AeroVironment Inc (AVAV) 2025 Q4 法說會逐字稿

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

您好，感謝您的支持。歡迎參加 AeroVironment 2025 財年第四季和全年財報電話會議。（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 today, Director of Investor Relations, Denise Pacioni.

現在，我想將會議交給今天的發言人、投資者關係總監丹尼斯·帕西奧尼 (Denise Pacioni)。

Thank you and good afternoon, ladies and gentlemen. Welcome to AeroVironment's fourth quarter and full fiscal year 2025 Earnings Call. My name is Denise Pacioni, Director of Investor Relations for AeroVironment. 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.

謝謝大家，女士們、先生們，下午好。歡迎參加 AeroVironment 2025 財年第四季和全年財報電話會議。我叫 Denise Pacioni，是 AeroVironment 投資人關係總監。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. Further information on these risks and uncertainties 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.

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。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 or from our Investor Relations team. 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 & presentations. The content of this conference call contains time-sensitive information that is accurate only as of today, June 24, 2025.

您可以從美國證券交易委員會 (SEC)、AeroVironment 網站或我們的投資者關係團隊取得副本。今天下午，我們還在收益報告中提交了一份幻燈片演示，並將其發佈到我們網站的「活動和演示」下的「投資者」部分。本次電話會議的內容包含時間敏感訊息，僅截至今天（2025 年 6 月 24 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. Joining me today from AeroVironment are Chairman, President and Chief Executive Officer, Mr. Wahid Nawabi; and Executive Vice President and Chief Financial Officer, Mr. Kevin McDonnell.

本公司不承擔更新任何前瞻性陳述的義務，無論其是否出現新資訊、未來事件或其他原因。今天與我一起出席的還有 AeroVironment 董事長、總裁兼執行長 Wahid Nawabi 先生和執行副總裁兼財務長 Kevin McDonnell 先生。

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

我們現在開始聽瓦希德·納瓦比的演講。瓦希德？

Thank you, Denise. Welcome, everyone, to our fourth quarter and fiscal year 2025 earnings conference call. I will start by summarizing our quarterly and full year performance, followed by Kevin, who will review our financial results in greater detail and provide guidance for fiscal year 2026. I will then provide a summary of our key messages. And finally, Kevin, Denise and I will take your questions.

謝謝你，丹尼斯。歡迎大家參加我們的第四季和 2025 財年財報電話會議。我將首先總結我們的季度和全年業績，然後由 Kevin 更詳細地回顧我們的財務業績並為 2026 財年提供指導。然後我將總結我們的關鍵資訊。最後，凱文、丹尼斯和我將回答你們的問題。

Please be aware that our fourth quarter and fiscal year 2025 financial results do not include any financial activity from BlueHalo acquisition except for pre-closing deal and integration-related expenses. I'm pleased to report that once again we have achieved another record fourth quarter and full year results, exceeding our expectations while positioning us for even greater long-term profitable growth.

請注意，我們的第四季和 2025 財年財務表現不包括 BlueHalo 收購帶來的任何財務活動，除交易前和整合相關費用外。我很高興地報告，我們再次取得了創紀錄的第四季度和全年業績，超出了我們的預期，同時也為我們實現更大的長期盈利增長奠定了基礎。

We had an incredible year marked by robust demand for our innovative solutions, which enabled us to achieve double-digit organic revenue growth and significant increase in profitability. Our investments in all business segments helped drive demand for our products, which led to key domestic and international wins and enabled us to launch three new groundbreaking products this year, namely the P550, the JUMP 20x and the Red Dragon.

我們度過了令人難以置信的一年，我們的創新解決方案需求強勁，這使我們能夠實現兩位數的有機收入成長和獲利能力的顯著提升。我們對所有業務部門的投資有助於推動我們產品的需求，從而贏得了國內外的關鍵勝利，並使我們能夠在今年推出三款突破性的新產品，即 P550、JUMP 20x 和 Red Dragon。

Now I would like to highlight our key messages for fiscal year 2025, which are included on slide number 3 of our earnings presentation. First, we achieved record fiscal year revenue of $821 million, which is 14% higher than the prior year period, and record fourth quarter revenues of $275 million, which is 40% higher than prior year period. Second, in fiscal year 2025, we secured $1.2 billion in total bookings, underscoring the robust demand for our innovative and battle-proven solutions.

現在，我想強調一下我們 2025 財年的關鍵訊息，這些資訊包含在我們的收益報告的第 3 張幻燈片中。首先，我們的財年營收達到創紀錄的 8.21 億美元，比去年同期成長 14%，第四季營收達到創紀錄的 2.75 億美元，比去年同期成長 40%。其次，在 2025 財年，我們獲得了 12 億美元的總訂單，這凸顯了對我們創新且久經考驗的解決方案的強勁需求。

Third, we ended fiscal year '25 with funded backlog of $726 million, which is 82% higher than the prior fiscal year. Fourth, we closed our acquisition of BlueHalo, further strengthening our industry-leading position as the next-generation defense tech prime, with an all-domain portfolio of innovative solutions across air, land, sea, space and cyber.

第三，我們在 2025 財年結束時的資金積壓額為 7.26 億美元，比上一財年高出 82%。第四，我們完成了對 BlueHalo 的收購，進一步鞏固了我們作為下一代國防技術領域領導者的行業地位，擁有涵蓋空中、陸地、海洋、太空和網路等各個領域的創新解決方案組合。

And fifth, we are confident AV is better positioned than ever as a result of important company milestones we achieved throughout the fiscal year, and we're setting our fiscal year '26 revenue guidance between $1.9 billion to $2 billion. Let me be clear in a growing and evolving market, AV's 50-plus years of proven track record of delivering next-generation solutions with a proven ability to manufacture at scale remain key differentiators that sets us apart.

第五，我們相信，由於我們在整個財年取得了重要的公司里程碑，AV 的地位比以往任何時候都要好，我們將 26 財年的收入預期設定在 19 億美元至 20 億美元之間。讓我明確一點，在不斷成長和發展的市場中，AV 50 多年來提供下一代解決方案的良好記錄以及經過驗證的大規模生產能力仍然是我們脫穎而出的關鍵差異化因素。

We've been working side by side with our customers in the battlefields to help them find and deliver solutions, which are shaped by real-world threats they face. Over the past decade alone, we have invested nearly $2 billion in R&D to develop disruptive software-defined hardware solutions. And we believe we remain extremely well positioned to meet our customers' rising demands by delivering them the best-in-class solutions aligned with their needs.

我們一直在與客戶在戰場上並肩作戰，幫助他們找到並提供他們所面臨的現實世界威脅的解決方案。光是過去十年，我們就已投資近 20 億美元用於研發顛覆性的軟體定義硬體解決方案。我們相信，透過向客戶提供符合其需求的一流解決方案，我們仍然能夠很好地滿足客戶日益增長的需求。

As an example, this past fiscal year, we introduced three significant new products that are directly aligned to our customers' highest priorities. The first is our new Group 2 AI-driven autonomous UAS, the P550, which leverages a modular open-system approach. Second, we unveiled our JUMP 20x, which is a vertical takeoff and landing, or VITOL, Medium Uncrewed Aircraft System, or MUAS, engineered to revolutionize Shipboard UAS operations.

例如，在過去的財政年度，我們推出了三款重要的新產品，這些產品直接滿足了客戶的最高優先事項。首先是我們的新型第 2 組 AI 驅動自主 UAS P550，它採用模組化開放系統方法。其次，我們推出了 JUMP 20x，這是一種垂直起降（VITOL）、中型無人飛機系統（MUAS），旨在徹底改變艦載無人機系統的操作。

With an advanced heavy-fuel engine and fully autonomous takeoff and landing on a moving small battleship, JUMP 20X enhances operational flexibility, simplifies refueling logistics and ensures mission adaptability across diverse maritime and expeditionary environments. And finally, we introduced our new one-way attack drone solution, Red Dragon, which is a fully autonomous-capable GPS-denied one-way attack UAS that directly ties to the needs of our US Department of Defense customers.

JUMP 20X 配備先進的重油發動機，能夠在移動的小型戰艦上完全自主起飛和降落，從而增強了作戰靈活性，簡化了加油物流，並確保了在不同海上和遠徵環境中的任務適應性。最後，我們推出了新的單向攻擊無人機解決方案 Red Dragon，它是一種完全自主的 GPS 拒絕單向攻擊無人機系統，直接滿足我們美國國防部客戶的需求。

As demand for our new and existing solutions continues to rise, we remain confident in our robust manufacturing capacity to scale at affordable cost to meet our customers' urgent needs. We are confident that we're well positioned for strong organic growth in fiscal year 2026 and beyond. With that, now I would like to provide updates on each of our three business segments, starting with Loitering Munition Systems, or LMS.

隨著對我們新的和現有的解決方案的需求不斷增長，我們仍然對我們強大的製造能力充滿信心，可以以可承受的成本擴大規模以滿足客戶的迫切需求。我們有信心，我們已做好準備，在 2026 財年及以後實現強勁的有機成長。現在，我想提供我們三個業務部門的最新情況，首先是巡飛彈藥系統 (LMS)。

Our LMS segment continues to drive expansive growth for the company. LMS revenues for the fourth quarter rose 87% to $138 million, and for the full fiscal year revenues of $352 million were 83% higher. Fiscal year '25 reiterated the importance and effectiveness of all our Switchblade family of solutions. This fiscal year, we secured a total of $477 million in funded contract awards.

我們的 LMS 部門繼續推動公司的擴張性成長。LMS 第四季營收成長 87%，達到 1.38 億美元，全年營收為 3.52 億美元，成長 83%。25 財年重申了我們所有 Switchblade 系列解決方案的重要性和有效性。在本財政年度，我們獲得了總額為 4.77 億美元的資助合約獎勵。

We also secured the single largest award in our 54-year history with the Farmers Army IDIQ contract for Switchblade products and services valued at nearly $1 billion. International demand for our Switchblade products also remain strong. There are now eight countries that have placed firm initial orders and an additional eight allies actively engaged in the foreign military sales process.

我們還獲得了農民軍 IDIQ 合同，獲得 Switchblade 產品和服務，價值近 10 億美元，這是我們 54 年歷史上最大的一筆合約。國際上對我們的 Switchblade 產品的需求也依然強勁。目前已有八個國家下達了確定的初始訂單，另有八個盟友積極參與對外軍售進程。

With demand for Switchblade on the rise, we remain active in our manufacturing facility expansion efforts in Utah and expect to have initial production capability by the end of this fiscal year. This new production facility will enable us to support more than $1 billion in annual Switchblade revenues. Now on to our Uncrewed Systems segment, or UxS.

