AeroVironment Inc (AVAV) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the AeroVironment Fiscal Year 2023 Third Quarter Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎參加 AeroVironment 2023 財年第三季度電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

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

我現在想把會議交給今天的發言人 Jonah Teeter-Balin。請繼續。

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

謝謝，女士們先生們，下午好。歡迎來到 AeroVironment 的 2023 財年第三季度財報電話會議。我是 AeroVironment 企業發展和投資者關係高級總監 Jonah Teeter-Balin。

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、表明或暗示未來的結果、業績或成就，可能包含諸如相信、預期、預期、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、戰略或實際結果與前瞻性陳述存在重大差異。

For further information on these risks, we encourage you to review the risk factors discussed in AeroVironment's periodic reports on Form 10-K and 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 a presentation to the Investors section of our website at avinc.com, in the Events & Presentations section.

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。今天下午，我們還在我們的收益發布中提交了幻燈片演示，並在我們網站 avinc.com 的“活動和演示”部分的“投資者”部分發布了演示文稿。

The content of this conference call contains time-sensitive information that is accurate only as of today, March 6, 2023. The company undertakes no obligation to make any revision to any forward-looking statements contained in our remarks today or to update them to reflect the events or circumstances occurring after this conference call.

本次電話會議的內容包含時效性信息，僅截至 2023 年 3 月 6 日才准確。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 third quarter earnings conference call. I will 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 updated 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 財年第三季度財報電話會議。我將首先總結我們的業績和最近取得的成就，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 財年剩餘時間的最新預期。

Before I jump into the quarter, let me be clear about one thing. The fundamentals and underlying demand drivers of our business remain very strong and robust across all our product lines. Our business' core operating metrics are clearly trending in a positive direction, including record backlog, significantly better gross margins and over 50% improvement on our adjusted EBITDA. Our industry trends should continue to drive long-term sustainable and profitable growth for our business. In short, I believe the prospects for AeroVironment have never been better.

在進入本季度之前，讓我先澄清一件事。我們所有產品線的業務基本面和潛在需求驅動因素仍然非常強勁。我們業務的核心運營指標明顯朝著積極的方向發展，包括創紀錄的積壓、顯著提高的毛利率以及我們調整後的 EBITDA 提高 50% 以上。我們的行業趨勢應繼續推動我們業務的長期可持續和盈利增長。簡而言之，我相信 AeroVironment 的前景從未如此美好。

Now, I will highlight a few key messages on the quarter, which are included on Slide #3 of our earnings presentation. First, third quarter results were in line with or slightly ahead of our expectations, as we continued to successfully execute against our plan with solid, enduring demand across our portfolio, as evidenced by our record funded backlog at the end of Q3 of more than $400 million. Second, given our strong backlog, we are narrowing our revenue guidance range and increasing our adjusted EBITDA guidance with the midpoint of our adjusted EBITDA range representing more than a 50% improvement over last year. And finally, we expect fiscal year 2024 to be another year of double-digit top line profitable growth for AeroVironment, supported by our solid backlog and robust global demand for our innovative and best-in-class portfolio of intelligent unmanned robotic solutions.

現在，我將重點介紹本季度的一些關鍵信息，這些信息包含在我們收益演示文稿的幻燈片 #3 中。首先，第三季度的業績符合或略高於我們的預期，因為我們繼續成功地執行我們的計劃，對我們的投資組合產生穩固、持久的需求，我們在第三季度末超過 400 美元的創紀錄資金積壓就是證明百萬。其次，鑑於我們大量的積壓，我們正在縮小我們的收入指導範圍並增加我們調整後的 EBITDA 指導，我們調整後的 EBITDA 範圍的中點比去年提高了 50% 以上。最後，我們預計 2024 財年將是 AeroVironment 又一個實現兩位數利潤增長的一年，這得益於我們大量的積壓訂單以及全球對我們創新和一流的智能無人機器人解決方案組合的強勁需求。

Now, let me summarize our financial results for the quarter. We delivered third quarter revenue of $134.4 million compared to $90.1 million in fiscal year 2022, representing an increase of nearly 50% year-over-year. The improvement was primarily due to higher SUAS sales, which nearly tripled compared to the prior year period. This increase reflects strong Puma 3 AE and Puma LE shipments tied to our record Foreign Military Sales, or FMS, contract that we announced last quarter.

現在，讓我總結一下本季度的財務業績。我們第三季度的收入為 1.344 億美元，而 2022 財年為 9010 萬美元，同比增長近 50%。這一改善主要是由於 SUAS 銷售額增加，與去年同期相比幾乎增長了兩倍。這一增長反映了強勁的 Puma 3 AE 和 Puma LE 出貨量，這與我們上季度宣布的創紀錄的對外軍事銷售 (FMS) 合同有關。

Gross margin for the quarter was $45.5 million, more than double last year's $21.4 million, and our gross margin percentage rose to 34% from 24% last year. The improved gross margin was primarily a result of higher volumes and favorable product mix. As we have previously discussed, we expect gross margins to further improve in Q4, excluding asset acceleration, and remain elevated in fiscal year 2024 as our revenue mix shifts to more favorable product sales. We reported adjusted EBITDA of $23.7 million compared to $5.4 million in the third quarter last year. We ended the third quarter with a record backlog of $414 million, an 83% increase year-over-year, reflecting the increasing robust demand for our solutions.

本季度的毛利率為 4550 萬美元，是去年 2140 萬美元的兩倍多，我們的毛利率從去年的 24% 上升到 34%。毛利率的提高主要是由於銷量增加和有利的產品組合。正如我們之前所討論的那樣，我們預計毛利率將在第四季度進一步改善（不包括資產加速），並且隨著我們的收入結構轉向更有利的產品銷售，毛利率將在 2024 財年保持較高水平。我們報告調整後的 EBITDA 為 2370 萬美元，而去年第三季度為 540 萬美元。第三季度結束時，我們的積壓訂單達到創紀錄的 4.14 億美元，同比增長 83%，反映出對我們解決方案的需求日益強勁。

Finally, non-GAAP EPS was $0.33 per diluted share as compared to $0.31 per diluted share for the third quarter of fiscal year 2022. This increase was primarily driven by higher revenues and favorable product mix, more than offsetting increased operating expenses, interest expenses and lower tax benefits. For comparison purposes, fiscal year 2022 third quarter included a $15 million tax benefit.

最後，非 GAAP 每股攤薄收益為 0.33 美元，而 2022 財年第三季度為每股攤薄收益 0.31 美元。這一增長主要是由於收入增加和有利的產品組合，足以抵消增加的運營費用、利息費用和較低的稅收優惠。出於比較目的，2022 財年第三季度包括 1500 萬美元的稅收優惠。

Looking ahead, recent contract awards and increasing demand for our portfolio of intelligent multi-domain robotic solutions gives us confidence that we're positioned for strong performance and value creation beyond this fiscal year. The conflict in Ukraine over the last year has showcased the unique value of our innovative solutions and the critical role they play and giving Ukraine, the U.S. and its allies an advantage on the battlefield, especially against near-peer adversaries. As our solutions continue to play an essential role in Ukraine's defense, we expect to capitalize on opportunities directly related to this conflict, while simultaneously helping the U.S. and its allies prepare for the future.

展望未來，最近的合同授予和對我們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，相信我們將在本財年之後實現強勁的業績和價值創造。去年烏克蘭的衝突展示了我們創新解決方案的獨特價值及其發揮的關鍵作用，使烏克蘭、美國及其盟友在戰場上獲得優勢，尤其是在對抗勢均力敵的對手時。由於我們的解決方案繼續在烏克蘭的防禦中發揮重要作用，我們希望利用與這場衝突直接相關的機會，同時幫助美國及其盟國為未來做好準備。

Despite shifting U.S. DoD funding away from Medium UAS COCO operations, AeroVironment remains well positioned for U.S. DoD's key budget priorities. Demand for our products and services has resulted in a new record backlog. Further, proposal activity remains elevated and we continue to hold productive discussions with domestic and international customers.

儘管將美國國防部的資金從中型 UAS COCO 運營中轉移出去，但 AeroVironment 仍然處於美國國防部關鍵預算優先事項的有利位置。對我們產品和服務的需求導致了新的積壓記錄。此外，提案活動依然活躍，我們繼續與國內和國際客戶進行富有成效的討論。

And finally, we remain diligent in managing the ongoing global supply chain constraints and inflationary pressures and a tight labor market. Our prudent actions have allowed us to meet the needs of our customers, while continuing to invest across our portfolio for growth and scale.

最後，我們將繼續努力管理持續的全球供應鏈限制和通脹壓力以及緊張的勞動力市場。我們審慎的行動使我們能夠滿足客戶的需求，同時繼續投資於我們的投資組合以實現增長和規模。

I would now 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 revenue rose nearly 200% compared to the prior year period. This primarily reflects our recent record FMS award for Puma LE and Puma 3 AE systems. We announced last quarter that this FMS contract had a maximum ceiling value of $176 million, and we now have current funding of $132 million.

我現在想換個話題，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，與去年同期相比，該產品線的收入增長了近 200%。這主要反映了我們最近為 Puma LE 和 Puma 3 AE 系統創紀錄的 FMS 獎項。我們在上個季度宣布，該 FMS 合同的最高上限為 1.76 億美元，而我們目前的資金為 1.32 億美元。

During Q3, we expedited production and shipped a solid portion of the initial funded amount. Additional funding after the full value of this contract is expected, and we anticipate deliveries to remain at the current pace in the fourth quarter with remaining shipments occurring in fiscal year 2024. This year has been pivotal for SUAS product line with strong growth, new product introductions and system upgrades that will set the foundation for growth for years to come. The transformation of this product line has been the result of consistent prudent investment, which has resulted in improved technology that kept us ahead of the competition, especially as the U.S. DoD and our allies turned our focus to near-peer threats and contested environment operations.

