AeroVironment Inc (AVAV) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the AeroVironment fourth quarter and full fiscal year 2024 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 for today, Jonah Teeter-Balin. You may begin.

您好，感謝您的支持。歡迎參加 AeroVironment 2024 財年第四季和全年電話會議。（操作員指示）請注意，今天的會議正在錄音。現在我想將會議交給今天的發言人喬納·蒂特·巴林 (Jonah Teeter-Balin)。你可以開始了。

Thanks, and good afternoon, ladies and gentlemen. Welcome to AeroVironment's fourth quarter and full fiscal year 2024 earnings call. This is Jonah Teeter-Balin, Senior Director of Corporate Development and Investor Relations.

謝謝，女士們、先生們，午安。歡迎參加 AeroVironment 2024 財年第四季和全年財報電話會議。我是企業發展與投資者關係資深總監 Jonah Teeter-Balin。

Before we begin, please note that certain information presented on this call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve many risks and uncertainties that could cause actual results to differ materially from our expectations.

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》所定義的前瞻性陳述。這些聲明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有重大差異。

Further information on these risks and uncertainties is contained in the company's 10-K and other filings with the SEC, in particular in the risk factors and forward-looking statement portions of such filings. Copies are available from the SEC on the AeroVironment website at www.avinc.com or from our Investor Relations team.

有關這些風險和不確定性的更多資訊包含在公司向美國證券交易委員會提交的 10-K 和其他文件中，特別是此類文件中的風險因素和前瞻性聲明部分。您可以從美國證券交易委員會 (SEC) 的 AeroVironment 網站 www.avinc.com 上取得副本，也可以從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 Investor 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, June 26, 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，我們還在收益報告中提交了一份幻燈片演示，並將其發佈到我們網站的「活動和演示」下的「投資者」部分。本次電話會議的內容包含時間敏感訊息，僅截至今天（2024 年 6 月 26 日）準確。本公司不承擔對今天評論中包含的任何前瞻性陳述進行修改或更新以反映本次電話會議後發生的事件或情況的義務。

Joining me today from AeroVironment, our 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?

今天與我一起出席的還有 AeroVironment 的董事長、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。我們現在開始聽瓦希德·納瓦比的演講。瓦希德？

Thank you, Jonah. Welcome, everyone, to our fourth quarter and full fiscal year 2024 earnings conference call. I will start by summarizing our performance and recent achievements, after which Kevin will review our financial results in greater detail. I will then provide our expectations for fiscal year 2025. And finally, Kevin, Jonah, and I will take your questions.

謝謝你，喬納。歡迎大家參加我們的 2024 財年第四季和全年財報電話會議。我將首先總結我們的業績和最近的成就，然後 Kevin 將更詳細地回顧我們的財務表現。然後我將提供我們對 2025 財年的預期。最後，凱文、喬納和我將回答你們的問題。

I'm pleased to report strong results for the quarter and a record-breaking fiscal year for AeroVironment. Our key messages, which are included on slide number 3 of our earnings presentation, are as follows. First, for the full fiscal year, revenue increased 33% to a record $717 million compared to $541 million last fiscal year. This is now our seventh consecutive year of top-line growth. Fourth quarter revenue rose to $197 million, a 6% increase from the same period last year, and a new fourth quarter record.

我很高興地報告 AeroVironment 本季的業績強勁，並且本財年創下了紀錄。我們的關鍵資訊包含在收益報告的第 3 張投影片中，如下所示。首先，整個財年的營收與上一財年的 5.41 億美元相比成長了 33%，達到創紀錄的 7.17 億美元。這是我們連續第七年實現營收成長。第四季營收增至1.97億美元，較去年同期成長6%，創下第四季新高。

Third, our loitering munitions systems segment continues to accelerate, with record full fiscal year revenues of nearly $200 million, a 60% increase compared to last fiscal year. And fourth, given our strong execution, key program awards, and growing pipeline of opportunities, we expect revenues between $790 million and $820 million, reflecting 10% to 15% top-line growth in fiscal year 2025.

第三，我們的巡飛彈藥系統部門持續加速發展，全年收入創紀錄地接近 2 億美元，與上一財年相比成長了 60%。第四，鑑於我們強大的執行力、關鍵項目獎項以及不斷增長的機會，我們預計收入將在 7.9 億美元至 8.2 億美元之間，反映出 2025 財年的收入增長 10% 至 15%。

During this past fiscal year, global demand continued to surge for autonomous systems and AV responded accordingly. We invested across the organization to strengthen our team, expand our manufacturing capacity, and enhance our solution offerings to meet the evolving needs of our customers. With these investments and our core strengths in innovation, capacity, and experience, we continue to lead in this growing market.

在過去的財政年度，全球對自動駕駛系統的需求持續激增，AV 也做出了相應的反應。我們在整個組織內進行投資，以加強我們的團隊，擴大我們的製造能力，並增強我們的解決方案，以滿足客戶不斷變化的需求。憑藉這些投資以及我們在創新、產能和經驗方面的核心優勢，我們將繼續在這個不斷成長的市場中保持領先地位。

In the past year, we added three strong Directors to our Board with impressive defense and global policy expertise, whose counsel has been instrumental to our continued growth. We also added key leaders at our headquarters in the DC area to enhance customer engagement and help shape and define future requirements.

在過去的一年裡，我們董事會新增了三位實力雄厚的董事，他們擁有令人印象深刻的國防和全球政策專業知識，他們的建議對我們的持續成長起到了重要作用。我們還在華盛頓特區總部增加了關鍵領導，以增強客戶參與並幫助塑造和定義未來的需求。

In addition, we made strides in expanding our manufacturing capacity, while level loading production to improve operational efficiencies. Due to this hard work, we were able to grow revenue by more than 30% while retaining very high levels of product quality, performance, and profitability. With increasing orders in our pipeline, we plan to increase our production capacity even further in fiscal year 2025, while maintaining strong operational efficiencies.

此外，我們在擴大製造能力方面取得了長足進步，同時平衡生產以提高營運效率。由於我們的努力，我們的收入成長了 30% 以上，同時保持了非常高的產品品質、性能和盈利能力。隨著訂單不斷增加，我們計劃在 2025 財年進一步提高生產能力，同時保持強勁的營運效率。

Finally, we leveraged the combat experience of our products, nine of which are currently serving in Ukraine, and our close relationship with our customers to implement important product upgrades. Our solutions portfolio is more resilient in contested environments, more autonomous, more effective, and more interconnected than ever before. By utilizing our autonomy suite of solutions, including AVACORE, Kinesis, Autonomy Retrofit Kit or ARK, and SPOTR-Edge, our customers can now utilize autonomous vehicles to sense, make sense and act on relevant information across the battle space.

最後，我們利用我們產品的戰鬥經驗（其中九種產品目前正在烏克蘭服役）以及我們與客戶的密切關係來實施重要的產品升級。我們的解決方案組合在競爭環境中更具彈性，更加自主，更加有效，並且比以往任何時候都更加互聯。透過利用我們的自主解決方案套件，包括 AVACORE、Kinesis、Autonomy Retrofit Kit 或 ARK 和 SPOTR-Edge，我們的客戶現在可以利用自動駕駛汽車來感知、理解和根據整個戰場上的相關資訊採取行動。

We believe that AV is the best positioned defense tech firm to meet our customers' needs. Our uncrewed solutions and loitering munitions are helping our customers achieve their vital missions today, tomorrow, and into the future. We're proud of our accomplishments this year, and we have even greater expectations for the years ahead.

我們相信 AV 是滿足客戶需求的最佳國防科技公司。我們的無人解決方案和巡飛彈藥正在幫助我們的客戶完成他們現在、明天和未來的重要任務。我們為今年所取得的成就感到自豪，並對未來抱持更大的期望。

With that, I'd like to discuss results from each of our three segments, starting with loitering munitions systems or LMS. As we mentioned earlier, LMS segment was our strongest growth driver this past quarter and for the full fiscal year. Fourth quarter revenue grew 74% from the same quarter last year to $74 million. For the full year, revenue increased by 60% totaling $193 million. Demand for both Switchblades 300 and 600 grew at an unprecedented rate this past year, and we expect this growth to continue in fiscal year 2025 and beyond.

