AeroVironment Inc (AVAV) 2023 Q2 法說會逐字稿

Good evening, and thank you for standing by. Welcome to the AeroVironment Fiscal Year '23 Second Quarter Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

晚上好，謝謝你的支持。歡迎參加 AeroVironment 財政年度 '23 第二季度電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to turn the conference over to your speaker for today, Jonah Teeter-Balin. Please go ahead.

我現在想將會議轉交給今天的發言人 Jonah Teeter-Balin。請繼續。

Thanks, and good afternoon, ladies and gentlemen. Welcome to AeroVironment's fiscal year 2023 second quarter earnings call. This is Jonah Teeter-Balin, Senior Director of Corporate Development and Investor Relations for AeroVironment. 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.

謝謝，女士們先生們，下午好。歡迎來到 AeroVironment 的 2023 財年第二季度財報電話會議。我是 AeroVironment 企業發展和投資者關係高級總監 Jonah Teeter-Balin。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、表明或暗示未來的結果、業績或成就，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。

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. 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 other filings with the SEC, along with the associated earnings release and safe harbor statement contained therein.

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。有關這些風險的更多信息，我們鼓勵您查看 AeroVironment 的 10-K 表格定期報告和向美國證券交易委員會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。

This afternoon, we also filed a slide presentations with our earnings release and posted the presentations to the Investors section of our website at avinc.com in the Events and Presentations section. The content of this conference call contains time-sensitive information that is accurate only as of today, December 6, 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.

今天下午，我們還在我們的收益發布中提交了幻燈片演示，並將演示文稿發佈到我們網站 avinc.com 的“活動和演示”部分的“投資者”部分。本次電話會議的內容包含時效性信息，截至今天，即 2022 年 12 月 6 日，這些信息都是準確的。公司沒有義務對我們今天的評論中包含的任何前瞻性陳述進行任何修改或更新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.

今天從 AeroVironment 和我一起來的有董事長、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。

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

我們現在將從 Wahid Nawabi 的發言開始。瓦希德？

Thank you, Jonah. Welcome to our fiscal year 2023 second quarter earnings conference call. I'll start by summarizing our performance and recent achievements, after which Kevin will review our financial results in greater detail. I will then provide a summary of our expectations for the remainder of fiscal year 2023 before Kevin, Jonah and I take your questions.

謝謝你，約拿。歡迎來到我們的 2023 財年第二季度財報電話會議。我首先總結我們的表現和最近取得的成就，然后凱文將更詳細地回顧我們的財務業績。然後，在凱文、喬納和我回答你的問題之前，我將總結我們對 2023 財年剩餘時間的預期。

Let me first emphasize a few key messages, which are included on Slide #3 of our earnings presentation. First, second quarter and first half results were largely in line or slightly better than our expectations, while we continue to experience solid demand across nearly all our product lines. Second, solid first half performance, coupled with growing order volume gives us confidence to increase our revenue guidance for fiscal year 2023.

讓我首先強調一些關鍵信息，這些信息包含在我們收益演示的幻燈片 #3 中。第一、第二季度和上半年的業績基本符合或略好於我們的預期，同時我們幾乎所有產品線的需求持續強勁。其次，上半年業績穩健，加上訂單量不斷增長，使我們有信心提高 2023 財年的收入預期。

We're also slightly reducing our profitability outlook for fiscal year 2023 due to increased R&D investments to capture additional growth opportunities and accelerated Medium UAS or MUAS asset depreciation related to a shift in U.S. DOD funding priorities. And third, we experienced funded backlog of [$293 million] at the end of the second quarter and record funded backlog of $388 million through November. With this record backlog, revenue visibility and increasing order flow, we are well positioned for profitable double-digit top line growth in fiscal year '23 and beyond.

我們還略微下調了 2023 財年的盈利前景，原因是增加了研發投資以捕捉額外的增長機會，以及與美國國防部資金優先順序的轉變相關的中型無人機或 MUAS 資產加速貶值。第三，我們在第二季度末經歷了 [2.93 億美元] 的資金積壓，到 11 月創下了 3.88 億美元的資金積壓記錄。憑藉創紀錄的積壓訂單、收入可見度和不斷增加的訂單流量，我們有能力在 23 財年及以後實現兩位數的利潤增長。

Now let me summarize our financial results for the second quarter. We delivered second quarter revenue of $111.6 million compared to $122.0 million last year, a decline of approximately 9% year-over-year. This decrease was primarily due to lower SUAS sales, although we posted higher revenue within our Tactical Missile Systems or TMS product line related to increasing international demand for our Switchblade loitering munitions. Gross profit for the quarter was $25.9 million compared to $42.5 million in the prior year period. Our gross margin decreased to 23% from 35% last year, primarily as a result of unfavorable product mix and accelerated depreciation charges related to the anticipated reduction in MUAS service revenue due to changing U.S. DOD budget priorities.

現在讓我總結一下我們第二季度的財務業績。我們第二季度的收入為 1.116 億美元，而去年同期為 1.22 億美元，同比下降約 9%。這一下降主要是由於 SUAS 銷售額下降，儘管我們的戰術導彈系統或 TMS 產品線的收入增加與國際對我們的 Switchblade 遊蕩彈藥的需求增加有關。本季度的毛利潤為 2590 萬美元，而去年同期為 4250 萬美元。我們的毛利率從去年的 35% 下降到 23%，這主要是由於不利的產品組合和與美國國防部預算優先事項變化導致 MUAS 服務收入預期減少相關的加速折舊費用。

We expect gross margins to increase during the remainder of the fiscal year 2023 and anticipate a return to historical levels in fiscal year 2024. We reported adjusted EBITDA of $6.8 million compared to $21.9 million in the second quarter last year. Finally, non-GAAP EPS was $0.00 per diluted share as compared to $0.78 per diluted share for the second quarter of fiscal year 2022. The decrease in adjusted EBITDA and non-GAAP EPS were primarily driven by lower revenues, unfavorable product mix and higher R&D investments. Non-GAAP EPS decrease was also due to accelerated depreciation of MUAS assets as I explained earlier.

我們預計毛利率將在 2023 財年剩餘時間內增加，並預計在 2024 財年恢復到歷史水平。我們報告調整後的 EBITDA 為 680 萬美元，而去年第二季度為 2190 萬美元。最後，非 GAAP 每股攤薄收益為 0.00 美元，而 2022 財年第二季度為每股攤薄收益 0.78 美元。調整後的 EBITDA 和非 GAAP 每股收益下降的主要原因是收入下降、產品組合不利和研發增加投資。正如我之前解釋的那樣，非 GAAP 每股收益下降也是由於 MUAS 資產加速折舊。

Looking ahead, recent contract awards and increasing demand for our portfolio of intelligent multi-domain robotic solutions gives us confidence that we are positioned for strong long-term performance and value creation. While the budget for the government's fiscal year 2023 has yet to be finalized, we maintain broad bipartisan support for our innovative solutions across the U.S. DOD and our allies. In addition, we remain diligent in managing the ongoing global supply chain constraints, inflationary pressures in a tight labor market.

展望未來，最近的合同授予和對我們的智能多領域機器人解決方案組合不斷增長的需求使我們充滿信心，我們有能力實現強勁的長期業績和價值創造。雖然政府 2023 財年的預算尚未最終確定，但我們在美國國防部和我們的盟友中對我們的創新解決方案保持廣泛的兩黨支持。此外，我們繼續努力管理持續的全球供應鏈限制、勞動力市場緊張的通脹壓力。

While the entire industry is dealing with these issues, we believe AeroVironment has taken the right actions to minimize their impact. So far this year, our company-wide continuous improvement initiatives have delivered significant cost savings, while positioning us for growth and scale. The flexibility of our manufacturing operations has enabled us to meet the planned and unplanned needs of our customers. We continue to work directly with the office of the U.S. Secretary of Defense and key suppliers when possible to expedite customer shipments and are optimistic about improving industry fundamentals in the quarters to come. Based on this recent progress, we now feel confident that we will have sufficient supply and labor to meet this year's financial objectives.

