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.

您好，感謝您的耐心等待。歡迎參加 AeroVironment 2025 財年第一季電話會議。（操作人員指示）請注意，今天的會議正在錄音。

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

現在我謹將會議交給今天的演講嘉賓喬納·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，午安。歡迎參加 AeroVironment 2025 財年第一季財報電話會議。這是 Jonah Teeter-Balin，公司發展與投資者關係副總裁。

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》所界定的前瞻性陳述。這些聲明涉及諸多風險和不確定性，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 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信息，請參閱公司向美國證券交易委員會提交的 10-K 表格和其他文件，特別是這些文件中的“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 或我們的投資者關係團隊取得副本。

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，我們也隨獲利報告提交了一份幻燈片演示文稿，並將該簡報發佈到我們網站的「投資者」版塊的「活動與簡報」欄位下。

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訊息，僅截至 2024 年 9 月 4 日有效。本公司不承擔任何義務對今天發言中包含的任何前瞻性陳述進行任何修改，也不承擔任何義務更新這些陳述以反映本次電話會議之後發生的事件或情況。

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

今天與我一同出席的還有 AeroVironment 公司的董事長、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。

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

現在我們先聽聽瓦希德·納瓦比的講話。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。歡迎各位參加我們2025財年第一季財報電話會議。我將首先概述我們的業績和近期成就，之後凱文將更詳細地回顧我們的財務結果。接下來，我將闡述我們對 2025 財年剩餘時間的預期，最後，凱文、喬納和我將回答大家的問題。

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，本季業績再次取得優異成績，符合我們的預期。我們的主要資訊已列入收益報告的第三張投影片，內容如下。首先，第一季營收成長至 1.895 億美元，比上一財年同期成長 24%，創下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，我們現在開始鎖定一些重要的Switchblade專案機會，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的資金積壓訂單將會增加。第三，我們的巡飛彈藥系統部門持續保持上升勢頭，第一季營收接近 5,200 萬美元，創歷史新高，較去年同期成長 68%。第四，鑑於我們強大的執行力、關鍵專案獎勵和強勁的儲備，我們重申先前對 2025 財年的預期。

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.

第一季的業績使我們有望在又一個創紀錄的財年中取得佳績，因為市場對我們自主系統的需求持續增長。我們始終專注於自身的核心優勢和敏捷創新、製造以及客戶關係，這使我們能夠在這個充滿活力且不斷成長的市場中鞏固領先地位。

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.

本季我們實現了強勁的營收成長，同時保持了較高的產品品質、效能和獲利能力。隨著我們的產品線不斷擴展，我們將繼續提高產能，以確保滿足客戶在 2025 財年及以後的迫切需求。我們認為AV是國防科技領域最強大的公司。

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.

我們擁有無可匹敵的久經沙場的解決方案、無與倫比的龐大安裝基礎、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，能夠應對全球範圍內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，我們已做好充分準備，滿足美國和國際客戶日益增長的需求。我們的無人系統和巡彈仍然是我們的主要業務，我們很榮幸能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發展前景更加興奮。現在我想討論我們三個業務部門的業績，首先是巡飛彈藥系統（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。LMS營收較上年同期成長68%，達5,200萬美元。從最近的訂單中可以看出，市場對 Switchblade 300 和 600 的需求依然強勁，其中許多訂單尚未反映在我們已籌集資金的積壓訂單中。

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 被選中參加美國國防部複製者計畫的第一批計畫。由於我們擁有強大的生產能力，因此能夠立即開始交付。此外，美國國防部宣布批准向台灣出售Switchblade 300型武器系統。

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，我們根據美國陸軍對致命無人系統的指令要求獲得了 1.28 億美元的撥款，但這筆款項並未反映在我們第一季的資金積壓訂單中。這是五年期單一來源無限期交付/無限期數量合約中的第一個任務訂單，合約上限價值近 10 億美元。新條款還將允許進度付款，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工作也將很快開始。

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.