接下來，我想討論我們三個部分的結果，首先是巡飛彈藥系統 (LMS)。正如我們之前提到的，LMS 部門是我們上個季度以及整個財年最強勁的成長動力。第四季營收較去年同期成長 74%，達到 7,400 萬美元。全年營收成長 60%，達到 1.93 億美元。去年，Switchblade 300 和 600 的需求以前所未有的速度成長，我們預計這種成長將在 2025 財年及以後持續下去。

In the past few months alone, we've had numerous program wins and awards announcements, many of which are not yet reflected in our backlog. These key wins further validate the effectiveness of our solutions and active conflicts around the globe and our ability to deliver in volume.

僅在過去的幾個月裡，我們就贏得了無數的項目並宣布獲得眾多獎項，其中許多獎項尚未反映在我們的積壓工作中。這些關鍵的勝利進一步驗證了我們的解決方案和全球活躍衝突的有效性以及我們大量交付的能力。

For example, Switchblade 600 was selected by the US Army as their first procurement under the Low Altitude Stalking and Strike Ordnance or LASSO program, and was subsequently selected to participate in tranche one of the first iteration of the US DoD's Replicators Initiative. In fact, we just delivered the first batch of Switchblade 600s to the US Army. Similarly, Switchblade 300 was selected by the United States Marine Corps for their first tranche of their Organic Precision Fires-Light or OPF-L program of record.

例如，Switchblade 600 被美國陸軍選為低空追蹤和打擊武器（LASSO）計畫下的首個採購產品，隨後又被選中參與美國國防部複製器計畫第一階段的第一批採購。事實上，我們剛剛向美國陸軍交付了第一批 Switchblade 600。同樣，Switchblade 300 也被美國海軍陸戰隊選為有機精確火力-照明（或稱 OPF-L）計劃的第一批產品。

In addition to these three significant announcements, Switchblade was also announced for the recently authorized Ukraine security assistance initiative. The approximate value of these awards, which are not yet under contract exceeds $300 million.

除了這三項重要聲明之外，Switchblade 還宣布了最近授權的烏克蘭安全援助計畫。這些尚未簽訂合約的項目總價值約為 3 億美元。

While demand from our US DoD customers is growing, we also continue to see increasing interest from our international allies. We are getting closer to our US DoD multi-year ID/IQ contract that will better facilitate further future international sales to Ukraine and other foreign countries. In fact, we just received our first Lithuanian order for Switchblade 300 and 600. As demand for Switchblade continues to rise, AV stands ready to meet our customers' increasing expectations.

在我們美國國防部客戶的需求不斷增長的同時，我們也看到國際盟友的興趣日益濃厚。我們正在接近與美國國防部簽訂的多年期 ID/IQ 合同，這將更好地促進未來向烏克蘭和其他國家的進一步國際銷售。事實上，我們剛剛收到了第一份立陶宛 Switchblade 300 和 600 的訂單。隨著對 Switchblade 的需求不斷增長，AV 已準備好滿足客戶日益增長的期望。

Our current manufacturing levels have expanded to support more than $500 million in annual product revenue, and we're actively planning for additional capacity growth. We are factory ready today to supply the US DoD and our allied countries with the products and technology they need to succeed in their missions. The LMS business has grown tremendously this past year and we expect it to similarly lead our growth in fiscal year 2025.

我們目前的製造水準已擴大到支持每年超過 5 億美元的產品收入，並且我們正在積極規劃額外的產能成長。我們工廠現在已準備好向美國國防部和我們的盟國提供他們完成任務所需的產品和技術。LMS 業務在過去一年中取得了巨大成長，我們預計它將在 2025 財年同樣引領我們的成長。

Now on to our uncrewed systems segment, which was formerly referred to as our unmanned systems segment. Revenue for the fourth quarter was $104 million, slightly down from the same quarter last year, primarily due to award timing. However, revenue for fiscal year 2024 grew 30% from the prior year, totaling $448 million.

現在來談談我們的無人系統部分，以前稱為無人系統部分。第四季營收為 1.04 億美元，較去年同期略有下降，主要原因是授予時間。然而，2024 財年的營收比前一年成長了 30%，總計 4.48 億美元。

Much of the uncrewed systems segment growth came from our Puma and JUMP 20 system. Puma continues to lead the small UAS market as the dominant ISR workforce in current conflicts, providing much-needed reconnaissance and surveillance. As evidenced, Ukraine continues to utilize Puma heavily on the battlefield and we expect additional orders in the future quarters.

無人系統領域的成長很大程度上來自於我們的 Puma 和 JUMP 20 系統。Puma 繼續引領小型 UAS 市場，成為當前衝突中占主導地位的 ISR 勞動力，提供急需的偵察和監視。事實證明，烏克蘭繼續在戰場上大量使用美洲豹，我們預計未來幾季還會有更多訂單。

We will continue to support Puma to ensure the system remains best-in-class in contested environments while advancing the development of the next generation small UAS products. We similarly continue to make enhancements to our JUMP 20 platform, especially for the maritime environment. We believe maritime operations are of growing importance to our customers given recent and emerging geopolitical threats.

我們將繼續支援 Puma，確保系統在對抗環境中保持最佳狀態，同時推動下一代小型 UAS 產品的開發。我們同樣繼續對我們的 JUMP 20 平台進行改進，特別是針對海洋環境。我們相信，鑑於近期和新出現的地緣政治威脅，海上作業對我們的客戶來說越來越重要。

As we are nearing the one year anniversary of our Tomahawk Robotics acquisition, we could not be more pleased with how well they are performing. We continue to integrate Tomahawk's Kinesis software with our other autonomous vehicles and are pleased by the amazing common control capabilities this technology provides to our customers.

我們收購 Tomahawk Robotics 即將迎來一週年，我們對他們的出色表現感到非常滿意。我們繼續將 Tomahawk 的 Kinesis 軟體與我們的其他自動駕駛汽車結合，並對這項技術為我們的客戶提供的驚人的通用控制功能感到滿意。

While we continue to define the uncrewed systems market, we are not standing idle as our adversaries adjust tactics and our customers missions evolve in response. We're pushing ourselves to innovate every day to remain best in class for our customers and prepare for future programs of record. Uncrewed systems continue to be in high demand around the globe and we anticipate strong domestic and international demand for both Puma and JUMP 20 in fiscal year 2025.

在我們繼續定義無人系統市場的同時，我們也不會袖手旁觀，因為我們的對手會調整策略，我們的客戶的任務也會隨之發展。我們每天都在努力創新，為客戶提供最好的服務，並為未來的記錄計畫做好準備。無人駕駛系統在全球範圍內持續受到熱捧，我們預計 2025 財年 Puma 和 JUMP 20 的國內外需求都將強勁。

Moving now to our M0acCready works segment. This past year, the MacCready works team continued their mission of incubating new solutions and expanding our AI and autonomy capabilities. We're heavily involved in developing the next generation of solutions for the US DoD's Replicator program and hope to provide additional details soon.

現在轉到我們的 M0acCready 工作部分。過去的一年，MacCready 工作團隊繼續他們的使命，孵化新的解決方案並擴展我們的人工智慧和自主能力。我們積極參與美國國防部複製器計畫的下一代解決方案的開發，並希望很快提供更多細節。

In addition, we continue to make progress on HAPS and in fact, just secured another $25 million contract with SoftBank that is reflected in our visibility for fiscal year 2025. We similarly continue to make strides with contested logistics, maritime uncrewed systems, space robotics, and other exciting platforms and innovations.

此外，我們在 HAPS 方面繼續取得進展，事實上，我們剛剛與軟銀簽訂了另一份價值 2500 萬美元的合同，這反映在我們對 2025 財年的展望中。我們同樣在對抗物流、海上無人系統、空間機器人以及其他令人興奮的平台和創新方面繼續取得進展。

Just recently, AV was down selected by DARPA for continued development of its X-Plane design for the agency's ANCILLARY program. Our solution named Wildcat is a group 3 vertical takeoff and landing UAS that is developed specifically for ship-based operations and maritime environments.

就在最近，AV 被 DARPA 選中，繼續為該機構的 ANCILLARY 項目開發 X-Plane 設計。我們的解決方案名為 Wildcat，是第三組垂直起降無人機系統，專為艦載作業和海上環境而開發。

Wildcat also provides complimentary capabilities for JUMP 20 for future missions. Maritime missions are becoming more important as the US DoD increases focus on the INDOPACOM theater and we're proud to continue our support of our customers in this region.

