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.

各位好，感謝您耐心等候。歡迎參加 AeroVironment 2024 會計年度第三季財報電話會議。（接線員指示）請注意，今天的會議將被錄音。現在我想把會議交給今天的講者 Jonah Teeter-Balin。請開始。

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. 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，各位女士、先生，下午好。歡迎參加 AeroVironment 2024 會計年度第三季財報電話會議。我是 Jonah Teeter-Balin，企業發展與投資人關係資深總監。在開始之前，請注意，本次電話會議中所呈現的部分資訊包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。這些陳述涉及多項風險與不確定性，可能導致實際結果與我們的預期存在重大差異。關於這些風險與不確定性的更多資訊，載於公司 10-K 年報及向美國證券交易委員會（SEC）提交的其他文件中，特別是其中的風險因素與前瞻性陳述相關章節。相關文件可自 SEC 取得，亦可於 AeroVironment 網站 www.avinc.com，或向我們的投資人關係團隊索取。

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，我們也隨同財報新聞稿提交了一份簡報，並將該簡報發布於我們網站「投資人」專區的「活動與簡報」頁面。本次電話會議內容包含具時效性的資訊，僅截至今日（2024 年 3 月 4 日）為準。公司不承擔任何義務對我們今天發言中所包含的任何前瞻性陳述進行修訂，或為反映本次電話會議後發生的事件或情況而更新該等陳述。

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?

今天與我一同出席的 AeroVironment 主管包括：董事長、總裁兼執行長 Wahid Nawabi 先生，以及資深副總裁兼財務長 Kevin McDonnell 先生。接下來我們先請 Wahid Nawabi 發表談話。Wahid？

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，Jonah。歡迎各位參加我們 2024 會計年度第三季財報電話會議。我將先概述我們的表現與近期成果，之後 Kevin 會詳細說明我們的財務結果。接著，我將提供我們對 2024 會計年度剩餘期間的展望。最後，Kevin、Jonah 與我將回答各位的提問。

I'm pleased to report that our third quarter results were exceptional, and we once again hit 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.

我很高興向各位報告，我們第三季的結果表現卓越，並再次達成多項關鍵里程碑，朝向締造史上最佳年度邁進。我們的重點訊息（亦載於財報簡報第 3 頁）如下。

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%.

第一，第三季營收成長至 1.87 億美元，創下第三季新高紀錄，並較去年同期大幅成長近 40%。

Second, revenue for our Loitering Munition Segment more than doubled year-over-year and achieved its highest quarterly revenue to date.

第二，我們的滯空攻擊彈藥（Loitering Munition）事業部門營收年增逾一倍，並創下該部門歷來最高單季營收。

Third, this quarter's exceptional performance and high visibility gives us confidence to raise and tighten our fiscal year 2024 guidance ranges.

第三，本季的卓越表現與高度可見度，使我們有信心上調並收斂 2024 會計年度的財測區間。

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.

第四，AeroVironment 持續在國防科技領域保持領先地位，並仍具備在 2025 會計年度實現兩位數營收成長的良好條件。

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與獲利能力為股東創造了可觀價值，我們對迄今的表現感到非常滿意。我們的成果來自對我們無可匹敵解決方案的需求增加，以及強而有力的營運執行。我們的在手訂單（backlog）較去年同期成長 12%，並且我們已運用這份穩健的在手訂單，帶來更一致的季度表現。

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.

透過全年更均衡地安排工廠產能，我們在擴大產出量的同時，也達成更高的營運效率。AeroVironment 已展現出在無人系統領域具市場領先的製造能力，我們也持續投資於設施、人員與流程，以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.

在兼顧客戶與股東的前提下，我們持續再投資於以客戶需求驅動的創新解決方案。我們鎖定多個數十億美元規模的正式建案（programs of record），以及新興的無人化解決方案市場。我們也投資於現有平台的升級，使其能持續適應不斷演變的戰場環境。

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放在內部研發，但我們也持續積極尋求外部成長機會（inorganic opportunities），以強化現有產品組合並推動進一步成功。我們很自豪能與我們的國家及盟友合作，提供他們成功執行關鍵任務所需的解決方案。我們也有信心在 2024 會計年度剩餘期間及未來，持續為各利害關係人創造強勁價值。

Now let me provide an update on current developments across our three segments. I will begin with our Loitering 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.

