AeroVironment Inc (AVAV) 2026 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the AeroVironment second-quarter fiscal year 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 AeroVironment 2026 財年第二季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to the Head of Investor Relations, Denise Pacioni. Please proceed.

現在我將把會議交給投資者關係主管丹尼斯·帕西奧尼。請繼續。

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

謝謝，女士們、先生們，午安。歡迎參加 AeroVironment 2026 財年第二季財報電話會議。我是 Denise Pacioni，AeroVironment 的投資人關係主管。

Before we begin, please note that certain information presented on this call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve many risks and uncertainties that could cause actual results to differ materially from our expectations.

在開始之前，請注意，本次電話會議中提供的某些資訊包含 1995 年《私人證券訴訟改革法案》所界定的前瞻性陳述。這些聲明涉及諸多風險和不確定性，可能導致實際結果與我們的預期有重大差異。

Further information on these risks and uncertainties is contained in the company's 10-K and other filings with the SEC, in particular, in the risk factors and forward-looking statement portions of such filings. Copies are available from the SEC on the AeroVironment website, www.avinc.com or from our Investor Relations team.

有關這些風險和不確定性的更多信息，請參閱公司向美國證券交易委員會提交的 10-K 表格和其他文件，特別是這些文件中的風險因素和前瞻性聲明部分。您可以從美國證券交易委員會 (SEC) 的 AeroVironment 網站 www.avinc.com 或我們的投資者關係團隊取得副本。

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

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

The content of this conference call contains time-sensitive information that is accurate only as of today, December 9, 2025. The company undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise.

本次電話會議的內容包含時效性訊息，僅截至 2025 年 12 月 9 日為準確資訊。無論是由於新資訊、未來事件或其他原因，本公司均不承擔更新任何前瞻性聲明的義務。

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.

今天與我一同出席的還有 AeroVironment 公司的董事長、總裁兼執行長 Wahid Nawabi 先生，以及執行副總裁兼財務長 Kevin McDonnell 先生。

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

現在我們先聽聽瓦希德·納瓦比的講話。瓦希德？

Thank you, Denise. Welcome, everyone, to our second-quarter fiscal year 2026 earnings conference call. I'll begin 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，丹妮絲。歡迎各位參加我們2026財年第二季財報電話會議。首先，我將總結我們本季的業績，然後凱文將更詳細地回顧我們的財務結果，並討論 2026 財年的業績指引。接下來，凱文、丹妮絲和我將回答大家的問題。

I'm pleased to report excellent quarter financial results while setting new records in multiple areas of our business. Despite the challenges posed by the elongated US government shutdown, we delivered excellent financial results and achieved several strategic milestones that we believe position AV for strong, sustained growth well into the future.

我很高興地報告，本季財務表現出色，並在多個業務領域創下了新紀錄。儘管美國政府長期停擺帶來了挑戰，但我們取得了優異的財務業績，並實現了幾個戰略里程碑，我們相信這將使 AV 在未來實現強勁、持續的成長。

During the quarter, we introduced several innovative products and secured multiple large long-term contracts, a testament to our recipe for innovation and proof that our strategy is winning. The total ceiling value of new contract awards during Q2 reached $3.5 billion, a historic record achievement by AV.

本季度，我們推出了幾款創新產品，並簽訂了多項大型長期合同，這證明了我們的創新方法是正確的，也證明了我們的策略正在取得成功。第二季新合約授予的總價值上限達到 35 億美元，這是 AV 創下的歷史性紀錄。

This also resulted in record second quarter bookings of nearly $1.4 billion. These achievements underscore that our strategic investments are delivering results and progressing our business to new heights.

這也使得第二季預訂額創下近 14 億美元的紀錄。這些成就表明，我們的策略投資正在取得成效，並將我們的業務推向新的高度。

We also made significant progress on multiple programs of record that we believe will solidify our leadership in all of the domains in which we participate: air, land, sea, space, and cyber. With strong top-line growth expected on the horizon, we are executing on our expansion plans to further scale our manufacturing capacity and meet accelerating demand across several of our products and programs.

我們也在多個已記錄的專案中取得了重大進展，我們相信這些進展將鞏固我們在所有參與領域（空中、陸地、海洋、太空和網路）的領先地位。由於預計未來營收將強勁成長，我們正在執行擴張計劃，以進一步擴大生產能力，滿足我們多個產品和專案不斷增長的需求。

Our proven execution capabilities, combined with the robust pipeline of orders and operational readiness, reinforce our confidence in achieving our industry-leading long-term growth objectives. At the same time, overall, the integration of BlueHalo is exceeding expectations, strengthening our capabilities and positioning AV as the premier next-generation defense tech company.