雖然整個行業都在處理這些問題，但我們相信 AeroVironment 已採取正確的行動來最大程度地減少其影響。今年到目前為止，我們在全公司範圍內的持續改進計劃帶來了顯著的成本節約，同時為我們的增長和規模做好了準備。我們製造業務的靈活性使我們能夠滿足客戶計劃內和計劃外的需求。我們繼續在可能的情況下與美國國防部長辦公室和主要供應商直接合作，以加快客戶發貨速度，並對未來幾個季度改善行業基本面持樂觀態度。基於最近的進展，我們現在相信我們將有足夠的供應和勞動力來實現今年的財務目標。

Now I would like to switch gears and provide an update on current developments within each of our product lines. Let me begin with our Small UAS or SUAS product line, where we recently received the largest Foreign Military Sales or FMS award in our company's history. This contract award has a maximum ceiling value of $176 million with an initial funding of $86 million and includes deliveries of Puma LE, Puma 3 AE systems, spare parts packages and associated training and logistics support.

現在我想換個話題，提供我們每條產品線的最新進展。讓我從我們的小型 UAS 或 SUAS 產品線開始，我們最近獲得了公司歷史上最大的外國軍事銷售或 FMS 獎項。該合同授予的最高限額為 1.76 億美元，初始資金為 8600 萬美元，包括交付 Puma LE、Puma 3 AE 系統、備件包以及相關培訓和後勤支持。

Shipments are set to begin later this quarter and will continue for 6 months to 12 months thereafter. Let me emphasize, our Puma systems have proven to be very critical to Ukraine forces, and its ongoing conflict with Russia, particularly when combined with our highly effective Switchblade loitering munitions to scout enemy targets and provide battle damage assessments. This award is an amazing testimony to our entire Puma Small UAS platform.

發貨定於本季度晚些時候開始，並將持續 6 個月至 12 個月。讓我強調一下，我們的美洲豹系統已被證明對烏克蘭軍隊及其與俄羅斯的持續衝突非常重要，特別是當與我們高效的 Switchblade 遊蕩彈藥結合使用以偵察敵方目標並提供戰損評估時。這個獎項是對我們整個 Puma 小型無人機平台的驚人見證。

That said, and as indicated earlier, while such a significant order strengthens our outlook in reaching our goals, it was largely anticipated. We have carefully planned for this contract award and the requirements to execute it. These shipments also incorporate our latest anti-jamming software enhancements to enable successful operation in a highly contested battle space. In addition to this large FMS award, we announced in September that AeroVironment had received 2 additional firm-fixed-price FMS awards totaling nearly $21 million for Puma 3 AE Small UAS initial spares packages, training and support for 2 allied nations. There is an urgent need for such systems, and we are proud to continue helping the people of Ukraine and our allies abroad.

也就是說，如前所述，雖然如此重要的訂單加強了我們實現目標的前景，但它在很大程度上是意料之中的。我們已經仔細計劃了授予該合同以及執行合同的要求。這些貨物還包含我們最新的抗干擾軟件增強功能，以確保在競爭激烈的戰場上成功運行。除了這一大型 FMS 合同外，我們在 9 月份宣布，AeroVironment 還獲得了 2 個額外的固定價格 FMS 合同，總計近 2100 萬美元，用於 Puma 3 AE 小型無人機初始備件包、培訓和對 2 個盟國的支持。迫切需要這樣的系統，我們很自豪能夠繼續幫助烏克蘭人民和我們在國外的盟友。

Now I would like to highlight some of our SUAS team's recent new product introductions. In September, we announced the introduction of our next-generation VAPOR unmanned helicopter, the VAPOR MX 55. VAPOR MX 55 is a more rugged, reliable and capable platform and includes a completely redesigned modular autonomy framework, enabling 25% increased endurance and 20% expanded payload capacity. Also in September, we announced the introduction of the Puma VNS, a visual-based navigation system for Puma 2 AE and Puma 3 AE. Puma VNS enables operators to navigate in highly contested GPS-denied environments using onboard computer vision algorithms and visual terrain information.

現在我想重點介紹我們 SUAS 團隊最近推出的一些新產品。 9 月，我們宣布推出下一代 VAPOR 無人直升機 VAPOR MX 55。VAPOR MX 55 是一個更堅固、更可靠、功能更強大的平台，包括一個完全重新設計的模塊化自主框架，可將續航時間提高 25%，將續航時間提高 20%。擴展的有效載荷能力。同樣在 9 月，我們宣布推出 Puma VNS，這是一種用於 Puma 2 AE 和 Puma 3 AE 的基於視覺的導航系統。 Puma VNS 使操作員能夠使用機載計算機視覺算法和視覺地形信息在競爭激烈的 GPS 拒絕環境中導航。

Customers will also be provided with navigation capabilities, features and functionality through future software and hardware updates. This solution provides unprecedented advantages in a contested battlefield environment. This is yet another example of how our investments in R&D and especially in artificial intelligence and computer vision further enhances our solutions capabilities to -- for our customers. And finally, we introduced a new Raven Gimbal called Mantis i23 D. The solution will be offered as an upgrade to Raven's existing large global installed base of customers who will benefit from this new state-of-the-art sensor suite.

通過未來的軟件和硬件更新，客戶還將獲得導航能力、特性和功能。該解決方案在競爭激烈的戰場環境中提供了前所未有的優勢。這是另一個例子，說明我們在研發方面的投資，尤其是在人工智能和計算機視覺方面的投資，如何進一步增強我們為客戶提供解決方案的能力。最後，我們推出了一款名為 Mantis i23 D 的全新 Raven Gimbal。該解決方案將作為 Raven 現有龐大的全球客戶群的升級提供，這些客戶將從這一全新的最先進的傳感器套件中受益。

It is also important to note that we have already secured initial customer orders from many of these innovative solutions already. As anticipated, we're seeing improving demand for our Small UAS product line, while we continue to prudently invest in product advancements and features positioning us for continued future growth. This year will certainly prove to be one of the best ever for our Small UAS product line, and we are confident we will build on this strong foundation for years to come.

同樣重要的是要注意，我們已經從許多這些創新解決方案中獲得了初始客戶訂單。正如預期的那樣，我們看到對我們的小型 UAS 產品線的需求正在增加，同時我們繼續審慎地投資於產品改進和功能，使我們能夠為未來的持續增長做好準備。今年肯定會成為我們小型無人機產品線有史以來最好的一年，我們相信我們將在未來幾年建立在這個堅實的基礎上。

Moving to our Tactical Missile Systems or TMS product line, we are experiencing solid demand and nearly doubled revenue this quarter versus fiscal year 2022. Our TMS product line performance this quarter largely reflects shipments of the Switchblade 300 and 600 to the U.S. Army in support of the Ukraine Security Assistance Initiative or USAI and to backfill depleted U.S. DOD stockpiles. Given Switchblade's strong applicability to current conflicts, we expect order activity to remain heightened for the foreseeable future. And we are now pursuing multiple opportunities with a wide range of domestic and international customers.

轉向我們的戰術導彈系統或 TMS 產品線，我們的需求強勁，本季度的收入比 2022 財年幾乎翻了一番。我們本季度的 TMS 產品線性能主要反映了 Switchblade 300 和 600 向美國陸軍的出貨量，以支持烏克蘭安全援助倡議或 USAI，並回填美國國防部耗盡的庫存。鑑於 Switchblade 對當前衝突的強大適用性，我們預計在可預見的未來訂單活動將繼續增加。我們現在正在尋求與廣泛的國內和國際客戶的多種機會。

Domestically, we are working with the U.S. DOD to backfill and expand existing Switchblade inventories. Overseas, we're seeking additional contracts to supply Ukraine, while pursuing orders with new international customers that U.S. DOD recently approved for sale. We continue to receive positive feedback that AeroVironment solutions are highly effective and best-in-class. Our family of loitering munitions continues to expand through multiple strategic partnerships such as with Northrop Grumman. This Switchblade variant called Jackal is a turbojet-powered loitering munition with a range of more than 100 kilometers, supporting multiple warheads and payloads and can be launched from ground or air. This Long Range Precision Munition or LRPM is meant to provide flexible, durable strike options for the U.S. Army's next-generation helicopters.

