美元至 5.2 億美元之間，代表兩位數的有機增長，淨收入為 1100 萬美元至 1800 萬美元或每股攤薄收益 0.42 美元至 0.72 美元。我們預計非公認會計原則調整後的 EBITDA 為 8200 萬美元至 9200 萬美元，非公認會計準則每股攤薄收益（不包括收購相關成本、無形資產攤銷和其他一次性費用）在 1.35 美元至 1.65 美元之間。我們預計 2023 財年下半年的收入約為 60%，而上半年為 40%，特別是因為我們受益於政府財政年度末的訂單以及與烏克蘭相關的快速周轉出貨量。

As Kevin mentioned, fiscal year 2023 adjusted gross margin should end up at or slightly above our fiscal year 2022. This is mainly driven by favorable product mix, higher volumes and some are offset by unfavorable impact of supply chain costs. We continue to emphasize careful control of expenses, and we expect to deliver adjusted EBITDA of between 16% and 18% of revenue. We expect internal R&D investments to be about 10% to 11% of revenue in fiscal year 2023.

正如凱文所說，2023 財年調整後的毛利率最終應該會達到或略高於我們的 2022 財年。這主要是由於有利的產品組合、更高的銷量以及一些被供應鏈成本的不利影響所抵消。我們繼續強調對費用的謹慎控制，我們預計調整後的 EBITDA 將佔收入的 16% 至 18%。我們預計 2023 財年內部研發投資將佔收入的 10% 至 11% 左右。

While we actively manage through the supply chain, material cost and labor market headwinds we discussed earlier, we are quite bullish about our potential for solid and sustained organic growth driven by increased global demand for unmanned robotic solutions. Given such dynamics, it is likely that our inventory levels will remain elevated in the near term as we work to meet customer requirements and ship as efficiently as possible.

雖然我們積極管理我們之前討論的供應鏈、材料成本和勞動力市場逆風，但我們非常看好我們在全球對無人駕駛機器人解決方案的需求增加推動下實現穩健和持續有機增長的潛力。鑑於這種動態，我們的庫存水平很可能在短期內保持較高水平，因為我們努力滿足客戶要求並儘可能高效地發貨。

Before turning the call over for questions, let me just reiterate 2 key takeaways on which our investors should focus. First, we met our revised guidance for fiscal year 2022 overcoming many challenges, including the pandemic, supply chain constraints, inflationary pressures, a tight labor market and the prolonged continuing resolution. As we enter fiscal year 2023, we will continue to work towards improved results that drive sustainable long-term value.

在提出問題之前，讓我重申一下我們的投資者應該關注的兩個關鍵要點。首先，我們克服了許多挑戰，包括大流行、供應鏈限制、通脹壓力、勞動力市場吃緊和長期持續的解決方案，實現了我們對 2022 財年的修訂指導。隨著我們進入 2023 財年，我們將繼續努力改善成果，推動可持續的長期價值。

And second, the future looks bright for AeroVironment. While we are entering fiscal year 2023 with a healthy backlog, we anticipate increasing orders in the quarters to come, driven by strong global demand across many of our platforms. We're particularly encouraged by the growth anticipated within our Tactical Missile Systems and medium UAS product lines. Our products and services by and large, enjoys strong bipartisan support in Congress, and we anticipate several orders prior to the end of the government's fiscal year with even higher shipments in calendar year 2023. An improving product mix should also increase gross margins going forward, leading to overall improved bottom line results.

其次，AeroVironment 的前景一片光明。雖然我們正以健康的積壓進入 2023 財年，但由於我們許多平台的強勁全球需求，我們預計未來幾個季度的訂單將增加。我們對我們的戰術導彈系統和中型無人機產品線的預期增長感到特別鼓舞。總的來說，我們的產品和服務在國會得到兩黨的大力支持，我們預計在政府財政年度結束前會有幾筆訂單，2023 日曆年的出貨量會更高。改進的產品組合也應該會增加未來的毛利率，導致整體改善的底線結果。

I would like to again thank you, our employees for their incredible hard work and focus throughout a very challenging year. Their steadfast dedication to AeroVironment and our innovative solutions have made us a leading brand in defense industry, not just in the United States, but all over the world. I am proud of their accomplishments and the assistance we have been able to provide our military, Ukraine and our other allies during a very difficult time. I'm also grateful for our long-standing shareholders who support us and share our passion for our mission. We are dedicated to making sure that our investors as well as our customers and employees benefit from everything we do in the years to come.

我要再次感謝您，我們的員工，他們在充滿挑戰的一年中付出了難以置信的辛勤工作和專注。他們對 AeroVironment 的堅定奉獻和我們的創新解決方案使我們成為國防工業的領先品牌，不僅在美國，而且在全世界。我為他們的成就以及我們能夠在非常困難的時期向我們的軍隊、烏克蘭和我們的其他盟國提供的幫助感到自豪。我也感謝支持我們並分享我們對使命的熱情的長期股東。我們致力於確保我們的投資者以及我們的客戶和員工從我們在未來幾年所做的一切中受益。

And with that, Kevin, Jonah and I will now take your questions.

有了這個，凱文、喬納和我現在將回答你的問題。

(Operator Instructions) Our first question comes from Austin Moeller with Canaccord.

（操作員說明）我們的第一個問題來自於 Canaccord 的 Austin Moeller。

Wahid, Kevin and Jonah, congratulations on getting the approval for the 20-plus U.S. for Switchblade.

Wahid、Kevin 和 Jonah，祝賀 Switchblade 獲得 20 多個美國地區的批准。

Thank you, Austin.

謝謝你，奧斯汀。

Thanks, Austin.