接下來我將更新我們三大事業部門的最新進展。我先從滯空攻擊彈藥事業部門（Loitering Munition Segment，LMS）開始。該部門第三季營收年增逾一倍至 5,800 萬美元。全球需求提升以及新興的正式建案正推動歷史性的營收成長。這是 LMS 歷來最佳單季，無論季增或年增皆大幅上升，但我們相信這才剛開始。

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.

如同我在上季所提到的，我們正與美國政府就 Switchblade 的一項大型多年期、單一來源（sole-source）的 IDIQ 合約進行積極協商，以滿足美國及盟友日益增加的需求。我們也正與超過 20 個國家接洽，這些國家對 Switchblade 展現出強烈興趣；其中約三分之一仍在向美國國防部（U.S. DoD）申請出口授權。

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 stalking 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.

我們也對管線中的關鍵正式建案保持樂觀。這些包括：美國海軍陸戰隊針對其有機精準火力（Organic Precision Fires，OPF）計畫的招標案、美國陸軍的低空潛行與打擊彈藥（Low Altitude Stalking and Strike Ordnance，LASSO）計畫，以及美國國防創新單位（Defense Innovation Unit）的 Replicator 倡議。我們相信自己已為這些重要的長期機會做好充分準備。我們期待在今年稍晚分享這些計畫的進一步更新。

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.

除上述獨立應用外，我們也持續看到將 Switchblade 整合至其他平台的機會，例如透過美國陸軍的長程精準彈藥（Long Range Precision Munition，LRPM）計畫整合至直升機平台，以及透過美國陸軍的可選載人戰鬥車（Optionally Manned Fighting Vehicle，OMFV）計畫整合至地面車輛。我們相信，平台整合將在未來數年成為 LMS 營收的重要組成。

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.

我們預期 Switchblade 的產量將在第四季進一步提升，使 LMS 有望再創一個創紀錄的會計年度，並在未來取得更大成功。由於我們預見 Switchblade 未來仍將有更多大型訂單，我們正投資以進一步提升製造產能。雖然我們目前的產能足以支應未來幾年需求增加，但我們的團隊也正在評估未來在設施、地理布局與供應鏈合作夥伴方面的擴張。總結而言，我們對此業務部門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.

接著談我們的無人系統（Unmanned Systems）事業部門。本季營收年增 23% 至約 1.13 億美元。營收成長廣泛分布於 Puma 與 JUMP 20 系統，反映出國內與國際客戶的良好組合。雖然 AeroVironment 仍是無人機系統（UAS）領域的國防科技領導者，但已進入第三代的 Puma 無疑是小型 UAS 的業界黃金標準。僅在過去 12 個月內，我們就已向國內與國際客戶出貨超過 4 億美元的該產品。

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.

同樣重要的是，我們目前出貨的第三代 Puma 相較於最初版本具備顯著的技術升級。這些強化包括更高解析度的相機、更強的自主導航能力、在受干擾／對抗環境中的韌性、更長的續航力，以及垂直起降（Vertical Takeoff and Landing，VTOL）作業能力等。我們計畫持續投入，以維持 Puma 系統的同級最佳地位。舉例而言，我們正在升級軟體堆疊，加入新的機器學習驅動自主能力與電腦視覺影像辨識功能，進一步強化這項卓越產品。

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.

同樣地，我們正運用近期收購的 Tomahawk Robotics，將開放式架構的通用控制系統導入我們完整的 UAS 產品組合。該業務目前已成功轉入我們的無人系統事業部門，我們預期將於今年稍晚把 Kinesis 軟體平台與我們的 UAS 平台進行整合。

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.

我也想回應美國陸軍近期宣布，計畫讓 RQ-11 Raven 這款服役超過 20 年、作為其主力小型 UAS 的系統逐步退役。Raven 累計交付約 20,000 架，是全球採用最廣泛的軍用 UAS。我們對 Raven 長期以來對美國陸軍及我軍士兵所提供的支援感到無比自豪。

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，我們也已準備好在美國陸軍的中程偵察（Medium Range Reconnaissance，MRR）計畫與長程偵察（Long Range Reconnaissance，LRR）計畫中，競逐下一代小型無人航空系統（UAS）。我們的無人系統（Unmanned Systems）事業群持續提供強勁、穩定且具獲利性的營收來源，我們對管線中新增的國內與國際訂單仍保持樂觀。我們也相信，近期及未來針對 Puma 3 AE、JUMP 20 與 VAPOR 55 的產品強化，將在 2024 會計年度剩餘期間及其後持續帶動客戶需求。

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.