我們成熟的執行能力，加上強勁的訂單儲備和營運準備，增強了我們實現業界領先的長期成長目標的信心。同時，總體而言，BlueHalo 的整合超出了預期，增強了我們的能力，並將 AV 定位為首屈一指的下一代國防科技公司。

Let me summarize our key messages for the second quarter of fiscal year 2026, which are (technical difficulty) towards with a total contract value of $3.5 billion bolstered bookings to reach an all-time high of nearly $1.4 billion, driven by key program wins that support AV's long-term growth.

讓我總結一下我們 2026 財年第二季度的主要信息，即（技術困難）總合約價值達 35 億美元，訂單額增長至近 14 億美元的歷史新高，這主要得益於關鍵項目的中標，這些項目支持了自動駕駛汽車的長期增長。

Second, we also achieved another record second quarter revenue of nearly $473 million.

其次，我們第二季營收也創下新高，接近 4.73 億美元。

Third, we launched several new innovative products aligned to our customers' highest priorities and continue to execute on expanding our manufacturing capacity to meet accelerated demand.

第三，我們推出了幾款符合客戶最高優先事項的創新產品，並持續擴大生產能力以滿足不斷增長的需求。

And fourth, we're raising the lower end of our fiscal year 2026 revenue guidance and now expect revenues between $1.95 billion and $2 billion.

第四，我們提高了 2026 財年營收預期下限，現在預計營收將在 19.5 億至 20 億美元之間。

Beyond these strong results, the defense industry is at an inflection point, and AV is not just prepared to lead. We are ahead of the curve setting the pace for everyone else to follow.

除了這些強勁的成果之外，國防工業正處於一個轉捩點，而AV不僅做好了引領的準備。我們走在行業前沿，為其他人樹立了榜樣。

Let's not forget, the US Department of War is firmly committed to shifting their procurement practices towards agile, commercially available products and capabilities, favoring companies that invest their own capital, develop disruptive solutions at speed while transitioning them to full rate production and scaling capacity quickly. This validates the business model AV has embraced not just in the past few years, but over multiple decades.

我們不能忘記，美國戰爭部堅定地致力於將其採購方式轉向敏捷、可商購的產品和能力，優先選擇那些投入自有資金、快速開發顛覆性解決方案並迅速將其過渡到全面生產和擴大產能的公司。這驗證了AV公司在過去幾年，甚至幾十年來一直秉持的商業模式。

AV's business model and strategy have always been to invest in innovative and disruptive solutions ahead of customer requirements, scale their production rapidly, and deliver decisive advantages that enable our customers to acquire capabilities quickly.

AV 的商業模式和策略一直是先於客戶需求投資於創新和顛覆性解決方案，迅速擴大生產規模，並提供決定性優勢，使我們的客戶能夠快速獲得能力。

Looking ahead, cost-efficient autonomous drones and counter drone systems enabled by AI and machine learning will define the battlefield. Known for uncrude aircraft systems and leading AI integration, we believe AV is uniquely positioned to capitalize on this transformation.

展望未來，人工智慧和機器學習賦能的低成本自主無人機和反無人機系統將決定戰場格局。AV公司以其先進的飛機系統和領先的人工智慧整合技術而聞名，我們相信AV公司擁有獨特的優勢，能夠充分利用這項變革。

AV_Halo, our open architecture software platform, is designed to unify command and control intelligence analysis, synthetic training and autonomous targeting across all domains, creating advanced communication among critical assets during conflict. By integrating AV_Halo into our portfolio and other platforms, we're delivering a powerful hardware-agnostic ecosystem that enhances the speed, autonomy, and interoperability of AV's platforms for our customers.

AV_Halo 是我們的開放式架構軟體平台，旨在統一所有領域的指揮控制情報分析、合成訓練和自主目標定位，從而在衝突期間實現關鍵資產之間的高階通訊。透過將 AV_Halo 整合到我們的產品組合和其他平台中，我們正在為我們的客戶提供一個強大的、與硬體無關的生態系統，從而增強 AV 平台的速度、自主性和互通性。

Moreover, we expect that AV_Halo's ability to enable competing products to operate on a common command and control software system will play in an increasingly crucial role in US defense procurement decisions. Our investment and development in AV_Halo is just one example of how AV is ahead of this transformation and is well positioned within the industry.