謝謝，奧斯汀。

So my first question is just essentially around that. You talked about the backlog visibility for next year. We've got 20-plus countries that have been approved now and it the bottleneck here is around the supply chain. So if the supply chain issues ease, maybe there's less cryptocurrency mining or something and so there's more GPUs available I guess, how much visibility do you have for TMS into next year? And could that change?

所以我的第一個問題基本上就是圍繞這個問題。您談到了明年的積壓工作可見性。我們現在已經有 20 多個國家/地區獲得批准，而這裡的瓶頸在於供應鏈。因此，如果供應鏈問題得到緩解，也許加密貨幣挖掘或其他東西會減少，所以我猜有更多可用的 GPU，您對明年的 TMS 有多少可見性？那能改變嗎？

Sure, Austin. So you're absolutely right that one of the gating factors for our fiscal 2023 will remain to be the supply chain constraints. I believe that the timing of the contracting is going to be resolved and addressed sooner rather than later. Our proposal activity for our Switchblade and Tactical Missile Systems and other products in general, is fairly healthy and strong. And we believe that it also is going to represent a very long-term growth opportunity for us. Supply chain remains to be the biggest challenge, in my view. And as I said in my remarks, because we have the most innovative solutions that uses the latest greatest technology in terms of components, semiconductors, graphic processors, et cetera, that is very, very tough to get in general.

當然，奧斯汀。所以你說得對，我們 2023 財年的關鍵因素之一仍然是供應鏈限制。我相信合同的時間安排將很快得到解決和解決。總的來說，我們對 Switchblade 和戰術導彈系統以及其他產品的提案活動相當健康和強大。我們相信，這也將代表我們一個非常長期的增長機會。在我看來，供應鏈仍然是最大的挑戰。正如我在講話中所說，因為我們擁有最具創新性的解決方案，在組件、半導體、圖形處理器等方面使用了最新最先進的技術，因此一般來說很難獲得。

And we're not a very large consumer of these relative to other players in the consumer industry and other industries. So it is really difficult. We are tackling that on a daily basis. We have a heavy, heavy focus on that. The numbers could really change quite significantly in both directions as a result of that because it's a very unpredictable environment. However, we have taken pretty much every single measure that we think it's possible. And that's in our control to mitigate those risks and make sure that we can deliver another growth year. We feel confident that we will as I provided the guidance, and it will be another double-digit top line growth for us.

相對於消費行業和其他行業的其他參與者，我們並不是這些產品的非常大的消費者。所以真的很難。我們每天都在解決這個問題。我們對此非常重視。由於這是一個非常不可預測的環境，因此這些數字可能會在兩個方向上發生相當大的變化。然而，我們幾乎已經採取了我們認為可能的每一項措施。這在我們的控制範圍內，以減輕這些風險並確保我們能夠實現另一個增長年。正如我提供的指導，我們相信我們會做到的，這對我們來說將是另一個兩位數的收入增長。

But more importantly, we're going to hopefully also build a very strong backlog that we will benefit from in the years to come.

但更重要的是，我們還希望建立一個非常強大的積壓工作，我們將在未來幾年從中受益。

Great. And just a follow-up on that. Is -- how does being a direct contact with like NVIDIA, Intel compared to having like a DX or DU order status? And is that still potentially in the cards?

偉大的。只是對此的跟進。與擁有 DX 或 DU 訂單狀態相比，與 NVIDIA、Intel 等直接聯繫如何？這仍然有可能嗎？

Yes, absolutely. So the deal orders, we currently do receive them. The challenge with DO orders are from the U.S. DoD is that we're not the only ones who are getting those, and there are others who are also getting the deal SO. So DX, however, would be significantly, significantly a positive impact. We're currently working with the U.S. Department of Defense, the Office of the Secret Defense directly on that. They have been very actively engaged with us. We're in a very, very frequent communication with them, literally on a weekly basis. And they've tried to mitigate many of those risks so far, and they'll continue to do that in the future. However, a Dx rated order, we have not received those yet, and we're still working on that. If that were to be the case, the situation could change significantly for us because that will put us right in front of the line.

是的，一點沒錯。所以交易訂單，我們目前確實收到了。 DO 訂單的挑戰來自美國國防部，我們不是唯一獲得這些訂單的人，還有其他人也獲得了這筆交易。然而，DX 將產生顯著、顯著的積極影響。我們目前正在與美國國防部秘密防禦辦公室直接合作。他們一直非常積極地與我們互動。我們與他們進行非常非常頻繁的溝通，幾乎每週一次。到目前為止，他們已經嘗試減輕其中的許多風險，並且他們將在未來繼續這樣做。然而，一個 Dx 評級的訂單，我們還沒有收到，我們仍在努力。如果是這樣的話，情況對我們來說可能會發生重大變化，因為這將使我們處於領先地位。

The number of orders in the U.S. DoD's ecosystem, that has -- that receives the DX rating is very, very minimal, extremely small relative to any other type of order. So that will obviously put us much higher in the prioritization list, Austin.

與任何其他類型的訂單相比，獲得 DX 評級的美國國防部生態系統中的訂單數量非常非常少。所以這顯然會使我們在優先級列表中的位置更高，奧斯汀。

Okay. Fantastic. Congrats.

好的。極好的。恭喜。

(Operator Instructions) Our next question comes from Ken Herbert with RBC.

（操作員說明）我們的下一個問題來自 RBC 的 Ken Herbert。

Wahid, maybe just a follow-up on the previous question. Can you quantify what you expect sort of the supply chain headwinds to be in fiscal '23 from a revenue standpoint?

Wahid，也許只是對上一個問題的跟進。您能否從收入的角度量化您對 23 財年供應鏈逆風的預期？

Ken, it is a very, very fluid subject or topic and issue because on a regular basis, daily basis, the supply chain challenges change in one direction or another. We -- they range from issues related to the microelectronics, the semiconductors, the components, but also now it started to lately, it actually has even gone into some of the material that we use in composites. As you know, many of those material is oil based. So the issue and the issues with supply of oil and the prices of oil has affected composites. And I believe that's going to continue going into fiscal year '23 and even calendar year '23 as well.

