AeroVironment Inc (AVAV) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the AeroVironment fiscal 2025 second-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 財年第二季電話會議。 （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 second 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 財年第二季財報電話會議。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 statement portions of such filings. Copies are available from the SEC on the AeroVironment website at www.avinc.com or from our Investor Relations team.

有關這些風險和不確定性的更多資訊包含在該公司向 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聲明部分。副本可從 SEC 的 AeroVironment 網站 www.avic.com 或我們的投資者關係團隊取得。

This afternoon, we also filed a slide presentation with our earnings release and posted the presentation to the Investors section of our website under Events and Presentations. The content of this conference call contains time-sensitive information that is accurate only as of today, December 4, 2024. The company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

今天下午，我們還提交了一份幻燈片簡報和我們的收益報告，並將簡報發佈到我們網站的「投資者」部分的「活動和簡報」下。本次電話會議的內容包含時效性信息，僅截至今天（2024 年 12 月 4 日）準確。

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

與我一起來自 AeroVironment 的還有董事長、總裁兼執行長 Wahid Nawabi；資深副總裁兼財務長凱文麥克唐納。

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 second-quarter fiscal year 2025 earnings conference call.

謝謝你，喬納。歡迎大家參加我們的 2025 財年第二季財報電話會議。

I will start by summarizing our quarterly performance, followed by Kevin, who 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.

我將首先總結我們的季度業績，然後凱文將更詳細地審查我們的財務業績。然後我將提供我們對 2025 財年剩餘時間的期望。

I'm pleased to report another strong quarter with results in line with our fiscal year expectations. Our key messages, which are included on slide number 3 of our earnings presentation are as follows: first, second-quarter revenue rose to $188 million, representing a new second quarter record for the company; second, our loitering munition systems segment continues to drive growth for the company with record second quarter revenues of nearly $78 million, a 61% year-over-year increase.

我很高興地報告又一個強勁的季度，其結果符合我們的財年預期。我們的關鍵訊息（包含在我們的收益簡報的第 3 號幻燈片中）如下：首先，第二季營收升至 1.88 億美元，創下了公司第二季的新紀錄；其次，我們的巡飛彈藥系統部門持續推動公司成長，第二季營收創紀錄，接近 7,800 萬美元，較去年同期成長 61%。

Third, funded backlog continues to grow and is now at a healthy $467 million. And fourth, given our strong execution, key contract awards, robust pipeline and 95% visibility to the midpoint of our guidance range, we reaffirm revenue, adjusted EBITDA and non-GAAP EPS guidance for fiscal year 2025.

第三，積壓資金持續成長，目前已達 4.67 億美元。第四，鑑於我們強大的執行力、關鍵合約授予、強勁的管道以及對指導範圍中點 95% 的可見性，我們重申 2025 財年的收入、調整後 EBITDA 和非 GAAP 每股收益指導。

Our strong second quarter results, coupled with other key achievements in the quarter, clearly positions us to continue creating value for all our key stakeholders. For example, we were awarded 2 large sole-source Switchblade IDIQ awards, representing a record $1.7 billion in contract ceiling. While the funded amounts under these awards were expected for this fiscal year, the long-term visibility and demand for Switchblade has improved even further.

我們強勁的第二季業績，加上本季的其他關鍵成就，明確表明我們將繼續為所有主要利害關係人創造價值。例如，我們獲得了 2 個大型獨家 Switchblade IDIQ 合同，合約上限達到創紀錄的 17 億美元。雖然這些獎項的資助金額預計在本財年達到，但 Switchblade 的長期知名度和需求甚至進一步改善。

In addition, we launched our latest market-leading uncrewed system solution, the P550. This new Group 2 UAS further strengthens our portfolio and fills the gap between our Puma and JUMP 20 ISR platforms. The P550 offers unmatched payload capacity, endurance, flexibility and adaptability for our customers' most demanding missions.

此外，我們也推出了最新的市場領先的無人系統解決方案—P550。這款新的 Group 2 UAS 進一步增強了我們的產品組合，並填補了 Puma 和 JUMP 20 ISR 平台之間的空白。 P550 為客戶最苛刻的任務提供無與倫比的有效負載能力、耐用性、靈活性和適應性。

This solution is performing well in the US Army's long-range reconnaissance competition, which is valued at approximately $1 billion over the next decade. We're also receiving multiple additional domestic and international interest for this industry-leading solution. We believe the P550 will become another global franchise product similar to our Raven and Puma solutions.

該解決方案在美國陸軍的遠程偵察競賽中表現良好，未來十年該競賽的價值約為10億美元。我們也收到了更多國內和國際人士對此行業領先解決方案的興趣。我們相信 P550 將成為類似於我們的 Raven 和 Puma 解決方案的另一個全球特許產品。

With an expanding pipeline of opportunities and growing backlog, we continue to focus on increasing our production capacity and throughput to meet our customers' needs. We remain on track to achieve the production goals we shared last quarter.

隨著機會的不斷擴大和積壓的增加，我們繼續專注於提高產能和吞吐量，以滿足客戶的需求。我們仍有望實現上季共享的生產目標。

And last but not least, we took a major step towards achieving our future state when we announced our agreement to acquire BlueHalo, a defense technology leader operating in several key franchises in space, counter-UAS, cyber and electronic warfare. This acquisition will enable us to become an even stronger and more diversified defense technology provider, delivering highly innovative mission-critical solutions with enhanced speed and agility.

最後但並非最不重要的一點是，當我們宣布同意收購BlueHalo 時，我們向實現未來狀態邁出了重要一步。多個關鍵領域開展業務。此次收購將使我們成為更強大、更多元化的國防技術供應商，以更高的速度和敏捷性提供高度創新的關鍵任務解決方案。

We believe our combined portfolio will provide us with industry-leading positions in space communication, unmanned aerial systems, counter UAS, loitering munitions, electronic warfare and cybersecurity, all enabled by the best-in-class autonomy and AI software suite. On a pro forma basis, the combined company is expected to deliver approximately $1.7 billion in annual revenue.

我們相信，我們的合併後的產品組合將為我們在太空通訊、無人機系統、反無人機、巡飛彈藥、電子戰和網路安全方面提供行業領先的地位，所有這些都由一流的自主和人工智慧軟體套件實現。根據預計，合併後的公司預計將實現約 17 億美元的年收入。

We continue to work diligently towards completing this transaction and expect it to close in the first half of calendar year 2025, subject to regulatory NAV shareholder approvals and other customary closing conditions. We're confident that as a combined business, we will leverage our strengths and deliver even better outcomes for our customers, employees and shareholders.

我們將繼續努力完成這項交易，並預計在 2025 年上半年完成，但須獲得監管機構 NAV 股東批准和其他慣例成交條件。我們相信，作為一家合併後的企業，我們將利用我們的優勢，為我們的客戶、員工和股東帶來更好的成果。

With that, I'd like to now discuss results from each of our three business segments, starting with loitering munition systems or LMS. As we stated previously, LMS was once again our strongest revenue growth driver for the quarter as expected.

說到這裡，我現在想討論我們三個業務部門的結果，首先是徘徊彈藥系統或 LMS。正如我們之前所說，LMS 正如預期再次成為我們本季最強勁的營收成長驅動力。

Revenue increased by more than 2 times from the same period last fiscal year. Revenues totaled about $78 million, a new second quarter LMS record. Our Switchblade products are performing very well in the field and has become the global standard for loitering munitions globally.

營收較上財年同期成長超過2倍。營收總計約 7,800 萬美元，創下 LMS 第二季新紀錄。我們的 Switchblade 產品在現場表現非常出色，並已成為全球巡飛彈藥的全球標準。

Our customers value Switchblade's unmatched ability to operate in heavily contested environments with very high success rates. Switchblade 300 and 600 continue to strike very high-value targets in a cost-effective manner, presenting an incredible value proposition for our customers.

我們的客戶非常重視 Switchblade 在競爭激烈的環境中運作的無與倫比的能力以及非常高的成功率。 Switchblade 300 和 600 繼續以經濟高效的方式實現非常高價值的目標，為我們的客戶提供令人難以置信的價值主張。

Additionally, demand for both Switchblade 300 and 600 continues to grow as evidenced by our most recent multiple US DoD IDIQ awards. These contracts enable our customers to procure greater quantities of our products more quickly.

此外，對 Switchblade 300 和 600 的需求持續增長，我們最近獲得的多項美國國防部 IDIQ 獎項就證明了這一點。這些合約使我們的客戶能夠更快地採購更多我們的產品。

The US Army announced a five-year sole-source IDIQ award with a ceiling value of nearly $1 billion, and we've already received an initial $128 million task order under this contract for the US Army's directed requirement for lethal unmanned systems.

