AeroVironment Inc (AVAV) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the AeroVironment Fiscal Year 2024 Third Quarter Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jonah Teeter-Balin. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 AeroVironment 2024 財年第三季電話會議。 （操作員指示）請注意，今天的會議正在錄製中。我現在想把會議交給今天的發言人喬納‧蒂特-巴林。請繼續。

Thanks, and good afternoon, ladies and gentlemen. Welcome to AeroVironment's fiscal year 2024 third quarter earnings call. This is Jonah Teeter-Balin, Senior Director of Corporate Development and Investor Relations. 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. For 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 statements portions of such filings. Copies are available from the SEC on the AeroVironment website at www.avinc.com or from our Investor Relations team.

謝謝，女士們先生們，下午好。歡迎參加 AeroVironment 2024 財年第三季財報電話會議。我是喬納‧提特-巴林 (Jonah Teeter-Balin)，公司發展與投資人關係資深總監。在我們開始之前，請注意，本次電話會議中提供的某些資訊包含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，請參閱該公司向 SEC 提交的 10-K 和其他文件，特別是此類文件的風險因素和前瞻性陳述部分。副本可從 SEC 的 AeroVironment 網站 www.avic.com 或我們的投資者關係團隊取得。

This afternoon, we also filed a slide presentation with our earnings release and posted the presentation to the Investors section of our website under Events and Presentations. The content of this conference call contains time-sensitive information that is accurate only as of today, March 4, 2024. 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，我們還提交了一份幻燈片簡報和我們的收益報告，並將簡報發佈到我們網站的「投資者」部分的「活動和簡報」下。本次電話會議的內容包含時效性信息，僅截至今天（2024 年 3 月 4 日）準確。該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、總裁兼執行長 Wahid Nawabi 先生；資深副總裁兼財務長 Kevin McDonnell 先生。現在我們將首先聽取瓦希德·納瓦比的演講。瓦希德？

Thank you, Jonah. Welcome, everyone, to our fiscal year 2024 third quarter earnings conference call. I will start by summarizing our performance and recent achievements, after which Kevin will review our financial results in detail. Next, I will provide information about our outlook for the remainder of fiscal year 2024. Kevin, Jonah and I will then take your questions.

謝謝你，喬納。歡迎大家參加我們的 2024 財年第三季財報電話會議。我將首先總結我們的業績和最近的成就，然後凱文將詳細回顧我們的財務表現。接下來，我將提供有關我們對 2024 財年剩餘時間的展望的資訊。凱文、喬納和我將回答你們的問題。

I'm pleased to report that our third quarter results were exceptional, and we once again had key milestones toward achieving our best year ever. Our key messages, which are also included on Slide #3 of our earnings presentation are as follows. First, third quarter revenue rose to $187 million, setting a new third quarter record and significantly outperforming last year's same quarter results by nearly 40%.

我很高興地向大家報告，我們第三季的業績非常出色，我們再次在實現有史以來最好的一年方面取得了關鍵的里程碑。我們的關鍵資訊如下，也包含在我們收益簡報的幻燈片#3 中。首先，第三季營收升至1.87億美元，創下第三季新紀錄，大幅超越去年同季業績近40%。

Second, revenue for Loitering Munition Segment more than doubled year-over-year and achieved its highest quarterly revenue to date. Third, this quarter's exceptional performance and high visibility gives us confidence to raise and tighten our fiscal year 2024 guidance ranges. And fourth, AeroVironment continues to be a leader in the defense tech space and remains well positioned for double-digit revenue growth in fiscal year 2025.

其次，徘徊彈藥部門的收入年增了一倍多，並實現了迄今為止最高的季度收入。第三，本季的出色表現和高知名度使我們有信心提高和收緊 2024 財年指導範圍。第四，AeroVironment 繼續成為國防技術領域的領導者，並在 2025 財年實現兩位數收入成長。

Our strong top line growth and profitability created meaningful value for our shareholders, and we're very pleased with our performance to date. Our results were driven by increasing demand for our unmatched solutions and strong operational execution. Our backlog is up 12% from the same quarter last year, and we have leveraged this stable backlog to deliver more consistent quarterly performance.

我們強勁的營收成長和獲利能力為股東創造了有意義的價值，我們對迄今為止的業績感到非常滿意。我們的業績是由對我們無與倫比的解​​決方案和強大的營運執行力不斷增長的需求所推動的。我們的積壓訂單比去年同期成長了 12%，我們利用這種穩定的積壓訂單來提供更一致的季度業績。

By level loading our factories production throughout the year, we have achieved greater operational efficiencies while expanding throughput. AeroVironment has demonstrated market-leading manufacturing capacity for unmanned systems, and we continue to invest in facilities, people and processes to prepare for even greater demand in the future.

透過全年水平裝載我們的工廠生產，我們在擴大吞吐量的同時實現了更高的營運效率。 AeroVironment 已展現出市場領先的無人系統製造能力，我們將繼續投資於設施、人員和流程，為未來更大的需求做好準備。

With both our customers and shareholders in mind, we continue to reinvest in innovative customer-driven solutions. We're targeting multiple billion-dollar programs of record as well as emerging unmanned solutions markets. We're also investing in upgrades to our current platforms, so they remain well suited to evolving battlefield conditions.

考慮到我們的客戶和股東，我們繼續對創新的客戶驅動型解決方案進行再投資。我們的目標是多個價值數十億美元的項目以及新興的無人解決方案市場。我們也投資升級現有平台，以便它們仍然能夠很好地適應不斷變化的戰場條件。

While our focus is primarily on internal development, we also remain active in seeking inorganic opportunities, which would benefit our current product portfolio and further our success. We're proud to partner with our country and our allies by delivering the solutions they need to successfully carry out their vital missions. And we're confident that we will continue to deliver strong value to our stakeholders for the remainder of fiscal year 2024 and beyond.

雖然我們的重點主要是內部發展，但我們也仍然積極尋求無機機會，這將有利於我們目前的產品組合併進一步取得成功。我們很自豪能夠與我們的國家和我們的盟友合作，為他們提供成功執行重要任務所需的解決方案。我們相信，我們將在 2024 財年剩餘時間及以後繼續為利害關係人提供強大的價值。

Now let me provide an update on current developments across our three segments. I will begin with our Loading Munition Segment or LMS, in which revenue for the third quarter more than doubled year-over-year to $58 million. Higher demand across the globe and emerging programs of record are driving historic top line growth. This was our best quarter ever for LMS with a significant rise sequentially and year-over-year, yet we believe we're only getting started.

現在讓我介紹一下我們三個細分市場目前發展的最新情況。我將從我們的彈藥裝載部門或 LMS 開始，該部門第三季的收入同比增長了一倍多，達到 5800 萬美元。全球更高的需求和不斷湧現的創紀錄節目正在推動歷史性的收入成長。這是我們 LMS 有史以來最好的季度，環比和同比都有顯著增長，但我們相信我們才剛剛開始。

As I mentioned last quarter, we're in active negotiations with the U.S. government on a large multiyear sole-source IDIQ contract for Switchblade to meet increased demand for the U.S. and our allies. We're also engaged with more than 20 countries who have demonstrated a strong interest in Switchblade and of those, about 1/3 continue to seek export authorization from the U.S. DoD.

正如我上個季度提到的，我們正在與美國政府就 Switchblade 的一份大型多年期獨家 IDIQ 合約進行積極談判，以滿足美國及其盟友不斷增長的需求。我們也與 20 多個對 Switchblade 表現出濃厚興趣的國家進行了接觸，其中約 1/3 的國家繼續尋求美國國防部的出口授權。

We're also optimistic about key programs of record in the pipeline. These include the U.S. Marine Corps solicitation for its organic precision fires or OPF program, the U.S. Army's low altitude stocking and strike ordinance or LASSO program and the U.S. Defense Innovation units Replicator initiative. We believe we are well positioned for these significant long-term opportunities. We look forward to sharing further updates on these programs later this calendar year.