在第 3 季度，我們加快了生產速度，並運送了大部分初始資金。預計在完成該合同的全部價值後將獲得額外資金，我們預計第四季度的交付量將保持目前的速度，剩餘的出貨量將在 2024 財年發生。今年對於 SUAS 產品線來說至關重要，增長強勁，新產品引進和系統升級將為未來幾年的增長奠定基礎。該產品線的轉型是持續審慎投資的結果，這帶來了改進的技術，使我們在競爭中保持領先地位，尤其是在美國國防部和我們的盟友將我們的注意力轉向近乎同等的威脅和有爭議的環境行動時。

I also want to note that our team recently visited Ukraine again, where we have people continually on the ground to ensure the success of our products. We received excellent feedback that our Puma systems are scouting targets for every weapon system that the U.S. Department of Defense has provided to Ukraine. This speaks volumes to the capability and reliability of our solutions. Suffice to say that our Puma systems are 1 of the most effective assets that the U.S. has provided to Ukraine throughout this conflict.

我還想指出，我們的團隊最近再次訪問了烏克蘭，在那裡我們有人員不斷地在實地工作，以確保我們的產品取得成功。我們收到了很好的反饋，我們的 Puma 系統正在為美國國防部提供給烏克蘭的每一個武器系統尋找目標。這充分說明了我們解決方案的能力和可靠性。可以說，我們的 Puma 系統是美國在整個衝突期間向烏克蘭提供的最有效資產之一。

Switchblade loitering munitions and other U.S. DoD supplied weapons systems are even more potent when combined with Puma for ISR, targeting and battle damage assessments. Our products are proven to be essential to the country's defense efforts, and we are honored to continue our support for the people of Ukraine. We are proud of how important our SUAS products have become for the U.S. DoD and its allies across the globe who rely on them for their safety and security while we continue to invest in the future of this product line.

Switchblade 遊蕩彈藥和其他美國國防部提供的武器系統在與 Puma 結合用於 ISR、瞄準和戰鬥損害評估時更加有效。事實證明，我們的產品對該國的國防工作至關重要，我們很榮幸繼續為烏克蘭人民提供支持。我們感到自豪的是，我們的 SUAS 產品對美國國防部及其全球盟友來說變得多麼重要，他們在我們繼續投資於該產品線的未來時依賴它們來確保安全。

Moving to our Tactical Missile Systems, or TMS, product line, we continue to experience strong demand. Total TMS revenue was up roughly 30% year-over-year, which reflects the continued orders of our Switchblade 300 and 600 systems to support Ukraine, including the latest $2 billion security assistance package announced on February 24 and backfill depleted U.S. DoD stockpiles. On our team's recent trip to Ukraine, we reaffirmed that our Switchblade 300s and 600s are performing well in combat operations, and Ukrainian military officials are requesting many more of them.

轉向我們的戰術導彈系統或 TMS 產品線，我們繼續感受到強勁的需求。 TMS 總收入同比增長約 30%，這反映了我們支持烏克蘭的 Switchblade 300 和 600 系統的持續訂單，包括 2 月 24 日宣布的最新 20 億美元安全援助計劃和回填耗盡的美國國防部庫存。在我們團隊最近的烏克蘭之行中，我們重申我們的 Switchblade 300 和 600 在作戰行動中表現良好，烏克蘭軍方官員要求更多。

Order activity remains elevated given the high degree of visibility these systems have received over the past year. This past December, the Lithuanian Minister of Defense announced the country's intent to purchase our Switchblade loitering munitions for their forces. This agreement with the U.S. DoD for the delivery of Switchblade 600s would make Lithuania the second country outside of the United States to procure this battle-proven capability. We have yet to receive this contract from the U.S. DoD, and it is not reflected in our backlog, but it is expected to be worth approximately $45 million.

鑑於這些系統在過去一年中獲得的高度可見性，訂單活動仍然很高。去年 12 月，立陶宛國防部長宣布該國打算為其部隊購買我們的 Switchblade 遊蕩彈藥。與美國國防部就交付 Switchblade 600 達成的這項協議將使立陶宛成為美國以外第二個獲得這種經過實戰驗證的能力的國家。我們尚未收到美國國防部的這份合同，它沒有反映在我們的積壓訂單中，但預計價值約為 4500 萬美元。

Given the current level of interest and demand in Switchblade, we expect significant growth in our TMS business going forward. As with our Puma SUAS products, AeroVironment remains a leader in loitering munitions with unmatched reliability and performance, setting us apart from the competition while driving strong demand.

鑑於目前對 Switchblade 的興趣和需求水平，我們預計我們的 TMS 業務未來會出現顯著增長。與我們的 Puma SUAS 產品一樣，AeroVironment 憑藉無與倫比的可靠性和性能仍然是巡航彈藥領域的領導者，這使我們在競爭中脫穎而出，同時推動了強勁的需求。

I will now discuss our Medium UAS or MUAS product line. We continue to work on the Increment 1 of the U.S. Army's Future Tactical UAS or FTUAS program, training personnel in Germany, while undergoing flight testing at the U.S. Army's Redstone Arsenal in Huntsville, Alabama. We're also excited to share that the U.S. Army recently selected AeroVironment for Increment 2. During this phase, we will compete with several other vendors, which will allow the Army to select the best system for its needs. We are the only company to have secured sole source awards for Increments 0 and 1 of this contract.

我現在將討論我們的中型 UAS 或 MUAS 產品線。我們繼續致力於美國陸軍未來戰術無人機或 FTUAS 計劃的增量 1，在德國培訓人員，同時在阿拉巴馬州亨茨維爾的美國陸軍紅石兵工廠進行飛行測試。我們也很高興與大家分享，美國陸軍最近選擇了 AeroVironment 用於增量 2。在此階段，我們將與其他幾家供應商競爭，這將使陸軍能夠選擇滿足其需求的最佳系統。我們是唯一一家獲得本合同增量 0 和增量 1 獨家來源獎勵的公司。

Additionally, we also remain the only company who has been selected and awarded contracts for all 3 phases of the FTUAS program. As we enter this phase of the competition, we're confident that our JUMP 20 system is the most mature and capable solution in its class, and we'll continue to work closely with the U.S. Army to ensure we meet or exceed their performance needs both today and in the future. As part of our selection for Increment 2, we received an initial award from the U.S. Army and there are additional opportunities for funding throughout Increment 2.

此外，我們還是唯一一家被選中並授予 FTUAS 計劃所有 3 個階段合同的公司。當我們進入競爭的這個階段時，我們相信我們的 JUMP 20 系統是同類產品中最成熟和最強大的解決方案，我們將繼續與美國陸軍密切合作，以確保我們滿足或超過他們的性能需求無論是今天還是將來。作為我們選擇增量 2 的一部分，我們獲得了美國陸軍的初始獎勵，並且在整個增量 2 中還有額外的資助機會。

Since Ukraine has been the near-term priority for U.S. defense spending, programs outside of this priority, including those that typically utilize the JUMP 20 aircraft, are simply not seeing as much activity. With that said, JUMP 20s have been included in the latest security assistance package for Ukraine, and we believe long-term outlook for MUAS remains bright. International interest in the JUMP 20 platform continues to grow, and there are other large U.S. DoD programs on the horizon. With a potential $1 billion program of record and multiple international and domestic opportunities, we are optimistic about MUAS growth potential in the years ahead.

由於烏克蘭一直是美國國防開支的近期優先事項，因此該優先事項之外的項目，包括那些通常使用 JUMP 20 飛機的項目，根本就沒有那麼多活動。話雖如此，JUMP 20 已包含在烏克蘭最新的安全援助計劃中，我們相信 MUAS 的長期前景依然光明。國際上對 JUMP 20 平台的興趣持續增長，美國國防部還有其他大型項目即將推出。憑藉潛在的 10 億美元記錄項目和多個國際和國內機會，我們對未來幾年 MUAS 的增長潛力持樂觀態度。

Moving to our unmanned ground vehicles, or UGV, product line, our team has been making progress on our previously announced contract to provide telemax and tEODor ground vehicles to Ukraine. We have already delivered 8 telemax EVO robots under an accelerated schedule. Our rugged telemax models are known for their advanced specialized precision manipulation, autonomous functionality and intuitive operation. In addition, while UGV sales were down slightly year-over-year, we received a record number of orders this quarter totaling more than $25 million. We also recently released several new accessories, including a CBRN kit, 360-degree camera and a mini Bluetooth controller. Proposal activity remains solid, and we anticipate sequential growth in this product line as well.

轉向我們的無人地面車輛或 UGV 產品線，我們的團隊在我們之前宣布的向烏克蘭提供 telemax 和 tEODor 地面車輛的合同方面取得了進展。我們已經加速交付了 8 台 telemax EVO 機器人。我們堅固耐用的 telemax 型號以其先進的專業精確操作、自主功能和直觀操作而聞名。此外，雖然 UGV 銷售額同比略有下降，但本季度我們收到的訂單數量創歷史新高，總計超過 2500 萬美元。我們最近還發布了幾款新配件，包括 CBRN 套件、360 度攝像頭和迷你藍牙控制器。提案活動保持穩定，我們預計該產品線也將出現連續增長。

Within our HAPS product line, we continue to execute on our current contract with SoftBank for the next-generation Sunglider with the goal of developing and commercializing stratospheric-based telecommunication services. At the same time, we remain fully engaged with the U.S. DoD across multiple fronts that could lead to contracts in the coming quarters. There is a growing need for high-altitude ultra long endurance persistent ISR capabilities for defense and security applications, potentially even against foreign-based unidentified flying objects. Sunglider provides unique benefits compared to satellites and ground-based infrastructure. We now expect HAPS revenue between $35 million to $40 million this fiscal year.

