AeroVironment Inc (AVAV) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to AeroVironment's first-quarter and fiscal year 2026 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 2026 財年第一季和財報電話會議。（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. Please go ahead.

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)。請繼續。

Thank you, and good afternoon, ladies and gentlemen. Welcome to AeroVironment's first-quarter fiscal year 2026 earnings call. My name is Denise Pacioni, Director of Investor Relations for AeroVironment.

謝謝大家，女士們、先生們，下午好。歡迎參加 AeroVironment 2026 財年第一季財報電話會議。我叫 Denise Pacioni，是 AeroVironment 投資人關係總監。

Before we begin, please note that certain information presented on this call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve many risks and uncertainties that could cause actual results to differ materially from our expectations. Further information on these risks and uncertainties is contained in the company's 10-K and other filings with the SEC, in particular, in the risk factors and forward-looking statements portions of such filings. Copies are available from the SEC on the AeroVironment website, www.avinc.com or from our Investor Relations team.

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。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陳述部分。您可以從美國證券交易委員會的 AeroVironment 網站 www.avinc.com 或我們的投資者關係團隊取得副本。

This afternoon, we also filed a slide presentation with our earnings release and posted the presentation to the Investors section of our website under Events & Presentations. The content of this conference call contains time-sensitive information that is accurate only as of today, September 9, 2025. The company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

今天下午，我們還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，這些資訊僅截至今天（2025 年 9 月 9 日）準確。本公司不承擔更新任何前瞻性陳述的義務，無論其是否由於新資訊、未來事件或其他原因。

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

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。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 first-quarter fiscal year 2026 earnings conference call. I'll start by summarizing our quarterly performance, followed by Kevin, who will review our financial results in greater detail and then discuss guidance for fiscal year 2026. After this, Kevin, Denise, and I will take your questions.

謝謝你，丹尼斯。歡迎大家參加我們的 2026 財年第一季財報電話會議。我將首先總結我們的季度業績，然後由 Kevin 更詳細地回顧我們的財務業績，然後討論 2026 財年的指導。之後，凱文、丹尼斯和我將回答你們的問題。

I'm pleased to report a very strong start to our fiscal year with excellent first-quarter financial results setting new records for the company. We are better positioned than ever to drive industry-leading organic revenue growth and profitability. Our acquisition of BlueHalo has created significant new growth opportunities in critical areas that are aligned with our customers' highest priorities, and our integration efforts are progressing ahead of plan. Our first-quarter results benefited from programs tied to this acquisition, and we look forward to building on that momentum in the coming quarters.

我很高興地報告，我們的財政年度開局非常強勁，第一季的財務表現優異，創下了公司的新紀錄。我們比以往任何時候都更有能力推動業界領先的有機收入成長和獲利能力。我們對 BlueHalo 的收購在與客戶最高優先事項一致的關鍵領域創造了重要的新成長機會，我們的整合工作正在按計劃進行。我們第一季的業績得益於與此次收購相關的項目，我們期待在未來幾季繼續保持這一勢頭。

Now let me summarize the key messages for the first quarter of fiscal year 2026, which are included on slide number 3 of our earnings presentation. As a reminder, this is the first quarter where our results are inclusive of our recent BlueHalo acquisition.

現在，讓我總結一下 2026 財年第一季的關鍵訊息，這些資訊包含在我們的收益報告的第 3 張投影片中。提醒一下，這是我們第一個將最近收購的 BlueHalo 納入業績的季度。

First, we achieved another record first quarter with revenue of nearly $455 million. Second, bookings for the first quarter reached nearly $400 million and our funded backlog grew to $1.1 billion. Unfunded backlog is now at $3.1 billion. Third, we introduced several innovative solutions in counter-UAS, Space Communications and Directed Energy, among other areas that are directly aligned to our customers' urgent priorities and represent multibillion-dollar market opportunities over the next several years. And fourth, we're maintaining our fiscal year 2026 guidance with revenues between $1.9 billion and $2 billion.

首先，我們第一季再創紀錄，營收接近 4.55 億美元。其次，第一季的訂單量達到近 4 億美元，我們的資金積壓訂單成長至 11 億美元。目前未獲資金支持的積壓訂單已達 31 億美元。第三，我們在反無人機系統、太空通訊和定向能等領域推出了多項創新解決方案，這些解決方案與我們客戶的緊急優先事項直接相關，並代表未來幾年數十億美元的市場機會。第四，我們維持 2026 財年的預期，營收在 19 億至 20 億美元之間。

Overall, AV is uniquely positioned as a leading defense stack prime with our innovative product offerings, along with the experience and capacity necessary to scale manufacturing on an expedited time line. This is what is required for the urgent national security priorities of our nation, and our allies around the globe. We have worked very hard throughout the past few years to position AV for such a historic set of opportunities.

總體而言，AV 憑藉其創新的產品以及在快速時間內擴大生產規模所需的經驗和能力，在領先的國防堆疊領域佔據著獨特的地位。這正是我們國家以及全球盟友的緊迫國家安全優先事項所需要的。過去幾年來，我們一直努力為 AV 創造如此歷史性的機會。

Since our last earnings call, we announced several key program wins and milestone achievements. For example, yesterday, we announced a nearly $240 million award for our long-haul space laser communication terminals that will be delivered over the next 3.5 years with options for additional systems. To put this in perspective, we expect the laser communication is going to be one of the most important aspects to warfare in the space domain and represents a multibillion-dollar opportunity for AV. AV is clearly leading the industry in this critical area and technology.

自上次財報電話會議以來，我們宣布了幾項關鍵計劃的勝利和里程碑式的成就。例如，昨天，我們宣布將為我們的遠端空間雷射通訊終端提供近 2.4 億美元的獎勵，該終端將在未來 3.5 年內交付，並提供附加系統的選擇。從這個角度來看，我們預計雷射通訊將成為太空戰爭中最重要的方面之一，並為 AV 帶來數十億美元的商機。AV 顯然在這一關鍵領域和技術上處於行業領先地位。

Our technology allows the secure transfer of high-bandwidth data in the most challenging space environments at the fastest rates and across very long distances than any other current capability on the market. This is a strategic and critical milestone for our customers, and we're now excited to move it from development into full rate production.

我們的技術能夠在最具挑戰性的太空環境中以最快的速度和比市場上任何其他現有技術都更遠的距離安全地傳輸高頻寬資料。對於我們的客戶來說，這是一個策略性和關鍵性的里程碑，我們現在很高興將其從開發階段推進到全面生產階段。

With our decades of proven track record, AV is well positioned to efficiently scale our laser comms manufacturing to capture growing demand in this multibillion-dollar new market. In addition, AV was also recently awarded a $95 million contract to further the development and scale manufacturing of our Freedom Eagle-1, or FE-1, for long-range kinetic interceptor program for the US Army.

憑藉數十年的成功經驗，AV 完全有能力有效擴大我們的雷射通訊製造規模，以滿足這個價值數十億美元的新市場日益增長的需求。此外，AV 最近還獲得了一份價值 9500 萬美元的合同，用於進一步開發和規模化生產我們的自由鷹-1（FE-1），用於美國陸軍的遠程動能攔截器計劃。

This missile is designed to deliver extended range, higher altitude and all-weather performance against a broad set of emerging threats. AV's FE-1 missile addresses a much broader set of requirements at much affordable price points than anything available on the market today. Our nation needs capabilities such as FE-1 to affordably defend our nation against such emerging threats. This award enables AV to enter and disrupt a multibillion dollar missile defense market.

該導彈旨在提供更大的射程、更高的高度和全天候性能，以應對一系列新興威脅。AV 的 FE-1 飛彈比目前市場上的任何飛彈都能滿足更廣泛的需求，而且價格也更實惠。我們的國家需要像 FE-1 這樣的能力來以可承受的成本保衛我們的國家免受此類新興威脅。該合約使 AV 能夠進入並顛覆價值數十億美元的導彈防禦市場。

The US Army considers our innovative FE-1 solution, the leading capability in this critical area. We're looking forward to sharing future progress with you on FE-1 and our next-generation counter-UAS missile efforts in the coming quarters.

美國陸軍認為我們創新的 FE-1 解決方案是這一關鍵領域的領先能力。我們期待在未來幾季與您分享 FE-1 和下一代反無人機飛彈的進展。

Another key achievement in the first quarter was the recent delivery of two of our counter-UAS inventory squad vehicle-mounted LOCUST laser weapon system under the US Army's multipurpose high-energy laser program, or AMP-HEL. We're set to deliver two additional joint light tactical vehicles, or JLTVs, mounted LOCUST laser weapon systems next month for the second increment of the AMP-HEL program. These deliveries marked a major milestone in the US Army's objective of operationalizing directed energy capabilities to defend against the emerging proliferation of drone warfare.

第一季度的另一個重要成就是，最近根據美國陸軍的多用途高能量雷射計畫（AMP-HEL），我們交付了兩套反無人機庫存小隊車載 LOCUST 雷射武器系統。我們將於下個月交付另外兩輛安裝 LOCUST 雷射武器系統的聯合輕型戰術車輛（JLTV），作為 AMP-HEL 計畫的第二階段。這些交付標誌著美國陸軍實施定向能能力以防禦新興無人機戰爭擴散的目標的一個重要里程碑。

Our LOCUST laser weapon system use of Directed Energy is a critical emerging technology that is key to defending against Group 1 through 4 drones and in the future, will enable defense against hypersonic missiles, cruise vessels, and other projectiles are much lower in affordable costs. We also see this emerging market exceeding several billion dollars in the coming years and AV is ahead of most, if not all industry players to scale and capture a significant portion of this very large opportunity.

我們的 LOCUST 雷射武器系統使用定向能，這是一項關鍵的新興技術，對於防禦第 1 至第 4 組無人機至關重要，並且在未來，將能夠以更低的成本防禦高超音速飛彈、巡航艦和其他彈頭。我們還看到，未來幾年這個新興市場的規模將超過數十億美元，並且 AV 領先於大多數（如果不是全部）行業參與者，能夠擴大規模並抓住這一巨大機會的很大一部分。

And finally, we delivered multiple P550 Group 2 UAS Systems along with training to the US Army for the long-range reconnaissance or LRR program of record. For persistent, low-cost, reliable ISR at the edge of the battlefield represents a shift in defense strategy around the globe and we believe our P550s performance specifications meet the US Army's program requirements better than any other competitor solution on the market. This program of record represents approximately $1 billion in value over the next five years, and AV is very well prepared to execute and deliver on it.

最後，我們向美國陸軍交付了多套 P550 Group 2 UAS 系統，並為其提供遠端偵察或 LRR 計劃的培訓。在戰場邊緣進行持久、低成本、可靠的 ISR 代表著全球防禦戰略的轉變，我們相信我們的 P550 性能規格比市場上任何其他競爭對手的解決方案更能滿足美國陸軍的計劃要求。該計劃在未來五年內價值約為 10 億美元，AV 已做好充分準備來執行和實現該計劃。

The successful adoption of our P550 with the US Army's LRR program should also lead to more international adoption of this capability by our allies in the coming years. We've experienced such a trend with our other global franchises, such as the Raven, Puma, and Switchblade. We look forward to continued progress with this significant program record.

