AeroVironment Inc (AVAV) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the AeroVironment fiscal 2025 first quarter conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 AeroVironment 2025 財年第一季電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

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

我現在想把會議交給今天的發言人喬納‧蒂特-巴林。請繼續。

Thanks, and good afternoon, ladies and gentlemen. Welcome to AeroVironment's fiscal year 2025 first quarter earnings call. This is Jonah Teeter-Balin, Vice President of Corporate Development and Investor Relations.

謝謝，女士們先生們，下午好。歡迎參加 AeroVironment 2025 財年第一季財報電話會議。我是喬納‧提特-巴林 (Jonah Teeter-Balin)，公司發展與投資人關係副總裁。

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》含義內的前瞻性陳述。我們的預期存在重大差異。

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 statements section 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該公司向 SEC 提交的 10-K 和其他文件中，特別是此類文件的風險因素和前瞻性陳述部分。副本可從 SEC 的 AeroVironment 網站 www.avic.com 或我們的投資者關係團隊取得。

This afternoon, we also filed a slide presentation with our earnings release and posted the presentation to the Investors section of our website under Events and Presentation.

今天下午，我們還提交了一份幻燈片簡報和我們的收益報告，並將簡報發佈到我們網站的「投資者」部分的「活動和簡報」下。

The content of this conference call contains time-sensitive information that is accurate only as of today, September 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.

本次電話會議的內容包含時效性信息，僅截至今天（2024 年 9 月 4 日）準確。電話會議之後發生的事件或情況。

Joining me today from AeroVironment are Chairman, President and Chief Executive Officer, Mr. Wahid Nawabi; and Senior Vice President and Chief Financial Officer, Mr. Kevin McDonnell.

今天與我一起參加 AeroVironment 的有董事長、總裁兼執行長 Wahid Nawabi 先生；資深副總裁兼財務長 Kevin McDonnell 先生。

We will now begin with remarks from Wahid Nawabi. Wahid?

現在我們將首先聽取瓦希德·納瓦比的演講。瓦希德？

Thank you, Jonah. Welcome, everyone, to our first quarter fiscal year 2025 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 the remainder of 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 2025 財年第一季財報電話會議。我將首先總結我們的業績和最近的成就，然後凱文將更詳細地審查我們的財務表現。然後，我將提供我們對 2025 財年剩餘時間的期望，最後，凱文、喬納和我將回答你們的問題。

I'm pleased to report another quarter of excellent results, in line with our expectations. Our key messages, which are included on slide number three of our earnings presentation are as follows. First, first quarter revenue rose to $189.5 million, a 24% increase from the same quarter last fiscal year and set a new first quarter revenue record for the company.

我很高興地報告又一個季度取得了出色的業績，符合我們的預期。我們的關鍵資訊包含在我們的收益簡報的第三張投影片中，如下所示。首先，第一季營收升至1.895億美元，較上財年同季成長24%，創下了公司第一季營收新紀錄。

Second, we're now starting to book key Switchblade opportunities such as our recent US Army $1 billion IDIQ contract and anticipate funded backlog to increase in coming quarters. Third, our Loitering Munition Systems segment continues its upward momentum toward record first quarter revenues of nearly $52 million, a 68% year-over-year increase. And fourth, given our strong execution, key program awards and a robust pipeline, we are reaffirming our previously stated guidance for fiscal year 2025.

其次，我們現在開始預訂關鍵的 Switchblade 機會，例如我們最近與美國陸軍簽訂的價值 10 億美元的 IDIQ 合同，並預計未來幾個季度資金積壓將增加。第三，我們的徘徊彈藥系統部門持續保持上升勢頭，第一季營收創歷史新高，接近 5,200 萬美元，年增 68%。第四，鑑於我們強大的執行力、關鍵專案獎項和強大的管道，我們重申先前提出的 2025 財年指導方針。

These first quarter results position us for another record fiscal year as demand for our autonomous systems continues to rise. We remain focused on our core strength and agile innovation, manufacturing and customer relationships, which is allowing us to extend our leading position in this dynamic and growing market.

隨著對我們自主系統的需求持續成長，第一季的業績使我們的財年再創歷史新高。我們仍然專注於我們的核心優勢和敏捷創新、製造和客戶關係，這使我們能夠在這個充滿活力和不斷增長的市場中擴大我們的領先地位。

We were able to achieve strong revenue growth in the quarter while retaining high levels of product quality, performance and profitability. As our pipeline expands, we continue increasing our production capacity to ensure we meet our customers' urgent needs through fiscal year 2025 and beyond. We believe AV is the strongest company in the defense tech sector.

我們在本季度實現了強勁的收入成長，同時保持了高水準的產品品質、性能和獲利能力。隨著產品線的擴大，我們將繼續提高產能，以確保在 2025 財年及以後滿足客戶的緊急需求。我們相信 AV 是國防技術領域最強大的公司。

We have unrivaled battle-tested solutions, an unparalleled and large install base, industry-leading technology, trusted customer relationships and robust manufacturing capacity equipped to handle urgent growing demand across the globe.

我們擁有無與倫比的經過實戰檢驗的解決方案、無與倫比的大型安裝基礎、行業領先的技術、值得信賴的客戶關係以及強大的製造能力，能夠滿足全球日益增長的迫切需求。

In short, we are well positioned to meet our US and international customers' growing needs. Our Uncrewed Systems and Loitering Munitions remain our key franchises, and we're proud to serve our customers in their vital missions.

簡而言之，我們有能力滿足美國和國際客戶不斷增長的需求。我們的無人系統和徘徊彈藥仍然是我們的主要特許經營權，我們很自豪能夠為客戶的重要任務提供服務。

While we are pleased with our first quarter results, we're even more excited about what lies ahead for the remainder of fiscal year 2025 and beyond. I would like to now discuss result from each of our three business segments, starting with Loitering Munition Systems or LMS.

雖然我們對第一季的業績感到滿意，但我們對 2025 財年剩餘時間及以後的前景更加興奮。我現在想討論我們三個業務部門的結果，首先是遊蕩彈藥系統或 LMS。

As I mentioned earlier, LMS was our strongest growth driver for the first quarter of fiscal year 2025. LMS revenue grew 68% from the same quarter last fiscal year to $52 million. Demand for both Switchblade 300 and 600 remained strong as demonstrated by recent wins, many of which are not yet reflected in our funded backlog.

正如我之前提到的，LMS 是我們 2025 財年第一季最強勁的成長動力。最近的勝利表明，對 Switchblade 300 和 600 的需求仍然強勁，其中許多尚未反映在我們資助的積壓訂單中。

During the first quarter, Switchblade 600 was selected for tranche 1 of the US DoD's Replicator initiative. And because of our robust manufacturing capacity, we were able to begin deliveries almost immediately. Additionally, the US DoD announced the approval for an FMS sale to Taiwan for Switchblade 300.

第一季度，Switchblade 600 被選用於美國國防部複製器計畫的第一階段。由於我們強大的製造能力，我們幾乎能夠立即開始交貨。此外，美國國防部也宣布批准向台灣出售 Switchblade 300 的 FMS。

Just last week, we received a $128 million award under the US Army's directive requirement for lethal unmanned systems, which is not reflected in our first quarter funded backlog. This award is the first task order that is part of a five-year sole source IDIQ contract with a ceiling value of nearly $1 billion. New terms will also allow for progress payments that will help improve our cash flow and working capital usage and deliveries for this last quarter will begin shortly.

就在上週，我們根據美國陸軍關於致命無人系統的指令要求獲得了 1.28 億美元的獎勵，但這並沒有反映在我們第一季資助的積壓訂單中。該合約是 IDIQ 五年獨家合約的第一個任務訂單，合約上限接近 10 億美元。新條款還將允許按進度付款，這將有助於改善我們的現金流和營運資金使用情況，最後一個季度的交付將很快開始。

As a reminder, this is the large multiyear IDIQ contract I discussed on prior earnings calls. These important and significant wins validate our competitive positioning in the market, demonstrate the urgent need for our solutions and active conflict zones and highlight our ability to deliver in volume as demand rises.