此外，我們預計 AV_Halo 使競爭產品能夠在通用指揮控制軟體系統上運作的能力，將在美國國防採購決策中發揮越來越重要的作用。我們在 AV_Halo 上的投資和開發只是 AV 如何引領這一變革並在行業中佔據有利地位的一個例子。

Our level of internal R&D investment and proactive CapEx strategy enable us to accelerate development and scale production ahead of demand. Using internal R&D to advance new products allows our technology to outpace our peers and leads to a faster time to market. We believe this core competency is a key differentiator that allows us to stay ahead of our customers' needs.

我們強大的內部研發投入和積極的資本支出策略使我們能夠在需求成長之前加速產品開發並擴大生產規模。利用內部研發推動新產品發展，可以使我們的技術超越同行，並加快產品上市速度。我們相信，這項核心競爭力是我們保持領先地位的關鍵差異化因素，使我們能夠始終滿足客戶的需求。

Unlike traditional contractors that wait for contract vehicles before building prototypes, we innovate first, bring solutions to market faster. These forward-looking investments are not only fueling the launch of new products, but also translating into significant contract wins, reinforcing our ability to capture emerging opportunities.

與傳統承包商在獲得合約後才開始製造原型不同，我們率先進行創新，更快地將解決方案推向市場。這些具有前瞻性的投資不僅推動了新產品的推出，而且還轉化為重要的合約贏得，增強了我們抓住新興機會的能力。

For example, in our Autonomous Systems segment, our P550 was recently down selected by the US Army's Long-Range Reconnaissance program or LRR estimated to be worth approximately $1 billion. Internal investments made on this group to uncrewed solution allowed us to quickly meet the needs and requirements included in the LRR program, and we're confident that our P550 is the best solution for the US Army.

例如，在我們的自主系統部門，我們的 P550 最近被美國陸軍的遠程偵察計劃 (LRR) 選中，該計劃估計價值約 10 億美元。對該團隊進行的內部投資，使我們能夠迅速滿足 LRR 計劃中包含的需求和要求，我們相信我們的 P550 是美國陸軍的最佳解決方案。

We've also prudently invested in upgrades to our Group 3 uncrewed aircraft system, JUMP 20 and JUMP20-X, which was recently selected as one of four options on the US Navy's basic ordering agreement. This significant achievement allows AV to compete for specific US Navy intelligence, surveillance and reconnaissance, or ISR, task orders over the next five years in a large and rapidly growing UAS maritime defense market.

我們還謹慎地投資升級了我們的第 3 組無人飛行器系統 JUMP 20 和 JUMP20-X，該系統最近被選為美國海軍基本訂購協議中的四個選項之一。這項重大成就使AV公司能夠在未來五年內，在龐大且快速成長的無人機海上防禦市場中，參與美國海軍特定情報、監視和偵察（ISR）任務訂單的競爭。

In addition to these domestic achievements, we're also expanding and experiencing an increase in international demand. Within our Autonomous Systems segment, we were recently awarded an $874 million sole source IDIQ contract from the US Army for international sales of our small UAS products to include Raven, Puma AE, and Puma LE.

除了在國內取得的這些成就之外，我們也不斷拓展業務，並感受到國際需求的成長。在我們的自主系統部門，我們最近從美國陸軍獲得了一份價值 8.74 億美元的獨家 IDIQ 合同，用於向國際市場銷售我們的小型無人機系統產品，包括 Raven、Puma AE 和 Puma LE。

This IDIQ contract vehicle also allows for the sale of our JUMP 20 medium UAS and tightened series of counter UAS solutions. Our strategy is driving tangible results, which is evident in the successful product launches this quarter. We recently unveiled several new offerings, including our next generation of Switchblade loading munitions with our Switchblade 600 Block 2, Switchblade 400, and Switchblade 300 Block 20.

此 IDIQ 合約工具還允許銷售我們的 JUMP 20 中型無人機系統和一系列更完善的反無人機系統解決方案。我們的策略正在取得實際成果，本季成功的產品發布就是最好的證明。我們最近推出了幾款新產品，包括我們的下一代Switchblade裝彈彈藥，例如Switchblade 600 Block 2、Switchblade 400和Switchblade 300 Block 20。

These products were mostly internally funded and developed quickly, helping to expand the Switchblade product line and create long-endurance, multi-domain, anti-armor solutions, ensuring warfighters maintain tactical overmatch in contested environments.