美國陸軍宣布了一項為期五年、上限接近10 億美元的獨家IDIQ 合同，我們已經根據該合同收到了一份價值1.28 億美元的初始任務訂單，以滿足美國陸軍對致命無人系統的直接需求。

We also received a separate sole-source modification to an existing contract from the US Army, which increased the contract ceiling for Switchblade 300 and 600 by nearly $750 million. Under this US Army IDIQ, we have received a task order valued at roughly $55 million of Switchblade 600 and 300s. Both IDIQ awards contain beneficial new terms that allow for progress payments, which will significantly improve our cash flow and working capital usage.

我們還收到了美國陸軍對現有合約的單獨獨家修改，該修改將 Switchblade 300 和 600 的合約上限提高了近 7.5 億美元。根據美國陸軍 IDIQ，我們收到了一份價值約 5500 萬美元的 Switchblade 600 和 300 任務訂單。這兩個 IDIQ 獎項都包含允許按進度付款的有利新條款，這將顯著改善我們的現金流和營運資金使用。

These orders should also facilitate a faster procurement process for key additional domestic and international opportunities.

這些訂單也應促進更快的採購流程，以獲得更多關鍵的國內和國際機會。

In addition to increasing domestic demand and orders, our Switchblade product line continues to see more international demand. As part of the $55 million award I just mentioned, we received FMS orders from 3 additional allies, Lithuania, Romania and Sweden. Moreover, Taiwan and Greece have also publicly announced their intention to purchase significant quantities of Switchblades in the near future.

除了增加國內需求和訂單外，我們的 Switchblade 產品線也持續看到更多的國際需求。作為我剛才提到的 5500 萬美元獎勵的一部分，我們收到了來自另外 3 個盟友立陶宛、羅馬尼亞和瑞典的 FMS 訂單。此外，台灣和希臘也公開宣布有意在不久的將來採購大量彈簧刀。

Looking ahead, we have even more countries in our pipeline planning to add Switchblades to their other AV offerings to create a comprehensive family of system solution set. Additionally, we're pleased to share that we delivered our first tranche of Switchblades to the US Marine Corps under the Organic Precision Fires Light program, or OPF-L.

展望未來，我們有更多的國家計劃將 Switchblades 添加到其他 AV 產品中，以創建一個全面的系統解決方案系列。此外，我們很高興地告訴大家，我們根據有機精確火光計畫（OPF-L）向美國海軍陸戰隊交付了第一批彈簧刀。

We expect additional Switchblade task orders under the existing contract umbrella in the coming quarters. In support of all this growing demand, we remain focused on further scaling manufacturing to support more than $500 million in annual Switchblade product revenue by the end of this fiscal year.

我們預計未來幾季將在現有合約範圍內獲得更多 Switchblade 任務訂單。為了滿足所有這些不斷增長的需求，我們仍然專注於進一步擴大製造規模，以在本財年末支持 Switchblade 產品年收入超過 5 億美元。

We have also selected an additional new location where we will expand our loitering munitions manufacturing beyond fiscal year 2025. In the meantime, AV's track record of delivering Switchblade and high quality, high reliability and high volume remains unmatched in the industry.

我們還選擇了一個額外的新地點，將在2025 財年之後擴大我們的巡飛彈藥製造範圍。無與倫比的。

Finally, we continue to invest in new Switchblade variants and upgrades to current product. We hope to announce further details on these new offerings at a future date. In summary, we're very confident about the growth trajectory of our LMS business, and we anticipate continued momentum that goes well beyond fiscal year 2025.

最後，我們繼續投資新的 Switchblade 變體以及對當前產品的升級。我們希望在未來公佈這些新產品的更多細節。總之，我們對 LMS 業務的成長軌跡非常有信心，我們預計這種勢頭將持續到 2025 財年之後。

Now on to our uncrewed systems segment. Revenue for the second quarter was nearly $86 million, reflecting another quarter of solid performance. Our uncrewed systems segment remains a strong revenue and profitability driver for the company, largely due to our Puma and JUMP 20 platforms.

現在進入我們的無人系統部分。第二季營收接近 8,600 萬美元，反映出另一季的穩健業績。我們的無人駕駛系統部門仍然是該公司強大的收入和獲利驅動力，這主要歸功於我們的 Puma 和 JUMP 20 平台。

That said, we strengthened our portfolio with the P550, our latest uncrewed systems product, which we showcased at the annual AUSA Conference in Washington, D.C. in early October. Consistent with our track record, we expect this solution to be the gold standard for Group 2 UAS and create another global franchise in uncrewed solutions for the company.

也就是說，我們透過 P550 加強了我們的產品組合，這是我們最新的無人系統產品，我們在 10 月初在華盛頓特區舉行的年度 AUSA 會議上展示了該產品。與我們的業績記錄一致，我們預計該解決方案將成為第 2 組 UAS 的黃金標準，並為該公司打造另一個無人解決方案的全球特許經營權。

The P550 is part of our recently submitted proposal for the US Army's Long Range Reconnaissance program, or LRR, and we hope to receive an update on our submission in the coming months. We also anticipate strong global demand for this product beyond the US Army's program record, with additional interest coming from the US Marine Corps, US Navy, US SOCOM, and multiple international customers.

P550 是我們最近提交的美國陸軍遠端偵察計劃 (LRR) 提案的一部分，我們希望在未來幾個月內收到我們提交的更新。我們也預期全球對該產品的強勁需求將超越美國陸軍的計畫記錄，美國海軍陸戰隊、美國海軍、美國特種作戰司令部和多個國際客戶也對此感興趣。

The P550 demonstrates our continued commitment to provide innovative, intelligent autonomous platforms that ensure operational superiority for our customers, and we expect this platform to be a significant contributor to this segment's future growth. In addition, we're seeing continued momentum in our JUMP 20 system.

P550 體現了我們對提供創新、智慧自主平台的持續承諾，以確保客戶的營運優勢，我們預計該平台將成為該細分市場未來成長的重要貢獻者。此外，我們也看到 JUMP 20 系統的持續發展動能。

We now have a sales pipeline of more than $0.5 billion and hope to share additional details on at least two expected wins soon. Additionally, we remain engaged with the US Army's FTUAS program office to potentially compete for upcoming tranches.

我們現在擁有超過 5 億美元的銷售管道，並希望很快分享至少兩個預期勝利的更多細節。此外，我們仍與美國陸軍的 FTUAS 計畫辦公室保持聯繫，以潛在地競爭即將到來的部分。

Given favorable feedback on our Puma, JUMP 20 and now the P550 platforms, we anticipate domestic international demand for our UxS solutions to remain healthy in 2025 and beyond.

鑑於我們的 Puma、JUMP 20 和現在的 P550 平台獲得了好評，我們預計國內國際對我們的 UxS 解決方案的需求將在 2025 年及以後保持健康。

Moving now to our MacCready Works segment. MacCready Works continues to make solid progress on its key opportunities with the goal to provide solutions and capabilities that meet our customers' evolving needs especially though through the development of novel platforms and autonomous capabilities.

現在轉到我們的 MacCready Works 部分。 MacCready Works 繼續在其關鍵機會上取得紮實進展，目標是提供滿足客戶不斷變化的需求的解決方案和功能，特別是透過開發新穎的平台和自主功能。

As an example, this past quarter, we continued our flight test program with the defense variant of our HAPS Sunglider, which demonstrated the ability to fly at high altitudes while providing persistent and reliable surveillance. As part of this flight test program, we flew a state-of-the-art Synthetic Aperture Radar, or SAR payload, and demonstrated advanced surveillance capabilities.

例如，上個季度，我們繼續使用 HAPS Sunglider 的防禦變體進行飛行測試計劃，該項目展示了在高空飛行的同時提供持續可靠的監視的能力。作為此飛行測試計劃的一部分，我們飛行了最先進的合成孔徑雷達（SAR）有效載荷，並展示了先進的監視能力。

Additionally, our efforts with the US DoD are continuing to progress, and we were recently awarded another $7 million follow-on contract to continue the HAPS defense flight test program. We remain convinced that our HAPS platform is another unique and game-changing capability for our customers' current and future missions.

此外，我們與美國國防部的合作正在不斷取得進展，最近我們又獲得了另一份 700 萬美元的後續合同，以繼續 HAPS 防禦飛行測試計劃。我們仍然堅信，我們的 HAPS 平台對於我們客戶當前和未來的任務而言是另一種獨特且改變遊戲規則的功能。

MacCready Works continues to play a significant role in the overall development of AV's new and innovative solution offerings. We look forward to sharing more exciting announcements from this business segment in future quarters.

MacCready Works 繼續在 AV 新型創新解決方案的整體開發中發揮重要作用。我們期待在未來幾季分享該業務部門更多令人興奮的公告。

In summary, our strong execution, key contract awards and robust pipeline gives us confidence in the remainder of fiscal year 2025 and beyond. Our solid performance to date, a healthy backlog and recent orders has increased our visibility to 95% of the midpoint of our revenue guidance range, but we still see some risks with order timing, especially given the continuing resolution environment and change in administrations. Therefore, we are reaffirming our fiscal year 2025 revenue, adjusted EBITDA and non-GAAP EPS guidance and now expect third quarter revenue to represent about 40% of second half revenues.