Wildcat 也為 JUMP 20 的未來任務提供了補充功能。隨著美國國防部加大對印太司令部戰區的關注，海上任務變得越來越重要，我們很自豪能夠繼續為該地區的客戶提供支援。

In addition to this key achievement, we also announced our new suite of autonomy solutions including Autonomy Retrofit Kit or ARK and AVACORE. ARK enables operators to task a single or multi-vehicle uncrewed scheme with mission objectives for fully autonomous execution while operating in contested environments. ARK also comes pre-installed with SPOTR-Edge, AV's computer vision software suite, which enables onboard detection, classification, localization, and tracking of operationally relevant objects day or night.

除了這項重要成就之外，我們還宣布了新的自主解決方案套件，包括自主改造套件或 ARK 和 AVACORE。ARK 使操作員能夠在對抗環境中對單車或多車無人駕駛方案執行完全自主執行的任務目標。ARK 還預先安裝了 AV 的電腦視覺軟體套件 SPOTR-Edge，可實現白天或夜間對操作相關物件進行機載偵測、分類、定位和追蹤。

Additionally, AVACORE is AeroVironment's autonomy software suite, providing an open framework for uncrewed systems. It features a modular set of interfaces such as autopilot, RF communication, communication devices and sensors and supports rapid integration with new platforms and applications.

此外，AVACORE 是 AeroVironment 的自主軟體套件，為無人系統提供開放框架。它具有自動駕駛儀、射頻通訊、通訊設備和感測器等模組化接口，支援與新平台和應用程式的快速整合。

In summary, MaCcready works is fulfilling its mission to develop and deliver disruptive novel solutions and we anticipate further exciting announcements in fiscal year 2025.

總而言之，MaCcready works 正在履行其開發和提供顛覆性新解決方案的使命，我們預計在 2025 財年將有更多令人興奮的公告。

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

現在，我想將電話轉給凱文麥克唐納 (Kevin McDonnell)，讓他回顧一下第四季和全年的財務狀況。凱文？

Thank you, Wahid. Today I'll be reviewing the highlights of our fourth quarter and full year fiscal FY24 performance, during which I will occasionally refer to our press release and earnings presentations available on our website. As Wahid mentioned, we will now refer to the unmanned system segment as the uncrewed or UxS segment.

謝謝你，瓦希德。今天，我將回顧我們第四季度和 FY24 財年全年業績的亮點，在此期間，我將偶爾參考我們網站上的新聞稿和收益報告。正如瓦希德所提到的，我們現在將無人系統部分稱為無人駕駛或 UxS 部分。

FY24 was a record year and the fourth quarter finished strong with our highest revenue quarter ever. We expect this business momentum to continue into FY25. In terms of the full year, revenue totaled $716.7 million, an increase of 33% as compared to the $540.5 million for the fiscal year 2023.

24 財年是創紀錄的一年，第四季表現強勁，創下了我們有史以來最高的營收季度。我們預計這項業務動能將持續到25財年。全年總營收為 7.167 億美元，較 2023 財年的 5.405 億美元成長 33%。

Our largest segment during the year was uncrewed systems or UxS, which is a combination of our small UAS, which includes our Tomahawk acquisition, medium UAS and UGV businesses. UxS had revenue of $448 million in the year, which is up 30% from last year's $343.9 million. Puma demand remained strong, accounting for 62% of UxS revenue, but the segment also generated $61.5 million from our JUMP 20 product, along with contributions from our ground vehicles and Tomahawk products during the year.

我們今年最大的業務部門是無人系統或 UxS，它是我們的小型 UAS（包括我們的戰斧收購）、中型 UAS 和 UGV 業務的組合。UxS 全年營收為 4.48 億美元，較去年的 3.439 億美元成長 30%。Puma 的需求仍然強勁，佔 UxS 收入的 62%，但該部門也從我們的 JUMP 20 產品中創造了 6,150 萬美元的收入，同時我們的地面車輛和 Tomahawk 產品也做出了貢獻。

Loitering munitions systems or LMS recorded revenue of $192.6 million, a 60% increase compared to the $120.6 million last fiscal year. 62% of LMS revenue came from the Switchblade 600 products and services, while the remainder came primarily from the Switchblade 300 Block 20 products.

巡飛彈藥系統（LMS）的收入為 1.926 億美元，與上一財年的 1.206 億美元相比增長了 60%。其中 62% 的 LMS 收入來自 Switchblade 600 產品和服務，其餘收入主要來自 Switchblade 300 Block 20 產品。

Revenue from our MacCready works segment came in at $76.1 million. This was flat compared to the $76 million from last fiscal year. MacCready works growth was negatively impacted by the US government budget authorization delays. In terms of the fourth quarter revenue, we achieved a record total of revenues of $197 million and increased to 6% as compared to the $186 million for the fourth quarter of fiscal 2023.

我們的 MacCready 工程部門的收入達到了 7,610 萬美元。這一數字與上一財年的 7,600 萬美元相比持平。美國政府預算授權延遲對 MacCready 工程的成長產生了負面影響。就第四季營收而言，我們實現了創紀錄的1.97億美元總營收，與2023財年第四季的1.86億美元相比成長了6%。

Uncrewed systems or UxS had revenue of $103.7 million, down 15% from last year's $122.2 million, with small UAS showing the biggest decline as a result of lower Ukraine revenue. Puma demand accounted for 45% of UxS revenue, whereas JUMP 20 product sales represented close to 30% of UxS revenue during the fourth quarter.

無人系統或 UxS 的收入為 1.037 億美元，比去年的 1.222 億美元下降 15%，其中小型 UAS 因烏克蘭收入下降而出現最大降幅。Puma 的需求佔 UxS 收入的 45%，而 JUMP 20 產品銷售額在第四季度佔 UxS 收入的近 30%。

Loitering munition systems or LMS recorded revenue of $73.8 million, a 74% increase compared to the $42.5 million last year during Q4, with comparable revenue contribution from both our Switchblade 600 and Switchblade 300 Block 20.

巡飛彈藥系統或 LMS 的收入為 7,380 萬美元，與去年第四季的 4,250 萬美元相比成長了 74%，我們的 Switchblade 600 和 Switchblade 300 Block 20 的收入貢獻相當。

Revenue from our MacCready works segment came in at $19.5 million, a decrease of 9% compared to the $21.4 million from the fourth quarter of last fiscal year, primarily again, due to delays in HAPS SoftBank revenue and US DoD funding delays as a result of the continuing resolution, which impacted several MacCready works programs.

我們 MacCready 工程部門的營收為 1,950 萬美元，與上一財年第四季的 2,140 萬美元相比下降了 9%，這主要還是由於 HAPS SoftBank 收入延遲以及美國國防部因持續決議而導致的資金延遲，這影響了多個 MacCready 工程專案。

In slide 6 of the earnings presentation, there is a breakdown of between product and service revenue. The product revenue accounted for 82% of total revenues, an increase from the 65% in the previous year, primarily due to strong product revenue from both small UAS and loitering munition systems and medium UAS systems. We expect product revenues as a percentage of revenue to remain above 80% for the foreseeable future.

在收益報告的第 6 張投影片中，列出了產品和服務收入的細目。產品收入佔總收入的 82%，高於去年的 65%，主要由於小型 UAS 和巡飛彈藥系統以及中型 UAS 系統的產品收入強勁。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 7 of the earnings presentation shows the trend of adjusted product and service gross margins, while slide 13 reconciles the GAAP gross margins to adjusted gross margins, which excludes intangible amortization expense and other non-cash purchase accounting items.

轉向毛利率。收益報告的第 7 張投影片展示了調整後的產品和服務毛利率趨勢，而第 13 張投影片則將 GAAP 毛利率與調整後的毛利率進行了調節，其中不包括無形攤銷費用和其他非現金購買會計項目。

For the year, consolidated GAAP gross margins finished at 40%, up from 32% in the previous year. The improvement in GAAP gross margins is a result of a combination of a higher mix of product revenues and higher service gross margins.

全年綜合 GAAP 毛利率為 40%，高於前一年的 32%。GAAP 毛利率的增加是產品收入組合增加和服務毛利率提高共同作用的結果。

Moving to adjusted gross margins, fiscal 2024 full-year adjusted gross margins reached 42%, a significant increase from the 35% recorded in the same period last year. The improvement was driven by the same factors as the GAAP gross margins. We expect adjusted overall gross margins to be slightly down in FY25 but continue to run in the low 40%s.