我們的 P550 在美國陸軍的 LRR 計劃中的成功應用也將促使我們的盟友在未來幾年內在國際上更多地採用這種能力。我們的其他全球特許經營產品也經歷了這樣的趨勢，例如 Raven、Puma 和 Switchblade。我們期待這項重要的專案記錄繼續取得進展。

In addition to these significant program wins and milestone achievements last week we unveiled AV_Halo, a software platform and ecosystem that is hardware agnostic and unifies our suite of mission-ready software tools and offerings. AV_Halo clearly demonstrates the depth and breadth of our AI-powered software ecosystem for our end markets.

除了這些重要的專案勝利和里程碑式的成就之外，上週我們還推出了 AV_Halo，這是一個與硬體無關的軟體平台和生態系統，統一了我們的一系列任務就緒軟體工具和產品。AV_Halo 清楚地展示了我們針對終端市場的人工智慧軟體生態系統的深度和廣度。

At launch, these software modules include our multi-domain command and control, intelligence analysis, synthetic training, and autonomous targeting. AV_Halo blends the best of both Legacy AV and BlueHalo software solutions and offers our customers a comprehensive mission-ready suite of AI-powered software tools that empowers war fighters to dominate the mission across air, land, sea, space, and cyber domains. We're excited to share more details over the coming months about how AV_Halo software enhances the speed, autonomy, modularity, and interoperability of our offerings to address growing market needs.

在發佈時，這些軟體模組包括我們的多域指揮和控制、情報分析、綜合訓練和自主瞄準。AV_Halo 融合了 Legacy AV 和 BlueHalo 軟體解決方案的優點，為我們的客戶提供了一套全面的、可立即執行任務的人工智慧軟體工具，使作戰人員能夠在空中、陸地、海上、太空和網路領域主導任務。我們很高興在接下來的幾個月分享更多細節，說明 AV_Halo 軟體如何提高我們產品的速度、自主性、模組化和互通性，以滿足不斷增長的市場需求。

As the industry continues to grow and demand for our customer-driven solutions increases we are focused on leveraging our strategic partnerships to unlock new opportunities for AV, both domestically and abroad. Since our last earnings call, we have announced several key partnerships that will advance our long-term growth objectives and broaden our exposure in new areas.

隨著行業的不斷發展以及對我們客戶驅動解決方案的需求不斷增加，我們專注於利用我們的策略合作夥伴關係為國內外 AV 開闢新的機會。自上次財報電話會議以來，我們宣布了幾項重要的合作夥伴關係，這將推進我們的長期成長目標並拓寬我們在新領域的影響力。

First, we announced a strategic partnership with Sierra Nevada Corporation for a limited area of defense architecture under the Golden Dome for America initiative. This partnership focuses on integrating and aligning existing open-architecture solutions using passive and active sensing, radio frequency, directed energy, kinetic energy, electronic warfare, and cyber solutions and addresses the complete kill chain to neutralize Group 1 to 4 Unmanned Aerial Systems, Advanced Cruise Missiles and other next-generation aerial threats. With our broad suite of technological solutions, AV is uniquely positioned to help protect our nation by implementing a cast of active solution for sovereign missile defense.

首先，我們宣布與內華達山脈公司建立戰略合作夥伴關係，在「美國金色穹頂」計畫下在有限的國防建築領域開展合作。此次合作的重點是利用被動和主動感測、射頻、定向能、動能、電子戰和網路解決方案整合和調整現有的開放式架構解決方案，並解決完整的殺傷鏈，以消除第 1 至 4 組無人機系統、先進巡航飛彈和其他下一代空中威脅。憑藉我們廣泛的技術解決方案，AV 具有獨特的優勢，可透過實施一系列主權飛彈防禦主動解決方案來幫助保護我們的國家。

Second, we signed a memorandum understanding in Denmark for expanding airport utilization for medium UAS training, demonstrations and customer integration activities in the region. And finally, we announced an expanded partnership with the Dutch Ministry of Defense to modernize and expand their Puma fleet highlighting the rising demand for adaptable mission-ready on [crude] systems across NATO.

其次，我們在丹麥簽署了一份諒解備忘錄，旨在擴大該地區中型無人機系統培訓、演示和客戶整合活動的機場利用率。最後，我們宣布擴大與荷蘭國防部的合作夥伴關係，以對其 Puma 艦隊進行現代化改造和擴充，這凸顯了北約對適應性強、可立即執行任務的[原始]系統日益增長的需求。

In summary, we're currently pursuing more than 20 different programs of record which exceed $20 billion in potential value over the next five years. Included in these programs are OPF Light and Medium, One Way Attack, LASSO, LRR, Laser Communications, MGCM, HMIF, and additional options with our SCAR space program among several others. As we pursue these significant opportunities and programs ahead, we're also focused on managing the business efficiently during this period of high growth and capacity expansion.

總而言之，我們目前正在推行 20 多個不同的項目，這些項目在未來五年的潛在價值將超過 200 億美元。這些項目包括 OPF 輕型和中型、單向攻擊、LASSO、LRR、雷射通訊、MGCM、HMIF 以及我們的 SCAR 太空計劃的附加選項等。在我們追求這些重大機會和計劃的同時，我們也致力於在高成長和產能擴張期間有效地管理業務。

This past quarter, we successfully raised more than $1.5 billion through equity and convertible debt. Funds were used to pay down debt from the acquisition of BlueHalo and the balance will be used to help support the company's growth, including necessary production capacity expansion. As we've discussed over the past year, our current facilities are capable of scaling manufacturing to meet rising demand through at least fiscal year 2027.

上個季度，我們透過股權和可轉換債券成功籌集了超過 15 億美元。這些資金用於償還收購 BlueHalo 所產生的債務，剩餘資金將用於支持公司的成長，包括必要的生產能力擴張。正如我們在過去一年中所討論的那樣，我們目前的設施能夠擴大生產規模，以滿足至少到 2027 財年不斷增長的需求。

We're making progress on our new state-of-the-art manufacturing facility in Salt Lake City, Utah, which will allow us to considerably increase our manufacturing capacity for demand beyond fiscal year 2027. As part of our distributed approach to manufacturing for resiliency and risk diversification, we now have manufacturing sites operating across 12 different states.

我們正在猶他州鹽湖城建造新的最先進的製造工廠，這將使我們能夠大幅提高製造能力，以滿足 2027 財年以後的需求。作為我們為實現彈性和風險分散而採取的分散式製造方法的一部分，我們現在在 12 個不同的州設有製造基地。

Now I would like to provide brief updates on our two business segments. Our first segment, Autonomous Systems achieved revenues for the first quarter of $285 million. This segment continues to remain a strong growth driver for the company as demand continues to increase for our family of UAS solutions such as Puma, P550, and JUMP 20. We anticipate further growth in our position -- precision strike and counter-UAS group for our Switchblade family products, Red Dragon One Way Attack drone; as well as from our RF cover US solution, Titan; and our next-generation counter-UAS Missile Defense System, FE-1.

現在我想簡要介紹一下我們的兩個業務部門的最新情況。我們的第一部門，自主系統第一季實現了 2.85 億美元的收入。隨著對我們 Puma、P550 和 JUMP 20 等 UAS 解決方案系列的需求不斷增長，該部門將繼續成為該公司強勁的成長動力。我們預計，我們的 Switchblade 系列產品、紅龍單程攻擊無人機的精確打擊和反無人機組，以及我們的 RF 覆蓋美國解決方案 Titan 和我們的下一代反無人機飛彈防禦系統 FE-1 的地位將進一步增長。

Now on to our second segment, Space, Cyber and Directed Energy, or SCDE segment. Our SCDE segment posted first quarter revenues of $169 million. Our Space Technologies and Directed Energy solutions will continue to drive growth in this segment and for the company. As I mentioned earlier, we announced yesterday a $240 million contract award for our long-haul space laser communication system. In addition to anticipated revenue growth from this area, we're confident that our BADGER phase array solution and our counter-UAS Directed Energy solutions, LOCUST, will be key growth drivers for this segment in the future.

現在進入我們的第二部分，空間、網路和定向能，或 SCDE 部分。我們的 SCDE 部門第一季的營收為 1.69 億美元。我們的太空技術和定向能解決方案將繼續推動該領域和公司的成長。正如我之前提到的，我們昨天宣布了一項價值 2.4 億美元的遠程空間雷射通訊系統合約。除了該領域預期的收入成長之外，我們相信我們的 BADGER 相控陣解決方案和反 UAS 定向能解決方案 LOCUST 將成為未來該領域的主要成長動力。

Let me conclude my comments with the following. With the acquisition and successful integration of BlueHalo, we have significantly expanded our cutting-edge and battle proven portfolio to include Space Technologies, counter-UAS, Directed Energy, Electronic Warfare and Cyber Solutions. We have broadened our growth opportunity in a demand fueled market, this has been a deliberate part of our long-term strategy. Our high-volume manufacturing expertise and capacity in these critical areas is also another key differentiator that is unrivaled in the industry.

讓我用以下內容來結束我的評論。透過收購並成功整合 BlueHalo，我們大幅擴展了我們尖端且經過實戰檢驗的產品組合，包括太空技術、反無人機系統、定向能、電子戰和網路解決方案。我們在需求驅動的市場中拓寬了成長機會，這是我們長期策略中深思熟慮的一部分。我們在這些關鍵領域的大量製造專業知識和能力也是我們在業界無與倫比的另一個關鍵差異化因素。

AV's installed base of more than 42,000 platforms fielded in performing in high demand environments across multiple domains is another aspect of our competitive differentiators. And finally, our track record of exporting and supporting solutions to more than 100 allies around the world sets us further apart than any other player in this industry. We have worked hard to position our company for success and we're very excited to help our nation and allies across the globe. AV stands ready to continue executing and delivering on our promise to our key stakeholders so they can proceed with certainty.

AV 已安裝超過 42,000 個平台，可在多個領域的高需求環境中運行，這是我們競爭優勢的另一個方面。最後，我們向全球 100 多個盟友出口和支持解決方案的良好記錄使我們比該行業的任何其他參與者更具優勢。我們努力為公司的成功做好準備，我們非常高興能夠幫助我們的國家和全球盟友。AV 隨時準備好繼續履行對主要利害關係人的承諾，以便他們可以放心地繼續前進。

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?

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 first-quarter performance during which I will occasionally refer to both our press release and earnings presentation available on our website. Just a reminder that we closed our BlueHalo acquisition on May 1. So the results for Q1 and projected FY26 will include the financial activity from BlueHalo. I'll briefly comment on the results for the quarter and then turn to guidance for the remainder of FY26.

謝謝你，瓦希德。今天，我將回顧我們第一季業績的亮點，在此期間我將偶爾參考我們網站上的新聞稿和收益報告。提醒一下，我們在 5 月 1 日完成了對 BlueHalo 的收購。因此，第一季和預計 26 財年的業績將包括 BlueHalo 的財務活動。我將簡要評論本季的業績，然後轉向 26 財年剩餘時間的指導。

In summary, we are very pleased with the results of the new AV on all metrics, delivering solid top line and EBITDA growth. As Wahid mentioned, our equity and debt raise in July position us well for growth with over $700 million of cash and investments on the balance sheet. Wahid also mentioned his remarks, we started the year with $454.7 million of revenue in the first quarter, which represents a 140% increase over the prior year as reported or 18% increase on pro forma revenue basis. Since the acquisition of BlueHalo, our regional revenue mix has shifted towards the increase in domestic revenue.