在國內，我們正在與美國國防部合作，回填和擴大現有的 Switchblade 庫存。在海外，我們正在尋求額外的供應烏克蘭的合同，同時尋求美國國防部最近批准銷售的新國際客戶的訂單。我們繼續收到積極的反饋，認為 AeroVironment 解決方案非常有效且一流。我們的遊蕩彈藥系列通過與 Northrop Grumman 等多種戰略合作夥伴關係不斷擴大。這種名為 Jackal 的 Switchblade 變體是一種渦輪噴氣動力遊走彈藥，射程超過 100 公里，支持多彈頭和有效載荷，可以從地面或空中發射。這種遠程精確彈藥或 LRPM 旨在為美國陸軍的下一代直升機提供靈活、持久的打擊選擇。

The program is under a 3-year to 5-year development cycle and could result in significant new awards for AeroVironment over the long term. We're making solid progress on this new variant of Switchblade and have recently received initial funding to demonstrate this new disruptive capability. Going forward, we anticipate healthy bipartisan support for our solutions as funding priorities are laid out for the government's fiscal year 2023. In addition, with the approval of Switchblade 300 and 600 sales to over 20 allies, there is ample opportunity for continued double-digit growth across our TMS product line for the foreseeable future. Just like with our SUAS product line, there is the potential for much larger orders going forward, and we're proud of developing such innovative solutions that help defend our country and our allies worldwide.

該計劃的開發週期為 3 至 5 年，從長遠來看可能會為 AeroVironment 帶來重要的新獎項。我們在 Switchblade 的這種新變體上取得了堅實的進展，並且最近獲得了初始資金來展示這種新的破壞性功能。展望未來，隨著政府 2023 財年的資金優先事項被確定，我們預計兩黨將對我們的解決方案給予健康的支持。此外，隨著 Switchblade 300 和 600 向 20 多個盟友的銷售獲得批准，有足夠的機會繼續實現兩位數的增長在可預見的未來，我們 TMS 產品線的增長。就像我們的 SUAS 產品線一樣，未來有可能獲得更大的訂單，我們為開發出有助於保衛我們國家和全球盟友的創新解決方案而感到自豪。

I will now switch gears and discuss our Medium UAS or MUAS product line. As announced last quarter, we were awarded Increment 1 of the U.S. Army's Future Tactical UAS or FTUAS program, which was greatly anticipated and is now fully underway. We continue to train U.S. Army personnel in Germany, while activities are ongoing at Redstone Arsenal in Huntsville, Alabama, with flight testing expected to start in 30 days to 60 days. We're pleased to be deepening our partnership with the U.S. Army, and we're working hard to prove our advanced capabilities on this next-generation program.

我現在將換檔並討論我們的中型 UAS 或 MUAS 產品線。正如上個季度宣布的那樣，我們獲得了美國陸軍未來戰術無人機或 FTUAS 計劃的增量 1，該計劃備受期待，目前正在全面進行中。我們繼續在德國訓練美國陸軍人員，同時在阿拉巴馬州亨茨維爾的紅石兵工廠開展活動，飛行測試預計將在 30 到 60 天內開始。我們很高興能加深與美國陸軍的合作夥伴關係，我們正在努力證明我們在這個下一代項目中的先進能力。

For government fiscal year 2023, the U.S. Army's proposed funding for FTUAS is approximately $100 million. We expect the next phase of FTUAS or Increment 2 to be awarded in the next 6 months. While FTUAS is an exciting $1 billion potential program of record, our current fiscal year is now expected to be flat in terms of MUAS growth. Ukraine has been the near-term priority for the U.S. DOD spending and programs outside of Ukraine that typically utilize the JUMP 20 aircraft are not seeing as much activity.

對於政府 2023 財年，美國陸軍提議為 FTUAS 提供的資金約為 1 億美元。我們預計下一階段的 FTUAS 或增量 2 將在未來 6 個月內授予。雖然 FTUAS 是一個令人興奮的 10 億美元的潛在記錄計劃，但我們當前財政年度的 MUAS 增長預計將持平。烏克蘭一直是美國國防部在烏克蘭以外的支出和計劃的近期優先事項，通常使用 JUMP 20 飛機的活動並不多。

As a result of this, we have recorded some accelerated depreciation expenses, which are now reflected in our revised financial outlook for the fiscal year. In addition, we have completed the integration of our most recent acquisition, Planck Aerosystems into our MUAS organization. Regarding our Unmanned Ground Vehicles or UGV product line, we have secured a contract to provide ground robots to Ukraine with deliveries this calendar year. Overall, UGV proposal for activity remains solid, and we expect additional positive developments in the months to come.

因此，我們記錄了一些加速折舊費用，這些費用現在反映在我們修訂後的本財年財務展望中。此外，我們已經完成了將我們最近收購的 Planck Aerosystems 整合到我們的 MUAS 組織中。關於我們的無人地面車輛或 UGV 產品線，我們已獲得一份合同，將在本日曆年向烏克蘭提供地面機器人。總體而言，UGV 活動提案仍然穩固，我們預計未來幾個月會有更多積極的發展。

Within our HAPS product line, as announced last quarter, we're successfully executing against our current contract with SoftBank for the next-generation Sunglider. Both AeroVironment and SoftBank remain fully committed to the vision of developing and commercializing stratospheric-based telecommunication services. At the same time, we're engaged with the U.S. DOD in multiple fronts, which could lead to a new incremental contract in the coming quarters. There is an emerging and growing need for stratospheric ultra-long endurance persistent ISR capability for defense applications against near-peer adversaries. HAPS solutions are ideal for these applications and the performance capabilities of our Sunglider UAV stand well ahead of competitors. Overall, we remain on track for HAPS revenue to be between $30 million to $35 million this fiscal year.

正如上個季度宣布的那樣，在我們的 HAPS 產品線中，我們成功地執行了我們與 SoftBank 就下一代 Sunglider 簽訂的當前合同。 AeroVironment 和 SoftBank 仍然完全致力於開發和商業化基於平流層的電信服務的願景。與此同時，我們在多個方面與美國國防部合作，這可能會導致在未來幾個季度簽訂新的增量合同。對平流層超長續航持久 ISR 能力的新興和不斷增長的需求，用於防禦近端對手的防禦應用。 HAPS 解決方案非常適合這些應用，我們的 Sunglider UAV 的性能遠遠領先於競爭對手。總體而言，我們有望在本財年實現 HAPS 收入在 3000 萬至 3500 萬美元之間。

And finally, I'll share some exciting developments at MacCready Works Advanced Solutions. Aside from the well-known contributions we're making to NASA with the Ingenuity Unmanned Mars Helicopter, MacCready Works continues to experience growth and customer-funded R&D. These efforts are focused in the areas of artificial intelligence, machine learning and contested environment logistics.

最後，我將分享 MacCready Works Advanced Solutions 的一些激動人心的發展。除了我們通過 Ingenuity 無人火星直升機為 NASA 做出的眾所周知的貢獻外，MacCready Works 繼續經歷增長和客戶資助的研發。這些努力集中在人工智能、機器學習和競爭環境物流領域。

Recently, we received contracts from the U.S. Navy to continue R&D testing and evaluation of certain advanced image and video analytics capabilities in biometric target recognition. We've also completed several field experiments with customers to explore AI and machine learning-based solutions for GPS-denied environment operations. At the same time, we remain actively engaged with NASA's Jet Propulsion Laboratories or JPL on their next important Mars mission, now in the preliminary design phase.