接著談我們的 MacCready Works 事業群。如預期所示，營收較 2023 會計年度第三季略為下滑。正如我們在上季所討論的，我們目前正逐步反映因持續決議案（continuing resolution）以及相關客戶出資研發（R&D）縮減所導致的部分專案延遲。

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.

如 Kevin 將會說明，我們目前預期在第四季提高研發支出，以在等待資金核准期間推進這些專案。即便如此，我們仍持續聚焦於許多全新且令人振奮的機會，這些機會將快速塑造本業務的成長。我們維持對 HAPS、爭奪環境後勤（Contested Logistics）、海事 UAS 及其他令人振奮的平台與技術的投資。

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 intelligence, 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能力，而 AeroVironment 具備獨特優勢可提供這些能力。事實上，我們近期獲得一份 1,600 萬美元的美國海軍合約，用於推進影像分析與電腦視覺研究，以支援多領域機器人技術。此項獎項運用我們所開發的共享軟體生態系，能在戰場上提供更強的態勢感知。在這項多年期工作下，我們將探索並導入可最佳化美國國防部（U.S. DoD）全域情報、監視、偵察與目標指示執行方式的新技術。

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，我想提到我們的「機智號（Ingenuity）」火星直升機在完成第 72 次飛行後，已剛結束其任務。機智號的表現可謂卓越非凡，超越所有任務目標與預期。我們對在此計畫上的工作深感自豪，並期待支援未來的行星探索倡議。

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

總結而言，MacCready Works 正在達成其孵化新產品線並開發關鍵能力的使命，我們也期待在未來幾季分享令人振奮的進展。

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

接下來，我將把電話會議交給 Kevin McDonnell，請他回顧本季財務表現。Kevin？

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，Wahid。今天我將回顧我們第三季表現的重點；在說明過程中，我會不時引用我們網站上可取得的新聞稿與法說會簡報。

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.

整體而言，我們第三季在營收、調整後毛利率與調整後 EBITDA 方面皆表現強勁，再度交出一個出色的財務季度。我們正按計畫達成全年所有目標。

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.

如 Wahid 在致詞中提到，2024 會計年度第三季營收為 1.866 億美元，較 2023 會計年度第三季的 1.344 億美元成長 39%。法說會簡報第 5 頁提供本季依事業群別的營收拆分。

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.

本季最大的事業群為無人系統（Unmanned Systems，UMS），其由我們的小型 UAS、中型 UAS、無人地面載具（UGV）以及近期收購的 Tomahawk 業務所組成。UMS 本季營收為 1.133 億美元，較去年同期的 9,230 萬美元成長 23%。Puma 需求仍然強勁，約占 UMS 營收的一半；同時，我們也看到 JUMP 20 產品、Tomahawk 產品以及地面載具在本季帶來顯著貢獻。

Loitering Munitions 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.

滯空攻擊彈藥（Loitering Munitions，LMS）營收為 5,770 萬美元，較去年第三季的 2,400 萬美元成長 140%。LMS 營收中略多於一半來自 Switchblade 600 產品與服務，其餘主要來自 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-HAPS] 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 事業群營收為 1,560 萬美元，較上一會計年度第三季的 1,810 萬美元下滑 13%。然而，隨著我們持續看到市場對機器學習與自主能力的強勁需求，[非 HAPS] 營收年增超過 20%。由於政府 2024 年度預算遲遲未能確立，MacCready Works 事業群的成長受到抑制。

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.

在法說會簡報第 5 頁，亦提供產品與服務營收的拆分。具體而言，第三季產品營收占總營收的 84%，高於去年同期的 68%，主要因我們小型 UAS 與滯空攻擊彈藥系統兩項業務的產品營收強勁。我們預期在可預見的未來，產品營收占比將維持在 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.

接著談毛利率。法說會簡報第 6 頁顯示調整後產品與服務毛利率的趨勢；第 12 頁則將 GAAP 毛利率調節至調整後毛利率，後者排除無形資產攤銷費用及其他非現金的收購會計項目。

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.