隨著對 Switchblade 的需求不斷增長，我們繼續積極擴大位於猶他州的製造工廠，並預計在本財年末具備初步生產能力。這個新的生產設施將使我們能夠支援每年超過 10 億美元的 Switchblade 收入。現在我們來談談無人系統部分，或者說UxS。

Our UxS segment posted fourth quarter revenues of $113 million, which is higher than the prior year period by nearly 9%. For the full fiscal year, revenues were slightly lower than the same period last year at $382 million. The Puma AE UAS, a multibillion-dollar product franchise for AV, remains a profitable and sustainable growth driver for the company. As I mentioned earlier, we introduced our new P550 UAS this past fiscal year.

我們的 UxS 部門第四季營收為 1.13 億美元，比去年同期成長近 9%。整個財年的營收略低於去年同期的 3.82 億美元。Puma AE UAS 是價值數十億美元的 AV 產品特許經營權，仍然是該公司盈利和可持續的成長動力。正如我之前提到的，我們在上個財政年度推出了新的 P550 UAS。

Our P550 will continue to lead the entire small UAS industry with many unique features, and we're expanding our manufacturing capacity in anticipation of increased demand. As we noted last quarter, the Department of Defense announced two programs worth over $1 billion in value. We're confident our P550 solution will compete effectively and win key contracts.

我們的 P550 將憑藉其眾多獨特功能繼續引領整個小型 UAS 行業，並且我們正在擴大製造能力以滿足不斷增長的需求。正如我們上個季度所指出的，國防部宣布了兩個總價值超過 10 億美元的項目。我們相信我們的 P550 解決方案將有效競爭並贏得關鍵合約。

Our Group 3 medium UAS, JUMP 20, has gained significant traction, particularly in the international marketplace. Most recently, we secured a $46 million contract with the Italian Ministry of Defense. Maritime efforts on the JUMP 20X are progressing, and we anticipate strong interest and demand for this in the near future.

我們的第 3 組中型無人機系統 JUMP 20 已獲得顯著發展，尤其是在國際市場上。最近，我們與義大利國防部簽訂了一份價值 4,600 萬美元的合約。JUMP 20X 的海上工作正在取得進展，我們預計在不久的將來人們將對此產生濃厚的興趣和需求。

Additionally, our Uncrewed Ground Vehicle, or UGV, business received a contract to deliver 41 UGVs to the German Federal Armed Forces with deliveries scheduled for the summer of 2025 through 2027. This represents one of the largest UGV awards in our company's history. We remain confident in our UxS segment's long-term outlook due to market growth, key contract wins and expanding international opportunities.

此外，我們的無人地面車輛（UGV）業務獲得了一份合同，向德國聯邦武裝部隊交付 41 輛 UGV，交付時間定於 2025 年夏季至 2027 年。這是我們公司歷史上最大的 UGV 獎項之一。由於市場成長、關鍵合約的贏得以及不斷擴大的國際機遇，我們對 UxS 部門的長期前景充滿信心。

Moving now to our MacCready Works segment. MacCready Works continues to develop industry-leading, next-generation solutions and is driving force -- is the driving force behind our latest one-way attack drone, Red Dragon. Revenues for the fourth quarter rose 24% to $24 million. For the full fiscal year, revenues were $87 million, which was 14% higher than the prior year period.

現在轉到我們的 MacCready Works 部分。MacCready Works 持續開發業界領先的下一代解決方案，也是我們最新的單向攻擊無人機 Red Dragon 背後的驅動力。第四季營收成長 24% 至 2,400 萬美元。整個財政年度的營收為 8,700 萬美元，比去年同期成長 14%。

As stated earlier, Red Dragon is a fully autonomous-capable, software-defined uncrewed aircraft system that can operate in high-threat, GPS-denied and communication-degraded environments. This cutting-edge solution includes AV's AVACORE autonomous flight software suite and AV's SPOTR-Edge perception system, which we believe are the most advanced technologies in the battlefield today.

如前所述，紅龍是一種完全自主、軟體定義的無人駕駛飛機系統，可以在高威脅、GPS 拒絕和通訊惡化的環境中運作。這個尖端解決方案包括 AV 的 AVACORE 自主飛行軟體套件和 AV 的 SPOTR-Edge 感知系統，我們相信它們是當今戰場上最先進的技術。

Red Dragon provides critical advantages to warfighters. It is designed to be mass produced affordably and can be deployed across land and sea. Red Dragon is now part of our Precision Strike and Counter UAS group under our Autonomous Systems segment. MacCready Works continues to push the boundaries on leading-edge technologies, and we anticipate many more solutions from this group in the future.

紅龍為作戰人員提供了關鍵優勢。它旨在以低成本進行大規模生產，並可在陸地和海上部署。紅龍現在是我們自主系統部門下屬精確打擊和反無人機系統組的一部分。MacCready Works 不斷突破尖端技術的界限，我們期待未來該集團能推出更多解決方案。

With an excellent fiscal year '25 behind us, we are now setting our sights on further growth as a combined company for fiscal year 2026 and beyond. Having successfully completed the largest acquisition in our company's history with the addition of BlueHalo, our position as the proven defense tech leader. We're now better equipped to provide our nation and our allies around the world with new disruptive solutions they need.

在經歷了出色的 2025 財年之後，我們正著眼於合併後的公司在 2026 財年及以後的進一步成長。透過收購 BlueHalo，我們成功完成了公司歷史上最大的一筆收購，鞏固了我們作為公認的國防技術領導者的地位。我們現在能夠更好地為我們的國家和世界各地的盟友提供所需的新的顛覆性解決方案。

Our integrated capabilities across every domain, including air, land, sea, space and cyber as well as our innovation engine, coupled with the ability to scale positions us to address emerging global priorities and meet rising demand. As an example, recently, the US Department of Defense reiterated the importance our solutions and capabilities play in national defense strategy from precision fires and loitering munitions, autonomous counter UAS and to space technologies, cybersecurity solutions and advanced munitions.

我們在空中、陸地、海上、太空和網路等各個領域的綜合能力以及我們的創新引擎，加上擴展能力，使我們能夠解決新興的全球優先事項並滿足不斷增長的需求。例如，最近，美國國防部重申了我們的解決方案和能力在國防戰略中的重要性，包括精確火力和巡飛彈藥、自主反無人機系統以及太空技術、網路安全解決方案和先進彈藥。

As we look ahead and to better align with customer missions in our financial reporting structure, starting in fiscal year 2026, we will operate under two distinct business segments. The first is Autonomous Systems, which encompasses uncrewed systems or Group 1 through three UAS, precision strike and one-way attack systems, including Switchblade loitering munitions and Red Dragon, defensive systems or counter UAS solutions that use both radiofrequency sensors and advanced electronic warfare capabilities.

展望未來，為了在我們的財務報告架構中更好地與客戶使命保持一致，從 2026 財年開始，我們將在兩個不同的業務部門下運作。第一個是自主系統，它涵蓋無人系統或第一組至第三組無人機系統、精確打擊和單向攻擊系統，包括彈簧刀巡飛彈和紅龍、防禦系統或反無人機系統解決方案，這些解決方案同時使用射頻感測器和先進的電子戰能力。

Ground and maritime robotic solutions, and MacCready Works, the company's innovation engine where autonomy, AI and advanced platform technologies converge to deliver next-generation capabilities. The second segment is space, cyber and directed energy, which encompasses space technologies, directed energy solutions, cyber solutions and mission services.

地面和海上機器人解決方案，以及 MacCready Works，這是該公司的創新引擎，將自主性、人工智慧和先進的平台技術融合在一起，以提供下一代功能。第二部分是太空、網路和定向能，涵蓋太空技術、定向能解決方案、網路解決方案和任務服務。

By adding space technologies, Counter-UAS directed energy, electronic warfare and cyber solutions to our cutting-edge and battle-proven offerings, we have expanded our growth opportunity in a market fueled by strong tailwinds and now offer a comprehensive set of solutions across all domains air, land, sea, space and cyber. With more than 50,000 platforms already fielded and performing in high-demand environments, AV now exports systems to more than 100 allies around the world.

透過在我們尖端且經過實戰檢驗的產品中添加太空技術、反無人機定向能、電子戰和網路解決方案，我們擴大了在強勁順風推動的市場中的成長機會，現在可在空中、陸地、海洋、太空和網路所有領域提供全面的解決方案。AV 已在高需求環境中部署並運行了 50,000 多個平台，目前已向全球 100 多個盟友出口系統。

Since the close of BlueHalo acquisition, we've been working tirelessly on integration and we're very excited to finally be one AV team. With that, I would like to now turn the call over to Kevin McDonnell for a review of our fourth quarter and full year financials. Kevin?

自 BlueHalo 收購結束以來，我們一直不懈地致力於整合，我們非常高興最終成為 AV 團隊。現在，我想將電話轉給凱文麥克唐納 (Kevin McDonnell)，讓他回顧一下我們的第四季和全年財務狀況。凱文？

Thank you, Wahid. Today, I will be reviewing the highlights of our fourth quarter performance, during which I will occasionally refer to both our press release and earnings presentation available on our website. Just to remind you that we closed our BlueHalo acquisition on May 1, so the results for Q4 and FY '25 do not include any financial activity from BlueHalo except pre-closing, deal and integration expenses.

謝謝你，瓦希德。今天，我將回顧我們第四季度業績的亮點，在此期間我將偶爾參考我們網站上的新聞稿和收益報告。需要提醒您的是，我們於 5 月 1 日完成了對 BlueHalo 的收購，因此第四季度和 25 財年的業績不包括 BlueHalo 的任何財務活動（除交易前、交易和整合費用外）。

We ended a record year with a record quarter in terms of revenue and adjusted EBITDA. This is the third consecutive year we've met or exceeded our initial annual revenue and adjusted EBITDA guidance. This has been challenging in terms of quarterly year-over-year comparisons, but it's gratifying to end the year with a strong fourth quarter and achieve our annual goals.

我們以創紀錄的收入和調整後 EBITDA 季度成績結束了創紀錄的一年。這是我們連續第三年達到或超過初始年度收入和調整後 EBITDA 預期。就季度同比而言，這是一個挑戰，但令人欣慰的是，我們以強勁的第四季度結束了這一年，並實現了我們的年度目標。

I'll briefly comment on our results for the quarter and the year and spend a bit more time providing some guidance for FY '26 since the financial landscape of the company will change significantly. As Wahid mentioned in his remarks, we ended the year with a record $275 million of revenue in the fourth quarter, which represented a 40% increase over the prior year.