最近，我們收到了美國海軍的合同，繼續對生物識別目標識別中的某些高級圖像和視頻分析功能進行研發測試和評估。我們還與客戶一起完成了多項現場實驗，以探索基於 AI 和機器學習的解決方案，以應對 GPS 拒止環境操作。與此同時，我們繼續積極參與 NASA 噴氣推進實驗室或 JPL 的下一個重要火星任務，目前正處於初步設計階段。

In summary, AeroVironment remains on track for another year of profitable double-digit top line organic growth and improved underlying results. I'm especially proud of how effectively and efficiently our team has executed so far despite ongoing supply chain constraints. We are well prepared to deliver on the second half of our current fiscal year, while positioning AeroVironment even more -- for even more growth beyond fiscal year 2023.

總而言之，AeroVironment 仍有望在又一年實現兩位數的盈利有機增長和基礎業績的改善。儘管持續存在供應鏈限制，但我對我們團隊迄今為止執行的效率和效率感到特別自豪。我們已做好充分準備，在本財年下半年實現目標，同時將 AeroVironment 定位得更遠——以實現 2023 財年之後的更大增長。

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

有了這個，我現在想把電話轉給凱文麥克唐納來審查第二季度的財務狀況。凱文？

Thank you, Wahid. Today, I will be reviewing the highlights of our second quarter performance, during which I will occasionally refer to both our press release and earnings presentation available on our website. Let me start by saying that the second quarter results were in line with expectations and with the strength of our order bookings, backlog and subsequent large FMS order, we are positioned for a very strong second half of the year. As a result, I will try to provide increased visibility to the second half during my remarks. Revenue for the second quarter of fiscal 2023 was $111.6 million, a decrease of 9% compared to the second quarter of fiscal 2022 revenue of $122 million.

謝謝你，瓦希德。今天，我將回顧我們第二季度業績的亮點，在此期間我會偶爾參考我們網站上的新聞稿和收益介紹。首先讓我說，第二季度的業績符合預期，並且憑藉我們的訂單預訂、積壓訂單和隨後的大量 FMS 訂單，我們為今年下半年的業績做好了準備。因此，我將在發言中努力提高下半年的知名度。 2023 財年第二季度的收入為 1.116 億美元，與 2022 財年第二季度的 1.22 億美元收入相比下降了 9%。

Slide 5 of the earnings presentation provides a breakdown of revenue by segment for the quarter. Our largest segment during the quarter was Tactical Missile Systems or TMS, which contributed $31.1 million of revenue compared to $18.4 million during this -- during Q2 of last year. This increase was driven by a higher level of TMS manufacturing activity in the quarter, which was recognized based upon revenue over time accounting. Our Small UAS business finished the quarter with $26.7 million of revenue, down from last year's $54.7 million. The lower revenue in the quarter result of order timing, and we expect a very strong second half of the year for SUAS given the large FMS order received after the end of the quarter.

收益演示文稿的幻燈片 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戰術導彈系統或 TMS，它貢獻了 3110 萬美元的收入，而去年第二季度為 1840 萬美元。這一增長是由本季度更高水平的 TMS 製造活動推動的，這是根據一段時間內的收入核算確認的。我們的小型無人機業務在本季度結束時的收入為 2670 萬美元，低於去年的 5470 萬美元。本季度收入較低是訂單時間安排的結果，鑑於本季度末收到大量 FMS 訂單，我們預計 SUAS 下半年將非常強勁。

We also continue to see growing demand for upgrades and add-on products from both U.S. and international customers. The Medium UAS segment finished the quarter with revenue of $27.3 million, a 3% increase compared to the second quarter of FY 2022. We expect increased product sales of the MUAS JUMP 20 in the second half of the year. However, we do anticipate a reduction in COCO sites service revenue as overall MEUAS program is reducing the number of sites operated.

我們還繼續看到美國和國際客戶對升級和附加產品的需求不斷增長。中型無人機部門本季度的收入為 2730 萬美元，比 2022 財年第二季度增長 3%。我們預計 MUAS JUMP 20 的產品銷量將在今年下半年增加。但是，我們確實預計 COCO 站點服務收入會減少，因為整個 MEUAS 計劃正在減少運營站點的數量。

Our HAPS segment contributed $9.1 million in Q2, a decrease from $10.3 million in the prior year second quarter. Revenue from the Other segment increased year-over-year to $17.5 million versus $12 million in last year's second quarter. Most of the growth in Other came from our MacCready Works business, which has seen strong demand for both classified and unclassified DOD customers as well as Jet Propulsion Labs.

我們的 HAPS 部門在第二季度貢獻了 910 萬美元，低於去年第二季度的 1030 萬美元。其他部門的收入同比增長至 1750 萬美元，而去年第二季度為 1200 萬美元。其他業務的大部分增長來自我們的 MacCready Works 業務，該業務對機密和非機密的 DOD 客戶以及 Jet Propulsion Labs 都有強勁的需求。

Turning to gross margins. Slide 5 of the earnings presentation shows the mix of product versus service revenue. For Q2, we saw a product mix of 56% compared to 58% in the second quarter of last year. We anticipate a shift back to the 70% product and 30% service mix during the second half of the year based upon expected significantly higher SUAS product sales and a shift of Medium UAS -- the Medium UAS business to increase product sales.

轉向毛利率。收益演示文稿的幻燈片 5 顯示了產品與服務收入的組合。對於第二季度，我們看到產品組合為 56%，而去年第二季度為 58%。我們預計在今年下半年將恢復到 70% 的產品和 30% 的服務組合，這是基於預期的 SUAS 產品銷售顯著增加和中型 UAS 的轉變——中型 UAS 業務增加產品銷售。

Slide 6 of the earnings presentation shows the trend of adjusted product and service gross margins, while Slide 12 reconciles the GAAP gross margins to adjusted gross margins, which excludes intangible amortization expense and other noncash purchase accounting items. For the second quarter, GAAP gross margins decreased from 35% to 23% year-over-year as overall adjusted gross margins decreased from 39% to 27%. The decline in both GAAP and adjusted gross margins is a result of lower overall revenue, reduced Small UAS product mix and accelerated depreciation of Medium UAS COCO assets impacting service gross margins. However, we still expect adjusted gross margins for the year to be in line with fiscal 2022 as indicated previously.

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。第二季度，GAAP 毛利率同比從 35% 下降到 23%，因為整體調整後的毛利率從 39% 下降到 27%。 GAAP 和調整後毛利率的下降是由於整體收入下降、小型 UAS 產品組合減少以及中型 UAS COCO 資產加速折舊影響服務毛利率。然而，我們仍然預計今年調整後的毛利率將與之前指出的 2022 財年持平。

I'll now provide some additional detail on adjusted gross margins during the quarter. Adjusted product gross margin for the quarter were 38% versus 48% in the second quarter of the last fiscal year, primarily due to lower SUAS product mix. In terms of adjusted service gross margins, the second quarter was at 12% versus 27% during the same quarter last year, primarily as a result of lower MUAS margins following the accelerated depreciation charges of $4.5 million due to the anticipated site reductions mentioned earlier. We also expect additional accelerated depreciation of approximately $2.5 million in Q3.

我現在將提供有關本季度調整後毛利率的更多詳細信息。本季度調整後的產品毛利率為 38%，而上一財年第二季度為 48%，這主要是由於 SUAS 產品組合較低。就調整後的服務毛利率而言，第二季度為 12%，而去年同期為 27%，這主要是由於前面提到的預期場地減少導致 450 萬美元的加速折舊費用導致 MUAS 利潤率下降。我們還預計第三季度將額外加速折舊約 250 萬美元。

I want to reiterate, we expect annual gross margins to be in line with FY '22 and additional -- and the additional depreciation expense will be more than offset by higher product sales as a percentage of total revenue in the second half of the year, driven by higher Small UAS product sales. Further, we expect product gross margin for the second half of the year to be in the low to mid-40% range.