總而言之，我們對新 AV 在所有指標上的結果非常滿意，實現了穩健的營收和 EBITDA 成長。正如瓦希德所提到的，我們在 7 月的股權和債務增加為我們的成長做好了準備，資產負債表上有超過 7 億美元的現金和投資。瓦希德也提到，今年第一季我們的營收為 4.547 億美元，比去年同期報告的營收成長了 140%，或以備考收入計算成長了 18%。自從收購 BlueHalo 以來，我們的區域收入結構已轉向國內收入的成長。

For Q1, 78% of our revenue came for domestic customers and 22% from international customers. In the first quarter, Ukraine represented 8% of revenue. The rest of Europe represented another 6% of revenue. We expect Ukraine revenue to remain between the 5% and 8% of total revenue in FY26. When compared to pro forma revenue for the first quarter of FY25, several of our products realized tremendous growth.

第一季度，我們 78% 的營收來自國內客戶，22% 來自國際客戶。第一季度，烏克蘭佔總營收的 8%。歐洲其他地區則佔總收入的 6%。我們預計烏克蘭的收入將保持在 26 財年總收入的 5% 至 8% 之間。與 25 財年第一季的預測收入相比，我們的幾種產品實現了巨大的成長。

Switchblade 600 product had over 200% revenue growth, JUMP 20 had over 6x revenue growth, our LOCUST Directed Energy counter-UAS has also had 5x pro forma revenue growth. It’s a sign, revenue is nearly double as a reflection of the strength of our counter-UAS business. And finally, BADGER, the advanced RS satellite ground station grew nearly 40%. Notably, we were awarded -- we received an award for $70 million for additional BADGER units in the quarter, and as this is part of a larger order we expect to receive in Q2.

Switchblade 600 產品的收入成長超過 200%，JUMP 20 的收入成長超過 6 倍，我們的 LOCUST 定向能反無人機系統的收入也成長了 5 倍。這是一個跡象，收入幾乎翻了一番，反映了我們的反無人機業務的強勁。最後，先進的 RS 衛星地面站 BADGER 成長了近 40%。值得注意的是，我們獲得了獎勵——我們在本季度獲得了 7000 萬美元的獎勵，用於購買額外的 BADGER 設備，這是我們預計在第二季度收到的更大訂單的一部分。

As mentioned on prior earnings call, AV is now operating under two reporting segments. Autonomous Systems, or AxS; and Space, Cyber and Direct Energy, or SCDE. AxS ended the quarter strong with $285 million of revenue, which represented a 22% increase over FY25 pro forma revenues. Of the total in the quarter, about 35% came from Switchblade 600 products, 15% came from Puma products, 9% from Switchblade 300, 7% from counter-UAS RF, and 6% from JUMP 20.

正如先前的收益電話會議所提到的，AV 目前由兩個報告部門運營。自主系統（AxS）；以及空間、網路和直接能源（SCDE）。AxS 本季表現強勁，營收達 2.85 億美元，較 2025 財年的預計營收成長 22%。本季總量中，約 35% 來自 Switchblade 600 產品，15% 來自 Puma 產品，9% 來自 Switchblade 300，7% 來自反 UAS RF，6% 來自 JUMP 20。

SCDE ended the quarter with $169 million of revenue, which represented a 12% increase over pro forma FY25. Of the total for the quarter, approximately 19% came from BADGER's Satellite ground station, 12% from LOCUST Directed Energy counter-UAS Systems, and 12% from our Advanced R&D businesses, which focuses on research, development, testing, and evaluating emerging technologies to ensure their effectiveness, active transition to the war fighter.

SCDE 本季的營收為 1.69 億美元，比 2025 財年的預測營收成長了 12%。本季總額中，約 19% 來自 BADGER 衛星地面站，12% 來自 LOCUST 定向能反無人機系統，12% 來自我們的先進研發業務，該業務專注於研究、開發、測試和評估新興技術，以確保其有效性，並積極向戰鬥機過渡。

In terms of adjusted EBITDA, slides 10 to 11 on our earnings presentation shows the reconciliation of GAAP gross margin to adjusted gross margins and net income to adjusted EBITDA. Adjusted EBITDA in Q1 was $56.6 million, up from last year's Q1 of $37.2 million as reported, primarily due to the incremental BlueHalo results. EBITDA as a percentage of revenue ended at 12.4% of revenue, which was in line with our expectations. We continue to forecast full-year adjusted EBITDA at 16% of revenue.

就調整後的 EBITDA 而言，我們的收益報告中的第 10 至 11 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。第一季調整後的 EBITDA 為 5,660 萬美元，高於去年第一季報告的 3,720 萬美元，這主要歸功於 BlueHalo 業績的提升。EBITDA 佔營收的百分比最終達到 12.4%，符合我們的預期。我們繼續預測全年調整後的 EBITDA 將佔營收的 16%。

Moving to gross margins. In the first quarter, consolidated GAAP gross margin finished at 21% versus 43% in the prior year. The decrease in GAAP gross margins can be attributed to the higher service mix of 31% of revenues versus 16% in the prior year, plus an increase of intangible amortization and other noncash accounting expenses of $33.7 million over FY25. First year -- first-quarter adjusted gross margins were 29% versus 40.5% in the first-quarter FY25.

轉向毛利率。第一季度，合併 GAAP 毛利率為 21%，去年同期為 43%。GAAP 毛利率的下降可歸因於服務結構較高，佔收入的 31%，而上年為 16%，此外 2025 財年無形資產攤銷和其他非現金會計費用增加了 3,370 萬美元。第一年－第一季調整後的毛利率為 29%，而 25 財年第一季為 40.5%。

As noted, the business landscape of the combined new company has changed significantly with a higher service mix and several products at early stage with a maturation. We believe adjusted gross margins to continue to improve throughout the year ending up in the mid-30s by Q4, with an average for the year in the low-30s.

如上所述，合併後的新公司的業務格局發生了顯著變化，服務組合更加豐富，多種產品處於早期階段並日趨成熟。我們相信，調整後的毛利率將在全年繼續改善，到第四季將達到 35% 左右，全年平均毛利率將達到 35% 出頭。

Moving on to operating expenses. Reported GAAP SG&A for the quarter was $131.3 million versus $33.8 million in the prior year. Net of intangible amortization, deal integration costs, adjusted SG&A was $65.2 million versus $32.7 million in the prior year. The increase is largely a result of the combination of BlueHalo. As a percentage of revenue, adjusted SG&A in the quarter was 14.3% of revenue versus 17.3% in FY25. Again, these SG&A levels represent a shift in the business model, and we expect to end the year in the 11% to 13% range as we begin to realize synergies and achieve higher revenue.

繼續討論營運費用。本季報告的 GAAP 銷售、一般及行政費用為 1.313 億美元，去年同期為 3,380 萬美元。扣除無形資產攤提和交易整合成本後，調整後的銷售、一般及行政費用為 6,520 萬美元，而上年度為 3,270 萬美元。這一成長很大程度上是 BlueHalo 組合帶來的結果。作為收入的百分比，本季調整後的銷售、一般及行政費用佔收入的 14.3%，而 25 財年為 17.3%。再次，這些銷售、一般和行政費用水準代表了商業模式的轉變，隨著我們開始實現協同效應並實現更高的收入，我們預計今年年底的銷售、一般和行政費用增長率將在 11% 至 13% 之間。

R&D expense for the first quarter was $33.1 million or 7.3% of revenue compared to the $24.6 million or 13% of revenue in the prior year. Again, this is a shift in the business model and expect R&D as a percent of revenue to end the year at between 6% and 7% revenue range.

第一季研發費用為 3,310 萬美元，佔營收的 7.3%，去年同期為 2,460 萬美元，佔營收的 13%。再次，這是商業模式的轉變，預計研發佔收入的百分比將在年底達到 6% 到 7% 之間。

Now turning to GAAP earnings. In the first quarter, the company generated a net loss of $57.4 million versus net income of $21.2 million recorded in the same period last year. The decrease in net income of $88.5 million can be attributed to increased intangible amortization, other noncash purchase accounting expenses of $74.9 million from the BlueHalo acquisition, plus another $23.7 million of deal and integration -- $23.7 million of deal and innovation costs.

現在轉向 GAAP 收益。第一季度，該公司淨虧損 5,740 萬美元，而去年同期淨收入為 2,120 萬美元。淨收入減少 8,850 萬美元，可歸因於無形資產攤銷增加、收購 BlueHalo 產生的 7,490 萬美元其他非現金購買會計費用，加上另外 2,370 萬美元的交易和整合——2,370 萬美元的交易和創新成本。

In addition, interest and other income expense increased $14.6 million year over year. This was offset by an additional $6.3 million of income from operating activities and a decrease in taxes of $16.7 million. Slide 12 shows the reconciliation of GAAP and adjusted and non-GAAP diluted EPS. The company posted adjusted earnings per diluted share of $0.32 for the first quarter of fiscal 2026 versus $0.89 per diluted share for the first quarter of fiscal 2025.

此外，利息和其他收入支出較去年同期增加了1,460萬美元。但這一數字被額外的 630 萬美元營運活動收入和 1,670 萬美元的稅收減少所抵消。投影片 12 顯示了 GAAP 與調整後和非 GAAP 稀釋每股盈餘的對帳。該公司公佈的 2026 財年第一季調整後每股攤薄收益為 0.32 美元，而 2025 財年第一季調整後每股攤薄收益為 0.89 美元。

Moving to the balance sheet. At the close of the first quarter, our total cash investment amounted to $722 million. As most of you know, we completed a $1.7 billion financing during the first quarter, of which approximately $950 million used to pay down the debt from the BlueHalo acquisition. We now have a completely new balance sheet as a result of our BlueHalo transaction.

轉到資產負債表。截至第一季末，我們的現金投資總額達7.22億美元。眾所周知，我們在第一季完成了 17 億美元的融資，其中約 9.5 億美元用於償還收購 BlueHalo 所產生的債務。由於 BlueHalo 交易，我們現在擁有了全新的資產負債表。

Consequently, many of our balances are not comparable to prior periods. For instance, our overtime revenue recognition has increased from 41% to 75% of revenue year over year driving unbilled receivables. With that said, unbilled receivables continue at a higher level than we are targeting. We have been negatively affected by the alignment of the contracting officers for our Switchblade product. This transition has been completed, and we expect unbilled to be down significantly in the next quarter.

