AeroVironment Inc (AVAV) 2023 Q4 法說會逐字稿

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

美好的一天，感謝您的支持。歡迎參加 AeroVironment 2023 財年第四季度和全年電話會議。 （操作員指示）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 with AeroVironment. Please go ahead.

現在我想將會議交給今天的發言人，AeroVironment 的喬納·蒂特-巴林 (Jonah Teeter-Balin)。請繼續。

Thanks, and good afternoon, ladies and gentlemen. Welcome to AeroVironment's Fiscal Year 2023 Fourth Quarter and Full Year Earnings Call. This is Jonah Teeter-Balin, Senior Director of Corporate Development and Investor Relations.

謝謝，女士們先生們，下午好。歡迎參加 AeroVironment 的 2023 財年第四季度和全年收益電話會議。我是喬納·蒂特-巴林 (Jonah Teeter-Balin)，公司發展和投資者關係高級總監。

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. These statements involve many risks and uncertainties that could cause actual results to differ materially from our expectations. Further information on these risks and uncertainties is contained in the company's 10-K and other filings with the SEC. In particular, in the Risk Factors and forward-looking Statement sections of each such filings. Copies are available from the SEC on the AeroVironment website or from our Investor Relations team.

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。這些陳述涉及許多風險和不確定性，可能導致實際結果與我們的預期存在重大差異。有關這些風險和不確定性的更多信息包含在該公司向 SEC 提交的 10-K 和其他文件中。特別是在每份此類文件的風險因素和前瞻性聲明部分。副本可從 SEC 的 AeroVironment 網站或我們的投資者關係團隊獲取。

This afternoon, we also filed a slide presentation with our earnings release and posted the presentation to the Investors section of our website at avinc.com under Events and Presentations. The content of this conference call contains time-sensitive information that is accurate only as of today, June 27, 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.

今天下午，我們還提交了一份包含收益報告的幻燈片演示文稿，並將該演示文稿發佈到我們網站 avinc.com 的“投資者”部分的“活動和演示文稿”下。本次電話會議的內容包含時效性信息，僅截至今天（2023 年 6 月 27 日）準確。公司沒有義務對我們今天的言論中包含的任何前瞻性陳述進行任何修改或更新它們以反映本次電話會議之後發生的事件或情況。

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

今天與我一起參加 AeroVironment 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。現在我們將首先聽取瓦希德·納瓦比的講話。瓦希德？

Thank you, Jonah. Welcome, everyone, to our fiscal year 2023 fourth 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 information related to our expectations for fiscal year 2024, after which, Kevin, Jonah and I will take your questions.

謝謝你，喬納。歡迎大家參加我們的 2023 財年第四季度收益電話會議。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審查我們的財務業績。然後我將提供與我們對 2024 財年的預期相關的信息，之后凱文、喬納和我將回答你們的問題。

I'm pleased to report that the fourth quarter results exceeded most of our expectations, and we set records across many key financial metrics. Our key messages, which are included on Slide #3 of our earnings presentation are as follows: Fourth quarter revenue rose to $186 million, a 40% increase compared to fiscal year 2022 fourth quarter, while product revenue nearly doubled year-over-year to just under $142 million.

我很高興地報告，第四季度的業績超出了我們的大部分預期，我們在許多關鍵財務指標上都創下了記錄。我們的關鍵信息（包含在收益演示文稿的第 3 張幻燈片中）如下：第四季度收入增至 1.86 億美元，與 2022 財年第四季度相比增長 40%，而產品收入同比幾乎翻倍，達到 1.86 億美元。略低於 1.42 億美元。

Second, for the full year, revenue increased to $541 million versus $446 million last year, representing 21% growth. This makes its sixth consecutive years of top line growth. Third, our funded backlog also doubled from fiscal year 2022 to set another record at $424 million. This backlog was driven by more than $750 million in bookings throughout fiscal year 2023, reflecting strong demand for our solutions, led by our Small UAS or SUAS and Tactical Missile Systems, or TMS businesses.

其次，全年收入從去年的 4.46 億美元增至 5.41 億美元，增長 21%。這使其收入連續第六年增長。第三，我們的積壓資金也較 2022 財年翻了一番，達到 4.24 億美元，再創紀錄。這一積壓是由整個 2023 財年超過 7.5 億美元的預訂推動的，反映了對我們的解決方案的強勁需求，其中我們的小型 UAS 或 SUAS 以及戰術導彈系統 (TMS) 業務為主導。

And fourth, given recent performance trends and our visibility into coming quarters, or providing fiscal year 2024 guidance that reflects nearly 20% growth in revenue, higher margins and improved bottom line results. The fundamentals of our business are strong and we're well positioned for significant expansion and value creation in fiscal year 2024 and beyond.

第四，考慮到最近的業績趨勢和我們對未來幾個季度的預見，或者提供 2024 財年的指導，反映收入增長近 20%、更高的利潤率和改善的底線結果。我們的業務基礎雄厚，我們已做好充分準備，可以在 2024 財年及以後實現大幅擴張和價值創造。

The improvement in the fourth quarter revenue was primarily due to higher SUAS and TMS sales, up 60% and more than 100%, respectively, compared to the prior year period. These results reflect ongoing demand for our Switchblade and Puma products. Gross margin for the fourth quarter was $68.4 million, an increase of 41% versus last fiscal year's $48.6 million. Our gross margin as a percentage of sales was approximately 37% in both periods. As previously discussed, we expect gross margins to remain strong in fiscal year 2024 as our revenue mix continues to shift to more favorable product sales.

第四季度收入的改善主要得益於 SUAS 和 TMS 銷售額的增加，與去年同期相比分別增長了 60% 和 100% 以上。這些結果反映了對我們的 Switchblade 和 Puma 產品的持續需求。第四季度的毛利率為 6840 萬美元，比上一財年的 4860 萬美元增長了 41%。兩個時期我們的毛利率佔銷售額的百分比約為 37%。如前所述，隨著我們的收入結構繼續轉向更有利的產品銷售，我們預計 2024 財年的毛利率將保持強勁。

As Kevin will cover in a moment, our pro forma bottom line profitability metrics were also much stronger this quarter. This improvement was primarily driven by higher revenues, which more than offset increased operating expenses. This quarter caps a record year for AeroVironment by carefully managing through challenges of the past few years such as supply chain constraints, labor shortages and inflationary pressures, we have accelerated our growth and success.

正如凱文稍後將介紹的那樣，本季度我們的預估利潤指標也要強勁得多。這一改善主要是由收入增加推動的，這遠遠抵消了運營支出的增加。本季度是 AeroVironment 創紀錄的一年，通過認真管理過去幾年的挑戰，如供應鏈限制、勞動力短缺和通脹壓力，我們加速了增長和成功。

Given our current backlog and robust demand for the company's broad portfolio of innovative unmanned solutions, we stand at the inflection point of a new phase of growth. I want to thank our investors for their continued support, especially as we enter this new chapter. As always, we're committed to delivering value to our shareholders and visibility into our progress.

鑑於我們目前的積壓以及對公司廣泛的創新無人解決方案組合的強勁需求，我們正處於新增長階段的拐點。我要感謝我們的投資者的持續支持，特別是在我們進入新篇章時。一如既往，我們致力於為股東創造價值並讓我們的進展可見。

Finally, we're deeply honored and extremely proud of the growing level of assistance we have provided to our country and allies, including Ukraine. Before we discuss each segment, I want to address the recent news that AeroVironment was not selected by the U.S. Army to proceed further with increment 2 of the Future Tactical Unmanned Aircraft Systems, otherwise known as FTUAS.

最後，我們對向我國和包括烏克蘭在內的盟友提供的援助水平不斷提高深感榮幸和自豪。在我們討論每個部分之前，我想談談最近的新聞，即美國陸軍沒有選擇 AeroVironment 來進一步推進未來戰術無人機系統增量 2（也稱為 FTUAS）。

While we're disappointed, we have fully assessed the U.S. Army's evaluation process and submitted a request for further clarification. We remain confident that the JUMP 20 UAS is the most versatile and cost-effective solution and the Group 2-3 UAS market today, and we'll continue to focus on meeting the current needs of our customers. We're humbled and honored to support the Ukraine defense efforts as the only Group 2-3 UAS solution named in the recent U.S. aid package.

