AeroVironment Inc (AVAV) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by.

您好，感謝您的支持。

Welcome to the AeroVironment fiscal 2025 third-quarter conference call.

歡迎參加 AeroVironment 2025 財年第三季電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

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

現在，我想將會議交給發言人喬納·蒂特·巴林 (Jonah Teeter-Balin)。

Please go ahead.

請繼續。

Thanks, and good afternoon, ladies and gentlemen.

謝謝，女士們、先生們，午安。

Welcome to AeroVironment's fiscal year 2025 third-quarter earnings call.

歡迎參加 AeroVironment 2025 財年第三季財報電話會議。

This is Jonah Teeter-Balin, Vice President of Corporate Development and Investor Relations.

這是企業發展和投資者關係副總裁 Jonah Teeter-Balin。

Before we begin, please note that certain information presented on this call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

在我們開始之前，請注意，本次電話會議中提供的某些資訊包含《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。

These statements involve many risks and uncertainties that could cause actual results to differ materially from our expectations.

這些聲明涉及許多風險和不確定性，可能導致實際結果與我們的預期有重大差異。

Further information on these risks and uncertainties is contained in the company's 10-K and other filings with the SEC, in particular, in the risk factors and forward-looking statement portions of such filings.

有關這些風險和不確定性的更多資訊包含在公司向美國證券交易委員會提交的 10-K 和其他文件中，特別是此類文件中的風險因素和前瞻性聲明部分。

Copies are available from the SEC on the AeroVironment website at www.avinc.com, or from our Investor Relations team.

您可從美國證券交易委員會 (SEC) 的 AeroVironment 網站 www.avinc.com 取得副本，或從我們的投資者關係團隊取得。

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

今天下午，我們還在收益報告中提交了一份幻燈片演示，並將其發佈到我們網站的「活動和演示」下的「投資者」部分。

The content of this conference call contains time-sensitive information that is accurate only as of today, March 4, 2025.

本次電話會議的內容包含時間敏感訊息，僅截至今天（2025 年 3 月 4 日）準確。

The company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

無論由於新資訊、未來事件或其他原因，本公司都不承擔更新任何前瞻性陳述的義務。

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

今天與我一起出席的還有 AeroVironment 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.

我們現在開始聽瓦希德·納瓦比的發言。

Wahid?

瓦希德？

Thank you, Jonah.

謝謝你，喬納。

Welcome, everyone, to our third quarter fiscal year 2025 earnings conference call.

歡迎大家參加我們 2025 財年第三季財報電話會議。

I'll start by summarizing our quarterly performance and provide an update on the BlueHalo transaction, followed by Kevin, who will review our financial results in greater detail.

我將首先總結我們的季度業績並提供有關 BlueHalo 交易的最新情況，然後由 Kevin 更詳細地回顧我們的財務結果。

Next, I will provide an update on our expectations for the rest of fiscal year 2025 before Kevin, Jonah, and I take your questions.

接下來，在 Kevin、Jonah 和我回答你們的問題之前，我將更新我們對 2025 財年剩餘時間的期望。

I'm pleased to report that we made significant progress on our long-term growth strategy this quarter despite several short-term challenges.

我很高興地報告，儘管本季度面臨一些短期挑戰，但我們的長期成長策略取得了重大進展。

We continue to see strong demand for our solutions while expanding capabilities and capacity as the global leader in defense technology.

身為國防技術領域的全球領導者，我們在不斷擴大自身能力和產能的同時，也持續看到市場對我們解決方案的強勁需求。

Our key messages, which are included on slide number 3 (sic - "slide number 4") of our earnings presentation are as follows.

我們的關鍵資訊包含在收益報告的第 3 張投影片（原文如此 - 「投影片第 4 張」）中，如下所示。

First, we won large contract awards tied to key long-term strategic programs, including the US Army's LASSO, US DoD's Replicator and the Danish Ministry of Defense, while growing our backlog to a record $764 million.

首先，我們贏得了與關鍵長期戰略項目相關的大型合同，包括美國陸軍的 LASSO、美國國防部的 Replicator 和丹麥國防部，同時我們的積壓訂單增長到創紀錄的 7.64 億美元。

Second, we continue to make disciplined investments, expanding production capacity, launching innovative products and new capabilities and leveraging our acquisitions to strengthen our market leadership position.

其次，我們繼續進行有紀律的投資，擴大生產能力，推出創新產品和新功能，並利用收購來鞏固我們的市場領導地位。

Third, despite our solid progress, third quarter financial performance came in slightly below our expectations, primarily due to the unprecedented LA windstorms.

第三，儘管我們取得了穩定進展，但第三季的財務表現略低於我們的預期，這主要是由於前所未有的洛杉磯風暴。

And fourth, given recent challenges, we are lowering our guidance but remain on track for record fourth quarter revenue and accelerating growth in fiscal year 2026.

第四，鑑於最近面臨的挑戰，我們下調了業績預期，但仍有望實現第四季度創紀錄的收入並在 2026 財年加速成長。

While we encountered challenges in executing our plans this quarter, we remain firmly on track with our long-term growth strategy.

雖然本季我們在執行計劃時遇到了挑戰，但我們仍然堅定地按照長期成長策略前進。

The defense technology sector is experiencing a generational shift driven by distributed autonomous AI-enabled solutions.

國防技術領域正在經歷由分散式自主人工智慧解決方案推動的世代轉變。

We continue to believe we are uniquely positioned to meet our customers' evolving needs by leveraging our core strengths, cutting-edge technology, unmatched production capacity, and decades of battlefield experience.

我們始終堅信，憑藉我們的核心優勢、尖端技術、無與倫比的生產能力以及數十年的戰場經驗，我們能夠滿足客戶不斷變化的需求。

We are further strengthening these advantages through strategic organic and inorganic investments by developing new innovative products, expanding into adjacent markets, and increasing our production capacity.

我們透過策略性有機和無機投資進一步加強這些優勢，開發新的創新產品，拓展鄰近市場，提高生產能力。

Given our progress and favorable market dynamics, we are confident that AV is well positioned to deliver sustained growth while creating value for our stakeholders for years to come.

鑑於我們的進步和良好的市場動態，我們相信 AV 有能力實現持續成長，同時在未來幾年為我們的利害關係人創造價值。

The evolving global security landscape continues to highlight the critical needs for cost-effective AI-driven autonomous defense solutions.

不斷發展的全球安全情勢持續凸顯了對具有成本效益的人工智慧驅動的自主防禦解決方案的迫切需求。

In response, the US Department of Defense and allied nations are prioritizing the rapid deployment of Uncrewed Systems and Loitering Munitions technologies we pioneered.

作為回應，美國國防部和盟國正在優先考慮快速部署我們率先開發的無人系統和巡航彈藥技術。

Recently, Secretary of Defense, Pete Hegseth, reaffirmed the administration's focus on AI, drones, counter drones, and autonomous warfare capabilities.

最近，國防部長皮特·赫格塞斯重申了政府對人工智慧、無人機、反無人機和自主戰爭能力的關注。

These priorities directly align with AV's core product offerings and long-term growth strategy.

這些優先事項與 AV 的核心產品和長期成長策略直接相關。

We have been proactively preparing for a shift in demand related to Ukraine this fiscal year.

我們一直在積極準備應對本財年與烏克蘭相關的需求轉變。

While AV shipments to Ukraine continue to decline as expected, the conflict has underscored the battlefield effectiveness of our solutions, driving unprecedented high demand from the US DoD, NATO, and the Pacific and other allied partners.

雖然對烏克蘭的 AV 出貨量繼續如預期下降，但這場衝突凸顯了我們解決方案的戰場有效性，推動了美國國防部、北約、太平洋和其他盟國夥伴的前所未有的高需求。

This shift aligns with evolving US defense policy and procurement priorities, further strengthening and validating our global expansion strategy.

這一轉變與不斷變化的美國國防政策和採購重點一致，進一步加強和驗證了我們的全球擴張戰略。

To illustrate this point, let me share the following facts.

為了說明這一點，我想分享以下事實。

With approximately $40 million worth of Switchblade 600 deployments, Ukraine has destroyed nearly $3 billion worth of enemy military assets.

烏克蘭部署了價值約 4,000 萬美元的 Switchblade 600 飛彈，摧毀了價值近 30 億美元的敵方軍事資產。

In other words, for every Switchblade 600 launched, $13 million worth of enemy military assets have been destroyed.

換句話說，每發射一枚 Switchblade 600 飛彈，就會摧毀價值 1,300 萬美元的敵方軍事資產。

We are now nearing the end of this transition from Ukraine to larger and more enduring growth opportunities.