這些產品大多由內部資金支持，並迅速開發出來，幫助擴展了 Switchblade 產品線，並創造了持久耐用、多領域反裝甲解決方案，確保作戰人員在對抗環境中保持戰術優勢。

We also debuted our next-generation vapor compact long-endurance helicopter or VAPOR CLE. This Group 2 VTOL UAV is fully autonomous and can deliver up to two hours of flight, which has doubled the endurance of typical Group 2 quadrotor UAV platforms.

我們也首次推出了我們的下一代蒸汽緊湊型長航時直升機，即 VAPOR CLE。這款第二類垂直起降無人機完全自主運行，續航時間長達兩小時，比典型的第二類四旋翼無人機平台的續航時間提高了一倍。

Our newly integrated NVIDIA Orin onboard computer makes the VAPOR CLE fully autonomous and enables automatic target recognition through AV_Halo VISION computer vision software and AV_Halo Wizard artificial intelligence machine learning AI/ML processing suite.

我們新整合的 NVIDIA Orin 板載電腦使 VAPOR CLE 完全自主運行，並透過 AV_Halo VISION 電腦視覺軟體和 AV_Halo Wizard 人工智慧機器學習 AI/ML 處理套件實現自動目標識別。

On our last earnings call, we discussed the significance of our software solution, AV_Halo. Since then, we have announced that AV was awarded the US Army's contract for Human Machine Integrated Formation, or HMIF program. This award accelerates fielding of multi-domain robotic formations using AV's unified interface of command and control, tactical awareness, and autonomy solutions at the tactical edge.

在上次財報電話會議上，我們討論了我們的軟體解決方案 AV_Halo 的重要性。此後，我們宣布AV獲得了美國陸軍的人機整合編隊（HMIF）專案合約。該獎項加速了利用 AV 的統一介面在戰術邊緣部署多域機器人編隊，該介面集指揮控制、戰術感知和自主解決方案於一體。

As part of this win, AV is going to be the lead software and system integrator for robotic systems on the edge of the battlefield. This award also validates the strength of our approach to software solutions, common controllers, and user interfaces and underscores the Army's confidence and AV's ability to deliver mission-critical solutions.

作為此次中標的一部分，AV 將成為戰場邊緣機器人系統的首席軟體和系統整合商。該獎項也驗證了我們在軟體解決方案、通用控制器和使用者介面方面的優勢，並凸顯了陸軍對AV公司交付關鍵任務解決方案能力的信心。

We also just released two new products from the AV_Halo suite, including AV_Halo CORTEX, a next-generation intelligence fusion and analysis environment; and AV_Halo MENTOR, a warfighter readiness suite that leans on virtual and augmented reality weapons training and mission rehearsal.

我們也發布了 AV_Halo 套件中的兩款新產品，包括下一代情報融合和分析環境 AV_Halo CORTEX；以及依靠虛擬實境和擴增實境武器訓練和任務演練的作戰人員戰備套件 AV_Halo MENTOR。

AV_Halo will continue to roll out more products and offerings that position AV as the core and leading developer in this space.

AV_Halo 將繼續推出更多產品和服務，使 AV 成為該領域的核心和領先開發商。

Furthermore, we recently announced a collaboration with OpenJAUS or OpenJAUS. OpenJAUS is an open architecture for software framework that allows robots, drones, missiles, and ground vehicles to speak the same language. This integration extends AV_Halo compatibility to seamlessly incorporate robotics, allowing original equipment manufacturers to integrate their platforms faster and more easily.

此外，我們最近宣布與 OpenJAUS 或 OpenJAUS 展開合作。OpenJAUS 是一個開放的軟體框架架構，它允許機器人、無人機、導彈和地面車輛使用同一種語言進行通訊。此次整合擴展了 AV_Halo 的兼容性，使其能夠無縫整合機器人技術，從而使原始設備製造商能夠更快、更輕鬆地整合其平台。

This collaboration strengthens AV's role as a driver and leader of the industry's push towards interoperability. In addition, AV won several key awards in our Space, Cyber & Directed Energy segment with critical new contracts and laser communications, space-related satellite communications, and directed energy.