總之，我們強大的執行力、關鍵合約授予和強大的管道讓我們對 2025 財年剩餘時間及以後充滿信心。我們迄今為止的穩健業績、良好的積壓和最近的訂單已將我們的能見度提高到收入指導範圍中點的95%，但我們仍然看到訂單時間的一些風險，特別是考慮到持續的解決環境和管理變化。因此，我們重申 2025 財年營收、調整後 EBITDA 和非 GAAP 每股盈餘指引，目前預計第三季營收將佔下半年營收的 40% 左右。

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

現在，我想將電話轉給凱文麥克唐納 (Kevin McDonnell)，以審查我們第二季的財務狀況。凱文？

Thank you, Wahid. Today, I will be reviewing the highlights of our second quarter performance, during which I will occasionally refer to both our press release and earnings presentation available on our website. In summary, we posted another strong revenue and adjusted EBITDA quarter.

謝謝你，瓦希德。今天，我將回顧我們第二季業績的亮點，在此期間我偶爾會參考我們網站上的新聞稿和收益報告。總之，我們發布了另一個強勁的營收和調整後 EBITDA 季度。

We also saw our funded backlog grow after several quarters of decline, and our outlook remains for another strong fiscal year. Given the pending BlueHalo acquisition, any references to future performance exclude the impact of BlueHalo, which is expected to close during the first half of calendar 2025.

我們也看到，經過幾個季度的下降後，我們的資金積壓有所增加，我們對另一個強勁的財年的前景仍然樂觀。鑑於 BlueHalo 收購即將進行，任何對未來業績的提及都排除了 BlueHalo 的影響，該公司預計將於 2025 年上半年完成。

As Wahid mentioned in his remarks, revenue for the second quarter of fiscal 2025 was $188.5 million, an increase of 4% as compared to the $180.8 million for the second quarter of fiscal 2024. slide 6 of the earnings presentation provides a breakdown of revenue by segment for the quarter.

正如瓦希德在演講中提到的，2025 財年第二季度的收入為1.885 億美元，比2024 財年第二季度的1.808 億美元增長了4%。明細：本季的部分。

Our largest segment during the quarter was uncrewed systems, or UxS, which is the combination of small UAS, medium UAS and the UGV businesses. UxS had revenue of $85.4 million in the quarter, which is down 36% from last year's total of $132.8 million, primarily driven by a decrease in Ukraine revenue of $54 million. Puma demand remained strong, accounting for 71% and of UxS revenue, but we also saw meaningful contributions from our UGV products, JUMP 20 and Tomahawk during the quarter.

本季我們最大的細分市場是無人系統（UxS），它是小型 UAS、中型 UAS 和 UGV 業務的組合。 UxS 本季的營收為 8,540 萬美元，比去年的 1.328 億美元總收入下降了 36%，這主要是由於烏克蘭收入減少了 5,400 萬美元。 Puma 需求依然強勁，佔 UxS 營收的 71%，但本季我們的 UGV 產品、JUMP 20 和 Tomahawk 也做出了有意義的貢獻。

Our loitering munition systems segment, or LMS, recorded revenue of $77.7 million, a 157% increase as compared to the $30.2 million during last year's second quarter. The LMS undefinitized contract actions or UCAS were definitized in Q2, which resulted in approximately $10 million increase to Q2 revenue and gross margin.

我們的巡飛彈藥系統部門 (LMS) 的收入為 7,770 萬美元，比去年第二季的 3,020 萬美元成長了 157%。 LMS 未確定的合約行動或 UCAS 在第二季度確定，這導致第二季度的收入和毛利率增加了約 1000 萬美元。

Revenue from our MacCready Works segment came in at $25.3 million, an increase of 42% as compared to $17.8 million for the second quarter of last fiscal year, primarily driven by HAPS revenue from both SoftBank and the US Department of Defense for stratospheric flight testing.

MacCready Works 部門的營收為 2,530 萬美元，比上一財年第二季的 1,780 萬美元成長了 42%，這主要是由軟銀和美國國防部平流層飛行測試的 HAPS 收入推動的。

In slide 6 of the earnings presentation, there is also a breakdown between product and service revenue. Specifically, during the second quarter, product revenue accounted for 80% of total revenues, which is in line with the corresponding quarter of the previous year, primarily due to strong product revenue from both our small UAS, LMS and medium UAS products. We expect product revenues as a percentage of revenue to remain above 80% for the foreseeable future.

在收益簡報的幻燈片 6 中，也對產品和服務收入進行了細分。具體來說，第二季產品營收佔總營收的80%，與去年同期持平，主要得益於我們的小型無人機、LMS和中型無人機產品的強勁產品收入。我們預計在可預見的未來，產品收入佔收入的比例將維持在80%以上。

Moving to gross margins. Slide 7 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. In the second quarter, consolidated GAAP gross margins finished at 39%, which was lower than the second quarter last year due to the higher margin UxS mix in the prior period.

轉向毛利率。收益報告的幻燈片 7 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。第二季度，綜合 GAAP 毛利率為 39%，低於去年第二季度，原因是上期 UxS 組合利潤率較高。

Now turning to adjusted gross margins. Second quarter adjusted gross margins were 41%, which is lower than the 43% for the same period last year due to the change in sales mix as described previously. We expect adjusted gross margins for the second half of the year to be 38% to 40% and ending the full year between 40% and 41%.

現在轉向調整後的毛利率。第二季調整後毛利率為41%，低於去年同期的43%，原因是前述銷售組合的變動。我們預計下半年調整後毛利率為 38% 至 40%，全年調整後毛利率為 40% 至 41%。

We should exit the fourth quarter at the higher end of the second half range. Adjusted product gross margins for the second -- for the quarter were 44% versus 47% in the second quarter of last fiscal year.

我們應該在下半場範圍的高端退出第四季。第二季調整後產品毛利率為 44%，上一財年第二季為 47%。

Again, we had strong UxS revenue in the second quarter of last year, driven by Ukraine sales, which contributed to higher adjusted product margins.

同樣，在烏克蘭銷售的推動下，我們去年第二季的 UxS 收入強勁，這有助於提高調整後的產品利潤率。

We do expect adjusted gross product margin decline in the coming quarters as we continue to expect the contribution of product revenues from LMS to increase. In terms of adjusted service gross margins, the second quarter was at 28%, in line with the same quarter of last year.

我們確實預計未來幾季調整後的毛利率會下降，因為我們繼續預期 LMS 產品收入的貢獻將會增加。調整後服務毛利率方面，第二季為28%，與去年同期持平。

In terms of adjusted EBITDA, slide 13 shows the reconciliation of GAAP net income to adjusted EBITDA. Adjusted EBITDA for Q2 was $25.9 million, down from last year's Q2 of $39.5 million. Just a reminder that our last year's first half was very strong because of Ukraine revenue.

就調整後 EBITDA 而言，投影片 13 顯示了 GAAP 淨利潤與調整後 EBITDA 的調整表。第二季調整後 EBITDA 為 2,590 萬美元，低於去年第二季的 3,950 萬美元。只是提醒一下，由於烏克蘭的收入，我們去年上半年非常強勁。

Year-over-year revenue is up slightly, but SG&A and R&D expense are running higher, resulting in lower first half adjusted EBITDA versus last year. However, these higher SG&A and R&D expenses are in line with guidance for the year, and I'll go into more detail shortly.

營收較去年同期略有成長，但銷售、行政管理和研發費用不斷增加，導致上半年調整後 EBITDA 低於去年。然而，這些較高的銷售、行政管理和研發費用符合今年的指導，我很快就會詳細介紹。

We expect adjusted EBITDA for Q3 to be slightly down from Q2, but Q4 is significantly higher than any of the first three quarters. Also note that we incurred $3.7 million of acquisition-related expenses in Q2. We'll continue to incur these expenses related to the BlueHalo transaction for the remainder of the fiscal year and likely into next fiscal year.

我們預計第三季調整後 EBITDA 將略低於第二季度，但第四季將明顯高於前三個季度的任何一個季度。另請注意，我們在第二季產生了 370 萬美元的收購相關費用。我們將在本財年剩餘時間內繼續承擔與 BlueHalo 交易相關的這些費用，並可能持續到下一個財年。

Because of the difficulty of predicting the timing and amount of transaction expenses which impact GAAP net income, we're only providing revenue, non-GAAP EPS and adjusted EBITDA guidance.

由於難以預測影響 GAAP 淨利潤的交易費用的時間和金額，我們僅提供收入、非 GAAP 每股收益和調整後 EBITDA 指引。

SG&A expense, excluding intangible amortization and acquisition expenses for the second quarter was $33 million or 18% of revenue compared to $26 million or 14% of revenue in the prior year. The increase in SG&A expense is partially the result of an increase in sales and marketing expense, primarily driven by an increase in bid and proposal activity, along with employee-related costs due to an increase in average headcount to help support our expected growth and expansion of our operations. We expect SG&A as a percentage of revenue before intangibles and acquisition-related expenses to decline in the next two quarters as we end the year in the 15% to 16% range.