第三季合併 GAAP 毛利率為 36%，高於去年同期的 34%。GAAP 毛利率改善主要來自產品/服務組合的優化，以及在去年同期縮減我們中型 UAS COCO 業務規模後，服務毛利率提高。

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% 提升。改善動能與 GAAP 毛利率相同。本季調整後產品毛利率為 38%，相較上一會計年度第三季的 41% 下滑，反映今年滯空攻擊彈藥系統產品營收在整體組合中的占比提高。

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 a 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%，高於去年同期的 27%。服務毛利率偏高主要來自一次性的合約結案有利因素，以及我們新收購的 Tomahawk 所帶來的影響。我們預期 2024 會計年度全年調整後毛利率將落在約 40% 左右，原因是滯空攻擊彈藥系統營收占比持續提高，而小型 UAS 營收占比下降。

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，法說會簡報第 13 頁顯示由 GAAP 淨利調節至調整後 EBITDA。2024 會計年度第三季調整後 EBITDA 為 2,900 萬美元，較上一會計年度第三季增加 500 萬美元或 21%。推動成長的主要因素為營收與毛利率走強，但部分被研發投資增加及新增的銷售、一般及行政（SG&A）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 SG&A 費用（不含無形資產攤銷與收購相關費用）為 2,600 萬美元，占營收 14%；去年同期為 2,100 萬美元，占營收 15%。SG&A 費用增加部分源自 Tomahawk 收購案，以及我們持續擴編國內與國際銷售團隊。

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.

第三季研發（R&D）費用為 2,500 萬美元，占營收 13%；去年同期為 1,600 萬美元，占營收 12%。研發費用增加（無論以金額或占營收比重衡量）主要來自對下一代第 1 組（Group 1）無人機、JUMP 20 的海事版本、HAPS 太陽能飛機以及新產品的投資。我們也持續以 AV 的研發資金投入部分美國國防部（U.S. DoD）專案；由於美國聯邦政府 2024 政府會計年度預算尚待最終定案，這些專案的資金撥付有所延遲。由於持續投資長期成長計畫以及國防部預算延宕，我們目前預期第四季研發費用占營收比重將落在十位數後段（high teens）。

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.

現在轉到 GAAP 盈利。第三季，公司錄得淨利 1,390 萬美元，相較去年同期為淨損 70 萬美元。淨利增加 1,460 萬美元可歸因於多項因素，主要包括：調整後毛利增加 2,250 萬美元、其他收入增加 300 萬美元、利息費用減少 270 萬美元、無形資產攤銷及其他併購相關費用減少 190 萬美元。上述增幅部分被研發支出增加 900 萬美元、SG&A 費用（不含無形資產攤銷）增加 570 萬美元，以及稅費增加 180 萬美元所抵銷。

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 GAAP 與調整後或非 GAAP 稀釋每股盈餘（EPS）的調節表。公司 2024 會計年度第三季的調整後每股盈餘為 0.63 美元，相較 2023 會計年度第三季稀釋後每股為 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.

接著看資產負債表。第三季季末，我們的現金與投資總額為 1.29 億美元，較第二季季末的 1.215 億美元增加。本季現金表現非常強勁，使我們得以償還定期貸款額度 4,000 萬美元。營運資金於本季減少 2,900 萬美元，主要由於應收帳款與存貨下降所致。不過，展望未來，我們預期營運資金使用將隨季度而波動。我們仍維持強健的資產負債表，擁有逾 1 億美元的現金與投資，且在營運資金融資額度下約有 1 億美元可用。

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.

最後我想以一些在手訂單（backlog）指標的重點作結。財報簡報的投影片 8 提供我們 2024 會計年度目前能見度的摘要。如 Wahid 所提，我們在 2024 會計年度第三季季末的已獲資金支持在手訂單為 4.63 億美元，較前一季下降，主要受持續決議案（continuing resolution）以及外國軍售流程拉長的逆風影響。儘管面臨這些挑戰，我們對修訂後營收指引區間中點仍擁有超過 100% 的訂單能見度。現在我把時間交還給 Wahid。

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，Kevin。憑藉強勁的第三季表現，我們將 2024 會計年度的指引區間上調並收窄如下：我們目前預期營收為 7.00 億至 7.10 億美元，全年淨利為 5,100 萬至 5,500 萬美元，或稀釋後每股 1.86 至 2.00 美元。非 GAAP 調整後 EBITDA 為 1.22 億至 1.27 億美元，非 GAAP 每股盈餘為稀釋後每股 2.69 至 2.83 美元，研發支出合計約占營收的 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.