我們目前已接近從烏克蘭向更大、更持久的成長機會的轉型的尾聲。

For the full fiscal year, we expect all AV shipments to Ukraine to represent only 17% of revenues compared to 38% of revenues last fiscal year.

就整個財年而言，我們預計所有 AV 產品運往烏克蘭僅佔收入的 17%，而上財年則為 38%。

Further, in total, Ukraine will represent only about 6% of Q4 revenues and is not material to our future growth plans.

此外，總體而言，烏克蘭僅佔第四季營收的 6% 左右，對我們未來的成長計畫並不重要。

Despite this significant shift, we remain on track to achieve more than 10% revenue growth and $1 billion in orders in fiscal year 2025.

儘管發生了這一重大轉變，我們仍有望在 2025 財年實現 10% 以上的營收成長和 10 億美元的訂單量。

Beyond our organic successes, this quarter, we made significant progress towards closing the BlueHalo transaction and preparing for integration.

除了我們內部的成功之外，本季我們在完成 BlueHalo 交易和準備整合方面取得了重大進展。

The BlueHalo transaction will further increase our total market opportunity and growth potential by adding space technologies, counter-UAS, directed energy, electronic warfare and cyber solutions to our portfolio.

BlueHalo 交易將透過為我們的產品組合添加太空技術、反無人機系統、定向能、電子戰和網路解決方案，進一步增加我們的整體市場機會和成長潛力。

Through this combination, we will enhance our technology and capabilities, increase our facility footprint, and deliver a more comprehensive set of solutions across the air, land, sea, space and cyber domains.

透過這項結合，我們將增強我們的技術和能力，擴大我們的設施覆蓋範圍，並在空中、陸地、海上、太空和網路領域提供更全面的解決方案。

Since announcing the transaction, we have engaged extensively with our customers and received overwhelming positive feedback.

自從宣布交易以來，我們與客戶進行了廣泛的接觸，並收到了壓倒性的正面回饋。

Customers recognize that AV brings a unique combination of innovation and product leadership and are excited that the future company will have the experience and resources to successfully deliver on major defense initiatives at scale.

客戶認識到 AV 帶來了創新和產品領導力的獨特組合，並對未來公司將擁有成功大規模實施重大國防計劃的經驗和資源感到興奮。

In terms of next steps, we have successfully secured key regulatory approvals, clearing HSR antitrust and SEC S-4 reviews earlier this year.

至於下一步行動，我們已成功獲得關鍵監管部門的批准，並在今年稍早通過了 HSR 反壟斷和 SEC S-4 審查。

Our next major milestone is a shareholder vote to approve the transaction, which is scheduled for April 1.

我們的下一個重要里程碑是股東投票批准交易，投票日期定於 4 月 1 日。

While a few outstanding international regulatory reviews are still in progress, we remain on track to close the transaction in the second quarter of calendar year 2025.

雖然一些尚未完成的國際監管審查仍在進行中，但我們仍有望在 2025 年第二季完成交易。

In parallel, our team has been actively preparing for integration, and we look forward to sharing additional details in the coming months.

同時，我們的團隊一直在積極為整合做準備，我們期待在未來幾個月分享更多細節。

As I mentioned earlier, we faced short-term challenges, including the unprecedented high winds and fires in Los Angeles, which tragically claimed lives, homes and businesses in our community.

正如我之前提到的，我們面臨短期挑戰，包括洛杉磯前所未有的強風和火災，這些災難奪走了我們社區的生命、房屋和企業。

Our hearts go out to those impacted, including many AV employees.

我們向受到影響的人表示慰問，其中包括許多 AV 員工。

While AV's facilities were not directly damaged, we experienced extended periods of forced shutdowns and power outages, which disrupted both our manufacturing and supply chain logistics.

雖然 AV 的設施沒有受到直接損壞，但我們經歷了長時間的強制關閉和停電，這擾亂了我們的製造和供應鏈物流。

Given the timing at the end of our fiscal year, these events partially constrained our ability to achieve our full operational goals, impacting our quarterly results and full year expectations.

考慮到我們財政年度即將結束的時間，這些事件在一定程度上限制了我們實現全面營運目標的能力，影響了我們的季度業績和全年預期。

We are working hard to recover lost time while also executing our distributed manufacturing strategy to build resiliency for the future.

我們正在努力挽回失去的時間，同時執行分散式製造策略，為未來建立彈性。

Just this week, we also received stop-work orders tied to four foreign military sales contracts, representing about $13 million in orders, majority of which we expected to ship in Q4.

就在本週，我們還收到了與四份對外軍售合約相關的停工訂單，這些訂單價值約為 1,300 萬美元，其中大部分我們預計將在第四季度發貨。

Further, the US government recently paused military aid to Ukraine and implemented new tariffs.

此外，美國政府最近暫停了對烏克蘭的軍事援助並實施了新的關稅。

The stop-work orders will directly impact our Q4 deliveries, while the effect of the other evolving situations is less clear.

停工令將直接影響我們第四季的交付，而其他不斷發展的情況的影響尚不明確。

We have incorporated the estimated impact of these events into our new revised guidance and we'll provide further updates when appropriate.

我們已將這些事件的預期影響納入我們新修訂的指南中，並將在適當的時候提供進一步的更新。

With that, I would like to now provide updates on each of our three business segments, starting with Loitering Munitions Systems, or LMS.

現在，我想先介紹我們的三個業務部門的最新情況，首先是巡飛彈藥系統 (LMS)。

The LMS team delivered record revenue this quarter, achieving several key strategic milestones.

LMS 團隊本季實現了創紀錄的收入，實現了幾個關鍵的戰略里程碑。

Starting with orders, the LMS team secured more than $350 million in Switchblade contracts, including a single $288 million award under our $990 million IDIQ contract.

從訂單開始，LMS 團隊獲得了超過 3.5 億美元的 Switchblade 合同，其中包括我們 9.9 億美元 IDIQ 合同下獲得的 2.88 億美元的單筆合同。

This order is the single largest award in AV's 50-year history.

該訂單是 AV 50 年歷史上最大的單筆合約。

Global adoption is also increasing for both Switchblade 300 and 600 with 10 countries having placed firm orders and more than 20 more in active engagements.

Switchblade 300 和 600 的全球採用率也在不斷提高，目前已有 10 個國家下了確定訂單，另有 20 多個國家正在積極參與。

To meet this growing demand, we have aggressively expanded manufacturing capacity already.

為了滿足日益增長的需求，我們已經積極擴大生產能力。

Additionally, our newly announced Switchblade production facility in Utah will be more than 5 times larger than our current plant and is set to double production throughput again, positioning us to support over $1 billion in annual LMS revenue by the end of fiscal year 2027.

此外，我們新宣布的位於猶他州的 Switchblade 生產工廠將比我們目前的工廠規模大 5 倍以上，並將再次使生產能力翻一番，到 2027 財年末，我們將能夠支持每年超過 10 億美元的 LMS 收入。

We expect the facility to come online towards the end of this calendar year.

我們預計該設施將在今年底投入使用。

Despite the extreme challenges posed by the high winds and LA fires, Switchblade production remains on track to exit this Q4 at about a $500 million annualized run rate.

儘管面臨強風和洛杉磯火災帶來的極大挑戰，Switchblade 的生產仍按計劃於第四季度完成，年化產出率約為 5 億美元。

We believe that our investments in Utah and other facilities nationwide, including those to be gained through our combination with BlueHalo, will enhance our operational resilience and mitigate future disruptions.

我們相信，我們在猶他州和全國其他設施的投資（包括透過與 BlueHalo 合併獲得的投資）將增強我們的營運彈性並減輕未來的干擾。

In summary, the LMS segment continues to support our growth strategy through key awards and expanded production capacity.

總之，LMS 部門繼續透過關鍵獎項和擴大的生產能力來支持我們的成長策略。

Now, on to our Uncrewed Systems segment or UxS.

現在，我們來談談無人系統部分或UxS。

The UxS segment continued to transition away from Ukraine related revenue shifting to other long-term growth opportunities as demonstrated by several key strategic wins in the quarter.

UxS 部門繼續從烏克蘭相關收入轉向其他長期成長機會，本季的幾項關鍵策略勝利就證明了這一點。

We recently secured a sole-source contract with a $181 million ceiling to support -- to supply the Danish military with JUMP 20 UAS over the next 10 years.