調整後的毛利率方面，2024財年全年調整後毛利率達42%，較去年同期的35%大幅成長。推動此改善的因素與 GAAP 毛利率相同。我們預計調整後的整體毛利率在 25 財年將略有下降，但仍將維持在 40% 左右。

Adjusted product gross margins for the year were 43%, flat with the fiscal year -- last fiscal year, even with the increasing LMS product revenue. In terms of adjusted service gross margins, the full year ended at 33% versus 18% last year. As a reminder, last years' service gross margins were negatively impacted by the wind down of the MUAS COCO operations.

本年度調整後的產品毛利率為 43%，與上一財年持平，儘管 LMS 產品收入有所增加。就調整後服務毛利率而言，全年為 33%，而去年為 18%。需要提醒的是，去年的服務毛利率受到 MUAS COCO 業務逐漸減少的負面影響。

Fourth quarter adjusted gross margins ended at 40%, marking an increase from the 39% recorded in the same period last year. The improvement was driven by the same factors as for the full fiscal year. Adjusted product gross margins for the quarter were 41% versus 47% in the fourth quarter of last fiscal year, reflecting the increase of loitering munitions systems product revenue and the overall mix in this year.

第四季調整後的毛利率為 40%，高於去年同期的 39%。推動這一改善的因素與整個財政年度相同。本季調整後產品毛利率為 41%，而上財年第四季為 47%，反映了今年巡飛彈藥系統產品收入和整體產品組合的成長。

In terms of adjusted service gross margins, the fourth quarter was at 38% versus 13% during the same quarter last year. Again, last year's Q4 service gross margins included the impact of the wind down of the COCO operations.

就調整後服務毛利率而言，第四季為 38%，而去年同期為 13%。再次，去年第四季的服務毛利率包括了 COCO 業務逐漸減少的影響。

In terms of adjusted EBITDA, slide 14 of our earnings presentation shows the reconciliation of GAAP net income to adjusted EBITDA. For the full fiscal year 2024, adjusted EBITDA was $128 million, representing an increase of $38 million or 42% from last fiscal year. The main factors contributing to this increase were increases in revenue and gross margins, which were partially offset by increased investments in R&D and incremental SG&A expenses.

就調整後的 EBITDA 而言，我們的收益報告的第 14 張幻燈片顯示了 GAAP 淨收入與調整後的 EBITDA 的對帳。2024 財年全年調整後 EBITDA 為 1.28 億美元，較上一財年增加 3,800 萬美元，增幅 42%。促成這一增長的主要因素是收入和毛利率的增加，但研發投資的增加和銷售、一般及行政費用的增加部分抵消了這一增長。

In the fourth quarter of fiscal 2024, adjusted EBITDA was $22 million, representing a decrease of $24 million or 52% from the fourth quarter of last fiscal year. The lower year-over-year adjusted EBITDA is a result of higher R&D and SG&A expense, which I will cover next.

2024財年第四季，調整後EBITDA為2,200萬美元，較上一財年第四季減少2,400萬美元，降幅52%。調整後 EBITDA 年比下降是由於研發費用和銷售、一般及行政費用增加，我將在下文中介紹。

SG&A expense, excluding intangible amortization and acquisition related expense, for the year was $107 million or 15% of revenue compared to $81 million or 15% of revenue in the prior year. The SG&A expense is the percentage of revenue stayed flat, but includes increases from the Tomahawk acquisition and continued expansion of our domestic and international sales team.

本年度銷售、一般及行政費用（不包括無形資產攤銷及收購相關費用）為 1.07 億美元，佔營收的 15%，而上年度為 8,100 萬美元，佔營收的 15%。銷售、一般及行政費用佔收入的百分比保持不變，但包括了 Tomahawk 收購以及國內外銷售團隊持續擴張帶來的成長。

SG&A expense for the fourth quarter was $33 million or 17% of revenue compared to $23 million or 13% of revenue in the prior year. The year-over-year increase is attributed to the Tomahawk acquisition, the expansion of our sales team and increased performance-based compensation after another record year.

第四季銷售、一般及行政費用為 3,300 萬美元，佔營收的 17%，而去年同期為 2,300 萬美元，佔營收的 13%。同比成長歸因於 Tomahawk 的收購、銷售團隊的擴張以及在又一個創紀錄的年份之後基於績效的薪酬的增加。

R&D expense for the year was $98 million for 14% of revenue compared to $64 million or 12% of revenue in the prior year. The increase of R&D expense in both dollar terms and percentage of revenue is a result of our investments in our next generation Group 1 UAV, the maritime version of the JUMP 20, investments in our HAPS solar aircraft and investments in other new products.

本年度研發費用為 9,800 萬美元，佔營收的 14%，而前一年為 6,400 萬美元，佔營收的 12%。研發費用以美元和收入百分比計算的增加是由於我們對下一代 Group 1 無人機（JUMP 20 的海事版本）、對 HAPS 太陽能飛機的投資以及對其他新產品的投資。

R&D expense for the fourth quarter was $35 million or 18% of revenue compared to $16 million or 9% of revenue in the prior year. A significant portion of our AV R&D dollars in Q4 were directed to some of our US DoD programs for which funding had been delayed due to the pending finalization of the US federal budget for the government fiscal year. We expect R&D expense to range in the 12% to 13% area in fiscal 2025 as we continue to make investments across the product portfolio.

第四季研發費用為 3,500 萬美元，佔營收的 18%，去年同期為 1,600 萬美元，佔營收的 9%。我們在第四季度的 AV 研發資金中有很大一部分用於了一些美國國防部項目，由於美國政府財政年度聯邦預算尚未最終確定，這些項目的資金投入被推遲。隨著我們繼續對產品組合進行投資，我們預計 2025 財年的研發費用將在 12% 至 13% 之間。

Now, turning to GAAP earnings. In fiscal year 2024, the company generated net income of $59.7 million versus a net loss of $176.2 million recorded in the fiscal year '23, an increase in net income of $235.8 million. In fiscal 2023, the company recognized $156 million goodwill impairment for its medium UAS business and $34.1 million of accelerated intangible amortization following the closure of its associated COCO site.

現在，讓我們來談談 GAAP 收益。2024 財年，該公司淨收入為 5,970 萬美元，而 2023 財年的淨虧損為 1.762 億美元，淨收入增加了 2.358 億美元。2023 財年，該公司確認中型 UAS 業務商譽減損 1.56 億美元，並在其相關 COCO 站點關閉後確認加速無形資產攤銷 3,410 萬美元。

The balance of the favorability can be attributed to a $10.1 million decrease in intangible amortization and other acquisition related expenses, a $110.4 million increase in adjusted gross margin, a $5.1 million decrease in interest expense, a $0.8 million increase in equity related investment income. These were partially offset by a $33.4 million increase in R&D spending, a $26.4 million increase in SG&A expenses excluding intangible amortization, $16.6 million increase in taxes, and a $4 million increase in other losses, mostly related to unrealized losses in our equity investment portfolio.

有利因素的平衡可歸因於無形資產攤銷和其他收購相關費用減少 1,010 萬美元、調整後毛利率增加 1.104 億美元、利息支出減少 510 萬美元、股權相關投資收益增加 80 萬美元。這些損失部分被研發支出增加 3,340 萬美元、不包括無形資產攤銷的銷售、一般及行政費用增加 2,640 萬美元、稅收增加 1,660 萬美元以及其他損失增加 400 萬美元所抵消，其中大部分與我們股權投資組合中的未實現損失有關。

It should be noted that our full year tax rate ended up being approximately 3%. However, we expect our tax rate for FY25 to increase in the range of 8% to 9%. In the fourth quarter, the company generated net income of $6 million versus a net loss of $160.5 million reported in the same period last year.

值得注意的是，我們的全年稅率最終約為3％。不過，我們預計 25 財年的稅率將增加 8% 至 9%。第四季度，該公司淨收入為 600 萬美元，而去年同期淨虧損為 1.605 億美元。

Slide 11 shows a reconciliation of GAAP and adjusted or non-GAAP diluted EPS. The company posted adjusted earnings per share -- diluted earnings per share of $2.99 in fiscal 2024 versus $1.26 per diluted share in fiscal 2023. Adjusted earnings per share for the fourth quarter of fiscal 2024 were $0.43 versus $0.99 per diluted share for the fourth quarter of fiscal 2023.