我們對第四季及 2025 會計年度的成長軌跡仍具信心。我們的在手訂單依然強勁，能見度接近 100%，而我們的商機管線持續擴大。在我們等待國會就持續決議案與補充援助方案的核准之際，我們仍希望兩黨能很快達成協議。我們已準備就緒，將以最先進、經戰場驗證的解決方案與無可匹敵的製造產能來滿足客戶需求。

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，我們仍朝向再次創下史上最佳年度的軌跡前進。如過去所述，我們對今年及未來的期待並非由單一產品或單一客戶所驅動，而是來自全球需求的整體擴張，以及我們具備自主 AI 能力的無人化解決方案。

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 - in the U.S. and abroad as an industry leader and the original defense technology innovator.

憑藉我們遍布全球的裝機基礎、經戰場驗證的解決方案組合、成功的實績、經證實的同級最佳（best-in-class）技術、敏捷的產品開發週期，以及無可匹敵的製造產能，我們非常適合持續這一成長軌跡。隨著可服務市場擴大，作為產業領導者與原始國防科技創新者，我們仍處於有利位置，可受惠於美國及海外的預算優先事項。

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.

在把電話交給問答之前，我先總結今天電話會議的重點。第一，我們交出卓越的第三季成果，營收創新高且獲利能力強勁。第二，我們的滯空彈藥（Loitering Munition）事業部門實現亮眼的年增成長，並創下該部門歷來最高的單季營收。第三，我們上調並收窄 2024 會計年度指引區間；第四，憑藉穩健動能，我們預期 2025 會計年度營收將呈現雙位數成長。

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.

再次感謝投資人對我們使命與公司的支持，也感謝客戶對 AeroVironment 的信任。最後，感謝我們能力卓越的員工，努力滿足客戶的迫切需求，並確保產品在真正關鍵時刻能夠交付成果。我們很榮幸能在這個關鍵時刻支持我們的國家與盟友。隨著我們結束 2024 會計年度，我們期待未來數年持續取得更大成功。

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

那麼，Kevin、Jonah 和我現在開始回答各位的問題。

(Operator Instructions) Our first question comes from Peter Arment with Baird. Please proceed with your question.

（接線員指示）我們的第一個問題來自 Baird 的 Peter Arment。請提出您的問題。

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

嗨，謝謝。下午好，Wahid、Kevin 和 Jonah，表現很不錯。

Hi, Peter. Thank you.

嗨，Peter。謝謝你。

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?

Wahid，你提到產能擴張計畫。我想請你多分享一些 Switchblade 產能的細節。我想我們都看過許多報導，提到你們在這項產品上面臨的各種機會。我也知道之前有人認為你們現有產能已經有數千套。你能否談談你們對產能提升的想法——你們認為會把產能提升到什麼程度？

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，Peter。正如我在發言中提到的，過去幾個季度，我們已大幅提升 Switchblade 的生產產能，第一，是基於客戶的期待以及我們在全球看到的需求。

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，我們目前的產能足以滿足我們對未來兩年所預測的需求增長。我們相信，在全世界範圍內，只有我們能在今天就以「數千套」的規模生產像 Switchblade 這樣的滯空彈藥。而且如你所知，僅在過去一年與兩年內，我們就已交付了數千套。

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，針對兩年之後的需求，我們已著手評估新據點、新廠房與新的擴產計畫，以便在此基礎上再向上提升。特別是像 Replicator 這類計畫，我們與美國國防部及 DIU 深度參與；我們預期像 AeroVironment 這樣具備獨特能力、能以量產方式並以計畫級（program of record）所要求的嚴謹度、可靠性與安全性來生產的公司，將會受惠於這波更高的需求與客戶需要。

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.

所以我們仍然隨時準備就緒。過去幾個季度以及過去一兩年，我們一直非常有效率地交付產品，也期待接下來更多的需求湧入。對我們而言，這一切都非常正面。

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。我的第二個問題是，能否再多談一些 LASSO 的時程？它是否因資金延遲而被卡住？如果我們在三月確實達成決議，你預期何時會開始出貨？再次感謝你，Wahid。

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.