肯，這是一個非常非常流動的主題或話題和問題，因為供應鏈挑戰每天都會定期向一個方向或另一個方向變化。我們——它們的範圍從與微電子、半導體、組件相關的問題，但現在它最近開始出現，它甚至已經進入了我們在復合材料中使用的一些材料。如您所知，其中許多材料是油基的。因此，石油供應和石油價格的問題已經影響了複合材料。我相信這將繼續進入'23財政年度，甚至'23日曆年。

In terms of the size of that for us, I mean, it could be significant, tens of millions of dollars. Our ability to make product and deliver product remains quite strong, quite good. But it's really the 2 challenges that is related to contract timing, how fast can the U.S. DoD and our allies can move through the process of acquisitions and convert those requests and demands into actual contracts and secondly, being able to secure the parts and material.

就我們的規模而言，我的意思是，它可能是巨大的，數千萬美元。我們製造產品和交付產品的能力仍然非常強大，非常好。但實際上與合同時間相關的兩個挑戰是，美國國防部和我們的盟友能夠以多快的速度完成採購過程並將這些要求和要求轉化為實際合同，其次，能夠確保零件和材料的安全。

Currently, we've already for many, many months placed at risk orders for supplies of materials for supply chain. But since those are at risk, they're at commercial rating. So they don't have a priority with our suppliers because we're buying those components at risk today unless there is a DoD order associated with it that has a rating. So that makes it a little bit challenging. However, we expect this year to be another growth year despite all those factors.

目前，我們已經為供應鏈的材料供應下達了很多很多個月的風險訂單。但由於這些存在風險，因此它們處於商業評級。因此，他們對我們的供應商沒有優先權，因為我們今天購買的這些組件有風險，除非有與之相關的國防部訂單具有評級。所以這讓它有點挑戰性。然而，儘管有所有這些因素，我們預計今年將是另一個增長年。

I mean we've included that in our numbers. I mean we've already included the thought of supply chain headwinds into our guidance range.

我的意思是我們已經把它包括在我們的數字中。我的意思是我們已經將供應鏈逆風的想法納入了我們的指導範圍。

That's right. And so we expect another (inaudible) this year as well.

這是正確的。因此，我們預計今年也會有另一個（聽不清）。

Okay. No, I would imagine you've effectively or at least tried to derisk the guide for '23 to reflect these headwinds. I guess one other question. What do you expect in terms of timing? And I guess it's related, but as the U.S. looks to rebuild inventories perhaps of the Switchblade 300, do you get a sense that those inventory levels will be completely rebuilt. And is the issue just about your ability to obviously deliver those, and -- or what should you expect in terms of timing of the inventory restocking?

好的。不，我想你已經有效地或至少試圖取消 23 年指南以反映這些不利因素。我猜還有一個問題。您對時間安排有何期待？我想這是相關的，但隨著美國希望重建 Switchblade 300 的庫存，你是否感覺到這些庫存水平將完全重建。問題是否僅僅在於您明顯交付這些產品的能力，以及 - 或者您在庫存補貨時間方面應該期待什麼？

So the answer -- the short answer, Ken, is definitely yes. We see all the signs and signals from our customer, which we're very closely in contact with that the U.S. DoD is planning on replenishing all the inventory levels that they have pre-Ukraine war, maybe even higher, maybe even higher because the efficacy and the relevance of our Switchblade family of systems have been extremely positive, given the conflict that's going on out there in the usage of it. And so in general, that's one factor.

所以答案——簡而言之，肯，肯定是肯定的。我們看到來自客戶的所有跡象和信號，我們與他們密切接觸，美國國防部正計劃補充他們在烏克蘭戰爭前的所有庫存水平，可能更高，甚至更高，因為功效我們的 Switchblade 系列系統的相關性非常積極，因為在使用它時發生了衝突。所以總的來說，這是一個因素。

The second factor that we should take into play also is that there are several, several countries, primarily in Europe, that have all made requests both through FMS and DCS cases for proposal and request for acquiring Switchblade, and some of our other small UAS systems and medium UAS systems too.

我們應該考慮的第二個因素是，有幾個，幾個國家，主要是在歐洲，都通過 FMS 和 DCS 案例提出請求，要求購買 Switchblade，以及我們的一些其他小型 UAS 系統和中型無人機系統。

So I see it not only the demand from the U.S. domestic DoD customers, but also to fulfill and backfill the existing depletion of inventories but maybe even increasing that to some extent. But additionally, on top of that, we've got approval for 20-plus countries to be able to sell Switchblades to. And many of them have already made requests and those will eventually convert into orders, we believe. The difficulty is exactly when. That timing is very difficult to predict. But we're engaged with them, and they're all moving in the positive direction. It will take some time for that to convert to actual orders.

因此，我認為這不僅是美國國內國防部客戶的需求，也是為了滿足和回填現有的庫存消耗，甚至可能在一定程度上增加庫存。但除此之外，我們還獲得了 20 多個國家/地區的批准，可以向其銷售 Switchblade。我們相信，他們中的許多人已經提出了要求，這些最終將轉化為訂單。困難就在什麼時候。這個時機很難預測。但我們正在與他們合作，他們都在朝著積極的方向前進。這需要一些時間才能轉換為實際訂單。

Our next question comes from Louie DiPalma with William Blair.

我們的下一個問題來自路易·迪帕爾瑪（Louie DiPalma）和威廉·布萊爾（William Blair）。

For the 20-plus export approvals for the Switchblade, does that cover the Switchblade 600 in addition to the Switchblade 300?