我將簡要評論本季和本年度的業績，並花更多時間為 26 財年提供一些指導，因為公司的財務狀況將發生重大變化。正如瓦希德在演講中提到的那樣，我們以第四季度創紀錄的 2.75 億美元收入結束了這一財年，比前一年增長了 40%。

This completed a record year at $821 million in revenue, which represents 14% growth despite the challenges of reduced revenues to Ukraine. Ukraine revenues in FY '25 end up being at 18% of total revenue for the year and 12% of revenue in the quarter. We expect Ukraine revenue to be less than 5% in FY '26. However, it should be noted we continue to receive orders for upgrades to their Puma fleet and for Switchblade.

今年，該公司的收入達到了創紀錄的 8.21 億美元，儘管面臨烏克蘭收入減少的挑戰，但仍成長了 14%。烏克蘭 25 財年的營收佔全年總營收的 18%，佔本季營收的 12%。我們預計烏克蘭 26 財年的收入將低於 5%。然而，值得注意的是，我們繼續收到升級其 Puma 機隊和 Switchblade 的訂單。

It's interesting to note that 52% of the company's revenues were from international customers, of which a little over 24% came from non-Ukraine European customers. We continue to demonstrate a strong international franchise for our Puma, Switchblade and JUMP 20 product lines. In fact, we received orders from eight countries for Switchblade products with nearly $0.25 billion in FY '25, and the JUMP 20 received nearly $100 million of orders in the fourth quarter alone, from which over half came from international customers.

值得注意的是，該公司 52% 的收入來自國際客戶，其中略高於 24% 的收入來自烏克蘭以外的歐洲客戶。我們繼續展示 Puma、Switchblade 和 JUMP 20 產品線強大的國際特許經營權。事實上，我們在 25 財年收到了來自 8 個國家的 Switchblade 產品訂單，總額近 2.5 億美元，而 JUMP 20 僅在第四季度就收到了近 1 億美元的訂單，其中超過一半來自國際客戶。

As Wahid mentioned, LMS ended the year strong with $138.3 million in revenue in the quarter, of which about 80% came from Switchblade 600 product. UxS had a strong quarter at $112.6 million, which represented 9% year-over-year growth, led by revenues from Puma products represented over 50% of the UxS revenue, and the JUMP 20, almost 20% of the total segment revenue. In terms of adjusted EBITDA, slides 13 and 14 of our earnings presentation shows a reconciliation of GAAP gross margins to adjusted gross margins and net income to adjusted EBITDA.

正如 Wahid 所提到的，LMS 本季表現強勁，營收達 1.383 億美元，其中約 80% 來自 Switchblade 600 產品。UxS 本季表現強勁，營收達 1.126 億美元，比去年同期成長 9%，其中 Puma 產品營收佔 UxS 營收的 50% 以上，JUMP 20 營收佔該部門總營收的近 20%。就調整後的 EBITDA 而言，我們的收益報告的第 13 和 14 張幻燈片顯示了 GAAP 毛利率與調整後的毛利率以及淨收入與調整後的 EBITDA 的對帳。

Adjusted EBITDA for Q4 was $61.6 million, up from last year's Q4 of $22.2 million, driven by higher revenue, higher gross margins and lower investments in R&D spending, partially offset by higher SG&A expenses. Full year adjusted EBITDA was $146.4 million, which is 17.8% of revenue and a 15% increase in EBITDA over FY '24.

第四季調整後 EBITDA 為 6,160 萬美元，高於去年同期的 2,220 萬美元，這得益於收入增加、毛利率增加以及研發支出減少，但銷售、一般及行政費用增加部分抵消了這一影響。全年調整後的 EBITDA 為 1.464 億美元，佔營收的 17.8%，比 24 財年的 EBITDA 成長 15%。

In terms of the fourth quarter, consolidated GAAP gross margins finished at 36%, which is more than the fourth quarter last year primarily due to a $4.6 million negative impact due to non-cash accelerated intangible amortization expenses related to our UGV business. Fourth quarter adjusted gross margins were 39%, a decrease from the 40% for the same period last year due to a change in sales mix and lower service margin.

就第四季度而言，合併 GAAP 毛利率為 36%，高於去年第四季度，這主要是由於與我們的 UGV 業務相關的非現金加速無形攤銷費用造成了 460 萬美元的負面影響。第四季調整後的毛利率為 39%，低於去年同期的 40%，原因是銷售組合變動和服務利潤率下降。

Adjusted product gross margins were flat, while service gross margins were down 8% primarily due to service mix. Full year fiscal 2025 gross margins were at 41.2% versus 41.5% in fiscal 2024. While adjusted product gross margins improved year-over-year from 43.3% to 43.8%, the 6% decline in adjusted service gross margins resulted in the slight decline in overall adjusted gross margins.

調整後的產品毛利率持平，而服務毛利率下降 8%，主要原因是服務組合。2025 財年全年毛利率為 41.2%，而 2024 財年為 41.5%。雖然調整後產品毛利率年比從 43.3% 提高至 43.8%，但調整後服務毛利率下降 6% 導致整體調整後毛利率略有下降。

Moving to operating expenses. Reported GAAP SG&A for the quarter was $43.3 million, but this includes $5.6 million for deal and integration costs, $2.1 million for a legal accrual and $0.8 million of intangible amortization. Net of these items, SG&A for the quarter was $34.8 million compared to $32.7 million for the prior year in the same period, a 6% increase.

轉向營運費用。本季度報告的 GAAP 銷售、一般及行政費用為 4,330 萬美元，但其中包括 560 萬美元的交易和整合成本、210 萬美元的法定應計費用和 80 萬美元的無形資產攤銷。扣除這些項目後，本季銷售、一般及行政費用為 3,480 萬美元，而去年同期為 3,270 萬美元，成長 6%。

For fiscal 2025, SG&A net of these same types of adjustments was $133 million versus $107.3 million in FY '24 or 16% of revenue in FY '25 and 15% of revenue in FY '24. The increased SG&A is -- largely was driven by increased global sales footprint, and more importantly, increased bid and proposal activity. R&D expense for the fourth quarter was $25 million or 9% of revenue compared to $35 million or 18% of revenue in the prior year.

2025 財年，扣除此類調整後的銷售、一般及行政費用為 1.33 億美元，而 2024 財年為 1.073 億美元，佔 2025 財年收入的 16%，佔 2024 財年收入的 15%。銷售、一般及行政費用的增加主要是由於全球銷售範圍的擴大，更重要的是投標和提案活動的增加。第四季研發費用為 2,500 萬美元，佔營收的 9%，去年同期為 3,500 萬美元，佔營收的 18%。

The large year-over-year reduction in R&D was a result of the HAPS flight testing, which occurred in Q4 of FY '24. Total R&D spend for 2025 ended at 12% of total revenue and within the 12% to 13% range of our initial guidance. Now turning to GAAP earnings. In the fourth quarter, the company generated net income of $16.7 million versus net income of $6 million recorded in the same period last year.

研發費用較去年大幅減少是由於 24 財年第四季進行的 HAPS 飛行測試。2025 年研發總支出將佔總收入的 12%，介於我們最初預期的 12% 至 13% 範圍內。現在轉向 GAAP 收益。第四季度，該公司淨收入為 1,670 萬美元，而去年同期的淨收入為 600 萬美元。

The increase in net income of $10.6 million can be attributed to a $36.3 million increase income from ongoing and business activities offset by non-recurring expense from an $18.4 million goodwill impairment in the UGV business, a $5.2 million increase in deal and integration expenses and a $2.1 million legal accrual. For the full year, the company generated net income of $43.6 million versus net income of $59.7 million in FY '24.

淨收入增加 1,060 萬美元，可歸因於持續經營活動收入增加 3,630 萬美元，但被 UGV 業務商譽減值 1,840 萬美元的非經常性費用、交易和整合費用增加 520 萬美元以及法律應計費用 210 萬美元所抵消。全年該公司淨收入為 4,360 萬美元，而 24 財年的淨收入為 5,970 萬美元。

The decrease in net income of $16 million can be attributed to additional income from normal business activities at $21.7 million, more than offset by the $18.4 million goodwill impairment, $17.2 million increase in deal integration costs and a $2.1 million legal accrual. Slide 12 shows the reconciliation of GAAP and adjusted or non-GAAP diluted EPS.

淨收入減少 1,600 萬美元，可歸因於正常業務活動產生的額外收入 2,170 萬美元，但被 1,840 萬美元的商譽減值、1,720 萬美元的交易整合成本增加和 210 萬美元的法律應計費用所抵消。投影片 12 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 diluted share of $1.61 for the fourth quarter of fiscal 2025 versus $0.43 diluted share for the fourth quarter of fiscal 2024. Moving to the balance sheet at the close of fourth quarter, our total cash and investments amounted to $72.5 million, in line with the same amount at the end of the third quarter of fiscal 2025.

該公司公佈的 2025 財年第四季調整後每股攤薄收益為 1.61 美元，而 2024 財年第四季調整後每股攤薄收益為 0.43 美元。從第四季末的資產負債表來看，我們的現金和投資總額為 7,250 萬美元，與 2025 財年第三季末的金額持平。

Unbilled receivables increased $60 million during the fourth quarter. The increase is largely attributed to the LMS business as the volume in process Switchblade has reached record levels. Contract definitizations, except testing schedules and new payment terms have unfavorably impacted the near-term working capital. We expect favorable improvements to these working capital balances in early FY '26.

第四季未開立應收帳款增加了 6,000 萬美元。這一成長主要歸功於 LMS 業務，因為 Switchblade 的處理量已達到創紀錄的水平。除測試計劃和新的付款條款外，合約的確定對近期營運資金產生了不利影響。我們預計這些營運資金餘額在 26 財年初將出現有利的改善。

I should note that after the quarter ended as part of the BlueHalo transaction, at closing, we paid off the acquired company's debt and transaction expenses, which totaled $925 million, utilizing our $700 million loan facility and part of our $350 million revolving credit facility. Turning now to backlog, our funded backlog at the end of the fourth quarter of fiscal 2025 finished at a record $726.6 million, thanks to a record $1.2 billion in bookings in fiscal 2025.

我應該指出，作為 BlueHalo 交易的一部分，在本季結束後，在交易結束時，我們利用 7 億美元的貸款額度和 3.5 億美元循環信貸額度的一部分，償還了被收購公司的債務和交易費用，總額達 9.25 億美元。現在談談積壓訂單，由於 2025 財年預訂量達到創紀錄的 12 億美元，我們在 2025 財年第四季末的資金積壓訂單達到了創紀錄的 7.266 億美元。

Finally, I'd like to discuss the reporting structure going forward and provide you our FY '26 guidance. As Wahid mentioned earlier, AV will now operate under two reporting segments. These descriptions as well as the pro forma FY '25 information for each segment can be found on slide 10 of the presentation. Total pro forma revenue for 2025 was approximately $1.7 billion for the combined businesses.