提醒一下，這是我在之前的財報電話會議上討論過的大型多年期 IDIQ 合約。這些重要且意義重大的勝利驗證了我們在市場中的競爭地位，表明了對我們的解決方案和活躍衝突地區的迫切需求，並突顯了我們隨著需求增長而批量交付的能力。

Demand for Switchblade continues to rise both domestically and abroad, and AV is committed to meeting our customers' increasing expectations. Our manufacturing capacity is expanding to support more than $500 million in annual Switchblade product revenue in fiscal year 2025, and we're prepared to support additional capacity growth in the future.

國內外對彈簧刀的需求持續成長，AV 致力於滿足客戶日益增長的期望。我們的製造能力正在擴大，以支援 2025 財年 Switchblade 產品年收入超過 5 億美元，並且我們已準備好支持未來的額外產能成長。

We are also in the process of selecting an additional location where we can expand our Loitering Munition manufacturing beyond fiscal year 2025. We're confident that the LMS business is only at the beginning stages of this strong growth cycle, and we anticipate continued momentum beyond this fiscal year.

我們也正在選擇一個額外的地點，以便在2025 財年之後擴大我們的遊蕩彈藥製造。 。

Now on to our Uncrewed Systems segment. Revenue for the first quarter was $120 million, an increase of 22% from the same quarter last year. Our Uncrewed Systems segment remains our strongest revenue and profit driver due largely to our Puma franchise and JUMP 20 platforms.

現在進入我們的無人系統部分。第一季營收為1.2億美元，比去年同季成長22%。我們的 Uncrewed Systems 部門仍然是我們最強勁的營收和利潤驅動因素，這主要歸功於我們的 Puma 特許經營權和 JUMP 20 平台。

Puma has continuously demonstrated its importance and effectiveness in current conflict as the dominant ISR workforce. And in fact, we just recently completed our 475th delivery to Ukraine, and we anticipate booking additional orders as part of the recently announced Ukraine aid package.

Puma 在當前衝突中不斷證明其作為 ISR 主導力量的重要性和有效性。事實上，我們最近剛完成了向烏克蘭的第 475 次交付，我們預計將預訂更多訂單，作為最近宣布的烏克蘭援助計劃的一部分。

We're also optimistic about the advantages and capabilities of our latest small UAS variant called the P550. This enhanced Group 2 platform is purpose-built for long-range reconnaissance missions and features advanced AI and autonomous capabilities with maximum payload versatility. The P550 is part of our recently submitted proposal for the US Army's Long Range Reconnaissance program or LRR. We anticipate strong global demand for this product beyond the US Army's program of record.

我們也對我們最新的小型無人機變體 P550 的優勢和功能持樂觀態度。這款增強型 Group 2 平台專為遠端偵察任務而設計，具有先進的人工智慧和自主功能，具有最大的有效載荷多功能性。 P550 是我們最近提交的美國陸軍遠程偵察計劃（LRR）提案的一部分。我們預計全球對該產品的需求將超出美國陸軍的記錄計畫。

In addition, our JUMP 20 system continues to make progress in this market, and we're still actively engaged on multiple domestic and international opportunities. Given favorable feedback on our Puma, JUMP 20 and P550 platforms, we anticipate domestic international demand for USS solutions to increase in fiscal year 2025 and beyond.

此外，我們的 JUMP 20 系統繼續在這個市場取得進展，我們仍在積極掌握多個國內和國際機會。鑑於我們的 Puma、JUMP 20 和 P550 平台獲得了好評，我們預計 2025 財年及以後對 USS 解決方案的國內國際需求將會增加。

Moving now to our MacCready Works segment. Technology developments within the MacCready Works continue to drive our long-term growth opportunities. This past quarter, we made meaningful progress toward developing next-generation solutions and expanding our AI and autonomous capabilities.

現在轉到我們的 MacCready Works 部分。 MacCready Works 的技術發展持續推動我們的長期成長機會。上個季度，我們在開發下一代解決方案和擴展人工智慧和自主能力方面取得了有意義的進展。

For example, during our Investor Day this past June, we had a live demonstration highlighting our ability to send mission objectives from Nasdaq headquarters in New York City to Uncrewed Systems operating in California and Kansas, thousands of miles away. Our UAS were then able to complete those missions fully autonomous without any user intervention.

例如，在今年六月的投資者日期間，我們進行了現場演示，強調我們有能力將任務目標從紐約市的納斯達克總部發送到在數千英里之外的加利福尼亞州和堪薩斯州運營的Uncrewed Systems。然後，我們的無人機系統能夠完全自主地完成這些任務，而無需任何使用者乾預。

This live demonstration showcases our ability to task hundreds of Uncrewed Systems from thousands of miles away while these systems operate autonomously in contested environments. This demonstration was a powerful example of how we're pushing the boundaries of what's possible in autonomous systems.

這次現場演示展示了我們從數千英里之外對數百個無人系統執行任務的能力，同時這些系統在有爭議的環境中自主運作。這次演示是我們如何突破自主系統可能性界限的強大例子。

Another key priority for MacCready Works is DARPA's ancillary program focused on UAS design for ship-based operations. As maritime emissions become more important to our customers, MacCready Works will continue to focus on developing next-generation solutions for this market.

MacCready Works 的另一個關鍵優先事項是 DARPA 的輔助計劃，重點是艦載作業的 UAS 設計。隨著海上排放對我們的客戶變得越來越重要，MacCready Works 將繼續專注於為該市場開發下一代解決方案。

And finally, MacCready Works was awarded a $25 million follow-on contract from SoftBank to continue the development of the HAPS platform. HAPS continues to make good progress on developing systems for both commercial and defense applications.

最後，MacCready Works 獲得了軟銀 2500 萬美元的後續合同，以繼續開發 HAPS 平台。 HAPS 在開發商業和國防應用系統方面繼續取得良好進展。

In summary, the innovative solutions generated by this business segment create significant advantages for our customers and play a critical role in fueling our growth well beyond fiscal year 2025. MacCready Works continues to fulfill its mission and we look forward to multiple exciting announcements later this fiscal year.

總而言之，該業務部門產生的創新解決方案為我們的客戶創造了顯著的優勢，並在推動我們的成長遠遠超過2025 財年方面發揮關鍵作用。年稍後發布多項令人興奮的公告年。

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

現在，我想將電話轉給凱文麥克唐納 (Kevin McDonnell)，以審查我們第一季的財務狀況。凱文？

Thank you, Wahid. Today, I'll be reviewing the highlights of our first quarter performance during which I will occasionally refer to both our press release and earnings presentation available on our website.

謝謝你，瓦希德。今天，我將回顧我們第一季業績的亮點，期間我偶爾會參考我們網站上的新聞稿和收益報告。

Overall, we had another outstanding financial quarter with record first quarter revenue and the second highest quarterly revenue in the company's history. Adjusted gross margin and adjusted EBITDA were also strong. As Wahid mentioned in his remarks, revenue for the first quarter of fiscal 2025 was $189.5 million, an increase of 24% as compared to the $152.3 million for the first quarter of fiscal 2024.

整體而言，我們又度過了一個出色的財務季度，第一季營收創歷史新高，季度營收創公司歷史第二高。調整後毛利率和調整後 EBITDA 也很強勁。正如瓦希德在演講中提到的，2025財年第一季的營收為1.895億美元，比2024財年第一季的1.523億美元成長24%。

Slide 5 of the earnings presentation provides a breakdown of revenue by segment for the quarter. Our largest segment during the quarter was Uncrewed Systems, or UxS, which is a combination of our small UAS, medium UAS and UGV businesses.

收益報告的幻燈片 5 提供了本季按部門劃分的收入細目。本季我們最大的細分市場是無人系統（UxS），它是我們的小型無人機、中型無人機和 UGV 業務的組合。

UxS had revenue of $120 million in the quarter, which is up 22% from last year's total of $98.2 million. Puma demand remained strong, accounted for 78% of UxS revenue, but we also saw meaningful contributions from our ground vehicle, Raven and JUMP 20 products during the quarter.