我們最近獲得了一份最高金額為 1.81 億美元的單一來源合同，用於在未來 10 年內向丹麥軍方提供 JUMP 20 UAS。

This was a highly competitive bid process, which reinforces our confidence that JUMP 20 is the best Group 2 UAS available today in the market.

這是一個競爭非常激烈的投標過程，這增強了我們的信心，即 JUMP 20 是目前市場上最好的 Group 2 UAS。

Additionally, we were awarded a major contract with the German Federal Armed Forces to supply more than 40 uncrewed ground vehicles.

此外，我們還與德國聯邦武裝部隊簽訂了一項重要合同，為我們提供 40 多輛無人地面車輛。

This was also one of the largest UGV awards in our company history.

這也是我們公司史上最大的UGV獎之一。

Our international pipeline continues to grow, and we expect to announce another major international JUMP 20 award in the coming months.

我們的國際管道不斷擴大，預計在未來幾個月內將宣布另一項重要的國際 JUMP 20 獎項。

To support increasing demand, the team established the new P550 production line, positioning for future demand.

為了支援不斷增長的需求，團隊建立了新的 P550 生產線，為未來的需求做好準備。

We believe P550 will continue to lead the entire small UAS industry in terms of innovation and global adoption in future years, similar to Raven and Puma.

我們相信，未來幾年 P550 將像 Raven 和 Puma 一樣，繼續在創新和全球應用方面引領整個小型 UAS 產業。

As you may be aware, Raven and Puma UAVs have been multibillion-dollar product franchises for AV already.

您可能知道，Raven 和 Puma 無人機已經成為 AV 領域價值數十億美元的產品特許經營權。

We expect the same from P550.

我們對 P550 也有同樣的期望。

We also expanded our European presence by opening a new office in the United Kingdom, strengthening our engagement with key European defense customers and enhancing our ability to support regional programs.

我們也擴大了在英國開設新辦事處的影響力，加強了與歐洲主要國防客戶的合作，並增強了我們支持區域計畫的能力。

At the same time, the team continued to drive innovation, bringing new capabilities to market.

同時，團隊繼續推動創新，將新的功能推向市場。

For example, we recently launched the new JUMP 20-X platform, an enhanced maritime variant of our JUMP 20 UAS optimized for shipboard operations.

例如，我們最近推出了新的 JUMP 20-X 平台，這是我們 JUMP 20 UAS 的增強海事版本，針對船上作業進行了最佳化。

We also introduced new software capabilities for our Puma AE and LE UAS that provide enhanced autonomy, flexibility, and performance in contested environments.

我們也為 Puma AE 和 LE UAS 引入了新的軟體功能，可在對抗環境中提供增強的自主性、靈活性和效能。

While the UxS segment is in a transition year, we remain confident in its long-term growth trajectory driven by a growing market, key contract wins, new product introductions, new US DoD programs of record, and an expanding global footprint.

儘管 UxS 部門正處於轉型期，但我們對其長期成長軌跡仍然充滿信心，這得益於不斷增長的市場、重要合約的簽訂、新產品的推出、美國國防部新的備案項目以及不斷擴大的全球影響力。

Moving now to our MacCready Works segment.

現在轉到我們的 MacCready Works 部分。

MacCready Works continues to progress the development of next-generation technologies that drive the evolution of AI-enabled autonomous warfare systems.

MacCready Works 持續推動推動人工智慧自主戰爭系統發展的下一代技術的發展。

This quarter, the team made significant progress in our new software-defined autonomous one-way attack drones.

本季度，團隊在我們的新型軟體定義的自主單向攻擊無人機方面取得了重大進展。

This whole new family of systems is designed, leveraging key battlefield insights and can be affordably mass produced in very high volumes.

這個全新系統系列的設計充分利用了關鍵戰場洞察力，並且可以以低成本實現大量生產。

We are seeing a lot of interest from our customers with units already delivered to early adopters.

我們看到很多客戶感興趣，並且已經將產品交付給早期採用者。

We believe this solution set will provide a crucial advantage for customers operating in high-threat contested environments, and we look forward to sharing more details in the coming months.

我們相信這套解決方案將為在高威脅競爭環境中營運的客戶提供關鍵優勢，我們期待在未來幾個月分享更多細節。

We continue to expand AVACORE autonomy capabilities across AV's entire portfolio, enhancing adaptive mission execution and real-time decision-making.

我們將繼續在 AV 的整個產品組合中擴展 AVACORE 自主功能，以增強自適應任務執行和即時決策能力。

Additionally, our SPOTR-Edge computer vision software is also now being integrated into multiple other uncrewed systems, delivering advanced AI-driven threat detection, tracking and situational awareness.

此外，我們的 SPOTR-Edge 電腦視覺軟體現在也被整合到多個其他無人系統中，提供先進的人工智慧驅動的威脅偵測、追蹤和態勢感知。

These technologies further strengthen our competitive differentiation, making AV solutions smarter, faster and more effective in contested environments.

這些技術進一步增強了我們的競爭差異化，使得 AV 解決方案在競爭環境中更聰明、更快、更有效。

MacCready Works continues to push the boundaries of what is possible in autonomous warfare, reinforcing AV's position as the leading innovator in uncrewed systems and loitering munitions.

MacCready Works 繼續突破自主戰爭的極限，鞏固了 AV 作為無人系統和巡飛彈藥領域領先創新者的地位。

In summary, the company achieved major milestones in the quarter that give us confidence in our future.

總而言之，公司在本季取得了重大里程碑，這讓我們對未來充滿信心。

However, the high winds and unprecedented fires in LA area impacted our operations, limiting our ability to meet our quarterly goals.

然而，洛杉磯地區的強風和前所未有的火災影響了我們的運營，限制了我們實現季度目標的能力。

Further, the recent soft work orders from the US DoD are impacting our ability to achieve fourth quarter goals.

此外，美國國防部最近發布的軟工作訂單正在影響我們實現第四季目標的能力。

As a result, we're lowering our fiscal year 2025 revenue, adjusted EBITDA, and non-GAAP EPS guidance ranges.

因此，我們下調了 2025 財年收入、調整後 EBITDA 和非 GAAP EPS 指引範圍。

However, we have record backlog and a strong pipeline and remain confident in our long-term growth trajectory.

然而，我們擁有創紀錄的積壓訂單和強大的產品線，並且對我們的長期成長軌跡充滿信心。

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

說完這些，我現在想將電話轉給凱文麥克唐納 (Kevin McDonnell)，讓他審查我們第三季的財務狀況。

Kevin?

凱文？

Thank you, Wahid.

謝謝你，瓦希德。

Today, I will be reviewing the highlights of our third quarter performance, during which I will occasionally refer to both our press release and earnings presentation available on our website.

今天，我將回顧我們第三季業績的亮點，在此期間，我將偶爾參考我們網站上的新聞稿和收益報告。

Overall, we had a mixed financial quarter with record orders and backlog, but with revenue and profitability below expectations.

整體而言，我們本季的財務表現好壞參半，訂單和積壓訂單量創下了歷史新高，但營收和獲利能力低於預期。

Our revenues were impacted by production issues related to shutdowns as a result of the high winds in the Simi Valley area, and to a lesser extent, some sporadic supplier challenges as we continue to ramp up LMS production.

由於西米穀地區強風導致停工，我們的收入受到了生產問題的影響，隨著我們繼續提高 LMS 產量，一些零星的供應商挑戰（在較小程度上）也對我們收入產生了影響。

Given the pending BlueHalo acquisition, any references to future performance exclude the impact of BlueHalo, which is expected to close in Q2 of calendar 2025.

鑑於 BlueHalo 收購案即將完成，任何對未來業績的提及均不包括 BlueHalo 的影響，該收購案預計將於 2025 年第二季完成。

As Wahid mentioned in his remarks, revenue for the third quarter of fiscal 2025 was $167.6 million, a decrease of 10% as compared to the $186.6 million for the third quarter of fiscal 2024.

正如瓦希德在演講中提到的，2025財年第三季的營收為1.676億美元，與2024財年第三季的1.866億美元相比下降了10％。

As Wahid explained in his remarks, Ukraine revenues accounted for approximately 5% of revenues in Q3.

正如瓦希德在演講中解釋的那樣，烏克蘭收入約佔第三季收入的 5%。

Slide 6 of the earnings presentation provides a breakdown of revenue by segment for the quarter.

收益報告的第 6 張投影片提供了該季度按部門劃分的收入明細。

The biggest revenue story during the quarter was our continued growth of our Loitering Munitions business despite some challenges mentioned earlier.