第二季的 SG&A 費用（不包括無形攤銷和收購費用）為 3,300 萬美元，佔營收的 18%，而去年同期為 2,600 萬美元，佔營收的 14%。 SG＆A費用的增加部分是由於銷售和行銷費用的增加，主要是由於投標和建議活動的增加，以及由於平均員工人數的增加而導致的與員工相關的成本，以幫助支持我們的預期增長和擴張我們的營運。我們預計 SG&A 佔無形資產和收購相關費用前收入的百分比將在未來兩個季度下降，到年底時將下降到 15% 至 16% 的範圍內。

R&D expense in the second quarter was $29 million or 15% of revenue compared to $22 million or 12% of revenue in the prior year. The R&D spend in the quarter was driven by several key development projects. Specifically, our Group 2 UAS, the P550 introduced at AUSA, the meritization of the JUMP 20 and the integration of the Tomahawk controller into several of our UxS products.

第二季的研發費用為 2,900 萬美元，佔營收的 15%，而前一年的研發費用為 2,200 萬美元，佔營收的 12%。本季的研發支出是由幾個關鍵開發項目推動的。具體來說，我們的 Group 2 UAS、AUSA 推出的 P550、JUMP 20 的優點以及將 Tomahawk 控制器整合到我們的多種 UxS 產品中。

In addition, we continued development of several Switchblade variants. Our R&D investment reached a high point in dollars of percentage for the year in Q2, and we expect sequential decreases in dollars and percentage in Q3 and Q4. We expect R&D to be in the range of 12% to 13% of revenue for fiscal year 2025.

此外，我們也繼續開發了多種 Switchblade 變體。我們的研發投資在第二季達到了今年的最高點（以美元百分比計算），我們預計第三季和第四季的美元和百分比將連續下降。我們預計 2025 財年研發費用將佔營收的 12% 至 13%。

Now turning to GAAP earnings. In the second quarter, the company generated net income of $7.5 million versus net income of $17.8 million recorded for the same period last year. The decrease in net income of $10.3 million can be attributed to several factors, namely a $9.8 million increase in SG&A expenses, including a $2.6 million increase in deal and integration costs, a $6.7 million increase in investments in R&D, and a $1.7 million decrease in gross margins.

現在轉向 GAAP 收益。第二季度，該公司淨利潤為 750 萬美元，而去年同期淨利潤為 1,780 萬美元。淨利潤減少 1,030 萬美元可歸因於多個因素，即 SG&A 費用增加 980 萬美元，其中交易和整合成本增加 260 萬美元，研發投資增加 670 萬美元，以及研發投資減少 170 萬美元。

These were partially offset by a $2.9 million decrease in other losses, a $2.4 million increase in our equity investment activities, a $1.4 million decrease in taxes and a $1.3 million decrease in interest expense.

這些損失被其他損失減少 290 萬美元、股權投資活動增加 240 萬美元、稅收減少 140 萬美元以及利息支出減少 130 萬美元所部分抵銷。

Slide 11 shows a reconciliation of GAAP and adjusted or non-GAAP diluted EPS. The company posted adjusted earnings per share -- diluted share of $0.47 for the second quarter of fiscal 2025 versus $0.97 per diluted share for the second quarter of fiscal 2024.

投影片 11 顯示了 GAAP 與調整後或非 GAAP 稀釋後每股盈餘的對帳。該公司公佈了調整後每股收益，2025 財年第二季稀釋後每股收益為 0.47 美元，而 2024 財年第二季稀釋後每股收益為 0.97 美元。

Turning to the balance sheet. At the close of the second quarter, our total cash and investments amounted to $91.2 million compared to $103 million at the end of the first quarter of fiscal '25. Unbilled receivables declined $15 million during the second quarter from the first quarter, but continued to be elevated, largely attributable to our LMS business segment.

轉向資產負債表。截至第二季末，我們的現金和投資總額為 9,120 萬美元，而 2025 財年第一季末的現金和投資總額為 1.03 億美元。第二季未開立應收帳款比第一季減少了 1,500 萬美元，但繼續上升，這主要歸功於我們的 LMS 業務部門。

Although our new payment terms on LMS contracts didn't have any impact on the second quarter, we expect these new terms to start favorably impacting our unbilled receivables beginning in the third quarter. We, therefore anticipate an improvement in working capital for the remainder of the fiscal year.

儘管我們的 LMS 合約新付款條款對第二季沒有任何影響，但我們預計這些新條款將從第三季開始對我們的未開立應收帳款產生有利影響。因此，我們預計本財年剩餘時間的營運資金將會改善。

We also completed a $200 million revolving credit facility with four banks during the quarter, which included paying down the remaining term loan balance and funding $15 million on that revolver. I'd like to conclude with some highlights of our backlog metrics.

我們還在本季與四家銀行完成了 2 億美元的循環信貸安排，其中包括償還剩餘的定期貸款餘額並為該循環融資 1,500 萬美元。最後，我想介紹一下我們的待辦事項指標的一些要點。

Our funded backlog at the end of the second quarter of fiscal 2025 finished at $467.1 million, an increase of $94.2 million or 25% compared to the first quarter of fiscal '25, driven by our recent LMS domestic and foreign military sales award. In addition, we currently have $1.8 billion of unfunded backlog.

截至2025 財年第二季末，我們的積壓資金為4.671 億美元，與25 財年第一季相比增加了9,420 萬美元，增幅為25%，這主要得益於我們最近獲得的LMS 國內外軍售獎。此外，我們目前還有 18 億美元的無資金積壓訂單。

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. Our second quarter performance validates the increasing importance of our products and solutions to our customers. Global demand for autonomous, AI-enabled uncrewed solutions continues to rise, and we're well positioned to deliver innovative products and volume and quality to support our customers' evolving needs.

謝謝，凱文。我們第二季的業績證明了我們的產品和解決方案對客戶日益重要。全球對基於人工智慧的無人駕駛解決方案的需求持續增長，我們有能力提供創新產品以及數量和質量，以滿足客戶不斷變化的需求。

We believe we're well positioned to benefit from the US DoD's budget priorities and look forward to working with the new administration. We're also encouraged by the increase in international demand, especially for our Switchblade and JUMP 20 solutions.

我們相信我們處於有利地位，可以從美國國防部的預算優先事項中受益，並期待與新政府合作。我們也對國際需求的成長感到鼓舞，特別是對我們的 Switchblade 和 JUMP 20 解決方案。

Finally, we believe the addition of BlueHalo will position us as the best-in-class next-generation defense technology leader focused on our global customers' most critical mission objectives and priorities. We also just concluded our Technical Interchange Meeting, or TIM, where we hosted participants from 24 countries. The primary objective of our TIM event is to educate our customers on our market-leading solutions and hear their feedback and needs.

最後，我們相信 BlueHalo 的加入將使我們成為一流的下一代國防技術領導者，專注於全球客戶最關鍵的任務目標和優先事項。我們也剛結束了技術交流會議 (TIM)，會上我們接待了來自 24 個國家的參與者。我們 TIM 活動的主要目標是向客戶介紹我們市場領先的解決方案並聽取他們的回饋和需求。

There is a fundamental shift occurring in war strategy requiring significantly more UAS and loitering munitions. We now see a new wave of procurements across the globe. Customers want sustainable partners with the experience, track record, and resources to deliver innovative and cost-effective solutions with agility. These factors, coupled with our strong performance of our systems and combat, especially in Ukraine, position us to capture our fair share of this expanding opportunity.

戰爭戰略發生了根本性轉變，需要更多的無人機和徘徊彈藥。我們現在看到全球掀起了新一波採購浪潮。客戶希望可持續的合作夥伴擁有豐富的經驗、業績記錄和資源，能夠靈活地提供創新且具成本效益的解決方案。這些因素，加上我們的系統和戰鬥的強勁表現，尤其是在烏克蘭，使我們能夠在這不斷擴大的機會中抓住我們的公平份額。

Before turning the call over for questions, let me again summarize the key takeaways from today's call. First, second quarter fiscal year 2025 revenue grew to $188 million, setting a new second quarter record. Second, our loitering munition systems segment continues to be the key growth driver for the company.

在轉交電話提問之前，讓我再次總結一下今天電話會議的主要內容。首先，2025財年第二季營收成長至1.88億美元，創下第二季新紀錄。其次，我們的巡飛彈藥系統部門仍是公司的主要成長動力。

Third, funded backlog is a healthy $467 million. And fourth, we reaffirmed our revenue, adjusted EBITDA and non-GAAP guidance -- EPS guidance for fiscal year 2025 and anticipate we will set new records for the company this fiscal year.

第三，積壓資金達 4.67 億美元。第四，我們重申了我們的收入、調整後的 EBITDA 和非 GAAP 指導——2025 財年 EPS 指導，並預計我們將在本財年為公司創造新記錄。

Before we take questions, I would like to thank our customers for their continued faith that our company and products can meet their high standards and support their critical missions. I would also like to thank our incredibly talented team here at AV for their dedication and hard work and enabling the growth and adoption we are now seeing.