UxS 本季的營收為 1.2 億美元，比去年的 9,820 萬美元總收入成長了 22%。 Puma 需求依然強勁，佔 UxS 收入的 78%，但本季我們的地面車輛、Raven 和 JUMP 20 產品也做出了有意義的貢獻。

Our Loitering Munition Systems segment, or LMS, recorded revenue of $52 million, a 68% increase as compared to the $30.9 million in last year during the first quarter. Most of the LMS product revenue recognized during the quarter is for orders in which the contract has not been definitized, meaning the customer has placed the firm order for the equipment or services without a final price. The price will be determined when the contract is finalized, which we expect to occur in the next couple of quarters.

我們的徘徊彈藥系統部門 (LMS) 的收入為 5,200 萬美元，比去年第一季的 3,090 萬美元成長了 68%。本季確認的 LMS 產品收入大部分來自合約尚未確定的訂單，這意味著客戶已經下了設備或服務的確定訂單，但沒有最終價格。價格將在合約最終確定時確定，我們預計這將在接下來的幾個季度內發生。

LMS margins were negatively impacted by the undefinitized orders during the quarter; however, we still expect full year improvements in LMS adjusted gross margin and adjusted EBITDA margin over last year. More than half of the LMS revenue came from Switchblade 600 products and services, while the remainder is primarily from the Switchblade 300 products.

本季未確定的訂單對 LMS 利潤率產生了負面影響；然而，我們仍預期 LMS 全年調整後毛利率和調整後 EBITDA 利潤率將比去年有所改善。 LMS 收入的一半以上來自 Switchblade 600 產品和服務，其餘部分主要來自 Switchblade 300 產品。

Revenue from our MacCready Works segment came in at $17.5 million, a decrease of 24% as compared to the $23.2 million for the first quarter of last fiscal year, driven partially by US government-related approvals impacting order timing.

MacCready Works 部門的營收為 1,750 萬美元，比上一財年第一季的 2,320 萬美元下降了 24%，部分原因是美國政府相關批准影響了訂單時間。

In slide 5 of the earnings presentation, there's a breakdown between product and service revenue. Specifically, during the first quarter, product revenue accounted for 84% of total revenues, which is higher than the 78% we saw in the corresponding quarter of the previous year, primarily due to the strong product revenue from both our small UAS, LMS and ground vehicle businesses. We expect product revenues as a percentage of revenue to remain above 80% for the foreseeable future.

在收益簡報的第 5 張投影片中，產品和服務收入進行了細分。具體來說，第一季度，產品收入佔總收入的84%，高於去年同期的78%，這主要是由於我們的小型UAS、LMS和地面車輛業務。我們預計在可預見的未來，產品收入佔收入的比例將維持在80%以上。

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

轉向毛利率。收益報告的幻燈片 6 顯示了調整後產品和服務毛利率的趨勢，而幻燈片 12 將 GAAP 毛利率與調整後毛利率進行了調節，其中不包括無形攤銷費用和其他非現金採購會計項目。

In the first quarter, consolidated GAAP gross margin finished at 43%, in line with the first quarter of last year. In terms of adjusted gross margins, first quarter adjusted gross margins were 45%, which is consistent with the same period last year. Adjusted product gross margins for the quarter were 48% versus 49% in the first quarter of last fiscal year.

第一季度，綜合 GAAP 毛利率為 43%，與去年第一季持平。調整後毛利率方面，第一季調整後毛利率為45%，與去年同期一致。本季調整後產品毛利率為 48%，上一財年第一季為 49%。

We had strong UxS revenue in both the first quarter of last year and this year which contribute to high adjusted product gross margin. We do expect adjusted product gross margins to decline in coming quarters as we see increased product revenues from LMS.

我們在去年第一季和今年第一季都有強勁的 UxS 收入，這有助於調整後的產品毛利率較高。我們預計，隨著 LMS 的產品收入增加，調整後的產品毛利率將在未來幾季下降。

In terms of adjusted service gross margins, the first quarter was at 29% versus 28% during the same quarter last year. We expect overall adjusted gross margins to be approximately 40% for the year.

就調整後服務毛利率而言，第一季為 29%，去年同期為 28%。我們預計今年整體調整後毛利率約為 40%。

In terms of adjusted EBITDA, slide 13 of our earnings presentation shows a reconciliation of GAAP net income to adjusted EBITDA. In the first quarter of fiscal 2025, adjusted EBITDA was $37 million flat from the first quarter of last fiscal year as higher revenue gross margin were offset by increased investments in R&D and incremental SG&A expenses.

就調整後 EBITDA 而言，我們收益簡報的第 13 張投影片顯示了 GAAP 淨利潤與調整後 EBITDA 的調整表。 2025 財年第一季，調整後的 EBITDA 為 3,700 萬美元，與上一財年第一季持平，因為較高的營收毛利率被研發投資的增加和增量 SG&A 費用所抵銷。

SG&A expense, excluding intangible amortization and acquisition-related expense for the first quarter was $33 million or 17% of revenue compared to $22 million or 15% of revenue in the prior year. The increase in SG&A expense is primarily a result of an increase in sales and marketing expense, primarily driven by increase in bid and proposal activity along with employee-related costs due to an increase in the average head count to help support the growth and expansion of our global sales teams.

第一季的 SG&A 費用（不包括無形攤銷和收購相關費用）為 3,300 萬美元，佔營收的 17%，而去年同期為 2,200 萬美元，佔營收的 15%。 SG＆A費用的增加主要是由於銷售和行銷費用的增加，這主要是由於投標和建議活動的增加以及由於平均人數增加以幫助支持業務增長和擴張而導致的與員工相關的成本所致。銷售團隊。

R&D for the first quarter was $25 million or 13% of revenue compared to $15 million or 10% of revenue in the prior year. The increase of R&D expenses in both dollar terms and percentage of revenue is due to increased development activities regarding enhanced capabilities for our products, development of new product lines in support of our acquired businesses.

第一季的研發費用為 2,500 萬美元，佔營收的 13%，而上年同期為 1,500 萬美元，佔營收的 10%。研發費用（以美元計算）和收入百分比的增加是由於增強我們產品功能的開發活動增加，以及開發新產品線以支援我們收購的業務。

Over half of our R&D expenditures during the quarter related to our UxS business and includes the next-generation Group 2 UAS, the P550, and the maritime version of the JUMP 20 and the incorporation of the Tomahawk controller into existing AV products.

本季我們一半以上的研發支出與我們的 UxS 業務相關，包括下一代 Group 2 UAS、P550 和 JUMP 20 的海上版本以及將戰斧控制器納入現有 AV 產品。

LMS continues to make investments across the Switchblade product line, including new variants. We still expect R&D for the entire company to be in a range of 12% to 13% for fiscal year 2025 as a result of continued investment in our long-term growth initiatives.

LMS 繼續對 Switchblade 產品線進行投資，包括新的變體。由於我們對長期成長計畫的持續投資，我們仍然預計 2025 財年整個公司的研發支出將在 12% 至 13% 的範圍內。

Now turning to GAAP earnings. In the first quarter, the company generated net income of $21.2 million versus net income of $21.9 million recorded in the same period last year. The decrease in net income of $0.7 million can be attributed to several factors, namely a $10 million increase in SG&A expenses, including intangible amortization and $9.1 million increase in investments and R&D. These were partially offset by a $15.8 million increase in gross margin, a $1.8 million decrease in interest expense, a $0.9 million decrease in equity investment activity and a $0.7 million decrease in deal and integration costs.

現在轉向 GAAP 收益。第一季度，該公司淨利潤為 2,120 萬美元，而去年同期淨利潤為 2,190 萬美元。淨利潤減少 70 萬美元可歸因於多種因素，即 SG&A 費用增加 1,000 萬美元，包括無形攤銷以及投資和研發增加 910 萬美元。這些損失被毛利率增加 1,580 萬美元、利息支出減少 180 萬美元、股權投資活動減少 90 萬美元以及交易和整合成本減少 70 萬美元所部分抵銷。

Slide 10 shows the reconciliation of GAAP and adjusted or non-GAAP diluted EPS. The company posted an adjusted earnings per share of $0.89 in the first quarter of fiscal 2025 versus $1 per diluted share for the first quarter of fiscal 2024.