投影片 11 顯示了 GAAP 與調整後或非 GAAP 稀釋每股盈餘的對帳。該公司公佈的調整後每股收益——2024 財年每股攤薄收益為 2.99 美元，而 2023 財年每股攤薄收益為 1.26 美元。2024 財年第四季調整後每股收益為 0.43 美元，而 2023 財年第四季每股攤薄收益為 0.99 美元。

Turning to the balance sheet, at the close of the fourth quarter, our total cash and investments amounted to $94.3 million compared to $129 million at the end of the third quarter. Our total debt at the end of the fiscal 2024 was $28 million, and as we paid down $107 million of the term loan facility during the course of the fiscal year.

談到資產負債表，截至第四季末，我們的現金和投資總額為 9,430 萬美元，而第三季末為 1.29 億美元。截至 2024 財年末，我們的總債務為 2,800 萬美元，並且我們在本財年期間償還了 1.07 億美元的定期貸款。

Looking forward to fiscal 2025, we expect working capital to remain at the current levels with some quarter-to-quarter fluctuations. Our expectation is we start to see some reductions in our unbilled receivables as we enter into a new contract with the US Army.

展望 2025 財年，我們預期營運資本將維持在當前水平，但季度間會有一些波動。我們的預期是，隨著我們與美國陸軍簽訂新合同，我們的未開票應收帳款將開始減少。

Our capital expenditures should remain in the low single digits or around 5% of revenue. We continue to invest in new systems, facilities, and manufacturing tooling and fixtures to support our growth. Overall, we expect significant increase in our free cash flow in FY25.

我們的資本支出應保持在較低的個位數或收入的5％左右。我們繼續投資新系統、設施以及製造工具和設備來支持我們的成長。整體而言，我們預計 25 財年的自由現金流將大幅增加。

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

現在我想把話題轉回瓦希德身上。

Thanks, Kevin. With a strong fiscal year 2024 behind us, we're pleased to provide our guidance for fiscal year 2025 on slide number 7 as follows. We anticipate revenue between $790 million and $820 million. We forecast net income between $74 million to $83 million, or $2.61 to $2.92 per diluted share. Non-GAAP adjusted EBITDA are between $143 million and $153 million, and we expect R&D to be 12% to 13% of revenues.

謝謝，凱文。2024 財年表現強勁，我們很高興在第 7 張投影片上提供 2025 財年的指導。我們預計營收在 7.9 億美元至 8.2 億美元之間。我們預測淨收入在 7,400 萬美元至 8,300 萬美元之間，或每股攤薄收益 2.61 美元至 2.92 美元。非 GAAP 調整後的 EBITDA 在 1.43 億美元至 1.53 億美元之間，我們預計研發費用將佔營收的 12% 至 13%。

Our funded backlog at the end of fiscal year 2024 remain healthy at $400 million. As a result, visibility to the midpoint of our fiscal year 2025 revenue guidance range is at 55%. While this level of visibility is lower than recent years, it is important to note that our visibility reflects some uncertainty in the government contracting process.

截至 2024 財政年度末，我們的資金積壓量仍維持在 4 億美元的健康水準。因此，我們 2025 財年營收預測範圍中點的可見度為 55%。雖然這種可見度低於近年來的水平，但值得注意的是，我們的可見度反映了政府承包過程中的一些不確定性。

Many additional awards have been announced by our customers, but are not yet included in our backlog, including more than $300 million in orders for our LMS business alone. We are confident in achieving our full-year guidance and will update our visibility accordingly in future quarters as these awards and other opportunities in our pipeline convert to orders and revenue.

我們的客戶已宣布了許多其他獎項，但尚未計入我們的積壓訂單，其中僅 LMS 業務的訂單就超過 3 億美元。我們有信心實現全年目標，並將在未來幾季隨著這些獎項和其他機會轉化為訂單和收入而相應地更新我們的知名度。

We expect first-half revenue to represent almost 45% of the full fiscal year. Further, we expect Q1 revenue to account for approximately half of the first-half revenues.

我們預計上半年收入將佔全年收入的近 45%。此外，我們預計第一季營收將佔上半年營收的約一半。

We anticipate accelerating global demand for autonomous AI-enabled uncrewed solutions to drive continued growth across our business. Given our strong performance and execution, we remain confident that fiscal year 2025 will be another record-breaking fiscal year for AeroVironment. We are uniquely positioned in this marketplace with decades of trusted experience, battle-tested solutions, an unparalleled install base, best-in-class technology, and unrivaled manufacturing capacity.

我們預計全球對自主人工智慧無人駕駛解決方案的需求將持續成長，從而推動我們業務的持續成長。鑑於我們強勁的業績和執行力，我們仍然相信 2025 財年將是 AeroVironment 又一個破紀錄的財年。我們在這個市場上擁有獨特的優勢，擁有數十年值得信賴的經驗、久經考驗的解決方案、無與倫比的安裝基礎、一流的技術和無與倫比的製造能力。

We remain well-positioned to benefit from US DoD budget priorities as an industry leader and the original defense tech innovator. We have positioned the company for a healthy multi-year top-line growth, which lends itself to strong shareholder value creation. Our company is poised for significant growth that extends well beyond fiscal year 2025.

作為產業領導者和最初的國防技術創新者，我們仍然能夠從美國國防部的預算優先事項中受益。我們已將公司定位為實現多年健康的營收成長，這有助於為股東創造強大的價值。我們的公司已準備好實現顯著成長，並且這種成長將持續到 2025 財年之後。

Before turning the call over for questions, let me summarize the key takeaways from today's call. First, full-year revenue and profitability set new records, marking our seventh consecutive year of top-line growth. Second, we delivered strong fourth-quarter performance and met or exceeded our financial expectations.

在轉入提問環節之前，讓我先總結一下今天電話會議的要點。首先，全年營收和獲利創下新高，標誌著我們連續第七年實現營收成長。其次，我們第四季業績表現強勁，達到或超越了我們的財務預期。

Third, our loitering munition system segment continues to be the key growth driver for the company, and we anticipate demand for our Switchblade family of solutions to increase again in fiscal year 2025. And fourth, the fundamentals of our business are as strong as they have ever been, and we expect fiscal year 2025 to be yet another record-setting year for the company.

第三，我們的巡飛彈藥系統部門繼續成為公司的主要成長動力，我們預計 2025 財年對 Switchblade 系列解決方案的需求將再次增加。第四，我們業務的基本面一如既往地強勁，我們預計 2025 財年將成為公司又一個創紀錄的一年。

I would like to thank the AeroVironment team for their dedication and hard work in helping our customers achieve their vital missions. Thank you to our shareholders for supporting our company, and most notably, thank you to our customers for entrusting us to serve you. We're honored to support our country and ally at this critical time and into the future.

我要感謝 AeroVironment 團隊的奉獻和辛勤工作，幫助我們的客戶實現他們的重要使命。感謝股東對公司的支持，更要感謝客戶委託我們為您服務。我們很榮幸能夠在這個關鍵時刻以及未來支持我們的國家和盟友。

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

現在，凱文、喬納和我將回答你們的問題。

(Operator Instructions) Greg Konrad, Jefferies.

（操作員指示）Greg Konrad，Jefferies。

Good evening. You called out annual production capacity for LMS greater than $500 million, which is about 2.5 or more than 2.5 times the fiscal year '24 sales. Can you maybe give a timeline given that you called out continued growth in LMS of kind of reaching that annual production capacity?

晚安.您指出 LMS 的年產能超過 5 億美元，約為 24 財年銷售額的 2.5 倍或 2.5 倍以上。鑑於您所說的 LMS 持續成長並達到年生產能力，您能否給出一個時間表？

Sure, Greg. So we continue to expand capacity and production rates almost on a monthly basis. So the rate keeps growing. And as you saw, our fourth quarter, we finished the quarter with $74 million-plus worth of revenue. Just as the fourth quarter, and you see the increase from Q3 to Q4 was significant. We expect that same rate of increase to continue.

當然，格雷格。因此，我們幾乎每月都會繼續擴大產能和生產力。因此該比率持續成長。如您所見，我們的第四季收入超過 7400 萬美元。就像第四季一樣，你會看到從第三季到第四季的成長非常顯著。我們預計同樣的成長率將持續下去。

Our goal is to always, always stay ahead of our customers' demand in terms of capacity. So far in the last three-plus years, especially during COVID's era, as well as the shortages of semiconductors and chips. We were successful at meeting our customers' demand appropriately.