因此，我們的許多餘額與前期無法比較。例如，我們的加班收入確認佔收入的比例逐年從 41% 增加到 75%，從而推動了未開立應收帳款的增加。話雖如此，未開立發票應收帳款仍然處於比我們設定的目標更高的水平。我們的 Switchblade 產品承包官員的調整給我們帶來了負面影響。這一轉變已經完成，我們預計下一季未開票金額將大幅下降。

Turning to backlog. Our funded backlog at the end of first quarter of fiscal 2026 finished at $1.1 billion. Unfunded backlog grew to $3.1 billion at the end of Q1. I should note that we include in our visibility from expected (inaudible) long-term contracts, which we expect to perform during the fiscal year, which have not been funded as of this date. Given this, the visibility to the midpoint of our revenue guidance range is 82%. We expect our unfunded backlog to continue to grow significantly during the second quarter due to the recently announced contracts and new contracts in the pipeline.

轉向積壓。截至 2026 財年第一季末，我們的資金積壓訂單已達 11 億美元。第一季末，未獲資金支持的積壓訂單增加至 31 億美元。我應該指出，我們的可見性包括預期（聽不清）長期合同，我們預計將在財政年度內履行這些合同，但截至目前尚未獲得資金。有鑑於此，我們收入指導範圍中點的可見度為 82%。由於最近宣布的合約和正在籌備中的新合同，我們預計第二季度我們的未籌資金積壓訂單將繼續大幅增長。

Finally, I would like to provide you with our updated FY26 guidance. On page 6 of the presentation, we provide fiscal 2026 guidance. Fiscal year revenue is still expected to be between $1.9 billion and $2 billion, adjusted EBITDA remains between $300 million and $320 million. Non-GAAP adjusted EPS is now projected to be between $3.60 to $3.7 due to the refinancing of our debt. The midpoint of our revenue guidance range represents nearly 15% growth over the pro forma FY25.

最後，我想向您提供我們更新的 FY26 指南。在簡報的第 6 頁，我們提供了 2026 財年指導。預計財年收入仍將在 19 億美元至 20 億美元之間，調整後的 EBITDA 仍將在 3 億美元至 3.2 億美元之間。由於我們的債務再融資，非 GAAP 調整後每股收益預計在 3.60 美元至 3.7 美元之間。我們的營收預期範圍的中點比預計的 25 財年增長了近 15%。

As mentioned previously, our visibility to the midpoint revenue guidance range was at 82%, which is at the higher end of the historical range at this point during the year. I'd like to close by echoing Wahid's remarks, we are very well aligned with the US DOW priorities and those of the allies and are excited about our prospects.

如前所述，我們對中點收入指導範圍的可見度為 82%，處於今年此時歷史範圍的高端。最後，我想重複瓦希德的言論，我們非常認同美國國防工業的優先事項以及盟友的優先事項，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'd like to reiterate all the positive momentum we have entering our second quarter of fiscal year 2026. First, we achieved another record first quarter with revenues of nearly $455 million. Second, bookings for the first quarter reached nearly $400 million, and our funded backlog grew to $1.1 billion. Unfunded backlog is now at $3.1 billion.

謝謝，凱文。在轉入提問環節之前，我想重申我們進入 2026 財年第二季度的所有積極勢頭。首先，我們第一季的營收再創歷史新高，達到近 4.55 億美元。其次，第一季的訂單量達到近4億美元，我們的資金積壓訂單成長到11億美元。目前未獲資金支持的積壓訂單已達 31 億美元。

Third, we introduced several innovative solutions in counter-UAS, Space Communications and Directed Energy, among other areas that are directly aligned to our customers' urgent priorities and represent multibillion-dollar market opportunities over the next several years. And fourth, we're maintaining our fiscal year 2026 guidance with revenue between $1.9 billion and $2 billion.

第三，我們在反無人機系統、太空通訊和定向能等領域推出了多項創新解決方案，這些解決方案與我們客戶的緊急優先事項直接相關，並代表未來幾年數十億美元的市場機會。第四，我們維持 2026 財年的預期，營收在 19 億至 20 億美元之間。

Our strong first-quarter results underscore the confidence we have in the future of AV and our ability to reshape the future of defense. Our integrated capabilities across every domain of modern warfare combined with our enhanced innovation and ability to scale, strengthens our ability to address emerging global priorities. We stand ready and committed to deliver just as we've always done.

我們強勁的第一季業績凸顯了我們對 AV 未來的信心以及我們重塑國防未來的能力。我們在現代戰爭各個領域的綜合能力，加上我們增強的創新和擴展能力，增強了我們解決新興全球優先事項的能力。我們隨時準備好並致力於一如既往地履行職責。

With strong support on both sides of the aisle in Congress, the current administration, and our customers, we're confident that AV will not be negatively affected should Congress fail to pass a budget resulting in a continuing resolution. The support for our solutions and the urgency behind the need for our products gives us confidence that we will remain a high priority and either scenario.

在國會兩黨、現任政府和我們客戶的大力支持下，我們相信，即使國會未能通過預算並最終達成繼續決議，AV 也不會受到負面影響。對我們解決方案的支持以及對我們產品需求的緊迫性使我們相信，無論哪種情況，我們都將保持高度優先地位。

Additionally, we have significant momentum internationally with our allies, where our ability to deliver battle-proven solutions quickly at scale is certainly a competitive advantage. I want to thank our employees, shareholders and customers for their continued commitment to AV and our mission. We're honored to support the most critical defense missions at this pivotal moment and we're ready to seize the tremendous opportunities ahead.

此外，我們與盟友在國際上也擁有巨大的發展勢頭，我們能夠快速、大規模地提供經過實戰檢驗的解決方案，這無疑是一種競爭優勢。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。我們很榮幸能夠在這個關鍵時刻支援最關鍵的國防任務，我們已準備好抓住未來的巨大機會。

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)

（操作員指示）

Ken Herbert, RBC.

肯·赫伯特，RBC。

Good afternoon, Wahid, Kevin, and Denise, really nice results. Maybe next, Wahid. Yes. Maybe, Wahid, just to start off. Obviously, good revenues. You didn't change the full year outlook. I think you've obviously got better visibility at the 82% than you've had at this point in prior years.

下午好，Wahid、Kevin 和 Denise，結果真的很棒。或許下一個，瓦希德。是的。也許，瓦希德，這只是個開始。顯然，收入不錯。你沒有改變全年前景。我認為，與前幾年相比，82% 的可見度顯然更高。

Can you just talk about some of the puts and takes as we think about the $1.9 billion versus $2 billion full-year revenue outlook and how you're thinking about risk of the guidance on the top line and opportunities to maybe outperform that this year?

當我們考慮 19 億美元與 20 億美元的全年收入前景時，您能否談談一些利弊，以及您如何看待收入指導的風險以及今年可能超越這一目標的機會？

Thank you, Ken. Yes, we're very pleased with the results. I'm very pleased also with the integration of BlueHalo with AV. As you know, this is no easy feat. And this is a very large undertaking, combining two pedigreed companies creating a $2 billion enterprise that addresses all the key areas of our defense priorities, both domestically and internationally with our allies.

謝謝你，肯。是的，我們對結果非常滿意。我對 BlueHalo 與 AV 的整合也感到非常滿意。正如你們所知，這絕非易事。這是一項非常龐大的工程，將兩家歷史悠久的公司合併，創建一個價值 20 億美元的企業，負責解決我們國防重點的所有關鍵領域，包括國內和與我們的盟友的國際合作。

In terms of our guidance, we feel very good about our first-quarter results, but it is first quarter. We've got three more quarters to go. The budgets for the year are not totally set, there is a potential for a continued resolution, which we don't believe that it's going to affect our fiscal year. But in order for us to perform above and beyond that, it's still a lot more questions left.

就我們的預期而言，我們對第一季的業績感到非常滿意，但這只是第一季。我們還有三個季度要結束。今年的預算尚未完全確定，有可能繼續做出決議，但我們認為這不會影響我們的財政年度。但為了讓我們表現得更好，還有很多問題需要解決。

And so given all those bases -- also some of these contract timing is really critical because the US DoD is going through a lot of changes in transformation in many of their services. And given all that, we believe that we're on track, again, it's going to be a fantastic year with record revenues and profitability, nearly $2 billion in revenues and $300 million worth of adjusted EBITDA, we're going to be the poster child of what a defense tech company and the prime should look like, and we're pleased that we've achieved the results we have so far, and we look forward to updating you in the future.

因此，考慮到所有這些基礎——其中一些合約時機也非常關鍵，因為美國國防部的許多服務正在經歷許多轉型變化。考慮到所有這些，我們相信我們正走在正確的軌道上，今年將是輝煌的一年，收入和盈利能力將創歷史新高，收入接近 20 億美元，調整後息稅折舊攤銷前利潤 (EBITDA) 達到 3 億美元，我們將成為國防科技公司和主要企業的典範，我們很高興看到迄今為止取得的成果，並期待著在未來向您匯報最新情況。

Anthony Valentini, Goldman Sachs.

安東尼·瓦倫蒂尼，高盛。

Thank you for the question. I'm curious, are you guys seeing increased competition now that there is an emphasis on the unleashing of American drone dominance? And how do you think price will be impacted over time by competition, like you guys on your Switchblades, specifically, I think you guys have talked about low hundreds of thousands of dollars as the price there. If there's more competition over time, is there a risk that, that price is going to go down and margins will suffer?

謝謝你的提問。我很好奇，既然現在美國越來越強調發揮無人機的主導地位，你們是否看到競爭加劇了？您認為價格會隨著時間的推移而受到競爭的影響嗎？例如你們的 Switchblade，具體來說，我認為你們已經談到那裡的價格低至幾十萬美元。如果隨著時間的推移競爭加劇，是否存在價格下降、利潤率受損的風險？

Anthony, thank you for that question, and great to talk to you again. Obviously, the focus of the US for the American drone dominance is really important, and we support it, and we're very pleased with that. We are used to competition and competitors ever since I've been with this company for over 1.5 decades. It is not new to us. We've had the drone insanity when the commercial drone industry was going on. We've had that with our small UAS, there's been doubts about that on our performance for decades.

安東尼，謝謝你的提問，很高興能再次與你交談。顯然，美國對美國無人機主導地位的關注非常重要，我們支持這一點，並且對此感到非常高興。我在這家公司工作了 15 多年，我們已經習慣了競爭和競爭對手。這對我們來說並不新鮮。當商業無人機產業蓬勃發展時，我們經歷了無人機的瘋狂。我們的小型無人機系統也存在這個問題，幾十年來人們一直懷疑它的性能。

AV has continued for decades and decades to be able to deliver and prosper and stay as the leader in the spot market. What that tells me is that actually the focus in this market and the amount of growth that there is, it's actually attracting more and more investments, of course, but also attention to our customers. So it's a good side that the US is on, AV believes that we've got to scale and we’ve got to grow. But we really feel strong about our portfolio.

AV 幾十年來一直能夠交付並繁榮發展，並保持現貨市場的領先地位。這告訴我，實際上這個市場的焦點和成長量實際上吸引了越來越多的投資，當然，也吸引了對我們客戶的注意。因此，美國處於有利地位，AV 相信我們必須擴大規模，並且必須發展。但我們對我們的投資組合確實感到很強大。

There are several, several key competitive differentiators that enables us to actually lead and continue to stay as the leader and there are no shortcuts in this business. It's one thing to say that we can -- somebody can do it, actually doing it and delivering it at scale, it's a very, very high bar.