本季最大的收入故事是，儘管面臨前面提到的一些挑戰，但我們的巡飛彈藥業務仍持續成長。

The LMS segment recorded revenue of $83.9 million, a 46% increase as compared to the $57.7 million during last year's third quarter.

LMS 部門的營收為 8,390 萬美元，較去年第三季的 5,770 萬美元成長 46%。

Switchblade 600 represented over 70% of the LMS revenue for the quarter.

Switchblade 600 佔本季 LMS 收入的 70% 以上。

Our Uncrewed Systems segment, UxS, which is a combination of our small UAS, medium UAS and UGV businesses generated $63.8 million of revenue in the quarter, which is down 44% from last year's total of $113.3 million, primarily driven by a decrease in Ukraine revenue of $47 million.

我們的無人系統部門 UxS（包括小型 UAS、中型 UAS 和 UGV 業務）在本季度創造了 6,380 萬美元的收入，較去年同期的 1.133 億美元下降 44%，主要原因是烏克蘭收入減少 4,700 萬美元。

However, we expect strong growth in the UxS segment in the fourth quarter, driven by recent awards for the JUMP 20 and other products even with the impact of the stop work orders.

然而，儘管受到停工令的影響，我們預計第四季度 UxS 部門將實現強勁增長，這得益於近期 JUMP 20 和其他產品獲得的獎項。

Revenue from our MacCready Works segment came in at $20 million, an increase of 28% as compared to the $15.6 million from the third quarter of fiscal last fiscal year, primarily driven by HAPS, SoftBank program and the SOAR Autonomous resupply drone program.

我們 MacCready Works 部門的營收為 2,000 萬美元，與上一財年第三季的 1,560 萬美元相比成長了 28%，這主要得益於 HAPS、SoftBank 計畫和 SOAR 自主補給無人機計畫。

Slide 7 of the earnings presentation shows the trend of adjusted product and service revenues, while slide 12 reconciles the GAAP gross margins to adjusted gross margins, which excludes intangible amortization expense and other noncash purchase accounting items.

收益報告的第 7 張投影片展示了調整後的產品和服務收入趨勢，而第 12 張投影片則將 GAAP 毛利率與調整後的毛利率進行了調節，其中不包括無形攤銷費用和其他非現金購買會計項目。

In the third quarter, consolidated GAAP gross margins finished at 38%, which is higher than the third quarter of last year due to LMS margin increases, partially offset by lower surface margins.

第三季度，綜合 GAAP 毛利率為 38%，高於去年第三季度，原因是 LMS 利潤率增加，但部分被表面利潤率下降所抵銷。

Now turning to adjusted gross margins.

現在來談談調整後的毛利率。

Third quarter adjusted gross margins were 40%, an increase from the 38% for the same period last year due to the change in sales mix described previously.

第三季調整後的毛利率為 40%，高於去年同期的 38%，這歸因於先前描述的銷售組合變化。

Adjusted product gross margins for the quarter were 44% versus 38% in the third quarter of last fiscal year.

本季調整後產品毛利率為 44%，而上年度第三季為 38%。

The stronger year-over-year margin was driven by improving margins at the LMS segment due to obtaining favorable commercial pricing on certain internally developed components, contract pricing favorability, and gains in productivity.

利潤率同比上升主要是由於 LMS 部門利潤率提高，這得益於某些內部開發組件獲得了優惠的商業定價、合約定價有利以及生產率提高。

In terms of adjusted service gross margins, the third quarter was at 20% versus 40% during the same quarter last year.

就調整後的服務毛利率而言，第三季為 20%，而去年同期為 40%。

The lower level of service margins was primarily a result of lower LMS and UxS margins due to higher field service costs.

服務利潤率較低主要是由於現場服務成本較高所導致的LMS和UxS利潤率較低。

We continue to expect overall adjusted gross margins of the AV legacy business to be approximately 40% to 41% for the full year.

我們繼續預期 AV 傳統業務的整體調整後毛利率全年約為 40% 至 41%。

In terms of adjusted EBITDA, slide 13 of our earnings presentation shows the reconciliation of GAAP net income to adjusted EBITDA.

就調整後的 EBITDA 而言，我們的收益報告第 13 張投影片顯示了 GAAP 淨收入與調整後的 EBITDA 的對帳。

Adjusted EBITDA for Q3 was $21.8 million, down from last year's Q3 of $28.8 million as a lower revenue and higher SG&A expense was offset by lower investments in R&D and higher gross margin.

第三季調整後 EBITDA 為 2,180 萬美元，低於去年同期的 2,880 萬美元，原因是收入下降和銷售、一般及行政費用增加被研發投資減少和毛利率上升所抵銷。

However, these higher SG&A expenses are in line with guidance for the year, and I'll go more in detail that shortly.

不過，這些較高的銷售、一般及行政開支與今年的指導方針一致，我將在稍後詳細介紹。

We still expect adjusted EBITDA for Q4 to be significantly higher than any of the first 3 quarters.

我們仍預期第四季度的調整後 EBITDA 將顯著高於前三個季度的任何一個季度。

Also note that we incurred approximately $10 million of acquisition-related expenses in Q3.

另請注意，我們在第三季發生了約 1000 萬美元的收購相關費用。

We will continue to incur these expenses related to the BlueHalo transaction in Q4 and likely into next fiscal year.

我們將在第四季度以及可能持續到下一財年繼續承擔與 BlueHalo 交易相關的費用。

Because of the difficulty in predicting the timing and amount of the 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 淨收入的交易費用的時間和金額，因此我們僅提供收入、非 GAAP EPS 和調整後的 EBITDA 指引。

SG&A expense, excluding intangible amortization and acquisition-related expense for the third quarter was $33 million or 20% of revenue compared to $26 million or 14% of revenue in the prior year.

第三季的銷售、一般及行政開支（不包括無形資產攤銷和收購相關開支）為 3,300 萬美元，佔收入的 20%，而去年同期為 2,600 萬美元，佔收入的 14%。

The increase in adjusted SG&A expense is partially a 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 the growth and expansion of our operations.

調整後的銷售、一般及行政費用增加部分是由於銷售和行銷費用增加，這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增加而導致的員工相關成本，以幫助支持我們業務的增長和擴張。

R&D expense for the third quarter was $22 million or 13% of revenue compared to $25 million or 13% of revenue in the prior year.

第三季的研發費用為 2,200 萬美元，佔營收的 13%，而去年同期為 2,500 萬美元，佔營收的 13%。

This also represented about a $6 million decline from the prior quarter as we scaled down the development activity on the recently introduced JUMP 20-X all-domain system and the P550 Group 2 system.

由於我們縮減了最近推出的 JUMP 20-X 全局系統和 P550 Group 2 系統的開發活動，這也比上一季下降了約 600 萬美元。

LMS continues to make investments across the Switchblade product line, including new variants.

LMS 繼續對 Switchblade 產品線（包括新變體）進行投資。

We still expect R&D to be in the range of 12% to 13% of revenue for fiscal 2025 as a result of continued investment in our long-term initiatives.

由於我們對長期計劃的持續投資，我們仍然預計研發支出將在 2025 財年達到收入的 12% 至 13% 之間。

Now turning to GAAP earnings.

現在來談談 GAAP 收益。

In the third quarter, company generated a net loss of $1.8 million versus net income of $13.9 million recorded in the same period last year.

第三季度，公司淨虧損180萬美元，去年同期淨利1,390萬美元。

The decrease in net income of $15.6 million can be attributed to several factors, namely a $10 million increase in deal and integration costs associated with the pending BlueHalo acquisition, an increase of $5.9 million in SG&A expenses, including intangible amortization and a $4 million decrease in gross margin.

淨收入減少 1,560 萬美元可歸因於多種因素，即與即將進行的 BlueHalo 收購相關的交易和整合成本增加 1,000 萬美元，銷售、一般和行政費用（包括無形資產攤銷）增加 590 萬美元，毛利率減少 400 萬美元。

These were partially offset by a [$2.6 million] (corrected by company after the call) decrease in investments in R&D and a $1.9 million decrease in tax expense.

這些損失部分被研發投資減少 [260 萬美元]（電話會議後公司進行了更正）和稅費減少 190 萬美元所抵銷。

Slide 11 shows a reconciliation of GAAP and adjusted or non-GAAP diluted EPS.

投影片 11 顯示了 GAAP 與調整後或非 GAAP 稀釋每股盈餘的對帳。

The company posted adjusted earnings per share of $0.30 for the third quarter of fiscal 2025 versus $0.63 per diluted share for the third quarter of fiscal 2024.