對於 Switchblade 的 20 多個出口批准，除了 Switchblade 300 之外，是否還包括 Switchblade 600？

Yes, Louie. Almost every request that we've received includes both Switchblade 300 and 600 and the approval from the State Department and the U.S. government is for both Switchblade 300 and 600 sales for international allies, 20-plus countries.

是的，路易。我們收到的幾乎每一個請求都包括 Switchblade 300 和 600，國務院和美國政府的批准是針對 20 多個國家的國際盟友銷售 Switchblade 300 和 600。

Great. And Wahid, can you speak in general about the progress for the Switchblade 600 as the media report seems to suggest that for the shipments that Ukraine, the vast majority have been for the 300. So has there been any limitations in terms of shipping the 600? And is it fully ready? Or do more trials need to be done for it to be fully ready for service?

偉大的。瓦希德，您能否大致談談 Switchblade 600 的進展情況，因為媒體報導似乎表明，對於烏克蘭的出貨量，絕大多數是 300 的。所以在運輸 600 方面是否有任何限制?它準備好了嗎？還是需要進行更多試驗才能完全準備好投入使用？

Yes. So it is true that majority of the presidential order drawdowns for Ukraine so far has been for Switchblade 300. The main reason for that has been not the readiness of the product, mostly has been the availability of inventory in the U.S. stockpile of Switchblade in general. So that's been the driver for it. In terms of the product readiness, absolutely, the product is ready. We are a strong believer in it. Ukrainian military has requested more of both Switchblade 300 and specialty 600s. And Switchblade 600 is very unique in its capability. It's one of the very, very few missile systems that have much longer standoff distances 20x further than a Javelin missile with essentially the same warhead that allows the Ukrainian military to take positions and target Russian military at distances where they're not in harm's way. And that unique feature of Switchblade alone makes it extremely strategically important to the Ukrainians and we're ready to provide them more. Obviously, contracting and supply chain continue to be the 2 top limiting factors.

是的。因此，到目前為止，烏克蘭總統的大部分訂單縮編都是針對 Switchblade 300 的。其主要原因不是產品的準備就緒，主要是美國的 Switchblade 庫存總體上的可用性.所以這就是它的驅動力。就產品準備情況而言，絕對是產品準備就緒。我們堅信它。烏克蘭軍方要求更多的 Switchblade 300 和專業 600。 Switchblade 600 的功能非常獨特。它是極少數導彈系統之一，其對峙距離比標槍導彈長 20 倍，其彈頭基本相同，使烏克蘭軍隊能夠在不受傷害的距離內佔據陣地並瞄準俄羅斯軍隊。僅 Switchblade 的這一獨特功能就使其對烏克蘭人具有極其重要的戰略意義，我們準備為他們提供更多。顯然，承包和供應鏈仍然是兩大限制因素。

Great. And you referenced how several countries are looking to acquire the Switchblade through a foreign military sales type transaction. I think there was a report last week about France, potentially acquiring the Switchblade. How long do you expect it to take for some of our allies to evaluate Switchblade procurement? I know you just mentioned how -- like the big question is when. But how long does it take allies in general to be comfortable with like doing trials?

偉大的。您還提到了幾個國家正在尋求通過外國軍事銷售類型的交易來獲得 Switchblade。我認為上周有一份關於法國的報導，可能會收購 Switchblade。您預計我們的一些盟友需要多長時間來評估 Switchblade 採購？我知道你剛剛提到瞭如何——就像最大的問題是什麼時候。但是，一般來說，盟友需要多長時間才能適應進行試驗？

Sure. So we believe, based on our interactions and communication and engagements, both for the U.S. DoD as well as with these foreign militaries, all allies, is that they're pretty much convinced and sold on the efficacy and the capability of Switchblade. They have -- these are -- most of them already are existing customers for small UAS, 50-plus countries. And so they understand and know Switchblade quite well. In addition, during the last 15 years and the Persian -- the Middle East as well as Afghanistan, most of our allies have been with the United States witnessing the efficacy of Switchblade in those theaters.

當然。因此，我們相信，基於我們的互動、溝通和參與，無論是對於美國國防部還是與這些外國軍隊，所有盟友，他們都非常相信 Switchblade 的功效和能力。他們有 - 這些是 - 其中大多數已經是 50 多個國家的小型 UAS 的現有客戶。所以他們非常了解和了解 Switchblade。此外，在過去的 15 年裡，在波斯——中東和阿富汗，我們的大多數盟友都與美國一起見證了 Switchblade 在這些戰區的功效。

So there is very little, in my view, concern or doubt in their mind that Switchblade could be valuable to them or they have to evaluate it. For them so far, it was really an awareness and the ability for the U.S. to provide approval. I believe that this is going to move through the process. You are correct that France, there was a public news about it, and they made some statements that they were going to acquire Switchblade. They are engaged with us. They are requesting that. We're engaged in that process. It's not going to be overnight. These things do take time. It takes -- there is a process that they've got to go through the U.S. DoD. And they understand that. And it's never fast enough for anybody's buyers really, in my view, except our adversaries.

因此，在我看來，他們幾乎沒有擔心或懷疑 Switchblade 對他們是否有價值，或者他們必須對其進行評估。到目前為止，對他們來說，這確實是一種意識和美國提供批准的能力。我相信這將貫穿整個過程。你說得對，法國有一條公開新聞，他們發表了一些聲明，表示他們將收購 Switchblade。他們與我們訂婚。他們要求這樣做。我們正在參與這個過程。這不會是一夜之間。這些事情確實需要時間。這需要——他們必須通過美國國防部的程序。他們明白這一點。在我看來，對於任何人的買家來說，它永遠都不夠快，除了我們的對手。

So other than that, we believe that majority of this is going to convert to orders and backlog in the next, not only few quarters but maybe a couple of years even. And to me, these are all initial customers. Just like the U.S. DoD, I believe that longer term, once they establish a program and requirement and uses for this, that will continue to become a line item for them that they would continue to fund and acquire more over the years to come as we progress through the process with them.