再次提醒一下，這就是我在之前的財報電話會議上討論過的多年期大型無限期交付/無限期數量合約。這些重要且意義重大的勝利驗證了我們在市場上的競爭地位，顯示了我們解決方案在衝突地區的迫切需求，並突顯了我們隨著需求成長而大規模交付的能力。

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Switchblade的需求持續成長，AV致力於滿足顧客日益增長的期望。為了支持 2025 財年 Switchblade 產品超過 5 億美元的年收入，我們的生產能力正在擴大，我們已做好準備，在未來支持進一步的產能成長。

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.

我們目前也正在選擇另一個地點，以便在 2025 財年之後擴大巡彈的生產規模。我們相信，LMS 業務目前正處於強勁成長週期的初期階段，我們預計這一勢頭將在本財年之後繼續保持。

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.

接下來進入無人系統部分。第一季營收為 1.2 億美元，比去年同期成長 22%。由於我們的 Puma 特許經營權和 JUMP 20 平台，我們的無人駕駛系統部門仍然是我們最強勁的收入和利潤驅動力。

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 已不斷證明其在當前衝突中作為 ISR 主導力量的重要性和有效性。事實上，我們最近剛完成了對烏克蘭的第 475 次交付，我們預計會根據最近宣布的烏克蘭援助計劃獲得更多訂單。

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.

我們對最新小型無人機系統變體 P550 的優勢和能力也充滿信心。這款增強型第二組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，以及最大的有效載荷多功能性。P550 是我們最近向美國陸軍提交的遠端偵察計劃 (LRR) 提案的一部分。我們預計，除美國陸軍的正式專案外，全球對該產品的需求也將十分強勁。

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 系統在這個市場上持續取得進展，我們仍在積極參與多個國內和國際市場機會。鑑於我們的 Puma、JUMP 20 和 P550 平台獲得了良好的回饋，我們預計 2025 財年及以後，國內和國際對 USS 解決方案的需求將會增加。

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.

接下來進入麥克雷迪工作室板塊。MacCready Works 內部的技術發展不斷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及自主能力方面取得了實質進展。

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上，我們進行了現場演示，重點展示了我們能夠將任務目標從紐約市的納斯達克總部發送到數千英里之外的加利福尼亞州和堪薩斯州的無人系統。我們的無人機系統隨後能夠完全自主地完成這些任務，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.

本次現場示範展示了我們能夠從數千英里之外操控數百個無人系統，同時這些系統能夠在對抗環境中自主運作。這次演示有力地展示了我們如何在自主系統領域不斷突破極限。

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 的另一項重點工作是 DARPA 的輔助計劃，該計劃專注於艦載無人機系統的設計。隨著海洋排放對我們的客戶變得越來越重要，麥克雷迪工廠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 從軟銀獲得了 2500 萬美元的後續合同，繼續開發 HAPS 平台。HAPS 在開發用於商業和國防應用的系統方面持續取得良好進展。

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優勢，並在推動我們實現遠超 2025 財年的成長方面發揮了關鍵作用。MacCready Works 將繼續履行其使命，我們期待在本財年晚些時候發布多項令人興奮的消息。

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

接下來，我將把電話交給凱文麥克唐納，讓他回顧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的業績亮點，期間我會不時參考我們網站上發布的新聞稿和收益簡報。

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，我們又迎來了一個出色的財務季度，第一季營收創歷史新高，季度營收也達到了公司史上第二高。調整後毛利率和調整後 EBITDA 也表現強勁。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 億美元成長了 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.

收益報告的第 5 張投影片提供了本季各業務部門的收入明細。本季我們最大的業務部門是無人系統（UxS），它是我們小型無人機系統（UAS）、中型無人機系統（UAS）和無人地面車輛（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, accounting for 78% of UxS revenue, but we also saw meaningful contributions from our ground vehicles, Raven and JUMP 20 products during the quarter.

UxS 本季營收為 1.2 億美元，比去年同期的 9,820 萬美元成長了 22%。Puma 的需求依然強勁，佔 UxS 收入的 78%，但我們在本季也看到了來自地面車輛、Raven 和 JUMP 20 產品的重要貢獻。

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.