投影片 10 顯示了 GAAP 與調整後或非 GAAP 稀釋每股盈餘的調整。該公司公佈的 2025 財年第一季調整後每股收益為 0.89 美元，而 2024 財年第一季稀釋後每股收益為 1 美元。

Lastly, turning to our balance sheet. At the close of the first quarter, our total cash and investments now amounted to $103 million compared to $94.3 million at the end of the fourth quarter of FY24. Free cash flow during the quarter was $23 million, which was largely a result of decreased inventories.

最後，轉向我們的資產負債表。截至第一季末，我們的現金和投資總額目前達到 1.03 億美元，而 2024 財年第四季末為 9,430 萬美元。本季自由現金流為 2,300 萬美元，主要是由於庫存減少。

We continue to carry a high amount of unbilled receivables largely attributable to our LMS business segment. With the recently announced IDIQ from the US Army for Switchblade products, we'll start to see progress payments on new orders and anticipate that we will see a reduction in unbilled receivables in the coming quarters.

我們繼續持有大量未開立應收帳款，這主要歸因於我們的 LMS 業務部門。隨著美國陸軍最近宣布的 Switchblade 產品 IDIQ，我們將開始看到新訂單的付款進度，並預計未來幾季的未開立應收帳款將減少。

We anticipate working capital uses to fluctuate quarter-to-quarter but expect an overall reduction for the year as we collect revenue under the new Army payment terms. We also paid down an additional $10.5 million in the first quarter on our term loan facility.

我們預計營運資金使用量會按季度波動，但預計今年總體會減少，因為我們根據新的陸軍付款條款收取收入。我們還在第一季額外支付了 1,050 萬美元的定期貸款融資。

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

現在我想把事情轉回瓦希德身上。

Thanks, Kevin. Given our strong execution, key contract awards and a robust pipeline, we are reaffirming our previously stated guidance for fiscal year 2025, our healthy backlog and recent order rate visibility to 80% of the midpoint of our fiscal year 2025 revenue guidance. We continue to expect first half revenue to represent about 45% of the full fiscal year. We're confident in achieving our full year guidance and are focused on converting these awards and other opportunities in our pipeline into orders and revenue.

謝謝，凱文。鑑於我們強大的執行力、關鍵合約授予和強大的管道，我們重申先前提出的 2025 財年指導、健康的積壓訂單以及近期訂單率可見度達到 2025 財年收入指導中位數的 80%。我們仍預計上半年收入將佔整個財年的 45% 左右。我們對實現全年指導充滿信心，並致力於將這些獎項和我們管道中的其他機會轉化為訂單和收入。

In summary, as global demand increases for our autonomous AI-enabled Uncrewed Solutions, we anticipate strong revenue growth to continue across our business segments. Our strong start this quarter supports our belief that fiscal year 2025 will be a great year for our investors, employees and customers.

總之，隨著全球對我們的自主人工智慧無人解決方案的需求增加，我們預計我們的業務部門的收入將繼續強勁成長。本季的強勁開局支持了我們的信念：2025 財年對我們的投資者、員工和客戶來說將是偉大的一年。

We're well positioned to benefit from US DoD budget priorities and are encouraged by an increase in international demand, especially for Switchblade and our JUMP 20 solutions. Our strong anticipated growth lends itself to shareholder value creation that extends well beyond fiscal year 2025.

我們處於有利地位，可以從美國國防部預算優先事項中受益，並受到國際需求成長的鼓舞，特別是 Switchblade 和我們的 JUMP 20 解決方案。我們強勁的預期成長有助於為股東創造價值，這種價值的創造將持續到 2025 財年之後。

Before turning the call over for questions, let me summarize the key takeaways from today's call. First, first quarter fiscal year 2025 revenue grew to $189.5 million, setting a new first quarter record. Second, we are now starting to book key Switchblade opportunities, such as our recent US Army $1 billion IDIQ contract and anticipate funded backlog to increase in coming quarters.

在轉交電話提問之前，讓我先總結一下今天電話會議的主要內容。首先，2025財年第一季營收成長至1.895億美元，創下第一季新紀錄。其次，我們現在開始預訂關鍵的 Switchblade 機會，例如我們最近與美國陸軍簽訂的價值 10 億美元的 IDIQ 合同，並預計未來幾個季度資金積壓將增加。

Third, our Loitering Munitions Systems segment continues to be the key growth driver for the company throughout fiscal year 2025. And fourth, the fundamentals of our business have never been stronger, and we anticipate that fiscal year 2025 will be another record setting year for the company.

第三，我們的徘徊彈藥系統部門仍然是公司整個 2025 財年的主要成長動力。公司。

I would like to thank the incredible AeroVironment team that provides our customers with the solutions they need to achieve their vital missions. Thank you also to our shareholders and customers for your continued support. We're excited for what's ahead and grateful to serve our country and ally at this critical time.

我要感謝令人難以置信的 AeroVironment 團隊，他們為我們的客戶提供了實現其重要使命所需的解決方案。也感謝我們的股東和客戶一直以來的支持。我們對未來感到興奮，並感謝在這個關鍵時刻為我們的國家和盟友服務。

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

接下來，凱文、喬納和我現在將回答你們的問題。

(Operator Instructions) Ken Herbert, RBC Capital Markets.

（操作員指示）Ken Herbert，RBC 資本市場。

Wahid, maybe just first, I wanted to ask, you obviously maintained the full year guide with the IDIQ contract you were able to sign last week or announced last week, how should we think about the task order timing and amounts under that in fiscal '25? And I'm guessing, it's fair to assume that a lot of the IDIQ initial visibility or funding was basically already factored into the '25 outlook?

瓦希德，也許首先，我想問，您顯然保留了上週簽署或上周宣布的 IDIQ 合約的全年指南，我們應該如何考慮財務中的任務訂單時間和金額？我猜測，可以公平地假設許多 IDIQ 初始知名度或資金基本上已經計入 '25 前景？

Ken, that's correct. So overall, we're very pleased with the $1 billion sole-sourced IDIQ contract. Just this past week, we were able to book the first task order for approximately $128 million against that. There's several really key benefits for this new contract. One, the ceiling of it is very high, a record for the company ever before. Second, there is also better payment terms in terms of mild progress payments in terms of the cash flow equation.

肯，這是正確的。總的來說，我們對價值 10 億美元的 IDIQ 獨家合約非常滿意。就在上週，我們以大約 1.28 億美元的價格預訂了第一個任務訂單。這份新合約有幾個非常重要的好處。一是上限非常高，創公司史上最高紀錄。其次，就現金流方程式而言，溫和的進度付款也有更好的付款條件。

And lastly, yeah, some of this was baked into our guidance. And then there is a lot of still -- this is only our first quarter, so we got three more quarters ahead of ourselves, number one. Number two, there is an election coming up and there's also a possibility of potentially a CR, continuing resolution, for the US DoD's budget.

最後，是的，其中一些已納入我們的指導中。然後還有很多事情要做——這只是我們的第一季度，所以我們還有三個季度的時間，第一。第二，選舉即將到來，美國國防部的預算也有可能通過 CR（持續決議）。

We do expect additional contracts and task orders under this IDIQ although the timing of that again is questionable based on the customers' ability to be able to convert these things to contract and the level of workload that is upon our customer. Overall, I think we had a fantastic quarter, and we're looking forward to keeping you updated for the rest of the year as well.

我們確實期望在此 IDIQ 下獲得更多合約和任務訂單，儘管根據客戶將這些東西轉換為合約的能力以及我們客戶的工作量水平，這一時間表再次存在疑問。總的來說，我認為我們度過了一個精彩的季度，我們也期待為您提供今年剩餘時間的最新資訊。

And if I could, you made a few comments regarding some uncertainty on pricing for some of the Switchblade contracts that are yet to be finalized. Is it possible to maybe range or bracket some of the discussions you're having around pricing? And how should we think about maybe pricing on the 300 and the 600 moving forward, considering some of the uncertainty around some of these more recent contracts?