有幾個關鍵的競爭優勢使我們能夠真正領先並繼續保持領先地位，而且在這個行業中沒有捷徑。說我們可以做到是一回事——有人可以做到，但實際上要做到這一點並大規模交付，這是一個非常非常高的標準。

I want to remind everybody that our systems are used by the tens of thousands globally and have scaled repeatedly multiple times in our history. And we have a unique competitive advantage in terms of having the manufacturing capacity to produce these things at urgent and very short cycles based on the demand and urgency and priority from the US and our allies. That is a clear, clear advantage for AV amongst many other things, and we look forward to that.

我想提醒大家，我們的系統在全球被數以萬計的人使用，並且在我們的歷史上已經多次反覆擴展。我們擁有獨特的競爭優勢，因為我們擁有根據美國及其盟友的需求、緊迫性和優先性在緊急和極短的周期內生產這些東西的製造能力。這對 AV 來說是一個明顯的優勢，我們對此充滿期待。

So while we always take competitors seriously, we're very confident about the best-in-class solutions that we've got in our track record and the positioning that we have in the marketplace.

因此，雖然我們始終認真對待競爭對手，但我們對我們在過往記錄中獲得的最佳解決方案以及我們在市場上的定位非常有信心。

I mean, we've always provided a very cost-efficient product and had a lot of the competition -- or a lot of that is about the value versus alternatives. So Unmanned Solutions provide incredible value. A lot of the pressure would probably come more in the low end of the market than in our categories, which, as you know, is Group 2 and above.

我的意思是，我們一直提供非常具有成本效益的產品，並且面臨著許多競爭——或者很多競爭都是關於價值與替代品的競爭。因此，無人解決方案提供了不可思議的價值。許多壓力可能更多來自於低端市場，而不是我們的類別，如你所知，我們的類別是第 2 組及以上。

Louie D DiPalma, William Blair.

路易·迪帕爾馬、威廉·布萊爾。

You announced the AV_Halo unified software platform last week. Can you talk about how your software integrates with third-party hardware providers in addition to the AV portfolio of systems?

您上週宣布了 AV_Halo 統一軟體平台。除了 AV 系統產品組合之外，您能談談您的軟體如何與第三方硬體供應商整合嗎？

And secondly, is there the potential that your software platform can be open to third-party software developers such that others can build applications on top of your software, similar to how like Palantir has their Maven Smart System and it's becoming a platform and you have this command and control system that seems to have a lot of similarities there for command and control for the S UAS and C UAS and your count -- your laser systems, et cetera.

其次，您的軟體平台是否有可能向第三方軟體開發人員開放，以便其他人可以在您的軟體上建立應用程序，類似於 Palantir 的 Maven 智慧系統，它正在成為一個平台，並且您有這個指揮和控制系統，它似乎在 S UAS 和 C UAS 的指揮和控制以及您的計數——您的雷射系統等方面有很多相似之處。

Welcome, Louie. Of course, AV_Halo's software we just announced is really a great example of how we brought the best of the both worlds from AV's portfolio of software solutions as well as BlueHalo's software solutions into one cohesive umbrella of an ecosystem and platform that allows us to deliver and innovate in lots and lots of different areas of this entire market.

歡迎光臨，路易。當然，我們剛剛發布的 AV_Halo 軟體確實是一個很好的例子，它展示了我們如何將 AV 的軟體解決方案組合和 BlueHalo 的軟體解決方案的優點融入到一個統一的生態系統和平台中，使我們能夠在整個市場的許多不同領域交付和創新。

There's certainly a major, major need and a market opportunity for companies like AV and others to try to help simplify and integrate and inter-operate all these systems together. That's precisely what AV_Halo's strategy and product road map and the value proposition is all set to be.

對於 AV 等公司來說，嘗試幫助簡化、整合和互通所有這些系統無疑存在著重大需求和市場機會。這正是 AV_Halo 的策略、產品路線圖和價值主張。

In regards to your first question, yes, we already today enable third-party devices, third-party platforms, hardware systems to actually integrate and be interoperable with AV_Halo, and many, many other subsystems or modules of AV_Halo. AV_Halo is going to be an umbrella brand with lots and lots of different tools and applications underneath it. And we continue to invest in that. So that's definitely a yes for that.

關於您的第一個問題，是的，我們今天已經使第三方設備、第三方平台、硬體系統能夠與 AV_Halo 以及 AV_Halo 的許多其他子系統或模組實際整合並互通。AV_Halo 將成為一個繖形品牌，旗下擁有大量不同的工具和應用程式。我們將繼續對此進行投資。所以答案肯定是肯定的。

In terms of allowing other third-party companies to develop software as an API and open platform, absolutely true, yes, that's the case as well. In fact, we already have some solutions that we provide to our customers to our small UAS and our low munitions, which uses third-party apps as a software that is plug and play into our system.

至於允許其他第三方公司以API和開放平台的形式開發軟體，絕對正確，是的，也是如此。事實上，我們已經為我們的客戶提供了一些針對小型無人機系統和低彈藥的解決方案，這些解決方案使用第三方應用程式作為可即插即用的軟體。

And so the last thing I want to mention is that we've developed AV_Halo ecosystem from the ground up based on the expertise that we have on the edge of the battlefield with all the platforms and tens of thousands of systems that we make out there in all the different domains. That gives us a unique competitive advantage because it's much, much harder to do the C2, the commanding control connectivity and operability at the lower level at the edge of the battlefield than it is just represented at the graphical user interface at the high levels.

最後我想說的是，我們從頭開始開發了 AV_Halo 生態系統，它基於我們在戰場邊緣的專業知識，以及我們在所有不同領域製造的所有平台和數以萬計的系統。這給了我們獨特的競爭優勢，因為在戰場邊緣的較低層級上實現 C2、指揮控制連接和可操作性比在高層圖形使用者介面上實現要困難得多。

The high level gets a lot of limelight and a lot of hype, but the real value and the hard work is how you interconnect the subsystems in an open modular architecture approach. And that's precisely how we built a software platform that we've got. We're going to continue to invest in it. The software department of our engineering department is the largest department within our entire innovation groups.

高層受到了很多關注和炒作，但真正的價值和艱苦的工作是如何以開放的模組化架構方式互連子系統。這正是我們建構軟體平台的方式。我們將繼續對此進行投資。我們工程部門的軟體部門是我們整個創新集團中最大的部門。

And so we intend to continue to invest in the best area and innovate and deliver more capability. And that's why our solutions are always been known as software-defined platforms. And I'm glad you asked that question, Louie.

因此，我們打算繼續在最佳領域進行投資、創新並提供更多功能。這就是為什麼我們的解決方案一直被稱為軟體定義平台。我很高興你問了這個問題，路易。

Thanks really extensive answer, Wahid. And I will save the rest of my questions for Albuquerque. So Thanks, everyone.

非常感謝 Wahid 的詳細回答。我將把其餘的問題留給阿爾伯克基。謝謝大家。

Wonderful. We look forward to seeing you there, Louie.

精彩的。我們期待在那裡見到你，路易。

Jan Engelbrech, Baird.

簡‧恩格爾布雷奇，貝爾德。

Congrats on a very strong set of results. I guess with the BlueHalo now operating for the group and clearly, a big domestic presence. I just wanted to sort of have the sense of the exportability of the BlueHalo product offerings. Just given sort of what Europe is planning to spend and sort of their strength in sort of lack of industrial base to do things themselves, but just look at things like sort of the local system and space capabilities that you now have. If you could just talk more about that.

恭喜您取得了一系列非常出色的成績。我想，BlueHalo 現在正在為該集團運營，並且顯然在國內具有很大的影響力。我只是想了解一下 BlueHalo 產品的可出口性。考慮到歐洲計劃的支出以及他們缺乏自行開展工作的工業基礎的實力，但看看你們現在擁有的本地系統和太空能力。如果您能就此再多談一談的話。

And then just a small addition, but with the Red Dragon now being placed on the blue list US period last in August, does that sort of imply that it can be explored immediately? Or is that near term, more of a domestic opportunity?

然後只是一個小小的補充，但是紅龍現在被列入了 8 月份美國藍名單，這是否意味著可以立即進行探索？還是這只是近期的國內機會？

Sure. So really, the BlueHalo solution set brings tremendous complementary capabilities to AV. And as I mentioned earlier that -- in the space domain, obviously, the large $1.5 billion-plus program record that we won with the space force, it is an incredibly advanced innovation and standard capability in the next phase of the race, and you're going to see some of that and hopefully, if you to come to our open house in Albuquerque later next month.

當然。因此，BlueHalo 解決方案套件確實為 AV 帶來了巨大的補充功能。正如我之前提到的那樣——在太空領域，顯然，我們通過太空部隊贏得了超過 15 億美元的大型項目記錄，這是競賽下一階段令人難以置信的先進創新和標準能力，您將會看到其中的一些，希望您下個月晚些時候能來參加我們在阿爾伯克基的開放日活動。

So we're the leader in that, and that's a very large program. The LOCUST System, which I mentioned is the leading Directed Energy, counter draw or counter-UAS solution in the market today. We delivered our first batch of systems to the US Army. We continue to deliver some more mounted on a moving mobile JLTV, as I mentioned. And it is going to be a very large multibillion-dollar market.

因此，我們是該領域的領導者，而且這是一個非常龐大的專案。我提到的 LOCUST 系統是當今市場上領先的定向能、反向牽引或反 UAS 解決方案。我們向美國陸軍交付了第一批系統。正如我所提到的，我們將繼續交付一些安裝在行動 JLTV 上的產品。這將是一個非常龐大的價值數十億美元的市場。

We believe that the counter-UAS Directed Energy Solution, the lasers which is the LOCUST platform, as an example, is a multibillion-dollar long-term opportunity for the company, and we're the leader in that space clearly. And lastly, I'll mention also the Titan RF solutions, we're already getting a lot of orders for international customers for that. It's one of the best performing solutions out there in the market, and that market is multibillions of dollars over the next decade as well.

我們相信，反無人機定向能解決方案，例如 LOCUST 平台的雷射器，對該公司來說是一個價值數十億美元的長期機遇，我們顯然是該領域的領導者。最後，我還要提到 Titan RF 解決方案，我們已經收到了許多國際客戶的訂單。它是市場上表現最好的解決方案之一，未來十年該市場的價值也將達到數十億美元。

So absolutely, we view that the BlueHalo solution suite is incredibly complementary to our solution set. They're growing, we're winning a lot of opportunities and programs and we're positioned for a lot more. And then being the part of the BlueHalo certified product, which you saw are one of our products, absolutely allows us to actually sell internationally easier and also the US DoD and other government agencies can buy easily because of the certification.

因此，我們絕對認為 BlueHalo 解決方案套件對我們的解決方案集具有極大的補充作用。他們正在成長，我們贏得了許多機會和項目，我們已準備好迎接更多。作為 BlueHalo 認證產品的一部分（您看到的是我們的產品之一），絕對可以讓我們更輕鬆地在國際上銷售，而且由於該認證，美國國防部和其他政府機構也可以輕鬆購買。

And so that's another great progress for our company and our teams. And we're very pleased with the products we're making so far.