我們的目標是在產能方面始終領先於客戶的需求。到目前為止，在過去三年多的時間裡，尤其是在 COVID 時代，以及半導體和晶片的短缺期間。我們成功地適當地滿足了客戶的需求。

So it is not that far away from today that we're going to be able to reach about half of the [$1 billion] worth of production capacity. And that is going to be right in line with our customers' expectation and the demand signals that we're seeing, especially with the orders we expect to receive in the next couple quarters.

因此，距離我們能夠達到價值 [10 億美元] 的產能的一半並不遙遠。這將完全符合我們客戶的期望和我們看到的需求訊號，特別是我們預計在未來幾季收到的訂單。

And then maybe just as a follow-up, if I look at the guidance, EBITDA margins are up about 60 bps at the midpoint in '25. You called out expect R&D to stay in the 12% to 13% range in fiscal year '25. But can you maybe talk about the drivers? How much of that is LMS mix? Do you expect margin expansion within LMS or just some of the moving pieces of the margin expansion?

然後也許只是作為後續，如果我看一下指導，EBITDA 利潤率在 25 年中點上漲了約 60 個基點。您曾預計 25 財年的研發費用將維持在 12% 至 13% 的範圍內。但您能談談驅動因素嗎？其中有多少是 LMS 混合？您是否預計 LMS 內部的利潤率會擴大，或者只是利潤率擴大的一些變動部分？

Sure. So, Greg, generally speaking, our margin for fiscal year '25 is going to be very healthy, despite the fact that we have a significant mix shift between our small UAS demand and our much faster-growing LMS business. While the growth in LMS is aggressive and quite robust, we've been able to successfully increase the margin profile of that mix within our LMS business as well.

當然。所以，格雷格，總的來說，儘管我們的小型 UAS 需求和成長更快的 LMS 業務之間存在顯著的組合轉變，但我們 25 財年的利潤率將非常健康。在 LMS 成長強勁且相當強勁的同時，我們也成功地提高了 LMS 業務中該組合的利潤率。

So as we are negotiating new contracts with the US Army and our international allies, we expect to see those margins improve throughout the year. But overall for the year, we believe that the market is going to continue to grow. LMS continues to be the faster-growing segment of our business.

因此，當我們與美國陸軍和我們的國際盟友談判新合約時，我們預計這些利潤率將在全年有所提高。但總體而言，我們相信今年市場將持續成長。LMS 繼續成為我們業務中成長較快的部分。

And the fact that we have capacity to increase and we're level-loading the factory, we believe that we're going to continue to be able to improve the margin profile of our LMS business. All of that should translate into, basically, roughly the similar margins to 2024 for the full year.

事實上，我們有能力增加產能，我們正在對工廠進行水平加載，我們相信我們將繼續能夠提高 LMS 業務的利潤率。所有這些基本上應該轉化為與 2024 年全年大致相同的利潤率。

So our gross margin slightly improving adjusted gross -- EBITDA.

因此我們的毛利率略有提高，調整後的毛利率－EBITDA。

That's right.

這是正確的。

I'll leave it at that. Thanks.

我就不多說了。謝謝。

Thank you, Greg.

謝謝你，格雷格。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Hey, thanks. Good afternoon, Wahid, Kevin, and Jonah. Nice results. Wahid, you mentioned that $300 million, you kind of listed them all off, LASSO, Replicator, OPF-L, some of that was in the Ukraine. I think Lithuania was also mentioned.

嘿，謝謝。下午好，瓦希德、凱文和喬納。效果不錯。瓦希德，你提到了 3 億美元，你把它們都列舉出來了，LASSO、Replicator、OPF-L，其中一些是在烏克蘭。我認為立陶宛也被提及了。

So you just talked about that fourth quarter run rate. So how do we think about that $300 million rolling through LMS? Is it kind of like an 18-month period, and then we're going to see additional orders from domestic customers? Just how do we think about how those contracts roll through?

所以您剛才談到了第四季的運行率。那麼我們該如何看待透過 LMS 獲得的 3 億美元呢？這是否有點像 18 個月的時間，然後我們會看到更多來自國內客戶的訂單？我們究竟該如何看待這些合約的履行？

Sure. So, Peter, we're working on several fronts. The primary reason for those orders not be secured yet is the contracting capacity and timeline of our customers. The US government has been really challenged in terms of not having their budgets approved for almost half of their government fiscal year, and now they're trying to contract all those with different suppliers.

當然。所以，彼得，我們正在多個方面開展工作。這些訂單尚未獲得的主要原因是客戶的承包能力和時間表。美國政府面臨的真正挑戰是，幾乎有一半的政府財政年度的預算都未得到批准，現在他們正試圖與不同的供應商簽訂所有這些預算的合約。

Especially in our case because we are working on a multi-year contract that takes a little bit longer, especially since we're negotiating some of the key critical terms and conditions of that contract. So having said that, we expect pretty much all of those $300 million worth of potential orders and even more than to that, to materialize or convert into contracts this fiscal year. We expect all of that and then some more.

尤其對我們來說，因為我們正在製定一份多年期合同，這需要更長的時間，特別是因為我們正在就該合約的一些關鍵條款和條件進行談判。話雖如此，我們預計幾乎所有價值 3 億美元甚至更多的潛在訂單都將在本財年實現或轉化為合約。我們期待這一切，甚至更多。

I was just trying to point out that our backlog at the end of the year was not as strong and the visibility was not as strong as last fiscal year, even though our full-year number is much higher now. But we see significant upside on the orders that are in the works that we believe we're going to convert that into contracts in the next 9 to 12 months.

我只是想指出，儘管我們現在的全年數字要高得多，但我們年底的積壓訂單並不那麼強勁，而且可見度也不如上一財年那麼高。但我們看到正在進行的訂單有顯著的成長空間，我們相信我們將在未來 9 到 12 個月內將其轉化為合約。

And the timing of those contracts will dictate our ability to recognize the revenue this year or next year.

這些合約的時間將決定我們今年或明年確認收入的能力。

That's right.

這是正確的。

Understood. And just as a follow-up, Kevin, you mentioned the unbilled on your prepared remarks. So that was up for the year, about $95 million year-over-year. But does it continue to grow? You mentioned that you're going to have a new contract, and then that changes, I guess, maybe the terms. But how do we think about unbilled from here? And where that will go as we think about fiscal '25? Thanks.

明白了。凱文，作為後續問題，您在準備好的發言中提到了未開票的問題。因此，今年的支出較上年同期增加，約 9,500 萬美元。但它會繼續成長嗎？您提到您將簽訂一份新合同，我想，合約條款可能會有所改變。但從這裡我們該如何考慮未開票的情況呢？當我們考慮 25 財年時，這將走向何方？謝謝。

Yeah. I mean, it'll be a nice milestone when we get the new contracts. We'll be able to recognize or take progress payments for some of that revenue. But we're not expecting that in the near term. So you'll probably see some fluctuations in the unbilled in the near term. And then hopefully reach a point when we get the new contract that will start to come down as the older contracts go off and the new ones come on board. But I think overall for the year, we should be about the same place that we are. We'll just bounce up and down a little bit.

是的。我的意思是，當我們獲得新合約時，這將是一個很好的里程碑。我們將能夠確認或收取部分收入的進度付款。但我們並不期望短期內會出現這種情況。因此，您可能會在短期內看到未開票金額出現一些波動。然後希望當我們獲得新合約時，隨著舊合約的到期和新合約的到來，費用會開始下降。但我認為，就今年而言，我們的處境應該與現在差不多。我們只是稍微上下跳動一下。

Got it. Thanks again.

知道了。再次感謝。

You're welcome, Peter.

別客氣，彼得。

Ken Herbert, RBC.

肯·赫伯特（RBC）。

Yeah. Hi, good morning or good afternoon, Wahid and Kevin.

是的。嗨，早上好或下午好，Wahid 和 Kevin。

Good afternoon.

午安.

Yeah. Hey, I just wanted to follow up on the -- for the top line outlook next year, if we apply some of the numbers you're talking about for the LMS segment, it implies limited growth, obviously, in the former UAS segment. So how do we think about growth respectively, maybe to put a finer point on it between the two segments in fiscal '25?