如果可以的話，您對一些尚未最終確定的 Switchblade 合約定價的一些不確定性發表了一些評論。是否可以對您圍繞定價進行的一些討論進行範圍或分組？考慮到最近一些合約的一些不確定性，我們應該如何考慮 300 和 600 未來的定價？

Well, hopefully -- it's Kevin, that certainly will be cleared up here in the next quarter or two. And as I said, when we look at the possibilities, we think, overall for the year, both our adjusted gross margins and adjusted EBITDA margins for that business will show improvement. So we're optimistic that will all turn out the right way for us. But we can't really speak to specific dollar amounts and things like that.

好吧，希望 - 是凱文，肯定會在接下來的一兩個季度內解決這個問題。正如我所說，當我們考慮可能性時，我們認為，今年總體而言，該業務的調整後毛利率和調整後 EBITDA 利潤率都將有所改善。因此，我們樂觀地認為，一切都會朝著適合我們的方向發展。但我們無法真正談論具體的美元金額之類的事情。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Wahid, you mentioned you released that regarding like the Replicator LASSO and Organic Precision Fires, that only initial funding was released. So do you expect other releases or tranches during this fiscal year out of those programs?

瓦希德，您提到您發布了有關複製器套索和有機精確火力的信息，僅發布了初始資金。那麼，您預計在本財年這些方案中還會有其他版本或部分嗎？

We do. We still have, if you recall, last quarter I specifically mentioned that there's close to $300 million worth of potential orders for Switchblade alone that we're expecting. We just booked, for example, the first one, which was the $128 million cash flow against the $990 million IDIQ.

我們做到了。如果你還記得的話，我們仍然有，上個季度我特別提到，我們預計光是 Switchblade 就有價值接近 3 億美元的潛在訂單。例如，我們剛剛預訂了第一個，即 1.28 億美元的現金流，而 IDIQ 為 9.9 億美元。

There's more coming. We definitely expect a lot more throughout this fiscal year, and we believe that this fiscal year, again, will be another record year for our Switchblade segment and our Loitering Munitions. The timing of those is, again, it's a very difficult thing to predict the exact timing. Although, I believe that within this fiscal year, we expect multiple additional Switchblade orders that is in the process with our customers to be converted into a task order under the existing contract umbrella ceiling or additional new contracts. They're both possibilities that we expect this fiscal year.

還有更多即將到來。我們對整個財年的期望肯定會更高，我們相信，本財年將再次成為我們的彈簧刀部門和徘徊彈藥業務創紀錄的一年。再次強調，預測確切的時間是一件非常困難的事。儘管如此，我相信在本財年內，我們預計正在與客戶處理的多個額外 Switchblade 訂單將轉換為現有合約傘上限或額外新合約下的任務訂單。我們預期本財年這兩種可能性都會出現。

And then you mentioned also in your prepared remarks that there's a pretty healthy pipeline or other opportunities. Maybe is that on the international front, maybe could you talk to the demand signals you're getting from an FMS perspective, I guess, maybe tied to LMS in particular?

然後你在準備好的發言中也提到，有一個非常健康的管道或其他機會。也許在國際方面，也許您可以從 FMS 的角度談談您收到的需求訊號，我想，也許特別與 LMS 相關？

Yeah. So we believe that as the year progresses, not only the demand for Switchblade and orders for Switchblade will continue to come in from our domestic customers, we also have a growing pipeline of potential opportunities that we're actively working and engaged with on the international front.

是的。因此，我們相信，隨著時間的推移，不僅我們的國內客戶對 Switchblade 的需求和訂單將繼續來自我們的國內客戶，我們還擁有越來越多的潛在機會，我們正在積極努力並參與國際市場。正面。

I mentioned [finances] specifically on the call earlier in my remarks, Taiwan's announcement by the state department that US approved for Taiwan. There are several additional countries beyond and besides just Taiwan that we're engaged in. Again, it is incredibly challenging to predict the exact timing of when those opportunities are going to convert to an order but it's more a matter of when versus if.

我在早期的演講中特別提到了[財務]，台灣國務院宣布美國批准台灣。除了台灣以外，我們還參與了其他幾個國家的業務。

We believe that these customers have a very, very strong desire. They're actively engaged with us in the State department and with our military side as well, US military. And they've got budget lined up to be able to eventually procure this. It's just a matter of going through the process. The process is long and it takes time. But we do expect those to come in throughout the year and even beyond the fiscal year as well.

我們相信這些客戶有一個非常非常強烈的願望。他們在國務院和我們的軍隊方面積極與我們接觸，即美國軍方。他們已經做好了預算，以便最終能夠採購到這個。這只是完成這個過程的問題。這個過程很長，需要時間。但我們確實預期這些數據會在全年甚至本財年之後出現。

Louie DiPalma, William Blair.

路易·迪帕爾瑪，威廉·布萊爾。

What programs are associated with the $990 million Switchblade IDIQ? Should we think of it as the successor to the LMAMS program? Or is LMAMS going to be a separate contract that you could be awarded next year? And is LASSO and Replicator also outside of the $990 million IDIQ vehicle?

價值 9.9 億美元的 Switchblade IDIQ 與哪些計劃相關？我們是否應該將其視為 LMAMS 計劃的繼承者？或者 LMAMS 會成為一份單獨的合同，您可以在明年獲得？ LASSO 和 Replicator 是否也在價值 9.9 億美元的 IDIQ 車輛之外？

Great question, Louie. Let me try to elaborate a little bit and clarify some of these. So the $990 million contract, IDIQ, sole-sourced, essentially is similar to the previous IDIQ contracts that we received under the terminology called LMAMS.

好問題，路易。讓我嘗試詳細闡述並澄清其中的一些內容。因此，價值 9.9 億美元的 IDIQ 獨家合約本質上與我們先前收到的 LMAMS 術語下的 IDIQ 合約類似。

So the US Army calls it now LUS or Lethal Unmanned Systems. And so this category of Lethal or Loitering Unmanned Systems is really the category that replaces the LMAMS acronym that we used to use before. The umbrella contract is intended to be such that multiple different opportunities and needs of our customers can be contracted and procured under this contract.

因此美國陸軍現在將其稱為 LUS 或致命無人系統。因此，致命或遊蕩無人系統這個類別實際上是取代我們先前使用的 LMAMS 縮寫的類別。傘式合約旨在使我們的客戶能夠根據本合約簽訂和採購多種不同的機會和需求。

So examples of those are the US Army's own need for Loitering Munitions, both Switchblade 300 and 600. Need for the US aid packages to Ukraine could be also fulfilled through this as a USAI, it's called United -- Ukraine Security Assistance Initiatives. So those potential opportunities are also -- if Ukraine request them and the US wants to give them, can be procured under this.

例如，美國陸軍自身對徘徊彈藥的需求，包括 Switchblade 300 和 600。因此，如果烏克蘭提出要求並且美國願意提供這些潛在機會，也可以根據此獲得。

The Replicator initiative is another one. For the US Army specifically, the Replicator initiatives needs could also be procured under this contract through the US Army. However, if US Marine Corps and US Air Force and other services have needs, they can also place orders with us under additional separate contracts outside of this IDIQ.

Replicator 計劃是另一個計劃。特別是對於美國陸軍來說，複製器計畫的需求也可以根據該合約透過美國陸軍採購。但是，如果美國海軍陸戰隊和美國空軍以及其他軍種有需求，他們也可以根據此 IDIQ 以外的額外單獨合約向我們下訂單。

So what the IDIQ gives us is a vehicle for the US Army and DoD to buy a lot of stuff, but it doesn't limit us just to that. We have multiple other opportunities besides that and avenues that we can secure orders going forward for the Loitering Munitions. And our portfolio has grown our -- the demand has grown and the request and opportunities that we're engaged with for our Loitering Munition actually keeps expanding. It's a very, very robust pipeline that continues to expand besides the fact that we continue to book actually really sizable orders so far, in the first couple of quarters so far.