在我們的 HAPS 產品線中，我們繼續執行與軟銀就下一代 Sunglider 簽訂的當前合同，目標是開發基於平流層的電信服務並將其商業化。與此同時，我們仍然在多個方面與美國國防部充分接觸，這可能會在未來幾個季度簽訂合同。國防和安全應用對高空超長續航持續 ISR 能力的需求不斷增長，甚至有可能針對外國不明飛行物。與衛星和地面基礎設施相比，Sunglider 具有獨特的優勢。我們現在預計本財年 HAPS 收入在 3500 萬至 4000 萬美元之間。

And finally, I'll share some exciting developments on MacCready Works Advanced Solutions. In February, our Ingenuity Mars Helicopter reached a milestone of 47 flights on its extended support of the Perseverance rover, helping NASA search for evidence of engine life in the Jezero Crater. Ingenuity's original manifest called for only 5 flights, but the mission has continued due to the helicopter's remarkable reliability and endurance as evidenced by the helicopter's recent awakening from the Martian winter. Ingenuity has become an important partner in scouting ahead for Perseverance, so much so that NASA and the European Space Agency have altered their future Mars sample return plans to include 2 new helicopters.

最後，我將分享 MacCready Works Advanced Solutions 的一些激動人心的進展。 2 月，我們的 Ingenuity 火星直升機在其對毅力號火星車的擴展支持下達到了 47 次飛行的里程碑，幫助 NASA 在 Jezero Crater 尋找發動機壽命的證據。 Ingenuity 最初的清單只要求進行 5 次飛行，但由於直升機具有非凡的可靠性和耐久性，任務得以繼續，直升機最近從火星冬季甦醒就證明了這一點。 Ingenuity 已成為 Perseverance 前方偵察的重要合作夥伴，以至於 NASA 和歐洲航天局改變了他們未來的火星樣本返回計劃，以包括 2 架新直升機。

AeroVironment has recently received an initial award for the development of this next-generation helicopter, and we are optimistic about future larger contracts as this program moves forward. MacCready Works is experiencing steady demand across federal and defense agencies for programs which value artificial intelligence, machine learning and contested environment logistics as we continue to integrate many artificial intelligence and machine learning powered capabilities into our product portfolio. We anticipate that the MacCready Works product line will see increasing internal and external demand as we move into fiscal year 2024.

AeroVironment 最近獲得了開發這種下一代直升機的初步獎勵，隨著該項目的推進，我們對未來更大的合同持樂觀態度。隨著我們繼續將許多人工智能和機器學習支持的功能集成到我們的產品組合中，MacCready Works 正在經歷聯邦和國防機構對重視人工智能、機器學習和競爭環境物流的項目的穩定需求。我們預計，隨著我們進入 2024 財年，MacCready Works 產品線的內部和外部需求將會增加。

In summary, we are seeing positive traction across all our product lines and the future looks bright. In particular, the past few quarters have clearly set us apart and elevated our company to a new level. During the year, we've positioned Switchblade as a best-in-class solution for loitering munitions and near-peer complex, won the largest ever Puma FMS order providing unmatched surveillance and reconnaissance in Ukraine, and we were selected for U.S. Army's FTUAS Increments 0, 1 and 2. AeroVironment's broad portfolio of unmanned solutions is utilized every day across the globe to help defend the lives of millions and move humanity forward through innovative breakthroughs in advanced engineered solutions.

總而言之，我們在所有產品線中都看到了積極的牽引力，未來看起來一片光明。特別是，過去幾個季度使我們與眾不同，並將我們的公司提升到一個新的水平。在這一年中，我們將 Switchblade 定位為遊蕩彈藥和同類綜合體的一流解決方案，贏得了有史以來最大的 Puma FMS 訂單，在烏克蘭提供無與倫比的監視和偵察服務，並且我們被美國陸軍的 FTUAS 增量選中0、1 和 2。AeroVironment 廣泛的無人駕駛解決方案組合每天都在全球範圍內使用，以幫助保護數百萬人的生命，並通過先進工程解決方案的創新突破推動人類前進。

As an example, all 4 of our largest product lines, SUAS, MUAS, TMS and UGV are playing a critical role by giving Ukrainian forces an advantage against their much bigger adversary. This is a testament to how relevant and meaningful our innovative solutions are in today's conflicts. We believe we're well positioned to benefit from this macro trend as all militaries adopt more unmanned systems as part of their force structures. Whether it be on Earth or Mars, we're building products that nations, leaders and scientists rely on to make better decisions going forward.

例如，我們所有 4 個最大的產品線，SUAS、MUAS、TMS 和 UGV 都發揮著關鍵作用，使烏克蘭軍隊在對抗其強大得多的對手時具有優勢。這證明了我們的創新解決方案在當今衝突中的相關性和意義。我們相信，隨著所有軍隊都採用更多無人系統作為其部隊結構的一部分，我們已做好充分準備，可以從這一宏觀趨勢中受益。無論是在地球上還是火星上，我們都在打造國家、領導人和科學家賴以做出更好決策的產品。

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'll be reviewing the highlights of our third quarter performance, during which I will occasionally refer to both our press release and earnings presentation available on our website. Revenue for the third quarter of fiscal 2023 was $134.4 million, an increase of 49% compared to the third quarter of fiscal 2022 revenue of $90.1 million.

謝謝你，瓦希德。今天，我將回顧我們第三季度業績的亮點，在此期間我會偶爾參考我們網站上的新聞稿和收益介紹。 2023 財年第三季度收入為 1.344 億美元，比 2022 財年第三季度收入 9010 萬美元增長 49%。

Slide 5 of the earnings presentation provides a breakdown of revenue by segment for the quarter. Our largest segment during the quarter was our Small UAS business, which finished the quarter with $69.4 million of revenue, up from last year's $24.4 million. As Wahid mentioned, the increase in revenue in the quarter was primarily a result of the large FMS Ukraine order received at the end of the second quarter. Tactical Missile Systems, or TMS, contributed $24 million of revenue compared to $18.6 million last year during Q3. This increase was driven by a higher-level of TMS manufacturing activity in the quarter, which was recognized based upon revenue overtime accounting.

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。本季度我們最大的業務是我們的小型無人機業務，該業務在本季度結束時的收入為 6940 萬美元，高於去年的 2440 萬美元。正如 Wahid 所提到的，本季度收入的增長主要是由於第二季度末收到了 FMS 烏克蘭的大量訂單。戰術導彈系統 (TMS) 貢獻了 2400 萬美元的收入，而去年第三季度為 1860 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，這是根據收入加班會計確認的。

The Medium UAS segment finished the quarter with revenue of $15.4 million, a 27% decrease compared to the third quarter of fiscal 2022. The reduction in revenue was a result of lower COCO service revenue, which in turn was caused by a decrease in the number of MEUAS sites operated. Our HAPS segment contributed $8.9 million in Q3, a decrease from $9.5 million in the prior year's third quarter. Revenue from the other segment increased year-over-year to $16.7 million versus $16.4 million in last year's third quarter.

中型無人機部門在本季度末的收入為 1540 萬美元，與 2022 財年第三季度相比下降了 27%。收入減少的原因是 COCO 服務收入減少，而後者又是由數量減少引起的MEUAS 站點的運營。我們的 HAPS 部門在第三季度貢獻了 890 萬美元，低於去年第三季度的 950 萬美元。來自其他部門的收入同比增長至 1670 萬美元，而去年第三季度為 1640 萬美元。

Turning to gross margins. Slide 5 of the earnings presentation shows the mix of product versus service revenue. During the third quarter, product revenues represented 68% of total revenues versus 47% in the same quarter last year. This is in line with our expectation that product mix shifts back to closer to 70% for the second half of fiscal 2023 as a result of significantly higher sales of SUAS products and a slight decrease in MUAS service revenue.

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。第三季度，產品收入佔總收入的 68%，而去年同期為 47%。這符合我們的預期，即由於 SUAS 產品銷量顯著增加以及 MUAS 服務收入略有下降，產品組合將在 2023 財年下半年回升至接近 70%。

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 non-cash purchase accounting items. For the third quarter, GAAP gross margins increased to 34% from 24% year-over-year and adjusted gross margin increased to 36% from 29%. The rise in both GAAP and adjusted gross margins can be attributed to a boost in overall revenue and the higher product mix from the increase in product revenue in both Small UAS and TMS segments. However, this decrease was partially offset by a $4.3 million accelerated depreciation of Medium UAS COCOC assets, which had a negative impact on service gross margins.