在我們回答問題之前，我要感謝我們的客戶始終相信我們的公司和產品能夠滿足他們的高標準並支持他們的關鍵任務。我還要感謝 AV 的才華橫溢的團隊，他們的奉獻和辛勤工作使我們現在看到的成長和採用成為可能。

And finally, I would like to thank our shareholders for their continued interest in support of our growth strategy. It is truly an honor to support our country and allies at this important time.

最後，我要感謝我們的股東對我們成長策略的持續關注。在這個重要時刻支持我們的國家和盟友確實是一種榮譽。

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) Peter Arment, Baird.

（操作員說明）Peter Arment，Baird。

Hey. Good afternoon, Wahid, Kevin, Jonah. Wahid, can we dig in a little bit on the uncrewed category? This is, I think, the lowest revenue quarter that you had that in the last, I think, like eight quarters. So maybe just -- can you describe what you're seeing from the demand environment there?

嘿。下午好，瓦希德、凱文、喬納。瓦希德，我們可以深入探討一下無人類別嗎？我認為，這是過去八個季度中收入最低的季度。所以也許只是——你能描述一下你從那裡的需求環境中看到的情況嗎？

And -- because I guess we're not really expecting any revenues from P550 maybe this fiscal year, but it seems like it's going to be a great product for what we saw at AUSA. Just what can you describe about what you're seeing? And how do you think you're positioned in that category?

而且——因為我想我們並不真正期望 P550 在本財年能獲得任何收入，但就我們在 AUSA 上看到的情況來看，它似乎將成為一款出色的產品。您能描述一下您所看到的情況嗎？您認為您在該類別中的定位如何？

Thanks, Peter. Absolutely, it's my belief that our UxS segment has been and will continue to be one of the strongest revenue and profitability driver for our business as a whole. We believe that the UxS or uncrewed systems segment has a tremendous long-term growth and value proposition opportunities in several key areas.

謝謝，彼得。當然，我相信我們的 UxS 部門已經並將繼續成為我們整個業務最強勁的收入和盈利驅動力之一。我們相信 UxS 或無人系統領域在幾個關鍵領域具有巨大的長期成長和價值主張機會。

The reason for the revenue and the UxS not being as high as historical levels because we transitioned away from the Ukraine big, big demand that happened last year. We are expecting that. We have been working successfully to diversify from that, and we are successfully delivering on that strategy.

收入和 UxS 沒有達到歷史水平的原因是我們從去年發生的烏克蘭巨大需求轉變。我們對此充滿期待。我們一直在成功地實現多元化，並且正在成功實施該策略。

Secondly, I would say that there's tremendous amount of demand for both our existing Puma systems, both Puma AE and LE, as well as our JUMP 20 system. For example, we have over $0.5 billion worth of real solid pipeline of opportunities for our JUMP 20 systems. And most of that is both domestic and international. So it's a very good mix of customers in multiple geographies.

其次，我想說的是，我們現有的 Puma 系統（Puma AE 和 LE）以及我們的 JUMP 20 系統都有巨大的需求。例如，我們的 JUMP 20 系統擁有價值超過 5 億美元的真正可靠的機會管道。其中大部分是國內和國際的。因此，這是來自多個地區的客戶的良好組合。

And third, we believe that the next wave of demand for our UxS systems, especially the nonlethal one, is going to be fueled dramatically over the next two to three years with our P550 introduction and a few other products that we have in the development pipeline.

第三，我們相信，隨著我們 P550 的推出以及我們正在開發的其​​他一些產品，我們的 UxS 系統的下一波需求，特別是非致命性系統，將在未來兩到三年內大幅增長。

So we believe that the position that we have right now with the LRR competition program record, which is another $1 billion program, is going to fuel another wave of growth and establish a new what I call a franchise product similar to our Ravens, similar to Pumas and this Group 2 UAS category.

因此，我們相信，我們現在擁有的 LRR 競賽計劃記錄（另一個 10 億美元的計劃）將推動另一波增長，並建立一種新的特許經營產品，類似於我們的烏鴉隊，類似於Pumas 和第2 組UAS 類別。

So overall, I'm very confident about that business's ability to be able to continue to grow. It's going to be lumpy and variable on a quarterly -- quarter-by-quarter basis. That's because of the nature of the business. And in the long term, though looks quite strong, and we are looking for lots and lots of opportunities for growth.

總的來說，我對該業務持續成長的能力非常有信心。每個季度都會出現波動和變化。這是因為業務的性質。從長遠來看，雖然看起來相當強勁，但我們正在尋找很多很多的成長機會。

Okay. I appreciate the color there. And just as my follow-up. Could you talk a little bit about where you stand on, I guess, replicated deliveries? And if you've started to ship to Taiwan? And any comments that you can make on the protest that was put against the IDIQ contract?

好的。我很欣賞那裡的顏色。正如我的後續行動。能談談你對重複交付的立場嗎？如果您已經開始運送到台灣？您對針對 IDIQ 合約的抗議有何評論？

Sure. So related to Replicator, we're pleased to report that we are an incredibly successful company and being able to deliver on the promises and expectations of the US military and the Pentagon has had on that program, what I refer to as a poster child of that entire initiative. We have already shipped a significant portion of product, specifically the Switchblade 600s to that customer, and we'll continue to ship more as we go forward.

當然。與 Replicator 相關的是，我們很高興地報告說，我們是一家非常成功的公司，能夠兌現美國軍方和五角大樓對該計劃的承諾和期望，我將其稱為「複製品」的典型代表。倡議。我們已經向該客戶運送了大部分產品，特別是 Switchblade 600，並且我們將繼續運送更多產品。

So in general, the Replicator program has been a quite good success for us, and there's more to come on that program as part of our backlog and as well as the future orders that we expect for the growing business of Switchblade in general.

因此，總的來說，Replicator 計劃對我們來說取得了相當大的成功，並且作為我們積壓訂單的一部分以及我們預計 Switchblade 業務不斷增長的未來訂單的一部分，該計劃還會有更多的內容。

Secondly, related to the protest, we are still under -- waiting for the decision of the Department of Justice. They have until mid-December to late December to decide. And although during that time, the government -- the US Army has given us authorization to proceed to be able to ship products so we can meet our customers' needs.

其次，關於抗議，我們仍在等待司法部的決定。他們必須在 12 月中旬至 12 月下旬之前做出決定。儘管在此期間，政府（美國陸軍）已授權我們繼續運送產品，以便我們可以滿足客戶的需求。

We believe that our position is strong. I think we have a very compliant, competent bid and award, and we expect to continue delivering product under the Replicator as well as the IDIQ for our customer.

我們相信我們的地位是穩固的。我認為我們有一個非常合規、有競爭力的投標和獎項，我們希望繼續為我們的客戶提供 Replicator 和 IDIQ 下的產品。

Appreciate the details. I'll jump back in the queue. Thanks.

欣賞細節。我會跳回到隊列中。謝謝。

You're welcome, Peter.

不客氣，彼得。

Louie DiPalma, William Blair.

路易·迪帕爾瑪，威廉·布萊爾。

Wahid, Kevin, and Jonah, good afternoon.

瓦希德、凱文和喬納，下午好。

Hi, Louie,

嗨，路易，

Hi there, Louie,

你好，路易，

Good afternoon. Have you been making progress in terms of adding the Switchblade to the Kinesis ecosystem? You discussed the very robust growth for the Switchblade portfolio as it relates to Replicator and less so and for foreign military sales. And we're just wondering how you're making investments on the software front for Switchblade. Thanks.

午安.您在將 Switchblade 添加到 Kinesis 生態系統方面是否取得了進展？您討論了 Switchblade 產品組合的強勁成長，因為它與 Replicator 相關，而與國外軍事銷售相關。我們只是想知道你們如何在 Switchblade 軟體方面進行投資。謝謝。

Absolutely, Louie. So it has been our plan from the beginning to continue to integrate the Kinesis common ground control station and the software ecosystem with the rest of our portfolio. It is a major driver of value to our customers' missions to simplify the operating process for them and actually achieve the stated outcomes they've got. The priority list of which product to integrate first is primarily driven by our customers' priority.

絕對是，路易。因此，我們從一開始就計劃繼續將 Kinesis 公共地面控制站和軟體生態系統與我們產品組合的其他產品整合。簡化客戶的營運流程並真正實現他們所獲得的預期結果是我們客戶使命的主要價值驅動力。首先整合哪個產品的優先順序清單主要由客戶的優先順序決定。

Our customers today really need to deliver product to Switchblades with the existing controllers because there's a training process that has to happen with the customer in the field with all the products that we've got deployed. We are making progress, and we have plans to eventually integrate it with Switchblade as well. We're in the testing and integration phase. And soon, we will be able to announce that we are successfully now shipping that product, but we're not at that point yet. And that's primarily driven by prioritizing this activity with our customers' requirements and their ranked order of what they want to see first.