因此，IDIQ 為我們提供了美國陸軍和國防部購買大量物品的工具，但它不僅僅限制我們這樣做。除此之外，我們還有許多其他機會和途徑可以確保徘徊彈藥的訂單。我們的產品組合不斷增長，需求不斷增長，我們對徘徊彈藥的要求和機會實際上不斷擴大。這是一個非常非常強大的管道，除了到目前為止我們在前幾個季度繼續預訂實際上非常大的訂單之外，它還在繼續擴大。

Wahib, that is helpful. And Kevin, just to clarify, did you say that the margins for the new Switchblade contract are higher than the traditional margins so you were able to successfully negotiate better pricing terms?

瓦希布，這很有幫助。凱文，請澄清一下，您是否說過新的 Switchblade 合約的利潤率高於傳統利潤率，因此您能夠成功協商出更好的定價條款？

Well, I'll speak [to that], you could kind of say that. But basically, I was speaking if you're looking at last year's margin based upon the volumes we had and this year's margins, either adjusted gross margins or EBITDA margins, and because of additional volume, new contracts, et cetera, we expect improvement in both the adjusted gross margin and the EBITDA margins.

好吧，我來談談，你可以這麼說。但基本上，我是說，如果你根據我們的銷量和今年的利潤率來查看去年的利潤率，無論是調整後的毛利率還是EBITDA 利潤率，並且由於銷量增加、新合約等，我們預計會有所改善調整後的毛利率和 EBITDA 利潤率。

And Louie, as our volume grows, and as this business continues to grow at a very high pace, we do think that the overall profitability profile of our Loitering munitions should improve and will improve over time. But on a quarterly basis, you'll see fluctuations primarily because of the lumpiness of the business and the size of these contracts that are coming in.

路易，隨著我們的銷售成長，並且隨著這項業務繼續以非常高的速度增長，我們確實認為我們的徘徊彈藥的整體盈利狀況應該會改善，並且會隨著時間的推移而改善。但按季度計算，您會看到波動，主要是由於業務的不穩定和即將簽訂的合約的規模。

In addition to that, I also mentioned on the call on my remarks that the payment terms is much more favorable. Because our customers prefer for us to deliver quickly and they have very urgent needs and the contracting process takes time, we have to, a lot of times, plan things in advance.

除此之外，我在電話會議的發言中也提到，付款條件優惠得多。因為我們的客戶希望我們快速交付，而且他們的需求非常緊迫，而簽約過程需要時間，所以很多時候我們必須提前規劃。

And to do so, we wanted to make sure that the government recognizes that and actually pays us based on progress payments rather than just revenue and payments at the end of the whole process when they receive the product.

為此，我們希望確保政府認識到這一點，並根據進度付款實際向我們付款，而不僅僅是在收到產品時整個過程結束時的收入和付款。

It's all more in favour of the revenue recognition.

這更有利於收入確認。

That's right. So as we recognize revenue, we're going to be able to actually invoice our customers based on progress payments, and that's a very favorable term for us in this $990 million contract. I believe that our customers recognize the value that we deliver to them for the speedy delivery that we are doing and the ability for us to turnaround and shift things to them quickly. And that -- and obviously, they recognize that and allowed us to get progress payments on them.

這是正確的。因此，當我們確認收入時，我們將能夠根據進度付款實際向客戶開立發票，這對於我們這份價值 9.9 億美元的合約來說是一個非常有利的條款。我相信我們的客戶認識到我們為他們提供的快速交付的價值以及我們快速扭轉局面並將事情轉移給他們的能力。顯然，他們認識到這一點，並允許我們獲得他們的進度付款。

So those progress payments, those should be positive for the working capital dynamic, is that what you're saying?

那麼，這些進度付款應該對營運資金動態產生正面影響，是您的意思嗎？

Exactly.

確切地。

Very much. It's not all going to happen overnight. But over the next several quarters, we should start seeing the reduction even with increased volumes in the unbilled receivables.

非常。這一切都不會在一夜之間發生。但在接下來的幾個季度，即使未開立應收帳款數量增加，我們也應該開始看到減少。

Pete Skibitski, Alembic Global.

Pete Skibitski，Alembic Global。

A couple of program questions. Just to ask further on the whole LUS versus LASSO area, is it correct to understand -- will the LUS contract basically be largely your legacy Switchblade 300 and 600 variants as opposed to LASSO? Maybe the Army has kind of updated requirements coming out of Ukraine and so you'll have newer Switchblade variants delivered under LASSO? Is that the right way to think about it? Or would you color that a little bit different?

幾個程序問題。只是為了進一步詢問整個 LUS 與 LASSO 領域的情況，這種理解是否正確 - LUS 合約基本上主要是您的傳統 Switchblade 300 和 600 變體，而不是 LASSO？也許陸軍有來自烏克蘭的更新要求，因此您將在 LASSO 下交付更新的 Switchblade 變體？這是正確的思考方式嗎？或者你會給它塗上一點不同的顏色嗎？

So slight tweak to that, Pete. What I would say is that LUS is what the terminology that US army uses to fulfill their immediate urgent needs. Today, if they have needs to have some Loitering Munitions and have them for the force structure, LUS is the terminology they're using.

稍微調整一下，皮特。我想說的是，LUS是美軍用來滿足當前緊急需求的術語。如今，如果他們需要一些徘徊彈藥並用於部隊結構，LUS 就是他們使用的術語。

Long term, they have actually publicly announced a promo record type specific requirement called LASSO, which stands for Lethal Aerial Stalking and Strike Ordinance. I believe that's what it stands for, LASSO. And so LASSO is their long-term intention of acquiring Loitering Munitions both Switchblade 300 and 600 type or maybe even additional variants of it, that goes beyond just the next year or two. It goes up to a 10-plus year cycle.

從長遠來看，他們實際上公開宣布了一項名為 LASSO 的促銷記錄類型特定要求，它代表致命空中追蹤和打擊條例。我相信這就是它所代表的意義，LASSO。因此，LASSO 是他們購買 Switchblade 300 和 600 型徘徊彈藥甚至其其他變體的長期意圖，這超出了未來一兩年的時間。長達10年以上的周期。

And so they have already decided to procure AeroVironment Switchblades for the initial purchases under the terminology of LUS. Long term, it will be called LASSO according to the US Army today, and that's a multiyear program of record for multiple variants of Switchblade that goes on for a decade plus over time.

因此，他們已經決定以 LUS 術語採購 AeroVironment Switchblades 進行首次採購。從長遠來看，根據美國陸軍今天的說法，它將被稱為 LASSO，這是一個針對 Switchblade 多種變體的多年計劃，持續了十多年。

So the good news is that we're in a great position. A, US Army recognizes the need and the requirement; B, they've already selected us for the initial purchases and C, they have put a blanket purchase order in place for us at an IDIQ ceiling with close to $1 billion so it allows them to procure a lot more Switchblades over the next several years.

所以好消息是我們處於有利地位。 A、美國陸軍認識到這種需要和要求； B，他們已經選擇我們進行初始採購，C，他們已經為我們下達了 IDIQ 上限接近 10 億美元的一攬子採購訂單，這樣他們就可以在未來幾年採購更多的 Switchblade 。

And so all of that really is a very positive indicator to the strength of our relations with the US Army, their satisfaction with us and our product performance in the battlefield.

因此，所有這些確實是我們與美國陸軍關係的強度、他們對我們的滿意度以及我們的產品在戰場上的表現的一個非常積極的指標。

Second question for me is coming out of Ukraine, you hear this term, FPV, a first-person view, I think, for some of the small UAS. And I'm just -- it seems like a newer saying, I'm just trying to find out do your current small UAS has that capability? And I saw DIU has this Blue UAS refresh challenge, and they talk about first person view, but they also talk about bigger UAVs, 1, 2, 3.

我想問的第二個問題來自烏克蘭，你聽到這個術語，FPV，我認為對於一些小型無人機來說，這是第一人稱視角。我只是——這似乎是一個較新的說法，我只是想知道你們目前的小型無人機是否有這種能力？我看到 DIU 有這個藍色無人機刷新挑戰，他們談論第一人稱視角，但他們也談論更大的無人機，1、2、3。

So I just wonder if you can maybe give us some color there in terms of what you guys possess with FPV. Is that kind of a new requirement or -- and if you guys expect to play there in addition to some of the other DIU opportunities?