我們的巡飛彈藥系統部門（LMS）營收為 5,200 萬美元，比去年第一季的 3,090 萬美元成長了 68%。本季度確認的 LMS 產品收入大部分來自尚未最終確定合約的訂單，這意味著客戶已下了設備或服務的確定訂單，但尚未確定最終價格。價格將在合約最終敲定時確定，我們預計這將在未來幾季內完成。

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，我們仍然預計 LMS 全年調整後的毛利率和調整後的 EBITDA 利潤率將比去年有所提高。超過一半的 LMS 收入來自 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，與上個財年第一季的 2,320 萬美元相比下降了 24%，部分原因是美國政府相關的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.

在收益報告的第 5 張投影片中，詳細列出了產品收入和服務收入。具體來說，第一季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無人機系統、LMS 和地面車輛業務的強勁產品收入。我們預計在可預見的未來，產品收入佔總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.

接下來討論毛利率。收益報告的第 6 張投影片顯示了調整後的產品和服務毛利率的趨勢，而第 12 張投影片則將 GAAP 毛利率與調整後的毛利率進行了核對，調整後的毛利率不包括無形資產攤銷費用和其他非現金購買會計項目。

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，合併後的GAAP毛利率為43%，與去年第一季持平。就調整後的毛利率而言，第一季調整後的毛利率為 45%，與去年同期持平。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.

去年第一季和今年第一季度，我們的用戶體驗（UxS）營收都很強勁，有助於提高調整後的產品毛利率。我們預計，隨著 LMS 產品收入的增加，未來幾季調整後的產品毛利率將會下降。

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.

經調整後的服務毛利率，第一季為 29%，而去年同期為 28%。我們預計全年調整後毛利率約為 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.

關於調整後的 EBITDA，我們的獲利簡報第 13 頁顯示了 GAAP 淨收入與調整後 EBITDA 的調整表。2025 財年第一季度，調整後的 EBITDA 與上一財年第一季持平，為 3,700 萬美元，原因是更高的收入毛利率被研發投入增加和銷售、一般及行政費用增加所抵銷。

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 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%。銷售、一般及行政費用的增加主要是由於銷售和行銷費用的增加，而銷售和行銷費用的增加主要是由於投標和提案活動的增加，以及由於平均員工人數的增加而導致的員工相關成本，以幫助支持我們全球銷售團隊的成長和擴張。

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.

第一季的研發投入為 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）和占收入百分比的增加，是由於我們產品性能提升方面的研發活動增加，以及為支持我們收購的業務而開發的新產品線增加所致。

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.

本季我們超過一半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 Tomahawk 控制器整合到現有 AV 產品中。

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，包括推出新的衍生產品。由於我們持續投資於長期成長計劃，我們仍預期 2025 財年公司整體研發支出將比達到 12% 至 13%。

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.

現在來看GAAP收益。第一季度，該公司實現淨利潤 2,120 萬美元，而去年同期淨利潤為 2,190 萬美元。淨收入減少 0.7 億美元可歸因於幾個因素，即銷售、一般及行政費用增加 1000 萬美元（包括無形資產攤銷）以及投資和研發增加 910 萬美元。這些損失部分被以下因素抵消：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。

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.

第 10 張投影片顯示了 GAAP 與調整後或非 GAAP 稀釋每股盈餘的調整。該公司公佈 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，我們來看看資產負債表。截至第一季末，我們的現金和投資總額為 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所致。

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.

我們仍有大量未開立發票應收帳款，這主要歸因於我們的 LMS 業務部門。隨著美國陸軍最近宣布對Switchblade產品簽訂IDIQ合同，我們將開始看到新訂單的進度付款，並預計在接下來的幾個季度中，未開立應收帳款將會減少。

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.

我們預計營運資金的使用情況會逐季度波動，但隨著我們根據新的陸軍付款條款收回收入，預計全年整體使用量將會下降。第一季度，我們也償還了定期貸款額度中的1,050萬美元。

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. 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.