該公司公佈的 2025 財年第三季調整後每股收益為 0.30 美元，而 2024 財年第三季的每股攤薄收益為 0.63 美元。

Turning to our balance sheet.

轉向我們的資產負債表。

At the close of the third quarter, our total cash and investments amounted to $72.5 million compared to $91.9 million at the end of the second quarter of fiscal 2025.

截至第三季末，我們的現金和投資總額為 7,250 萬美元，而 2025 財年第二季末為 9,190 萬美元。

Unbilled receivables increased $25 million during the third quarter.

第三季未開立應收帳款增加了 2,500 萬美元。

The elevated amount of unbilled receivables is largely attributable to the transition of the LMS progress billings, which has taken longer than expected, but is moving forward, so we expect a significant reduction in unbilled in Q4.

未開立發票應收帳款金額的增加主要歸因於 LMS 進度計費的轉變，該轉變耗時比預期的要長，但正在向前推進，因此我們預計第四季度未開立應收帳款將大幅減少。

In fact, we started receiving the LMS progress billing payments this quarter.

事實上，我們本季就開始收到 LMS 進度帳單付款。

We have access to a $200 million revolving credit facility which we drew $25 million on the revolver at the end of Q3.

我們可以享有 2 億美元循環信貸額度，在第三季末我們從該循環信貸中提取了 2,500 萬美元。

I'd like to conclude with some highlights of our backlog metrics.

最後，我想介紹一下我們的積壓指標的一些亮點。

Our funded backlog at the end of the third quarter of fiscal 2025 finished at a record $763.5 million.

截至 2025 財年第三季末，我們的資金積壓訂單達到了創紀錄的 7.635 億美元。

Approximately $13 million of the backlog relates to contracts we recently received a stop work order on.

積壓訂單中約有 1,300 萬美元與我們最近收到的停工命令相關的合約有關。

However, we now have 100% visibility to the midpoint of our revised lower guidance range for fiscal 2025.

然而，現在我們對 2025 財年修訂後的下限指導範圍的中點有 100% 的可見度。

We expect bookings for the year to exceed $1 billion and position us for strong organic revenue growth in FY26.

我們預計今年的訂單量將超過 10 億美元，並使我們預計在 26 財年實現強勁的有機收入成長。

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.

謝謝，凱文。

Given our third quarter performance and recent developments, we have lowered and narrowed our full fiscal year guidance.

鑑於我們第三季的業績和最近的發展，我們已下調並縮小了全年財年的預期。

For fiscal year 2025, we now expect revenues of $780 million to $795 million, adjusted EBITDA of $135 million to $142 million. And non-GAAP

對於 2025 財年，我們目前預計營收為 7.8 億美元至 7.95 億美元，調整後 EBITDA 為 1.35 億美元至 1.42 億美元。非公認會計準則

earnings of $2.92 to $3.13 per share.

每股收益 2.92 美元至 3.13 美元。

We also expect R&D expenses of 12% to 13% of revenues and adjusted gross margins of 40% to 41% for the full fiscal year.

我們也預計整個財年的研發費用將佔營收的 12% 至 13%，調整後的毛利率將達到 40% 至 41%。

Before turning the call over for questions, let me summarize the key takeaways from today's call.

在轉交提問之前，讓我先總結一下今天電話會議的要點。

First, we won large awards tied to key long-term strategic programs, growing our backlog to a record $764 million.

首先，我們贏得了與關鍵長期戰略項目相關的巨額獎項，使我們的積壓訂單額增加至創紀錄的 7.64 億美元。

Second, we continue to make disciplined investments to reinforce our market leadership, expanding our capabilities and support our growth.

其次，我們繼續進行有紀律的投資，以鞏固我們的市場領導地位，擴大我們的能力並支持我們的成長。

Third, high winds and fires in Los Angeles area impacted our third quarter financial performance, creating short-term operational challenges.

第三，洛杉磯地區的強風和火災影響了我們第三季的財務業績，帶來了短期營運挑戰。

And fourth, we have lowered our fiscal year 2025 guidance, but remain on track for another record fourth quarter revenue with accelerating growth in fiscal year 2026.

第四，我們下調了 2025 財年的預期，但仍有望在 2026 財年加速成長的同時，實現第四季營收再創紀錄。

At the start of this call, I highlighted the significant progress we made this quarter.

在本次電話會議開始時，我強調了我們本季的重大進展。

AV is not just responding to the evolution of modern warfare.

AV 不僅僅是回應現代戰爭的發展。

We are driving this transformation in our industry.

我們正在推動我們行業的這一轉變。

The world is now recognizing what we have long believed that autonomous AI-enabled drones and loitering munitions will be much more widely adopted as they transform defense strategy.

世界現在認識到我們長期以來的信念：隨著人工智慧自主無人機和巡飛彈藥改變國防戰略，它們將得到更廣泛的應用。

These are categories we pioneered and that we continue to lead on a global scale.

這些是我們開創的類別，並且我們繼續在全球範圍內保持領先地位。

We're also encouraged by the momentum within the new administration, which has prioritized the rapid fielding of AI-driven autonomous systems, a vision that aligns seamlessly with AV's capabilities, expertise, and industry leadership.

新政府的勢頭也令我們感到鼓舞，新政府優先考慮快速部署人工智慧驅動的自主系統，這一願景與 AV 的能力、專業知識和行業領導地位無縫契合。

With battle-proven technology, the largest global installed base, and unmatched production capacity, AV is not just prepared to meet this demand.

憑藉久經考驗的技術、全球最大的安裝基礎以及無與倫比的生產能力，AV 已準備好滿足這一需求。

We are defining the future of modern warfare.

我們正在定義現代戰爭的未來。

This is our mission.

這是我們的使命。

This is why we exist.

這就是我們存在的原因。

Our employees come to work every day, driven by the belief that what we do truly matters.

我們的員工每天都來上班，因為他們堅信我們所做的事情確實很重要。

I want to personally thank our employees, shareholders, and customers for their commitment to delivering cutting-edge solutions that protect our nation and its allies.

我要親自感謝我們的員工、股東和客戶，感謝他們致力於提供保護我們國家及其盟友的尖端解決方案。

We are honored to support the most critical defense missions at this pivotal moment.

我們很榮幸能夠在這關鍵時刻支援最關鍵的防禦任務。

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

現在，凱文、喬納和我將回答你們的問題。

(Operator Instructions) Greg Konrad, Jefferies.

（操作員指示） 傑富瑞（Jefferies）的格雷格·康拉德（Greg Konrad）。

Good evening.

晚安.

Can you just -- you teased fiscal year '26 a bit in the script.

你能不能——你在劇本中稍微透露了一下 26 財年。

I mean if we look at guidance, it implies an exit run rate of sales of like $240 million in Q4.

我的意思是，如果我們看一下指導意見，它意味著第四季度的銷售退出率為 2.4 億美元。

How are you thinking about the bridge to fiscal year '26 given the backlog and some of your commentary around Ukraine?

考慮到積壓的工作和您對烏克蘭問題的一些評論，您如何看待 26 財年的情況？

Thanks, Greg.

謝謝，格雷格。

Sure.

當然。

So we are very, very well poised for a strong accelerating growth and profitable growth year for fiscal '26.

因此，我們已為26財年的強勁加速成長和獲利成長做好了充分準備。

As you mentioned, our backlog is at unprecedented levels -- record levels, close to $750 million, number one.

正如您所說，我們的積壓訂單達到了前所未有的水平，創下了接近 7.5 億美元的記錄，這是第一名。

Number two, we're going to exit Q4 roughly at about $240 million to $250 million in revenue, which is again going to be a significant quarter for us, a very large quarter.

第二，第四季結束時我們的營收預計約為 2.4 億至 2.5 億美元，這對我們來說又將是一個重要的季度，一個非常重要的季度。

That positions us to nearly $1 billion year next year.

這意味著我們明年的銷售額將接近 10 億美元。

While there's still some uncertainties related to the current administration's decisions, and -- but we feel very confident that the demand for our systems across the world is growing, we have an incredibly strong backlog.

雖然現任政府的決定仍存在一些不確定性，但我們非常有信心，全世界對我們系統的需求正在成長，我們擁有非常強勁的積壓訂單。

We have a growing pipeline of opportunities.

我們擁有越來越多的機會。

The administration is incredibly positive towards the categories that we play and we lead the market globally.

管理層對我們涉及的領域非常看好，我們在全球市場處於領先地位。

And the world is still a very sort of unsafe place.

世界仍然是一個非常不安全的地方。

There are lots of conflicts around the globe.