雖然我們感到失望，但我們已經全面評估了美國陸軍的評估流程，並提交了進一步澄清的請求。我們仍然相信，JUMP 20 無人機是當今 2-3 組無人機市場中最通用、最具成本效益的解決方案，我們將繼續專注於滿足客戶當前的需求。作為美國最近援助計劃中唯一指定的 2-3 組無人機解決方案，我們非常榮幸能夠支持烏克蘭的國防努力。

The FTUAS increments we had been awarded to date did not comprise significant revenue for AeroVironment. We recorded a noncash charge of $190.2 million in the fourth quarter related to the MUAS business, and Kevin will discuss its details further shortly. Importantly, the Army's decision will not have a material impact on near-term revenue growth. As we look ahead, we will focus on areas where we can improve to ensure we meet our customers' needs. Further, we remain focused on winning other key programs by continuing to leverage the strength of our robust portfolio of innovative unmanned solutions.

迄今為止，我們獲得的 FTUAS 增量並不構成 AeroVironment 的大量收入。我們在第四季度記錄了與 MUAS 業務相關的 1.902 億美元非現金費用，Kevin 將很快進一步討論其細節。重要的是，陸軍的決定不會對近期收入增長產生重大影響。展望未來，我們將重點關注可以改進的領域，以確保滿足客戶的需求。此外，我們仍然致力於通過繼續利用我們強大的創新無人解決方案組合的優勢來贏得其他關鍵項目。

Despite our exit from FTUAS Increment 2, we remain bullish on our Medium UAS or MUAS product line. The JUMP 20 stands apart in its ability to perform in contested environments with an unmatched capacity to carry arm payloads and we believe it's the best Group 2-3 solution on the market today. There are multiple domestic and international opportunities, which we are currently pursuing that presents significant growth potential in the coming years.

儘管我們退出了 FTUAS Increment 2，但我們仍然看好我們的中型 UAS 或 MUAS 產品線。 JUMP 20 在競爭激烈的環境中表現出色，具有無與倫比的手臂有效負載能力，我們相信它是當今市場上最好的 2-3 組解決方案。我們目前正在尋求多種國內和國際機會，這些機會在未來幾年具有巨大的增長潛力。

Now shifting gears to other product lines, our SUAS business delivered a record year of performance on the back of our largest ever foreign military sales award in support of Ukraine. We're proud that our Puma systems have again and again proven themselves on the battlefield and are providing scouting and support for all U.S. supplied artillery weapon systems deployed in Ukraine. We expect SUAS revenue to remain strong in fiscal year 2024. We have also launched several new products and additional enhancements to our SUAS portfolio and expect sales of these solutions to be a meaningful component of future revenues.

現在，我們的 SUAS 業務正在轉向其他產品線，在我們為支持烏克蘭而獲得的有史以來最大的外國軍事銷售獎的支持下，我們的 SUAS 業務創下了創紀錄的業績。我們感到自豪的是，我們的 Puma 系統一次又一次地在戰場上證明了自己，並為部署在烏克蘭的所有美國提供的火砲武器系統提供偵察和支持。我們預計 SUAS 收入在 2024 財年將保持強勁。我們還推出了多種新產品並對 SUAS 產品組合進行了額外增強，並預計這些解決方案的銷售將成為未來收入的重要組成部分。

Our TMS business product line represents a significant growth opportunity for the company. Total TMS revenue for the quarter more than doubled year-over-year, but this is only the start. The conflict in Ukraine and our Switchblade success on the battlefield has accelerated the global trend towards increased adoption of loitering munitions. We now have orders from 4 allied nations. More importantly, the U.S. government has recently approved us to market and sell Switchblades to nearly 50 allied countries, up from 20 countries last year.

我們的 TMS 業務產品線為公司帶來了重大的增長機會。本季度 TMS 總收入同比增長了一倍多，但這僅僅是開始。烏克蘭的衝突和我們的彈簧刀在戰場上的成功加速了全球更多采用巡飛彈藥的趨勢。我們現在收到了來自 4 個盟國的訂單。更重要的是，美國政府最近批准我們向近 50 個盟國營銷和銷售彈簧刀，而去年的國家數量為 20 個。

Given the current level of global interest, record backlog and growing demand in Switchblade, we expect our TMS business to be a leading growth driver for the company moving forward. Our Unmanned Ground Vehicles or UGV product line achieved record levels of performance in the fourth quarter. Similar to our TMS segment, UGV revenue more than doubled year-over-year, resulting in the unit's best year since its inception. We're also making -- marking solid progress, providing telemax and tEODor ground vehicles to Ukraine under an accelerated schedule, and these vehicles are performing well on the battlefield. We expect another growth year for this business in fiscal year 2024.

鑑於目前全球對 Switchblade 的興趣、創紀錄的積壓和不斷增長的需求，我們預計我們的 TMS 業務將成為公司未來發展的主要增長動力。我們的無人駕駛地面車輛或 UGV 產品線在第四季度取得了創紀錄的業績水平。與我們的 TMS 部門類似，UGV 收入同比增長了一倍多，這是該部門自成立以來最好的一年。我們還取得了堅實的進展，加速向烏克蘭提供 Telemax 和 tEODor 地面車輛，這些車輛在戰場上表現良好。我們預計 2024 財年該業務將迎來又一個增長年。

Our HAPS product line continues to make solid progress and the development of next-generation Sunglider to successfully commercialize stratospheric based telecommunication services and partnership with SoftBank. We also recently received our first contract from the U.S. DoD for this unique capability and are actively pursuing multiple other defense opportunities. Given the current conflicts around the world, we believe that the defense market perhaps represents a multibillion-dollar long-term growth opportunity, and we're well positioned to supply this large market with our highly differentiated Solar HAPS solution.

我們的 HAPS 產品線繼續取得紮實進展，下一代 Sunglider 的開發成功實現了平流層電信服務的商業化以及與軟銀的合作。我們最近還收到了美國國防部針對這種獨特能力的第一份合同，並正在積極尋求多個其他防禦機會。鑑於當前世界各地的衝突，我們相信國防市場可能代表著數十億美元的長期增長機會，並且我們完全有能力為這個巨大的市場提供我們高度差異化的太陽能 HAPS 解決方案。

And finally, our MacCready Works Advanced Solutions continues to establish AeroVironment as a leading global supplier of AI, machine learning and autonomy powered unmanned systems. With the support of this team, AV is designing systems that will anticipate and evolve with the needs of our military. And these include expandable autonomous capabilities that allow our UAS to continue operations without persistent radio link and advanced artificial intelligence and machine learning algorithms that can sense, analyze and navigate the battle space. We have deployed some of these capabilities within our product lines already and expect more in the future.

最後，我們的 MacCready Works 高級解決方案繼續將 AeroVironment 打造為人工智能、機器學習和自主驅動的無人系統的全球領先供應商。在該團隊的支持下，AV 正在設計能夠預測並隨著我們軍隊的需求而發展的系統。其中包括可擴展的自主能力，使我們的無人機系統能夠在沒有持續無線電鏈路的情況下繼續運行，以及先進的人工智能和機器學習算法，可以感知、分析和導航戰鬥空間。我們已經在我們的產品線中部署了其中一些功能，並期望未來有更多功能。

This segment also continues to pursue new and exciting lines of business such as space robotics and contested logistics that could become new business segments of their own for AeroVironment. MacCready Works grew significantly in fiscal year 2023, and we expect to see additional top line growth in fiscal year 2024.

該部門還繼續追求新的、令人興奮的業務線，例如太空機器人和有爭議的物流，這些可能成為 AeroVironment 自己的新業務部門。 MacCready Works 在 2023 財年顯著增長，我們預計 2024 財年的收入將進一步增長。

Before turning the call over to Kevin, I would like to note that starting in Q1 of this fiscal year, AeroVironment will define our segments differently to reflect the larger, broader nature of our products and services and their associated end markets.