謝謝你，凱文。鑑於我們強大的執行力、關鍵合約的授予以及強勁的業務儲備，我們重申先前對 2025 財年的業績指引，我們健康的積壓訂單和近期訂單率可見性達到 2025 財年收入指引中點的 80%。我們仍預計上半年收入將佔全年收入的45%左右。我們有信心實現全年業績目標，並將專注於將這些獎項和我們正在洽談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.

總而言之，隨著全球對我們自主人工智慧無人駕駛解決方案的需求不斷增長，我們預計各個業務部門的收入將繼續保持強勁成長。本季強勁的開局鞏固了我們對2025財年的信心，我們相信這將是投資者、員工和客戶都非常滿意的一年。

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.

我們已做好充分準備，可以從美國國防部的預算優先事項中受益，並受到國際需求成長的鼓舞，特別是對 Switchblade 和我們的 JUMP 20 解決方案的需求。我們強勁的預期成長將有利於股東價值的創造，這種價值創造將遠遠延續到 2025 財年以後。

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.

在將電話轉給提問環節之前，讓我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，我們現在開始鎖定一些重要的Switchblade專案機會，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的資金積壓訂單將會增加。

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，我們的巡彈系統業務部門將繼續成為公司在 2025 財年的主要成長動力。第四，我們業務的基本面從未如此強勁，我們預期 2025 財年將是公司又一個創紀錄的年份。

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.

我要感謝傑出的 AeroVironment 團隊，他們為我們的客戶提供了完成其重要任務所需的解決方案。感謝各位股東及客戶一直以來的支持。我們對未來充滿期待，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、喬納和我將回答大家的問題。

(Operator Instructions) Ken Herbert, RBC Capital Markets.

（操作員說明）肯·赫伯特，加拿大皇家銀行資本市場。

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，或許首先我想問一下，你顯然透過上週簽署或宣布的 IDIQ 合約維持了全年指導方針，那麼我們應該如何看待 2025 財年該合約下的任務訂單時間和金額？我猜想，可以合理地假設，IDIQ 的初始可見性或資金在很大程度上已經納入了 2025 年的展望中？

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，你說得對。總的來說，我們對這份價值 10 億美元的單一來源無限期交付/無限期數量合約非常滿意。就在上週，我們成功拿下了第一筆價值約 1.28 億美元的任務訂單。這份新合約有幾個非常重要的好處。第一，它的上限非常高，是該公司有史以來的最高紀錄。其次，就現金流方程式而言，付款條件也較好，可以依進度款分期付款。

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，其中一些內容已經融入我們的指導方針中。而且還有很多事情要做——這只是我們的第一個季度，所以我們還有三個季度要走，這是第一點。第二，即將舉行選舉，美國國防部預算還有可能獲得持續決議（CR）。

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.

我們預計會根據這項 IDIQ 協議獲得更多合約和任務訂單，但具體時間仍存在疑問，這取決於客戶能否將這些事項轉化為合約以及客戶的工作量。總的來說，我認為我們這個季度表現非常出色，我們也期待在今年餘下的時間裡繼續向大家報告最新情況。

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，您曾就一些尚未最終確定的Switchblade合約的價格不確定性發表過一些評論。能否將你們圍繞定價進行的討論進行範圍界定或歸類？考慮到最近一些合約存在一些不確定性，我們應該如何考慮未來 300 和 600 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.

希望如此——是凱文，這件事肯定會在接下來的一兩個季度內得到澄清。正如我所說，當我們展望未來時，我們認為，總體而言，今年該業務的調整後毛利率和調整後 EBITDA 利潤率都將有所改善。所以我們相信一切都會朝著對我們有利的方向發展。但我們無法透露具體的金額等等。

Peter Arment, Baird.

Peter Arment，Baird。

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?

Wahid，你提到過，像 Replicator LASSO 和 Organic Precision Fires 這樣的項目，目前只發放了初始資金。那麼，您預計本財年內這些項目還會有其他款項或批次發放嗎？

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.

是的。如果你還記得的話，上個季度我特別提到過，我們預計光是Switchblade一項的潛在訂單價值就將接近3億美元。例如，我們剛剛完成了第一筆交易，即價值 9.9 億美元的無限期交付/無限期數量 (IDIQ) 合同，現金流為 1.28 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.