最後，我想討論未來的報告結構並為您提供我們的 26 財年指導。正如 Wahid 之前提到的，AV 現在將按照兩個報告部門運作。這些描述以及每個部分的 25 財年預測資訊可以在簡報的第 10 張投影片上找到。合併後業務的 2025 年總預計收入約為 17 億美元。

Our first segment, Autonomous Systems, or AxS, will be led by Trace Stevenson, who formerly led AV's Uncrewed Systems segment. The AxS segment is basically the legacy AV business, adding encounter UAS RF, maritime robotics and electronic warfare businesses from legacy BlueHalo. The total pro forma FY '25 revenue for AxS segment is just over $1 billion.

我們的第一個部門，自主系統（AxS），將由曾經領導 AV 無人系統部門的 Trace Stevenson 領導。AxS 部門基本上是傳統的 AV 業務，增加了來自傳統 BlueHalo 的遭遇式 UAS RF、海上機器人和電子戰業務。AxS 部門 25 財年預計總營收略高於 10 億美元。

Our second segment is Space, Cyber Directed Energy, or SCDE, and is led by Trip Ferguson, who formerly was the Chief Operating Officer for BlueHalo. The pro forma FY '25 revenue for the SCDE segment is $646 million. Starting in the first quarter of fiscal 2026, our earnings results will include aggregated revenue performance for each of the revenue categories listed on slide 10 under the two product segments.

我們的第二部分是空間、網路定向能（SCDE），由前 BlueHalo 首席營運長 Trip Ferguson 領導。SCDE 部門 25 財年的預計收入為 6.46 億美元。從 2026 財年第一季開始，我們的收益結果將包括兩個產品部門下第 10 張投影片中列出的每個收入類別的總收入表現。

Now into fiscal 2026 guidance. On page 8 of the presentation, we provide fiscal 2026 guidance inclusive of the recent acquisition of BlueHalo, which closed May 1, 2025. Given the shift in our financial model, we are giving more color on the guidance for the year. Fiscal year revenue is expected to be between $1.9 billion and $2 billion, adjusted EBITDA between $300 million and $320 million and non-GAAP adjusted EPS between $2.80 and $3.

現在進入 2026 財年指導。在簡報的第 8 頁，我們提供了 2026 財年指引，其中包括最近收購 BlueHalo，該收購於 2025 年 5 月 1 日完成。鑑於我們財務模式的轉變，我們將對今年的指導提供更多細節。預計財年收入在 19 億美元至 20 億美元之間，調整後 EBITDA 在 3 億美元至 3.2 億美元之間，非 GAAP 調整後 EPS 在 2.80 美元至 3 美元之間。

The midpoint of our revenue guidance range represents nearly 15% growth over the pro forma FY '25 results. Our visibility to the midpoint of the revenue guidance is at 70%, which is higher -- at the higher end of our historical range at this point during the year. We expect adjusted gross margins to remain at 29% to 31%. Adjusted gross margins for the first half of fiscal -- of the fiscal year should be in the high 20% range, moving toward the low 30% as -- throughout the year.

我們的營收預期範圍的中點比預期的 25 財年業績成長了近 15%。我們對收入預期中點的可見度為 70%，這個數字較高——處於今年此時的歷史範圍的高端。我們預計調整後的毛利率將維持在29%至31%之間。本財年上半年的調整後毛利率應在 20% 左右，全年則趨向於 30% 左右。

R&D expenses is expected to remain at 6% to 7% of revenue and BlueHalo deal integration expenses at a range of $40 million to $45 million, of which approximately $20 million is related to deal closing costs. The revenue for the year is 45% for the first half of the year and 55% for the second half. Overall adjusted EBITDA percentage of revenue for the year is approximately 16% at the midpoint of the guidance range.

預計研發費用將維持在收入的 6% 至 7% 之間，BlueHalo 交易整合費用將在 4,000 萬美元至 4,500 萬美元之間，其中約 2,000 萬美元與交易成交成本有關。全年營收上半年佔45%，下半年佔55%。全年整體調整後的 EBITDA 收入百分比約為 16%，處於指導範圍的中點。

This should trend by quarter from 10% to 12% in Q1, trending up to the high teens in the third and fourth quarters as we start to realize synergies, a higher proportion of product sales and increased revenue levels. Slide 10 further breaks down the expected fiscal 2026 revenue by business segment. Autonomous Systems fiscal year revenue is expected to be between $1.2 billion and $1.4 billion, representing over 20% growth versus pro forma FY '25.

隨著我們開始實現協同效應、更高的產品銷售比例和更高的收入水平，這一趨勢在第一季將從 10% 上升到 12%，在第三季和第四季將上升到十幾歲。投影片 10 進一步按業務部門細分了 2026 財年的預期收入。自主系統財年營收預計在 12 億美元至 14 億美元之間，與 25 財年預測相比將成長 20% 以上。

And space, cyber and directed energy fiscal year 2026 revenue expected to be between $700 million and $900 million, representing double-digit growth versus pro forma FY '25. I'd like to close by Wahid remarks. We are very well aligned with the US DoD priorities and those of its allies and are excited about our prospects.

預計 2026 財年太空、網路和定向能收入將在 7 億至 9 億美元之間，與 25 財年的預測相比實現兩位數成長。我想以瓦希德的發言作為結束。我們與美國國防部及其盟友的優先事項非常一致，並對我們的前景感到興奮。

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. Before turning the call over for questions, I would like to reiterate the incredible positive momentum we've achieved while entering fiscal year 2026. First, we achieved record fiscal year '25 revenues of $821 million, which is 14% higher than the prior year period. And record fourth quarter revenues of $275 million, which is 40% higher than the prior year period.

謝謝，凱文。在轉入提問環節之前，我想重申一下我們在進入 2026 財年時所取得的令人難以置信的積極勢頭。首先，我們 25 財年的營收創下了 8.21 億美元的新高，比去年同期成長了 14%。第四季營收達到創紀錄的 2.75 億美元，比去年同期高出 40%。

Second, in fiscal year '25, we secured $1.2 billion in total bookings, underscoring the robust demand for our innovative and battle-proven solutions. Third, we ended fiscal year '25 with funded backlog of $726 million, which is 82% higher than the prior fiscal year. Fourth, we closed our acquisition of BlueHalo, further strengthening our industry-leading position as the next-gen defense tech prime with an all-domain portfolio of innovative solutions across air, land, sea, space and cyber well aligned to our customers' highest priorities.

其次，在 25 財年，我們獲得了 12 億美元的總訂單，這凸顯了市場對我們創新且久經考驗的解決方案的強勁需求。第三，我們在 2025 財年結束時的資金積壓額為 7.26 億美元，比上一財年高出 82%。第四，我們完成了對 BlueHalo 的收購，進一步鞏固了我們作為下一代國防技術領域領先者的行業地位，我們擁有涵蓋空中、陸地、海洋、太空和網路等各個領域的創新解決方案組合，能夠充分滿足客戶的最高優先事項。

And fifth, we are confident AV is better positioned than ever as a result of important company milestones we achieved throughout the fiscal year. And we're setting our fiscal year '26 revenue guidance between $1.9 billion and $2 billion. Our decades worth of investing in autonomous systems has paved the way for our industry, and we will continue to lead with best-in-class solutions that are aligned to our customers' needs.

第五，我們相信，由於我們在整個財政年度取得了重要的公司里程碑，AV 的地位比以往任何時候都要好。我們將 26 財年的營收預期設定在 19 億至 20 億美元之間。我們數十年來對自主系統的投資為我們的行業鋪平了道路，我們將繼續以符合客戶需求的一流解決方案引領業界。

We are encouraged by the current administration's ambition for deploying defensive assets our warfighters desperately need, and we stand ready to deliver as we have always done. We're honored to support the most critical defense missions of our nation at this pivotal moment. I want to thank our employees, shareholders and customers for their continued commitment to AV and our mission.

我們對現任政府部署我們的作戰人員迫切需要的防禦資產的雄心壯志感到鼓舞，我們隨時準備像往常一樣實現這一目標。我們很榮幸能夠在這個關鍵時刻支持我們國家最關鍵的防禦任務。我要感謝我們的員工、股東和客戶對 AV 和我們使命的持續承諾。

We would not be in the position we are today without them. Together with BlueHalo, we're poised to seize these incredible opportunities to realize the benefits from adding their capabilities across space technologies, counter UAS directed energy, electronic warfare and cyber solutions to AV's existing robust portfolio.

如果沒有他們，我們就不會擁有今天的地位。我們準備好與 BlueHalo 攜手抓住這些難得的機會，將其在太空技術、反無人機定向能、電子戰和網路解決方案方面的能力添加到 AV 現有的強大產品組合中，從而實現優勢。

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

現在，凱文、丹尼斯和我將回答你們的問題。

(Operator Instructions) Louie DiPalma, William Blair.

（操作員指示） Louie DiPalma、William Blair。

Wahid, Kevin and Denise, congrats on closing the major acquisition.

Wahid、Kevin 和 Denise，恭喜你們完成這項重大收購。

Thank you, Louie.

謝謝你，路易。

Thank you, Louie.

謝謝你，路易。

For Wahid, the fourth quarter demonstrated pretty robust Switchblade growth. Can you discuss your view of the Army's announcement of their transformation initiative that came out last month and the report that the Army wants to outfit combat divisions with more than 1,000 drones?

對 Wahid 來說，第四季 Switchblade 的成長相當強勁。您能否談談您對陸軍上個月宣布的轉型計劃以及陸軍希望為作戰師配備 1,000 多架無人機的報道的看法？

And can you discuss that in the context of how the Army has already ordered thousands of Switchblades from AeroVironment and thousands of Pumas in the past? And so do you view this Army transformation initiative as incremental to what you've already provided for them?

您能否結合陸軍過去已經從 AeroVironment 訂購了數千把彈簧刀和數千把美洲豹的情況來討論這個問題？那麼，您是否認為這項陸軍轉型計劃是您已為他們提供的服務的補充？

Thank you, Louie. Yes, first of all, we are very, very pleased with the results that we delivered in the fourth quarter, setting another record for the quarter as well as for the year, not only our overall business, but as you mentioned, in loitering munition. I mean that business is growing rapidly. And on fourth quarter, we grew over 83%, as you saw.

謝謝你，路易。是的，首先，我們對第四季度的業績非常滿意，這不僅創下了本季度乃至全年的新紀錄，而且正如您所說，還創下了遊蕩彈藥業務的新紀錄。我的意思是業務正在快速成長。如您所見，第四季度我們的成長率超過 83%。

And another key figure that's really important is that throughout fiscal year 2025, not only do we book a record $1.2 billion worth of new orders -- funded bookings, but the LMS business or segment alone booked close to $477 million in contract awards. And it's a variety of mix of customers, some for the US Army, some part of the Replicator initiative of the US Pentagon, international customers about ADM so far.