今天，我們的客戶確實需要使用現有控制器向 Switchblades 交付產品，因為必須對現場的客戶使用我們已部署的所有產品進行培訓。我們正在取得進展，我們計劃最終將其與 Switchblade 整合。我們正處於測試和整合階段。很快，我們將能夠宣布我們現在已成功發貨該產品，但我們還沒有到那一步。這主要是透過根據客戶的需求以及他們希望首先看到的內容的排名順序來確定此活動的優先順序來驅動的。

But overall, we're very pleased with the Tomahawk controller and their business and their team. They continue to grow and make really significant wins, and we're going to continue to integrate their controllers, not only with our product portfolio, but many other third-party products that are out there. So we're very pleased with the progress we're making on that so far.

但總的來說，我們對戰斧控制器及其業務和團隊非常滿意。他們不斷成長並取得真正重大的勝利，我們將繼續將他們的控制器整合到我們的產品組合中，而且還整合到現有的許多其他第三方產品中。因此，我們對迄今為止所取得的進展感到非常滿意。

Great. And along those lines, in terms of integrating Kinesis with third-party products, do you feel that Kinesis will be able to provide a common operating system for the many different BlueHalo product lines as well and tie those together with the Switchblade and the Puma and JUMP 20 product lines?

偉大的。沿著這些思路，在將 Kinesis 與第三方產品整合方面，您是否認為 Kinesis 能夠為許多不同的 BlueHalo 產品線提供通用作業系統，並將它們與 Switchblade 和 Puma 結合在一起？

So Louie, absolutely, it's part of our plans to eventually provide our customer with a holistic common operating picture of our entire portfolio of solution set, including any other third-party platforms and assets that are potentially in the theater or in the battlefield. That is the objective that we've had from day 1, and we're going to continue to do that.

因此，路易，絕對是我們計劃的一部分，最終為我們的客戶提供我們整個解決方案組合的整體通用操作圖，包括可能在戰區或戰場上的任何其他第三方平台和資產。這是我們從第一天起就設定的目標，我們將繼續這樣做。

We're very, very excited about the possibilities of integrating our solutions with a -- with BlueHalo, although I'm not in a position to be able to comment on that because we're obviously through the regulatory approval process, and we must wait and follow the rules on the regulatory approvals that has to come from the department, from the government, in various departments, SEC, and also our shareholder approval.

我們對將我們的解決方案與 BlueHalo 整合的可能性感到非常非常興奮，儘管我無法對此發表評論，因為我們顯然已經通過了監管審批流程，而且我們必須等待並遵守監管批准的規則，這些批准必須來自部門、政府、各部門、美國證券交易委員會，以及我們的股東批准。

However, in general, I could say that it's fundamental to our strategy to be able to provide this successfully for our customers because that is what the customer needs and has -- is expecting from players like us. We're fortunate to be in a position that we are because our solution set is widely used in the government, and they're very happy with the way that we've actually delivered these integration and our operability with our system so far, and we're going to continue to do that, Louie, in the future.

然而，總的來說，我可以說，能夠成功地為我們的客戶提供這種服務是我們策略的基礎，因為這是客戶所需要的，也是我們這樣的玩家所期望的。我們很幸運能夠處於這樣的位置，因為我們的解決方案集在政府中廣泛使用，他們對我們迄今為止實際提供這些集成的方式以及我們系統的可操作性非常滿意，並且路易，我們將來會繼續這樣做。

Great. And one final one. You discussed pressure from Ukraine for the uncrewed systems segment. And we were wondering how did Ukraine impact the loitering munition segment? And just in general, what are the overall expectations for Ukraine funding and contributions to your business for this year and for future years given all the discussions of a potential ceasefire there? Thanks.

偉大的。還有最後一張。您討論了來自烏克蘭對無人系統領域的壓力。我們想知道烏克蘭如何影響徘徊彈藥領域？總的來說，考慮到烏克蘭可能停火的所有討論，今年和未來幾年烏克蘭對貴公司的資金和貢獻的總體期望是什麼？謝謝。

Yeah. So Louie, it's a great question. I'm glad you asked the question because we feel very, very positive about the prospects of growth for our company regardless of Ukraine, regardless of any specific one conflict in any part of the world. The world is not safer than what it was before, and it doesn't look like it's continuing to become any better, safer, a; b, Ukraine has tremendous existing needs for our systems, and they continue to ask for more.

是的。路易，這是一個很好的問題。我很高興您提出這個問題，因為無論烏克蘭如何，無論世界任何地方是否存在任何特定的衝突，我們都對我們公司的成長前景感到非常非常積極。世界並不比以前更安全，而且看起來也不會繼續變得更好、更安全； b，烏克蘭對我們的系統有巨大的現有需求，並且他們繼續要求更多。

Even if there's a ceasefire, we believe that there's going to be a significant amount of buildup of capabilities to avoid another potential secondary or treachery conflicts in that region. Lastly, I would say our portfolio is incredibly diversified. The growth that we see in our loitering munitions is not fueled by one source or one particular customer of demand. It is global. It is multifaceted, and it's going to continue for the next, I see at least 5 to 10 years.

即使停火，我們相信也會有大量的能力建設，以避免該地區再次發生潛在的次要衝突或背叛衝突。最後，我想說我們的投資組合非常多元化。我們所看到的巡飛彈藥的成長並不是由單一來源或某一特定客戶的需求所推動的。它是全球性的。它是多方面的，而且還會持續下去，我認為至少會持續5到10年。

It is -- but it's essentially become a shift in the defense strategy around the world where small unmanned systems like our Pumas and Ravens and P550s and others, as well as loitering munitions such as Switchblade are becoming a much, much bigger integral piece of that defense strategy for every 1 of the allies that we have and for the US DoD. So I think that's going to be a very strong, healthy growth for us for the years to come besides and beyond Ukraine.

確實如此，但它本質上已經成為世界範圍內防禦戰略的轉變，小型無人系統（例如我們的“美洲獅”、“烏鴉”和P550 等）以及“彈簧刀”等徘徊彈藥正在成為其中一個非常非常大的組成部分。因此，我認為，在未來幾年，除了烏克蘭以外，這對我們來說將是一個非常強勁、健康的成長。

Sounds good. Thanks, everyone.

聽起來不錯。謝謝大家。

Thank you, Louie.

謝謝你，路易。

Greg Konrad, Jefferies.

格雷格·康拉德，杰弗里斯。

Good afternoon.

午安.

Hi, Greg.

嗨，格雷格。

Maybe just to start on international Switchblade. I think you called out three additional allies as part of that $55 million task order and also called out Taiwan and Greece.

也許只是為了開始國際 Switchblade。我認為，作為 5500 萬美元任務訂單的一部分，您還召集了另外三個盟友，還召集了台灣和希臘。

Can you maybe just remind us where you stand? I think in the past, you've talked about 20 potential customers just in terms of converting the rest of the international pipeline. And then also with the awards that you did get, how do you think about those building over time? I'm assuming those were just initial quantities.

你能提醒我們你的立場嗎？我認為過去，您僅就轉換其餘國際管道而言就談到了 20 個潛在客戶。然後，對於您確實獲得的獎項，您如何看待這些隨著時間的推移而建立的獎項？我假設這些只是初始數量。

Sure. So Greg, as I mentioned on the call that as part of one of the task orders or contract awards of the $55 million part of those IDIQs that we have -- under the IDIQ [sea links] contract, there was initial orders for Lithuania, Romania, and Sweden.

當然。因此，格雷格，正如我在電話會議上提到的，作為我們擁有的 IDIQ 中 5500 萬美元部分的任務訂單或合同授予的一部分 - 根據 IDIQ [海上鏈接] 合同，立陶宛收到了初步訂單，羅馬尼亞、瑞典。

On top of that, Taiwan and Greece has also publicly announced their intention to purchase significant quantities of Switchblade. And so that is, again, these are the initial orders that we're going to be -- we have just received. And as I said on the remarks, the list of countries that are planning to acquire and procure Switchblade, both 300 and 600, is growing every quarter. And we continue to make progress on that.

除此之外，台灣和希臘也公開宣布有意採購大量Switchblade。所以，這也是我們剛收到的最初訂單。正如我在發言中所說，計劃購買 Switchblade 的國家名單（分別有 300 個和 600 個）每個季度都在增長。我們將繼續在這方面取得進展。

And so we think that the outlook for growth for Switchblade 300, 600 combined and the other variants is incredibly bright and positive, not only for this year but well beyond this year, for the next several years. For that same reason, we are continuing to invest in increasing our production capacity.

因此，我們認為 Switchblade 300、600 組合以及其他變體的成長前景非常光明和積極，不僅在今年，而且在今年之後，以及未來幾年。出於同樣的原因，我們將繼續投資以提高產能。

So by the end of this fiscal year, as I stated on the previous calls, we intend to be at about $0.5 billion worth of production run rate capacity and volume. And we already are planning on actually bringing up another site to continue to grow that business beyond this fiscal year and fiscal '26.