因此，除此之外，我們認為其中大部分將在接下來的幾個季度甚至幾年內轉化為訂單和積壓訂單。對我來說，這些都是最初的客戶。就像美國國防部一樣，我相信從長遠來看，一旦他們建立了一個計劃和要求並為此使用，這將繼續成為他們的一個項目，他們將在未來幾年繼續資助和獲得更多，因為我們與他們一起完成整個過程。

Our next question comes from Pete Skibitski with Alembic Global.

我們的下一個問題來自 Alembic Global 的 Pete Skibitski。

Wahid, your -- Guys, your guidance for TMS in fiscal '23, can you give us a sense for your -- how firm your expectations are for what that split is between domestic and international revenue?

瓦希德，你們的——伙計們，你們在 23 財年對 TMS 的指導，你能給我們一個感覺嗎——你對國內和國際收入之間的差距的期望有多堅定？

Pete, so we don't provide specific guidance to each product line or to the mix between international versus domestic. What I can tell you is this, that our overall demand signal for Switchblade is both domestic and international, and it's a fairly large sort of basket of countries. Western European -- Eastern European, the Baltics. A lot of different countries around the world have an interest in that. Now that we've received the export approval -- I'm sorry, the sale -- the approval for sale of the product internationally, I think this is going to encourage even more countries to engage coupled with the conflict that's going on in Ukraine. Overall, though, this year, by far, the biggest factor in Switchblade's growth is going to be sooner not contracted timing, but rather supply chain constraints. And how much we can address that and how much more we could solve that, and that will improve over time, that will help us throughout the year.

皮特，所以我們不會為每條產品線或國際與國內之間的組合提供具體指導。我可以告訴你的是，我們對 Switchblade 的總體需求信號是國內和國際的，而且是相當大的一攬子國家。西歐——東歐，波羅的海。世界上許多不同的國家都對此感興趣。既然我們已經收到了出口批准——對不起，銷售——批准在國際上銷售該產品，我認為這將鼓勵更多的國家參與，再加上烏克蘭正在發生的衝突.不過總體而言，今年到目前為止，Switchblade 增長的最大因素將不是合同時間，而是供應鏈限制。以及我們可以解決多少問題以及我們可以解決多少問題，並且隨著時間的推移會有所改善，這將對我們全年都有幫助。

And we'll keep you updated as that changes. But right now, we feel good about our confidence -- our guidance. We feel good about our business, another year of growth and our Switchblade in our other product line will continue to grow, and we're in a good spot in that regard.

隨著情況的變化，我們會及時通知您。但現在，我們對我們的信心——我們的指導感覺良好。我們對我們的業務感覺良好，又一年的增長，我們其他產品線中的 Switchblade 將繼續增長，在這方面我們處於一個很好的位置。

Okay. Let me ask you on this, $40 billion Ukraine funding initiative that you referenced. Have you guys been able to get any fidelity into specifically maybe how much small UAS might be in there? How much TMS might be in there? Are you able to see any kind of specific line items?

好的。讓我問一下你提到的這個 400 億美元的烏克蘭資助計劃。你們是否能夠特別了解其中可能有多少小型無人機？那裡可能有多少 TMS？您能看到任何類型的特定訂單項嗎？

Pete, yes and no. Yes, we are very engaged in that, and we're very aware that we want to make sure that there's a reasonable amount for our Switchblade. We do know that the Ukrainian military expressed -- specifically expressed more Switchblade 300 and 600 that they need for their conflict. And we could see from today's conflict and what's going on in the news that capabilities such as Switchblade 600 is actually vital to their success. It's imperative for them to have it. The specific details are not really disclosed yet publicly. And for confidentiality reasons, I need to be cautious of that. for the sensitivity and safety of our customers.

皮特，是的，不是的。是的，我們非常投入，我們非常清楚我們希望確保我們的 Switchblade 有一個合理的數量。我們確實知道烏克蘭軍方表達了——特別是表達了他們在衝突中需要的更多 Switchblade 300 和 600。我們可以從今天的衝突和新聞中看到，像 Switchblade 600 這樣的能力實際上對他們的成功至關重要。他們必須擁有它。具體細節尚未真正公開披露。出於保密原因，我需要對此保持謹慎。為了我們客戶的敏感性和安全性。

Our next question comes from Brian Ruttenbur with Imperial Capital.

我們的下一個問題來自 Imperial Capital 的 Brian Ruttenbur。

Yes. Thank you very much. Nobody's really asked -- anybody has been hitting you with a lot of questions around Ukraine and things like that. But nobody has talked about the sale of the solar HAPS and the joint venture and what the future lies there because that had a large potential of millions of dollars potentially of the solar high altitude joint venture, what happens going forward now that you sold your interest?

是的。非常感謝。沒有人真正被問到——有人一直在問你很多關於烏克蘭的問題等等。但是沒有人談論出售太陽能 HAPS 和合資企業以及那裡的未來，因為太陽能高海拔合資企業具有數百萬美元的巨大潛力，現在你賣掉了你的權益會發生什麼?

Sure. So great question, Brian. I'm glad you brought that up because I mentioned it in my remarks. First and foremost, we both remain very committed to the long-term and short-term prospects for the solar HAPS and Sunglider's next phase. We have been funded, as you know, for the last many years, through SoftBank through the JV, we did sell our shares now as primarily a request from our partner. They were already a very large majority shareholder of the joint venture. And for various reasons, their own reasons, they wanted us to sell that minority share to them. However, in no way that should impact our commitment on both sides to the short- and long-term prospects of working together and be committed to the long-term value creation opportunities that represents for us. We're right now actively engaged with negotiating the next tranche of the contract with SoftBank directly.