我們也對正在醞釀中的關鍵記錄專案持樂觀態度。其中包括美國海軍陸戰隊對其建制精確火力或 OPF 計劃的徵集、美國陸軍的低空儲存和打擊條例或 LASSO 計劃以及美國國防創新單位的複製計劃。我們相信，我們已做好充分準備，抓住這些重大的長期機會。我們期待在今年稍後分享這些計劃的進一步更新。

In addition to these stand-alone applications, we continue to see opportunities to integrate Switchblade into other platforms such as helicopters through the U.S. Army's Long Range Precision Munition or LRPM program and ground vehicles with the U.S. Army's Optionally Manned Fighting Vehicle or OMFV program. We believe platform integrations will be a significant component of LMS revenues in future years.

除了這些獨立的應用程式之外，我們還繼續看到將Switchblade 整合到其他平台的機會，例如透過美國陸軍的遠程精確彈藥或LRPM 計劃整合到直升機中，以及透過美國陸軍的可選有人駕駛戰車或OMFV 計劃整合到地面車輛中。我們相信平台整合將成為未來幾年 LMS 收入的重要組成部分。

We expect Switchblade production to increase further in the fourth quarter, setting LMS up for another record fiscal year and even greater success in the future. Since we foresee additional large orders for Switchblade on the horizon, we're investing to further increase our manufacturing capacity. While we have sufficient capacity for the next couple of years of increased demand, our team is also evaluating future expansion of facilities, geographies and supply chain partners. In summary, we remain very optimistic about the growth potential in this business segment.

我們預計 Switchblade 產量將在第四季度進一步增加，為 LMS 創造另一個創紀錄的財年，並在未來取得更大的成功。由於我們預計未來將有更多 Switchblade 訂單，因此我們正在投資以進一步提高我們的製造能力。雖然我們有足夠的能力應對未來幾年不斷增長的需求，但我們的團隊也在評估未來設施、地理位置和供應鏈合作夥伴的擴張。綜上所述，我們對該業務板塊的成長潛力仍然非常樂觀。

Moving to our Unmanned Systems segment. Revenue for the quarter rose 23% year-over-year to approximately $113 million. Top line growth is broadly spread across our Puma and JUMP 20 systems, reflecting a good mix of domestic and international customers. While AeroVironment remains the defense tech leader in unmanned aircraft systems, the Puma now in its third generation is undeniably the industry gold standard for small UAS. In the last 12 months alone, we have shipped more than $400 million of this product to domestic and international customers.

轉向我們的無人系統部分。該季度營收年增 23% 至約 1.13 億美元。營收成長廣泛分佈在我們的 Puma 和 JUMP 20 系統中，反映出國內和國際客戶的良好組合。雖然 AeroVironment 仍然是無人機系統的國防技術領導者，但目前第三代的 Puma 無疑是小型無人機的行業黃金標準。僅在過去 12 個月內，我們就向國內和國際客戶運送了價值超過 4 億美元的產品。

It is also important to mention that the third-generation Puma we're shipping today has significant technological upgrades compared to the original one. These enhancements include higher resolution cameras, greater autonomous navigation, resiliency in contested environments, longer endurance and vertical takeoff and landing or VTOL operations, to name a few. We plan to continue these investments to keep the Puma system best-in-class. As an example, we're upgrading our software stack to include new machine learning-enabled autonomy and computer vision image recognition features for this amazing product.

另外值得一提的是，我們今天發貨的第三代 Puma 與原來的相比有了重大的技術升級。這些增強功能包括更高解析度的攝影機、更強的自主導航、競爭環境中的彈性、更長的續航時間以及垂直起降或 VTOL 操作等。我們計劃繼續這些投資，以保持 Puma 系統的一流水準。例如，我們正在升級我們的軟體堆棧，為這款令人驚嘆的產品添加新的支援機器學習的自主性和電腦視覺圖像識別功能。

In a similar manner, we're leveraging our most recent acquisition, Tomahawk Robotics to bring open architecture common control systems to our full UAS portfolio. This business has now successfully transitioned into our Unmanned Systems segment, and we expect to integrate the Kinesis software platform with our UAS platforms later this year.

以類似的方式，我們利用最近收購的 Tomahawk Robotics 將開放式架構通用控制系統引入我們完整的 UAS 產品組合中。該業務現已成功過渡到我們的無人系統領域，我們預計將在今年稍後將 Kinesis 軟體平台與我們的 UAS 平台整合。

I also want to address the U.S. Army's recent announcement that it plans to sunset the RQ-11 Raven, their workhorse small UAS after more than 20 years of service. With approximately 20,000 units delivered, Raven is the most widely adopted military UAS in the world. We are extremely proud of the support Raven has provided to the U.S. Army and our soldiers.

我還想談談美國陸軍最近宣布計劃淘汰 RQ-11 Raven，這是他們服役 20 多年的主要小型無人機。 Raven 已交付約 20,000 架，是世界上採用最廣泛的軍用無人機。我們對 Raven 為美國陸軍和我們的士兵提供的支持感到非常自豪。

At the same time, we stand ready to compete for the next-generation small UAS on the U.S. Army's Medium Range Reconnaissance or MRR program and the Long Range Reconnaissance or LRR program. Our Unmanned Systems segments continue to offer a strong, steady and profitable revenue stream, and we remain optimistic about additional domestic and international orders in our pipeline. We also believe that our recent and future product enhancements for Puma 3 AE JUMP 20 and VAPOR 55 will drive enduring customer demand for the remainder of fiscal year 2024 and beyond.

同時，我們隨時準備在美國陸軍的中程偵察或 MRR 計劃和遠程偵察或 LRR 計劃中競爭下一代小型無人機。我們的無人系統部門繼續提供強勁、穩定和盈利的收入來源，我們對管道中更多的國內和國際訂單保持樂觀。我們也相信，我們最近和未來對 Puma 3 AE JUMP 20 和 VAPOR 55 的產品增強將推動 2024 財年剩餘時間及以後的持久客戶需求。

Moving to our MacCready Works segment. As expected, revenue was down slightly from third quarter fiscal year 2023. As we discussed last quarter, we're now realizing some program delays related to the continuing resolution and an associated reduction in customer-funded R&D.

前往我們的 MacCready Works 部分。正如預期的那樣，收入較 2023 財年第三季度略有下降。正如我們上季度討論的那樣，我們現在意識到與持續解決方案以及客戶資助的研發相關減少相關的一些計劃延遲。

As Kevin will discuss, we now expect to increase R&D spend in the fourth quarter in order to progress these programs while we await funding approvals. That said, we continue to focus on many new and exciting opportunities, which will rapidly shape this business's growth. We are maintaining our investments in HAPS, Contested Logistics, Maritime UAS and other exciting platforms and technologies.

正如凱文將討論的那樣，我們現在預計將在第四季度增加研發支出，以便在等待資金批准的同時推進這些項目。也就是說，我們將繼續關注許多令人興奮的新機會，這將迅速推動該業務的成長。我們將繼續保持對 HAPS、競爭物流、海上無人機系統和其他令人興奮的平台和技術的投資。

Many of these solutions require very advanced capabilities, which AeroVironment is uniquely capable of providing. In fact, we recently won a $16 million U.S. Navy contract for the advancement of video analytics and computer vision research to support multidomain robotics. This award leverages our development of shared software ecosystems that provide enhanced situational awareness on the battlefield. Under this multiyear effort, we will explore and implement new technology that optimizes how intelligent surveillance reconnaissance and targeting are performed throughout the U.S. DoD.