另一個非常重要的關鍵數據是，在整個 2025 財年，我們不僅獲得了創紀錄的價值 12 億美元的新訂單（資金訂單），而且僅 LMS 業務或部門就獲得了近 4.77 億美元的合約授予。到目前為止，ADM 的客戶來自各行各業，有些是美國陸軍的客戶，有些是美國五角大廈「複製器」計畫的一部分，還有一些國際客戶。

And all of that means that we have tremendous momentum with our LMS business going forward. We expect that business to continue to grow. Specific to your question related to the US Army's robotics or transformation, General George has made a very clear statement and so has the Secretary of the Army that they would like to shift and modernize the US Army and there is significant potential upside.

所有這些都意味著我們的 LMS 業務未來將擁有巨大的發展動力。我們預計業務將持續成長。具體到您提到的有關美國陸軍機器人技術或轉型的問題，喬治將軍已經做出了非常明確的聲明，陸軍部長也表示，他們希望轉變和現代化美國陸軍，並且具有巨大的潛在優勢。

And the key areas that they would like to modernize and transform the US Army, one of them is related to loitering munitions, drones, counter UAS and counter drones, directed energy and RF-jamming capabilities, such as our Titan solution set from BlueHalo. So if you look at the priorities of the US DoD and its US Army, AV is positioned incredibly well.

他們希望對美國陸軍進行現代化改造的關鍵領域之一與巡飛彈藥、無人機、反無人機系統和反無人機、定向能和射頻幹擾能力有關，例如我們 BlueHalo 的 Titan 解決方案套件。因此，如果你看看美國國防部及其美國陸軍的優先事項，AV 的定位就非常好。

Not only do we represent more than 2/3 or 3/4 of the US DoD's priorities and the Army's priorities, we also are very unique because we have the capabilities that we can deliver today with that -- we have the production capacity to deliver to make them and produce them at scale, which we've done in the past, and our systems are battle-tested and proven.

我們不僅代表了美國國防部和陸軍超過 2/3 或 3/4 的優先事項，而且我們也非常獨特，因為我們擁有今天可以提供的能力——我們擁有製造和大規模生產這些產品的生產能力，我們過去已經這樣做了，我們的系統經過了實戰檢驗和驗證。

So my -- so the short answer is yes, we expect additional incremental opportunities. Details of that is not well known yet, but I think the momentum is very much on our back. And I think the loitering munition business is going to continue to grow.

所以我的答案是肯定的，我們期待更多的增量機會。具體細節目前還不清楚，但我認為我們的勢頭非常強勁。我認為巡飛彈藥業務將會持續成長。

That also includes counter UAS in the army transformation, too.

這其中也包括軍隊轉型中的反無人機系統。

That's right.

這是正確的。

Great. That makes sense. And another question. You guys discussed the very strong foreign military sales pipeline and how I think you are shipping the Switchblade to 8 countries, and you are involved in negotiations with another eight. And so I'm just wondering, was there a write-down in the unfunded backlog? And was that write-down related to foreign military sales and the different policies under the new administration?

偉大的。這很有道理。還有另一個問題。你們討論了非常強大的外國軍事銷售管道，以及我認為你們如何將 Switchblade 運往 8 個國家，並且正在與另外 8 個國家進行談判。所以我只是想知道，未籌措資金的積壓訂單是否有減記？這種減記是否與對外軍售和新政府的不同政策有關？

No. Louie, the answer is no. We did not have any write-downs related to our LMS business or FMS sales on our financials this quarter at all. The LMS business is doing great. We have a lot of momentum behind it. We continue to work with more and more countries and allies who want to get Switchblades into their hands of their warfighters.

不。路易，答案是否定的。本季我們的財務狀況中根本沒有與 LMS 業務或 FMS 銷售相關的任何減記。LMS 業務表現良好。我們對此有著很大的推動力。我們將繼續與越來越多的國家和盟友合作，讓這些國家的戰士能夠擁有彈簧刀。

And I believe the opportunity is just beginning and that trend is going to continue over several years in the future. We're positioned very, very well. But no write-downs related to LMS business in the fourth quarter.

我相信機會才剛開始，而且這種趨勢將在未來幾年持續下去。我們的定位非常非常好。但第四季沒有LMS業務相關的減記。

Well, the unfunded backlog converts to funded backlog during the period. So --

嗯，在此期間，未籌資的積壓訂單會轉換為已籌資的積壓訂單。所以--

That's right.

這是正確的。

Okay. Yes. Investors were just wondering on a sequential basis, the total backlog adding funded and unfunded went down significantly. And so was there any write-downs in terms of -- or was just everything just unfunded converted to funded and then there was the revenue burn associated with the backlog?

好的。是的。投資人只是想知道，依序來看，已註資和未註資的總積壓量是否大幅下降。那麼是否存在任何減記 - 或者只是所有無資金的項目都轉換為有資金的項目，然後是與積壓相關的收入消耗？

No. I mean, like I said, it really just with a conversion of the unfunded to funded orders during the period and revenue.

不。我的意思是，就像我說的，它實際上只是將期間內未資助的訂單轉換為資助的訂單和收入。

And if you know -- Louie, if you recall, earlier this last fiscal year, we had a nearly $1 billion sole-source IDIQ for the US Army that I mentioned in my remarks. And when -- as the US Army places orders farm-funded orders against that, it converts from unfunded to funded backlog. So that dynamic has been occurring for the last few years.

如果你知道——路易，如果你還記得的話，在上個財政年度早些時候，我們為美國陸軍提供了近 10 億美元的單一來源 IDIQ，我在演講中提到過這一點。當美國陸軍下達農場資助的訂單時，它就從無資金積壓轉變為有資金資助的積壓。這種動態在過去幾年中一直存在。

And we explained specifically that, that multi-year IDIQ award from the US Army for nearly $1 billion is specifically intended to achieve that, because they would like to make sure that we easily can put things on contract and convert them into funded backlog. And we're going to continue to see more orders in the future for our loitering munitions in fiscal year 2026.

我們特別解釋說，美國陸軍授予的近 10 億美元的多年期 IDIQ 獎項就是為了實現這一目標，因為他們希望確保我們能夠輕鬆地簽訂合約並將其轉化為有資金支持的積壓訂單。在 2026 財年，我們將繼續看到更多針對巡飛彈藥的訂單。

Okay. Great. And one last one, if I may. Has -- is there still a significant market opportunity for the P550? And you -- can you just discuss the broad market opportunity for both the P550 and the Red Dragon, which I don't think have generated any revenue for you yet. But they seem to have significant potential for fiscal '26?

好的。偉大的。如果可以的話，我還有最後一個問題。P550 是否還有很大市場機會？您能否討論一下 P550 和 Red Dragon 的廣大市場機會？我認為它們尚未為您帶來任何收入。但他們似乎對 26 財年有巨大的潛力？

Yes. So first about P550, as I mentioned in the remarks, we introduced three groundbreaking products, 2 of which you just mentioned, and the third one is the JUMP 20x Group 3 UAS. On P550, we expect that product to do extremely well. We're positioned really well. The US Army has announced multiple programs, at least two, one of which were expected to be down selected and received an order for essentially in the next two quarters.

是的。首先關於 P550，正如我在評論中提到的，我們推出了三款突破性的產品，其中兩款就是您剛才提到的，第三款是 JUMP 20x Group 3 UAS。對於 P550，我們預計該產品將會表現非常出色。我們的定位非常好。美國陸軍已宣布了多個項目，其中至少兩個，預計其中一個項目將被選中並在未來兩個季度內收到訂單。

And that's our LRR program of record potentially, which is worth about $1 billion by itself. Besides that, the international demand for P550 has been tremendous so far. There's a lot of interest in it. And we expect to book our first initial order, most likely from an international customer this first quarter or the next quarter after that.

這就是我們的 LRR 計劃，本身的潛在價值約為 10 億美元。除此之外，到目前為止，國際上對 P550 的需求一直很大。人們對此很感興趣。我們預計將在今年第一季或下個季度收到第一批訂單，最有可能的是來自國際客戶的訂單。

So we expect the P550 to do very well. It is a very large market there. There's a growing demand. And let me just remind everyone again that the P550 is an incredibly capable solution. It is incredibly disruptive, the economics of it. The multi-payload and multi-mission aspect of its features is uniquely positions it to be a very competitive offering.

因此我們預期 P550 將會表現非常出色。那裡的市場非常大。需求不斷增長。讓我再次提醒大家，P550 是一個非常強大的解決方案。從經濟角度來說，它具有令人難以置信的破壞性。其多有效載荷和多任務特性使其具有獨特的優勢，成為一款極具競爭力的產品。

So we feel very good about the P550. In regards to the Red Dragon, we actually have some revenue. It's part of our MacCready Works so far. But in the future, it will be reflected as part of our segment, one that I described under the precision munitions and fires. So we do have initial revenue, but that product is expected to do really well long term. It's just at the early stages.

所以我們對 P550 感覺非常好。關於紅龍，我們實際上有一些收入。到目前為止，它是我們 MacCready Works 的一部分。但在未來，它將反映在我們的部分中，我在精確彈藥和火力下描述了這一部分。因此，我們確實有初始收入，但該產品預計長期內會表現良好。目前還處於早期階段。

It is a capability that is highly differentiated. And it's -- there is a lot of interest in that capability and not only domestically but also internationally. So we feel pretty strongly, really well, as I mentioned in my remarks, in all of our three new products that we launched. We believe that in the next two to three years, these products will generate hundreds and hundreds of millions of dollars, if not billion-dollar-plus worth of backlog for our company to execute against going forward.

這是一種高度差異化的能力。而且，不只國內，國際上都對這種能力很有興趣。因此，正如我在演講中提到的那樣，我們對我們推出的所有三款新產品都感到非常滿意。我們相信，在未來的兩到三年內，這些產品將為我們公司的未來帶來數億美元，甚至數十億美元的積壓訂單。

Greg Konrad, Jefferies.

傑富瑞的格雷格·康拉德。

Maybe just to start with a clarification on the revenue guidance. If I look at the bottom end of autonomous and space, it adds to the $1.9 billion. But if you look at the upper end, autonomous at $1.4 billion, space cyber at $0.8 billion, it adds to $2.2 billion. Is that conservative? Is there any type of intercompany elimination? Just kind of what drives that rents lower than the segments?