還有更多精彩內容即將到來。我們預計本財年將取得更大的成就，並且我們相信本財年將再次成為我們的彈簧刀業務和巡彈業務創紀錄的一年。至於這些事情發生的時間，同樣很難預測確切的時間。不過，我相信在本財政年度內，我們預計正在與客戶洽談的多個 Switchblade 訂單將轉化為現有合約限額內的任務訂單或新增合約。這兩種情況都是我們預期在本財年內可能會發生的。

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，您在事先準備好的發言稿中也提到，還有相當健康的項目儲備或其他機會。或許在國際方面，您能否從FMS的角度談談您收到的需求訊號，我想，這可能與LMS特別相關？

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，不僅國內客戶對Switchblade的需求和訂單會繼續增加，我們在國際方面也有越來越多的潛在機會正在積極開發和參與。

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.

我在先前的演講中特別提到了[財務]問題，以及美國國務院宣布美國已批准台灣的公告。除了台灣之外，我們還與幾個其他國家開展了業務往來。再次強調，預測這些機會何時會轉化為訂單的確切時間是非常具有挑戰性的，但這更多的是「何時」的問題，而不是「是否」的問題。

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.

我們相信這些顧客有著非常非常強烈的購買意願。他們積極與我們國務院以及美國軍方溝通。他們已經安排好了預算，最後能夠購買這件商品。這只是按部就班完成流程的問題。這個過程很漫長，需要時間。但我們預計這些收入會在今年全年陸續到賬，甚至在財政年度結束後也會繼續到賬。

Louie DiPalma, William Blair.

路易·迪帕爾馬，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?

與價值 9.9 億美元的 Switchblade IDIQ 合約相關的項目有哪些？我們應該把它看作是 LMAMS 專案的後續專案嗎？或者LMAMS會是一份單獨的合同，你們明年可能會獲得這份合約？LASSO 和 Replicator 是否也不在 9.9 億美元的 IDIQ 工具之外？

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.

問得好，路易。讓我試著詳細解釋一下，澄清其中的一些問題。因此，這份價值 9.9 億美元的 IDIQ 合約（單一來源合約）本質上與我們先前根據 LMAMS 術語收到的 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.

所以美國陸軍現在稱之為LUS，即致命無人系統。因此，致命或徘徊無人系統這個類別實際上取代了我們先前使用的 LMAMS 縮寫。此總括合約旨在滿足我們客戶的多種不同機會和需求，並可在此合約下進行採購。

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，美國陸軍本身就需要巡彈，包括Switchblade 300和Switchblade 600。美國對烏克蘭的援助計畫也可以透過這項名為「聯合—烏克蘭安全援助倡議」的美國援助計畫來滿足。所以，如果烏克蘭提出要求，而美國也願意給予，那麼這些潛在的機會也可以透過這種方式獲得。

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.

「複製器」計畫是另一個例子。具體來說，美國陸軍也可以根據這份合約採購複製器計畫所需的設備。但是，如果美國海軍陸戰隊、美國空軍和其他軍種有需要，他們也可以在本 IDIQ 合約之外，透過其他單獨的合約向我們下訂單。

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 為我們提供了一個工具，讓美國陸軍和國防部可以購買很多東西，但它並沒有將我們限制於此。除此之外，我們還有其他多種機會和途徑可以確保未來巡彈的訂單。我們的產品組合不斷擴大——需求不斷增長，我們參與的巡彈相關請求和機會也不斷增加。這是一個非常非常強勁的銷售管道，而且還在不斷擴大中。此外，到目前為止，在前幾個季度裡，我們持續獲得相當可觀的訂單。

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，我再確認一下，你是說新的Switchblade合約的利潤率高於傳統合約的利潤率，所以你才能成功協商到更好的定價條款嗎？

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.