其中許多解決方案需要非常先進的功能，而 AeroVironment 能夠提供獨特的功能。事實上，我們最近贏得了一份價值 1600 萬美元的美國海軍合同，用於推進視頻分析和計算機視覺研究，以支持多域機器人技術。該獎項利用了我們開發的共享軟體生態系統，可增強戰場態勢感知能力。在這項多年的努力下，我們將探索和實施新技術，以優化整個美國國防部的智慧監視偵察和目標定位的執行方式。

Finally, I would like to note that our Ingenuity Mars Helicopter just wound down its mission after making its 72nd flight. Ingenuity's performance was nothing short of outstanding, exceeding all mission objectives and expectations. We're very proud of our work on this program and look forward to supporting future planetary exploration initiatives.

最後，我想指出的是，我們的「聰明號」火星直升機在完成第 72 次飛行後剛剛結束其任務。 Ingenuity 的表現非常出色，超越了所有任務目標和期望。我們對這個計劃的工作感到非常自豪，並期待支持未來的行星探索計劃。

In summary, MacCready Works is achieving its mission to incubate new product lines and develop vial capabilities, and we look forward to sharing exciting developments in future quarters.

總而言之，MacCready Works 正在實現其孵化新產品線和開發小瓶能力的使命，我們期待在未來幾季分享令人興奮的發展。

With that, I will now turn the call over to Kevin McDonnell for a review of the quarterly financials. Kevin?

現在，我將把電話轉給凱文麥克唐納 (Kevin McDonnell)，以審查季度財務狀況。凱文？

Thank you, Wahid. Today, I will 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.

謝謝你，瓦希德。今天，我將回顧我們第三季業績的亮點，在此期間我偶爾會參考我們網站上的新聞稿和收益報告。

Overall, we had another outstanding financial quarter as the third quarter finished strong in terms of revenue, adjusted gross margins and adjusted EBITDA. We are on track to meet all our full year objectives.

總體而言，我們又度過了一個出色的財務季度，第三季度在營收、調整後毛利率和調整後 EBITDA 方面表現強勁。我們有望實現所有全年目標。

As Wahid mentioned in his remarks, revenue for the third quarter of fiscal 2024 was $186.6 million, an increase of 39% as compared to the $134.4 million for the third quarter of fiscal 2023. Slide 5 of the earnings presentation provides a breakdown of revenue by segment for the quarter.

正如瓦希德在演講中提到的，2024 財年第三季的收入為1.866 億美元，比2023 財年第三季的1.344 億美元增長了39%。收益簡報的幻燈片5 提供了收入明細：本季的部分。

Our largest segment during the quarter was Unmanned Systems, UMS, which is a combination of our small UAS, Medium UAS, UGV and recently acquired Tomahawk businesses. UMS had revenue of $113.3 million in the quarter, which is up 23% from last year's $92.3 million. Puma demand remained strong, accounting for about half the UMS revenue, but we also saw a meaningful contribution from our JUMP 20 product, Tomahawk products and ground vehicles during the quarter.

本季我們最大的細分市場是無人系統 (UMS)，它是我們的小型 UAS、中型 UAS、UGV 和最近收購的戰斧業務的組合。 UMS 本季營收為 1.133 億美元，比去年的 9,230 萬美元成長 23%。 Puma 需求依然強勁，約佔 UMS 收入的一半，但本季我們的 JUMP 20 產品、Tomahawk 產品和地面車輛也做出了有意義的貢獻。

Loading Munition or LMS recorded revenue of $57.7 million, a 140% increase as compared to the $24 million last year during Q3. A little more than half of the LMS revenues came from the Switchblade 600 products and services, while the remainder is primarily from the Switchblade 300 products.

Loading Munition 或 LMS 的營收為 5,770 萬美元，比去年第三季的 2,400 萬美元成長 140%。 LMS 收入的一半多一點來自 Switchblade 600 產品和服務，其餘部分主要來自 Switchblade 300 產品。

Revenue from our MacCready Works segment came in at $15.6 million, a decrease of 13% as compared to the $18.1 million from the third quarter of last fiscal year. However, we had over 20% increase in [non-halves] revenue year-over-year as we continue to see strong demand for our machine learning and autonomy capabilities. The MacCready Works segment's growth has been muted because of the delays in establishing a government year '24 budget.

MacCready Works 部門的營收為 1,560 萬美元，比上一財年第三季的 1,810 萬美元下降了 13%。然而，由於我們繼續看到對我們的機器學習和自主能力的強勁需求，我們的[非一半]收入同比增長了 20% 以上。由於政府 24 年預算的延遲制定，MacCready Works 部門的成長一直很緩慢。

In Slide 5 of the earnings presentation, there's a breakdown between product and service revenue. Specifically, during the third quarter, product revenue accounted for 84% of total revenues, an increase from 68% in the corresponding quarter of the previous year, primarily due to strong product revenue from both our small UAS and Loitering Munition systems businesses. We expect product revenues as a percentage of revenue to remain above 80% for the foreseeable future.

在收益簡報的幻燈片 5 中，產品和服務收入進行了細分。具體來說，第三季度，產品收入佔總收入的84%，高於去年同期的68%，這主要得益於我們的小型無人機和巡飛彈藥系統業務的強勁產品收入。我們預計在可預見的未來，產品收入佔收入的比例將維持在80%以上。

Moving to gross margins. Slide 6 of the earnings presentation shows the trend of adjusted products and service gross margins, while Slide 12 reconciles the GAAP gross margin to adjusted gross margins, which excludes intangible amortization expense and other noncash purchase accounting items.

轉向毛利率。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採購會計項目。

In the third quarter, consolidated GAAP gross margins finished at 36%, up from 34% in the previous year. The improvement in GAAP gross margins was a result of improved product service mix and higher service gross margins following the scaling down of our medium UAS COCO business in the comparable period last year.

第三季度，綜合 GAAP 毛利率為 36%，高於去年同期的 34%。公認會計準則毛利率的改善是由於去年同期我們中型無人機 COCO 業務規模縮小後產品服務組合的改善和服務毛利率的提高。

Third quarter adjusted gross margins reached 38%, marking an increase from the 36% recorded in the same period last year. The improvement was driven by the same factors as for GAAP gross margins. Adjusted product gross margins for the quarter were 38% versus 41% in the third quarter of last fiscal year, reflecting the increase of the Loitering Munition systems product revenue in the overall mix this year.

第三季調整後毛利率達38%，較去年同期的36%成長。這項改善的推動因素與公認會計準則毛利率相同。本季調整後產品毛利率為 38%，上一財年第三季為 41%，反映出今年整體組合中徘徊彈藥系統產品收入的成長。

In terms of adjusted service gross margins, the third quarter was at 40% versus 27% during the same quarter last year. The high level of service margins was primarily a result of onetime favorable contract closeout and the impact of our new Tomahawk acquisition. We expect full year fiscal 2024 adjusted gross margins to end up right around 40% following the continued proportional increase in Loitering Munition systems revenue and a decrease in small UAS revenue.

就調整後服務毛利率而言，第三季為 40%，而去年同期為 27%。高水準的服務利潤主要是因為一度有利的合約結束以及我們新收購戰斧的影響。我們預計，隨著徘徊彈藥系統收入持續按比例增長和小型無人機收入減少，2024 財年調整後毛利率最終將達到 40% 左右。

In terms of adjusted EBITDA, Slide 13 of the earnings presentation shows a reconciliation of GAAP net income to adjusted EBITDA. In the third quarter of fiscal 2024, adjusted EBITDA was $29 million, representing an increase of $5 million or 21% from the third quarter of last fiscal year. The main factors contributing this increase were stronger revenue and gross margin, which was partially offset by increased investments in R&D and incremental SG&A expenses.