也許只是先澄清一下收入指導。如果我看一下自主和太空的底端，它增加了 19 億美元。但如果你看一下上限，自主研發為 14 億美元，太空網路為 8 億美元，加起來就是 22 億美元。這算是保守嗎？是否存在任何類型的公司間抵銷？那麼，是什麼原因導致租金低於其他地區呢？

I mean these are obviously ranges of potential outcomes. I mean we don't operate with large programs of record. So if things go the right way, they'll be at the higher end of the ranges. And if -- just in business in general, some areas go better than others and others overperform and underperform. So there's obviously opportunity to hit them both at the higher end of the range. But in terms of the total, we've taken some judgment on the totals.

我的意思是這些顯然是一系列潛在結果。我的意思是我們不運行大型記錄程式。因此，如果一切進展順利，它們將處於範圍的高端。就整體商業而言，有些領域比其他領域表現更好，而其他領域則表現優異或不佳。因此，顯然有機會在較高範圍內打擊它們。但就總數而言，我們對總數做出了一些判斷。

And then it's been a little bit less than two months of ownership with BlueHalo. I mean, I think that the guidance excludes some of the potential expenses and amortization. Did you include anything in the way of either revenue synergies or cost synergies in terms of the '26 outlook?

我擁有 BlueHalo 已經快兩個月了。我的意思是，我認為該指南排除了一些潛在的費用和攤銷。在 26 年的展望中，您是否考慮了收入綜效或成本綜效？

We -- as we've put in the S-4, we had some cost synergies projected. We'll be able to achieve those. But obviously, you don't get the full benefit of those until -- for the full year. And as I said in my remarks, we'll begin to realize that throughout the year and kind of hit our original $10-plus million target for the first year. We -- in some ways, we have some revenue synergies, but it's going to take some time for those to fully play out before we can put those into our forecast and guidance and things like that.

正如我們在 S-4 中所述，我們預計會出現一些成本協同效應。我們將能夠實現這些目標。但顯然，直到全年你才能獲得這些好處的全部。正如我在演講中所說，我們將在全年開始實現這一目標，並在第一年實現我們最初的 1000 多萬美元的目標。在某些方面，我們有一些收入協同效應，但需要一些時間才能完全發揮出來，然後我們才能將其納入我們的預測和指導等內容中。

So we're still early days here, but there's lots of opportunity, lots of excitement about the things we can do together, but haven't had a chance really to start monetizing that in our forecast.

因此，我們仍處於早期階段，但仍有很多機會，對於我們可以共同做的事情有很多興奮，但還沒有機會真正開始在我們的預測中將其貨幣化。

And then maybe just last one for me. In terms of the 70% visibility going into the year, I think you mentioned that's above where you typically guide. Can you maybe talk to the drivers of that? Does BlueHalo have higher visibility? Did you take a more conservative route in terms of guidance? What kind of drives that higher visibility into '26 at 70%?

這也許只是我的最後一個了。就今年 70% 的可見度而言，我認為您提到過，這高於您通常指導的水平。您能和推動此事的人談談嗎？BlueHalo 的可見度是否更高？您在指導方面是否採取了更保守的路線？什麼因素推動了 26 年的可見度達到 70%？

Well, the visibility is similar between the two segments. There is -- when you look at the Space, Cyber and Directed Energy segment, particularly on the cyber side, they operate off of longer-term contracts with task orders. So there's somewhat more visibility on those. It's not reselling every quarter for them. So they have ongoing relationships there that we forecast in our revenue. But other than that, it's pretty much the same or very similar in terms of percentage of visibility.

嗯，這兩個部分的可見度是相似的。有的——當你查看太空、網路和定向能領域時，特別是在網路方面，它們是根據帶有任務訂單的長期合約來運作的。因此這些方面的可見度會更高一些。他們並不是每個季度都轉售。因此，他們在那裡有著持續的關係，我們預測這將計入我們的收入中。但除此之外，就可見度百分比而言，它幾乎相同或非常相似。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

On the -- just kind of focusing on the guidance, I guess, in the individual segments. When you look at autonomous, the year-over-year kind of growth range is quite wide from the -- kind of the pro forma number that you provided, the 14% on the lower end and 33% the higher end. Wahid, is it just assumptions around what LMS volumes can be in Switchblade or maybe first orders for P550? What are some of the kind of key drivers that affect the lower end of the range and the higher end of the range?

我認為，只是關注各部分的指導。從自主駕駛的角度來看，年成長範圍與您提供的預測數字相比相當廣泛，低端為 14%，高端為 33%。Wahid，這僅僅是關於 Switchblade 中的 LMS 容量或 P550 的首批訂單的假設嗎？影響該範圍下限和上限的關鍵驅動因素有哪些？

Really, Peter, it has to do primarily with the US DoD contracting and timing of these contracts and awards that drives a lot of that range -- the spread of the range. So we are ready. We have the capacity as a company. We've been -- one of the key differentiators that we have is our ability to turn around and convert backlog or orders into revenue.

真的，彼得，這主要與美國國防部的合約以及這些合約和獎項的時機有關，這在很大程度上推動了該範圍的擴大。所以我們已經準備好了。作為一家公司，我們有能力。我們一直以來的關鍵優勢是我們有能力扭轉局面並將積壓訂單或訂單轉化為收入。

That is one of our key competitive differentiators and also have the ability to scale quickly and produce at mass and volumes. But -- however, what we can't really predict effectively, which is really difficult in the entire industry, is how does the US DoD funding and budgets, the congressional approvals and all of that works out, it plays out and eventually makes it into a contract to us.

這是我們的主要競爭優勢之一，並且還具有快速擴展和大規模生產的能力。但是——然而，我們無法真正有效地預測，這在整個行業中都非常困難，那就是美國國防部的資金和預算、國會的批准以及所有這些如何運作，如何發揮作用並最終形成與我們簽訂的合約。

So those are the primary reasons for the range of outcomes and the spread of that range with essentially both segments but more acutely into our Autonomous Systems segment. Overall, we feel very strong because if the timing of Congress, the signing of the President's budget and the DoD converting it into contracts happens in a timely manner, we could have a significantly strong year.

因此，這些是導致結果範圍和範圍擴散的主要原因，基本上涉及兩個部分，但更重要的是我們的自主系統部分。總體而言，我們感覺非常強勁，因為如果國會、總統預算的簽署和國防部將其轉化為合約的時間表及時，我們今年的業績將非常強勁。

But it is too early to predict that, and we're just getting started. What we really want to work on is long-term consistent double-digit profitable growth, which is a great position to be for us given the backlog and the opportunity that we've developed.

但現在預測還為時過早，我們才剛開始。我們真正想要努力實現的是長期持續的兩位數獲利成長，考慮到我們已開發的積壓訂單和機會，這對我們來說是一個很好的目標。

Yes. That's helpful color. And then just on -- you mentioned the budgets. Just have you had a chance to evaluate kind of some of the key BlueHalo portfolio programs, how they've stood up under the budgets? I know the directed energy solutions and the car program certainly have gotten a lot of attention recently.

是的。這是很有幫助的顏色。然後剛才你提到了預算。您是否有機會評估一些主要的 BlueHalo 投資組合計劃，看看它們在預算下表現如何？我知道定向能解決方案和汽車計劃最近肯定受到了很多關注。

Absolutely. So we've purpose-built our company from the ground up to be ready for this moment, I call it. This is our moment. We have an incredible opportunity in front of us. We represent more than 2/3 of the Secretary of Defense's priorities. If you look at any documents from Congress, from the National Defense strategy, from the administration or from the Pentagon, you will see from almost pretty -- almost all the services and the COCOMs.

絕對地。因此，我們從一開始就專門打造了我們的公司，為這一刻做好準備，我稱之為。這是我們的時刻。我們面前有一個難以置信的機會。我們代表了國防部長三分之二以上的優先事項。如果你看國會、國防戰略、政府或五角大廈的任何文件，你會發現幾乎所有部門和作戰司令部都有這樣的文件。

You will see that the categories that we play in and we lead and we have the ability to deliver and scale are categories that is important to national security. And what are those? Drones, counter drones, direct energy, laser communications, space communications, electronic warfare. All of these are things that -- and one-way attack. These are the categories that we, in many cases, invented or we're the leader in.

你會發現，我們所參與、所領導、所有能力實現和擴展的領域，對國家安全至關重要。那它們是什麼？無人機、反無人機、直接能量、雷射通訊、太空通訊、電子戰。所有這些都是——單向攻擊。在很多情況下，這些類別都是我們發明的，或者是我們處於領先地位的。

And so we're positioned very, very well on those categories. And I think that we have many years of very strong potential performance and value-creation opportunity here in front of us.

因此我們在這些類別上的定位非常非常好。我認為，我們面前還有許多年非常強勁的潛在業績和價值創造機會。

Ken Herbert, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Ken Herbert。

This is Steve Strackhouse on for Ken Herbert. Congrats on the closing of BlueHalo, but I was hoping you guys could dive a little further into the FY '26 outlook. How much of the revenue is stemming from the organic legacy AV versus BlueHalo? If you can give some color there.

這是史蒂夫·斯特拉克豪斯 (Steve Strackhouse) 為肯·赫伯特 (Ken Herbert) 主持的恭喜 BlueHalo 的關閉，但我希望你們能夠進一步了解 26 財年的前景。與 BlueHalo 相比，有多少收入來自有機傳統 AV？如果你能給那裡一些顏色。

Well, I think we tried to provide the pro formas in the guidance. So you can see on that, I think it's slide 10. We show the pie chart with the different revenue levels for the different product groupings. Those are the pro forma FY '25 revenues for each of those groupings. So anything -- all the growth that we're forecasting is from those pro forma revenues.

嗯，我認為我們試圖在指導中提供形式發票。所以你可以看到，我認為那是第 10 張投影片。我們用圓餅圖來展示不同產品組的不同收入水準。這些是每個組別的 25 財年預計收入。所以，我們預測的所有成長都來自這些形式收入。

And so you're looking at over 20% growth to the midpoint of the Autonomous Systems Group and over double digit for the space, Cyber and Directed Energy group.

因此，您會看到自主系統集團中點的成長率超過 20%，而空間、網路和定向能集團的成長率則超過兩位數。

Okay. That's helpful. And then maybe just as a follow-up. Can you maybe discuss the profitability across the two segments? You guys have previously -- you used to give like either an adjusted operating income or gross profit across the two. Should they be about the same? Or is there a different way to kind of think about each of them?

好的。這很有幫助。然後也許只是作為後續行動。您能討論一下這兩個部門的獲利能力嗎？你們以前曾經──你們曾經給出兩者的調整後營業收入或毛利。它們應該差不多嗎？或者是否有不同的方式來思考它們？

Well, I think we're not really giving guidance on the breakout of the -- say, adjusted EBITDA. That will be reported on a quarterly basis for each of the segments. But I would say, as I said in my remarks, the AxS segment is very similar to the to the existing AV business in terms of its profitability profile. So that's 1/2 I'm giving you.