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。第三季度，美國通用會計準則毛利率從去年同期的 24% 增至 34%，調整後的毛利率從 29% 增至 36%。 GAAP 和調整後毛利率的上升可歸因於整體收入的增加以及小型 UAS 和 TMS 細分市場產品收入增加帶來的更高產品組合。然而，這一下降被 Medium UAS COCOC 資產加速折舊 430 萬美元部分抵消，這對服務毛利率產生了負面影響。

We expect another $6 million of accelerated depreciation of COCO assets in Q4 related to MUAS site reductions. Even with the accelerated depreciation of Medium UAS COCO assets in the last 2 quarters and in the fourth quarter, our overall adjusted gross margins for the year will be in line with our FY '22 overall adjusted gross margins as the favorable product mix has offset the negative impact from the accelerated depreciation. Adjusted product gross margins for the quarter were 41% versus 38% in the third quarter -- versus 38% in the third quarter of last fiscal year, primarily due to the higher SUAS product mix. In terms of adjusted service gross margins, the third quarter was 26% versus 22% during the same quarter last year, primarily due to improved service mix.

我們預計第四季度與 MUAS 站點減少相關的 COCO 資產將加速折舊 600 萬美元。即使過去兩個季度和第四季度 Medium UAS COCO 資產加速貶值，我們今年的整體調整後毛利率仍將與我們 22 財年的整體調整後毛利率一致，因為有利的產品組合抵消了加速貶值的負面影響。本季度調整後的產品毛利率為 41%，而第三季度為 38%，而上一財年第三季度為 38%，這主要是由於 SUAS 產品組合更高。就調整後的服務毛利率而言，第三季度為 26%，而去年同期為 22%，這主要是由於服務組合的改善。

In terms of adjusted EBITDA, Slide 13 of our earnings presentation shows the reconciliation of the GAAP net loss to adjusted EBITDA. In the third quarter of fiscal 2023, adjusted EBITDA was $23 million, representing a significant increase of $17 million from last year. The main factor contributing to this increase was higher adjusted gross margins and this was partially offset by higher adjusted SG&A expenses and investments in R&D. We expect adjusted EBITDA for the year to be very strong at $89 million to $95 million and, as Wahid mentioned, this represents an over 50% year-over-year increase to the midpoint of this 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 財年第三季度，調整後的 EBITDA 為 2300 萬美元，比去年大幅增加 1700 萬美元。導致這一增長的主要因素是更高的調整後毛利率，這部分被更高的調整後 SG&A 費用和研發投資所抵消。我們預計今年調整後的 EBITDA 將非常強勁，達到 8900 萬美元至 9500 萬美元，正如 Wahid 所提到的，這意味著該範圍的中點同比增長超過 50%。

Now turning to GAAP earnings. In the third quarter, the company experienced a GAAP net loss of $0.7 million versus a net income of just above breakeven recorded in the same period of last year. We had a significant increase in GAAP gross margins of $24.1 million versus last year. However, this was more than offset by a variety of factors, namely a $14.9 million decrease in the tax benefit, an increase of $3.2 million of unrealized losses on our equity and equity method investments, a $3.1 million increase in R&D spending and a $2.2 million rise in SG&A expenses and a $1.3 million increase in interest expense.

現在轉向 GAAP 收益。在第三季度，該公司的 GAAP 淨虧損為 70 萬美元，而去年同期的淨收入略高於盈虧平衡點。與去年相比，我們的 GAAP 毛利率顯著增加了 2410 萬美元。然而，這被多種因素所抵消，即稅收優惠減少 1,490 萬美元、股權和權益法投資的未實現虧損增加 320 萬美元、研發支出增加 310 萬美元以及 220 萬美元SG&A 費用增加，利息費用增加 130 萬美元。

Slide 10 shows the reconciliation of GAAP and adjusted or non-GAAP diluted EPS. The company posted adjusted earnings per diluted share of $0.33 for the third quarter of fiscal 2023 versus $0.31 per diluted share for the third quarter of fiscal 2022. I should note that our adjusted EPS calculation now excludes equity method gains and losses from the adjusted EPS calculation. This activity is clearly called out on the income statement and is nonoperating.

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。該公司公佈的 2023 財年第三季度調整後每股攤薄收益為 0.33 美元，而 2022 財年第三季度為 0.31 美元。我應該指出，我們調整後的每股收益計算現在不包括權益法收益和調整後每股收益計算中的損失.此活動在損益表中明確註明，並且是非經營活動。

Turning to our balance sheet. Total cash, restricted cash and investments at the end of the quarter were $104.5 million, which is a decrease of $19.3 million from the second quarter of fiscal 2023. As indicated in prior quarters, we expect to see continued increases in inventory and other working capital to support our record backlog and expected bookings as we manage through supply chain shortages by buying inventory and critical components when available. We continue to have a strong balance sheet with over $100 million of cash, restricted cash investments and approximately $100 million available under our working capital facility.

轉向我們的資產負債表。本季度末現金、受限現金和投資總額為 1.045 億美元，比 2023 財年第二季度減少 1,930 萬美元。如前幾個季度所示，我們預計庫存和其他營運資金將持續增加支持我們創紀錄的積壓訂單和預期預訂，因為我們通過購買庫存和可用的關鍵組件來應對供應鏈短缺。我們繼續擁有強勁的資產負債表，擁有超過 1 億美元的現金、受限制的現金投資以及約 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 third quarter of fiscal 2023 was a record $414 million. Our visibility as of today to the midpoint of our revised guidance range is over 100%. In other words, we are fully covered by the existing backlog to achieve our full year revenue guidance. We also expect orders to continue to be strong for the remainder of fiscal 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 所提到的，我們在 2023 財年第三季度末的資金積壓訂單達到創紀錄的 4.14 億美元。截至今天，我們對修訂後指導範圍中點的可見度超過 100%。換句話說，我們完全被現有的積壓訂單所覆蓋，以實現我們的全年收入指導。我們還預計 2023 財年剩餘時間內的訂單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 we approach the end of fiscal year 2023, we have enhanced visibility into our financial performance this year and next. With a record funded backlog and increasing demand across the board and given the recent MUAS site closure, we have adjusted our current year guidance. Our updated outlook for fiscal year 2023 is shown on Slide #7 and is as follows: we anticipate revenue of between 510 and $525 million; we're now expecting net income between $0.3 million to $5 million or a gain of $0.01 to $0.21 per diluted share; non-GAAP adjusted EBITDA of between 89 and $95 million; and non-GAAP earnings per diluted share, excluding acquisition related costs, amortization of intangible assets and other one-time expenses of between $1.13 and $1.33.

謝謝，凱文。隨著 2023 財年的臨近，我們提高了今明兩年財務業績的可見度。由於創紀錄的資金積壓和全面需求增加，鑑於最近 MUAS 站點關閉，我們調整了今年的指導。我們對 2023 財年的最新展望顯示在幻燈片 #7 中，如下所示：我們預計收入在 510 至 5.25 億美元之間；我們現在預計淨收入在 30 萬美元到 500 萬美元之間，或者每股攤薄收益為 0.01 美元到 0.21 美元；非 GAAP 調整後 EBITDA 在 89 至 9500 萬美元之間；非 GAAP 每股攤薄收益，不包括收購相關成本、無形資產攤銷和其他 1.13 美元至 1.33 美元的一次性費用。

While we are raising revenue and adjusted EBITDA guidance, we have reduced our GAAP and non-GAAP EPS outlook as a result of the closure of our remaining MUAS COCO site. I want to emphasize that the primary impact from the closures from the acceleration of the depreciation on certain of our MUAS assets and is a non-cash impact. As I mentioned earlier, this resulted from shifting U.S. DoD priorities and we expect these events to occur in the fourth quarter with no impact in fiscal year 2024 on our consolidated results.

在我們提高收入和調整 EBITDA 指引的同時，由於我們剩餘的 MUAS COCO 站點關閉，我們降低了我們的 GAAP 和非 GAAP 每股收益前景。我想強調的是，由於加速折舊而關閉對我們某些 MUAS 資產的主要影響是非現金影響。正如我之前提到的，這是由於美國國防部的優先事項發生了變化，我們預計這些事件將在第四季度發生，而不會對我們 2024 財年的綜合業績產生影響。

In addition, we have reduced net income guidance due to greater-than-expected unrealized losses tied to equity investments. This occurred as a result of mark-to-market accounting related to our investments in strategic partnerships and venture activities. However, we believe adjusted gross margins will strengthen going forward, driven by favorable product mix and higher volumes. We expect to deliver adjusted EBITDA of between 16% and 18% of revenue for the full fiscal year. R&D investments for this fiscal year is expected to remain between 11% to 12% of revenue.

此外，由於與股權投資相關的未實現虧損高於預期，我們下調了淨收入指引。這是由於與我們在戰略合作夥伴關係和風險活動中的投資相關的按市值計算的會計結果。然而，我們認為，在有利的產品組合和更高的銷量的推動下，調整後的毛利率將在未來走強。我們預計整個財年調整後的 EBITDA 佔收入的 16% 至 18%。本財年的研發投資預計將保持在收入的 11% 至 12% 之間。

As I mentioned before, the fundamental demand drivers of our business remain strong and robust across the globe. As the opportunities in front of us have grown, we have continued to prudently invest in our people, products, processes and inventories. These investments plus our elevated visibility, bolstered by innovation, decades of battle-proven experience and incredible durability in harsh environments positions us well for the challenges of tomorrow. We have rapidly grown the company, while maintaining a focus on efficiency and execution laying the foundation for even higher performance going forward.