就調整後 EBITDA 而言，收益簡報的投影片 13 顯示了 GAAP 淨利潤與調整後 EBITDA 的調整表。 2024財年第三季度，調整後EBITDA為2,900萬美元，較上財年第三季增加500萬美元，增幅21%。促成這一成長的主要因素是收入和毛利率的提高，但部分被研發投資的增加和增量銷售、一般管理費用所抵銷。

SG&A expense, excluding intangible amortization and acquisition related expense for the third quarter was $26 million or 14% of revenue compared to $21 million or 15% of revenue in the prior year. The increase of SG&A expense is partially a result of the Tomahawk acquisition and continued expansion of our domestic and international sales teams.

第三季的 SG&A 費用（不包括無形攤銷和收購相關費用）為 2,600 萬美元，佔營收的 14%，而去年同期為 2,100 萬美元，佔營收的 15%。 SG&A 費用的增加部分是由於戰斧收購以及我們國內和國際銷售團隊的持續擴張。

R&D expense for the third quarter was $25 million or 13% of revenue compared to $16 million or 12% of revenue in the prior year. The increase of R&D expense in both terms -- in dollar terms as a percentage of revenue is a result of investments in the next-generation Group 1 UAV, the maritime version of the JUMP 20, investment in our HAPS solar aircraft and investment in new products. We are continuing to spend AV R&D dollars on some of our U.S. DoD programs for which funding has been delayed due to the pending finalization of the U.S. federal budget for government fiscal year 2024. We now expect R&D to run in the high teens as a percentage of revenue in the fourth quarter as a result of continued investment in our long-term growth initiatives and the DoD budget delays.

第三季的研發費用為 2,500 萬美元，佔營收的 13%，而前一年的研發費用為 1,600 萬美元，佔營收的 12%。研發費用的增加（以美元計算佔收入的百分比）是由於對下一代 Group 1 無人機、JUMP 20 的海上版本、對我們的 HAPS 太陽能飛機的投資以及對新產品的投資的結果。產品。我們將繼續將 AV 研發資金用於美國國防部的一些項目，由於美國政府 2024 財年聯邦預算尚未最終確定，這些項目的資金已被推遲。我們現在預計研發百分比將在十幾歲左右由於對我們的長期成長計畫的持續投資和國防部預算的延遲，第四季的收入減少了。

Now turning to GAAP earnings. In the third quarter, the company generated a net income of $13.9 million versus a net loss of $0.7 million recorded in the same period last year. The increase in net income of $14.6 million can be attributed to several factors, namely a $22.5 million increase in adjusted gross margin, a $3 million increase in other income, a $2.7 million decrease in interest expense, a $1.9 million decrease in intangible amortization and other acquisition related expenses. These were partially offset by a $9 million increase in R&D spending, a $5.7 million increase in SG&A expenses, excluding intangible amortization and a $1.8 million increase in taxes.

現在轉向 GAAP 收益。第三季度，該公司淨利潤為 1,390 萬美元，去年同期淨虧損為 70 萬美元。淨利潤增加 1,460 萬美元可歸因於多個因素，即調整後毛利率增加 2,250 萬美元、其他收入增加 300 萬美元、利息支出減少 270 萬美元、無形攤銷和其他費用減少 190 萬美元。收購相關費用。這些部分被研發支出增加 900 萬美元、SG&A 支出增加 570 萬美元（不包括無形攤銷）和稅收增加 180 萬美元所部分抵銷。

Slide 10 shows a reconciliation of GAAP and adjusted or non-GAAP diluted EPS. The company posted adjusted earnings per share of $0.63 for the third quarter of fiscal 2024 versus $0.33 per diluted share for the third quarter of fiscal 2023.

投影片 10 顯示了 GAAP 與調整後或非 GAAP 稀釋後每股盈餘的對帳。該公司公佈的 2024 財年第三季調整後每股收益為 0.63 美元，而 2023 財年第三季稀釋後每股收益為 0.33 美元。

Turning to the balance sheet. At the close of the third quarter, our total cash and investments amounted to $129 million compared to $121.5 million at the end of the second quarter. We had a very strong cash quarter which enabled us to pay down $40 million in our term loan facility. Working capital decreased $29 million during the quarter, primarily due to the reduction in accounts receivable and inventories. However, we anticipate working capital usage to fluctuate quarter-to-quarter as we move forward. We continue to have a strong balance sheet with over $100 million of cash and investments and approximately $100 million available under our working capital facility.

轉向資產負債表。截至第三季末，我們的現金和投資總額為 1.29 億美元，而第二季末為 1.215 億美元。我們的現金季度非常強勁，使我們能夠償還 4000 萬美元的定期貸款。本季營運資金減少 2,900 萬美元，主要是由於應收帳款和庫存減少。然而，我們預計隨著我們的前進，營運資金使用量將逐季度波動。我們繼續擁有強勁的資產負債表，擁有超過 1 億美元的現金和投資，以及我們的營運資本設施下的約 1 億美元的可用資金。

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 2024 visibility. As Wahid mentioned, our funded backlog at the end of the third quarter of fiscal 2024 finished at $463 million, lower sequentially due to headwinds from the continuing resolution and the elongated foreign military sales process. Despite these challenges, we have over 100% order visibility to the midpoint of our revised revenue guidance range. Now I'd like to turn things back to Wahid.

最後，我想介紹一下我們的待辦事項指標的一些要點。收益簡報的投影片 8 總結了我們目前 2024 財年的可見性。正如瓦希德所提到的，截至 2024 財年第三季末，我們的積壓資金為 4.63 億美元，由於持續解決方案和延長對外軍售流程帶來的阻力，環比有所下降。儘管有這些挑戰，我們的訂單可見度仍達到修訂後的收入指導範圍的中點，超過 100%。現在我想把事情轉回瓦希德身上。

Thanks, Kevin. With a strong third quarter performance behind us, we're increasing and narrowing our guidance range for fiscal year 2024 as follows. We now anticipate revenue of $700 million to $710 million, full year net income of $51 million to $55 million or $1.86 to $2 per diluted share. Non-GAAP adjusted EBITDA of $122 million to $127 million, non-GAAP earnings of $2.69 to $2.83 per diluted share and R&D spend totaling 13% to 14% of revenue.

謝謝，凱文。鑑於第三季的強勁業績，我們將增加並縮小 2024 財年的指導範圍，具體如下。我們現在預計收入為 7 億至 7.1 億美元，全年淨利潤為 5,100 萬至 5,500 萬美元，或稀釋後每股收益 1.86 至 2 美元。非 GAAP 調整後 EBITDA 為 1.22 億至 1.27 億美元，非 GAAP 攤薄每股收益為 2.69 至 2.83 美元，研發支出總計佔營收的 13% 至 14%。

We remain confident in our growth trajectory for the fourth quarter and fiscal year 2025. Our backlog remains strong. Our visibility is nearly 100%, and our pipeline continues to expand. While we await approvals on the continuing resolution in supplemental assistance package in Congress, we remain hopeful that a bipartisan agreement will be reached soon. We stand ready with our cutting-edge battle tested solutions and unmatched manufacturing capacity to meet our customers' needs.

我們對第四季和 2025 財年的成長軌跡仍然充滿信心。我們的積壓訂單仍然強勁。我們的可見度接近 100%，我們的通路不斷擴大。在我們等待國會批准補充援助計畫的持續決議的同時，我們仍然希望兩黨能夠很快達成協議。我們隨時準備好提供經過考驗的尖端解決方案和無與倫比的製造能力，以滿足客戶的需求。

Given our strong performance, we remain on a trajectory of our best year ever again. As stated in the past, our expectations for this year and beyond are not driven by a single product or customer, but by the overall expanding global demand and our autonomous AI-enabled unmanned solutions.