這對我們公司和團隊來說是另一個重大進步。我們對目前生產的產品非常滿意。

Great. Very helpful. And just a quick follow-up. In terms of Golden Dome, we're obviously that great program win in [GEO with Legend Terminals] where you sort of seem to have no competition, really. And we've seen in lower or with sort of the problems that vendors are experiencing on the optical terminals.

偉大的。非常有幫助。這只是一次快速的跟進。就金頂而言，我們顯然在 [GEO with Legend Terminals] 專案中取得了巨大勝利，實際上，我們似乎沒有遇到任何競爭對手。我們已經看到供應商在光學終端上遇到的較低或某種問題。

Is that -- so I mean, would you still consider that a Golden Dome opportunity given that it's going to have a bit more latency than the satellites in low Earth orbit? And I guess a follow-on, is there any willingness to move down into that orbit just given sort of the delays in vendors have seen in the PWSA program?

那是——所以我的意思是，考慮到它的延遲會比低地球軌道上的衛星稍微大一點，您是否仍會認為這是一個金頂機會？我想問一下，考慮到 PWSA 計劃中供應商的延遲，是否有人願意進入這個軌道？

Yes, I'm glad you brought that up because our solution for the laser comms and phase arrays addresses both of those two key areas that you mentioned. Absolutely with you that as we start to think about the Golden Dome initiative and objective, the ability to communicate in space by itself. We learned very, very convincingly in Ukraine, all the world has learned that RF communication is not safe and secure. It is not immune; it can be jammed.

是的，我很高興你提出這個問題，因為我們的雷射通訊和相位陣列解決方案解決了你提到的兩個關鍵領域。我們完全同意你的觀點，當我們開始思考金頂計畫和目標時，我們就會思考太空通訊的能力。我們在烏克蘭非常非常有說服力地了解到，全世界都已經了解到射頻通訊並不安全。它並不具有免疫力；它可能會被幹擾。

The same thing is true of all the satellites that we have in the space, whether it's commercial satellites or military satellite, national security satellites, they are susceptible to the same jamming issues because they talk to systems on the ground and they talk to each other. So the laser communications, which were the -- currently the undeniable industry leader technologically as well as product maturity-wise, is the clinical way of the future of satellites to be able to communicate and talk to them.

同樣的情況也發生在我們在太空中的所有衛星上，無論是商業衛星、軍用衛星或國家安全衛星，它們都容易受到相同的干擾問題，因為它們與地面系統通信，並且相互通信。因此，雷射通訊是目前技術和產品成熟度無可否認的行業領導者，也是未來衛星進行通訊和對話的臨床方式。

And so we offer that capability. And absolutely, we can do that not only for the geosynchronous satellites, but for [MEO and LEO] satellites as well. In fact, we have a product, a separate product in our [phase theory] product set called the [Panther] that is a smaller system that allows us to offer that to international allies and many other customers for LEO and MEO satellites as well. And so that's why I said that market is a multibillion-dollar market, which we believe is just that it's infancy.

因此我們提供這種功能。當然，我們不僅可以對地球同步衛星做到這一點，而且對[MEO 和 LEO] 衛星也可以做到這一點。事實上，我們有一款產品，是我們的[相位理論]產品系列中的一款獨立產品，名為[Panther]，它是一個較小的系統，讓我們能夠將其提供給國際盟友以及許多其他 LEO 和 MEO 衛星客戶。這就是為什麼我說這個市場是一個價值數十億美元的市場，而我們認為它還處於起步階段。

And we've got a leading full position and as we continue to execute on our strategy, I think we're going to see a lot of growth in that area and a lot of more attention and focus on the US and a lot of commercial companies as well, and customers as well.

我們擁有領先的地位，隨著我們繼續執行我們的策略，我認為我們將看到該領域的巨大成長，美國、許多商業公司和客戶將獲得更多的關注和關注。

Jonathan Siegmann, Stifel.

喬納森·西格曼（Jonathan Siegmann），Stifel。

Maybe just on funded backlog. You had disclosed back in November that BlueHalo had about $600 million of funded backlog. So when I add that into what you had on April 30, it seems like maybe it's a little bit lower than what we expected. So can you confirm, number one, do the accounting change when you merge that in, just they got a question that maybe something that dropped out and I was hoping you could confirm that is not the case.

也許只是資金積壓。您曾在 11 月透露，BlueHalo 有約 6 億美元的資金積壓。因此，當我將其與 4 月 30 日的數據相加時，似乎可能比我們預期的要低。那麼，您能否確認，第一，在合併時是否進行會計變更，只是他們有一個問題，可能是有什麼東西掉了出來，我希望您能確認事實並非如此。

I don't know where the $600 million comes from. But at the beginning of the period -- well, I don't have a BlueHalo, but the current SCDE division had about just over $300 million and increased that during the quarter of backlog -- funded backlog.

我不知道這6億美元是從哪裡來的。但在本期開始時——好吧，我沒有 BlueHalo，但目前的 SCDE 部門大約有 3 億多美元，並且在積壓季度增加了這一金額——為積壓提供資金。

Yes. Just to add to that, Jonathan, we have won and booked quite a lot of really significant unfunded contracts that allows our customers to add dollars to it. Some of that, Jonathan, is related to the fact that a lot of the funding that has been authorized and approved by Congress as well as by the President, for the department as part of the additional funding sources that they're getting, that money hasn't transitioned yet and been released to the services and the program executive offices to authorize or put task orders against it.

是的。喬納森，補充一點，我們已經贏得並簽訂了相當多的非常重要的無資金合同，這使我們的客戶能夠為其註入資金。喬納森，部分原因在於，國會和總統已經授權和批准為該部門提供的大量資金，作為他們獲得的額外資金來源的一部分，這些資金尚未轉移，也尚未發放給各服務和項目執行辦公室，以授權或下達任務命令。

So what we have is a great situation where in the -- this quarter and next quarter, Q2 and Q3, we expect to book an enormous amount of funded orders and firm contracts against those large unfunded existing obligations. And so in general, our funded backlog which was roughly about $1.1 billion, the unfunded part is much, much bigger. It's almost 3 times bigger. And we're going to see more bookings and task orders to come in this quarter or next quarter to keep building on that momentum that we've got established.

因此，我們面臨的情況非常好，在本季度和下個季度，也就是第二季度和第三季度，我們預計將簽訂大量已註資的訂單和確定的合同，以抵消那些尚未註資的大量現有債務。整體而言，我們的資金積壓量約為 11 億美元，未獲資金支持的部分則大得多。它幾乎大了3倍。我們將在本季或下個季度看到更多的預訂和任務訂單，以繼續鞏固我們已經建立的勢頭。

Yes. I mean we think contract signings in the second quarter. I mean we have the evidence of the laser contract we just signed could be well over $1 billion, approaching $2 billion in the second quarter. So we see a lot of momentum already in this quarter, which we have some time left. So we're very optimistic.

是的。我的意思是我們認為第二季會簽訂合約。我的意思是，我們有證據表明，我們剛剛簽署的雷射合約價值可能遠遠超過 10 億美元，第二季將接近 20 億美元。因此，我們在本季度已經看到了很大的發展勢頭，而且我們還有一些時間。所以我們非常樂觀。

Greg Konrad, Jefferies.

傑富瑞的格雷格·康拉德。

Maybe just kind of following up on that question. I mean in the script, you called out 20 programs, $20 billion over the next five years. Can you maybe talk about how much of that is competitive versus follow-on? And when you think out the next maybe six months, what are some of the larger decisions within that pipeline that you expect to be made competitively?

也許只是這個問題的後續答案。我的意思是，在劇本中，你提出了未來五年內 20 個項目、200 億美元的計畫。您能否談談其中有多少是競爭性的，有多少是後續性的？當您考慮未來六個月的情況時，您預計在該管道中會做出哪些具有競爭力的重大決策？

Sure. So Greg, as you know, we haven't shared such statistics in the past, and I intentionally wanted to share that to emphasize the fact that we are a different company today. And the opportunities in front of us are massive, literally massive. And the 20-plus programs that we're changing and we're pursuing, we're actively engaged in and majority of those cases, if not all, we're one of the top contenders for those programs.

當然。格雷格，正如你所知，我們過去沒有分享過這樣的統計數據，我特意分享這一點，以強調我們今天是一家不同的公司。我們面前的機會是巨大的，確實是巨大的。我們正在改變和推行的 20 多個項目都是我們積極參與的，其中大多數（如果不是全部）項目，我們都是這些項目的頂級競爭者之一。

We're very, very confident that many of those programs over the next several years is going to convert into some sort of a backlog and demand for our solutions. Number one. Number two. Look, you can look at our track record. We have a very high win rate. The timing of those contracts and the selection process may change slightly because of the way that the US DoD and the funding and the congressional budgets work.

我們非常有信心，未來幾年內，許多此類項目將轉化為某種積壓訂單和對我們解決方案的需求。第一。第二。瞧，你可以看看我們的業績記錄。我們的勝率非常高。由於美國國防部、資金和國會預算的運作方式，這些合約的時間和選擇過程可能會略有變化。

But overall, we have a very high win rate when we engage in opportunities. And so we don't expect it to be 100%, of course, but there's going to be more competition. But the magnitude of programs and the quality and the size of these programs that we're going after is quite remarkably significant. And we're very pleased with that. It encourages me as a as a member of this team is that we worked really hard to get here, and I think we've got a lot of great years ahead of us.

但整體來說，我們在把握機會時的成功率非常高。當然，我們並不期望達到 100%，但競爭會更加激烈。但我們所推行的專案的規模、品質和規模都非常重要。我們對此感到非常高興。身為這支球隊的一員，我很受鼓舞，因為我們為了達到這個目標付出了巨大的努力，而且我認為我們未來還有很多美好的時光。

And I think the emphasis has shifted to more off-the-shelf, proven capabilities, companies that can scale as kind of part of the formula. But it also means they may pick other -- more than one vendor for some of these programs because they want to kind of hedge their bets on the scalability place.

我認為重點已經轉移到更多現成的、經過驗證的能力、可以作為公式一部分擴展的公司。但這也意味著他們可能會為其中一些項目選擇其他——多個供應商，因為他們想在可擴展性方面進行對沖。

And I guess just as a follow-up, I mean that part seems to kind of fit what we're hearing about maybe how Golden Dome is awarded. I mean you called it out a couple of times in the script, but how do you think about award timing or decisions tied to that program, just given the accelerated schedule? And how much of that opportunity is maybe tied to Golden Dome?

我想作為後續，我的意思是這部分似乎有點符合我們所聽到的關於金頂獎是如何頒發的。我的意思是，您在劇本中提到過幾次，但是考慮到加速的時間表，您如何看待與該計劃相關的獎勵時間或決定？那麼，有多少機會可能與金頂體育場有關？

Yeah. So we're not really counting Golden Dome specifically as part of that 20 programs. Maybe some parts of it, it's very small parts of it, not much. These 20 programs that I'm referring to is well these are things that we've been pursuing well before the Golden Dome was even announced. And so Golden Dome obviously adds to that does not subtract from it and that is not inclusive of that, number one.