此次合作鞏固了AV作為推動產業實現互通性的驅動者和領導者的地位。此外，AV 在太空、網路和定向能領域贏得了幾項重要獎項，獲得了關鍵的新合同，涉及雷射通訊、與太空相關的衛星通訊和定向能等領域。

For example, AV received a $240 million contract for our long-haul laser communication terminals, one of the largest to ever be awarded in this category. This disruptive innovation is moving from lab to orbit, a critical step for AV and the industry.

例如，AV公司獲得了價值2.4億美元的遠程雷射通訊終端合同，這是該類別中迄今為止授予的最大合約之一。這項顛覆性創新正從實驗室走向軌道，這對自動駕駛汽車和整個產業來說都是至關重要的一步。

Long-haul laser communications use precision optical links to move enormous amounts of data between satellites faster, more securely, and without the vulnerabilities of traditional radio frequency or RF signals. This capability is critical because it creates a resilient high-bandwidth backbone for future space networks, ensuring warfighters and decision-makers get the right information instantly even in contested environments.

遠端雷射通訊利用精確的光鏈路在衛星之間傳輸大量數據，速度更快、更安全，而且沒有傳統射頻或 RF 訊號的脆弱性。這項能力至關重要，因為它為未來的太空網路創建了一個具有彈性的高頻寬骨幹網，確保作戰人員和決策者即使在對抗環境中也能立即獲得正確的資訊。

This win continues to push AV to the center of innovation and space.

此次勝利繼續推動自動駕駛技術成為創新和航太領域的中心。

Additionally, AV secured a new firm fixed price option for two BADGER phased array systems under the SCAR or Satellite Communication Augmentation Resource program. This program represents a tremendous growth opportunity for AV as more BADGER systems move into production.

此外，AV公司也根據SCAR（衛星通訊增強資源）計畫獲得了兩個BADGER相控陣系統的全新固定價格選擇權。隨著更多 BADGER 系統投入生產，該計畫為 AV 帶來了巨大的發展機會。

Lastly, AV was awarded a contract valued at $499 million by the US Air Force Research Laboratory to develop material technology and deploy protective solutions to the front lines to guard war fighters against exposure to harm for electromagnetic radiation. Work under this large program known as HELMSSMAN, will help the turn against directed energy strikes in the future.

最後，AV公司獲得了美國空軍研究實驗室價值4.99億美元的合同，用於開發材料技術並向前線部署防護解決方案，以保護作戰人員免受電磁輻射的傷害。在名為 HELMSSMAN 的這項大型計畫下所進行的工作，將有助於未來抵禦定向能攻擊。

We continue to set the standard in advanced protective technologies and directed energy defense, positioning AV as a clear leader in safeguarding war fighters against emerging threats.

我們不斷樹立先進防護技術和定向能防禦的標準，使 AV 成為保護作戰人員免受新興威脅的明確領導者。

Further, our disruptive solutions continue to position AV as a leader in next-generation defense. From our family of Switchblade loitering munitions to advance counter UAS solutions, we're redefining the battle space. We have unseated incumbents with our LOCUST laser weapon system and secured key wins like Freedom Eagle-1 or FE1, delivering cost-effective kinetic counter UAS solutions for Group 3 and 4 drones and beyond.

此外，我們顛覆性的解決方案將繼續鞏固 AV 在下一代國防領域的領導地位。從我們的「彈簧刀」系列巡彈到先進的反無人機系統解決方案，我們正在重新定義戰場。我們憑藉 LOCUST 雷射武器系統擊敗了現有競爭對手，並贏得了 Freedom Eagle-1 或 FE1 等關鍵項目，為 3 類和 4 類無人機及更高級別的無人機提供了經濟高效的動能反無人機系統解決方案。

With our AI and machine learning-driven platforms, we believe AV continues to set the industry standard, positioning us to fully capitalize on the generational opportunities ahead.

我們相信，憑藉我們的人工智慧和機器學習驅動平台，AV將繼續引領業界標準，使我們能夠充分掌握未來幾代人的機會。

During the quarter, we continued to form additional strategic alliances and collaborations that will help AV expand domestically and internationally. In September, we signed a memorandum of understanding with Taiwan's National Chung-Shan Institute of Science and Technology, or NCS IST to collaborate on autonomous systems and technology to support Taiwan's defense and security needs.