鑑於我們的強勁表現，我們仍然走在有史以來最好的一年的軌道上。正如過去所說，我們對今年及以後的期望不是由單一產品或客戶驅動的，而是由整體不斷擴大的全球需求和我們的自主人工智慧無人解決方案所驅動的。

We are ideally suited to continue this grow trajectory given our global installed base, battle-tested solution offering, successful track record, proven best in-glass technology, agile product development cycle and unmatched manufacturing capacity. As our addressable markets expand, we remain well positioned to benefit from budget priorities in the U.S. -- in the U.S. and abroad as an industry leader and the original defense technology innovator.

鑑於我們的全球安裝基礎、經過考驗的解決方案、成功的業績記錄、經過驗證的最佳玻璃技術、靈活的產品開發週期和無與倫比的製造能力，我們非常適合繼續這一成長軌跡。隨著我們的目標市場不斷擴大，我們仍然處於有利地位，可以從美國的預算優先事項中受益——在美國和國外，作為行業領導者和原始國防技術創新者。

Before I turn the call over for Q&A, let me summarize the key points from today's call. First, we delivered outstanding third quarter results with record-breaking revenue and strong profitability. Second, our Loitering Munition Segment delivered impressive year-over-year growth and achieved its highest quarterly revenue to date. Third, we're raising and tightening our fiscal year 2024 guidance range, and fourth, with the solid momentum, we anticipate double-digit top line growth in fiscal year 2025.

在將電話轉交進行問答之前，讓我總結一下今天電話的要點。首先，我們第三季業績出色，營收創歷史新高，獲利能力強勁。其次，我們的徘徊彈藥部門實現了令人印象深刻的同比增長，並實現了迄今為止最高的季度收入。第三，我們正在提高並收緊 2024 財年指導範圍；第四，憑藉強勁的勢頭，我們預計 2025 財年將實現兩位數的營收成長。

Thanks again to our investors for their support of our mission and company, and thank you to our customers for putting their faith in AeroVironment. Finally, thank you to our highly capable employees who strive to meet our customers' urgent needs and ensure our products deliver when it really counts. We are honored to support our country and allies at this critical time. As we close out fiscal year 2024, we look forward to further success in the years to come.

再次感謝我們的投資者對我們的使命和公司的支持，並感謝我們的客戶對 AeroVironment 的信任。最後，感謝我們高素質的員工，他們努力滿足客戶的緊急需求，並確保我們的產品在真正重要的時候交付。我們很榮幸能在這個關鍵時刻支持我們的國家和盟友。隨著 2024 財年的結束，我們期待在未來幾年能取得進一步的成功。

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 Peter Arment with Baird. Please proceed with your question.

（操作員說明）我們的第一個問題來自貝爾德的 Peter Arment。請繼續你的問題。

Hey, thanks. Good afternoon, Wahid, Kevin and Jonah, nice results.

嘿，謝謝。下午好，瓦希德、凱文和喬納，成果不錯。

Hi, Peter. Thank you.

嗨，彼得。謝謝。

Thank you.

謝謝。

Wahid, you mentioned about capacity kind of expansion plans. I wonder if you could give a little more color on Switchblade capacity. I think we've all seen the numerous reports of kind of the opportunities that are in front of you for that product. And I know that there was thoughts that you guys already had existing capacity of a couple of thousand units. Maybe if you could just give us your thoughts on what -- where you think you're taking capacity to?

瓦希德，您提到了產能擴張計畫。我想知道你是否可以對 Switchblade 的容量提供更多的說明。我想我們都已經看到了大量關於該產品面臨的機會的報告。我知道有人認為你們已經擁有幾千台的現有產能。也許您可以告訴我們您的想法，您認為您正在將產能用於哪些方面？

Thank you, Peter. So as I mentioned in the remarks, we have significantly increased our Switchblade production capacity in the past several quarters with the expectation of our customers and the demand that we see across the globe, number one.

謝謝你，彼得。正如我在評論中提到的，我們在過去幾個季度顯著提高了彈簧刀的產能，以滿足客戶的期望和我們在全球範圍內看到的第一需求。

Number two, we have sufficient capacity right now to meet the increased demand that we're forecasting for the next 2 years. We believe that we're the only company out there in the entire world that can produce Loitering Munition such as Switchblades by the thousands today. And we've delivered thousands of them in the last year and 2 years alone, as you know.

第二，我們現在有足夠的產能來滿足我們預測未來兩年不斷增長的需求。我們相信，我們是全世界唯一一家能夠生產數千枚彈簧刀等徘徊彈藥的公司。如您所知，僅去年兩年我們就交付了數千個。

And so beyond the next 2 years, we're already engaged in looking at new sites and new facilities and new expansion plans to go above and beyond that. And especially with programs such as Replicator, which we're very heavily engaged with the U.S. Department of Defense and DIU, we expect that companies like AeroVironment, who has a very unique capability to be able to produce them in volume at program record level of rigor and reliability and safety will benefit from this heightened demand and customer need.

因此，在未來兩年內，我們已經開始尋找新地點、新設施以及新的擴張計劃，以超越這一目標。尤其是像 Replicator 這樣的項目，我們與美國國防部和 DIU 密切合作，我們期望像 AeroVironment 這樣的公司擁有非常獨特的能力，能夠以項目創紀錄的水平批量生產它們。嚴格性、可靠性和安全性將受益於這種不斷增長的需求和客戶需求。

So we remain ready. We have been delivering products very, very effectively in the last several quarters and in a couple of years, and we look forward to the additional demands that are coming our way. It is all very positive for us.

所以我們保持準備狀態。在過去的幾個季度和幾年裡，我們一直非常非常有效地交付產品，我們期待即將到來的額外需求。這對我們來說都是非常積極的。

Yes. Yes. And just as my second question, just could you give a little more color around timing of LASSO just is that being held up by the funding delays? And if that -- if we do get a resolution in March, when would you expect to kind of begin to ship units? Thanks again, Wahid.

是的。是的。正如我的第二個問題，您能否就 LASSO 的時間安排提供更多信息，是否是因為資金延遲而耽擱了？如果那樣的話——如果我們確實在三月得到了解決方案，你預計什麼時候開始發貨？再次感謝，瓦希德。

So the U.S. Army has publicly stated that they are going to go through multiple tranches, and I believe that they've said that the first tranche AeroVironment is the sole source provider of the systems for the U.S. Army on their own public statements. We are working with them directly. If the budget approval happens through Congress, we're expecting that to turn into another contract, sometimes probably this summer or right thereafter.

因此，美國陸軍公開表示，他們將進行多次付款，我相信他們在自己的公開聲明中表示，第一批 AeroVironment 是美國陸軍系統的唯一來源提供者。我們正在直接與他們合作。如果國會批准預算，我們預計這將變成另一份合同，有時可能是在今年夏天或之後。

We're actively engaged with the U.S. Army. We know that, that's a very key need by the U.S. Army as it's a directed requirement by General Rainey from the Army Futures Command. We're engaged with their office as well as the acquisitions executives within Pentagon and we're prepared to support them.

我們正在積極與美國陸軍接觸。我們知道，這是美國陸軍的一個非常關鍵的需求，因為這是陸軍未來司令部雷尼將軍的直接要求。我們正在與他們的辦公室以及五角大樓內的採購主管接觸，並準備為他們提供支援。

In fact, one of the reasons why we've increased our capacity is because we're expecting them to work through the budget process and eventually award contracts for us to deliver more. It is one of the key program records that we're pursuing, as I mentioned in my remarks, and there are many others besides that as well that we're pursuing. Peter?