正如我之前提到的，我們業務的基本需求驅動力在全球範圍內依然強勁。隨著擺在我們面前的機會越來越多，我們繼續審慎地投資於我們的人員、產品、流程和庫存。這些投資加上我們在創新、數十年經過實戰驗證的經驗和在惡劣環境中令人難以置信的耐用性的支持下提高的知名度，使我們能夠迎接明天的挑戰。我們迅速發展了公司，同時保持對效率和執行的關注，為未來更高的績效奠定了基礎。

Before turning the call over for questions, let me once again summarize the key points from today's call. First, we delivered third quarter performance in line with or greater than our expectations as evidenced by a record backlog of $414 million. Second, with our record backlog and key wins over the past few quarters, we have a high degree of confidence in our prospects for value creation in fiscal year 2023 and beyond. While labor and supply chain challenges persist as we scale the business, we are overcoming these headwinds to meet the needs of our customers and are confident in our ability to deliver against our objectives and achieve another record year for the company. And third, as we look ahead, our portfolio is well-positioned to take advantage of macro trends. Our solutions have proven vital and ensuring the safety of the U.S. and its allies, and we stand ready to continue to support them now and in the future.

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，我們第三季度的業績達到或超過了我們的預期，創紀錄的 4.14 億美元積壓訂單就是證明。其次，憑藉過去幾個季度創紀錄的積壓和關鍵勝利，我們對 2023 財年及以後的價值創造前景充滿信心。儘管隨著我們擴大業務規模，勞動力和供應鏈挑戰依然存在，但我們正在克服這些不利因素以滿足客戶的需求，並相信我們有能力實現我們的目標並為公司再創紀錄。第三，展望未來，我們的投資組合處於有利地位，可以利用宏觀趨勢。我們的解決方案已被證明是至關重要的，可以確保美國及其盟國的安全，我們隨時準備在現在和未來繼續支持他們。

I would like to again thank our staff for their contributions this quarter. They have been instrumental in achieving these great results. We value our employees, customers and shareholders who put their trust in us every day to make the best systems and solutions that protect and improve people's lives.

我想再次感謝我們的員工在本季度所做的貢獻。他們在取得這些偉大成果方面發揮了重要作用。我們珍視我們的員工、客戶和股東，他們每天都信任我們，讓我們提供最好的系統和解決方案來保護和改善人們的生活。

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) Your first question comes from the line of Peter Arment with RW Baird.

（操作員說明）您的第一個問題來自 Peter Arment 和 RW Baird 的台詞。

Wahid, can you give us an update on just the supply chain? How things are evolving there? I know there have been some discussions in the past that things were starting to get a little better with chips, but there are obviously a lot of other components. And just related to how that's affecting both when we think of Small UAS and then TMS?

Wahid，你能給我們介紹一下供應鏈的最新情況嗎？那裡的情況如何發展？我知道過去曾有過一些討論，認為芯片的情況開始有所好轉，但顯然還有很多其他組件。當我們想到小型 UAS 和 TMS 時，這與這兩者的影響有關嗎？

Sure, Peter. In general, the supply chain constraints has overall improved slightly, although it is still a challenge on a day-to-day basis. For fourth quarter, we have pretty much our supply chain well addressed and taken care of, but beyond fourth quarter for next fiscal year, there are still some areas where supply chain remains to be a constraint. The most important area for us remains the warhead for our Tactical Missile Systems or Switchblade 300 and 600, which we do not make that. We receive those from General Dynamics and Northrop Grumman's. Both of those 2 warheads are highly in demand, and supply is still a challenge on a quarterly and annual basis. Besides the warheads for Small UAS, Medium UAS, UGV and other products, there are still some semiconductors supply chain constraints, but overall, since last quarter has improved to some extent, although it's still an ongoing challenge. We expect that to continue throughout next fiscal year, although the improvements that we've seen in the last couple of quarters gives me some hope and optimism that things are going to get better and better.

當然，彼得。總的來說，供應鏈的限制總體上略有改善，儘管它仍然是日常的挑戰。對於第四季度，我們的供應鏈幾乎得到了很好的解決和照顧，但在下一財年的第四季度之後，仍有一些領域供應鏈仍然是一個制約因素。對我們來說最重要的領域仍然是我們的戰術導彈系統或 Switchblade 300 和 600 的彈頭，我們不製造這些。我們收到來自通用動力公司和諾斯羅普格魯曼公司的產品。這兩個彈頭的需求量都很大，而且按季度和按年度計算供應仍然是一個挑戰。除了Small UAS、Medium UAS、UGV等產品的彈頭外，半導體供應鏈還存在一些制約因素，但總體而言，自上個季度以來有所改善，但仍是一個持續的挑戰。我們預計這種情況將持續到下一個財政年度，儘管我們在過去幾個季度看到的改善讓我對事情會變得越來越好充滿希望和樂觀。

Yes. And just as a follow-up, you mentioned the warhead. Is there alternative sources, because it seems like you're being held back by the demand for Javelin and some of the other products that use similar type warheads. Could you discuss that a little bit if that's an opportunity for you long-term?

是的。作為後續行動，你提到了彈頭。是否有替代來源，因為您似乎被標槍和其他一些使用類似彈頭的產品的需求所阻礙。如果這對你來說是一個長期的機會，你能稍微討論一下嗎？

Sure. Peter, great question. Certainly, there is alternatives, but that takes a little bit of time. We have already started, even before the conflict in Ukraine, alternative paths to be able to source other warheads for Switchblade 300 and 600. The challenge with 600 is that it shares the same warheads that the government furnishes for both the Javelin Missile as well as our Switchblade 600, the anti-tank Javelin Missile. And so, the production capacity on that takes a while for it to ramp up and increase. While that's going on, we are already working on multiple, not just 1, multiple other options on how to source other warheads that are equivalent and even warheads that have different mission capabilities for both Switchblade 300 and 600. This is top of mind for us. We've been focused on that for a while. Although the certification process and selection and qualification does take time, and it's a longer-term goal that we are making progress towards as we speak.

當然。彼得，好問題。當然，還有其他選擇，但這需要一點時間。甚至在烏克蘭衝突之前，我們就已經開始尋找替代途徑，以便能夠為 Switchblade 300 和 600 採購其他彈頭。600 的挑戰在於它與政府為標槍導彈和我們的 Switchblade 600，反坦克標槍導彈。因此，生產能力需要一段時間才能提高和增加。在此過程中，我們已經在研究多種（而不僅僅是 1）多種其他選項，以研究如何為 Switchblade 300 和 600 採購其他等效彈頭，甚至具有不同任務能力的彈頭。這是我們的首要考慮.我們一直專注於此。雖然認證過程和選擇和資格認證確實需要時間，但這是我們正在朝著更長期的目標取得進展。

(Operator Instructions) Our next question comes from the line of Austin Moeller with Canaccord Genuity.

（操作員說明）我們的下一個問題來自 Austin Moeller 與 Canaccord Genuity 的合作。

My first question here, are the Switchblade 600s that are being sent to Ukraine is part of the aid package? Are those coming out of the DoD inventory or have you been able to produce more in the fall?

我的第一個問題是，發往烏克蘭的 Switchblade 600 是否屬於一攬子援助計劃的一部分？那些來自國防部庫存還是你們在秋季能夠生產更多？

So, Austin, we continue to produce Switchblade 600s as we speak. There are some limited quantities in the U.S. DoD's inventory. Some of those have been supplied to Ukraine -- and then -- but there is significant more numbers that we're producing that we have been delivering to the customer in the last couple of quarters. U.S. DoD's inventory of Switchblade 600 remains very low in general. It started out to be quite low because it's fairly new inventory for them, but we have plenty of capacity to produce more other than the warhead. The warhead is the main gating factor there and, of course, the U.S. DoD contracts has been another 1. So, in general, the latest package that was announced by the President Biden's administration on February 24 included some Switchblade 600s and our JUMP 20s. Those we would be delivering to the U.S. DoD, and then they will be deploying them to the Ukraine forces.

因此，奧斯汀，我們將繼續生產 Switchblade 600s。美國國防部的庫存中有一些數量有限。其中一些已經供應給烏克蘭——然後——但在過去幾個季度裡，我們生產的數量要多得多，我們一直在向客戶交付。美國國防部的 Switchblade 600 庫存總體上仍然很低。它開始時很低，因為它對他們來說是相當新的庫存，但我們有足夠的能力生產除彈頭以外的更多產品。彈頭是那裡的主要控制因素，當然，美國國防部的合同是另一個 1。因此，總的來說，拜登總統政府在 2 月 24 日宣布的最新一攬子計劃包括一些 Switchblade 600 和我們的 JUMP 20。那些我們將交付給美國國防部，然後他們將把它們部署到烏克蘭軍隊。

Okay. That's helpful. And then, just since the announcement from Lithuania, what progress have you made on Switchblade FMS sales to other European countries? And do you expect some of those to show up in the fourth quarter and in the first quarter of 2024?

好的。這很有幫助。然後，就在立陶宛宣布這一消息後，您在向其他歐洲國家銷售 Switchblade FMS 方面取得了哪些進展？您預計其中一些會在 2024 年第四季度和第一季度出現嗎？

So, Austin, all Switchblade sales so far has been through the U.S. DoD's FMS office, foreign military sales, so far. As I mentioned on my remarks, Ukraine has received them already, and then Lithuania publicly announced that they are going to be purchasing Switchblade 300 and 600. We expect that to be about $45 million worth of orders -- FMS orders that is, and that's not reflected in our backlog. Those sales, plus many other countries, we have several other countries that we're engaged with. And over the next several quarters, not just several weeks or months, we will continue to convert those into contracts. Most likely, majority, if not all of them, will be FMS contracts so far, it seems like, and that is going to be a pretty large demand for Switchblade into the fiscal year '24 and beyond.