是的。嘿，我只是想跟進一下——對於明年的營收前景，如果我們應用您談到的 LMS 部分的一些數字，這顯然意味著前 UAS 部分的增長有限。那麼，我們該如何分別考慮成長，或許可以在 2025 財年對這兩個部分進行更細緻的分析？

So ken, we expect all of our segments to grow, not only this year, but also in the next few years. All of our segments have very, very handsome, attractive growth trajectories and forecast for the multiple years, including fiscal year '25, number one. Obviously, loitering munition is going to be one of the fastest growing ones, because of very large announcements and awards that we've won recently, which is going to translate into contracts soon.

所以肯，我們預計我們所有的部門都會成長，不僅是今年，而且在未來幾年也會成長。我們所有的部門都有非常非常可觀、有吸引力的成長軌跡和預測，包括 25 財年第一財年。顯然，巡飛彈藥將成為成長最快的彈藥之一，因為我們最近贏得了非常大的公告和獎項，這些很快就會轉化為合約。

In terms of the unmanned -- uncrewed systems business, that demand really is based on contract timing. So as you know, we've been notified and we were announced as part of the Ukraine assistant package for Ukraine. That's one potential growth opportunity, which is not reflected in our orders either.

就無人駕駛系統業務而言，這種需求實際上是基於合約時間的。如你所知，我們已經收到通知，並被宣布成為烏克蘭援助計畫的一部分。這是一個潛在的成長機會，但這也沒有反映在我們的訂單中。

And we've got several international opportunities. A lot of our international allies are also loading up and increasing their inventories of our small UAS, especially given the performance of our solutions and Ukraine. And we will continue to see that grow because our pipeline is growing.

我們有很多國際機會。我們的許多國際盟友也在裝載和增加我們的小型無人機的庫存，特別是考慮到我們的解決方案和烏克蘭的性能。而且我們將繼續看到這一增長，因為我們的管道正在不斷增長。

So overall we do expect UxS or our uncrewed systems to grow, but the largest growth or the strongest highest growth is going to come from our LMS business. And that picture is going to optically look different each quarter versus quarter or year, primarily because of the timing of the contracts that we're going to convert it into actual orders.

因此，總體而言，我們確實預計 UxS 或我們的無人系統將會成長，但最大的成長或最強勁的成長將來自我們的 LMS 業務。從視覺上看，每個季度或每年的情況都會有所不同，這主要是因為我們將其轉換為實際訂單的合約時間不同。

Okay. Helpful. Thank you. And maybe if I could just, obviously a lot more discussion these days around the shifting competitive landscape. And as we look at some of the potential volume from some of the recent foreign military sales for companies like Andrew and others seem to be -- they seem to be taking share fairly aggressively.

好的。很有幫助。謝謝。也許如果我可以的話，顯然這些天圍繞著不斷變化的競爭格局進行更多的討論。當我們看到安德魯等公司最近的一些對外軍售的潛在銷售時，他們似乎正在積極地搶佔市場份額。

Maybe, Wahid, you can just address the competitive landscape and where you view competitive strengths for AVAV in particular and how we should think about your ability to maybe continue to take share or as the market grows, just how we think about your growth relative to other companies?

瓦希德，也許您可以談談競爭格局，特別是您如何看待 AVAV 的競爭優勢，以及我們應該如何看待您繼續佔據市場份額的能力，或者隨著市場的增長，我們如何看待您相對於其他公司的增長？

Sure. So that's a great question, Ken. And I'm glad that you were addressing it or asking us that question, because we are very close and we follow these things very closely. First and foremost, the recent announcement that you saw for the FMS, it's just an authorization. It's actually not a contract yet. It is just an authorization by the State Department that they will allow these companies. And there is a lot more work to be done for those to actually convert into contract and orders, number one.

當然。這是一個很好的問題，肯。我很高興您談論這個問題或問我們這個問題，因為我們非常關注這些事情。首先，您最近看到的有關 FMS 的公告只是一項授權。事實上這還不算是一份合約。這只是國務院授權允許這些公司進入。首先，要將這些真正轉化為合約和訂單，還有很多工作要做。

Number two, we know that Taiwan prefers and would like to acquire more of AV's solutions, including Switchblade. Three, as I said before, this market is growing quite rapidly. So it's very natural for a lot more competitors to show up because it's going to attract more competition and the US military and our allies by definition are going to make sure that there's more than one player in the market.

第二，我們知道台灣更喜歡並希望獲得更多 AV 的解決方案，包括 Switchblade。三，正如我之前所說，這個市場成長相當迅速。因此，出現更多的競爭對手是很自然的，因為這將吸引更多的競爭，而美國軍方和我們的盟友必然會確保市場上有多個參與者。

Given all that, the track record that we have in terms of our win rate and the ability for us to deliver in volume now, a battle proven test and battle tested solution is unmatched. A lot of people can talk about, they can deliver solutions or they have solutions, but there's a huge difference between prototypes and announcements than actually delivering battle tested solutions in volume.

考慮到所有這些，我們在成功率方面的記錄以及我們現在批量交付的能力、經過實戰檢驗和實戰考驗的解決方案是無與倫比的。很多人可以談論，他們可以提供解決方案或他們有解決方案，但原型和公告與實際提供經過實戰檢驗的解決方案之間存在巨大差異。

So we like our odds of success. The market is going to continue to grow. We will probably see more competition in this space, but that's not new to us. We've been competing in this space for lots and lots of years.

所以我們喜歡我們成功的幾率。市場將持續成長。我們可能會看到這個領域的更多競爭，但這對我們來說並不新鮮。我們已經在這個領域競爭了很多年。

And whenever -- we've seen this movie over and over again, whenever competitors can't deliver on their promises, we stand ready to deliver, and that's been actually happening more than once in our history in the past. And so there's no one there that can actually deliver these things in volume in a timely manner as we do, especially given the time sensitivity of the [BAT] conflicts that are booming in the Indo-Pacific right now.

每當——我們已經一遍又一遍地看過這部電影了，每當競爭對手無法兌現承諾時，我們都準備好兌現承諾，而這在我們過去的歷史上實際上已經發生過不止一次。因此，沒有人能夠像我們一樣及時大量地運送這些東西，特別是考慮到目前印度-太平洋地區日益加劇的[BAT]衝突的時間敏感性。

Great. Thanks, Wahid.

偉大的。謝謝，瓦希德。

Thank you, Ken.

謝謝你，肯。

(Operator Instructions) Bryce Sandberg, William Blair.

（操作員指示）布萊斯·桑德伯格，威廉·布萊爾。

Wahid, Kevin, and Jonah, good afternoon. I'm wondering if you can talk a little bit about the P550 aircraft you announced, like what is the vision for that aircraft? And I guess, how does it differentiate from the long endurance Puma or the JUMP 20?

瓦希德、凱文和喬納，下午好。我想知道您是否可以談談您宣布的 P550 飛機，例如該飛機的願景是什麼？我想問一下，它與長續航型 Puma 或 JUMP 20 有何不同？

I'm sorry, I couldn't hear you that well. Could you repeat your question, please?

抱歉，我聽不太清楚。您能重複一下您的問題嗎？

Yeah, just wondering if you can talk a little bit about the P550 aircraft you announced, like what the vision is for that aircraft and how does it differentiate from the long endurance Puma or the JUMP 20?

是的，我只是想知道您是否可以談談您宣布的 P550 飛機，例如該飛機的願景是什麼，以及它與長航時 Puma 或 JUMP 20 有何不同？

Got it. Okay, the P550. So P550 is our next generation Group 1/Group 2 UAS that is purpose designed for the US Army's long range reconnaissance program requirements. If you look at the requirements that the US Army has for the LRR program and you look at the performance specifications that we've so far published, a limited amount of those, for the P550, it's really directly related to the needs of our customer, the requirements that they have written.

知道了。好的，P550。因此，P550 是我們下一代第 1 組/第 2 組 UAS，專為滿足美國陸軍遠端偵察計畫要求而設計。如果您查看美國陸軍對 LRR 計劃的要求，並查看我們迄今為止發布的 P550 性能規格（其中數量有限），您會發現它與我們客戶的需求（他們所寫的要求）直接相關。

We believe that this is a fantastic capability. It actually enhances the missions of our JUMP 20 as well as the Puma's. Long term, I expect in multiple years down the road that the P550 will be a stronger seller than our Puma. So essentially it's our way of continuing our innovation and continuing to lead the market with disruptive category innovations that is going to keep us ahead of all of our competition.