全球各地存在著許多衝突。

And our solutions have performed and delivered exceptionally well during the conflicts of Ukraine.

我們的解決方案在烏克蘭衝突期間表現出色。

And so I really believe that next year is going to be another record year for us with accelerating growth, and our pipeline supports nearly $1 billion business for us next year organically alone.

因此，我真的相信，明年對我們來說將又是創紀錄的一年，我們將加速成長，而且明年我們的產品線單是有機成長就能為我們帶來近 10 億美元的業務。

And of course, when you couple that with BlueHalo acquisition, which brings significant new capabilities to our portfolio, as long as that goes through, which we expect it to happen sometimes in the next quarter, then we're going to be very much in great position globally.

當然，如果再加上對 BlueHalo 的收購，這將為我們的投資組合帶來重要的新功能，只要這項收購順利進行（我們預計它會在下個季度的某個時候發生），我們在全球範圍內就會處於非常有利的地位。

And then maybe just as a follow-up to stick with BlueHalo, pretty impressive forecast in the S-4.

然後也許只是作為對 BlueHalo 的後續支持，S-4 的預測相當令人印象深刻。

It seems like there's some acceleration for that business next year.

看起來明年該業務將會有所加速。

Without maybe getting into specifics, just thinking about the deal closing in Q2, what are some of the areas that you're most excited for in terms of BlueHalo growth into next year after the deal closes?

也許不需要談論具體細節，只是考慮第二季的交易完成，對於交易完成後 BlueHalo 明年的成長，您最期待的領域有哪些？

Well, Greg, clearly, the Blue Halo acquisition is going to transform AV in the industry that we're leading already.

嗯，格雷格，顯然，對 Blue Halo 的收購將改變我們已經領先的 AV 產業。

It is unprecedented in our industry for two companies and two businesses to come together that has nearly no overlap and is incredibly complementary in order to achieve what we refer to our future state to be able to deliver to our customers an integrated portfolio of robotic systems that are connected with each other, integrated, interoperable, and enabled with AI, autonomy and computer vision.

兩家公司、兩家企業聯合起來，幾乎沒有重疊，而且具有很強的互補性，這在我們的行業中是史無前例的，目的是為了實現我們所期望的未來狀態，即能夠為我們的客戶提供一套集成的機器人系統，這些系統相互連接、集成、可互操作，並具備人工智能、自主性和計算機視覺功能。

The areas that we're very, very excited about, number one, is their counter-UAS business.

首先，讓我們非常興奮的領域是他們的反 UAS 業務。

They are the leading player in that market, including capabilities and lasers in directed energy for counter-UAS and a layered approach to that.

他們是該市場的領先者，包括用於反無人機系統的定向能能力和雷射以及分層方法。

So that's one area.

這是一個領域。

Another area of focus and excitement also is their space communication.

另一個受到關注和熱議的領域是空間通訊。

They have won a $1 billion-plus program with the US Department of Defense, Air Force, and Space Force to overhaul and upgrade the US satellite to military satellite communications.

他們與美國國防部、空軍和太空部隊贏得了價值超過 10 億美元的項目，用於對美國衛星進行檢修和升級，使其具備軍用衛星通訊能力。

So those two by itself -- but also in the cyber and intelligence community, they are a leading player with most advanced capabilities in that area.

因此，除了上述兩家公司之外，在網路和情報領域，它們也是該領域中擁有最先進能力的領導者。

And so there's lots of different areas, but those three areas really stand out as incredibly complementary to what we do and potential high growth for the combined entity.

因此，有許多不同的領域，但這三個領域確實非常突出，與我們的經營業務具有極強的互補性，並且為合併後的實體帶來了潛在的高成長。

Let's not also forget that the combined entity will be incredibly well positioned with market-leading growth, revenue, and profitability that's sustainable and has the track record to continue to deliver to the market.

我們也不要忘記，合併後的實體將擁有市場領先的成長、收入和獲利能力，並且具有可持續性，並擁有繼續為市場提供服務的良好記錄。

So we're very excited about that beyond our own organic growth opportunities.

因此，除了我們自身的有機成長機會之外，我們對此感到非常興奮。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Wahid, could you give us a little more color on the work stoppage?

瓦希德，您能否向我們詳細介紹一下停工的情況？

You mentioned it's four FMS contracts.

您提到這是四份 FMS 合約。

What were the reasons for that?

那是什麼原因呢？

And is this something that is going to linger into Q4 or beyond?

這種狀況會持續到第四季甚至更晚嗎？

Yes, Peter.

是的，彼得。

So great question.

這個問題問得真好。

As I mentioned in my remarks, just this week, yesterday, I believe, we received an information from the US Department of Defense that specific contracts that is roughly about $13 million in value.

正如我在演講中提到的，就在本週，我相信昨天，我們收到了美國國防部的訊息，具體合約價值約為 1300 萬美元。

These are foreign military sales contracts that we have already secured, and we were in the process of actually delivering those in the fourth quarter.

這些是我們已經獲得的對外軍售合同，並且我們實際上正在第四季度交付這些合約。

Majority of that has been -- we've been asked to stop work on those particular contracts.

其中大部分是——我們被要求停止那些特定合約的工作。

It is not clear whether this is a temporary sort of suspension or is it a permanent.

目前尚不清楚這是暫時中止還是永久中止。

My guess would be -- and my personal view would be that I do not believe that these countries are going to stay without these capabilities.

我的猜測是──而我個人的觀點是，我不相信這些國家會在沒有這些能力的情況下生存。

There is a serious real need for our capabilities for these customers, international allies.

這些客戶和國際盟友確實非常需要我們的能力。

And US is obviously using this to reassess its priorities and reassess things.

美國顯然正在利用這一點來重新評估其優先事項並重新評估事態。

So we have removed that from our outlook for fourth quarter, and that obviously affects our fourth quarter results, which we have lowered our guidance accordingly.

因此，我們從第四季度的預測中剔除了這一因素，這顯然會影響我們第四季度的業績，因此我們相應下調了業績預期。

Regardless of that, our ability to grow next year despite this particular event and despite the tariffs is very, very good.

不管怎樣，儘管有這一特殊事件和關稅，我們明年的成長能力仍然非常非常好。

We believe that next year is going to be a very strong growth year.

我們相信明年將會是強勁的成長年。

We have never been in such a great position, in my view, as a company to have the backlog that we have, the demand drivers that are out there and the focus of the US DoD in terms of the autonomous drones and Loitering Munitions that we are the leader in the world.

在我看來，作為一家公司，我們從未處於如此有利的地位，擁有如此多的積壓訂單，有如此多的需求驅動因素，並且受到美國國防部在自主無人機和巡飛彈藥方面的關注，因此我們在世界上處於領先地位。

So that's the extent of it.

事情就是這樣。

As the situation evolves, which is very fluid today, we'll keep you updated.

隨著當今情勢的發展，情況瞬息萬變，我們將隨時向您通報最新情況。

Okay.

好的。

And then just as a follow-up, you mentioned the $500 million-plus kind of revenue kind of run rate opportunity in LMS.

然後作為後續問題，您提到了 LMS 中 5 億美元以上的收入運行率機會。

But you talked about '26 being basically on a run rate path to get close to $1 billion, which implies that the UnCrewed segment would be kind of seeing a significant step-up in volume.

但您談到 26 年的運行率基本上接近 10 億美元，這意味著 UnCrewed 部門的銷售將顯著增加。

I mean, I know this is the trough this quarter at $64 million.

我的意思是，我知道本季的最低點是 6400 萬美元。

You're expecting the JUMP 20 volumes to pick up in the fourth quarter.

您預計《JUMP 20》的銷售量將在第四季回升。

But it implies basically that there's going to be a pretty healthy step-up in uncrewed.

但這基本上意味著無人駕駛飛機將迎來相當健康的發展。

Could you maybe talk about the demand environment that gives us more confidence around the uncrewed backdrop?

能否談談讓我們對無人背景更有信心的需求環境？

Absolutely.

絕對地。

Peter, so overall, we feel very confident about our UnCrewed Systems business in general.

彼得，總的來說，我們對我們的 UnCrewed Systems 業務總體上非常有信心。

There are several strong drivers for demand for that business to grow over the next several years.

未來幾年，有幾個強勁的驅動因素推動該業務的需求成長。

Specifically, we're introducing new capabilities.

具體來說，我們正在引入新功能。

We're investing in new generation of solutions, including the P550, which the US DoD has already announced at least one or two programs each worth $1 billion-plus in value.