事實上，我們增加產能的原因之一是我們希望他們能夠完成預算流程，並最終授予我們更多服務的合約。正如我在發言中提到的，這是我們正在追求的關鍵計劃記錄之一，除此之外我們還正在追求許多其他記錄。彼得？

Thanks so much. I'll leave at two.

非常感謝。我兩點出發。

You're welcome. Thanks, Peter.

不客氣。謝謝，彼得。

One moment for our next question. Our next question comes from Greg Konrad with Jefferies. Please proceed with your question.

請稍等一下我們的下一個問題。我們的下一個問題來自 Jefferies 的 Greg Konrad。請繼續你的問題。

Good evening. Maybe just to start, your comments about phasing out Raven. How meaningful is Raven today? And just thinking about OE and some of the service volume tied to that? And how do you think about the phasing of any replacement in terms of that bridge whenever Raven does phase out?

晚安.也許只是開始，您對逐步淘汰 Raven 的評論。 Raven 在今天有多有意義？只是考慮 OE 和與之相關的一些服務量嗎？每當 Raven 逐步淘汰時，您如何看待橋樑的任何替代品的逐步淘汰？

So Greg, I'm glad you asked that question because Raven, as you know, has been the workhorse of the U.S. Military's small UAS for the last 2 decades. We're very proud of that. We've got over 20,000 of those units shipped around the world and U.S. Army is one of the largest customers of Raven.

格雷格，我很高興你問了這個問題，因為如你所知，Raven 在過去 20 年裡一直是美國軍方小型無人機的主力。我們對此感到非常自豪。我們已將 20,000 多台此類設備運往世界各地，美國陸軍是 Raven 的最大客戶之一。

In the last several years, Raven has not been the primary driver of our revenue or shipments at all. In fact, it's been in a sustainment mode for the most part. And so sunsetting that program by the U.S. Army, a, will take several years, most likely. It won't happen overnight. And b, it's not going to be a material financial impact to our environment. In fact, we're very bullish and we're very excited that the army did that so they can expedite the next generation of systems, which we are pursuing those requirements with our next-generation systems.

在過去的幾年裡，Raven 根本不是我們收入或出貨量的主要動力。事實上，它大部分時間都處於維持模式。因此，美國陸軍取消該計劃很可能需要幾年時間。這不會在一夜之間發生。 b，這不會對我們的環境產生重大的財務影響。事實上，我們非常樂觀，我們對軍隊這樣做感到非常興奮，這樣他們就可以加快下一代系統的開發，我們正在透過下一代系統來滿足這些要求。

The primary driver of our small UAS revenue, as I mentioned in the remarks, has been and continues to be the Puma system. And Puma is really, by far, the most prominent driver of the revenue for small UAS. Raven is almost insignificant and has been for the last several -- 2 to 3 years, at least. So we don't expect that to have any negative impacts. And in fact, we consider that as an instigator of potentially expediting the next program of record, which is referred to as MRR medium-range reconnaissance and LRR, which is the long-range reconnaissance. We have solutions for those requirements. We're working with the customers, and we look forward to that. And I think that is going to be another tranche of demand over the next several years for AeroVironment small UAS systems in the future.

正如我在評論中提到的，我們小型無人機收入的主要驅動力一直是並將繼續是 Puma 系統。到目前為止，Puma 確實是小型無人機收入的最重要推動者。 Raven 幾乎是無足輕重的，而且在過去的幾年裡——至少在兩到三年裡一直如此。因此，我們預計這不會產生任何負面影響。事實上，我們認為這可能會加速下一個記錄計劃，即 MRR 中程偵察和 LRR，即遠端偵察。我們有滿足這些要求的解決方案。我們正在與客戶合作，我們對此充滿期待。我認為這將是未來幾年對 AeroVironment 小型無人機系統的另一部分需求。

And then just one follow-up. I think you said working capital would be lumpy given the good inventory and receivable in the quarter. But I think that was the first down inventory sequentially in maybe 5 or 6 quarters. Anything to read in terms of that in terms of supply chain stabilization or anything else around that working capital move?

然後只有一個後續行動。我認為您說過，鑑於本季良好的庫存和應收帳款，營運資金將會不穩定。但我認為這可能是五、六個季度以來庫存首次連續下降。在供應鏈穩定方面或圍繞營運資金變動的其他方面有什麼值得讀的嗎？

Well, I'll take that. I mean, basically, we've kind of reached, if you look at our revenue trend, it's kind of reached another level of the $180-or-so million. So the working capital usage was to get us up to that level. Obviously, we're going to continue to increase and grow the business.

好吧，我會接受的。我的意思是，基本上，如果你看看我們的收入趨勢，我們已經達到了 180 億美元左右的另一個水平。因此，營運資金的使用是為了讓我們達到這個水準。顯然，我們將繼續增加和發展業務。

But this is a 30% growth year when you look -- if you go to the midpoint of our guidance range, with a 20% growth year last year. So that's a lot of growth over a 2-year period. And you're right, it's the first quarter and I think over 2 years that we've had a down sequential working capital quarter. But as we move forward, we'll see quarters where it'll go up and down depending upon what the demand is in the following quarters.

但如果你看一下我們的指導範圍的中點，去年的成長率為 20%，那麼今年是 30% 的成長。所以這在兩年內是一個很大的成長。你是對的，這是第一季度，我認為兩年來我們的營運資本季度連續下降。但隨著我們前進，我們會看到幾季的價格會根據接下來幾季的需求而上下波動。

I'll leave it at that. Thank you.

我就這樣吧。謝謝。

Thank you, Greg.

謝謝你，格雷格。

One moment for our next question. Our next question comes from Pete Skibitski with Alembic Global. Please proceed with your question.

請稍等一下我們的下一個問題。我們的下一個問題來自 Alembic Global 的 Pete Skibitski。請繼續你的問題。

Hey, good afternoon, guys. As you look into fiscal '25 and you've given a double-digit top line target, I'm wondering, given that on the gross margin line, should we expect the current -- the recent trends to continue? In other words, that revenue continues to shift towards product sales. And within product sales, we continue to shift towards LMS. And so maybe overall gross margin is sort of flattish in fiscal '25. Is that the right way to think about it?

嘿，下午好，夥計們。當您展望 25 財年並給出兩位數的營收目標時，我想知道，考慮到毛利率，我們是否應該預期當前的趨勢會持續下去？換句話說，該收入繼續轉向產品銷售。在產品銷售方面，我們繼續轉向 LMS。因此，25 財年的整體毛利率可能持平。這是正確的思考方式嗎？

Yes. I think that's a good way to think about it.

是的。我認為這是一個很好的思考方式。

Yes.

是的。

Absolutely, Pete, as I said in the remarks, I mean, our gross margin is very healthy, very solid. We've made a lot of adjustments in our product portfolio and mix that has resulted in that. And we obviously provide you with our fiscal '25 guidance next quarter. But we feel very strong that our business is in a growth mode and both our services as well as our products margins are quite favorable and improved quite a bit over the last several quarters.

當然，皮特，正如我在演講中所說，我的意思是，我們的毛利率非常健康、非常穩定。我們對產品組合和組合進行了大量調整，從而實現了這一目標。顯然，我們會在下個季度向您提供我們的 25 財年指導。但我們堅信，我們的業務正處於成長模式，我們的服務和產品利潤率都非常有利，並且在過去幾個季度中得到了很大提高。

Okay. Got it. Thanks for that. And then just on Switchblade, I guess for fiscal '24, can you give us a sense of how many international customers you're actually delivering to? Obviously, Ukraine is one, but any other major orders internationally that you've delivered to in fiscal '24? And any that are kind of near term expected?