美國陸軍已公開表示他們將分多個批次（tranches）推進；我相信他們也在公開聲明中提到，第一批次中 AeroVironment 是美國陸軍該系統的唯一來源供應商（sole source）。我們正直接與他們合作。如果國會完成預算核准，我們預期這將轉化為另一份合約，時間可能在今年夏天或緊接其後。

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.

我們正積極與美國陸軍合作。我們知道這是美國陸軍非常關鍵的需求，因為這是陸軍未來司令部（Army Futures Command）的 Rainey 將軍所指示的需求。我們也與其辦公室以及五角大廈內的採購主管團隊保持合作，並已準備好提供支援。

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 programs of record 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，我們之所以提高產能，其中一個原因是因為我們預期他們會完成預算流程，並最終授予合約，讓我們交付更多產品。正如我在發言中提到的，這是我們正在爭取的關鍵正式列裝計畫（program of record）之一；除此之外，我們也在推進許多其他計畫。Peter？

Thanks so much. I'll leave at two.

非常感謝。我就先到這裡，兩個問題就好。

You're welcome. Thanks, Peter.

不客氣。謝謝你，Peter。

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

請稍候，我們進行下一個提問。下一個問題來自 Jefferies 的 Greg Konrad。請提出您的問題。

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。也許先從你們提到逐步淘汰 Raven 的評論開始。Raven 目前的重要性有多大？再從 OE 以及與其相關的一些服務量來看？另外，當 Raven 逐步退場時，你們如何看待任何替代方案的導入節奏，以便在 Raven 退場時銜接過渡？

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.

Greg，我很高興你問到這個問題，因為如你所知，Raven 在過去 20 年一直是美軍小型無人機系統（small UAS）的主力。我們對此非常自豪。我們已在全球出貨超過 20,000 套，而美國陸軍是 Raven 最大的客戶之一。

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.

在過去幾年，Raven 完全不是我們營收或出貨的主要驅動因素。事實上，它大多處於維持（sustainment）模式。因此，美國陸軍讓這個計畫走向退場：第一，最可能需要好幾年，不會一夕之間發生；第二，對我們的財務環境不會造成重大影響。反而，我們非常看多、也很興奮陸軍做出這個決定，因為這能加速下一代系統的推進，而我們正以我們的下一代系統來爭取這些需求。

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.

如我在發言中提到的，我們小型無人機系統營收的主要驅動因素一直是、且仍然是 Puma 系統。就小型無人機而言，Puma 無疑是最主要的營收來源。Raven 幾乎微不足道，至少在過去 2 到 3 年都是如此。因此我們不預期會有任何負面影響。事實上，我們把這視為可能加速下一個正式列裝計畫的催化因素，該計畫稱為 MRR（中程偵察，medium-range reconnaissance）以及 LRR（長程偵察，long-range reconnaissance）。我們對這些需求都有解決方案，正與客戶合作，也期待後續進展。我認為這將在未來幾年為 AeroVironment 的小型無人機系統帶來另一波需求。

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?

再追問一個。我想你提到營運資金會因本季良好的存貨與應收帳款而呈現波動。不過我記得這可能是連續 5 或 6 個季度以來第一次存貨季比下降。這是否代表供應鏈更穩定，或是對這次營運資金變動還有其他解讀？

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.

我來回答。基本上，如果你看我們的營收趨勢，已經來到大約 1.8 億美元左右的另一個水準。營運資金的使用是為了把我們拉升到那個水準。當然，我們會持續擴大並成長業務。

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.

但如果你看我們指引區間的中位數，今年是 30% 的成長；而去年是 20% 的成長。兩年累積起來是很大的成長。你說得對，這是我想大概兩年來第一次出現營運資金季比下降的季度。但往後看，營運資金會依照後續季度的需求而上下波動，有些季度會增加、有些季度會下降。

I'll leave it at that. Thank you.

我就先說到這裡。謝謝。

Thank you, Greg.

謝謝你，Greg。

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

請稍候，我們進行下一個提問。下一個問題來自 Alembic Global 的 Pete Skibitski。請提出您的問題。

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?

嗨，各位下午好。展望 2025 財年，你們給了營收雙位數成長目標。我想問的是，在毛利率這一行，我們是否應該預期近期趨勢延續？換句話說，營收持續往產品銷售移動；而在產品銷售中，又持續往 LMS 傾斜。因此 2025 財年整體毛利率可能大致持平。這樣理解對嗎？

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

是的。我認為這樣想是合理的。

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.