在將電話轉給 Kevin 之前，我想指出，從本財年第一季度開始，AeroVironment 將以不同的方式定義我們的細分市場，以反映我們產品和服務及其相關終端市場更大、更廣泛的性質。

Going forward, we will provide color on 3 segments: Combining our SUAS, MUAS and new JV product lines will be combined into a new Unmanned Systems Segment. Our Tactical Missile Systems will now become loitering munition systems, and our MacCready Works segment will include the current MacCready Works operations along with HAPS and other customer-funded R&D programs. We look forward to sharing more on this new segmentation next quarter.

展望未來，我們將在 3 個細分市場上提供色彩：將我們的 SUAS、MUAS 和新的合資產品線合併為新的無人系統細分市場。我們的戰術導彈系統現在將成為巡飛彈藥系統，我們的 MacCready Works 部門將包括當前的 MacCready Works 業務以及 HAPS 和其他客戶資助的研發項目。我們期待下季度分享更多有關這一新細分的信息。

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

現在，我想將電話轉給凱文·麥克唐納（Kevin McDonnell），以審查第四季度的財務狀況。凱文？

Thank you, Wahid. Today, I will be reviewing the highlights of our fourth quarter and full year fiscal 2023 performance, during which I will occasionally refer to our press release and earnings presentation available on our website. We ended the year extremely strong in terms of bookings, backlog, revenue, adjusted gross margins and adjusted EBITDA. Wahid will go over the guidance for FY '24 next but we are set up for a strong revenue and EBITDA growth in FY '24. However, as Wahid mentioned, we recorded a noncash charges in the fourth quarter related to our Medium UAS business. I will cover these shortly.

謝謝你，瓦希德。今天，我將回顧我們第四季度和 2023 財年全年業績的亮點，在此期間我偶爾會參考我們網站上的新聞稿和收益演示。我們在預訂量、積壓訂單、收入、調整後毛利率和調整後 EBITDA 方面均取得了極其強勁的業績。瓦希德接下來將回顧 24 財年的指導，但我們已為 24 財年的強勁收入和 EBITDA 增長做好了準備。然而，正如瓦希德提到的，我們在第四季度記錄了與中型無人機業務相關的非現金費用。我將很快介紹這些內容。

Let me begin by providing some more detail on the quarter -- revenue on the quarter. Revenue for the fourth quarter of fiscal 2023 was at a new record level of $186 million an increase of 40% from the fourth quarter of fiscal 2022. Slide 5 of the earnings presentation provides a breakdown of revenue by segment for the quarter. Our largest segment during the quarter was Small UAS with a record $94.6 million of revenue, up from last year's $59.2 million. We saw a healthy mix of business within Small UAS with Ukraine shipments just over 40% and the remainder from new customers and upgrades to existing customers.

讓我首先提供有關本季度的更多細節——本季度的收入。 2023 財年第四季度的收入達到 1.86 億美元的新紀錄水平，比 2022 財年第四季度增長 40%。收益演示文稿的幻燈片 5 提供了該季度按部門劃分的收入明細。本季度我們最大的細分市場是小型無人機，其收入達到創紀錄的 9460 萬美元，高於去年的 5920 萬美元。我們看到小型無人機業務呈現出健康的組合，其中烏克蘭出貨量略高於 40%，其餘部分來自新客戶和現有客戶的升級。

In other words, we are seeing strong demand beyond just Ukraine. Tactical Missile Systems or TMS recorded revenue of $42.5 million compared to $20.2 million last year during Q4. It is also worth noting that where we received $125 million of orders for our TMS products in Q4 and bringing the total for the year to just over $230 million, showing the strength of domestic and global demand for the Switchblade products.

換句話說，我們看到的不僅僅是烏克蘭的強勁需求。戰術導彈系統 (TMS) 的收入為 4250 萬美元，而去年第四季度的收入為 2020 萬美元。還值得注意的是，我們在第四季度收到了 1.25 億美元的 TMS 產品訂單，使全年訂單總額略高於 2.3 億美元，顯示了國內和全球對 Switchblade 產品的強勁需求。

Revenue for the -- from the other segment, which includes UGV, HAPS and the MacCready Works businesses, increased year-over-year to $40.6 million versus $30.1 million in the fourth quarter of fiscal 2022. Our Medium UAS segment finished with revenue for the quarter of $8.3 million a 33% decrease compared to the fourth quarter of fiscal year '22. The reduction in revenue resulted the lower COCO service revenues.

其他部門（包括 UGV、HAPS 和 MacCready Works 業務）的收入同比增長至 4060 萬美元，而 2022 財年第四季度為 3010 萬美元。我們的中型 UAS 部門的收入為季度收入為 830 萬美元，與 22 財年第四季度相比下降了 33%。收入減少導致COCO服務收入下降。

For the year, revenues had a record $540.5 million which is 21% higher than fiscal 2022. We also had record bookings for the year at over $750 million. This mostly organic revenue growth reflects the strong global demand for our products.

今年的收入達到創紀錄的 5.405 億美元，比 2022 財年增長 21%。我們今年的預訂量也創下了超過 7.5 億美元的紀錄。這種主要的有機收入增長反映了全球對我們產品的強勁需求。

Turning to gross margins. On Slide 5 of the earnings presentation, we show a breakdown between product and service revenue. Specifically, during the fourth quarter, product revenues accounted for 76% of total revenues an increase from 56% in the corresponding quarter of the previous year. The product mix shift was expected due to the substantial increase in sales of Small UAS and TMS products.

轉向毛利率。在收益演示的幻燈片 5 中，我們展示了產品和服務收入之間的細分。具體來說，第四季度產品收入佔總收入的76%，高於去年同期的56%。由於小型無人機和TMS產品銷量大幅增長，預計產品結構將發生轉變。

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 the adjusted gross margins, which excludes intangible amortization expense and other noncash purchase accounting items. In the fourth quarter, GAAP gross margins remained steady at 37%, identical to the fourth quarter of the previous year.

收益報告的幻燈片 6 顯示了調整後產品和服務毛利率的趨勢，而幻燈片 12 將 GAAP 毛利率與調整後毛利率進行了調節，其中不包括無形攤銷費用和其他非現金采購會計項目。第四季度，GAAP 毛利率穩定在 37%，與去年第四季度持平。

On the other hand, the non-GAAP adjusted gross margin slightly decreased to 39% from 40% in the prior year. Adjusted gross product margins for the quarter were 47% versus 49% in the fourth quarter of last fiscal year. The year-over-year decline in adjusted product gross margin can be attributed to the higher mix of TMS revenue. In terms of adjusted service gross margins, the fourth quarter was at 13% versus 28% during the same quarter last year, primarily due to the accelerated depreciation charges related to our COCO service assets of $4.4 million.

另一方面，非 GAAP 調整後毛利率從上一年的 40% 略有下降至 39%。本季度調整後毛利率為 47%，而上一財年第四季度為 49%。調整後產品毛利率的同比下降可歸因於 TMS 收入組合的增加。就調整後服務毛利率而言，第四季度為 13%，而去年同期為 28%，這主要是由於與我們的 COCO 服務資產相關的 440 萬美元加速折舊費用。

For the full year, GAAP gross margins ended at 32% in fiscal 2023 the same level as last fiscal year, and adjusted gross margins decreased from -- to 35% from 36%. The decrease in adjusted gross margin was primarily due to the $14.5 million of accelerated depreciation from our Medium UAS COCO assets. We expect adjusted gross margins to improve to the high 30s in FY '24 with the shift to more product revenues and transition of service margins to a more normal level.