所以我只是想知道你們是否可以給我們一些關於你們擁有 FPV 的資訊。這是一種新的要求嗎？

Sure, Pete. So FPV, our first-person view drone that is either armed or unarmed is essentially a category that has existed for a while. It is a very different set of capability and different sets of missions that are in Loitering Munition. What Switchblade can do is very, very different than what an FPV drone can do. And Switchblade is considered a much more sophisticated, much more capable system in terms of it's Loitering capability, et cetera, cetera.

當然，皮特。所以FPV，我們的第一人稱視角無人機，無論是武裝或非武裝，本質上都是一個已經存在了一段時間的類別。徘徊彈藥具有非常不同的能力和不同的任務。 Switchblade 的功能與 FPV 無人機的功能非常非常不同。 Switchblade 被認為是一個更複雜、更強大的系統，就其徘徊能力等而言。

An FPV drone, whether it's armed or not, most of the time it's armed in Ukraine nowadays, essentially is a manual process of taking a quadcopter, a multi-rotor, attaching some kind of a munition or warhead or explosives to it, and then essentially flying it manually to a target. And there are lots and lots of challenges with that. Although it is a capability that will most likely remain for the long run, but it's not the type of mission that Switchblade is designed for or it's used. Switchblade addresses a whole bunch of other more sophisticated and complicated missions that an FPV drone or armed drone can't really address at all.

FPV無人機，無論是否武裝，現在在烏克蘭大多數情況下都是武裝的，本質上是一個手動過程，拿起四軸飛行器，多旋翼，在上面附加某種彈藥或彈頭或炸藥，然後本質上是手動將其飛向目標。這面臨著很多很多的挑戰。雖然這種功能很可能會長期保留，但這並不是 Switchblade 設計或使用的任務類型。 Switchblade 可以解決 FPV 無人機或武裝無人機根本無法真正解決的一大堆其他更複雜的任務。

And so -- and there's lots of things that I can go into detail in terms of its range, endurance, loitering capability and precision and -- but the most important thing is mission success. The effectiveness of Loitering Munitions such as Switchblade is much, much higher than what you see on FPV drones.

因此，我可以在其航程、耐力、徘徊能力和精度方面詳細介紹很多事情，但最重要的是任務的成功。諸如 Switchblade 之類的徘徊彈藥的有效性比您在 FPV 無人機上看到的要高得多。

And so A, that is a category. We intentionally decided not to play in that initially, although we're keeping an eye on it. But the missions that Switchblade address is much larger and the market for that is incredibly robust long term.

所以A，這是一個類別。儘管我們正在密切關注，但我們最初有意決定不參與其中。但 Switchblade 所承擔的任務要大得多，而且從長遠來看，該市場的市場非常強勁。

Okay. Yeah. Sounds like FPV or COTS-type or a modified COTS type -- almost, I see what you're saying.

好的。是的。聽起來像 FPV 或 COTS 類型或改進的 COTS 類型 - 幾乎，我明白你在說什麼。

Yeah. Taking an unarmed drone and essentially strapping up a bomb or an explosive to it returns them into an FPV drone that is really a low level of complexity and mission capability.

是的。使用非武裝無人機並在其上綁上炸彈或炸藥，即可將其返回 FPV 無人機，這實際上是一種低複雜度和任務能力的無人機。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

Hey, guys. Thanks for taking my question. Kind of wanted to go back and talk about the FMS pipeline in particular for Switchblade. I think on the last earnings call, Wahid, you mention that roughly half a dozen countries right now are in various stages of acquisition. Has this figure grown or is it roughly still around the same? And how could we expect it to trend moving forward? Again, I know the timing is uncertain, but any color there would be appreciated.

嘿，夥計們。感謝您提出我的問題。我有點想回去談 FMS 管道，特別是 Switchblade 的管道。我想瓦希德在上次財報電話會議上提到，目前大約有六個國家正處於不同的收購階段。這個數字有成長還是大致不變？我們如何預期它會繼續發展？再說一遍，我知道時間不確定，但任何顏色都會受到讚賞。

Andre, so it is very true that we are engaged with a half a dozen plus different countries. The list of countries that we've been approved to engage with is close to 50 countries, actually over 50 countries internationally. So that's a very, very strong positive start to begin with, because as the US government allows us and gives us approval to engage with them, it gives those countries and those allies a huge confidence that if they were to engage and invest energy in this process, they will get a positive outcome, which is they can acquire Switchblade eventually. Number one.

安德烈，我們確實與六個不同的國家進行了合作。我們獲準合作的國家名單接近 50 個國家，實際上是國際上超過 50 個國家。因此，這從一開始就是一個非常非常積極的開始，因為隨著美國政府允許我們並批准我們與他們接觸，這給了這些國家和盟友巨大的信心，如果他們願意參與並投入精力，在這個過程中，他們會得到一個正面的結果，那就是他們最終可以獲得Switchblade。第一。

Number two, the list of active engaged customers that actually have a program or requirement and are in the process of getting authorization and approval is about a half a dozen plus. And the number keeps growing. It is not shrinking, it's actually growing. And the pipeline keeps progressing forward in a very positive manner, meaning that there's a very long process by which we engage these customers to get them from, when they ask they want a Switchblade until they actually receive Switchblade.

第二，實際上有計劃或要求並且正在獲得授權和批准的積極參與的客戶名單大約有六個以上。而且這個數字還在不斷增加。它不是在縮小，而是在成長。管道以非常積極的方式不斷向前發展，這意味著當這些客戶詢問他們想要一台 Switchblade 時，我們需要一個很長的過程來吸引他們，直到他們真正收到 Switchblade。

And that's a two-plus year, three year process in many cases. And we're engaged in different levels of that with each customer and each ally. And all of those are actually in general moving positively in the right direction. What's really difficult to do is to predict the exact timing of when these contracts actually become an order.

在許多情況下，這是一個兩年多甚至三年的過程。我們與每個客戶和每個盟友都進行了不同程度的合作。所有這些實際上總體上都在朝著正確的方向積極發展。真正困難的是預測這些合約何時真正成為訂單的確切時間。

The most recent one was the Taiwan approval from the US government that was announced. We've had other countries such as Australia who publicly announced, France has publicly announced, and a few others like Lithuania has publicly announced as well. The process, for example, for Lithuania was roughly about 18 months, just to give you an idea.

最近的一項是美國政府宣布的台灣批准。我們還有其他國家（例如澳洲）公開宣布，法國也公開宣布，還有其他一些國家（例如立陶宛）也公開宣布。例如，立陶宛的流程大約需要 18 個月，僅供大家參考。

So, in general, A, we've got a growing number of countries, B, they're moving in the right direction, C, we're very optimistic that over the next year or two, many of those, if not all of those, will convert to actual contracts and awards. And that's why I say that this momentum that we have in our Loitering Munitions category will continue well beyond fiscal year 2025.

所以，總的來說，A，我們有越來越多的國家，B，他們正在朝著正確的方向前進，C，我們非常樂觀地認為，在未來一兩年內，其中許多（如果不是全部）其中，將轉換為實際合約和獎勵。這就是為什麼我說我們在遊蕩彈藥類別中的這種勢頭將持續到 2025 財年之後。

We believe that we have a franchise here that is going to be very large over the next several years because we've just basically created a whole new category in the entire operations or doctrine of military warfare. And force structures are going to be all potentially equipped with Loitering Munitions if you look forward to the next decade or so. That's a very, very large and robust shift -- seismic shift in the marketplace for us, very capable.

我們相信，我們在這裡擁有的特許經營權在未來幾年內將變得非常大，因為我們基本上在整個軍事行動或軍事戰爭理論中創建了一個全新的類別。如果你期待未來十年左右的時間，部隊結構都將可能配備徘徊彈藥。這是一個非常、非常大、強而有力的轉變──對我們來說是市場的巨大轉變，非常有能力。

Definitely. No, I appreciate the color there. Thank you. And I guess following up on that even further, I know that this IDIQ was something that you had highlighted previously multiple times over, and it said that not only would this help facilitate international sales to Ukraine, but also possibly to other foreign countries. Could this IDIQ vehicle that was provided by the US Army, could this help be -- could this be used for that? And is the expectation to still do so?