當然。很好的問題，布賴恩。我很高興你提出這個問題，因為我在發言中提到了它。首先，我們都非常關注太陽能 HAPS 和 Sunglider 下一階段的長期和短期前景。如您所知，在過去的許多年裡，我們一直通過軟銀通過合資企業獲得資金，我們現在確實出售了我們的股票，主要是應我們的合作夥伴的要求。他們已經是合資企業的大股東。出於各種原因，他們自己的原因，他們希望我們將少數股權出售給他們。然而，這絕不會影響我們雙方對合作的短期和長期前景的承諾，並致力於為我們創造長期價值創造機會。我們現在正積極與軟銀直接談判下一批合同。

So it really means just a difference a contract vehicle for us in that regard. There are several other value-creation opportunities with the solar HAPS business venture for us. We are still the exclusive designer of the airplane. We're still the exclusive manufacturer of the airplane for the joint venture with specific terms. We're still -- we still have exclusive market access to that platform for defense applications, globally except Japan. So those things do not change.

因此，在這方面，這對我們來說真的意味著合同工具的不同。太陽能 HAPS 業務對我們來說還有其他幾個創造價值的機會。我們仍然是飛機的獨家設計師。我們仍然是具有特定條款的合資企業的獨家飛機製造商。我們仍然——我們仍然擁有該國防應用平台的獨家市場准入權，除日本外，在全球範圍內。所以這些東西不會改變。

I feel very good about it. We are -- it is not the most urgent thing because of the war in Ukraine, we have reprioritized some of our resources because of talent needs that we have to other more urgent programs and projects, but we expect that to be a business that we're going to do, as I said in my remarks, between $25 million, to $35 million of revenue this year. customer-funded R&D from SoftBank directly rather than the JV. So overall, we feel very good about it, and we'll continue to stay the course.

我對此感覺很好。我們 - 由於烏克蘭的戰爭，這不是最緊迫的事情，我們已經重新分配了一些資源的優先級，因為我們需要其他更緊急的計劃和項目，但我們希望這將成為我們的業務正如我在講話中所說，今年的收入將在 2500 萬美元到 3500 萬美元之間。客戶資助的研發直接來自軟銀，而不是合資企業。所以總的來說，我們對此感覺很好，我們將繼續堅持下去。

(Operator Instructions) Our next question comes from Ken Herbert with RBC.

（操作員說明）我們的下一個問題來自 RBC 的 Ken Herbert。

Just a quick follow-up. Can you provide any more color on FTUAS? And is there any concern that with delays in timing that this slips further to the right that it could potentially negatively impact the probability of that contract for you or the competitive dynamic?

只是快速跟進。你能在 FTUAS 上提供更多顏色嗎？是否有任何擔心隨著時間的延遲，這會進一步向右滑動，從而可能對您簽訂合同的可能性或競爭動態產生負面影響？

Ken, great question. Short answer is always delays are not good. We don't view any delays to be positive. However, we're in very frequent communication with the Army's program office for FTUAS. We believe that our odds of succeeding in that program is quite strong. We were surprised that they did not award this yet. Our suspicion is that mainly that's because of the heavy, heavy urgency that is put on U.S. DoD is contracting resources, to shift resources towards the Ukraine conflict and contracting for those. And we feel that, urgency, and we feel that from the other side, of course, because we have Switchblade needs our customers do, that affects it.

肯，好問題。簡短的回答總是延遲不好。我們不認為任何延遲都是積極的。但是，我們與陸軍 FTUAS 項目辦公室進行了非常頻繁的溝通。我們相信我們在該計劃中取得成功的可能性非常大。我們很驚訝他們還沒有授予這個獎項。我們的懷疑是，這主要是因為美國國防部非常緊迫地正在承包資源，將資源轉移到烏克蘭衝突並為這些衝突而簽訂合同。我們認為這是緊迫性，而且我們從另一方面也感受到了這一點，當然，因為我們有 Switchblade 需要我們的客戶做的，這會影響它。

So delays are never good in my view. However, we're committed to that program. The Army is very committed to that program. That does increase the risk a little bit, but we like our chances and we like our position in that. We believe that our solution is the best solution amongst all the competitors. And we have performed quite well so far with the Army of at 2 years of competitions and different flyoff that they've had. So when exactly when they're going to be able to get this done it's really difficult to put a specific timing on it. We'll keep you updated. Based on their latest, they're really trying hard to do that as soon as they can.

所以在我看來，延誤從來都不是好事。但是，我們致力於該計劃。陸軍非常致力於該計劃。這確實會增加一點風險，但我們喜歡我們的機會，我們喜歡我們在其中的位置。我們相信我們的解決方案是所有競爭對手中最好的解決方案。到目前為止，我們與陸軍在 2 年的比賽和不同的飛行中表現相當不錯。因此，他們究竟什麼時候能夠完成這項工作，很難確定具體的時間。我們會及時通知您。根據他們的最新情況，他們真的在努力盡快做到這一點。

Okay. That's helpful. If I could, just one quick follow-up as well. There's been a lot of press on other companies that have had success in selling loitering munitions into Ukraine recently. Are you at risk of losing share because of some of the supply chain disruptions? Or how would you characterize the competition now? It seems to be getting -- there seems to be more competition perhaps in this marketplace. And what's the risk that supply chain holds you back as you look at that environment now?