2023 財年全年，公認會計準則毛利率為 32%，與上一財年持平，調整後毛利率從 36% 降至 35%。調整後毛利率的下降主要是由於我們的中型 UAS COCO 資產加速折舊 1,450 萬美元。我們預計，隨著產品收入的增加以及服務利潤率過渡到更正常的水平，調整後的毛利率將在 24 財年提高到 30 多歲。

In terms of adjusted EBITDA, Slide 13 of our earnings presentation shows a reconciliation of the GAAP net loss to adjusted EBITDA. In the fourth quarter of fiscal 2023, adjusted EBITDA was $46 million, representing an increase of over 60% from last year. The main factor contributing to this increase was higher sales volumes which was partially offset by increased SG&A expenses and investments in R&D. For the full fiscal year 2023, adjusted EBITDA was $90 million, representing an increase of 43% from last year.

就調整後 EBITDA 而言，我們收益報告的幻燈片 13 顯示了 GAAP 淨虧損與調整後 EBITDA 的調節表。 2023財年第四季度，調整後EBITDA為4600萬美元，較去年增長超過60%。造成這一增長的主要因素是銷量的增加，但銷售量的增加被銷售、一般行政費用和研發投資的增加部分抵消。 2023整個財年，調整後的 EBITDA 為 9000 萬美元，較去年增長 43%。

SG&A expense, excluding intangible amortization and acquisition-related expenses for the fourth quarter was 13% of revenue and 15% of revenue for the fiscal year 2023, and compared to full fiscal year 2022 of 16% of revenue.

SG&A 費用（不包括無形攤銷和收購相關費用）在 2023 財年第四季度分別佔收入的 13% 和 15%，而 2022 財年則佔收入的 16%。

R&D expense for the fourth quarter was 9% of revenue and 12% for full fiscal year 2023. We will continue to run R&D in the 10% to 12% range as we invest in new products and upgrades to existing products to meet the evolving needs of our customers.

第四季度的研發費用佔收入的 9%，2023 年全年的研發費用佔收入的 12%。我們將繼續在 10% 到 12% 的範圍內進行研發，同時投資新產品和升級現有產品以滿足不斷變化的需求我們的客戶。

Now turning to GAAP earnings. During the fourth quarter, the company encountered a net loss of $160.5 million, of which $190.1 million was a result of a noncash charges related to the Medium UAS business. Of the total noncash charge $34.1 million was the acceleration of intangible asset amortization related to a particular customer. This accelerated amortization was reported as SG&A expense in the quarter. The remaining $156 million of the total noncash charge was a goodwill adjustment from the revaluation of the Medium UAS goodwill from the Arcturus acquisition as a result of recasting of the future cash flows as a result of the FTUAS increment to loss. Although we remain optimistic about the Medium UAS business in both the short and long term, current business conditions dictate these adjustments.

現在轉向 GAAP 收益。第四季度，該公司淨虧損 1.605 億美元，其中 1.901 億美元是與中型無人機業務相關的非現金費用造成的。非現金費用總額中的 3,410 萬美元是與特定客戶相關的無形資產攤銷的加速。這種加速攤銷被報告為本季度的 SG&A 費用。非現金費用總額中剩餘的 1.56 億美元是對收購 Arcturus 的中型 UAS 商譽進行重估後的商譽調整，這是由於 FTUAS 增量為虧損而對未來現金流量進行了重新計算。儘管我們對短期和長期的中型無人機業務保持樂觀，但當前的業務狀況決定了這些調整。

Slide 10 shows the reconciliation of GAAP and adjusted or non-GAAP diluted EPS. GAAP EPS loss was $6.31 per share in the quarter and a loss of $7.04 per share for the year, both reflecting the noncash charges discussed previously. In terms of non-GAAP EPS, the company posted adjusted earnings per diluted share of $0.99 for the fourth quarter of fiscal 2023 versus $0.12 per diluted share for the fourth quarter of fiscal 2022. Full year adjusted EPS was $1.26 per share versus $1.06 per share in fiscal 2022.

幻燈片 10 顯示了 GAAP 與調整後或非 GAAP 稀釋每股收益的調節。本季度 GAAP 每股收益虧損 6.31 美元，全年每股虧損 7.04 美元，均反映了之前討論的非現金費用。就非公認會計原則每股收益而言，該公司公佈的 2023 財年第四季度調整後每股攤薄收益為 0.99 美元，而 2022 財年第四季度調整後每股攤薄收益為 0.12 美元。全年調整後每股收益為 1.26 美元，而 2022 財年第四季度為每股 1.06 美元2022 財年。

Turning to our balance sheet. Total cash, restricted cash and investments at the end of the quarter was $156.5 million, which is an increase of $51.9 million from the third quarter of fiscal 2023. In addition, we reduced our debt by over $50 million during fiscal 2023. We did see an increase in working capital during the fourth quarter, driven primarily by increased accounts receivable related to the higher sales volume. As indicated in prior quarters, we expect to see continued increases in inventories and other working capital to support a higher level of business and minimize exposure to supply chain issues and long lead times.

轉向我們的資產負債表。截至本季度末，現金、限制性現金和投資總額為 1.565 億美元，比 2023 財年第三季度增加了 5190 萬美元。此外，我們在 2023 財年期間減少了超過 5000 萬美元的債務。我們確實看到第四季度營運資金增加，主要是由於銷量增加導致的應收賬款增加。正如前幾個季度所示，我們預計庫存和其他營運資金將持續增加，以支持更高水平的業務，並最大限度地減少供應鏈問題和較長交貨時間的風險。

We continue to have a strong balance sheet with over $150 million of cash, restricted cash and investments and $100 million working capital facility with no outstanding balance.

我們繼續擁有強勁的資產負債表，擁有超過 1.5 億美元的現金、限制性現金和投資以及 1 億美元的營運資本融資，沒有未清餘額。

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

現在我想把事情轉回瓦希德身上。

Thanks, Kevin. The macro environment continues to support greater adoption of unmanned solutions. The Ukraine conflict has accelerated existing trends towards greater adoption of distributed solutions such as small drones and loitering munitions by demonstrating their effectiveness against well-equipped adversaries. These solutions are highly impactful, but typically far less expensive have shorter lead times and enable an agile force structure compared with larger traditional manned systems.

謝謝，凱文。宏觀環境繼續支持更多地採用無人解決方案。烏克蘭衝突展示了小型無人機和徘徊彈藥等分佈式解決方案對抗裝備精良對手的有效性，加速了現有趨勢的發展。這些解決方案影響很大，但與大型傳統載人系統相比，通常成本要低得多，交付時間更短，並且可以實現靈活的部隊結構。

Further, these solutions enable countries with smaller defense budgets to secure effective defensive capabilities and provide a deterrent to adversaries. We believe these global trends, combined with our market-leading technology-driven unmanned solutions, will support our growth in fiscal year 2024 and for years to come.

此外，這些解決方案使國防預算較少的國家能夠確保有效的防禦能力並對對手提供威懾。我們相信，這些全球趨勢，再加上我們市場領先的技術驅動的無人解決方案，將支持我們在 2024 財年及未來幾年的增長。

I'm now pleased to provide our guidance for fiscal year 2024 shown on Slide #7, as follows: We anticipate revenue of between $630 million and $660 million. We forecast net income between $50 million to $58 million or $1.91 to $2.21 per diluted share. Non-GAAP adjusted EBITDA of between $110 million and $120 million, and non-GAAP earnings per diluted share, excluding acquisition-related costs, amortization of intangible assets and other onetime expenses of between $2.30 and $2.60. We expect to deliver adjusted EBITDA of between 16% and 18% of revenue for the full fiscal year, while R&D investment is anticipated to remain between 10% to 12% of revenue.

我現在很高興提供幻燈片 #7 所示的 2024 財年指導，如下：我們預計收入在 6.3 億美元至 6.6 億美元之間。我們預測淨利潤在 5000 萬美元至 5800 萬美元之間，即稀釋後每股收益 1.91 美元至 2.21 美元。非 GAAP 調整後 EBITDA 為 1.1 億至 1.2 億美元，非 GAAP 稀釋每股收益（不包括收購相關成本、無形資產攤銷和其他一次性費用）為 2.30 至 2.60 美元。我們預計整個財年調整後的 EBITDA 將佔收入的 16% 至 18%，而研發投資預計將保持在收入的 10% 至 12% 之間。

Our funded backlog at the end of fiscal year 2023 was a record $424 million. As a result, visibility to the midpoint of our fiscal year '24 revenue guidance range is at 78%. This visibility sets us up for a strong fiscal year 2024. We expect first half revenue to represent almost 50% of the full fiscal year. Further, Q1 revenue should account for nearly 40% of first half revenues.