是的。因此，我們實際上並沒有將金頂體育場算作這 20 個項目的一部分。或許其中有些部分，只是很小的部分，不多。我所指的這 20 個項目是我們在金色穹頂體育場宣布之前就一直在推行的。因此，金色穹頂顯然增加了這一點，而不是減少了這一點，而且這並不包括這一點，這是第一點。

Number two, we really believe that we have got a very compelling solution that the US department of Defense and our national security agencies and the President and the department can actually implement very quickly at almost no R&D cost. These are systems that we've already developed. And a lot of folks are talking about space and missiles in the space and satellites space. This is about our home land and how we protect critical sites on our home land territory.

第二，我們確實相信我們已經找到了一個非常令人信服的解決方案，美國國防部、國家安全機構、總統和國防部實際上可以在幾乎不花費研發成本的情況下非常迅速地實施該解決方案。這些是我們已經開發的系統。很多人都在談論太空、太空飛彈和衛星。這涉及我們的國土以及我們如何保護國土上的重要地點。

And the solutions that we've developed that really addresses the emerging threats against drones and hypersonic missiles and cruise missiles and ICBMs we've got this solution set today, not only the hardware platforms, but also the software solutions that can sense them that can actually identify them and then also to actually integrate and operate any few different systems within our existing customer footprint to work as an interoperable integrated system.

我們開發的解決方案確實解決了針對無人機、高超音速導彈、巡航導彈和洲際彈道導彈的新威脅，我們今天已經有了這個解決方案，不僅有硬體平台，還有可以感知它們、可以實際識別它們的軟體解決方案，然後還可以實際集成和操作我們現有客戶範圍內的任何幾個不同系統，以作為可互操作的集成系統工作。

So we've invested quite a lot of energy in the last several months to architect that solution set, and that's why we made the public announcement with our partner Sierra Nevada Corporation. And we're looking forward to actually engaging with the government, we are engaged with us today. They're obviously getting spooled up on that, and that we really wish the opportunity that we'll have an opportunity to actually discuss this with them and show them what we can do right away.

因此，我們在過去幾個月中投入了大量精力來設計這套解決方案，這就是我們與合作夥伴 Sierra Nevada Corporation 一起公開宣布這一消息的原因。我們期待與政府實際接觸，今天我們就進行了接觸。他們顯然對此很感興趣，我們真的希望有機會與他們真正討論這個問題，並向他們展示我們能立即做些什麼。

And we go as far as I'm confident that if they give us a chance we can implement a solution at a site this calendar year, this calendar year. And so we feel good about it.

我相信，如果他們給我們機會，我們就能在今年、今年在某個地點實施解決方案。因此我們對此感到滿意。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

On LRR, I know you mentioned last quarter that a decision would likely be released within the next three to six months. Is that kind of -- is that still in the cards right now? Should we expect kind of a decision now imminently?

關於 LRR，我知道您在上個季度提到可能會在未來三到六個月內發布決定。那是那種──現在還有這種可能嗎？我們是否應該期待現在就做出這樣的決定？

I do, Andre. I mean we're talking to the program office of the US Army very, very regularly. They're very impressed and happy with our solution set. We believe that our solution meets the US Army's requirements for the LRR program better than any other solution on the market. We also know that they most likely will down select the two. And as Kevin said earlier, that they would keep at least two vendors sort of warm and engage in this development.

是的，安德烈。我的意思是我們正在非常定期地與美國陸軍計畫辦公室進行溝通。他們對我們的解決方案印象深刻並且非常滿意。我們相信，我們的解決方案比市場上任何其他解決方案都更能滿足美國陸軍對 LRR 計劃的要求。我們也知道他們很可能會選擇這兩者。正如凱文之前所說，他們會讓至少兩家供應商保持熱情並參與這項開發。

We have ramped up manufacturing. We're ready to go. We've been getting ready because we know that the US Army has an urgent need. Persistent low-cost ISR at the end of the battlefield and the different theaters is incredibly important, and we've got one of the most affordable low-cost solutions out there. And the P550 delivers on that quite well.

我們已經加大生產力了。我們準備出發了。我們已經做好準備，因為我們知道美國陸軍有緊急需求。在戰場末端和不同戰區持續進行低成本的 ISR 非常重要，我們擁有最經濟實惠的低成本解決方案之一。P550 在這方面表現得相當出色。

So I'm hoping that the announcements will come sooner. We're still within that time frame that I mentioned three to six months. we're very close to getting to that three-month period. It's not actually have been three months yet, but we're looking forward to it. And I believe that the Army will make some kind of an announcement quite soon.

所以我希望公告能夠盡快發布。我們仍然處於我提到的三到六個月的時間範圍內。我們已經非常接近三個月的時間了。實際上還沒有三個月，但我們很期待。我相信陸軍很快就會發布某種聲明。

Got it. Got it. That's helpful. And I guess, sticking on LRR and P550 you mentioned the international opportunity that's present. I guess just how big is that on a relative basis?

知道了。知道了。這很有幫助。我想，堅持 LRR 和 P550 您提到了當前的國際機會。我猜想相對而言這到底有多大？

And then kind of in that same mindset, you mentioned that you could potentially see the first P550 order as early as this past quarter. So I just wanted to see if there's any update there?

然後，基於相同的心態，您提到您最早可能會在上個季度看到第一份 P550 訂單。所以我只是想看看那裡是否有任何更新？

Yeah. So we do hope that we receive an order. There's known opportunities in our pipeline, both domestically and internationally beyond the US Army for the P550. As I said that the P550 in my personal opinion, is going to be another product that is going to be similar and consistent to the other product franchises that we already have.

是的。所以我們確實希望能收到訂單。除了美國陸軍之外，我們的 P550 在國內和國際上都存在已知機會。正如我所說，我個人認為 P550 將會是另一款與我們已有的其他產品系列相似且一致的產品。

The success of the P550 with the US Army as part of the LRR program will translate -- most likely will translate into a global franchise product franchise, similar to Puma, Switchblade 300, Switchblade 600, Raven and many other products that we have.

作為 LRR 計畫的一部分，P550 與美國陸軍的成功合作將轉化為——最有可能轉化為全球特許經營產品特許經營權，類似於 Puma、Switchblade 300、Switchblade 600、Raven 以及我們擁有的許多其他產品。

And so I already know that we're engaged with multiple countries, many of them would love to procure P550. We're ramping up manufacturing for that reason. And we expect -- we hope to actually update you in the next quarter or so some successful reasons, some wins and some awards.

因此，我已經知道我們與多個國家有合作，其中許多國家都希望購買 P550。出於這個原因，我們正在加大生產力度。我們期望——我們希望在下個季度左右向您更新一些成功的原因、一些勝利和一些獎項。

Awesome. Wahid, I appreciate the color. I'll step away and leave it open to the rest of the queue.

驚人的。瓦希德，我很欣賞這個顏色。我將離開並將這個問題留給隊列中的其他人。

Colin Canfield, Cantor Fitzgerald.

科林·坎菲爾德，康托·菲茨杰拉德。

Could you maybe just walk us through the cash flow bridge for the rest of the year. And essentially kind of how should we think about normalized working capital balances for the business maybe as a magnitude in terms of total dollars or as a percentage of revenue?

您能否向我們介紹一下今年剩餘時間的現金流狀況？本質上，我們應該如何看待企業的正常營運資本餘額，也許是以總額或收入百分比來衡量？

Well, as I said, I mean, I think there's opportunity on the balance sheet, particularly in the unbilled receivables area. Our goal is to be cash flow positive to have some cash conversion this year versus last year. And we feel that we're positioned at that now.

嗯，正如我所說的，我的意思是，我認為資產負債表上有機會，特別是在未開立發票應收帳款領域。我們的目標是使今年的現金流與去年相比實現一定的現金轉換。我們覺得我們現在就處於這個位置。

The only caveat to that is as we look at our plans for growth, we may see a situation where several of our products may need to ramp up here. And as I said earlier, the US DoD is putting the premium on manufacturers you can scale up. So it's kind of a balancing act between cash generation and that. But we do feel comfortable with the cash flow savings from working capital that we could offset any increases in the CapEx but it should be in line with our guidance. But if it goes up a little above that, it would probably be offset by its worth of capital improvement.

唯一需要注意的是，當我們審視我們的成長計劃時，我們可能會發現我們的幾種產品可能需要在這裡增加產量。正如我之前所說，美國國防部非常重視能夠擴大規模的製造商。因此，這是一種在現金產生和現金產生之間取得平衡的行為。但我們確實對營運資本的現金流節省感到滿意，我們可以抵消資本支出的任何增加，但它應該符合我們的指導。但如果價格略高於這個水平，其資本改善價值可能會抵銷其影響。

Got it. I just your normalized view in terms of kind of Capex growth environment? Is there like a kind of proxy for how large the account would be, like a rough kind of sense?

知道了。我只是對資本支出成長環境的正常看法？是否有一種代理人可以大致估算出帳戶的規模？

How long the unfunded or what?

多久沒有資金了或怎麼樣？

How much working capital should go onto the balance sheet? Just how much --

多少營運資本應該計入資產負債表？到底有多少--

For the year, all set and done, it shouldn't go much higher than it is right now.

對於今年來說，一切準備就緒，它不應該比現在高出太多。

Trevor Walsh, Citizens.

特雷弗·沃爾什，公民。

Great. I wanted to just follow up on the $240 million work for the laser terminals. I understand a three-year delivery period. Can you maybe just give us a rough framework for how that revenue will probably flow over the course of that?

偉大的。我只是想跟進一下耗資 2.4 億美元的雷射終端工程。我了解三年的交貨期。您能否給我們一個粗略的框架，說明這些收入在過程中的可能流向？

And then just kind of what the kind of upside opportunity is something similar to that deal or just timing of that potential upside? Just again, I know just not specifics, but just from a general outlook.

那麼，什麼樣的上行機會與該交易類似，或只是潛在上行機會的時機？再說一遍，我所知道的不只是具體細節，而只是從整體上講。

Sure, Trevor. So we consider that award a landmark event for us for multiple reasons. Number one, it's a very large contract. Number two, it's the technology of the future that is going to make a huge impact in our entire space domain as a whole for the country. And we are the best in the world in that category. Our technology is second to none. There's nobody that can actually do it better than us in this area. And I expect this to actually go.

當然，特雷弗。因此，出於多種原因，我們認為該獎項對我們來說是一個里程碑事件。首先，這是一份非常大的合約。第二，未來的科技將對我們整個國家的整個太空領域產生巨大的影響。而我們在這領域是世界上最好的。我們的技術是首屈一指的。在這個領域，沒有人能比我們做得更好。我希望這能夠真正實現。

So our customers very more limited to go past. Obviously, the funding is to do a couple of things. One is to finish the development and the first article of the system and also the second one is to actually transition it to initial rate low production and prepare for full-rate production, which will happen a year later -- or well over a year later. So that's exactly what we're working on. We're very bullish on that. I think the market for laser communication is huge.