本季度，我們繼續建立更多戰略聯盟和合作關係，這將有助於AV在國內和國際上擴張。9 月，我們與台灣國立中山科學研究院（簡稱中山科學研究院）簽署了一份諒解備忘錄，在自主系統和技術方面展開合作，以支持台灣的國防和安全需求。

We also signed a memorandum of understanding with Korean Air to advance medium and crude aircraft systems to the Republic of South Korea. Both of these agreements underscore our expanding international presence and steadfast commitment to providing flexible mission-ready solutions for our customers.

我們也與大韓航空簽署了一份諒解備忘錄，向韓國引進中型和簡易飛機系統。這兩項協議都凸顯了我們不斷擴大的國際影響力，以及我們為客戶提供靈活的、隨時可執行任務的解決方案的堅定承諾。

Both agreements are centered around AV's JUMP 20 and JUMP20-X systems. The systems provide the kind of operational versatility that continues to grow in popularity in international markets.

這兩項協議均以AV的JUMP 20和JUMP20-X系統為中心。這些系統提供的操作彈性在國際市場上越來越受歡迎。

We also announced a collaboration with GrandSKY to establish the foundation for a Golden Dome for America Limited Area Defense architecture at Grand Forks Air Force Base in North Dakota. This collaboration is significant as it marks the first deployment of AV's critical counter UAS solution set to secure a US Air Force base, creating a model that can be replicated across other critical US national security sites.

我們也宣布與 GrandSKY 合作，在北達科他州大福克斯空軍基地建立美國金色穹頂有限區域防禦架構的基礎。此次合作意義重大，標誌著AV的關鍵反無人機系統解決方案首次部署到美國空軍基地，為其他重要的美國國家安全場所提供了保護，並創建了一個可以複製的模式。

As the demand for our innovative offerings accelerates, we recognize the critical importance of scaling quickly. Since last year, we have been focused on securing a new facility in Salt Lake City to expand our Switchblade manufacturing further. Plans are progressing on a 100,000-square foot facility that will allow for multiple Switchblade lines and provide additional capacity.

隨著市場對我們創新產品的需求不斷增長，我們認識到快速擴大規模至關重要。自去年以來，我們一直致力於在鹽湖城購買新的廠房，以進一步擴大我們的彈簧刀生產規模。佔地 10 萬平方英尺的工廠正在籌建中，該工廠將容納多條 Switchblade 生產線，並提供額外的產能。

This new factory has the potential capacity to produce over $2 billion worth of Switchblades or other AV products per year. We anticipate this factory to be operational about a year from now.

這家新工廠每年有潛力生產價值超過 20 億美元的 Switchblade 或其他影音產品。我們預計這家工廠將在大約一年後投入營運。

Beyond expanding our own footprint, we're also actively strengthening our supply chain to support anticipated demand continuing to stay ahead of the market. As part of our distributed approach to manufacturing for resiliency and risk diversification, we now have manufacturing sites operating across 12 different states, reinforcing our ability to scale rapidly and reliably.

除了擴大自身業務規模外，我們還在積極加強供應鏈，以滿足預期需求，並持續維持市場領先地位。作為我們為增強韌性和分散風險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，這增強了我們快速可靠地擴展規模的能力。

In addition to scaling operations, we're transforming the defense technology landscape through our acquisition of BlueHalo. We are already realizing meaningful synergies from the BlueHalo acquisition, which Kevin will discuss in further detail. Together, we're building next-generation platforms that fuse counter UAS space technologies, directed energy, electronic warfare, cyber and integrated software solutions, creating a suite of capabilities unmatched in the industry.

除了擴大營運規模外，我們還透過收購 BlueHalo 來改變國防技術領域的格局。我們已經從收購 BlueHalo 中獲得了顯著的協同效應，凱文將對此進行更詳細的討論。我們正在共同打造下一代平台，融合反無人機空間技術、定向能、電子戰、網路和整合軟體解決方案，創造出業界無與倫比的一系列能力。

This combination accelerates innovation and continues to position AV as the disruptor driving rapid change in a market hungry for speed, agility, and advanced solutions. We are reshaping expectations and setting a new standard for what can be delivered to the US and our Allied forces.

這種組合加速了創新，並繼續將自動駕駛汽車定位為顛覆者，推動市場快速變革，滿足市場對速度、敏捷性和先進解決方案的需求。我們正在重塑人們的期望，並為能夠向美國及其盟軍提供的服務設定新的標準。

Before turning the call over to Kevin, who will provide more financial details on our second-quarter results, let me conclude with the following comments. Despite a challenging environment, we delivered a strong quarter. Our continued investment in R&D and capacity expansion is translating into strong growth in key program wins and positioning AV for even more growth in the coming years.