因此，到本財年結束時，正如我在先前的電話會議中所說，我們打算實現價值約 5 億美元的產能和產量。我們已經計劃實際建立另一個站點，以在本財年和 26 財年之後繼續發展該業務。

And so our plans, our expectations and our progress has been solid. I believe that it would not surprise me over the next three to four years, though we have a very large international set of countries that are placed or are going to continue to place orders with Switchblade, and that's going to be a fantastic franchise for us long term.

因此，我們的計劃、我們的期望和我們的進展都是紮實的。我相信，在接下來的三到四年裡，這不會讓我感到驚訝，儘管我們有很多國際國家/地區已經或將繼續向Switchblade 下訂單，這對我們來說將是一個很棒的特許經營權長期。

And so lastly, I would say, we continue to invest in new variants of Switchblade, Greg, that allows us to continue to expand the portfolio. I mean, this is the new category for the entire defense industry. And we're the, by far, the leading player and provider there.

最後，我想說，我們繼續投資 Switchblade 的新變體，Greg，這使我們能夠繼續擴大產品組合。我的意思是，這是整個國防工業的新類別。到目前為止，我們是那裡的領先參與者和提供者。

And we've got a massive, massive head start compared to everyone else. And our track record of performance was great. All of that bodes to a very, very good outcome in my view in terms of growth of that business.

與其他人相比，我們已經取得了巨大的領先優勢。我們的業績記錄非常好。在我看來，所有這些都預示著該業務的成長將取得非常非常好的結果。

And then maybe just to clarify one remark you made in the prepared ones. I mean, you talked about risk due to a change in administration. 40% of H2 revenues in Q3, but said you had 95% visibility for the year. I mean, how do you think about that risk materializing? And is that captured in the current guidance? How much of that's in the order front? And how does that materialize?

然後也許只是為了澄清你在準備好的評論中所說的一句話。我的意思是，您談到了由於政府變更而帶來的風險。第三季下半年營收的 40%，但表示今年的可見度為 95%。我的意思是，您如何看待這種風險的實現？目前的指南是否涵蓋了這一點？訂單前面有多少？這如何實現？

Sure. So we have executed our first half plans, Greg, incredibly well. I'm very proud of what our teams have been able to achieve so far. We're on track with our plans and we're setting new records, quarterly records, and we're going to be setting a new record with the current guidance.

當然。所以我們已經執行了上半年的計劃，格雷格，非常好。我對我們的團隊迄今為止所取得的成就感到非常自豪。我們正在按計劃進行，我們正在創造新的記錄，季度記錄，並且我們將在當前的指導下創造新的記錄。

With the 95% visibility at the midpoint of our revenue guidance, we're looking really strong historically compared to what we're providing. That's why we reaffirmed our guidance on the top-line and the non-GAAP EBIT profitability numbers.

由於我們的收入指導中點的可見度為 95%，與我們所提供的相比，我們在歷史上看起來確實很強大。這就是為什麼我們重申了對營收和非 GAAP 息稅前利潤數據的指導。

In order for us to overperform beyond that, obviously, there's some risk with the change in administration. There's still an existing CR condition situation going on. And lastly, there is a time line associated with essentially converting backlog to revenue, recognizing it because of the supply chain production and customer acceptance process.

為了讓我們表現出色，顯然，政府的更迭會帶來一些風險。 CR 狀況仍然存在。最後，還有一個與將積壓訂單轉化為收入相關的時間線，由於供應鏈生產和客戶接受過程而認識到這一點。

So with all that, we reconfirmed guidance, but it's going to be another record year, growth year with strong profits and top line growth and will set us up with a very healthy backlog for beyond fiscal '25. Our goal here is consistent with the past, which is to continue to deliver top, top performance in all metrics that we are being measured against and we hold ourselves accountable to.

因此，儘管如此，我們再次確認了指導意見，但這將是另一個創紀錄的一年，是利潤強勁、營收成長的增長年，並將為我們在25 財年之後提供非常健康的積壓訂單。我們的目標與過去一致，即繼續在我們衡量並負責的所有指標中提供頂級的績效。

Thank you.

謝謝。

Thank you, Greg.

謝謝你，格雷格。

Pete Skibitski, Alembic Global.

Pete Skibitski，Alembic Global。

Hi, Pete.

嗨，皮特。

Hi there. Congrats. Hi.

你好呀。恭喜。你好。

Hi there, Pete.

你好，皮特。

So hey, Wahid, I want to ask about a couple of Army programs that I don't think you were involved in and just maybe you can give us some context. The first was this Army short-range reconnaissance program. I think it's a program of record, I believe, Red Cat won.

所以，嘿，瓦希德，我想問一些我認為你沒有參與的陸軍項目，也許你可以給我們一些背景資訊。第一個是陸軍短程偵察計畫。我認為這是一個創紀錄的計劃，我相信紅貓贏了。

But you guys didn't really talk about it as far as I can recall. So it leads me to believe that maybe you didn't compete for it at all. Maybe you could validate that and give us a sense of why you chose not to invest or compete there? And then I have a follow-up.

但據我記憶，你們並沒有真正談論過這件事。所以這讓我相信也許你根本沒有競爭過。也許您可以驗證這一點，並讓我們了解為什麼您選擇不在那裡投資或競爭？然後我有一個後續行動。

Sure, Pete, we intentionally chose not to compete for that program. It is a different set of capability that we strategically decided a while back that that's not a market that we're going to go very strongly on initially. There are several factors on the reasons why. A, making money in that market and that business is not an easy thing. And if you look at the financials of some of these companies, it's very evident in that regard.

當然，皮特，我們故意選擇不參加這個計畫。這是一組不同的功能，我們不久前就策略性地決定，這不是我們最初會大力發展的市場。其原因有幾個因素。 A，在那個市場和那個生意上賺錢並不是一件容易的事。如果你看一下其中一些公司的財務狀況，你會發現這方面的情況非常明顯。

B, we see that we can deliver a lot more value for our customers and our shareholders with focusing on much larger and more systemic areas of demand globally that we can deliver a lot more value to all of our customers as well as shareholders. So we did not compete in that opportunity.

B，我們看到，透過專注於全球範圍內更大、更有系統的需求領域，我們可以為我們的客戶和股東創造更多價值，這樣我們就可以為所有客戶和股東創造更多價值。所以我們沒有競爭這個機會。

At the same time, I just want to underline that we continue to monitor those specific capabilities and market niches. And we always have an option to come back in later if we needed to. And the customer also has not had a really good successful outcome so far in terms of executing on that program.

同時，我只想強調，我們將繼續監控這些特定功能和市場利基。如果需要的話，我們總是可以選擇稍後再回來。到目前為止，客戶在執行該程序方面還沒有取得真正良好的成功結果。

As you know, that program has been around for a long time, and still, the customers trying to find the right set of capabilities to execute on that program even further. But you are correct, based on my readings publicly and the announcements of the customer, that Red Cat Holdings has actually been awarded the next tranche of the SRR program.

如您所知，該程式已經存在很長時間了，而且客戶仍然試圖找到正確的功能集來進一步執行該程式。但你是對的，根據我的公開解讀和客戶的公告，紅貓控股實際上已經獲得了下一階段的 SRR 計劃。

Okay. Okay. I appreciate all that color. And then just one follow-up. The other thing that we've seen over the last few months or so is the Army making an award.

好的。好的。我很欣賞所有這些顏色。然後只有一個後續行動。在過去幾個月左右的時間裡，我們看到的另一件事是陸軍頒發的獎項。

I think the two companies were, I believe it was for company-level UAVs. And I know Andrew, I think, got one award. I forgot the name of the other company, I have to look it up again. But this seemed to be maybe a nonprogram of record. -- I know short turnaround type of an effort maybe.

我認為這兩家公司是，我相信是針對公司級無人機的。我知道安德魯，我想，獲得了一項獎項。我忘了另一家公司的名字，我得再查一下。但這似乎可能不是一個記錄在案的計劃。 ——我知道也許是一種短期週轉的努力。

Can you give us a sense for what the Army is thinking here? And would this niche turn into a program of record? And is it a threat to the LRR program? I just wanted to -- if you could give us some context. Thank you.

您能否讓我們了解一下陸軍的想法？這個利基市場會成為一個記錄節目嗎？這對 LRR 計畫構成威脅嗎？我只是想——如果你能給我們一些背景資訊的話。謝謝。

Sure. I'm glad you asked that question as well, Pete. That is not a threat to the LRR program. It is actually very complementary to the LRR. We believe that we have a very strong position in the LRR program.

當然。我很高興你也問了這個問題，皮特。這對 LRR 計劃並不構成威脅。它實際上與 LRR 非常互補。我們相信我們在 LRR 計劃中擁有非常強大的地位。

That program has very good, strong support from the customer. It has an incredibly strong need from the war fighter's perspective. And we have a very, very compelling and strong position. And lastly, it represents almost $1 billion worth of opportunity for AeroVironment or the market in general for the next half a decade to a decade long.