我想重申，我們預計年度毛利率將與 22 財年及其他水平保持一致——額外的折舊費用將被下半年更高的產品銷售額佔總收入的百分比所抵消，受更高的小型無人機產品銷售的推動。此外，我們預計下半年的產品毛利率將處於 40% 的中低水平。

Now turning to GAAP earnings. We had a net loss for the second quarter of $6.7 million compared to a net income of $2.5 million in last year's second quarter. The $9.2 million year-over-year decrease in net income was due to $16.6 million in lower gross margin due to lower sales volume, unfavorable product mix and MUAS accelerated depreciation. In addition, R&D investments increased $2.3 million in the second quarter of fiscal 2023 versus the same period last year.

現在轉向 GAAP 收益。我們第二季度的淨虧損為 670 萬美元，而去年第二季度的淨收入為 250 萬美元。淨收入同比減少 920 萬美元，原因是銷量下降、產品組合不利以及 MUAS 加速折舊導致毛利率下降 1660 萬美元。此外，與去年同期相比，2023 財年第二季度的研發投資增加了 230 萬美元。

Interest expense was $0.9 million higher over last year, and equity investment losses were [$1.6 million] higher versus last year. These items were partially offset by a decrease in SG&A expense of $1.2 million and a $10 million reduction in other expense. As a reminder, in last year's second quarter, we recognized a $10 million litigation settlement charge that was recorded as other expense.

利息支出比去年增加 90 萬美元，股權投資損失比去年增加 [160 萬美元]。這些項目被 SG&A 費用減少 120 萬美元和其他費用減少 1000 萬美元部分抵消。提醒一下，在去年第二季度，我們確認了一項 1000 萬美元的訴訟和解費用，該費用被記錄為其他費用。

In terms of adjusted EBITDA, Slide 13 of our earnings presentation shows a reconciliation of the GAAP net loss to the adjusted EBITDA. The adjusted EBITDA for the second quarter of fiscal 2023 was $6.8 million, a decrease of $14.1 million, primarily due to the $13.8 million lower adjusted gross margins from decreased revenue and unfavorable product mix. Given the strong revenue and gross margin outlook for the second half of the year, we expect that our adjusted EBITDA in the second half of the year to be significantly higher than the first half in the same period last year. As a consequence, we are narrowing our adjusted EBITDA outlook to the upper end of our previous guidance range.

在調整後的 EBITDA 方面，我們收益報告的幻燈片 13 顯示了 GAAP 淨虧損與調整後 EBITDA 的對賬。 2023 財年第二季度調整後的 EBITDA 為 680 萬美元，減少 1410 萬美元，主要原因是收入減少和不利的產品組合導致調整後的毛利率下降 1380 萬美元。鑑於下半年強勁的收入和毛利率前景，我們預計下半年調整後的 EBITDA 將顯著高於去年同期的上半年。因此，我們將調整後的 EBITDA 展望收窄至之前指導範圍的上限。

Slide 10 shows the reconciliation of GAAP and adjusted or non-GAAP diluted EPS. The company posted adjusted earnings per share -- diluted share of $0.00 for the second quarter of fiscal 2023 versus $0.78 per diluted share for the second quarter of fiscal 2022.

幻燈片 10 顯示了 GAAP 與調整後或非 GAAP 稀釋後每股收益的對賬。該公司公佈了調整後每股收益——2023 財年第二季度攤薄後每股收益為 0.00 美元，而 2022 財年第二季度攤薄後每股收益為 0.78 美元。

Turning to the balance sheet. Total cash and investments at the end of the quarter was $123.9 million, which is essentially the same as last quarter. We had a good working capital quarter as the combination of accounts receivables and unbilled receivables decreased during the quarter, partially offset by increasing inventories. We expect inventories to continue to increase as we ramp up to meet demand. I'd also like to note that we paid down $20 million of our long-term debt during the quarter. We continue to have a strong balance sheet with over $120 million in cash and investments and approximately $100 million available under our working capital facility.

轉向資產負債表。本季度末現金和投資總額為 1.239 億美元，與上一季度基本持平。我們有一個良好的營運資金季度，因為本季度應收賬款和未開票應收賬款的組合有所減少，部分被庫存增加所抵消。我們預計庫存將繼續增加，因為我們會增加以滿足需求。我還想指出，我們在本季度償還了 2000 萬美元的長期債務。我們繼續保持強勁的資產負債表，擁有超過 1.2 億美元的現金和投資，以及約 1 億美元的營運資金。

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 2023 visibility. As Wahid mentioned, our funded backlog at the end of the second quarter of fiscal 2023 was [$293 million]. However, in November, we were awarded a large FMS contract with an initial value of $86 million, resulting in a November ending backlog of $388 million. Our visibility as of today to the midpoint of the revised guidance range is 92%. We also expect orders to continue to be strong for the remainder of 2023.

最後，我想總結一下我們積壓指標的一些亮點。收益演示文稿的幻燈片 8 提供了我們當前 2023 財年可見度的摘要。正如 Wahid 提到的，我們在 2023 財年第二季度末的資金積壓為 [2.93 億美元]。然而，在 11 月，我們獲得了一份初始價值為 8600 萬美元的大型 FMS 合同，導致 11 月末的積壓訂單為 3.88 億美元。截至今天，我們對修訂後指導範圍中點的可見度為 92%。我們還預計訂單在 2023 年剩餘時間內將繼續保持強勁勢頭。

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

現在我想把事情還給瓦希德。

Thanks, Kevin. As I noted earlier, we now have greater line of sight on our fiscal year 2023 financial performance, given the overall robust demand environment and recent contract awards, especially our record FMS order for Puma systems. As such, we are now raising our revenue guidance for this fiscal year. Our new outlook for fiscal year 2023 is shown on Slide #7 and is as follows: we anticipate revenue of between USD505 million and USD525 million, which is higher than our prior guidance; net income of $8 million to $17 million or $0.33 to $0.65 per diluted share; non-GAAP adjusted EBITDA of between USD84 million and USD92 million; and non-GAAP earnings per diluted share, excluding acquisition-related costs, amortization of intangible assets and other onetime expenses of between $1.26 and $1.58.

謝謝，凱文。正如我之前指出的那樣，鑑於整體強勁的需求環境和最近的合同授予，尤其是我們創紀錄的 Puma 系統 FMS 訂單，我們現在對 2023 財年的財務業績有了更清晰的認識。因此，我們現在提高了本財年的收入指引。我們對 2023 財年的新展望如幻燈片 #7 所示：我們預計收入在 5.05 億美元至 5.25 億美元之間，高於我們之前的指導；淨收入為 800 萬美元至 1700 萬美元或每股攤薄收益 0.33 美元至 0.65 美元；非美國通用會計準則調整後的 EBITDA 在 8400 萬美元至 9200 萬美元之間；非 GAAP 每股攤薄收益，不包括與收購相關的成本、無形資產攤銷和其他 1.26 美元至 1.58 美元的一次性費用。

While we are raising revenue guidance and narrow guidance for adjusted EBITDA, we have reduced some earnings metrics given greater-than-expected depreciation of MUAS assets and higher R&D investments necessary to capture future business opportunities. However, we believe adjusted gross margins will increase sequentially going forward, driven by favorable product mix and higher volumes. We expect to deliver adjusted EBITDA between 17% and 18% of revenue and R&D investments between 11% to 12% of revenue for the full fiscal year. We continue to anticipate roughly 60% of full year revenue will be recognized in the second half of this fiscal year. Of that second half total, approximately 60% of it will occur in Q4 as we deliver on orders now in the production stage.