在將電話交給凱文之前，他將提供更多關於我們第二季業績的財務細節，在此我先作如下總結。儘管面臨充滿挑戰的環境，我們依然取得了強勁的季度業績。我們持續加大研發投入和產能擴張力度，正轉化為關鍵項目贏得的強勁成長，並為AV在未來幾年實現更大成長奠定了基礎。

We recognize there is a generational shift in the US Department of Defense's procurement strategy and product needs. Our offerings are designed to meet warfighter requirements, and our strategy is fully aligned with these new practices. We're executing on manufacturing expansion and are confident that we can meet increased demand.

我們意識到美國國防部的採購策略和產品需求正在發生世代轉變。我們的產品和服務旨在滿足作戰人員的需求，我們的策略也與這些新做法完全一致。我們正在推動生產擴張，並有信心滿足不斷增長的需求。

Integration of BlueHalo is progressing well, and this acquisition is helping to establish AV as a next-generation defense technology company with unmatched capabilities across multiple domains.

BlueHalo 的整合進展順利，此次收購有助於將 AV 打造成一家在多個領域擁有無與倫比能力的下一代國防技術公司。

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

接下來，我將把電話交給凱文麥克唐納，讓他回顧我們第二季度的財務狀況。凱文？

Thank you, Wahid. Today, I'll be reviewing the highlights of our second-quarter performance, during which I will occasionally refer to both our press release and earnings presentation available on our website. I will start by commenting on our results for the quarter and then turn to guidance for the remainder of FY26.

謝謝你，瓦希德。今天，我將回顧我們第二季的業績亮點，期間我會不時參考我們網站上發布的新聞稿和收益簡報。我將首先對本季業績進行評論，然後展望 2026 財年剩餘時間的業績。

While this quarter presented challenges in terms of the US government shutdown and our transition to new operational systems, we are very pleased with the continued business momentum and more importantly, our revenue and adjusted EBITDA outlook for the year remains in the same range despite some of the challenges in Q2.

儘管本季由於美國政府停擺和我們向新營運系統的過渡而面臨挑戰，但我們對持續的業務發展勢頭感到非常滿意，更重要的是，儘管第二季度面臨一些挑戰，但我們全年的收入和調整後 EBITDA 預期仍保持在同一範圍內。

Next, I'd like to draw your attention to slide 17 of the earnings presentation, which sets forth on definitions for our customer contracting activity. Going forward, each quarter will present a report the total contract awards, bookings, funded backlog, and underfunded backlog in the quarter.

接下來，我想請大家注意收益報告的第 17 頁，其中闡述了我們客戶合約活動的定義。今後，每季都會提交一份報告，內容包括該季度的合約授予總數、訂單總數、已籌資積壓訂單和資金不足的積壓訂單。

Now I'll highlight some of that customer contra activity in the quarter. As Wahid mentioned, we earned awards with totaling ceiling of $3.5 billion, and we achieved $1.4 billion of bookings and ended the quarter with $1.1 billion of funded backlog and $1.8 billion of unfunded backlog. We're very pleased at the US Department of War contract activity continued progressing despite the shutdown, and we view this as a testament to the importance of the programs we're involved in.

現在我將重點介紹本季的一些客戶對沖活動。正如瓦希德所提到的，我們獲得了總額高達 35 億美元的獎項，實現了 14 億美元的預訂量，本季末已獲資金支持的積壓訂單為 11 億美元，未獲資金支持的積壓訂單為 18 億美元。儘管政府停擺，但美國戰爭部的合約活動仍在繼續推進，我們對此感到非常高興，我們認為這證明了我們參與的計畫的重要性。

Some of the recent key awards are highlighted on slide 10 of the earnings presentation. Both segments captured multiple large awards during the quarter.

近期的一些重要獎項在收益報告的第 10 頁重點介紹。本季度，這兩個業務板塊均獲得了多項大額獎項。

As Wahid mentioned in his remarks, total revenue totaled $472.5 million in the second quarter, which represented a 151% increase over the prior year as reported or a 9% increase on a pro forma basis. Legacy AV organic growth was 21% in the second quarter.