該計劃得到了客戶非常好的、強有力的支持。從戰士的角度來看，它有極為強烈的需求。我們擁有非常非常引人注目和強大的地位。最後，它代表了 AeroVironment 或整個市場在未來五年到十年內價值近 10 億美元的機會。

Now having said that, the one that you're referring to, the company-level ISR, UAV, a small opportunity, the US Army is experimenting with a couple of other platforms to see what the right solution set would be if they were to go into a program of record for an MRR, medium-range reconnaissance program record potential opportunity.

話雖如此，你所指的連級情監偵偵、無人機，這是一個很小的機會，美國陸軍正在試驗其他幾個平台，看看如果他們要這樣做，正確的解決方案是什麼進入MRR 記錄計劃，中程偵察計劃記錄潛在機會。

That program is further out. We're watching that, and we intend to compete for that program. This is not that -- this is the initial, what I call, experimentation phase where the Army would like to experiment with a couple of other systems with very small dollars to see how they work out and what they learned from the con ops, from the performance capabilities of these platforms.

該計劃還很遙遠。我們正在關注這一點，並且打算參與該專案的競爭。這不是那樣的——這是最初的，我所說的實驗階段，陸軍希望用很少的美元來試驗幾個其他系統，看看它們是如何運作的，以及他們從操作員那裡學到了什麼。這些平台的性能能力。

However, we're keeping track of that, and we intend to compete for the MRR. And we believe that we can actually compete very successfully like we've done in the past in many other programs that we engage in.

不過，我們正在追蹤這一情況，並且打算爭取 MRR。我們相信，我們實際上可以非常成功地競爭，就像我們過去在我們參與的許多其他項目中所做的那樣。

But the main focus today for the US Army and us is the Long Range Reconnaissance program, which we expect to hear something from the customer in the next couple of months. And we believe that we are performing really well in that exercise and competition so far.

但美國陸軍和我們今天的主要焦點是遠端偵察計劃，我們希望在接下來的幾個月內從客戶那裡聽到一些消息。我們相信，到目前為止，我們在練習和比賽中表現得非常好。

Okay. Thanks so much for the color. I appreciate it.

好的。非常感謝你的顏色。我很感激。

You're welcome, Pete.

不客氣，皮特。

(Operator Instructions) Andre Madrid, BTIG.

（操作員說明）安德烈·馬德里，BTIG。

Wahid, Kevin, thanks for the question. I know previously, you guys have called out that Ukraine was roughly about 40% of sales at some point. Could you maybe call out roughly how much attributed to this past quarter sales?

瓦希德、凱文，謝謝你的提問。我知道之前，你們曾指出烏克蘭在某個時候大約佔銷售額的 40%。您能否大致說明一下上個季度的銷售額有多少？

So Andre, historically, I think in fiscal year 2023 and our 10-K filings, it showed that about 40% of our revenue that year came from Ukraine. And that was the main driver for the surge in demand for our Pumas when Ukraine didn't have any and US Army and military decided to give a whole bunch of it to them. And since then, they have not reached -- not now, but in the last few quarters, we were expecting them to reach a level of what I call operating tempo of resources.

安德烈，從歷史上看，我認為在 2023 財年和我們的 10-K 文件中，它顯示我們當年大約 40% 的收入來自烏克蘭。這是對我們的美洲獅需求激增的主要推動力，當時烏克蘭沒有美洲獅，而美國陸軍和軍方決定向他們提供大量美洲獅。從那時起，他們還沒有達到——不是現在，而是在過去幾個季度，我們期望他們達到我所說的資源運作節奏的水平。

Now they love Pumas. They continue to acquire more Pumas to maintain the ones that they've got. And the performance of Puma is unmatched in Ukraine. We have intentionally decided to diversify our revenue mix about 1.5 years, 2 years ago so we can actually make sure that we still continue to grow if the Ukraine demand for Pumas went away, as well as for Switchblade. We see a tremendous amount of new demand for our solutions, and that's why we've been able to actually very successfully achieve that and deliver still top line growth as our business.

現在他們喜歡美洲獅。他們繼續購買更多的美洲獅來維持他們現有的。而Puma在烏克蘭的表現也是無與倫比的。大約 1.5 年、2 年前，我們有意決定收入組合多元化，這樣我們實際上可以確保，即使烏克蘭對 Pumas 以及 Switchblade 的需求消失，我們仍然能夠繼續成長。我們看到對我們的解決方案有大量的新需求，這就是為什麼我們能夠實際上非常成功地實現這一目標，並為我們的業務帶來仍然的營收成長。

I would argue that regardless of the Ukraine situation, the demand for small UAS, including Pumas and P550s and Ravens and JUMP 20 and our loitering munition is going to continue to actually sustain itself well beyond Ukraine even if the world would have stopped tomorrow. We have a tremendous set of drivers for demand and lots of opportunities and a very healthy pipeline in all of those products well beyond Ukraine.

我認為，無論烏克蘭的情況如何，對小型無人機系統的需求，包括「美洲獅」、P550、「烏鴉」和「JUMP 20」以及我們的徘徊彈藥，實際上將繼續維持在烏克蘭以外的地區，即使世界明天就會停止運轉。我們擁有一系列巨大的需求驅動因素、大量的機會以及非常健康的管道，所有這些產品都遠遠超出了烏克蘭。

And as you could see from my remarks earlier, we announced several new countries. There's lots of new platforms. There's a lot of new program records that are coming up. So we feel very good about our position, both in small UAS as well as in our loitering munitions business.

正如你從我之前的演講中看到的，我們宣布了幾個新的國家。有很多新平台。有很多新的節目記錄即將出現。因此，我們對自己在小型無人機和巡飛彈藥業務方面的地位感到非常滿意。

Perfect. That's helpful. And on your final remarks on the number of countries you announced, I asked about this last quarter, you previously had said something around half a dozen plus different countries in which you're actively engaging with and in the red zone with, so to speak.

完美的。這很有幫助。關於您宣布的國家/地區數量的最後評論，我在上個季度詢問過這一點，您之前曾說過您正在積極參與並處於紅色區域的大約六個不同的國家/地區。

Where does this number stand out now? Have there been additions with some of those that we've seen finalization with? How should we think about how many we have in the red zone right now?

現在這個數字在哪裡突出？我們已經看到最終確定的內容是否有一些補充？我們應該如何考慮現在有多少人處於紅色區域？

Sure. So I think you see just today, I reiterated two of the five countries Lithuania, Romania, Sweden, those three actually placed initial orders with us. We just received their initial orders. And then, Taiwan and Greece are asking for and are requesting and they have an active case. In addition to these countries, we have another half a dozen plus list of countries, which is in different phases of their acquisition process.

當然。所以我想你今天看到的，我重申了立陶宛、羅馬尼亞、瑞典這五個國家中的兩個，這三個國家實際上向我們下了初步訂單。我們剛剛收到他們的初步訂單。然後，台灣和希臘正在提出要求，並且他們有一個活躍的案例。除了這些國家之外，我們還有另外六個以上的國家列表，這些國家/地區處於收購過程的不同階段。

The process takes time. It also requires quite a lot of effort from the US government and state department side besides the customer side. And I believe that within the next several years, the list of countries are going to continue to grow. And the list of customers and installed base for Switchblade are actually going to continue to grow.

這個過程需要時間。除了客戶方之外，還需要美國政府和國務院付出相當大的努力。我相信在未來幾年內，國家名單將繼續增長。 Switchblade 的客戶名單和安裝基礎實際上將繼續成長。

I foresee in the next two to three years that the loitering munitions business is going to have a robust set of international customers almost equivalent to our domestic business and very similar to our small UAS franchise that we have 55 countries internationally, we should have a fairly large list of countries internationally for Switchblade as well.

我預計，在未來兩到三年內，巡飛彈藥業務將擁有一群強大的國際客戶，幾乎與我們的國內業務相當，並且與我們在國際上擁有55 個國家/地區的小型無人機特許經營權非常相似，我們應該擁有相當多的客戶群。

Switchblade is just the gold standard around the globe now with all of our allies in terms of loitering munitions. And we are thrilled because our strategy to invest in this segment and to deliver that capability has worked. And I think we're going to benefit from that and our customers are going to benefit from that in the next decade or so.

就遊蕩彈藥而言，彈簧刀現在是我們所有盟友在全球的黃金標準。我們很高興，因為我們投資這一領域並提供這種能力的策略已經奏效。我認為在未來十年左右的時間裡，我們將從中受益，我們的客戶也將從中受益。

Really appreciate the color. Thank you, Wahid. I'll jump back in the queue.

真的很欣賞這個顏色。謝謝你，瓦希德。我會跳回到隊列中。

You're welcome, Andre.

不客氣，安德烈。

I'd now like to turn the conference back to Jonah for closing remarks.

現在我想請喬納致閉幕詞。

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 holiday season and look forward to speaking with you again following next quarter's results.

謝謝，並再次感謝您參加今天的電話會議以及對 AeroVironment 的興趣。提醒一下，本次電話會議的存檔版本、美國證券交易委員會 (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假期，並期待在下一季的結果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。