好的。這很有幫助。如果可以的話，也只需快速跟進。最近有很多媒體報導了其他成功向烏克蘭出售遊蕩彈藥的公司。您是否因某些供應鏈中斷而面臨失去份額的風險？或者你會如何描述現在的競爭？它似乎正在變得 - 這個市場上似乎有更多的競爭。當您現在查看該環境時，供應鏈阻礙您的風險是什麼？

Great question, again, Ken. I'm glad that you asked that question. We think about that on a very, very daily basis almost. We take competitors very seriously. And as you know, from our track record, we've done quite well there. We do not believe that the products that are out there really are the same as Switchblade 300 to 600. The technical performance, the actual operational performance of Switchblade 300 and 600 is incredibly unique and compelling and unmatched. And further to that, we actually have some specific patents that defend competitors in that space. So for example, the wave-off capability of Switchblade is patented. We own the patent on that. And so that's one thing.

好問題，再一次，肯。我很高興你問了這個問題。我們幾乎每天都在考慮這個問題。我們非常重視競爭對手。如您所知，從我們的業績記錄來看，我們在這方面做得很好。我們不相信那裡的產品真的與 Switchblade 300 到 600 相同。Switchblade 300 和 600 的技術性能、實際操作性能令人難以置信、引人注目且無與倫比。此外，我們實際上擁有一些特定的專利來保護該領域的競爭對手。例如，Switchblade 的波動能力已獲得專利。我們擁有這方面的專利。這是一回事。

The second thing is you are absolutely right that this higher awareness and demand for loitering missiles in general, has increased the number of competitors and investors to go after this market more aggressively. I think that, that's going to generate more competition, no question. But we, as a company, as a team are very aware of that. And we're -- we like our odds and our track record really bodes well for us. The last thing I would say is that the war in Ukraine has also demonstrated that U.S. technology such as our Switchblade 300 and 600 is by far better performing and superior and most of our allies would prefer -- highly prefer to get the U.S.-made U.S. design products such as Switchblade and our other systems. So those are some of the advantages we have, but it is an open market more larger awareness, larger market does sort of increase the number of competitors, but we like our chances.

第二件事是你是絕對正確的，這種對巡航導彈的更高認識和需求，增加了競爭者和投資者的數量，更積極地追逐這個市場。我認為，毫無疑問，這將產生更多的競爭。但是，作為一家公司，作為一個團隊，我們非常清楚這一點。而且我們 - 我們喜歡我們的賠率，我們的業績記錄對我們來說確實是個好兆頭。我要說的最後一件事是，烏克蘭戰爭也證明了美國的技術，例如我們的 Switchblade 300 和 600，性能要好得多，而且我們的大多數盟友更願意——非常願意讓美國製造的美國製造。設計產品，例如 Switchblade 和我們的其他系統。所以這些是我們擁有的一些優勢，但這是一個更大的市場意識，更大的市場確實會增加競爭對手的數量，但我們喜歡我們的機會。

Our next question comes from Pete Skibitski with Alembic Global.

我們的下一個問題來自 Alembic Global 的 Pete Skibitski。

Just to kind of follow up on Ken's question, guys. We talk about a follow-on to the Army LMAMS competition kind of an LMAMS recompete. And I think a Sources Sought notice came out last month, I believe. When do you guys think overall that LMAMS recompete might kind of crystallize? I guess that's my question.

只是為了跟進肯的問題，伙計們。我們討論了陸軍 LMAMS 競賽的後續活動，即 LMAMS 重新競賽。我認為，我相信上個月發布了 Sources Sought 通知。你們總體上認為 LMAMS 重新競爭可能會在什麼時候具體化？我想這是我的問題。

Great question, Pete. Let me just share with you what we do know and what we think of this. Number one, historically, the -- throughout my 12-plus years of tenure here at AV, there's been several such competitions for LMAMS with the U.S. Army. And we have won them essentially all for LMAMS. Yes, you're absolutely correct that there was a public announcement. And the reason for that is because the U.S. Army needs to have a new contract vehicle, multiyear contract vehicle in order to be able to continue to procure capabilities such as Switchblade called LMAMS capability for the U.S. DoD. Anytime they do that contract based on rules, they have to put it as an open competition. And we expect that no different this time.

好問題，皮特。讓我與您分享我們所知道的以及我們對此的看法。第一，從歷史上看，在我在 AV 任職的 12 年多的時間裡，與美國陸軍有過幾次這樣的 LMAMS 比賽。我們基本上已經為 LMAMS 贏得了所有比賽。是的，你是絕對正確的，有一個公告。其原因是，美國陸軍需要擁有新的合同車輛，多年合同車輛，以便能夠繼續為美國國防部採購稱為 LMAMS 能力的 Switchblade 等能力。每當他們根據規則簽訂合同時，他們都必須將其視為公開競爭。我們預計這次不會有什麼不同。

And -- but our track record is pretty strong and our position is very strong because our product has performed really, really well. There's always a risk for that and a chance, however, I think the likelihood is very, very low in my estimation. Our customer satisfaction and product track record is extremely good. And we like our chances, but there's all competition as part of the game, and we're used to that.

而且——但是我們的業績記錄非常好，而且我們的地位非常強大，因為我們的產品表現非常非常好。總是有風險和機會，但是，我認為可能性非常非常低。我們的客戶滿意度和產品記錄非常好。我們喜歡我們的機會，但所有的競爭都是比賽的一部分，我們已經習慣了。

Yes. I mean -- should people be nervous at all about the fact that the Marine Corps chose a different system. I think once upon a time, you said that the Army is going to be watching kind of the Marine Corps experience there. What should be our takeaway there?