截至 2023 財年末，我們的積壓資金達到創紀錄的 4.24 億美元。因此，我們 24 財年收入指導範圍中點的可見度為 78%。這種可見性為我們 2024 財年的強勁表現奠定了基礎。我們預計上半年收入將佔整個財年的近 50%。此外，第一季度收入應佔上半年收入的近40%。

Before turning the call over for questions, let me once again summarize the key points from today's call. First, we delivered record fourth quarter performance and met or exceeded our expectations. Second, full year revenue was also a record, marking our sixth consecutive year of top line growth. Third, our funded backlog is at record levels, reflecting strong global demand for our solutions. And fourth, the fundamentals of our business are as strong as they've ever been, and we expect fiscal year 2024 to be yet another record-setting year for the company.

在轉交提問之前，讓我再次總結一下今天電話會議的要點。首先，我們第四季度的業績創歷史新高，達到或超出了我們的預期。其次，全年收入也創紀錄，標誌著我們連續第六年實現收入增長。第三，我們的資金積壓達到創紀錄水平，反映出全球對我們解決方案的強勁需求。第四，我們業務的基本面一如既往地強勁，我們預計 2024 財年將是公司又一個創紀錄的一年。

I'm also excited to inform you that Admiral Phil Davidson recently joined our Board of Directors. Admiral Davidson's outstanding qualifications and credentials speak for themselves. His guidance, informed by is extensive and relevant military expertise will be key in enabling us to better support our customers while capitalizing on the significant opportunities in front of us.

我還很高興地通知您，菲爾·戴維森海軍上將最近加入了我們的董事會。戴維森海軍上將傑出的資歷和資歷不言而喻。他的指導以廣泛且相關的軍事專業知識為基礎，這對於我們能夠更好地支持我們的客戶，同時利用我們面前的重大機遇至關重要。

I would like to thank our talented team for their dedication and hard work and helping our customers achieve their vital missions. Based on their perseverance, the faith entrusted in us by our customers, and the ongoing support of our investors, we believe we're in the best shape ever for a record-setting fiscal year 2024. We remain committed to delivering superior returns for our investors.

我要感謝我們才華橫溢的團隊的奉獻精神和辛勤工作，並幫助我們的客戶實現其重要使命。基於他們的堅持、客戶對我們的信任以及投資者的持續支持，我們相信我們將處於有史以來最好的狀態，以實現創紀錄的 2024 財年。我們仍然致力於為我們的員工提供卓越的回報投資者。

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

接下來，凱文、喬納和我現在將回答你們的問題。

(Operator Instructions) Our first question comes from Ken Herbert with RBC Capital Markets.

（操作員說明）我們的第一個問題來自 RBC 資本市場的 Ken Herbert。

Nice end of the fiscal year, Wahid. I wondered if you could provide a little more granularity on the revenue guidance for fiscal '24. And specifically, can you comment on the implied assumptions for growth within sort of the current TMS and SUAS segments?

瓦希德，本財年結束得很好。我想知道您是否可以提供更詳細的 24 財年收入指導。具體來說，您能否評論一下當前 TMS 和 SUAS 細分市場中隱含的增長假設？

Thanks, Ken. Of course, our team did a fantastic job. Very proud of the achievements especially given the challenges that we've had in the large quarter, a record year in terms of backlog revenue all across the board, pretty much very strong results for fiscal '23. And more importantly, as you mentioned, it sets us up really, really well for fiscal year '24, with again another record funded backlog and 78% visibility toward the midpoint of our guidance.

謝謝，肯。當然，我們的團隊做得非常出色。我們對所取得的成就感到非常自豪，特別是考慮到我們在大季度所面臨的挑戰，就整體積壓收入而言，這是創紀錄的一年，23 財年的業績幾乎非常強勁。更重要的是，正如您所提到的，它為我們 24 財年奠定了非常非常好的基礎，資金儲備再次創下新紀錄，並且對我們指導方針中點的可見性達到 78%。

In terms of growth, we expect both TMS and unmanned systems or SUAS product lines to have significant growth in the coming year. The demand for our systems and our products are pretty broad across the board and not just in the United States but also internationally. So it's a pretty diversified set of customers, opportunities and product portfolio that's driving and fueling our growth. We obviously expect to grow very significantly next year, close to almost $100 million on top of a very strong growth year.

在增長方面，我們預計TMS和無人系統或SUAS產品線在來年都有顯著增長。對我們的系統和產品的需求非常廣泛，不僅在美國，而且在國際上也是如此。因此，這是一組相當多元化的客戶、機會和產品組合，推動並推動了我們的增長。顯然，我們預計明年的增長將非常顯著，在強勁增長的基礎上接近近 1 億美元。

And the other thing that's really important also to note is that the strong backlog and visibility is allowing us to level load the quarters, which allows us to have a roughly evenly first half, second half, maybe first half is slightly lower than 50%, but close to it. And then the first quarter being almost 40% of the first half's revenue. So all those things as a result of really strong demand for our products across the market and a change in the paradigm, I see an inflection point here in the market where small unmanned systems as well as loitering munitions is really changing the way that military think about getting prepared to defend themselves and fight wars in the future.

另一件真正需要注意的重要事情是，強大的積壓和可見性使我們能夠平衡季度的負載，這使我們能夠大致均勻地實現上半年、下半年，也許上半年略低於 50%，但接近它。第一季度幾乎佔上半年收入的 40%。因此，由於整個市場對我們產品的真正強勁需求以及範式的變化，我看到市場出現了一個拐點，小型無人系統以及徘徊彈藥正在真正改變軍事思維方式關於為未來的自衛和戰爭做好準備。

And I think you mentioned that your -- you've got an approval now to sell the Switchblade into, I think, 50 countries. Can you just comment on actually how many countries you've been selling the system into? And what's the runway as you think about sort of capturing or obviously getting sales eventually into all 50 of those countries?

我想你提到過你現在已經獲得批准將 Switchblade 銷售到 50 個國家/地區。您能否簡單評論一下您將該系統銷售到了多少個國家？當您考慮最終在所有 50 個國家/地區獲得銷售或明顯獲得銷售時，跑道是什麼？

Sure. So Ken, as I mentioned, we have orders so far that we have booked from 4 allied countries to date. However, the list, you're right, has grown, the list of countries that the U.S. DoD and the State Department has given us an approval to market and eventually sell to basically more than doubled from 20 before last year to close to 50 countries now. We're actively involved. So that's by itself is a very large increase, and it shows, a, that there are lots of countries that are in need of this and they would like to have this capability and b, our track record and performance in Ukraine and with the U.S. military has demonstrated the capability and the value of this system.

當然。肯，正如我提到的，到目前為止，我們已經從 4 個盟國預訂了訂單。然而，你是對的，這個名單已經增加了，美國國防部和國務院批准我們營銷並最終銷售的國家名單基本上增加了一倍多，從去年之前的 20 個增加到接近 50 個國家現在。我們正在積極參與。因此，這本身就是一個非常大的增長，它表明，a，有很多國家需要這種能力，他們希望擁有這種能力，b，我們在烏克蘭和美國的記錄和表現。軍方已經證明了該系統的能力和價值。

And so U.S. DoD has been very encouraging and positive and supporting us increase that list of 50 countries.

因此，美國國防部一直非常鼓勵和積極，支持我們增加 50 個國家的名單。

In terms of how many countries do I think it's going to happen? I think this is going to follow a very similar trend, although it might be a little bit faster as our Small UAS has gone through over the last decade. Over the last decade, if you recall, our Small UAS has grown from a very small number of countries to well over 50 countries now. And I think that the TMS business or loitering munition that we're going to call it in the future, has a similar potential. We're actively engaged with several countries, several countries across the world, both Europe and Asia and many of them have interest in acquiring and getting this capability.