所以，奧斯汀，到目前為止，所有 Switchblade 的銷售都是通過美國國防部的 FMS 辦公室，外國軍事銷售。正如我在發言中提到的，烏克蘭已經收到它們，然後立陶宛公開宣布他們將購買 Switchblade 300 和 600。我們預計訂單價值約為 4500 萬美元——即 FMS 訂單，就是這樣沒有反映在我們的積壓中。這些銷售，加上許多其他國家，我們還有其他幾個我們正在參與的國家。在接下來的幾個季度裡，不僅僅是幾週或幾個月，我們將繼續將這些轉化為合同。到目前為止，大多數（如果不是全部的話）很可能是 FMS 合同，這似乎是 24 財年及以後對 Switchblade 的巨大需求。

I consider the Ukraine conflict and event a mind shift, a real seismic mind shift in the minds of political leaders and military leaders on what loitering munitions could do and specifically on Switchblade. And as you know, we've gotten U.S. DoD's approval to be able to sell to 20-plus countries. And I see that more and more of those countries are requesting Switchblade 300 and 600, and more of them will convert into contracts in the coming quarters and years to come.

我認為烏克蘭衝突和事件是一次思想轉變，是政治領導人和軍事領導人思想上真正的地震性思想轉變，關於遊蕩彈藥的作用，尤其是彈簧刀。如您所知，我們已經獲得美國國防部的批准，可以向 20 多個國家/地區銷售產品。我看到越來越多的國家正在申請 Switchblade 300 和 600，並且在未來幾個季度和幾年內，更多的國家將轉化為合同。

(Operator Instructions) Our next question comes from the line of Louie DiPalma with William Blair.

（操作員說明）我們的下一個問題來自 Louie DiPalma 與 William Blair 的對話。

Slide 8 provided several backlog metrics. And in the 10-Q, you disclosed how the unfunded backlog includes a $235 million contract with a third-party that's pending an export license approval. That's obviously a very large total contract value. Are you able to shed any light in terms of the probability of receiving that export license and the potential timing of that?

幻燈片 8 提供了幾個積壓指標。在 10-Q 中，您披露了沒有資金的積壓訂單如何包括與第三方簽訂的價值 2.35 億美元的合同，該合同正在等待出口許可證批准。這顯然是一個非常大的總合同價值。您能否說明獲得該出口許可證的可能性和可能的時間？

You're absolutely right that on our unfunded backlog, there is about $235 million or roughly contract for Switchblades. It's a DCS contract for a foreign country and military. And the reason for that is because that military needs them and has asked for them and requested them. The reason why it's unfunded is because we were not sure about the U.S. DoD's willingness to allow for such a large contract value for Switchblade to be initially DCS. That's why you see more announcements from the U.S. Department of Defense on Switchblade FMS sales. So, while that contract still exists in our unfunded backlog, I don't really count on it as much because I am less confident about U.S. DoD giving approval for DCS sales for such a large contract for Switchblade.

你是絕對正確的，在我們沒有資金的積壓訂單中，大約有 2.35 億美元或大約 Switchblades 的合同。這是針對外國和軍隊的 DCS 合同。這樣做的原因是因為那支軍隊需要他們並且已經要求他們並要求他們。它沒有資金的原因是因為我們不確定美國國防部是否願意允許 Switchblade 最初作為 DCS 的如此大的合同價值。這就是為什麼您會看到美國國防部發布更多關於 Switchblade FMS 銷售的公告。因此，雖然該合同仍然存在於我們沒有資金的積壓訂單中，但我並沒有真正依賴它，因為我對美國國防部批准 DCS 銷售如此大的 Switchblade 合同不太有信心。

Now, whether or not that contract gets authorized for a DCS sale and approved through the State Department, I still believe that the demand is still there. The customer has already requested the same amount, if not more of them, through FMS avenue and channels, and I expect that to actually convert to FMS sales or contract in the coming quarters. So, either way, I think it's going to work itself out, but I'm less optimistic on DCS sales and far more optimistic on FMS sales, which we're gaining more and more traction with the announcement that occurred in the last couple of quarters.

現在，無論該合同是否獲得 DCS 銷售授權並通過國務院批准，我仍然相信需求仍然存在。客戶已經通過 FMS 途徑和渠道請求了相同數量（如果不是更多的話），我希望在未來幾個季度真正轉化為 FMS 銷售或合同。因此，無論哪種方式，我認為它都會自行解決，但我對 DCS 的銷售不太樂觀，而對 FMS 的銷售更為樂觀，我們在過去幾年發布的公告中獲得了越來越多的吸引力宿舍。

Great. That detail was fantastic. And on another topic, has there been an increase in interest for your Sunglider aircraft in the wake of the Chinese balloon incident?

偉大的。那個細節太棒了。關於另一個話題，在中國氣球事件之後，你們對太陽滑翔機的興趣是否增加了？

Louie, thank you again for a great question. The answer is absolutely yes. Even before the Chinese balloons on the U.S. airspace, there has been significant discussions that we've had over the last year plus with the U.S. DoD on Sunglider for defense applications. The recent events of the Chinese balloon really elevated that to a whole different level. And what it's done, it has increased its urgency. And I am -- as I said on my remarks, I'm more optimistic about the potential for securing a some small contract amount to get us going on Sunglider for U.S. DoD needs and applications. Obviously, it will be a longer-term development and engagement and contract, but the initial 1, I expect that to happen within the next quarter or so. There is a lot of interest in that capability. Sunglider has an incredibly unique and powerful value proposition for stratospheric ISR and other types of mission for defense. And the events with China as well as the conflict in Ukraine and Russia and what's going on around the globe has really elevated the importance of this, and the urgency of it has also elevated quite dramatically.

路易，再次感謝你提出了一個很好的問題。答案是肯定的。甚至在中國氣球進入美國領空之前，我們在去年就 Sunglider 的國防應用與美國國防部進行了重要討論。中國氣球最近發生的事件確實將其提升到了一個完全不同的水平。而它所做的，增加了它的緊迫性。我是——正如我在發言中所說，我對獲得一些小額合同以使我們繼續使用 Sunglider 以滿足美國國防部的需求和應用的潛力持樂觀態度。顯然，這將是一項長期的發展、參與和合同，但最初的 1，我預計這將在下個季度左右發生。人們對這種能力很感興趣。 Sunglider 對於平流層 ISR 和其他類型的防禦任務具有難以置信的獨特和強大的價值主張。與中國的事件以及烏克蘭和俄羅斯的衝突以及全球正在發生的事情確實提高了這一點的重要性，它的緊迫性也大大提高了。

(Operator Instructions) Our next question comes from the line of Ken Herbert with RBC Capital Markets.

（操作員說明）我們的下一個問題來自 RBC Capital Markets 的 Ken Herbert。

Wahid, maybe, or Kevin, just to start off, I wanted to see if you could provide a little more detail on the MUAS segment and specifically gross profit. I know that you're investing significantly in this business. How do we think about maybe profitability in this business through the remainder of this fiscal year and into next year? And maybe at what point or maybe at what revenue point should we start to see gross margins really inflect positively in this segment?

瓦希德，也許，或者凱文，只是開始，我想看看你是否可以提供更多關於 MUAS 細分市場的細節，特別是毛利潤。我知道您在這項業務上投入了大量資金。在本財年剩餘時間和明年，我們如何考慮該業務的盈利能力？也許我們應該在什麼時候或在什麼收入點開始看到毛利率在這個細分市場中真正產生積極影響？

I'll start and then Wahid can fill in. Well, basically, they're getting a large order from Ukraine. As we've been talking about over the last several quarters, they are shifting more to a product business that was anticipated also with FUAS potential coming online here. So we see their gross margins improving as they become more of a product business over time. So you should see gradual improvement in the contribution.

我會開始，然後瓦希德可以填補。好吧，基本上，他們從烏克蘭接到了一個大訂單。正如我們在過去幾個季度一直在談論的那樣，他們正在更多地轉向產品業務，而 FUAS 的潛力也將在這裡上線。所以我們看到他們的毛利率隨著時間的推移越來越多地成為產品業務而提高。所以你應該看到貢獻逐漸改善。

Okay.

好的。

Yes. And again, Ken, that business, as you know, it's primarily a COCO service today. Our strategy when we acquired that business was to transition it more to product sales. There are several sort of pathways that we're pursuing to achieve that; 1 was that we're relying less and less on the COCO operations; 2, is to increase international sales and the potential Ukraine order that was announced by the presidential latest aid package is a significant potential for JUMP 20. And then, this will be the first of its kind that U.S. has given to Ukraine other than our Puma 3s and Puma LE systems. And by far, our UAVs are the workhorse of the Ukraine conflict today.

是的。再說一次，Ken，正如你所知，今天的業務主要是 COCO 服務。我們收購該業務時的策略是將其更多地轉變為產品銷售。我們正在尋求幾種途徑來實現這一目標； 1 是我們對 COCO 運營的依賴越來越少； 2，是為了增加國際銷售，總統最新一攬子援助計劃宣布的潛在烏克蘭訂單對 JUMP 20 來說是一個巨大的潛力。然後，這將是除我們的 Puma 外，美國向烏克蘭提供的第一個此類訂單3s 和 Puma LE 系統。到目前為止，我們的無人機是當今烏克蘭衝突的主力軍。

And then lastly, we have several additional international customers that are interested in JUMP 20 systems for product sales. What I forgot to also mention is that the army FTUAS selection that we just thought received a small incremental contract is a potentially $1 billion program. After that, there are several other programs within the U.S. Marine Corps and the U.S. Navy that we're considering, although those are a little longer-term than this next year. The U.S. Army announcement was now and the selection should probably take place sometimes by the end of our next fiscal year. And so, all of those events, Ken, will help improve the margins and the profile of that business, which was exactly the plan that we had when we purchased the company to begin with.