雖然我們提高了收入指引並縮小了調整後 EBITDA 的指引範圍，但鑑於 MUAS 資產的折舊幅度大於預期以及捕捉未來商機所需的研發投資增加，我們降低了一些收益指標。然而，我們認為，在有利的產品組合和更高的銷量的推動下，調整後的毛利率將繼續增加。我們預計整個財年的調整後 EBITDA 佔收入的 17% 至 18%，研發投資佔收入的 11% 至 12%。我們繼續預計全年收入的大約 60% 將在本財年下半年確認。在下半年的總數中，大約 60% 將發生在第四季度，因為我們現在在生產階段交付訂單。

In summary, with 92% visibility to the midpoint of our revised revenue guidance range, we are confident in our ability to achieve not only these objectives in fiscal year 2023, but also position AeroVironment for another year of strong profitable growth in fiscal year 2024 and beyond. Before turning the call over for questions, let me once again summarize the key points from today's call. First, we're performing according to our plan with second quarter and first half results largely in line or slightly ahead of expectations.

總而言之，我們修訂後的收入指導範圍中點的可見度為 92%，我們相信我們不僅有能力在 2023 財年實現這些目標，而且還將 AeroVironment 在 2024 財年和超過。在結束電話會議之前，讓我再次總結一下今天電話會議的要點。首先，我們正在按照我們的計劃執行，第二季度和上半年的業績基本符合或略高於預期。

Second, we have confidently raised revenue guidance for this fiscal year even as we continue managing through several challenges, including supply chain constraints and inflationary cost pressures, while making the investments necessary to capitalize on future growth opportunities. And third, we are positioned for strong organic double-digit growth this year as evidenced by our solid visibility, record backlog and continued growth across nearly all our product lines.

其次，我們自信地提高了本財年的收入指引，儘管我們繼續應對包括供應鏈限制和通脹成本壓力在內的若干挑戰，同時進行必要的投資以利用未來的增長機會。第三，我們今年有望實現強勁的兩位數有機增長，我們幾乎所有產品線的可靠知名度、創紀錄的積壓訂單和持續增長都證明了這一點。

We expect margins and backlog to increase throughout the second half of this fiscal year, laying the foundation for strong profitable double-digit organic growth in fiscal year 2024 and beyond. I would again like to thank our employees for their hard work and dedication to our success. They and our loyal shareholders have made AeroVironment what it is today, a global leader in intelligent multi-domain robotic solutions, which help to protect our country and our allies around the world.

我們預計本財年下半年的利潤率和積壓訂單將增加，為 2024 財年及以後強勁的兩位數有機增長奠定基礎。我要再次感謝我們的員工為我們的成功所做的辛勤工作和奉獻。他們和我們忠實的股東使 AeroVironment 成為今天的智能多領域機器人解決方案的全球領導者，幫助保護我們的國家和我們在世界各地的盟友。

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

就此，凱文、喬納和我現在將回答你們的問題。

(Operator Instructions) Our first question comes from the line of Peter Arment of Baird.

（操作員說明）我們的第一個問題來自 Baird 的 Peter Arment。

Good afternoon, Wahid and Kevin. Wahid, I guess, just to comment on the backlog, maybe you could just give us an expectation of kind of how you see things progressing here from here with TMS? Obviously, it sounds like a lot of the Small UAS is really ramping up based on the order. But maybe if you could just walk us through kind of some of the demand signals that you're seeing on TMS just given the growing list of countries there?

下午好，瓦希德和凱文。 Wahid，我想，只是想對積壓的工作發表評論，也許你可以給我們一個期望，看看你如何看待 TMS 從這裡開始的事情？顯然，聽起來很多小型 UAS 確實是根據訂單而增加的。但是也許你可以帶我們了解一下你在 TMS 上看到的一些需求信號，因為那裡的國家名單越來越多？

Sure. So, Peter, we're very excited about the prospects of growth this year as well as next year. Yes, for this quarter, at this time, our Small UAS have booked some very significant international FMS orders and domestic orders that have really propelled it. But we expect similar demand and growth in our Tactical Missile Systems business, if not greater.

當然。所以，彼得，我們對今年和明年的增長前景感到非常興奮。是的，在這個季度，此時，我們的小型無人機已經預訂了一些非常重要的國際 FMS 訂單和真正推動它的國內訂單。但我們預計我們的戰術導彈系統業務有類似的需求和增長，如果不是更大的話。

It's purely based on the timing of the quarter and our customers' ability to execute the contracts. The U.S. DOD is really, really backed up in terms of resources to be able to execute on these contracts. The Ukraine conflict is obviously priority #1 for a lot of the customers of ours and folks that we deal with, but we expect strong order growth in the next second -- 2 quarters for not only our Small UAS but absolutely also for our TMS business. Similarly, we expect some strong growth in our other product lines such as our MacCready Works, which really is constrained primarily not by contracts but by resources, the top talent that we need to execute to work.

它完全基於季度的時間安排和我們客戶執行合同的能力。美國國防部在執行這些合同方面確實有資源支持。對於我們的許多客戶和我們打交道的人來說，烏克蘭衝突顯然是第一要務，但我們預計下一秒訂單將強勁增長——兩個季度不僅是我們的小型無人機，而且絕對是我們的 TMS 業務.同樣，我們預計我們的其他產品線會出現強勁增長，例如我們的 MacCready Works，這實際上主要不是受到合同的限制，而是受到資源的限制，我們需要執行才能工作的頂尖人才。

So overall, I see very, very positive signs in terms of our prospects for growth in the future. And I expect the order activity to continue to be in this momentum that we are today, and it will even pick up towards the latter part of this second half of this fiscal year.

所以總的來說，就我們未來的增長前景而言，我看到了非常非常積極的跡象。我預計訂單活動將繼續保持我們今天的勢頭，甚至會在本財年下半年後期回升。

Okay. Great. And just as a follow-up, just thinking about like the bottom line, adjusted EPS, so you're still expecting quite a big range to come in, in the second half of the remaining 2 quarters of the year. That range still with only 2 quarters is still pretty wide. Is that just the mix driven or are there any other puts and takes we should be thinking about within that EPS range?

好的。偉大的。作為後續行動，只是考慮底線，調整後的每股收益，所以你仍然期望在今年剩下的兩個季度的下半年有一個很大的範圍。這個範圍仍然只有 2 個季度，仍然很寬。這僅僅是混合驅動的，還是我們應該在該 EPS 範圍內考慮的任何其他看跌期權？

Great, Peter. Glad you asked that question because really, the range has to do with the timing of these orders, the mix obviously is the #1 driver there. Given the different product lines that we have, the profitability profile of each and every single one of these contracts vary. And depending on which contract is able to come in first and what takes priority versus the other, it really makes a big difference on the profitability.

太好了，彼得。很高興您問了這個問題，因為實際上，範圍與這些訂單的時間有關，混合顯然是那裡的 #1 驅動程序。鑑於我們擁有不同的產品線，這些合同中每一份的盈利能力都各不相同。並且取決於哪個合同能夠首先進入以及哪個優先於另一個合同，這確實對盈利能力產生了很大的影響。

Overall, though, we expect profitability significantly increase in the second half, especially in the fourth quarter. And we also expect our gross margin to pick up and since volume is going to be up, all of that ends up being a better profitable outcome for the second half of the year for us as we have forecasted.

但總體而言，我們預計下半年盈利能力將顯著提高，尤其是第四季度。而且我們還預計我們的毛利率會回升，並且由於銷量將會增加，所有這些最終都會像我們預測的那樣為我們下半年帶來更好的盈利結果。

(Operator Instructions) Our next question comes from the line of Austin Moeller of [CFG].

（操作員說明）我們的下一個問題來自 [CFG] 的 Austin Moeller。

Hello, Wahid and Kevin. So a nice outlook in the quarter here. Your Puma delivery outlook over the next couple of quarters would seem to imply that CPU and GPU supply chain is improving. Is this because of softer consumer demand, you're able to get your hands on some of these CPUs and GPUs now?