我認為有多少個國家會發生這種情況？我認為這將遵循一個非常相似的趨勢，儘管它可能會比我們的小型無人機在過去十年中經歷的要快一些。如果您還記得的話，在過去十年中，我們的小型無人機已從極少數國家發展到現在超過 50 個國家。我認為 TMS 業務或我們將來稱之為巡飛彈藥的業務也具有類似的潛力。我們正在與歐洲和亞洲的多個國家積極合作，其中許多國家有興趣獲得這種能力。

So I think over the next year or 2, we're going to continue to increase the number of countries and this business is set up for a very healthy growth in the years to come.

因此，我認為在未來一兩年內，我們將繼續增加國家/地區數量，並且這項業務將在未來幾年實現非常健康的增長。

Our next question comes from Louie DiPalma with William Blair.

我們的下一個問題來自路易·迪帕爾瑪和威廉·布萊爾。

Wahid, at your Analyst Day, you discussed how you are working on development of several new products, including a vertical takeoff and landing Puma, a vapor helicopter capable of carrying a small munitions payload and also the Jackal turbojet air launched loitering munition. Can you provide an update on the development of some of these new products?

瓦希德，在您的分析師日上，您討論瞭如何開發幾種新產品，包括垂直起降的美洲獅、能夠攜帶小型彈藥有效載荷的蒸汽直升機以及豺狼渦輪噴氣發動機空射徘徊彈藥。您能否介紹其中一些新產品的開發最新情況？

Sure, Louie. That is very much accurate what you just mentioned. We have introduced several new products in our last Analyst Day. And we are -- I'm here to pleased to report that we've actually started to ship some of those products to our customers and received orders for them as well. And so as I mentioned in my remarks, a decent portion of our future SUAS product line revenue will be based on these new enhancements and new products that we're launching to the market. Obviously, it's going to take some time for that to ramp up because of the customers' acquisition cycle and time frames.

當然，路易。你剛才提到的非常準確。我們在上一次分析師日推出了幾款新產品。我在這裡很高興地向大家報告，我們實際上已經開始向我們的客戶運送其中一些產品，並且也收到了訂單。正如我在發言中提到的，我們未來 SUAS 產品線收入的很大一部分將基於我們向市場推出的這些新的增強功能和新產品。顯然，由於客戶的採購週期和時間框架，這需要一些時間才能提高。

But so far, the feedback for our customers has been very strong. The products also are category industry best in terms of their performance of VAPOR MX 55 that we just launched. It is a helicopter, electrically powered that is -- we have even demonstrated its capability to launch Switchblades off of it. So that by itself is a pretty critical capability that is, so far, to my knowledge, is not really matched in that size and shape form.

但到目前為止，我們客戶的反饋非常強烈。就我們剛剛推出的 VAPOR MX 55 的性能而言，這些產品也是行業最佳的。這是一架電動直升機——我們甚至展示了它發射彈簧刀的能力。因此，據我所知，這本身就是一項非常關鍵的能力，但迄今為止，其尺寸和形狀形式並不真正匹配。

The Jackal, of course, is a product that we're partnering with Northrop Grumman for a specific opportunity with the U.S. Army, a Program of Record name called Long-Range Precision Munition, LRPM and obviously, we're making solid progress that is in the years to come, it's not immediate. And it is a large program that we're going after that. And that's obviously a version of Switchblade as roughly the size of the Switchblade 600 that is more of a sprint lawyer. So it actually travels on high speed. And then when it gets to the destination or target, it slows down which gives it a significant other set of capabilities and advantages in the battlefield.

當然，“豺狼”是我們與諾斯羅普·格魯曼公司合作的產品，旨在與美國陸軍合作，這是一個名為“遠程精確彈藥”（LRPM）的記錄計劃，顯然，我們正在取得紮實的進展，即在未來的幾年裡，這並不是立竿見影的。這是我們接下來要做的一個大型項目。這顯然是 Switchblade 的一個版本，大小與 Switchblade 600 差不多，更像是一款衝刺律師。所以它實際上是在高速行駛。然後，當它到達目的地或目標時，它會減速，這使其在戰場上具有一系列重要的其他能力和優勢。

And obviously, the Puma VTOL us to launch Puma's without runway and without hand launching them. So these products, amongst many others, is where we've been investing in the years ahead, and we'll continue to invest because we see the need for these systems and our customers demand for them going up, not down and we're in a great position to capitalize on that, especially given a very large installed base of customers.

顯然，Puma VTOL 可以在沒有跑道且無需手動發射的情況下發射 Puma。因此，這些產品以及其他許多產品是我們未來幾年一直投資的領域，我們將繼續投資，因為我們看到對這些系統的需求以及我們的客戶對它們的需求不斷上升，而不是下降，我們正在處於充分利用這一點的有利地位，特別是考慮到擁有非常龐大的客戶群。

So I also want to mention that another area that we've been investing over the last several years that I mentioned in my remarks, is our AI autonomy and software analytics, allowing these systems to work in GPS-denied operations without communications at all and being able to find targets and do automatic target recognition. And in fact, work cohesively as a team where, as Puma can identify a target, pass on that information to a Switchblade operator automatically work for the Switchblade to be launched. So these capabilities is really, to some extent, unique and gives us an advantage against our competitors because we have the largest family of system solutions that is integrated and inoperable and intelligent as a whole.

因此，我還想提一下，我在發言中提到的過去幾年我們一直在投資的另一個領域是我們的人工智能自主和軟件分析，允許這些系統在完全沒有通信的情況下在 GPS 拒絕的操作中工作，並且能夠發現目標並進行自動目標識別。事實上，作為一個團隊團結一致地工作，因為 Puma 可以識別目標，並將該信息傳遞給 Switchblade 操作員，從而自動啟動 Switchblade。因此，這些功能在某種程度上確實是獨一無二的，並為我們提供了相對於競爭對手的優勢，因為我們擁有最大的系統解決方案系列，這些解決方案是集成的、不可操作的、整體智能的。

So that's really where our investments have been going, and we look forward to reporting more progress in these areas in the quarters to come.

這確實是我們投資的方向，我們期待在未來幾個季度報告這些領域的更多進展。

And Kevin, you mentioned that I think there were $230 million worth of TMS orders for fiscal 2023. Are you able to share roughly how much of that was related to the Switchblade 600 as there's obviously a lot of investor excitement over the 600, investors are looking for data points in terms of how that product is progressing.

Kevin，您提到我認為 2023 財年的 TMS 訂單價值為 2.3 億美元。您能否大致分享其中有多少與 Switchblade 600 相關，因為顯然有很多投資者對 600 感到興奮，投資者尋找有關產品進展情況的數據點。

Thanks for the question, Louie, but we don't really break out the orders or backlog by the particular products. I think both products have different markets, and we hope they both sell really well.

謝謝你的提問，Louie，但我們並沒有真正按特定產品細分訂單或積壓訂單。我認為這兩種產品都有不同的市場，我們希望它們都能賣得很好。

Yes. And we have had very strong success so far with our -- both all 3 models of our Switchblade variants, Switchblade 300, Switchblade 600, Louie, as well as the Blackwing, as you know, it's fairly well-received product within the U.S. submarine community. But Switchblade 600, we feel very good about it. The market for that is very large. We have ship that product to our customers, and they're quite happy with it, and we continue to increase capacity and production to meet the growing needs of our customers.

是的。到目前為止，我們的 Switchblade 變體的所有 3 種型號（Switchblade 300、Switchblade 600、Louie）以及 Blackwing 都取得了巨大的成功，如您所知，它在美國潛艇中是相當受歡迎的產品社區。但是Switchblade 600，我們感覺非常好。這方面的市場非常大。我們已將該產品運送給客戶，他們對此非常滿意，我們將繼續增加產能和產量，以滿足客戶不斷增長的需求。

Our next question comes from Greg Konrad with Jefferies.