好的。知道了。感謝那。然後就 Switchblade 而言，我想在 24 財年，您能否讓我們了解您實際上向多少國際客戶提供服務？顯然，烏克蘭就是其中之一，但是您在 24 財年交付的其他國際主要訂單是什麼？短期內有什麼預期的嗎？

So Pete, we are working with a very large number of customers, as I said in my remarks, well over 20 countries that have shown and demonstrated real strong desire to acquire Switchblade. About 1/3 of those countries are in the actual export license approval process with the U.S. State Department and with us and with the respective militaries.

Pete，正如我在演講中所說，我們正在與大量客戶合作，其中有 20 多個國家/地區已經表現出購買 Switchblade 的真正強烈願望。其中約 1/3 的國家正在與美國國務院、我們以及各自的軍隊進行實際的出口許可證審批流程。

I'm not able to specify a country because of the sensitivity of those countries and our customers respect -- our customers' needs for that. What I can tell you is that the pipeline is robust. The demand is going to be a long enduring demand in my view. And I believe that the number of countries and customers are going to continue to grow and not shrink in fact, over time.

我無法指定某個國家/地區，因為這些國家的敏感度以及我們的客戶的尊重——我們的客戶對此的需求。我可以告訴你的是，管道是穩健的。在我看來，這種需求將是長期持續的需求。我相信，隨著時間的推移，國家和客戶的數量將繼續增長，而不是減少。

They're all in different phases of the acquisition, and many of them we haven't delivered yet, many of them. So a lot of that demand is still to come in fiscal year '25 and beyond. And that's why we feel bullish about our Switchblade business in general as the market -- as we grow into this business, the market is expanding and our solutions track record also has literally convinced customers that there's no alternative to Switchblade. There's nothing that can match this capability of Switchblade in the battlefield. And so we're quite bullish on that [is fun] for the long run.

它們都處於收購的不同階段，其中許多我們還沒有交付。因此，大量需求仍將在 25 財年及以後出現。這就是為什麼我們對我們的 Switchblade 業務作為市場感到樂觀——隨著我們發展到這一業務，市場正在擴大，我們的解決方案記錄也確實讓客戶相信除了 Switchblade 之外別無選擇。在戰場上，沒有任何東西可以與 Switchblade 的這種能力相提並論。因此，從長遠來看，我們非常看好這[很有趣]。

Okay. Appreciate it. Thanks, guys.

好的。欣賞它。多謝你們。

You're welcome.

不客氣。

One moment for our next question. Our next question comes from Louie DiPalma with William Blair. Your line is open.

請稍等一下我們的下一個問題。我們的下一個問題來自路易·迪帕爾瑪和威廉·布萊爾。您的線路已開通。

Wahid, Kevin and Jonah, afternoon.

瓦希德、凱文和喬納，下午。

Hi, Louie.

嗨，路易。

Various media reports referenced the Switchblade as a top contender for Replicator. I'm sure you saw -- on the call, you discussed the tremendous demand for the Puma over the past 2 years. Is the Puma also a Replicator contender?

各種媒體報導都將 Switchblade 稱為 Replicator 的頂級競爭者。我相信您在電話中看到了過去兩年對 Puma 的巨大需求。 Puma 也是 Replicator 的競爭者嗎？

So I will not speculate on things that the U.S. DoD is working on. We -- what I can tell you, Louie, that is we are very engaged with both DIU as well as the Pentagon and different branches of the services. We do agree with you that our systems essentially, if you look at AeroVironment's portfolio, the entire portfolio of our solution set is essentially a poster child of what the Replicator initiative is all about. It's all about intelligent, multi-domain distributed unmanned systems and robotics that are coupled and integrated with AI and autonomy in battle and contested environments. And it's also about low cost, high volume. That is precisely what AeroVironment's DNA and identity and background and current portfolio is all about.

所以我不會猜測美國國防部正在做的事情。路易，我可以告訴你的是，我們與 DIU 以及五角大廈和軍種的不同部門都非常密切地合作。我們確實同意您的觀點，即我們的系統本質上是，如果您查看 AeroVironment 的產品組合，您會發現我們解決方案集的整個產品組合本質上是 Replicator 計劃的典型代表。這一切都是關於智慧、多域分散式無人系統和機器人，它們在戰鬥和競爭環境中與人工智慧和自主性耦合和整合。它還涉及低成本、高產量。這正是 AeroVironment 的 DNA、身分、背景和當前產品組合的全部內容。

And so multiple of our solutions could be candidates and should be candidates for Replicator. I'm not in a position to speculate on any of the details. Although we're very heavily engaged with the U.S. Department of Defense with DIU, as well as the various services to make sure that we stand ready.

因此，我們的多個解決方案可以成為並且應該成為 Replicator 的候選者。我無法推測任何細節。儘管我們透過 DIU 以及各種服務與美國國防部密切合作，以確保我們做好準備。

The other thing that's really important about the Replicator that I want to highlight is, as you've heard from the military leaders and from the Pentagon, the whole concept of Replicator is supposed to be things that you can go into production fast. Well, all of the systems that I described to you today, and you see in our portfolio is in production level today. And in most cases, we have produced thousands of them already.

我想強調的關於 Replicator 的另一件非常重要的事情是，正如您從軍事領導人和五角大樓那裡聽到的那樣，Replicator 的整個概念應該是可以快速投入生產的東西。嗯，我今天向您描述的所有系統以及您在我們的產品組合中看到的所有系統今天都處於生產水平。在大多數情況下，我們已經生產了數千個。

So the ability for us to be able to deliver tens of thousands or even hundreds of thousands, it's way, way better than anyone else in the entire industry. And so we think that, that would play a big role because scaling manufacturing production at high levels of reliability and lower cost is key to the success of U.S. against our top adversaries in the world. And the Replicator initiative is all about that. So I think we're positioned quite well.

因此，我們能夠交付數萬甚至數十萬的產品，這比整個行業中的任何其他人都要好得多。因此我們認為，這將發揮重要作用，因為以高可靠性和更低的成本擴大製造生產是美國成功對抗世界頭號對手的關鍵。 Replicator 計畫就是為了解決這個問題。所以我認為我們的定位非常好。

Great. And following up on Peter's question, is the LASSO Tranche 1 award that you were like verbally given, is that now in backlog for the end of this quarter? Or does there need to be the 2024 budget appropriations to be passed in order for like that Tranche 1 award to be funded and for it to be formally given to you?

偉大的。跟進 Peter 的問題，您口頭授予的 LASSO Tranche 1 獎項是否已積壓到本季度末？或者是否需要通過 2024 年預算撥款才能為第一批獎項提供資金並正式授予您？

I think that it's all based on the budget approval within Congress, Louie. So many of those orders are not so far reflected in our backlog. I won't be able to comment on any specific ones, but there's several of our potential opportunities that are still within the budget approval process and it's tied up in Congress. And also, there is additional, as you know, tranches, that the U.S. DoDs and the White House is planning to provide to Ukraine. And we believe that we should also be great candidates for those tranches as part of the assistance packages.

我認為這一切都基於國會的預算批准，路易。到目前為止，其中許多訂單尚未反映在我們的積壓訂單中。我無法對任何具體問題發表評論，但我們有一些潛在的機會仍在預算批准過程中，並且與國會有關。此外，如您所知，美國國防部和白宮還計劃向烏克蘭提供額外的資金。我們相信，我們也應該成為這些援助計畫的重要候選人。

Great. And one final one. How dependent is the fiscal 2025 like double-digit growth on like major Ukraine stimulus funding?