你好，瓦希德和凱文。所以這個季度的前景很好。您對未來幾個季度的 Puma 交付前景似乎暗示 CPU 和 GPU 供應鏈正在改善。這是因為消費者需求疲軟，您現在可以使用其中一些 CPU 和 GPU 嗎？

So Austin, the supply chain picture is really a mixed bag. If you look at the entire spectrum of parts, CPUs, GPUs, composites, et cetera. I believe that our team has done a fantastic job navigating through those challenges last couple of years as well as this year. For this year, we have very strong visibility on our booking in backlog as you saw from the numbers. And we have pretty much addressed vast, vast majority of the supply chain risks related to the execution and delivery of products within the second half of the year.

所以奧斯汀，供應鏈的情況真的是魚龍混雜。如果您查看零件、CPU、GPU、複合材料等的整個範圍。我相信我們的團隊在過去幾年和今年應對這些挑戰方面做得非常出色。今年，正如您從數字中看到的那樣，我們對積壓預訂的可見度非常高。我們幾乎已經在下半年解決了與產品執行和交付相關的絕大多數供應鏈風險。

By no means is the supply chain constraints overall completely done and gone, it's actually improving, but it's improving slowly. And we don't see risk on our fiscal year '23 forecast as much, although there's always some uncertainty. But beyond that, it's still a day-to-day, week-to-week challenge of addressing them. The other thing that has really helped us is, we really plan our supply chain many quarters out in upfront.

絕不是供應鏈的整體限製完全消失了，它實際上正在改善，但它正在緩慢改善。儘管總是存在一些不確定性，但我們並未在 23 財年的預測中看到太多風險。但除此之外，解決這些問題仍然是每天、每週的挑戰。另一件對我們真正有幫助的事情是，我們真的提前很多季度規劃了我們的供應鏈。

And since we actually have been building up inventory and buying material at risk and building product, it allows us to execute on these orders and respond to the U.S. government in Ukraine conflict very, very quickly. These orders that we received, we were expecting these orders before the timing of which was not really very firm. We have built ahead of that, many of the modules, and we were able to ship some of that -- majority of that this fiscal year. So it is a great testament to our team's ability to execute and also plan for the growth that we expected this year and the years after this.

而且由於我們實際上一直在建立庫存併購買有風險的材料並構建產品，它使我們能夠執行這些訂單並對烏克蘭衝突中的美國政府做出非常非常迅速的反應。我們收到的這些訂單，我們期待這些訂單之前的時間並不是很確定。我們已經提前構建了許多模塊，並且我們能夠交付其中的一些——其中大部分是本財年的。因此，這很好地證明了我們團隊的執行能力和規劃我們今年和以後幾年預期的增長的能力。

Okay. That's super encouraging. DOD, I don't know if you've seen the news that they're running out of HIMARS rockets and now they're trying to stick small diameter bombs onto artillery rockets to send to Ukraine. Can you do the same with Switchblade 600's warhead just given the Javelin production delays and supply chain issues? Could you put a different explosive on there and still make to work?

好的。這是非常鼓舞人心的。 DOD，我不知道你有沒有看到他們的 HIMARS 火箭快用完了的消息，現在他們正試圖將小直徑炸彈貼在火砲火箭上發送到烏克蘭。考慮到標槍生產延遲和供應鏈問題，你能對 Switchblade 600 的彈頭做同樣的事情嗎？你能在上面放一種不同的炸藥而且還能繼續工作嗎？

So the short answer is yes, but there's a big but on that response. We are definitely the #1 supply chain constraint for Switchblade remains the warhead for Switchblade, both 300 and 600. We have tackled all the other supply chain issues, and we're getting those 2 from 2 major primes, primarily General Dynamics and Northrop Grumman. And both of them have constraints in terms of the capacity of producing that warhead.

所以簡短的回答是肯定的，但有一個很大的回應。我們絕對是 Switchblade 的第一大供應鏈限制，仍然是 Switchblade 的彈頭，包括 300 和 600。我們已經解決了所有其他供應鏈問題，並且我們正在從 2 個主要素數中獲得這 2 個，主要是通用動力公司和諾斯羅普格魯曼公司.而且它們在生產該彈頭的能力方面都有限制。

We are actively not only working how we can secure more warheads for Switchblade 300 and 600 but also to put in new warheads as you indicated on your comment. Now the challenge with substituting the warhead is that it has to go through a safety confirmation test and approval by the U.S. Army. And that process is not only nontrivial but it also takes time because they're backed up in a lot of other requests and activities related to this.

我們不僅積極致力於如何為 Switchblade 300 和 600 獲得更多彈頭，而且還按照您在評論中指出的那樣安裝新彈頭。現在替代彈頭的挑戰是它必須經過美國陸軍的安全確認測試和批准。這個過程不僅很重要，而且還需要時間，因為它們在許多與此相關的其他請求和活動中得到支持。

Nonetheless, we're focused on multiple fronts. We feel very confident about our forecast for this fiscal year. We're really working on issues beyond this fiscal year because we believe that the demand for our Switchblade is going to continue to grow. We're going to have one of the best years for our Small UAS and TMS this fiscal year, and I am confident that we're going to be positioned extremely well for the next year as well. The order activity and demand is pretty robust both domestically and internationally, and I expect that to continue and those to transition into orders and leave us this fiscal year with a pretty healthy strong backlog going into next year.

儘管如此，我們專注於多個方面。我們對本財年的預測充滿信心。我們真正致力於解決本財年之後的問題，因為我們相信對我們的 Switchblade 的需求將繼續增長。本財年我們的小型無人機和 TMS 將迎來最好的一年，我相信我們明年也將處於非常有利的地位。國內和國際的訂單活動和需求都非常強勁，我預計這種情況會繼續下去，並且這些會轉變為訂單，並在本財年為我們留下相當健康的大量積壓訂單，進入明年。

(Operator Instructions) Our next question comes from the line of Pete Skibitski of Alembic.

（操作員說明）我們的下一個問題來自 Alembic 的 Pete Skibitski。

Yes. So sorry, if you addressed this already, I got on the call a little bit late guys. But on the $86 million Small UAS contract with the, I guess, $176 million ceiling, the FMS contract. What's the time frame for both of those portions, the $86 million portion and the larger portion? And then also, is that the one country or multiple countries?

是的。很抱歉，如果你已經解決了這個問題，我接到電話有點晚了伙計們。但是在價值 8600 萬美元的小型無人機合同上，我猜 FMS 合同的上限是 1.76 億美元。這兩個部分的時間框架是什麼，8600 萬美元的部分和更大的部分？還有，那是一個國家還是多個國家？

So Pete, that order is the -- historically, the largest FMS order we've ever recorded in the history of our company. It's an exciting big order for our Pumas. It includes Puma LEs and Puma AE systems and spares and logistics. $86 million of that contract is funded today. The total ceiling value of that contract is approximately $176 million. Because it's a contract that involves delivering hardware and logistics support and training, the tail of that will continue for another 6 months to 12 months even.

所以皮特，那個訂單是 - 從歷史上看，我們公司歷史上最大的 FMS 訂單。這對我們的 Pumas 來說是一個令人興奮的大訂單。它包括 Puma LE 和 Puma AE 系統以及備件和物流。該合同中的 8600 萬美元今天已到位。該合同的總上限價值約為 1.76 億美元。因為這是一份涉及提供硬件和後勤支持和培訓的合同，所以合同的尾部將再持續 6 個月甚至 12 個月。

But majority of the hardware will be delivered between the second half of this fiscal year starting this quarter and the beginning of next fiscal year. The -- in response to how many countries, that is specific to one country, one country, and it just shows the power of our systems and the value that our customers place on our systems as part of their battle rhythms in their conflicts. As you know, Switchblade has received a lot of notoriety and success in Ukraine and also have sort of attention, but Pumas are equally as effective and vital to the Ukrainian forces and their conflict against Russia. And we believe that it's going to continue to be the case for not only Ukraine, but many of our other allies around the region and around the world.