嗯，我認為我們實際上並沒有對調整後的 EBITDA 的突破給出指導。我們將按季度報告每個部門的情況。但我想說，正如我在演講中所說，AxS 部門在盈利能力方面與現有的 AV 業務非常相似。所以我給你的是 1/2。

Fair enough. And then maybe if I could just ask one more just in terms of the free cash outlook for the year. I don't think I saw that as part of the guide. Should we assume that it's maybe somewhat similar to FY '25? I can appreciate that there's a lot of moving pieces here.

很公平。然後，也許我可以再問一個關於今年自由現金前景的問題。我認為我沒有將其視為指南的一部分。我們是否應該假設它可能與 25 財年有些相似？我可以欣賞到這裡有很多動人的部分。

Well, we definitely have some opportunities on the working capital front, as I outlined in the script. And we're very hopeful that we actually generate some cash on working capital this year. We do have a fair amount of capital expenditures expected in the year, but we're looking for a positive cash conversion this year versus last year.

嗯，正如我在腳本中概述的那樣，我們在營運資金方面肯定有一些機會。我們非常希望今年我們能夠真正從營運資金中產生一些現金。我們預計今年會有相當數量的資本支出，但我們希望今年的現金轉換率能比去年更高。

And that's all because of the fact that we're growing and we're making sure that we invest in the areas that allows us to continue to grow and capitalize on these very large opportunities in the future. We are deliberately investing.

這一切都是因為我們正在成長，我們確保投資於那些能夠讓我們繼續成長並在未來利用這些巨大機會的領域。我們正在進行有意識的投資。

And as you could see from our track record, the areas that we invested, whether it's R&D or capital, have actually panned out and delivered incredible good value and created value for our company. So I think we want to continue to do that because we're in a very, very good position to capitalize on these opportunities.

從我們的業績記錄中可以看出，我們所投資的領域，無論是研發還是資本，實際上都取得了成功，並為我們的公司帶來了令人難以置信的良好價值並創造了價值。所以我認為我們希望繼續這樣做，因為我們處於非常有利的位置來利用這些機會。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

We're seeing now it's looking like NATO might move to 5% GDP spending pledge given how much of a sizable portion of sales international is becoming specifically amongst NATO customers. I mean, what's your initial assessment on what the impact of this 5% pledge could be if it does get moved through?

我們現在看到，鑑於國際銷售額的很大一部分都流向了北約客戶，北約可能會將支出承諾提高到佔 GDP 的 5%。我的意思是，如果這項 5% 的承諾確實得以通過，您最初的評估是，它會產生什麼影響？

Andre, that's an excellent point and question. We believe that, as we mentioned in my remarks and in Kevin's remarks, we already do quite a lot of business internationally. And we continue to see more and more demand for our systems primarily in Europe, but beyond Europe, even in Asia Pacific as well. The world, unfortunately, is not a safer place than we all wish. There's lots of challenges.

安德烈，這是一個很好的觀點和問題。我們相信，正如我在發言中和凱文的發言中提到的那樣，我們已經在國際上開展了相當多的業務。我們看到，我們系統的需求越來越大，主要集中在歐洲，但在歐洲以外，甚至在亞太地區也是如此。不幸的是，世界並不比我們所希望的更安全。有很多挑戰。

There's lots of conflicts. The recent wars and attacks you've seen has basically put an exclamation mark on what you can do with the type of capabilities that we're the leader in. And all of that equates into a very, very large seismic shift in demand and opportunity for us internationally. It's going to take some time. We're going to continue to invest in being more present in Europe.

存在著很多衝突。您所看到的最近發生的戰爭和襲擊基本上對我們作為領導者所能發揮的能力打上了感嘆號。所有這些都意味著我們在國際上的需求和機會將會發生巨大的變化。這需要一些時間。我們將繼續投資擴大在歐洲的業務。

As you know, we already have a subsidiary in Germany. We have a legal entity as well in other parts of Europe, but we want to continue to expand there to capitalize on this. The reason why we are more even bullish on this is because we're uniquely positioned to be able to deliver. Most of these countries want to spend these dollars quickly because they lack these capabilities today in mass and volume. Our systems are battle-proven and tested.

如您所知，我們在德國已經有一家子公司。我們在歐洲其他地區也擁有法人實體，但我們希望繼續在那裡擴張以利用這一點。我們之所以對此更加樂觀，是因為我們擁有獨特的優勢，能夠實現這一目標。大多數國家都想迅速花掉這些美元，因為它們目前在數量和規模上都缺乏這方面的能力。我們的系統經過了實戰驗證和測試。

They work. They have seen its effectiveness, and they trust our company and delivering these systems for decades. And so I think we're incredibly positioned well to be able to capitalize on this opportunity because we can deliver at scale and we are trusted in our solutions do work. So I think that's going to be a trend you're going to continue to see on essentially all of our products, not just on our loitering munitions but our nonlethal drones, on our counter UAS solution set, on our direct energy solutions.

他們工作。他們已經看到了它的有效性，並且信任我們公司並信任我們幾十年來一直提供這些系統。因此，我認為我們完全有能力利用這個機會，因為我們可以大規模交付，而且我們相信我們的解決方案確實有效。所以我認為這將成為一種趨勢，你會在我們所有的產品上繼續看到這種趨勢，不僅僅是我們的巡飛彈藥，還有我們的非致命無人機、我們的反無人機解決方案、我們的直接能源解決方案。

Even our space communication technologies has incredible opportunities ahead of it in the space domain globally and internationally, especially with the European countries.

我們的太空通訊技術在全球和國際太空領域，尤其是與歐洲國家，都面臨著難以置信的機會。

Got it. Super helpful. Moving, I guess, to Red Dragon, Wahid. I know we've spoken on this one. But could you maybe just break down a little bit more about what that TAM looks like? I know with Switchblade, you guys have approval to sell to 50 allied nations. But I remember our conversation, it seems like those same restrictions are not imposed on Red Dragon given the ITAR regulations at play. I mean maybe just provide some more detail, if possible.

知道了。超有幫助。我想，轉向紅龍，瓦希德。我知道我們已經討論過這個問題了。但是您能否更詳細地介紹一下 TAM 是什麼樣子的呢？我知道你們已經批准將 Switchblade 出售給 50 個盟國。但我記得我們的談話，考慮到現行的 ITAR 法規，似乎對 Red Dragon 沒有施加同樣的限制。我的意思是，如果可能的話，也許只需提供一些更詳細的資訊。

Sure. So as you all know, we introduced Red Dragon just a few -- a couple of months ago. We do believe that it's a category that we're the lead player that is growing incredibly fast. As part of these one-way attack drones and autonomous -- and autonomy-capable solution set and a degraded GPS environment or degraded communication environment is going to be very key.

當然。大家知道，幾個月前我們推出了 Red Dragon。我們確實相信，我們是該領域的領先者，而且成長速度非常快。作為這些單向攻擊無人機和自主性——以及具有自主能力的解決方案的一部分，退化的 GPS 環境或退化的通訊環境將變得非常關鍵。

We believe the market for that is well over $1 billion. The data is quite difficult to get, but we can -- I can tell you that this market, the one-way attack drone category, should be equal, if not bigger, than even loitering munitions as a whole. So we believe that this product is going to continue to expand. And you're correct, the foundational level of the Red Dragon solution set is a commercially developed product on our own IRAD that we do not have ITAR restrictions.

我們相信該市場的規模遠超過 10 億美元。這些數據很難獲取，但我們可以——我可以告訴你，這個市場，單向攻擊無人機類別，應該與整個遊蕩彈藥市場相當，甚至更大。因此我們相信該產品將會繼續擴大。您說得對，Red Dragon 解決方案集的基礎等級是我們自己的 IRAD 上商業開發的產品，因此我們沒有 ITAR 限制。

Obviously, if we were to put specific payloads or communication devices, then it would become subject to that. But internationally, we can export the base unit quite easily. And it is designed to be modulars, where the payload and the war hit could be actually even integrated outside US with a domestic supplier internationally.

顯然，如果我們要放置特定的有效載荷或通訊設備，那麼它就會受到限制。但在國際上，我們可以相當輕鬆地出口基本單元。它採用模組化設計，有效載荷和戰爭打擊實際上甚至可以在美國境外與國際國內供應商進行整合。

And I -- we feel very good about it. It's going to take some time, but we believe that product is going to be a significant driver of growth for us in the long run.

我——我們對此感覺非常好。這需要一些時間，但我們相信，從長遠來看，該產品將成為我們成長的重要動力。

Pete Skibitski, Alembic Global.

Pete Skibitski，Alembic Global。

I guess just to go down the CapEx route on the 6% to 8% guidance on the cloud build-out. Is that a one-term -- not one-term, one-year type of a thing? Should we expect CapEx to go back to the kind of that 2% to 3% range in the future after this cloud build-out?

我猜只是按照 6% 到 8% 的雲端運算建立指導方針，沿著資本支出路線走下去。這是一個學期──不是一個學期、一年類型的課程嗎？在雲端運算建置之後，我們是否應該預期資本支出將來會回到 2% 到 3% 的範圍？

That's just -- that note meant too that it includes cloud capitalization. It's not all cloud build-out. It's really the normal range of facilities, equipment for manufacturing, and to a certain extent, software systems and things like that. So that includes all of that. We expect it to probably trend down over time. But at the same time, we have tremendous opportunities in front of us. So I'm not going to make any predictions at this point in time.

那隻是——那個註釋也意味著它包括雲端大寫。這並非全是雲端的建置。這實際上是正常的設施、製造設備，以及某種程度上的軟體系統等。這就包括了所有這些。我們預計它可能會隨著時間的推移而呈下降趨勢。但同時，我們面前也存在著巨大的機會。所以我現在不會做出任何預測。

Yes. So Pete, just to echo what Kevin said, we have several very serious, large growth potential opportunities in front of us. Let me just name a couple of them. The space communications, the space force, is really, really behind and upgrading the entire satellite command and control and communication network that the US relies on.

是的。所以 Pete，我重複 Kevin 所說的話，我們面前有幾個非常重要、具有巨大成長潛力的機會。讓我僅列舉其中幾個。太空通訊、太空部隊確實非常落後，正在升級美國所依賴的整個衛星指揮、控制和通訊網路。

We have won that program of record. It's worth about a $1.7 billion program funded through the congressional documents. We can scale that and expedite deliveries in the fiscal year '26 and beyond. That's one. Loitering munition is another one. We're building another factory to increase capacity up to $1 billion in production.