偉大的。還有最後一張。 2025 財年兩位數成長對烏克蘭重大刺激資金的依賴程度如何？

Not much at all, Louie. We are expecting our 2025 to be very -- another record year for us. Obviously, we'll provide you the details next quarter. But we're sitting at a very high level of the backlog right now. Our position in the market is really strong. Our track record of delivering and our products performing in the battlefield, real relevant battlefield today is extremely high. Our customer satisfaction level is excellent and high. And I believe that the demand is going to continue to grow, and many of those opportunities are not in our current backlog or expectations for next year.

一點也不多，路易。我們預計 2025 年將是我們又一個創紀錄的一年。顯然，我們將在下個季度向您提供詳細資訊。但我們現在的積壓情況非常嚴重。我們在市場上的地位非常牢固。我們的交付記錄和我們的產品在戰場上的表現，當今真正相關的戰場是非常高的。我們的客戶滿意度非常高。我相信需求將繼續增長，而其中許多機會並不在我們目前的積壓或明年的預期中。

Awesome. That's it for me. Thanks, everyone.

驚人的。對我來說就是這樣。感謝大家。

Thank you, Louie.

謝謝你，路易。

(Operator Instructions) Our next question comes from Ken Herbert with RBC Capital Markets. Please proceed with your question.

（操作員說明）我們的下一個問題來自 RBC 資本市場的 Ken Herbert。請繼續你的問題。

Hi, Wahid, Kevin and Jonah. This is [Steve Strachaus] on for Ken Herbert. Congrats on the quarter, guys.

嗨，瓦希德、凱文和喬納。這是肯·赫伯特的[史蒂夫·斯特拉喬斯]。夥計們，恭喜這個季度。

Thank you.

謝謝。

So just wanted to start on the seasonality of the business. I was hoping if you could kind of discuss what that kind of means for your business moving forward. Historically, the fourth quarter represented 30-plus percent of your revenue. And looking at the guide, it looks like it's going to be about flat, either sequentially or year-over-year. So just trying to think about -- just trying to get a gauge for how we should think about that moving forward.

所以只想從業務的季節性開始。我希望您能討論一下這對您的業務發展意味著什麼。從歷史上看，第四季度佔您收入的 30% 以上。從該指南來看，無論是連續還是同比，它看起來都將持平。所以只是試著思考——只是試著衡量我們應該如何思考這一點。

Sure. So Steve, I'm glad that you noticed that because I specifically mentioned in my remarks that due to the fact that we've been able to have a very large backlog at the beginning of the fiscal year, it allowed us to level load our factories in terms of production, which helped not only deliver product on equal increments each quarter, so level load our revenue for the quarters, but also improved our throughput and increased our efficiencies in terms of margin improvements. So all of that has been a very, very positive for us.

當然。所以史蒂夫，我很高興你注意到，因為我在發言中特別提到，由於我們在本財年開始時有大量積壓，這使我們能夠平衡負載工廠在生產方面的進步，這不僅有幫助於每個季度以相等的增量交付產品，從而平衡我們各季度的收入，而且還提高了我們的吞吐量並提高了我們在利潤率改善方面的效率。所以所有這一切對我們來說都是非常非常積極的。

So we intentionally this past year, been fortunate and intentionally decided to level load our factories, and it's quite remarkable how well we've been able to achieve that throughout the whole year. Given the fact that we've grown -- we're growing nearly 30% of the midpoint of our guidance for the year, we've been level loaded the year in each quarter, almost equal quarters. So that's really good.

因此，我們在過去的一年裡有意地、幸運地、有意地決定對我們的工廠進行均衡負荷，而且我們全年能夠很好地實現這一目標，這是非常了不起的。考慮到我們已經成長的事實——我們的成長接近今年指引中位數的 30%，我們今年每季的負載水準幾乎相等。所以這真的很好。

Going forward, it obviously it's too early to determine that. But we are always trying our best to level load our factories to have a large backlog going into the next year that allows us to afford all these synergies that helps us improve a lot of things. Not to mention also that we -- our customers would prefer to receive products as early as soon as possible. So those things all are our intentions and more to come on that for next fiscal year.

展望未來，現在確定這一點顯然還為時過早。但我們總是盡力平衡我們工廠的負荷，以便在明年有大量積壓訂單，使我們能夠承擔所有這些協同效應，幫助我們改進很多事情。更不用說我們——我們的客戶更願意盡快收到產品。因此，這些都是我們的意圖，也是下一財年的更多目標。

Great. And then maybe just one more as a follow-up. Just wanted to get your thoughts on the recent CR and the fiscal budget for '24. It sounds like most people, as we've gone through this earnings season have kind of just continued to push it to the right as far as expectations. Can you maybe just outline some of yours as to kind of where we sit now?

偉大的。然後也許還會再有一個作為後續行動。只是想了解您對最近的 CR 和 24 年財政預算的想法。聽起來大多數人在經歷了這個財報季後，都在繼續將其推向正確的預期。您能否簡單概述一下我們現在所處的位置？

So Steve, given our strong backlog and visibility for this fiscal year and fourth quarter, the continuing resolution is not going to impact our revenue for fiscal year 2024, this fiscal year. And since we have a fairly strong backlog, even the first quarter of next year should be quite manageable.

因此，史蒂夫，鑑於我們本財年和第四季的大量積壓和可見性，持續的解決方案不會影響我們本財年 2024 財年的收入。由於我們的積壓量相當大，即使是明年第一季也應該是可以控制的。

However, if these continuing resolution were to elongate and go beyond this fiscal year of our environment, obviously, it's not going to be a good news for anybody. And so from that perspective, we're hopeful that bipartisan budget is passed. There's fairly good signs this past couple of weeks in Congress. There are many other experts that know a lot more about that than I. So I won't speculate, but what I can tell you is that we're prepared. We believe that our systems are a high priority. We believe that our military really needs these capabilities and the stockpiles are still quite low in terms of Loitering Munitions and small unmanned systems. And the war in Ukraine and the Middle East still is continuing. And then we don't see an end to that anytime soon from what I'm reading and I'm understanding from what's going on. So therefore, I think we're positioned quite well, but we just need Congress to get over the hurdle and pass the budget, and I think everything will be much better off as a result...

然而，如果這些持續的解決方案延長並超越我們環境的本財年，顯然，這對任何人來說都不是一個好消息。因此從這個角度來看，我們希望兩黨預算能獲得通過。過去幾週國會出現了相當好的跡象。還有很多其他專家比我更了解這一點。所以我不會猜測，但我可以告訴你的是我們已經準備好了。我們相信我們的系統是重中之重。我們認為，我們的軍隊確實需要這些能力，而且就徘徊彈藥和小型無人系統而言，庫存仍然相當低。而烏克蘭和中東的戰爭仍在持續。從我正在閱讀的內容以及我從正在發生的事情中了解到的情況來看，我們不會很快看到這種情況的結束。因此，我認為我們的處境非常好，但我們只需要國會克服障礙並通過預算，我認為結果一切都會變得更好...

Appreciate it. I'll jump back in the queue. Thanks, guys.

欣賞它。我會跳回到隊列中。多謝你們。

Welcome. Thank you.

歡迎。謝謝。

Thank you. That concludes the question-and-answer session. At this time, I would like to turn the call back to Jonah for closing remarks.

謝謝。問答環節到此結束。此時，我想將電話轉回喬納，讓他作結束語。

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, SEC filings and relevant news can be found under the Investors section of our website. We wish you a good evening and look forward to speaking with you again following next quarter's results.

再次感謝您參加今天的電話會議以及對 AeroVironment 的興趣。提醒一下，本次電話會議的存檔版本、SEC 文件和相關新聞可以在我們網站的投資者部分找到。我們祝您度過一個美好的夜晚，並期待在下一季的業績公佈後再次與您交談。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。