但大部分硬件將在從本季度開始的本財年下半年到下一財年年初之間交付。 - 針對有多少國家，這是一個國家，一個國家所特有的，它只是顯示了我們系統的力量以及我們的客戶對我們系統的重視，這是他們在衝突中的戰鬥節奏的一部分。如您所知，Switchblade 在烏克蘭聲名狼藉並取得了成功，也受到了一定程度的關注，但 Pumas 對於烏克蘭軍隊及其與俄羅斯的衝突同樣有效且至關重要。我們相信，不僅烏克蘭，而且我們在該地區和世界各地的許多其他盟友，情況將繼續如此。

Okay. That's a extraordinary contract. Congrats on that.

好的。那是一份非凡的合同。對此表示祝賀。

Thank you.

謝謝你。

And then just last one for me. On the Medium -- on the MUAS segment, the steep loss there this quarter on gross margin and operating margin. I was just wondering, was there some strategic reason there for that loss? Was there a surge in R&D or some unusual mix or -- I'm just wondering -- because revenue was good this quarter in MUAS, but the loss was the largest since you acquired the firm. So I was just wondering what's going on there?

然後給我最後一個。在中等——在 MUAS 部分，本季度毛利率和營業利潤率大幅下降。我只是想知道，這種損失是否有某種戰略原因？是研發激增還是一些不尋常的組合，或者——我只是想知道——因為本季度 MUAS 的收入不錯，但虧損是自收購該公司以來最大的。所以我只是想知道那裡發生了什麼？

Sure. Sure, Pete. So let me shed some light onto that. This is a onetime really accounting thing that took place and the math is pretty straightforward. We operate all these sites as a COCO, contractor-owned, contractor-operated sites for the U.S. SOCOM. Because of the attention to Ukraine and the conflict with Russia, many of the other activities around the world is getting less attention and less focus.

當然。當然，皮特。所以讓我闡明一下。這是曾經發生的真正的會計事情，數學非常簡單。我們將所有這些站點作為美國特種作戰司令部的 COCO、承包商擁有、承包商運營的站點進行運營。由於對烏克蘭和與俄羅斯的衝突的關注，世界上許多其他活動越來越少受到關注和關注。

So if the sites in the other parts of the world are reduced or the OPTEMPO is shrunk, then by accounting GAAP rule -- accounting rules, by definition, it means the inventories that we carry as the assets -- I'm sorry, the capital assets that we carry to operate those sites get accelerated in terms of its depreciation on our books. That charge is directly a result of that. We still feel very solid and confident about our MUAS business in the long run. As I said in my remarks, we won Increment 0 and Increment 1 contract for FTUAS. We're performing well against that contract.

因此，如果世界其他地區的站點減少或 OPTEMPO 縮小，那麼根據會計 GAAP 規則——會計規則，根據定義，這意味著我們作為資產持有的庫存——對不起，我們為運營這些網站而持有的資本資產在我們的賬簿上加速折舊。那筆費用是直接的結果。從長遠來看，我們仍然對我們的 MUAS 業務感到非常穩固和有信心。正如我在發言中所說，我們贏得了 FTUAS 的增量 0 和增量 1 合同。我們在履行該合同方面表現良好。

We've already started training the U.S. Army forces on those. We have shipped the product to them, and we're looking forward to Increment 2 awards, which there is close to $100 million in the U.S. DOD budget for government fiscal year '24. So long term, we feel very strong about our MUAS business and its process for growth, both domestic and internationally. That was a onetime depreciation -- accelerated depreciation that resulted as a result of the slight reduction in...

我們已經開始對美國陸軍部隊進行這些訓練。我們已經將產品交付給他們，我們期待獲得增量 2 獎勵，美國國防部在 24 財年的預算中有近 1 億美元。從長遠來看，我們對我們的 MUAS 業務及其在國內和國際的增長過程感到非常強烈。那是一次貶值——由於……的輕微減少而導致的加速貶值。

Right. It was [$4.5 million] in case you missed it in our comments of accelerated depreciation in the quarter. And even with that, we still believe we're going to hit our gross margin targets for the year.

正確的。這是 [450 萬美元]，以防您在我們關於本季度加速折舊的評論中錯過了它。即便如此，我們仍然相信我們將實現今年的毛利率目標。

Yes.

是的。

Okay. That's great. Appreciate the color, guys.

好的。那太棒了。欣賞顏色，伙計們。

You're welcome. You're welcome.

別客氣。別客氣。

(Operator Instructions) Our next question comes from the line of Brian Ruttenbur of Imperial Capital.

（操作員說明）我們的下一個問題來自 Imperial Capital 的 Brian Ruttenbur。

Just a couple of follow-ups real quick. In terms of operating expenses, can you give us a little bit of guidance for third quarter and fourth quarter, how they look versus second quarter in terms of R&D and SG&A, maybe give us directionally flat, up, down from the second quarter levels?

只是一些後續行動真的很快。在運營支出方面，您能否給我們一些第三季度和第四季度的指導，它們在研發和 SG&A 方面與第二季度相比如何，也許可以給我們從第二季度水平持平、上升或下降的方向？

We don't normally give that level of guidance, but as Wahid indicated, I think we're at 11% to 12% R&D for the year.

我們通常不會提供那種水平的指導，但正如 Wahid 所指出的，我認為我們今年的研發比例為 11% 到 12%。

And generally, we usually try to level load our -- in R&D throughout the year because of capacity of headcount and resources. So you don't usually see a major increase or decrease on a quarterly basis in our R&D spend, Brian, in general.

一般來說，由於人員和資源的能力，我們通常會嘗試在全年的研發中平衡負載。因此，布賴恩，一般來說，您通常不會看到我們的研發支出每季度出現大幅增加或減少。

Great. You talked about 11% to 12% R&D. SG&A as a percentage, it should drop from second quarter levels to...

偉大的。你談到了 11% 到 12% 的研發。 SG&A 作為一個百分比，它應該從第二季度的水平下降到......

Yes.

是的。

Okay. Great.

好的。偉大的。

I mean it's the same situation. Your SG&A expenses aren't going to bump way up with revenue in the next couple of quarters. We're going to get a lot of leverage with that increase in revenue. They will continue to increase primarily because there are some commissions and things like that, and we are expanding our sales force activities.

我的意思是情況相同。在接下來的幾個季度中，您的 SG&A 費用不會隨著收入的增加而增加。隨著收入的增加，我們將獲得很大的影響力。它們將繼續增加，主要是因為有一些佣金和類似的東西，我們正在擴大我們的銷售人員活動。

[And the BNP business] proposal activity has been high and will continue to be high, but those are very positive signs, Brian, because it means that there's a demand for our solutions, and we're competing for projects and our win rate generally is quite high.

[和 BNP 業務] 提案活動一直很高並將繼續很高，但這些都是非常積極的跡象，布賴恩，因為這意味著對我們的解決方案有需求，我們正在競爭項目和我們的總體獲勝率相當高。

Right.

正確的。

I'm showing no further questions at this time. And let's turn the call back over to Jonah Teeter-Balin for any closing remarks.

我現在沒有進一步的問題。讓我們將電話轉回 Jonah Teeter-Balin 以聽取任何結束語。

Thank you once again for joining today's conference call and for your interest in AeroVironment. An archived version of this call, all SEC filings and relevant news can be found on our website at avinc.com. We wish you a good evening and look forward to speaking with you again following next quarter's results.

再次感謝您參加今天的電話會議以及您對 AeroVironment 的關注。此電話會議的存檔版本、所有 SEC 文件和相關新聞均可在我們的網站 avinc.com 上找到。祝您晚上愉快，並期待在下一季度的業績公佈後再次與您交談。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。