我們的下一個問題來自 Jefferies 的格雷格·康拉德 (Greg Konrad)。

Maybe just to start on TMS. You called out revenue doubling in the quarter and only being the start. How are you thinking about supply chain into fiscal year '24? And how is that balanced with demand and the ability to ramp? And given the commentary around international, does that have any impact on profit mix within the segment going forward as those international awards do ramp?

也許只是開始使用 TMS。您稱本季度收入翻了一番，但這只是一個開始。您如何看待 24 財年的供應鏈？如何與需求和增長能力相平衡？考慮到有關國際獎項的評論，隨著這些國際獎項的增加，這是否會對該細分市場未來的利潤組合產生任何影響？

So Greg, yes, we're very pleased with the progress we've been making on TMS. As I said, I consider this to be also an inflection point for loitering munition in general or loitering munitions product line is the most battle-proven product in the market. There's nothing out there that can match its track record and success and battle-proven sort of performance so far, number one.

Greg，是的，我們對 TMS 所取得的進展感到非常滿意。正如我所說，我認為這也是一般巡飛彈藥的轉折點，或者說巡飛彈藥產品線是市場上最經過實戰驗證的產品。到目前為止，沒有任何東西可以與它的記錄、成功和久經考驗的表現相媲美，排名第一。

Number two, we do expect significant growth in fiscal year '24 on TMS even though we had a very strong year last year, and our backlog is very, very strong for TMS, but that's just the beginning in my view. I think over the next several years, the TMS business is going to continue to grow. Really, we're in an inflection point in this market. We've got a lot of customer indicators and engagements that tells us that their demand for this could be very large. It's a multibillion-dollar market in my view, worldwide, and it's going to continue to grow. And we haven't even addressed the market so far or penetrated the market for air launch effects, the capability of Switchblade to come off of such as helicopters, next-generation helicopters, next-generation fighter jets as well as from ground vehicles, such as the Optionally Manned Fighting Vehicle.

第二，我們確實預計 TMS 在 24 財年將出現顯著增長，儘管去年我們的表現非常強勁，而且我們的 TMS 積壓訂單非常非常多，但在我看來，這只是一個開始。我認為未來幾年，TMS 業務將繼續增長。確實，我們正處於這個市場的拐點。我們有很多客戶指標和參與度，告訴我們他們對此的需求可能非常大。在我看來，這是一個價值數十億美元的全球市場，而且還將繼續增長。到目前為止，我們甚至還沒有涉足空中發射效果市場或滲透市場，彈簧刀能夠從直升機、下一代直升機、下一代戰鬥機以及地面車輛上起飛，例如作為可選載人戰車。

In terms of the lead times, that continues to be a slight challenge. The lead times for some of our products is for the supply chain is a little long. And we constantly are working on that, but that does put some limitation into how much growth we can have this year versus next year. So nonetheless, we expect a very strong healthy growth this year, fiscal '24. And I believe that that's going to continue beyond fiscal '24, and we're on an inflection point in our business, and we're very excited about the opportunities for growth in the coming years.

就交貨時間而言，這仍然是一個小小的挑戰。我們的一些產品的交貨時間因供應鏈而有點長。我們一直在努力實現這一目標，但這確實對我們今年與明年的增長量產生了一些限制。儘管如此，我們預計今年（24 財年）將出現非常強勁的健康增長。我相信這種情況將持續到 24 財年之後，我們正處於業務的拐點，我們對未來幾年的增長機會感到非常興奮。

We think we have line of sight on the supply chain necessary to meet our guidance levels.

我們認為我們對滿足我們的指導水平所必需的供應鏈有一定的了解。

For this year, yes, yes.

今年，是的，是的。

And then we've seen the advances around AI, and I think you've called out a number of areas of progress. I mean how do you think about monetizing that going forward, either through selling more systems? Or is there upgrade opportunities, just trying to get a sense of what that can mean for the portfolio as that advances.

然後我們看到了人工智能方面的進步，我認為您已經指出了許多領域的進展。我的意思是，您如何考慮未來通過銷售更多系統來貨幣化？或者是否存在升級機會，只是想了解隨著升級對投資組合意味著什麼。

Sure. So that's a really, really critical and important question, Greg, that you're asking. I'm glad you're asking it because I think that there's a lot of hype in the market with a lot of different players who claim that they have a lot of capability in terms of autonomy and all this. AeroVironment has been somewhat what I call quiet and humble in this area in terms of actually developing the capability and making sure that we deliver the capability in real world with our solutions.

當然。所以，格雷格，你問的這個問題真的非常非常關鍵和重要。我很高興你問這個問題，因為我認為市場上有很多不同的參與者聲稱他們在自主性和所有這些方面擁有很多能力的炒作。在實際開發功能並確保我們通過我們的解決方案在現實世界中提供該功能方面，AeroVironment 在這一領域一直保持著我所說的安靜和謙遜。

One of the first products that we launched in this space this past year was called Puma Visual Navigation System. It's essentially a modular kit that you can buy that can be installed on all of our existing Puma systems essentially. And it allows a Puma system to not rely on GPS signal at all. It can literally find its location and space and chart away to get to where it needs to go to based on an operator's instructions without reliance on GPS. So that's just the beginning. And we have the ability to do a lot more in this area I expect this over the next several years to continue to grow this capability and announce additional enhancements and new products, both hardware and software in the space.

去年我們在這個領域推出的首批產品之一是 Puma 視覺導航系統。它本質上是一個您可以購買的模塊化套件，基本上可以安裝在我們所有現有的 Puma 系統上。它允許 Puma 系統完全不依賴 GPS 信號。它可以根據操作員的指示準確地找到自己的位置和空間，並繪製圖表以到達需要前往的地方，而無需依賴 GPS。這只是開始。我們有能力在這個領域做更多的事情，我預計在接下來的幾年裡，我們將繼續增強這一能力，並宣布該領域的更多增強功能和新產品，包括硬件和軟件。

Today, as you know, our business is primarily made up of hardware and services. We expect that to change over time and in fact, it eventually include software as a selling item, whether that could be a subscription or a license TBD and depends on really on our customers' acquisition process, but I feel really good about it, and we really have a lot of good positive momentum in this area that I think sets us apart from our competitors.

如您所知，今天我們的業務主要由硬件和服務組成。我們預計這種情況會隨著時間的推移而改變，事實上，它最終包括軟件作為銷售項目，無論是訂閱還是許可證待定，並且實際上取決於我們客戶的獲取流程，但我對此感覺非常好，並且我們在這一領域確實有很多良好的積極勢頭，我認為這使我們有別於競爭對手。

Our next question comes from Jan-Frans Engelbrecht with Baird.

我們的下一個問題來自 Jan-Frans Engelbrecht 和 Baird。

I'm on for Peter today. Yes, Congrats on a great quarter. So I just wanted to get a question on the Switchblade 300. And sort of can you give us an indication of where you sit in terms of the DoD replenishment, I know you initially sent 700 drones with the majority being 300 variants. And we just saw that $65 million order come in a couple of months ago. Can you sort of give us a sense of -- has that fully been replenished because we don't really know the full breakdown of how much France we'll be getting and also the other unnamed allied nation in that latest order.

今天我來接彼得。是的，恭喜您度過了一個出色的季度。所以我只是想問一個關於 Switchblade 300 的問題。您能否告訴我們您在國防部補給方面的情況？我知道您最初發送了 700 架無人機，其中大多數是 300 種型號。幾個月前我們剛剛收到了價值 6500 萬美元的訂單。你能否讓我們了解一下——這些物資是否已經得到充分補充，因為我們並不真正知道我們將獲得多少法國以及最新訂單中的另一個未命名的盟國的完整細目。

So Jan-Frans, thank you for that question. So far, we have not really fully replenished the U.S. DoD's inventory. There's a few dynamics that's happening there. Number one, we have delivered so far quite a lot of number of Switchblades to U.S. DoD who in turn has been provided them to the Ukraine forces. And they've been very happy with them and they're asking for more and more of them. So we continue to do that.