完全正確，Pete。正如我在發言中所說，我們的毛利率非常健康、非常穩健。我們在產品組合與產品結構上做了許多調整，帶來了這樣的結果。我們會在下個季度提供 2025 財年的指引。不過我們對業務處於成長模式非常有信心，而且我們的服務與產品毛利率都相當有利，並且在過去幾個季度改善了不少。

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，了解，謝謝。接著關於 Switchblade，我想問 2024 財年，你們實際交付給多少個國際客戶？顯然烏克蘭是一個，那 2024 財年還有沒有其他已交付的主要國際訂單？以及近期有沒有預期會交付的？

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，正如我在發言中提到的，我們正在與非常多的客戶合作，已有超過 20 個國家展現並證明其強烈的採購 Switchblade 意願。其中約三分之一的國家，正與美國國務院、我們公司以及各自軍方一起，處於出口許可（export license）審批流程中。

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.

由於這些國家與客戶的敏感性，以及我們尊重客戶在這方面的需求，我無法指名道姓。我能告訴你的是，我們的商機管線非常強勁。我認為需求將會是長期且持續的；而且我相信，隨著時間推移，國家與客戶的數量會持續增加，而不是縮減。

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.

他們都處於採購的不同階段，其中很多我們尚未交付，很多都還沒交付。因此，許多需求仍將在 2025 財年及之後逐步到來。這也是為什麼我們整體上對 Switchblade 業務感到樂觀：隨著我們在這個業務中持續擴張，市場也在擴大，而我們解決方案的實戰紀錄也確實讓客戶相信，Switchblade 沒有替代品。在戰場上，沒有任何產品能匹配 Switchblade 的能力。因此我們對長期前景相當看多。

Okay. Appreciate it. Thanks, guys.

好的，感謝。謝謝各位。

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.

請稍候，我們進行下一個提問。下一個問題來自 William Blair 的 Louie DiPalma。您的線路已開通。

Wahid, Kevin and Jonah, afternoon.

Wahid、Kevin、Jonah，下午好。

Hi, Louie.

嗨，Louie。

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?

多家媒體報導提到 Switchblade 是 Replicator 的主要競爭者之一。我相信你們也看到了——在這通電話中，你們談到過去兩年 Puma 的需求非常強勁。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.

我不會對美國國防部正在推進的事項做揣測。我能告訴你的是，Louie，我們與 DIU、五角大廈以及各軍種部門都有非常深入的互動。我們同意你的看法：如果你看 AeroVironment 的產品組合，我們整個解決方案組合基本上就是 Replicator 計畫的典型代表。它的核心是智慧化、多領域、分散式的無人系統與機器人，並結合與整合 AI 與自主能力，以在戰鬥與受爭奪環境中運作。同時也強調低成本、高產量。這正是 AeroVironment 的 DNA、定位、背景，以及我們目前產品組合的核心。

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，我們的多項解決方案都可能、也應該成為 Replicator 的候選項目。我不便對任何細節進行揣測。儘管我們與美國國防部（透過 DIU）以及各軍種都有非常密切的合作，以確保我們隨時做好準備。

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.

另外一點我想特別強調、也是 Replicator 非常重要的地方是：正如你從軍方領導人與五角大廈所聽到的，Replicator 的整體概念是要能夠快速投入量產的項目。那麼，我今天向各位描述的所有系統，以及你在我們產品組合中看到的系統，目前都已達到量產水準。而且在多數情況下，我們已經生產了數千套。

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，我們能夠交付數萬套、甚至數十萬套的能力，遠遠優於整個產業中的任何其他公司。我們認為這將扮演重要角色，因為以高可靠度、較低成本擴大量產規模，是美國對抗全球主要對手取得成功的關鍵，而 Replicator 計畫正是圍繞這一點。因此，我認為我們的布局相當到位。

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?

很好。接續 Peter 的問題，你們先前口頭獲告知的 LASSO Tranche 1（第一批次）授標，是否已在本季末納入積壓訂單（backlog）？還是必須等到 2024 年預算撥款案通過後，該 Tranche 1 授標才會獲得資金並正式授予你們？

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.