是的。我的意思是——人們是否應該對海軍陸戰隊選擇不同系統這一事實感到緊張。我想曾幾何時，你說過陸軍將在那裡觀看海軍陸戰隊的經歷。我們在那裡的外賣應該是什麼？

Sure. So the Marine Corp opportunity that we did not win wasn't for a different solution that was a larger multipack -- I think you're referring to the OPF-M opportunity, Organic Precision Fires-Mounted and that was different than the Switchblade 300 LMAMS specific contract and acquisition and competition, although similar but it was for the larger vehicles. You're absolutely correct that, that probably the only one that we know of that we have not won. And the outcome of that is still to be determined with the Marines. The U.S. Army does have its own sort of a similar requirement that we're tracking. And we're also going to be sort of pursuing that separately. And we like our chances there, too, and we're working on those with other variants of our Switchblade, as I mentioned in my comments. But in this particular case, I'm not -- I don't believe that our customers and shareholders and others should be that concerned with the LMAMS competition for the U.S. Army. We always take that very seriously, but we like our chances. There's always a risk, but we like our chances.

當然。因此，我們沒有贏得 Marine Corp 的機會並不是針對更大的合裝包的不同解決方案——我認為您指的是 OPF-M 機會，Organic Precision Fires-Mounted，它與 Switchblade 300 不同LMAMS 的具體合同與收購和競爭雖然類似，但它是針對較大型車輛的。你完全正確，這可能是我們所知道的唯一一個我們沒有贏過的。其結果仍有待海軍陸戰隊確定。美國陸軍確實有我們正在跟踪的類似要求。我們也將單獨追求這一點。我們也喜歡我們在那裡的機會，正如我在評論中提到的那樣，我們正在研究那些使用我們的 Switchblade 其他變體的機會。但在這種特殊情況下，我不是——我不認為我們的客戶、股東和其他人應該關心美國陸軍的 LMAMS 競爭。我們總是非常重視這一點，但我們喜歡我們的機會。總是有風險，但我們喜歡我們的機會。

Our next question comes from Louie DiPalma with William Blair.

我們的下一個問題來自路易·迪帕爾瑪（Louie DiPalma）和威廉·布萊爾（William Blair）。

Wahid and Kevin, one final quick one. Do you still expect to ship your third Sunglider to SoftBank this calendar year? Or has your focus on Ukraine delayed production of that third aircraft?

瓦希德和凱文，最後一個快速的。您是否仍希望在本日曆年將您的第三個 Sunglider 運送給軟銀？還是您對烏克蘭的關注推遲了第三架飛機的生產？

We are not expecting to deliver the third aircraft this year, Louie. We are working on that airplane and the development of it as well as the improvements that we've learned from the first 3 flights. So the funding that we currently have from SoftBank and the funding that we expect to get in the next several months, that will fund us throughout fiscal year '23 will not get us to the full delivery of that airplane. That will be further out beyond this fiscal year.

我們預計今年不會交付第三架飛機，路易。我們正在研究那架飛機和它的開發以及我們從前 3 次飛行中學到的改進。因此，我們目前從軟銀獲得的資金以及我們預計在未來幾個月內獲得的資金，將在 23 財年為我們提供資金，但不會讓我們完全交付那架飛機。這將超出本財年。

And yes, you're right. It's mostly because of 2 reasons. One is that we have to reprioritize resources based on engineering talent and catered to more urgent needs. And second, that is more of a longer-term play. Delivering an airplane quickly for that is not going to really move the needle much. What's more important is that we get the right airplane design, test it and get it certified through FAA and other agencies like that, which we're working with SoftBank on, and that will take more than 1 year to get achieved, as I said before. So overall, though, we're committed, SoftBank's committed, but the delivery of the airplane is not planned for this year.

是的，你是對的。主要是因為2個原因。一是我們必鬚根據工程人才重新分配資源，以滿足更緊迫的需求。其次，這更像是一個長期的遊戲。為此快速交付一架飛機並不會真正改變太多。更重要的是，我們獲得了正確的飛機設計，對其進行測試並通過 FAA 和其他類似機構的認證，我們正在與軟銀合作，這將需要 1 年多的時間才能實現，正如我所說前。所以總的來說，我們承諾，軟銀承諾，但飛機的交付沒有計劃在今年。

Okay. And is there any time line on when you expect to potentially receive the FAA certification?

好的。是否有任何時間表說明您預計何時可能獲得 FAA 認證？

Louie, that is -- definitely it's going to be further than this fiscal year. That certification process is a pretty long process. It's the first time in the history of aviation, to our knowledge that FAA is going to certify a stratospheric airplane, especially an unmanned airplane of this nature. We are engaged with them. It's going to require a lot of testing, but it will be beyond -- in my view, it well beyond fiscal year 2023.

路易，那是——肯定會比本財年更進一步。該認證過程是一個相當漫長的過程。據我們所知，這是航空史上的第一次，FAA 將認證平流層飛機，尤其是這種性質的無人駕駛飛機。我們與他們訂婚。這將需要進行大量測試，但會超出——在我看來，遠遠超出 2023 財年。

Do you need the third aircraft to get that certification? Or are they able to certify the second aircraft and that would also be applicable for the third aircraft?

您是否需要第三架飛機才能獲得該認證？還是他們能夠認證第二架飛機並且這也適用於第三架飛機？

No, you would need it because the FAA is going to test the airplane flight. We have to do a lot of testing, and they also have to approve the manufacturing process besides the design process of the airplane, both and then there's going to be extensive flight testing as well, Louie.

不，您需要它，因為 FAA 將測試飛機飛行。我們必須做很多測試，除了飛機的設計過程之外，他們還必須批准製造過程，然後還要進行廣泛的飛行測試，Louie。

Ladies and gentlemen, this concludes today's conference call. Thank you again for participating, and we look forward to speaking with you again next quarter. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。再次感謝您的參與，我們期待下個季度再次與您交談。您現在可以斷開連接。

Thank you.

謝謝你。

Thank you.

謝謝你。