我們贏得了那個記錄項目。該項目價值約 17 億美元，由國會文件資助。我們可以擴大這一規模，並在 26 財年及以後加快交付。那是一個。巡飛彈藥是另一種。我們正在建造另一家工廠，以提高產能至 10 億美元的生產能力。

Red Dragon is another category that we believe that we're going to have significant upside coming in the next few years. And then just to name a few other ones, in the directed energy space, counter UAS, we are the leading player globally. And we know that we have significant needs in our country and around the world, protecting critical infrastructure, refineries, airports, nuclear power plants or military bases embassies, you name it.

紅龍是另一個我們相信在未來幾年將有顯著上升空間的類別。再舉幾個例子，在定向能領域、反無人機領域，我們是全球領導者。我們知道，我們國家和世界各地都有重大需求，保護關鍵基礎設施、煉油廠、機場、核電廠或軍事基地、大使館等等。

There is an enormous opportunity for us, and we have the leading solution that is deployed and it's effective in the field. So these are just some examples of areas that we see tremendous upside and potential opportunity for ourselves. And so we have made the decision that we want to increase because we see that this will play a significant role in delivering more value to our shareholders and our company in the long run.

這對我們來說是一個巨大的機遇，我們擁有已部署的領先解決方案並且它在該領域是有效的。這些只是我們看到的巨大優勢和潛在機會的一些領域的例子。因此，我們做出了增加股份的決定，因為我們認為從長遠來看，這將在為我們的股東和公司創造更多價值方面發揮重要作用。

Okay. Fair enough. I appreciate it. Just one last one for me, just going back to Louie's question on the backlog, right? So you generated $275 million in revenue this quarter, right? Total backlog declined by a little under $700 million. So the math just indicates there's a little over $400 million that is kind of unaccounted for. It seems like it just kind of fell out of backlog. I think that's what people are trying to kind of figure out there. Any -- can you give us any sense of what was going on?

好的。很公平。我很感激。對我來說，只剩下最後一個問題了，回到 Louie 關於積壓的問題，對嗎？那麼本季你們創造了 2.75 億美元的收入，對嗎？總積壓訂單減少了近7億美元。因此，計算結果表明，有略多於 4 億美元的資金下落不明。看起來它只是從積壓中消失了。我認為這就是人們正在試圖弄清楚的事情。能告訴我們發生了什麼事嗎？

That's the year-over-year number.

這是同比數字。

What's that?

那是什麼？

No programs are canceled. Nothing was canceled.

沒有取消任何項目。什麼都沒有取消。

How do we --

我們如何--

So Peter, I think what you're looking -- I'm not sure exactly what number you're looking at, but our backlog is significantly higher at the end of this fiscal year relative to fiscal year '24, number one, a significant increase because we booked over $1.2 billion throughout the year and we recognized $821 million in revenue. So that increase helped as well.

所以彼得，我想你正在看的是——我不確定你正在看的具體數字，但與 24 財年相比，我們本財年末的積壓訂單明顯更高，首先，這是一個顯著的增長，因為我們全年的訂單超過 12 億美元，並且我們確認了 8.21 億美元的收入。所以這種增加也有幫助。

The unfunded backlog, which is that IDIQ that I mentioned, has converted to funded backlog, you might be looking at the number there. But we will be glad to explain the details more. Our funded backlog from Q3 to Q4 slightly decreased, slightly, not much, because we also booked a lot of orders in Q4, which essentially, again, backfilled the revenue that we shipped in the quarter.

未獲資金支持的積壓訂單，也就是我提到的 IDIQ，已經轉換為有資金支持的積壓訂單，您可能正在查看那裡的數字。但我們很樂意進一步解釋細節。我們從第三季到第四季的資金積壓略有減少，只是略有減少，但幅度不大，因為我們在第四季度也接到了很多訂單，這基本上又填補了我們在本季度發貨的收入。

Yes. Fair enough. We can take it off-line.

是的。很公平。我們可以將其離線。

(Operator Instructions) Jonathan Siegmann, Stifel.

（操作員說明）Jonathan Siegmann，Stifel。

On booking trends at BlueHalo, we haven't had an update on that since you announced the transaction now over six months ago. Maybe can you help us comment on whether things there are going better or less than what you expected. And you mentioned space, cyber, Directed Energy will lag Autonomous Systems sales growth. Can they keep up on bookings this year?

關於 BlueHalo 的預訂趨勢，自從您六個月前宣布交易以來，我們還沒有收到任何最新消息。也許您可以幫助我們評論那裡的情況是否比您預期的要好或差。您提到太空、網路、定向能將落後於自主系統的銷售成長。他們今年的預訂量還能維持嗎？

Jonathan, so we actually feel pretty strong and solid about our expectations for the previous -- or the former BlueHalo business and their ability to book orders. We have very similar trends within the BlueHalo former businesses, traditional businesses compared to AV. The only difference I would say is that some of their business related to the cyber and intel are long contracts where a lot of the business is actually selling very highly differentiated engineering sort of content to customers.

喬納森，我們對之前的 BlueHalo 業務及其訂單能力的期望實際上非常強烈和堅定。與 AV 相比，BlueHalo 以前的業務、傳統業務的趨勢非常相似。我想說的唯一區別是，他們的一些與網路和情報相關的業務是長期合同，其中許多業務實際上是向客戶銷售高度差異化的工程內容。

The growth in that business really has to do with how we scale employees and engineers and people. So it doesn't have these significant higher growth like the rest of our products business. That's one unique difference. On the other hand, they also are looking at very large strategic wins and program and bookings that could be very large step-function growth opportunities.

該業務的成長實際上與我們如何擴大員工、工程師和人員規模有關。因此，它並不像我們其他產品業務那樣實現顯著的較高成長。這是一個獨特的差異。另一方面，他們也在尋找非常大的策略性勝利、計劃和預訂，這些可能帶來非常大的階梯式成長機會。

And so for example, in the space communication and space operations, we have a huge potential there. Laser comms is another one. Directed energy is another one. Electronic warfare as well as counter UAS, our Titan solution set is another one. And the trends in the market is such that these are very specific areas that the US DoD needs a lot of help. And so the short answer is yes.

例如，在太空通訊和太空行動方面，我們有巨大的潛力。雷射通信是另一個例子。定向能量是另一種。電子戰以及反無人機系統，我們的 Titan 解決方案集是另一個例子。市場趨勢是這樣的，這些都是美國國防部需要大量幫助的具體領域。所以簡短的回答是肯定的。

We expect the BlueHalo business to actually grow, and there's opportunities for significant booking increases going beyond fiscal '25 there as well.

我們預計 BlueHalo 業務將會實際成長，並且在 25 財年之後還有機會實現大幅預訂量成長。

But back to Pete's question on the CapEx. I really love the enthusiasm you have for lots of opportunities to increase and invest in these really exciting areas. Are those in the future? Or are you already accelerating CapEx plans this year? Because it does seem like your guided CapEx is higher than what you had asked for, for the combined business?

但回到 Pete 關於資本支出的問題。我真的很喜歡你對這些真正令人興奮的領域中增加和投資的大量機會所表現出的熱情。這些都是未來的事嗎？還是您今年已經加速資本支出計畫了？因為看起來，對於合併後的業務而言，您的指導資本支出似乎高於您的要求？

That is correct, Jonathan. We have already initiated some increases in CapEx in fourth quarter. Most of that is going to show up in our financials in fiscal year '26. That's why the percentages are higher in '26. And it's related to both of our businesses and lots of different products. As I mentioned, the areas are space communication, directed energy, counter-UAS, loitering munition, one-way attack.

沒錯，喬納森。我們已經在第四季開始增加一些資本支出。其中大部分將在 2026 財年的財務報表中反映出來。這就是為什麼 26 年的百分比更高。它與我們的業務和許多不同的產品有關。正如我所提到的，這些領域包括太空通訊、定向能、反無人機、巡飛彈藥、單向攻擊。

Those are the key areas -- and also unmanned systems is another area that we're investing to scale primarily because we see opportunities coming our way. Let's keep in mind that one of the reasons why we've been able to actually capitalize on growth and these opportunities is that our ability to be able to deliver quickly and have the production capacity.

這些都是關鍵領域——無人系統也是我們正在投資擴大規模的另一個領域，主要是因為我們看到了機會。讓我們記住，我們能夠真正利用成長和這些機會的原因之一是我們能夠快速交付並擁有生產能力。

We're uniquely qualified in this area than other competitors who are either in the prototype stage or very early even trying to build a facility to make their initial low rate initial production. We're not in that category. We have battle-proven systems with capacity today that needs to scale even further. So those are the areas, Jonathan, that we expect that to continue to grow.

與其他競爭對手相比，我們在這個領域擁有獨特的資質，他們要么處於原型階段，要么甚至在很早的時候就試圖建立設施來進行最初的低速率初始生產。我們不屬於這一類。我們擁有經過實戰檢驗的系統，其容量目前需要進一步擴大。喬納森，我們預計這些領域將會繼續成長。

Obviously, we don't expect that to stay forever, but we're only providing you figures for the fiscal '26 and we will provide more color as we go forward beyond fiscal '26.

顯然，我們並不期望這種情況永遠持續下去，但我們只為您提供 26 財年的數據，並且我們將在 26 財年之後提供更多細節。

I do have some clarification on unfunded backlog. During the year, they moved the purchasing of the Switchblade from one purchasing group to another, to PEO Soldier is where now all of Switchblade orders are coming through. So the JUONs contract was with the prior purchasing group, and that expired actually on the last day of the year.

我確實對未付資金的積壓問題有一些澄清。在這一年中，他們將 Switchblade 的採購從一個採購組轉移到另一個採購組，現在所有 Switchblade 的訂單都透過 PEO Soldier 進行。因此，JUON 的合約是與先前的採購集團簽訂的，該合約實際上在當年最後一天到期。

And they did not renew that one because now everything is going to be going through the PEO Soldier group put them up from here on out. So they'll be likely increasing that IDIQ.

他們沒有續簽這份合同，因為從現在開始一切都將由士兵計劃執行辦公室 (PEO) 負責。因此他們可能會提高 IDIQ。

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

現在我想將電話轉回給丹尼斯，請她做最後發言。

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 enjoy the rest of your evening, and we look forward to speaking with you again following next quarter's results.

再次感謝您參加今天的電話會議以及對 AeroVironment 的關注。提醒一下，您可以在我們網站的「投資者」部分找到此電話會議、SEC 文件和相關新聞的存檔版本。我們希望您享受剩下的夜晚，並期待在下個季度的業績公佈後再次與您交談。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect

謝謝。會議到此結束。感謝您的參與。現在您可以斷開連接