嗯，關於這一點，你可以這麼說。但基本上，我的意思是，如果你看一下去年基於銷量計算的利潤率和今年的利潤率（無論是調整後的毛利率還是 EBITDA 利潤率），由於銷量增加、新合約等原因，我們預計調整後的毛利率和 EBITDA 利潤率都會有所提高。

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，以及這項業務繼續高速成長，我們認為我們巡彈的整體獲利能力應該會隨著時間的推移而提高，也必將提高。但從季度來看，你會看到波動，這主要是由於業務的不穩定性以及這些新合約的規模所造成的。

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，我在電話會議上也提到，付款條件要有利得多。因為我們的客戶希望我們快速交付，他們的需求非常緊急，而簽訂合約的過程需要時間，所以我們很多時候都必須提前做好計劃。

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.

因此，我們希望確保政府認識到這一點，並根據進度付款而不是僅根據收入和在整個過程結束時收到產品時的付款來支付我們款項。

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

這一切都更有利於收入確認。

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向客戶開立發票，這在這份價值 9.9 億美元的合約中對我們來說是一個非常有利的條款。我相信我們的客戶認可我們為他們提供的價值，這體現在我們快速的交付速度以及我們能夠迅速週轉並轉移貨物的能力上。而且——顯然，他們也意識到了這一點，並允許我們獲得進度款。

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

所以，這些進度款應該會對營運資金動態產生正面影響，是嗎？

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。這一切不會一夜之間發生。但在接下來的幾個季度裡，即使未開立應收帳款的數量增加，我們也應該開始看到這種情況有所改善。

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?

幾個程序方面的問題。關於 LUS 與 LASSO 的比較，我想進一步詢問一下，我的理解是否正確——LUS 合約基本上是指你們傳統的 Switchblade 300 和 600 型號，而不是 LASSO？或許陸軍根據烏克蘭的回饋更新了需求，因此根據 LASSO 計劃，將會交付更新的 Switchblade 型號？這種思考方式正確嗎？還是你會用不同的顏色來描述它？

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.

所以，皮特，稍微改一下。我想說的是，LUS 是美軍用來滿足其當前緊急需求的術語。如今，如果他們需要一些巡飛彈藥並將其用於部隊結構，他們使用的術語就是巡飛彈藥 (LUS)。

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，他們實際上已經公開宣布了一項名為 LASSO 的促銷記錄類型特定要求，它是 Lethal Aerial Stalking and Strike Ordinance 的縮寫。我相信這就是它的全名，套索（LASSO）。因此，LASSO 的長期目標是收購 Loitering Munitions 的 Switchblade 300 和 600 型彈藥，甚至可能是其其他型號，這不僅僅指未來一兩年。週期可達10年以上。

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，他們已經決定在 LUS 的術語下，採購 AeroVironment Switchblades 作為首批產品。根據美國陸軍今天的說法，從長遠來看，它將被稱為 LASSO，這是一個多年期的正式項目，涵蓋 Switchblade 的多種變型，並將持續十多年。

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，我們處境非常有利。A，美國陸軍認識到了這種需求；B，他們已經選擇我們作為首批採購方；C，他們已經向我們下達了一份總額接近 10 億美元的無限期交付/無限期數量 (IDIQ) 採購訂單，這使得他們能夠在未來幾年採購更多的「彈簧刀」反坦克飛彈。

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，所有這些都非常積極地表明了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產品在戰場上的表現。

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.

第二個問題來自烏克蘭，你會聽到這個術語，FPV，即第一人稱視角，我認為它適用於一些小型無人機系統。我只是——這似乎是一個比較新的說法——我只是想了解你們目前的小型無人機系統是否具備這種能力？我看到 DIU 舉辦了 Blue UAS 更新挑戰賽，他們談到了第一人稱視角，但也談到了更大的無人機，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?

所以我想知道，您能否為我們介紹一下你們在FPV方面擁有哪些技術？這是新的要求嗎？ ——你們除了參加其他 DIU 活動之外，還希望在那裡參加比賽嗎？

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.