最後，我們還有幾個對 JUMP 20 系統產品銷售感興趣的國際客戶。我還忘了提到的是，我們剛剛認為獲得了一份小額增量合同的陸軍 FTUAS 選擇是一個潛在的 10 億美元計劃。在那之後，我們正在考慮美國海軍陸戰隊和美國海軍的其他幾個項目，儘管這些項目比明年的項目要長一些。美國陸軍現在宣布，選擇有時可能會在我們下一個財政年度結束時進行。因此，肯，所有這些事件都將有助於提高該業務的利潤率和形象，這正是我們最初購買公司時的計劃。

Yes. And as we -- and I apologize if you went through this, but as we look at the aircraft you've delivered as part of Increment 1 on the FTUAS contract, can you comment on how those are performing and any maybe lessons learned? And how you think specifically the results of Increment 1 are positioning or helping you is obviously moved into Increment 2 opportunities?

是的。當我們 - 如果您經歷過這個，我深表歉意，但是當我們查看您作為 FTUAS 合同增量 1 的一部分交付的飛機時，您能否評論一下這些飛機的表現以及可能吸取的教訓？以及您如何具體認為增量 1 的結果是定位或幫助您明顯轉移到增量 2 的機會？

Sure. So that's a really important point that you bring up, is that we're the only 1 who has been selected sole-source for Increment 0 and Increment 1, and we're the only one that has been selected for 3 phases. Increment 1 is still early. The reason I'm saying early is because we've delivered the hardware. We're in the process of training the U.S. Army personnel both in Germany and in the United States in Huntsville, Alabama. The Army has taken a slower -- it's not going as fast as we expected it to go, meaning that they now have to deploy it out there and it goes through an extensive set of testings. From our perspective and based on our experience and based on our engagement with our customer. So far, their experience with us has been extremely good.

當然。所以你提出的一個非常重要的觀點是，我們是唯一一個被選為增量 0 和增量 1 的唯一來源的人，而且我們是唯一一個被選為 3 個階段的人。增量 1 還早。我這麼早說的原因是因為我們已經交付了硬件。我們正在德國和美國阿拉巴馬州亨茨維爾培訓美國陸軍人員。陸軍的速度變慢了——它沒有我們預期的那麼快，這意味著他們現在必須把它部署在那裡，並且要經過一系列廣泛的測試。從我們的角度出發，根據我們的經驗以及我們與客戶的互動。到目前為止，他們在我們這裡的體驗非常好。

We believe that we have the advantage in that competition so far based on our track record of performance and are quite considerably more compelling and differentiated solution. The requirements that the U.S. Army has for FTUAS on Increment 2 and the final selection are things that we can deliver now. Most other vendors are not even close to that yet. And we're at least a few steps ahead of those folks in terms of delivering the capabilities and the reliability that the U.S. Army is looking for on army FTUAS. So, overall, we feel good about it, but we also remind ourselves every day that we're competing with multiple serious players and we take nothing for granted and we're going to keep continue to work and execute as we have done in the past.

我們相信，根據我們的業績記錄，我們在迄今為止的競爭中具有優勢，並且是更具吸引力和差異化的解決方案。美國陸軍在增量 2 上對 FTUAS 的要求和最終選擇是我們現在可以提供的東西。大多數其他供應商甚至還沒有接近這一點。在提供美國陸軍在陸軍 FTUAS 上尋求的能力和可靠性方面，我們至少比那些人領先幾步。所以，總的來說，我們對此感覺良好，但我們每天都提醒自己，我們正在與多名認真的球員競爭，我們不會認為任何事情都是理所當然的，我們將繼續努力和執行，就像我們在過去的。

That's great. And just finally, is it fair to assume that the inventory level on the balance sheet, significant portion of that is in the MUAS or with the JUMP 20 considering the amount of aircraft you've got in process as you prepare obviously for this ramp?

那太棒了。最後，假設資產負債表上的庫存水平，其中很大一部分在 MUAS 或 JUMP 20 中，考慮到您在為這個坡道做準備時正在處理的飛機數量，這是否公平？

We have some inventory. But no, the overall level of inventory increasing is intentional for 2 reasons. Because of the supply chain issues, #1, we've been buying ahead because we are expecting these customers to take delivery as quickly as soon as the contracts come in. And #2 has been, we've been experiencing significant growth this year and we expect even more growth next year. And so, for those, in order to secure our inventory on our products for our customers, and most of these situations are very urgent and high priority for the U.S. DoD and for allies. That's why the inventory is up with a mixture of both Small UAS, TMS and UAS and even some UGV business as well. All those businesses are growing and we're going to require inventories to support those businesses for fourth quarter and fiscal '24.

我們有一些存貨。但不，整體庫存水平增加是有意為之的，原因有二。由於供應鏈問題，#1，我們一直在提前購買，因為我們希望這些客戶在合同簽訂後儘快交貨。#2，我們今年經歷了顯著增長我們預計明年會有更多增長。因此，對於那些人來說，為了確保我們為客戶提供的產品庫存，其中大多數情況對於美國國防部和盟友來說都是非常緊急和高度優先的。這就是為什麼庫存中混合了小型無人機、TMS 和無人機，甚至還有一些 UGV 業務。所有這些業務都在增長，我們將需要庫存來支持第四季度和 24 財年的這些業務。

Yes. Remember, the Ukraine contract was over $170 million. So, they only delivered a portion of that here in the third quarter.

是的。請記住，烏克蘭的合同價值超過 1.7 億美元。因此，他們在第三季度只交付了其中的一部分。

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

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

Very good quarter. First of all, in terms of cash, where do you anticipate ending the year in terms of cash? You had a big drop from quarter-to-quarter obviously. I want to get your perspective on that.

非常好的季度。首先，就現金而言，您預計今年年底的現金情況如何？很明顯，每個季度都有很大的下降。我想听聽你對此的看法。

Well, I mean, we don't necessarily predict the cash balance at the end of the year, but I would expect inventories to continue to rise, but at the same time, we're going to be moving the cycle on some of these Ukraine billings. So we should be bringing some of the receivables down. But we're, again, going to end the year with a large quarter. So, you could see some working capital use still into the fourth quarter.

好吧，我的意思是，我們不一定預測年底的現金餘額，但我預計庫存會繼續增加，但與此同時，我們將改變其中一些的周期烏克蘭比林斯。所以我們應該減少一些應收賬款。但是，我們將再次以一個很大的季度結束這一年。因此，您可以看到第四季度仍會使用一些營運資金。

And generally speaking, Brian, our cash position, our balance sheet is very strong and healthy. We watch that and we keep an eye on it. Our ability to be able to fund the business operations is not going to be an issue in our mind.

一般來說，布賴恩，我們的現金狀況，我們的資產負債表非常強勁和健康。我們觀察並密切關注它。我們能夠為業務運營提供資金的能力不會成為我們心目中的問題。

Absolutely. It should normalize. The cash position should normalize. I know when you're growing fast like that a lot of moving parts, but should normalize within the next 2 or 3 quarters. Is that what you anticipate?

絕對地。它應該正常化。現金頭寸應該正常化。我知道當你像很多移動部件一樣快速增長時，但應該會在接下來的 2 或 3 個季度內恢復正常。那是你期待的嗎？

Yes, normalize to certain extent, but we do continue to grow. We're expecting to grow, as I think Wahid said at lest double-digit next year. So that would imply a significant growth year-over-year. And so, you'll continue to have some working capital usage. But there is some potential efficiencies over time as some of these supply chain issues ease, and we don't have to do as much pre-buying as we're doing right now.

是的，在一定程度上正常化，但我們確實在繼續增長。正如我認為 Wahid 所說的那樣，我們預計明年至少會增長兩位數。因此，這將意味著同比顯著增長。因此，您將繼續使用一些營運資金。但隨著時間的推移，隨著其中一些供應鏈問題的緩解，效率可能會有所提高，而且我們不必像現在這樣做那麼多的預購。

Great. And then, just last question since you mentioned the double-digit growth in fiscal '24. Can you talk a little bit about what you expect to see going to the bottom line in terms of the growth? Obviously, much -- well, I'm making the statement obviously, but greater growth on earnings and EBITDA. Could you give us any kind of parameters around that?

偉大的。然後，就是最後一個問題，因為你提到了 24 財年的兩位數增長。你能談談你期望看到的增長方面的底線嗎？顯然，很多 - 好吧，我顯然是在發表聲明，但收益和 EBITDA 的增長更大。你能給我們任何類型的參數嗎？

So, Brian, we obviously have a very large fourth quarter in front of us right now. We're executing against that. We will be updating you with all of our financial guidance for next fiscal year on our next call. Overall, what I can say is that we expect another year of improvements in pretty much almost all of our metrics. I think our top line will grow. I think our gross margins will sustain or even grow slightly more. As we gain scale, our mix between hardware versus hardware and product sales versus services will improve. And all of that would also mean that we will get some scale and leverage, which means the bottom line will improve significantly as well.