Jan-Frans，謝謝你提出這個問題。到目前為止，我們還沒有真正完全補充美國國防部的庫存。那裡正在發生一些動態。第一，到目前為止，我們已經向美國國防部交付了大量彈簧刀，而美國國防部又將它們提供給烏克蘭軍隊。他們對這些產品非常滿意，並且要求越來越多。所以我們繼續這樣做。

The process to replenish the U.S. DoD is most likely going to be more than a 1-year process. It's going to continue beyond our fiscal year '24, in my opinion. And we're working on several fronts with the U.S. DoD to fulfill that need. A, the need will be bigger than before; b, they have really exhausted their inventories, and we need to replenish them, and c, there's also additional demand from several additional countries. And so as those countries grow and they get to use the product and their adoption grows, I think that our Switchblade family products is going to benefit and experienced very healthy growth in next year as well as next couple of years.

美國國防部的補充過程很可能需要一年以上的時間。我認為，這種情況將持續到我們的 24 財年之後。我們正在與美國國防部在多個方面開展合作，以滿足這一需求。 A、需求會比以前更大； b，他們的庫存確實耗盡了，我們需要補充它們，c，還有其他幾個國家的額外需求。因此，隨著這些國家的發展，他們開始使用該產品，並且採用率不斷增長，我認為我們的 Switchblade 系列產品將受益，並在明年和未來幾年經歷非常健康的增長。

And obviously, this year, to some extent, it's limited based on lead times of primarily the warhead as to how many warheads we can get. We have secured our needs for this year. But for beyond this year's needs, we're still working on that. So I think overall, both Switchblade 300 and 600 is going to benefit from several demand drivers. Replenishment continue to deploy to Ukraine more. U.S. inventories will go up. The number of variances is now 2 of them versus 1 and one that has a higher average selling price and then, of course, all the international demand. And then lastly, other platforms, such as LRPM or OMFV with the GDLS, all those other programs and platforms are going to be an additional layer of demand for our Switchblade family of systems.

顯然，今年在某種程度上，我們可以獲得多少彈頭，主要取決於彈頭的交付時間。我們已經確保了今年的需求。但為了超出今年的需求，我們仍在努力。因此，我認為總體而言，Switchblade 300 和 600 都將受益於多個需求驅動因素。繼續向烏克蘭部署更多補給。美國庫存將增加。現在的差異數量是 2 個，相對於 1 個，其中一個具有更高的平均售價，當然還有所有的國際需求。最後，其他平台，例如帶有 GDLS 的 LRPM 或 OMFV，所有其他程序和平台都將成為我們 Switchblade 系列系統的額外需求層。

Perfect. That's really helpful. And if I could just have a quick follow-up. Just in terms of the JUMP 20 system and the MUAS segment as a whole. So 2024 wouldn't have had material revenue contribution from FTUAS, but sort of by all accounts, the JUMP 20 system has been highly durable, a lot of hours learn, so obviously, a surprising decision there. But can you just give us a sense of how you're thinking beyond 2024 for that system and the MUAS segment as a whole in terms of sort of flogging the shortfall with FMS orders. And it seems like there's a lot of interest from foreign nations. But if you could just tell us how you're thinking sort of in 2025 onwards for that segment and product.

完美的。這真的很有幫助。如果我能快速跟進就好了。僅就 JUMP 20 系統和整個 MUAS 部分而言。因此，到 2024 年，FTUAS 不會有實質性收入貢獻，但從各方面來看，JUMP 20 系統都非常耐用，需要大量時間學習，所以顯然，這是一個令人驚訝的決定。但是，您能否讓我們了解一下，在 2024 年之後，您對該系統和整個 MUAS 細分市場在通過 FMS 訂單彌補短缺方面有何看法？外國國家似乎對此很感興趣。但如果您能告訴我們您對 2025 年之後該細分市場和產品的看法。

Sure. Jan-Frans. So absolutely, we're still very bullish on our medium UAS category, the Group 2-3 UAS. Number one, this was one opportunity. We respect our customer's decision, but we're already engaged in asking them to provide more clarification as to why we're really, really surprised by that but we have several other potential opportunities internationally that we're currently engaged in. U.S. DoD specifically has selected JUMP 20 to -- the only Group 2-3 UAV to provide to Ukraine for their conflict, and we have several other programs of record that we're chasing as well besides the U.S. Army's program.

當然。揚-弗蘭斯.所以絕對，我們仍然非常看好我們的中型無人機類別，即第 2-3 組無人機。第一，這是一次機會。我們尊重客戶的決定，但我們已經要求他們提供更多說明，解釋為什麼我們對此感到非常非常驚訝，但我們目前在國際上還有其他幾個潛在的機會。特別是美國國防部已選擇 JUMP 20 作為唯一向烏克蘭提供用於衝突的第 2-3 組無人機，除了美國陸軍的項目外，我們還有其他幾個正在追逐的記錄項目。

So while we're disappointed with that outcome of that competition, we're going to continue to invest in it because we believe it's the best capability in the market. We believe Group 2-3 UAS actually is going to be a very strong growth market, specifically given the kind of conflicts that are going on around the world, ultra-long endurance and persistent ISR as a whole, is a very large market and it's going to have even a greater multibillion dollar total addressable market. The TAM for Group 2-3, especially the JUMP 20 system, it's fairly large, and it's actually growing faster than many other UAS markets. There's even an opportunity on the Group 2-3 category for us to conduct missions of Group 4-5 UAS at a fraction of the cost and at a fraction of the logistical footprint.

因此，儘管我們對競爭的結果感到失望，但我們將繼續對其進行投資，因為我們相信這是市場上最好的能力。我們相信，2-3組無人機實際上將是一個非常強勁的增長市場，特別是考慮到世界各地正在發生的衝突、超長續航能力和持久的ISR作為一個整體，是一個非常大的市場，而且它是一個非常大的市場。將擁有更大的總規模達數十億美元的潛在市場。 Group 2-3 的 TAM，尤其是 JUMP 20 系統，相當大，而且實際上比許多其他 UAS 市場增長得更快。我們甚至有機會在第 2-3 組類別中執行第 4-5 組無人機的任務，而成本和後勤足蹟的一小部分。

So overall, our investment thesis and Group 2-3 UAS and in our Medium UAS business still is intact and it's very bullish. We're going to continue to invest in it. We have a series of enhancements and improvements and upgrades that we have planned to do in the space, and we're also engaged with multiple customers internationally to capitalize on those opportunities. And as you said, many of them have experimented and evaluated all the competitive offerings and they do believe that the JUMP 20 is the best-in-class when it comes to its capability and value proposition against all competitors. So we feel bullish about that.

因此，總體而言，我們的投資理論和第 2-3 組無人機以及中型無人機業務仍然完好無損，而且非常樂觀。我們將繼續對其進行投資。我們計劃在該領域進行一系列的增強、改進和升級，並且我們還與國際上的多個客戶合作以利用這些機會。正如您所說，他們中的許多人已經試驗和評估了所有競爭產品，他們確實相信 JUMP 20 的功能和價值主張相對於所有競爭對手而言是同類中最好的。所以我們對此感到樂觀。

(Operator Instructions) And I'd now like to turn the call back over to Jonah Teeter-Balin for any closing remarks.

（操作員說明）我現在想將電話轉回 Jonah Teeter-Balin，聽取結束語。

Thank you, and thank you once again for joining today's conference call and for your interest in AeroVironment. As a reminder, 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.

謝謝，並再次感謝您參加今天的電話會議以及對 AeroVironment 的興趣。提醒一下，本次電話會議的存檔版本、所有 SEC 文件和相關新聞都可以在我們的網站 avinc.com 上找到。我們祝您度過一個美好的夜晚，並期待在下一季度的業績公佈後再次與您交談。

Thank you.

謝謝。

Thank you, everybody.

謝謝大家。

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。