我認為這一切都取決於國會的預算核准，Louie。因此，許多此類訂單目前尚未反映在我們的積壓訂單中。我無法評論任何特定個案，但我們有幾項潛在機會仍在預算核准流程中，卡在國會。另外，如你所知，美國國防部與白宮也計畫向烏克蘭提供更多批次的支援。我們相信，作為援助方案的一部分，我們也會是這些批次的有力候選者。

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

很好。最後一個問題：2025 會計年度的兩位數成長，在多大程度上依賴烏克蘭的大型刺激/援助資金？

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.

幾乎不依賴，Louie。我們預期 2025 年將會是我們另一個創紀錄的年度。當然，我們會在下個季度提供細節。但目前我們的積壓訂單水位非常高。我們在市場上的地位非常強，我們的交付紀錄，以及我們產品在當前真實且高度相關的戰場上的表現都非常出色。我們的客戶滿意度也非常好、很高。我相信需求將持續成長，而且其中許多機會並未包含在我們目前的積壓訂單或對明年的預期之中。

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

太棒了。我這邊就到這裡。謝謝各位。

Thank you, Louie.

謝謝你，Louie。

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

（接線員指示）下一個問題來自 RBC Capital Markets 的 Ken Herbert。請提出您的問題。

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

嗨，Wahid、Kevin 和 Jonah。我是代 Ken Herbert 發言的 [Steve Strachaus]。恭喜各位本季表現。

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.

我想先從業務的季節性談起。我希望你們能談談這對未來業務意味著什麼。過去第四季通常占你們營收的 30% 以上；但從指引來看，似乎會大致持平，不論是季比或年比。因此我想了解——想掌握一下，未來我們應該如何看待這件事。

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。Steve，我很高興你注意到這點，因為我在致詞中特別提到：由於我們在會計年度開始時就擁有非常龐大的積壓訂單，這讓我們能在生產方面對工廠進行更平均的排程（level load），不僅能在每一季以較均等的增量交付產品、使各季營收更平滑，也提升了產出並提高效率，進而帶動毛利率改善。這些對我們而言都是非常、非常正面的。

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，過去一年我們是有意為之，而且也很幸運，刻意決定讓工廠產能排程更平均。令人印象深刻的是，我們整年都做得非常好。考量到我們今年指引中位數的成長接近 30%，我們仍能在每一季都做到相對平均、幾乎是等量的季度表現。這非常好。

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，現在顯然還太早下定論。但我們一向盡最大努力讓工廠產能排程更平均，並在進入下一年度前建立較大的積壓訂單，讓我們能取得各種綜效，進而改善許多面向。更不用說，我們的客戶也更希望能盡早收到產品。這些都是我們的意圖；至於下一個會計年度，後續我們會再提供更多資訊。

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?

很好。再追問一個：想請教你對近期持續決議案（CR）以及 2024 會計年度預算的看法。看起來在這個財報季，多數人都把預期往後延。你能否概述一下你們目前的看法、以及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.

Steve，鑑於我們本會計年度與第四季的積壓訂單強勁、能見度高，持續決議案不會影響我們 2024 會計年度（也就是本年度）的營收。而且由於我們的積壓訂單相當強，即使是明年第一季也應該相當可控。

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...

不過，如果這些持續決議案拉長並延續到超過我們本會計年度的期間，顯然對任何人都不是好消息。因此從這個角度，我們希望兩黨能通過預算。過去幾週國會出現相當不錯的跡象；也有許多專家比我更了解。我不做揣測，但我能告訴你的是：我們已做好準備。我們相信我們的系統屬於高度優先事項。我們相信軍方確實需要這些能力，而在滯空攻擊彈藥（Loitering Munitions）與小型無人系統方面的庫存仍然相當低。烏克蘭與中東的戰事仍在持續，從我所閱讀與理解的情況來看，短期內看不到結束。因此，我認為我們的布局相當有利；但我們需要國會跨過這道門檻、通過預算，我想結果會好很多……

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

了解。我回到隊列後面。謝謝各位。

Welcome. Thank you.

不客氣。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。現在我想把電話交回 Jonah 作結語。

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.

再次感謝各位參加今天的電話會議，並關注 AeroVironment。提醒各位，本次會議的錄音存檔、SEC 申報文件及相關新聞，可在我們網站的投資人（Investors）專區找到。祝各位晚安，並期待在下季財報公布後再次與各位交流。

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

今天的電話會議到此結束。您現在可以掛線。