當然可以，皮特。所以，FPV，也就是我們的第一人稱視角無人機，無論是武裝的還是非武裝的，本質上都是一個已經存在一段時間的類別。巡彈所具備的能力和任務與普通彈藥截然不同。Switchblade 的功能與 FPV 無人機的功能截然不同。而 Switchblade 在巡航能力等方面被認為是更複雜、更強大的系統。

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，無論是否配備武器（如今在烏克蘭，大多數情況下都配備了武器），本質上都是手動操作，即將四旋翼飛行器、多旋翼飛行器，在其上安裝某種彈藥、彈頭或爆炸物，然後手動將其飛行到目標位置。這其中存在著許多挑戰。雖然這項能力很可能會長期保留，但這並不是 Switchblade 設計或使用的任務類型。Switchblade 可以執行許多 FPV 無人機或武裝無人機根本無法執行的更複雜、更精細的任務。

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.

所以——關於它的航程、續航力、滯空能力和精度等等，我有很多細節可以詳細介紹——但最重要的是任務成功。諸如「彈簧刀」之類的巡彈的效能要比你在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。我們一開始就決定不參與其中，不過我們會持續關注。但 Switchblade 所針對的任務範圍要大得多，而且從長遠來看，這方面的市場非常強勁。

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

好的。是的。聽起來像是 FPV 或 COTS 類型，或經過改進的 COTS 類型——差不多，我明白你的意思了。

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。將一架未武裝的無人機，簡單地綁上炸彈或爆炸物，就變成了一架 FPV 無人機，這種無人機的複雜性和任務能力都非常低。

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。謝謝您回答我的問題。我想回去專門談談 Switchblade 的 FMS 管線。瓦希德，我想在上次財報電話會議上，你提到目前大約有六個國家處於不同的收購階段。這個數字是成長了，還是基本上保持不變？那麼，我們該如何預測它未來的發展趨勢呢？我知道時間還不確定，但任何消息我都會非常感激。

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，的確，我們與六個以上的不同國家都有合作。我們獲準與之合作的國家名單接近 50 個國家，實際上國際上超過 50 個國家。所以這是一個非常非常積極的開端，因為美國政府允許並批准我們與他們接觸，這給了這些國家和盟友極大的信心，如果他們參與並投入精力到這個進程中，他們將會得到積極的結果，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，目前真正有專案或需求，並且正在辦理授權和批准手續的活躍客戶名單大約只有六家左右。而且這個數字還在不斷增加。它沒有縮小，實際上還在成長。而且整個流程都在以非常積極的方式向前推進，這意味著從客戶提出想要購買 Switchblade 到最終收到 Switchblade，我們與這些客戶溝通的過程非常漫長。

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.

而且在很多情況下，這是一個需要兩年多甚至三年的時間的過程。我們與每位客戶和每位合作夥伴都進行不同程度的合作。而所有這些方面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才能真正變成訂單。

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.

最近一次是美國政府宣布批准台灣獨立。澳洲、法國等其他國家已經公開宣布，立陶宛等國也都已公開宣布。例如，立陶宛的審批過程大約需要 18 個月，僅供參考。

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，參與的國家數量正在不斷增加；B，它們正朝著正確的方向發展；C，我們非常樂觀地認為，在未來一兩年內，即使不是全部，其中許多國家都將轉化為實際的合約和獎勵。正因如此，我認為我們在巡彈領域的這種發展勢頭將持續到 2025 財年以後。

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，我們在這裡擁有一個在未來幾年內將會非常龐大的特許經營權，因為我們基本上在整個軍事作戰或理論中創造了一個全新的類別。展望未來十年左右，所有部隊結構都有可能配備巡彈。這是一個非常、非常大的、強勁的轉變——對我們來說，這是市場上的巨大轉變，我們非常有能力做到這一點。

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，我很喜歡那裡的顏色。謝謝。我想進一步追問一下，我知道您之前曾多次強調這項 IDIQ 政策，它不僅有助於促進對烏克蘭的國際銷售，而且有可能促進對其他國家的國際銷售。美國陸軍提供的這輛 IDIQ 車輛，能否用於此用途？是否仍然期望這樣做？

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.

當然，沒錯，安德烈。很高興你提到了這一點，因為美國陸軍簽訂這份合約的原因之一（雖然不是唯一原因，但有很多原因之一）就是為了允許和配合任何國際對外軍售（FMS）的「彈簧刀」飛彈系統，使其能夠作為採購交易納入這份合約。

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.