我們正在投資新一代解決方案，包括 P550，美國國防部已經宣布了至少一兩個項目，每個項目的價值超過 10 億美元。

One of those, for example, is the long-range reconnaissance program.

例如其中之一就是遠端偵察計劃。

So over the next three to five years, we expect our UxS business to continue to grow in terms of adoption, as well as top line revenue, and we expect it to be a significant driver of profitability and revenue for the company.

因此，在未來三到五年內，我們預計我們的 UxS 業務將在採用率和營業收入方面繼續成長，並且我們預計它將成為公司獲利能力和收入的重要推動力。

Regardless of that, fiscal year '25 has been really a transition year for us.

不管怎樣，2025 財年對我們來說確實是個過渡年。

We proactively transitioned ourselves and pivoted away from the fiscal '25 spike that we received in demand from Ukraine, primarily for Puma and Switchblade systems.

我們積極進行自我轉型，擺脫了 25 財年烏克蘭需求激增的局面，主要針對 Puma 和 Switchblade 系統。

As I said on the remarks, that represented 38% of our revenue, Ukraine did last fiscal year.

正如我在評論中所說，這佔了烏克蘭上財年收入的 38%。

This year, it's going to be around 17%.

今年這一比例將會達到17%左右。

And in the fourth quarter, it will be about 6% of our total revenue expected from Ukraine.

預計第四季來自烏克蘭的收入將占我們總收入的6%左右。

So essentially, we have completely pivoted away from the Ukraine demand.

因此從本質上來說，我們已經完全放棄了烏克蘭的需求。

And despite all that, we have an unprecedented historic backlog that allows us to grow next year.

儘管如此，我們擁有前所未有的歷史性積壓訂單，這使我們能夠在明年實現成長。

So we expect Loitering Munitions to lead that growth, but UxS also will grow and so would our MacCready segment.

因此，我們預計巡遊彈藥業務將引領這一成長，但 UxS 業務也將成長，我們的 MacCready 業務也將成長。

Louie DiPalma, William Blair.

路易·迪帕爾馬、威廉·布萊爾。

Wahid and Kevin, you indicated that you are confident in AV stand-alone generating close to $1 billion in revenue for fiscal 2026.

瓦希德 (Wahid) 和凱文 (Kevin)，你們表示對 AV 獨立業務在 2026 財年創造近 10 億美元的收入充滿信心。

I was wondering, are you also confident in BlueHalo generating close to $1 billion for fiscal 2026?

我想知道，您是否也對 BlueHalo 在 2026 財年創造近 10 億美元的營收充滿信心？

I think there was that projection in the S-4 filing that just came out.

我認為剛發布的 S-4 文件中就有這樣的預測。

But I was wondering just how current are the projections from that S-4.

但我想知道 S-4 的預測到底有多新。

Sure.

當然。

So, Louie, obviously, we feel very compelled for AV organically.

所以，Louie，很明顯，我們對 AV 有著強烈的有機吸引力。

I truly believe that we've never been in such a strong position even compared to last fiscal year.

我堅信，與上一財年相比，我們從未處於如此強勁的地位。

Our backlog as a percentage of revenue and also our backlog as a total amount is unprecedented.

我們的積壓訂單佔收入的百分比以及積壓訂單總額都是前所未有的。

It sets us up for a very strong fiscal '26 sort of performance and the demand for our systems continue to increase.

這為我們 26 財年的強勁表現奠定了基礎，而且對我們系統的需求也將持續增加。

And I believe that the new administration's focus on the priorities that they have publicly stated is going to support our growth even more.

我相信，新政府對其公開宣布的優先事項的關注將為我們的經濟成長提供更多支持。

In terms of BlueHalo, we have already published specific forecast that has been developed internally by BlueHalo and has been vetted and also verified by third-party experts, including ourselves.

就 BlueHalo 而言，我們已經發布了由 BlueHalo 內部開發的具體預測，並且已經過包括我們自己在內的第三方專家的審查和驗證。

That's part of the S-4.

這是 S-4 的一部分。

I encourage you to refer to those and look at those.

我鼓勵您參考這些並看看這些。

They are absolutely a growing business, very complementary to AV, and we expect that to continue going beyond this fiscal year.

他們絕對是一家成長型企業，與 AV 有很大互補，我們預計這種勢頭將持續到本財年之後。

And so while the closing is not guaranteed yet and it's not done yet, we feel strongly that the two -- the combination of the two businesses is going to be fantastic for the market.

因此，儘管交易尚未完成且還不能保證一定會完成，但我們堅信，兩家公司的合併將為市場帶來極大益處。

We're going to be unparalleled in terms of our offering in the market and incredibly well positioned to benefit from the priorities of the current administration and the conflicts and the threats that are around the globe worldwide.

我們將在市場上提供無與倫比的產品，並處於非常有利的位置，可以從現任政府的優先事項以及全球各地的衝突和威脅中獲益。

So I feel very bullish about that, and I think it's going to be very, very positive long term for AeroVironment.

因此我對此非常樂觀，而且我認為從長遠來看這對 AeroVironment 來說將是非常非常有利的。

And we'll do the combined guidance when we do year-end results.

當我們公佈年終業績時，我們會提供綜合指引。

That's right.

這是正確的。

Great.

偉大的。

And on the last quarter earnings call, you mentioned that you were close to closing two different JUMP 20 orders, and you formally announced one of the orders.

在上個季度的財報電話會議上，您提到您即將完成兩份不同的 JUMP 20 訂單，並且您正式宣布了其中一份訂單。

Did you close the second order?

第二個單子你關閉了嗎？

Or is that still pending?

或仍未決？

It's a great question.

這是一個很好的問題。

You're absolutely correct that we said two last quarter. and we're pleased to report this quarter that we have announced one of them, which was the $181 million contract value sole source IDIQ for the next 10 years with the Danish military.

您說得完全正確，我們上個季度說的是兩個。我們很高興地在本季度報告，我們已宣布其中一項合同，即與丹麥軍方簽訂的未來 10 年價值 1.81 億美元的獨家來源 IDIQ 合同。

The second one

第二個

--

--

Competitive bid.

有競爭力的投標。

It was a very competitive bid.

這是一個非常有競爭力的競標。

As Kevin mentioned, that was an incredibly competitive bid.

正如凱文所說，這是一個極具競爭力的出價。

It basically highlights that JUMP 20 is the leading solution in the market, best-in-class solution in the market.

它基本上強調了 JUMP 20 是市場上領先的解決方案、一流的解決方案。

And that competition actually was protested and protested again and we eventually prevail.

那場競爭實際上受到了一次又一次的抗議，但我們最終取得了勝利。

Regardless, we are actively working the second one.

無論如何，我們正在積極進行第二個工作。

We expect that announcement to come in sometimes in the fourth quarter.

我們預計該公告將在第四季度的某個時候發布。

Obviously, the timing of those are in the hands of our customer, but we believe that we're positioned very well.

顯然，這些時機掌握在我們的客戶手中，但我們相信我們的定位非常有利。

It is also a large program that we're going to be unseating another competitor, hopefully, and we'll keep you updated.

這也是一個大型項目，我們希望能夠擊敗另一個競爭對手，我們隨時會向您通報最新情況。

And we feel very strong and very positive about our position on that.

我們對我們的立場感到非常堅定和積極。

And we expect that to be decided and announced sometimes either Q4 or beginning of first quarter of fiscal '26.

我們預計該決定將在第四季或26財年第一季初宣布。

Great.

偉大的。

And one final one.

最後一個。

Regarding the Army stop work order, you indicated that it was for foreign military sales.

關於陸軍停工命令，你表示這是為了對外軍售。

And I believe that it's for multiple countries.

我相信這適用於多個國家。

But does this relate to multiple countries using their own funds to buy either the Switchblade or the Puma or one of your other systems, and the US Army is blocking countries or allies from using their own funds to buy AeroVironment systems?

但這是否與多個國家使用自有資金購買 Switchblade 或 Puma 或你們的其他系統有關，而美國陸軍阻止各國或盟友使用自有資金購買 AeroVironment 系統？

Louie, great question.

路易，這個問題問得好。

So the stop work that we received just yesterday is specific to particular contracts that is under the FMS, foreign military sales contracts with US Army and AeroVironment for specific countries around the world.

因此，我們昨天收到的停止工作具體到 FMS 下的特定合同，即與美國陸軍和 AeroVironment 簽訂的針對世界特定國家的外國軍售合同。

I'm not in a position to be able to disclose the specific countries.

我無法透露具體國家。

However, the total of it roughly adds up to about $13 million in bookings that we have in our backlog, majority of which we were expecting to ship in Q4.