我們相信這是一種了不起的能力。它實際上增強了我們的 JUMP 20 以及 Puma 的任務。從長遠來看，我預計未來幾年 P550 的銷量將比我們的 Puma 更好。因此，從本質上講，這是我們繼續創新並繼續透過顛覆性類別創新來引領市場的方式，這將使我們在所有競爭對手中保持領先地位。

And so that's what P550 is all about. We're going to share a lot more about that tomorrow with our investors at our Investor Day Conference here in New York City. And we look forward to competing on the LRR as well as many other opportunities that are out there. The LRR opportunity was published recently and we've actually delivered our proposals and we're looking forward to their decision in the near future.

這就是 P550 的全部內容。明天我們將在紐約投資者日會議上與投資者分享更多相關資訊。我們期待在 LRR 以及其他許多機會上競爭。LRR 機會最近已公佈，我們實際上已提交了提案，我們期待他們在不久的將來完成決定。

Great. Thanks, Wahid.

偉大的。謝謝，瓦希德。

You're welcome.

不客氣。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

Hey guys. Thanks for taking my question. I want to start first with maybe just talking a bit more about the Taiwanese FMS sale that was announced last week.

嘿，大家好。感謝您回答我的問題。首先我想稍微談談上週宣布的台灣 FMS 銷售事宜。

So if you think about the mix of that program, with you and your competitor, I mean how marketable do you think Switchblade can be in the Indo-Pacific, just given the limited range relative to competitors and the focus that there is on range in such a vast region as the Indo-Pacific? And are there any thoughts then within that context of maybe expanding up the range as you move further on the Switchblade product line?

因此，如果您考慮該專案與您和您的競爭對手的結合，我的意思是，考慮到相對於競爭對手的射程有限，以及在印度洋-太平洋如此廣闊的地區關注射程，您認為 Switchblade 在印度洋-太平洋地區的市場潛力有多大？那麼，在 Switchblade 產品線進一步發展的同時，您是否考慮過擴大產品範圍？

Andre, so that's a great question again. And let me point out a couple of thoughts on that. Number one, those announcements were basically approvals, not yet orders. So there's still a long way to go from there to actual orders being secured by both us and our competitors.

安德烈，這又是一個很好的問題。讓我就此指出幾點想法。首先，這些公告基本上是批准，而不是命令。因此，我們和我們的競爭對手距離獲得實際訂單還有很長的路要走。

Number two, the two solutions are actually not targeted for the same missions. They're quite different in terms of what type of missions they address, number two.

第二，這兩種解決方案其實並不是針對相同的任務。第二，他們在所執行的任務類型上有很大不同。

Number three, Switchblade 600, as you saw, is the only loitering munitions that we know of that's publicly been announced as part of a Replicator program.

第三款，如您所見，Switchblade 600 是我們所知的唯一一款作為 Replicator 計劃的一部分公開發布的巡飛彈藥。

And we all know from public information that the Replicator initiative within the US DoD is by far highly, highly focused to the INDOPACOM theater, and the conflicts that are brewing there. So obviously our customers know what they need most, and they selected our solution. And the recent public announcement by our customer was that they are going to be procuring over 1,000 Switchblade 600s for the Replicator as part of the US Army's contribution to that.

我們從公開資訊中得知，美國國防部內部的複製器計畫高度關注印太司令部戰區以及那裡正在醞釀的衝突。顯然，我們的客戶知道他們最需要什麼，並且他們選擇了我們的解決方案。我們的客戶最近公開宣布，他們將為 Replicator 採購 1,000 多把 Switchblade 600，作為美國陸軍對此專案的貢獻。

So we let our records speak for itself. We've already delivered thousands of these systems. As I said, we will see more competitors in the space. We've been competing in the space for over a decade, and we've delivered thousands and thousands of systems. And we're the only company that I know of who can deliver them in high volume, in thousands, at high level of reliability and battle-proven quality today, and that's really critical to the INDOPACOM conflict.

因此，我們讓記錄來說話。我們已經交付了數千個這樣的系統。正如我所說，我們將在這個領域看到更多的競爭對手。我們已經在這個領域競爭了十多年，並且已經交付了成千上萬個系統。據我所知，我們是唯一一家能夠大量提供數千種武器的公司，而且這些武器具有高可靠性和經過實戰檢驗的質量，這對於印太司令部衝突來說至關重要。

And so we're very proud of that, and we think that that's unmatched in industry. Announcements could happen a lot and as you've seen from many announcements in the past that the end outcome seems to be somewhat different than what the announcements ended up being in the beginning. And so we look forward to competing and we'll keep you updated as this progresses through the process.

因此我們對此感到非常自豪，我們認為這在業界是無與倫比的。公告可能會經常發布，正如您從過去的許多公告中看到的那樣，最終結果似乎與最初的公告有所不同。因此，我們期待競爭，並會在整個過程中隨時向您通報最新進展。

Perfect. That's really helpful, color. Thank you. And then I guess just as we look more so on FMS and the prospect of further international sales and that mix shifting, I mean, what kind of quantitative metrics can you give as to the interest you've received, how much actual -- active conversations are going on?

完美的。這真的很有幫助，顏色。謝謝。然後我想，正如我們更多地關注 FMS 和進一步國際銷售的前景以及組合轉變一樣，我的意思是，您可以給出什麼樣的定量指標來表明您收到的興趣，有多少實際的——活躍的對話正在進行？

I know that's something that you've highlighted before with reference to the over 50 countries that you were approved for sales for. So maybe just some degree of quantitative color on how those conversations are advancing and how much more demand you're getting from incremental US allies?

我知道您之前曾強調過這一點，並提到您已獲准在 50 多個國家銷售產品。那麼，也許只是從某種程度上定量地說明這些對話的進展以及美國盟友對你們提出了多少要求？

Sure, Andre. So we -- as you know, we've received approval to market and engage with up to 50 of our allies on both Switchblade 300 and 600. As I said today on the call, that we received our first international order for Lithuania for both Switchblade 300 and 600.

當然，安德烈。因此，如您所知，我們已獲得批准在 Switchblade 300 和 600 上進行行銷並與多達 50 個盟友進行合作。正如我今天在電話中所說的那樣，我們收到了立陶宛的第一份 Switchblade 300 和 600 的國際訂單。

In addition to that, we also, as you saw the announcement from the State Department that they have approved Switchblade 300s for Taiwan. In addition to those, we still have close to half a dozen plus countries that are very actively engaged in the various stages of the acquisition of Switchblade 300 and 600 for their needs. And these countries are pretty much both in European theater as well as in the Asia-Pacific.

除此之外，正如您所看到的，美國國務院宣布已批准向台灣出口 Switchblade 300 步槍。除此之外，還有近六個以上的國家正在積極參與採購 Switchblade 300 和 600 的各個階段，以滿足他們的需求。這些國家幾乎都位於歐洲戰場和亞太地區。

And so the process is long because the US State Department and the export arm of the US military has been very, very busy. The FMS office is extremely busy, and the US exports and FMS sales have really, really skyrocketed. But we're engaged, and we see that almost all of those cases are probably most likely in the next 12 to 24 months are going to convert into some sort of orders for us.

由於美國國務院和美國軍方出口部門非常非常忙碌，因此這個過程非常漫長。FMS 辦公室非常繁忙，美國出口和 FMS 銷售額確實大幅成長。但我們已經參與其中，我們發現幾乎所有這些案例都很可能在未來 12 到 24 個月內轉化為我們的某種訂單。

The timing of that is extremely difficult to pinpoint exactly. It really depends on each and every case independently and through the process that we go through, but we're very engaged. The countries are interested. US Pentagon is supportive and State Department has been very receptive to us as well. It just takes time.

其具體時間難以準確確定。這確實取決於每個案例以及我們所經歷的過程，但我們非常投入。各國都很感興趣。美國五角大廈給予了支持，國務院也對我們非常熱情。這只是需要時間。

Super helpful. Thank you.

超有幫助。謝謝。

Thank you, Andre.

謝謝你，安德烈。

Thank you. Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back to Jonah for closing remarks.

謝謝。女士們、先生們，隊列中沒有其他問題了。現在我想請喬納作最後發言。

Thank you, once again, for joining today's conference call and for your continued 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 look forward to seeing many of you tomorrow at our 2024 Investor Day and wish you a good evening.

再次感謝您參加今天的電話會議以及您對 AeroVironment 的持續關注。提醒一下，您可以在我們網站的「投資者」部分找到此電話會議、SEC 文件和相關新聞的存檔版本。我們期待明天在 2024 年投資者日上見到大家，並祝大家晚上愉快。

That 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。