無論是外國軍方資助的項目還是對外軍售項目，FMF 或 FMS，都可以在這個總括合約下進行採購。從歷史數據來看，我們的表現一直非常出色。總的來說，如果你回顧 AeroVironment 與美國陸軍以及這類單一來源 IDIQ 合約的歷史，我們總是能達到限額、上限，甚至客戶還會提高限額。

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在未來增加期限或提高上限。所以這非常令人興奮，簡而言之，答案是肯定的。它完全可以滿足國際客戶的需求，而且實際上還可以幫助加快流程。

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.

嗯，謝謝。Wahid，鑑於所有這些不同的合作夥伴基本上都可以使用或利用 IDIQ 合同，聽起來你可能會比預期更快地達到產能上限，或者至少你會接近產能上限？那麼，您預計何時採取行動？您需要投入多少額外的產能來支持這項行動？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.

彼得，你問得好。很高興你問我這個問題，因為我曾就目前是 2025 財年這一事實發表過特別評論。我們有能力在本財年內透過產品收入實現近 5 億美元的 Switchblade 產品銷售額。但我們不會因為這個就坐以待斃。我們為此計劃了一段時間，而且我們通常都能領先於需求曲線或週期。

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.

正如我在電話會議中提到的，我們已經在多個其他州積極尋找下一個地點，為我們的下一個大型 Switchblade 工廠建造選址。我還想補充一點，在我們目前的工廠中，我們生產設施的一個基本特點是它們非常靈活。這意味著我們可以輕鬆地修改和調整我們非合法無人機工廠的部分生產能力，以適應巡彈的生產。

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.

所以，總的來說，我們在規劃過程中，在設計這些東西和設計我們的工廠時，都擁有很大的彈性。事實上，這是我們在市場上最大的競爭優勢之一，因為據我們所知，我們是唯一一家能夠以美國國防部的可靠性和性能水平，透過經過實戰檢驗的產品線，交付價值 5 億美元的巡彈的公司。

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.

而且，我們也不是坐以待斃。我們已經在從多個方面考慮增加產能，而且，我認為，總體而言，這些擴張所需的資金不會是巨大的。它們的價格會非常實惠。我們主要在現有的資本支出範圍內進行這項支出，即每年按收入的百分比進行支出，每年支出約為 5% 左右。

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

好的。然後，為了澄清一下——凱文，請繼續。對不起。

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

我剛才說了，資金支付方面有所改善。--

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。另外，為了確認一下，已經核准的台灣對外軍售訂單，是不是還沒列入你們的資金儲備清單？還是我只是想確認一下？

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.

沒錯，彼得。正如我之前提到的，我們在第一季末唯一減少或增加到已撥款積壓訂單中的項目是美國陸軍上季度授予的 1.28 億美元，用於滿足其 LUS 需求。那是為滿足美國陸軍自身需求而準備的。

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.

台灣的訂單以及許多其他額外的Switchblade訂單，例如OPF或Replicator或烏克蘭的訂單——美國國防部已公開宣布對烏克蘭的額外需求，但這些訂單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.

我們正在處理所有這些潛在訂單，最終它們都會進入訂單積壓名單，我們預計在本財年內，即使不是全部，大部分訂單都會被預訂出去。正如我所說，我們 Switchblade 的訂單儲備仍然相當充足，我們才剛開始處理這些我們討論過的額外需求，但這些需求還沒有反映在我們的積壓訂單中。

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。目前隊列中沒有其他問題了。現在我謹將會議交還給喬納，請他作總結發言。

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.

感謝您參加今天的電話會議，也感謝您對 AeroVironment 的關注。提醒各位，本次電話會議的存檔版本、美國證券交易委員會的文件以及相關新聞，都可以在我們網站的「投資者」版塊找到。希望您度過一個愉快的夜晚，期待在下個季度業績公佈後再次與您交流。

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

今天的電話會議到此結束。您現在可以斷開連線了。