然而，我們積壓的訂單總額約為 1300 萬美元，其中大部分我們預計將在第四季度發貨。

The future of that is undetermined.

其未來仍未確定。

We don't exactly know whether this is a temporary hold.

我們並不確切知道這是否是暫時的。

We do know that the US DoD as well as the current administration is using all of these tools at its position to negotiate terms and negotiate various positions with these countries.

我們確實知道，美國國防部以及現任政府正在利用所有這些工具與這些國家進行條款談判和各種立場談判。

Most of these deals are also foreign military funded, which means that the orders -- the funding for these contracts actually are provided by the US government through an FMS process.

這些交易大部分也是由外國軍方資助的，這意味著這些合約的資金實際上是由美國政府透過 FMS 流程提供的。

And therefore, US DoD is reevaluating whether they should proceed or not in each case.

因此，美國國防部正在重新評估是否應該在每種情況下繼續進行。

It is undetermined at this point as to what the outcome would be and how long would that last.

目前還不確定結果會是什麼以及會持續多久。

All sorts of possibilities are probable in my view, and we don't know.

在我看來，各種可能性都有可能存在，但我們尚不清楚。

What I do know that these countries desperately need these capabilities, number one.

我知道的是，首先，這些國家迫切需要這些能力。

Number two, our solutions are quite affordable -- and so there is also a possibility that if these countries do not get US funding for these acquisitions that they may come up with their own funding, which many countries do already anyways.

第二，我們的解決方案相當實惠——因此，如果這些國家沒有獲得美國的收購資金，他們可能會自己籌集資金，而許多國家已經這樣做了。

And so we felt compelled enough to share that, we feel very strong about our backlog, and we believe that we're going to have another growth year.

因此，我們覺得有必要分享這一點，我們對我們的積壓訂單感到非常滿意，我們相信我們將迎來另一個增長年。

We're going to be able to execute our Q4.

我們將能夠執行我們的第四季。

The administration's position is really, really changing and evolving and fluid, and we'll keep you updated as we go forward.

政府的立場確實在不斷變化、發展和流動，我們將隨時向大家通報最新進展。

Andre Madrid, BTIG.

安德烈馬德里，BTIG。

On the topic of international sales, you mentioned last quarter, there were an incremental six nations that were in different phases of the acquisition process.

關於國際銷售的話題，您提到上個季度有六個國家處於收購過程的不同階段。

Can you maybe give an update on those and how negotiations are trending?

您能否介紹一下這些情況以及談判的趨勢？

Sure.

當然。

So, Andre, as I mentioned in my remarks, we have now received firm orders for approximately six of those countries in our backlog, and we expect to ship those sometime throughout the next few months and next year.

因此，安德烈，正如我在演講中提到的那樣，我們現在已經收到了大約六個國家的確認訂單，我們預計將在未來幾個月和明年的某個時候發貨。

And then in addition to that, there is an additional 20 countries that we're actively engaged with.

除此之外，我們也與另外 20 個國家積極合作。

All of these countries are interested in Switchblade 300 and 600 flavors or variants.

所有這些國家都對 Switchblade 300 和 600 的版本或變體感興趣。

And the list of these countries continue to grow.

這些國家的名單還在增加。

And let's not forget that almost every one of these countries, these are their first-time buys, which means that as they buy these systems, they will use some of them to train their forces and also inform their usage and their force structure deployment, which eventually will lead to more adoption.

而且我們不要忘記，幾乎所有這些國家都是首次購買，這意味著，當他們購買這些系統時，他們會使用其中一些系統來訓練他們的部隊，並指導他們的使用和部隊結構部署，最終將導致更多的國家採用。

So I truly believe that our Loitering Munitions business is looking at a very large long-term growth and adoption opportunity here with our allies for Switchblade.

因此，我堅信，我們的巡飛彈藥業務正在與 Switchblade 的盟友一起，迎來巨大的長期成長和應用機會。

Switchblade's performance and the conflict in Ukraine has absolutely validated this capability.

Switchblade 的表現和烏克蘭衝突充分證實了這種能力。

We are leading the industry.

我們正在引領這個產業。

We have a significant advantage in terms of our ability to deliver in volume and produce these in volume.

我們在批量交付和批量生產的能力方面具有顯著優勢。

And that's why we continue to expand capacity.

這就是我們不斷擴大產能的原因。

We've already increase capacity significantly.

我們的產能已大幅提高。

But with the new facility, we're going to increase our footprint by 5x again.

但隨著新設施的建成，我們的佔地面積將再次擴大 5 倍。

And that facility is going to come online sometime this calendar year, towards the end of this calendar year, which, again, it's all indicators that we strongly believe in the growth of this business, not only now or next year, but beyond next year.

該設施將在今年某個時候，也就是今年年底投入使用，這一切再次表明，我們堅信這項業務的成長，不僅是現在或明年，而且是明年以後。

And so we truly believe that this is a $1 billion franchise that we're growing very aggressively over the next several years.

因此，我們堅信這是一個價值 10 億美元的特許經營權，我們將在未來幾年內積極發展它。

And again, all of our businesses are growing and will grow next year, but LMS is obviously leading the pack, and it's growing in size considerably.

再次強調，我們所有的業務都在成長並且明年還會成長，但 LMS 顯然處於領先地位，而且其規模正在大幅成長。

Got it.

知道了。

And then I guess maybe if I pivot away from that, I mean, kind of revisiting the wildfires, could you maybe quantify exactly how much of the negative impact in 3Q was attributable to the South California fires?

然後我想，如果我不再討論這個主題，重新回顧一下野火，你能否量化第三季的負面影響中有多少是南加州火災造成的？

Sure.

當然。

So, Andre, I won't be able to get into the specifics because there's lots of different details and complexities to it.

所以，安德烈，我無法深入討論具體細節，因為這裡面涉及很多不同的細節和複雜性。

But remember, these were unprecedented levels of fires as well as wins.

但請記住，這不僅是史無前例的火災，也是史無前例的勝利。

So what happened as a result of these extremely high wins, the utility, the local utilities essentially forced shutdowns for long and extended periods of time.

那麼，這些極高的中標結果導致公用事業公司、當地公用事業公司基本上被迫長時間關閉。

Many weeks, we were losing power day-in and day-out on multiple of our sites, in some cases, almost all of our sites here in Southern California.

數週以來，我們位於南加州的多個站點日復一日地斷電，有些站點甚至幾乎所有站點都斷電。

Not only our sites were affected in terms of power outages, so were our employee base and our supplier base, too, that are local.

不僅我們的工廠受到停電的影響，我們的本地員工和供應商也受到了影響。

So all of that happened in a time period, which was towards middle to end of our third quarter, which does not give us enough time to recover all the plans that we had.

所以所有這些都發生在第三季中期至末期的時間段內，這並沒有給我們足夠的時間來恢復我們所有的計劃。

So we've made these adjustments.

因此我們做出了這些調整。

We're very pleased with our results still.

我們仍然對結果非常滿意。

We continue to grow as a company.

我們的公司正在不斷發展壯大。

It's going to be another record fourth quarter revenues and profitability for the year for us.

我們今年第四季的營收和獲利將再創紀錄。

And we're going to exit the year with a strong, strong performance setting us up for next year.

我們將以強勁的業績結束今年，為明年做好準備。

And I think that our company has not been in such a great position compared to even last year this time, looking beyond fiscal '25 into '26.

我認為，與去年同期相比，展望 25 財年和 26 財年，我們公司的狀況並不好。

So we're excited about the future, and we look forward to that.

因此，我們對未來充滿興奮，並充滿期待。

I'm showing no further questions in the queue at this time.

顯示隊列中目前沒有其他問題。

I would now like to turn the call back over to Jonah for any closing remarks.

現在我想將電話轉回喬納，請他做最後發言。

Great.

偉大的。

Thank you once again for joining today's conference call and for your interest in AeroVironment.

再次感謝您參加今天的電話會議並感謝您對 AeroVironment 的關注。

As a reminder, an archived version of this call, SEC filings and relevant news can be found under the Investors section of our website.

提醒一下，本次電話會議的存檔版本、SEC 文件和相關新聞可在我們網站的投資者部分找到。

We hope you have a good evening and look forward to speaking with you again following next quarter's results.

我們希望您度過一個愉快的夜晚，並期待在下個季度的業績公佈後再次與您交談。

Good evening.

晚安.

This concludes today's program.

今天的節目到此結束。

Thank you all for participating.

感謝大家的參與。

You may now disconnect.

您現在可以斷開連線。