因此我們的客戶受到的限制非常有限。顯然，這筆資金將用於做幾件事。一是完成系統的開發和第一篇文章，二是將其實際過渡到初始速率低產量並為全速率生產做準備，這將在一年後或一年多後發生。這正是我們正在努力的事情。我們對此非常樂觀。我認為雷射通訊的市場是巨大的。

There's two reasons for that. Number one, there's lots and lots of satellites in space that is going to require this mechanism of communication. Our existing communication, as I said earlier, is basically compromisable and compromised already, satellites need to communicate to the ground into each other. We've got the secret sauce and the technology to do it. We've got the full position in the market.

有兩個原因。首先，太空中有大量衛星需要這種通訊機制。正如我之前所說，我們現有的通訊基本上是容易受到損害的，並且已經被損害了，衛星需要與地面相互通訊。我們有秘訣和技術來實現這一點。我們在市場上佔了絕對優勢。

We've got a solution that works and the customer's bought. And as more and more satellites come online, the need for this is going to become more and more evident. And so it's a groundbreaking event for us, and we feel very good about that for the long term. So I think it's going to be a significant growth driver over the next several years beyond just fiscal '26 for us once we just transition from low rate production to full-rate production and deployment of the systems out in space.

我們有一個有效的解決方案，並且客戶已經購買了。隨著越來越多的衛星上線，這種需求將變得越來越明顯。因此，這對我們來說是一個開創性的事件，從長遠來看，我們對此感到非常高興。因此，我認為，一旦我們從低速生產過渡到全速生產並在太空部署系統，它將成為我們未來幾年（而不僅僅是 26 財年）的重要成長動力。

Austin Moeller, Canaccord Genuity.

奧斯汀·莫勒（Austin Moeller），Canaccord Genuity。

So just my first question, just looking through the budget and the congressional drafts of the budget, there's about $68 million in there for launch effects, which is, I guess, what they renamed LMAMS. And I presume that does not include FMS to Ukraine, correct? That's just purely Army stock filing.

所以我的第一個問題是，只要看一下預算和國會的預算草案，就會發現其中大約有 6800 萬美元用於發射效果，我猜，這就是他們重新命名為 LMAMS 的原因。我猜這還不包括向烏克蘭派遣外軍，對嗎？那隻是陸軍的常規備案文件。

That is also my understanding, Austin, that the $68 million that's in the budget, for launch effect is all -- it's only for the US domestic consumption of the different variants of the launch effects because launch effects comes from small, medium and different sizes and different effects, it's only for the domestic US DoD not for the FMS customers and demand.

奧斯汀，我的理解也是，預算中用於發射效應的 6800 萬美元全部用於 - 它僅用於美國國內對不同發射效應變體的消費，因為發射效應來自小型、​​中型和不同尺寸以及不同效果，它僅供美國國內國防部使用，而不是用於 FMS 客戶和需求。

Okay. And could you just go into a little bit of detail on the energy requirements for LOCUST on an [Ampol or DEM Shore] ad platform, mobile ground vehicle versus the energy budget that's available for a fixed in placement or on a Navy ship, for example?

好的。您能否詳細介紹 LOCUST 在 [Ampol 或 DEM Shore] 廣告平台、移動地面車輛上的能源需求與固定放置或海軍艦艇上可用的能源預算？

Yes. So Austin, that's another area I'm very optimistic for because our Directed Energy low-cost laser system trying to solve the problem, the real mission problem of how do you detect and to feed a Group 1 or 2 or 3 drone or a fast-moving missile. And the way you do it, most people are trying to add more energy and pop more energy at the target. But if you're not firing correctly at the target and accurately, it's essentially useless. So that you can make it as big as you like, it isn't going to be affected.

是的。所以奧斯汀，這是我非常樂觀的另一個領域，因為我們的定向能低成本雷射系統試圖解決這個問題，真正的任務問題是如何探測和供應第 1 組、第 2 組或第 3 組無人機或快速移動的導彈。而你這樣做的方式是，大多數人都試圖增加更多的能量並向目標發射更多的能量。但如果你沒有正確、準確地射擊目標，它基本上是無用的。這樣您就可以將它放大到您想要的大小，它不會受到影響。

The secret sauce to our solution is that we have the best technology when it comes to actually delivering those photons and the laser at the right points of the target and actually identifying the target, classifying it and then pointing the laser directly where you want to actually defeat the target and make it come up from the platform in the ground. And so that secret sauce is very, very unique to AV's core competency and expertise, and that's why our solution doesn't require a lot of power.

我們的解決方案的秘訣在於，我們擁有最好的技術，能夠將這些光子和雷射傳送到目標的正確位置，識別目標，對其進行分類，然後將雷射直接指向你想要擊敗目標的位置，並使其從地面平台升起。因此，這個秘密武器對於 AV 的核心競爭力和專業知識來說非常獨特，這就是為什麼我們的解決方案不需要太多電力。

We are roughly about 20 kilowatts, 15 to 20 kilowatts system, and we have plans to go higher. The MOAs and other systems are much, much more expensive, much bulkier and bigger and less mobile and maneuverable. Our system can be -- has been installed. As I said on the call in my remarks that we've installed it and we delivered it to the US Army on a JLTV, and we're going to deliver more of them.

我們的系統功率約為 20 千瓦，15 到 20 千瓦，並且我們計劃進一步提高功率。MOA 和其他系統要昂貴得多，體積更大、機動性和可操作性更差。我們的系統可以──已經安裝好了。正如我在電話講話中所說，我們已經安裝了它，並透過 JLTV 將其交付給美國陸軍，而且我們還會交付更多。

US Army is very pleased with our system. It's performing really well on various tests and missions. And we believe that this is a market that we're just scratching the surface today. And I believe it's going to be a very large part of the counter-UAS and Counter-Hypersonic missile and defense system, including the Golden Dome. So it has multiple implications in the market for various missions. And we're actually quite encouraged and enthused by that.

美國陸軍對我們的系統非常滿意。它在各種測試和任務中表現非常出色。我們相信，我們今天才剛觸及這個市場的表面。我相信它將成為反無人機和反高超音速飛彈和防禦系統的重要組成部分，包括金色穹頂。因此，它對各種任務的市場有多重影響。我們確實對此感到非常鼓舞和興奮。

That's very interesting. Thank you for the detail.

這很有趣。謝謝你的詳細說明。

Austin Bohlig, Needham.

奧斯汀·博利格，尼德姆。

Congrats on the solid results, guys. My question has to deal with the full-year guidance. And I think you guys have discussed this in prior questions. But if I'm understanding you right, with all this big funding that was in the OBB, has yet been allocated to specific departments.

恭喜你們取得如此優異的成績，夥伴們。我的問題與全年指導有關。我認為你們在之前的問題中已經討論過這個問題。但如果我理解正確的話，OBB 中的大量資金尚未分配給具體部門。

Is it fair to assume that none of that is baked into your current guidance? So might leave some move to upside if current contracts flow over the next couple of quarters?

是否可以公平地認為這些都沒有納入您目前的指導中？那麼，如果當前合約在接下來的幾個季度內流動，可能會有一些上行空間嗎？

So Austin, some of that is baked in, but not all of it. And the reason for that is because it's a very fluid sort of timing in the market. Those funding of the OBB and as I said, when it hit all the accounts within our customers' systems were not to be able to contract that out. Now how long it takes to do that really matters as to how much we can deliver this year, primarily because of how much time we're going to have left in the year to be able to execute against it. There's only so much ahead planning and at risk that we can go given the situation that we're in right now.

所以奧斯汀，其中一些是已經融入其中的，但不是全部。原因在於市場時機非常不穩定。正如我所說，當 OBB 的資金影響到我們客戶系統中的所有帳戶時，就無法將其外包出去。現在，完成這項工作需要多長時間對於我們今年能夠完成多少任務至關重要，這主要取決於我們今年還有多少時間可以完成這項工作。考慮到我們目前的情況，我們能做的提前規劃和承擔的風險是有限的。

So for that reason, I would say, we feel very strong about our current guidance. Some of the OBB dollars is baked into our guidance and our expectations, but some of it is not. And then every day that goes by, by the budgets not being approved or continuing resolution going forward or the dollars, not hitting their accounts, it could actually add more risk for that not to happen this year, but it will happen in the following year.

因此，我想說，我們對當前的指導感到非常堅定。部分 OBB 資金已納入我們的指導和預期，但部分資金則未納入。然後每過一天，預算就不會得到批准，決議也無法執行，資金也無法到賬，這實際上會增加更多的風險，雖然今年不會發生這種情況，但明年就會發生。

Regardless we're going to have a great year and we're going to most likely going to finish the year strong with a very strong pipeline in bookings that can set us up for even more success beyond fiscal two.

無論如何，我們都會度過美好的一年，並且很有可能以非常強勁的預訂量結束這一年，這將為我們在第二財年之後取得更大的成功奠定基礎。

Got it. Just a quick follow-up, like within of that funding that you guys are including in your current guidance, like, which technologies or products is that focused on? Is that more on the UAS side, counter-UAS. Would just love some color there.

知道了。只是一個快速的跟進，例如你們在當前指導中包含的資金，重點關注哪些技術或產品？這更多的是在 UAS 方面，還是反 UAS 方面。只是喜歡那裡的一些顏色。

Austin, so it is so difficult to just name one particular product or technology that we have relative to the priorities of the defense. I am a very firm believer that the prospects for growth and prosperity for AV has never been better. And we're going to have a fantastic year this year, and we're positioned and poised to grow even more beyond this fiscal year.

奧斯汀，因此，很難只說出我們擁有的與國防優先事項相關的一種特定產品或技術。我堅信 AV 的成長和繁榮前景從未如此美好。我們今年將會是輝煌的一年，我們已做好準備，在本財年之後實現更大的成長。

There is money responding and there's need urgent requirements for drones for low munitions, for counter-UAS RF, for lasers, for the Golden Dome, for software solutions that we have as our AV_Halo andtherefore our Titan family as well there is money for space laser communication and needs for that. And it's also for phase arrays and scar and BADGER Systems that we have.

我們需要資金來應對，而且迫切需要低彈藥無人機、反無人機射頻、雷射、金色穹頂、我們的 AV_Halo 軟體解決方案以及我們的 Titan 系列，我們需要資金來滿足空間雷射通訊和相關需求。它也適用於我們擁有的相控陣、Scar 和 BADGER 系統。

I think the opportunities are for us, both domestically and internationally, has never been better. And we've worked hard over the last decade to position ourselves for this type of an opportunity that really is remarkably unique in my view. And so we're very pleased with the execution of our team. pleased with our results and how we put investments we've made and the best we've made and the company we've built to position ourselves, and we look forward to updating you in the quarters to come.

我認為，無論是國內還是國際，我們面臨的機會從未如此好。在過去的十年裡，我們一直努力爭取這種在我看來非常獨特的機會。因此，我們對團隊的表現非常滿意，對我們的業績以及我們如何進行投資、如何做出最佳努力以及我們為自身定位而建立的公司感到非常滿意，我們期待在未來幾個季度向您通報最新情況。

Thank you. I would now like to turn the conference back to Denise for any closing remarks.

謝謝。現在我想請 Denise 致閉幕詞。

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.

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。

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

我們希望您享受剩下的夜晚，並期待在下個季度的結果公佈後再次與您交談。

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

謝謝。今天的電話會議到此結束。您現在可以斷開連線。