所以，布賴恩，我們現在顯然有一個非常大的第四季度。我們正在反對這一點。我們將在下次電話會議上為您更新下一財年的所有財務指導。總的來說，我可以說的是，我們預計幾乎所有指標都會再有一年的改進。我認為我們的收入會增長。我認為我們的毛利率將維持甚至略有增長。隨著我們規模的擴大，我們在硬件與硬件以及產品銷售與服務之間的組合將會改善。所有這一切也意味著我們將獲得一定的規模和影響力，這意味著底線也將顯著改善。

So, I think that we have executed extremely well this year against very, very difficult challenges and tough sort of headwinds, and positioned the company for multiple years of growth and prosperity. I think that it's going to be a shift in way people realize and look at Small UAS and Tactical Missile Systems and loitering munitions in general. Pretty much the future conflicts is going to be about unmanned systems on the air, on the ground and with all with lethal precision capabilities such as Switchblade. I think we're getting ourselves positioned for that. We worked really hard for that. We're going to have a great year, and I think we're going to continue to have even a better year of '24 and beyond.

因此，我認為今年我們在應對非常非常困難的挑戰和艱難的逆風方面表現得非常出色，並為公司多年的增長和繁榮奠定了基礎。我認為這將改變人們認識和看待小型 UAS 和戰術導彈系統以及一般遊蕩彈藥的方式。幾乎未來的衝突將與空中、地面以及所有具有致命精確能力（如 Switchblade）的無人系統有關。我認為我們正在為此做好準備。我們為此非常努力。我們將度過美好的一年，我認為我們將繼續度過更好的 24 年及以後的一年。

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

（操作員說明）我們的下一個問題來自 Pete Skibitski 與 Alembic Global 的合作。

Guys, 1 thing that's difficult to track is, this Ukraine funding as it grows, I think, more than $100 billion, it's just kind of the total amount that you're expecting. So, I'm sure you've kind track it with a fine tooth comb, but could you give us any kind of an estimate in terms of the Ukraine funding initiatives that have been announced so far, how much of that is as yet to make it into your backlog, even just as a rough order of magnitude?

伙計們，很難追踪的一件事是，隨著烏克蘭的增長，我認為它的資金超過 1000 億美元，這只是你們期望的總額。所以，我敢肯定你已經用精細的牙齒梳理過它了，但是你能不能給我們任何一種關於迄今為止已經宣布的烏克蘭資助計劃的估計，其中有多少尚未到位將其放入您的積壓工作中，即使只是一個粗略的數量級？

Sure. So, Pete, it is a very fluid situation, #1, because the war is an ongoing thing. And on a regular basis, the U.S. DoD keeps giving our systems to Ukraine and the efficacy of those systems are phenomenally good, and the demand for it continues to increase. While that's happening, U.S, DoD also is starting to realize we have to have more of these systems for their own backlog and for their own stockpiles of weapon systems and unmanned systems.

當然。所以，皮特，這是一個非常不穩定的情況，#1，因為戰爭是一個持續的事情。美國國防部定期向烏克蘭提供我們的系統，這些系統的功效非常好，對它的需求也在不斷增加。在這種情況發生的同時，美國國防部也開始意識到我們必須擁有更多這樣的系統來處理他們自己的積壓工作以及他們自己的武器系統和無人系統庫存。

And in addition to that, there are other international allies. We look at this on the neighborhood and even outside the neighborhoods of Ukraine that are requesting and demanding the same systems -- similar capabilities. So, so far, I would say, we're probably getting maybe half to 1/3 of what's been announced into our bookings and our backlog. I think that that's going to continue to grow and show more and more of it in our backlog. The biggest beneficiary so far has been our Small UAS with Puma AE and Puma LE systems, which is, by the way, the workhorse of the U.S. DoD's assets that they have given to Ukraine. We are told that every weapon system the U.S. DoD has given to Ukraine has 1 of our Pumas of Puma LEs lying in front of them. So, it is the workhorse of Ukraine conflict against Russia and their defenses. It scouts targets, it [sweetens] targets for HIMARS and other weapon systems. It then actually helps them to shoot it. And then once it's done and it does with battle assessments. So, variety of different missions have been achieved by Pumas and Puma LEs very effectively and very cost effectively for Ukraine and for U.S. I think that trend is going to continue. I think we've only seen a small portions of that reflecting on our backlog so far and more of that to come in the fiscal year '24 and beyond.

除此之外，還有其他國際盟友。我們在請求和要求相同系統 - 類似功能的烏克蘭社區甚至外部社區查看此問題。所以，到目前為止，我想說的是，我們的預訂和積壓訂單可能只有已宣布的一半到 1/3。我認為這將繼續增長，並在我們的積壓工作中顯示越來越多。到目前為止，最大的受益者是我們配備 Puma AE 和 Puma LE 系統的小型無人機，順便說一句，這是美國國防部提供給烏克蘭的資產的主力。我們被告知，美國國防部提供給烏克蘭的每一個武器系統前面都有我們的 Puma LE 中的 1 台。因此，它是烏克蘭與俄羅斯及其防禦衝突的主力軍。它偵察目標，它[甜化] HIMARS 和其他武器系統的目標。然後它實際上幫助他們拍攝它。一旦完成，它就會進行戰鬥評估。因此，對於烏克蘭和美國而言，Pumas 和 Puma LE 已經非常有效且極具成本效益地完成了各種不同的任務。我認為這種趨勢將繼續下去。我認為，到目前為止，我們只看到了一小部分反映在我們的積壓工作中，更多的是在 24 財年及以後。

And the recent announcement is not in our backlog.

最近的公告不在我們的積壓工作中。

None of the recent announcements, Pete, that you heard from the 24th of February is reflected in our backlog, neither is the Pumas, the Switchblade 300 and 600s or the JUMP 20 systems. All of those we expect to convert into backlog in the next 1 or 2 quarters.

皮特，你從 2 月 24 日聽到的最近公告都沒有反映在我們的積壓訂單中，Pumas、Switchblade 300 和 600s 或 JUMP 20 系統也沒有。我們希望在接下來的 1 或 2 個季度中將所有這些轉化為積壓。

Okay. Yes. I mean 1/3 to 1/2 implies a lot more to go it seems like. And just let me follow-up on your comments on fiscal '24 growth. A lot of people, I think, believe we could have a full year CR for DoD in the government fiscal '24 or at least an extended CR. Is that factored into your thinking -- your double-digit growth thinking for fiscal '24 and does that matter? Does that potential long-term CR matter less given you're ending backlog here -- funded backlog?

好的。是的。我的意思是 1/3 到 1/2 意味著還有很多事情要做。讓我跟進你對財政 '24 增長的評論。我認為，很多人相信我們可以在 24 世紀政府財政年度為國防部製定完整的 CR，或者至少是延長的 CR。這是否考慮到您的想法 - 您對 24 財年兩位數增長的想法，這重要嗎？考慮到您要在這裡結束積壓——資金積壓，潛在的長期 CR 是否更重要？

So, Pete, CRs always do matter to some extent. But given our backlog, our backlog at the end of Q3 was over $400 million. Same time last year was much lower than that, significantly lower than that. Even last quarter was about $293 million at the end of Q2. So, we're talking about almost the 2x increase in our backlog compared to third quarter of last fiscal year. Going into fiscal '24, that gives us a lot of confidence in our ability to be able to achieve that year. Obviously, the big factor is going to be supply chain and availability of products and lead time of components. But overall, I think that the CR should -- always has some impact, but not as much to our business as other businesses.

所以，Pete，CR 在某種程度上總是很重要。但考慮到我們的積壓訂單，我們在第三季度末的積壓訂單超過 4 億美元。去年同期比那個低很多，比那個低很多。即使是上一季度，在第二季度末也約為 2.93 億美元。因此，與上一財年第三季度相比，我們談論的積壓訂單幾乎增加了 2 倍。進入 24 財年，這讓我們對我們能夠實現這一年的能力充滿信心。顯然，重要的因素將是供應鍊和產品的可用性以及組件的交貨時間。但總的來說，我認為 CR 應該 - 總是有一些影響，但對我們的業務沒有其他業務那麼大。

Like I said, 1 is the backlog reason. Another reason is the fact that the system is a high priority and high urgency for both U.S. and Ukraine, and I don't see that actually decreasing over time, whether there is or there isn't a CR in general. I think that the macro level demand drivers for our business is very, very healthy. And let's not also forget, vast majority of our sales now -- shouldn't say vast majority, a significant portion of our sales come from international demand, both for Small UAS as well as for now Tactical Missile Systems as many countries that are interested in them. So I think all of those combined, net-net, we're going to -- we're looking forward to a really strong year in 2024 and even beyond.

就像我說的，1 是積壓的原因。另一個原因是該系統對美國和烏克蘭來說都是高度優先和高度緊迫的，而且我認為它不會隨著時間的推移而減少，無論是否有一般的 CR。我認為我們業務的宏觀需求驅動力非常非常健康。我們也不要忘記，我們現在的絕大部分銷售額——不應該說絕大部分，我們銷售額的很大一部分來自國際需求，包括小型無人機和現在的戰術導彈系統，因為許多國家對此感興趣在他們中。所以我認為所有這些結合起來，我們將 - 我們期待在 2024 年甚至更遠的時候真正強勁的一年。

Thank you. And I would now like to turn the conference back over to Jonah Teeter-Balin for any further remarks.

謝謝。現在，我想將會議轉回給 Jonah Teeter-Balin，聽取任何進一步的評論。

Thank you all 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 www.avinc.com. We wish you a good evening and look forward to speaking with you again following next quarter's results.

再次感謝大家參加今天的電話會議以及對 AeroVironment 的關注。可在我們的網站 www.avinc.com 上找到本次電話會議的存檔版本、所有 SEC 文件和相關新聞。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。