確實。不，我欣賞那裡的顏色。謝謝。我想進一步跟進，我知道這個 IDIQ 是您之前多次強調的東西，它說這不僅有助於促進對烏克蘭的國際銷售，而且可能有助於促進對其他國家的國際銷售。美國陸軍提供的這輛 IDIQ 車輛是否可以提供幫助——可以用於此目的嗎？是否期望仍然這樣做？

Absolutely, yeah, Andre. I'm glad you brought that up because one of the reasons why the US Army placed this contract, not the only reason, but one of many reasons, was to also allow and accommodate for any international FMS sales of Switchblade to be able to be placed under this contract as an acquisition purchase.

絕對，是的，安德烈。我很高興你提出這個問題，因為美國陸軍簽訂這份合約的原因之一，不是唯一的原因，而是眾多原因之一，是允許並適應 Switchblade 的任何國際 FMS 銷售能夠作為收購購買置於本合同之下。

Whether it's a foreign military funded program or a foreign military sales program, FMF or FMS, they all could be procured under this umbrella contract. And historically, we've performed really well. And in general, if you look at the history of AeroVironment with the US Army and these types of sole-sourced IDIQ contracts, we've always achieved the limit, the ceiling limit, or even the customers increased the limit.

無論是外國軍事資助項目還是外國軍售項目、FMF或FMS，它們都可以根據這個總括合約進行採購。從歷史上看，我們的表現非常好。總的來說，如果你看看 AeroVironment 與美國陸軍的歷史以及這些類型的獨家 IDIQ 合同，我們總是達到極限、上限，甚至客戶提高了極限。

Once you have a contract like this, it allows the customer in a much easier way to either increase the time frame or increase the ceiling as we go forward. So it's very exciting and the short answer is yeah. It definitely can accommodate international customers and it could actually help improve the speed of that process as well.

一旦簽訂了這樣的合同，客戶就可以更輕鬆地增加時間範圍或在我們前進的過程中增加上限。所以這非常令人興奮，簡短的回答是肯定的。它絕對可以容納國際客戶，而且實際上還可以幫助提高流程的速度。

Thank you. (Operator Instructions) Peter Arment, Baird.

謝謝。 （操作員說明）Peter Arment，Baird。

Yeah, thanks. Wahid, given that all these different partners can basically kind of use or leverage the IDIQ contract, it sounds like you're going to be bumping up against potentially your capacity sooner than kind of expect or at least you're going to be close? So when do you expect to make a move and how much of an additional capacity do you need to put in place to support that? That's my first question.

是的，謝謝。 Wahid，考慮到所有這些不同的合作夥伴基本上都可以使用或利用 IDIQ 合約，聽起來您將比預期更快地達到潛在的容量，或者至少您會接近？那麼，您預計何時採取行動以及需要投入多少額外容量來支持這項行動？這是我的第一個問題。

So great question, Peter. I'm glad you asked me, because I made a specific comment on my remarks about the fact that currently in fiscal 2025. We have the capacity and the ability to deliver close to $0.5 billion worth of Switchblades on product revenue this fiscal year itself. But we're not sitting still for that alone. We've been planning on this for a while and we've been always in general ahead of the demand curve or cycle.

這是一個很好的問題，彼得。我很高興您問我這個問題，因為我對目前 2025 財年的事實做了具體評論。但我們不會只為此坐以待斃。我們對此計劃已經有一段時間了，並且總體上我們總是走在需求曲線或週期的前面。

And as I mentioned on the call, we're already actively engaged in multiple different other states in selecting the next site to build our next large factory for Switchblade. And I want to also add that we're still, in the current factories that we have, one of the fundamental features of our production facilities are that they're very flexible. Meaning we can easily modify and accommodate scaling up or tweaking some of the production capacity of our non-legal UAS factories to Loitering Munitions.

正如我在電話中提到的，我們已經在多個不同的州積極參與選擇下一個地點來為 Switchblade 建造下一個大型工廠。我還想補充一點，在我們現有的工廠中，我們生產設施的基本特徵之一是它們非常靈活。這意味著我們可以輕鬆地修改和適應擴大或調整我們的非合法無人機工廠的一些生產能力，以生產徘徊彈藥。

So, in general, we've got a lot of flexibility as part of our planning process when we design these things and we design our factories. In fact, it's one of our biggest, biggest, what I call, competitive advantages in the market, because we're the only ones we are aware of who can deliver $0.5 billion worth of Loitering Munitions at US DoD's reliability and performance levels with a battle-proven product line.

因此，總的來說，當我們設計這些東西和設計我們的工廠時，作為規劃過程的一部分，我們有很大的靈活性。事實上，這是我們在市場上最大、最大的競爭優勢之一，因為據我們所知，我們是唯一能夠以美國國防部的可靠性和性能水平交付價值 5 億美元的徘徊彈藥的公司。經考驗的產品線。

And B, we're not sitting still. We're already looking at additional capacity in multiple ways and C, I would say that, overall, the capital requirements for those expansions are not going to be monumental. They're going to be very affordable. We do this very much within our existing CapEx, a sort of percentage spend per year as a percentage of revenue, which is roughly around 5% or so on an annual basis.

B，我們並沒有坐以待斃。我們已經在以多種方式考慮額外的產能，C，我想說的是，總的來說，這些擴張的資本要求不會很大。它們的價格將會非常實惠。我們在現有的資本支出（CapEx）中做了很多工作，即每年支出佔收入的百分比，每年大約在 5% 左右。

Okay. And then, just for clarification -- go ahead, Kevin. Sorry.

好的。然後，只是為了澄清——請繼續，凱文。對不起。

I just said, improved payment in terms of capital --

我剛才說，改善資本支付——

Right. And just for clarification, the Taiwan FMS order that was cleared, is that not in your funded backlog yet, or just trying to get some clarification there?

正確的。澄清一下，已清除的台灣 FMS 訂單是否不在您的資助積壓中，或者只是想在那裡得到一些澄清？

That is correct, Peter. So as I mentioned, the only thing that we booked that's down or that's added to our funded backlog at the end of the Q1 was the $128 million past quarter award from the US Army for their LUS requirement. That's for the US Army's own needs.

這是正確的，彼得。正如我所提到的，我們在第一季末預訂的唯一減少或增加的積壓資金是美國陸軍上季度為滿足 LUS 需求而授予的 1.28 億美元。那是為了美國陸軍本身的需要。

The order for Taiwan and many other additional Switchblade orders, both for example OPF or Replicator or Ukraine -- additional demand for Ukraine that has been publicly announced by the US DoD is not reflected on our backlog.

台灣的訂單和許多其他額外的 Switchblade 訂單，例如 OPF 或 Replicator 或烏克蘭——美國國防部已公開宣布的對烏克蘭的額外需求並未反映在我們的積壓訂單中。

All of those potential orders, we're working them and eventually they're going to make its way into an order backlog, which we expect to book most of those, if not all of those, throughout this fiscal year. So our pipeline, as I said, for Switchblade remains quite robust and we're just at the beginning of booking these additional demands that we've talked about, but we have not -- it's not reflected in our backlog yet.

所有這些潛在訂單，我們正在處理它們，最終它們將進入積壓訂單，我們預計在整個財年中預訂其中的大部分（如果不是全部）。因此，正如我所說，我們的 Switchblade 管道仍然相當強勁，我們剛開始預訂我們已經討論過的這些額外需求，但我們還沒有 - 這還沒有反映在我們的積壓中。

Thank you. I'm showing no further questions in the queue at this time. I would now like to turn the conference back to Jonah for closing remarks.

謝謝。目前我在隊列中沒有顯示任何其他問題。現在我想請喬納發表閉幕詞。

Thank you and thank you once again for joining today's conference call and for your interest in AeroVironment. As a reminder, an archived version of this call, SEC filings and relevant news can be found under the Investors section of our website. We hope you have a good evening and look forward to speaking with you again following next quarter's results.

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

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

今天的電話會議到此結束。您現在可以斷開連線。