正如瓦希德在演講中提到的，第二季度總收入達到 4.725 億美元，按報告計算比上年同期增長 151%，按備考基準計算增長 9%。第二季傳統AV業務的有機成長率為21%。

Slide 6 and 7 of the earnings presentation show the second quarter and the year-to-date revenue by operating group for each of our two segments compared to pro forma FY25 revenue. The AxS segment recognized $302 million in revenue in the quarter, which represented a 15.7% increase over the FY25 pro forma revenues.

收益簡報的第 6 頁和第 7 頁顯示了我們兩個業務部門按營運組別劃分的第二季和年初至今的收入，並與 2025 財年的備考收入進行了比較。AxS 部門本季確認營收為 3.02 億美元，比 2025 財年備考收入成長了 15.7%。

Precision strike and counter UAS products led revenue growth for the segment with nearly 38% increase at -- nearly a 38% increase compared to the pro forma FY25 second-quarter results. Strong Switchblade 600 and Titan sales led to the growth in this (inaudible) group.

精確打擊和反無人機系統產品引領了該部門的營收成長，成長了近 38%——與 2025 財年第二季備考業績相比成長了近 38%。Switchblade 600 和 Titan 的強勁銷售帶動了該（聽不清楚）組的成長。

Uncrewed systems, including both our small UAS and medium UAS products improved more than 8% from the pro forma results from the same quarter last year. Uncrewed systems without Ukraine revenues grew more than 50% year over year, driven by strong JUMP 20 revenue increase.

包括我們的小型無人機系統和中型無人機系統產品在內的無人系統，與去年同期相比，業績成長超過 8%。不包括烏克蘭收入的無人系統同比增長超過 50%，這主要得益於 JUMP 20 收入的強勁增長。

The Space, Cyber & Directed Energy segment recognized $171 million of revenue in the quarter, which was similar to the pro forma results from the same quarter last year. The space and directed energy products grew more than 20% in the quarter versus the prior year with the LOCUST-directed energy counter UAS growth being one of the key drivers.

太空、網路和定向能部門本季確認收入為 1.71 億美元，與去年同期的備考業績相似。與去年同期相比，本季空間和定向能產品成長超過 20%，其中 LOCUST 定向能反無人機系統的成長是主要驅動因素之一。

As Wahid mentioned earlier, this segment also received several large contracts this past quarter to include a significant contract for our long-haul laser communications and two BADGERS for the US Space Force's SCAR program.

正如瓦希德之前提到的，該部門上個季度還獲得了幾份大合同，其中包括一份重要的遠程激光通信合同，以及為美國太空部隊的 SCAR 項目提供的兩套 BADGERS 系統。

Cyber Mission Systems showed a decline in revenue largely a result of programs that were discontinued and was negatively impacted by the government shutdown. As mentioned earlier, this segment had a strong quarter with new contracts with nearly $500 million HELMSSMAN award among others.

網路任務系統公司的收入下降，主要是由於一些項目被終止，並且受到了政府停擺的負面影響。如前所述，該業務板塊本季表現強勁，獲得了包括近 5 億美元的 HELMSSMAN 項目在內的多項新合約。

Moving on to gross margins. Slide 13 shows the adjusted product and service gross margin, including reconciliations to GAAP gross margin. Second-quarter overall adjusted gross margins were 27% versus 41% in the second quarter of FY25. As noted, the business landscape of the combined new company has changed significantly with a higher service mix and several products in the early stages of maturation.

接下來是毛利率。第 13 張投影片顯示了調整後的產品和服務毛利率，包括與 GAAP 毛利率的調整。第二季整體調整後毛利率為 27%，而 2025 財年第二季為 41%。如前所述，合併後的新公司的業務格局發生了顯著變化，服務組合更加多元化，並且有多種產品處於早期成熟階段。

The second quarter did present some additional challenges to adjusted gross margin. We went live with our Oracle Fusion ERP system upgrade in the quarter. As a result, we experienced some operational inefficiencies and onetime costs related to the [go live].

第二季調整後毛利率確實面臨一些額外的挑戰。本季我們正式上線了Oracle Fusion ERP系統升級。因此，我們遇到了一些營運效率低和一次性成本，這些成本與以下方面相關：[開始直播]。

With that said, we've made a major leap forward in our operational systems as we transition to the cloud to support a multibillion-dollar company.

也就是說，隨著我們向雲端過渡以支援這家數十億美元的公司，我們的營運系統取得了重大飛躍。

In addition, we saw an unfavorable service product mix and unfavorable product mix partially as a result of the government shutdown caused by delays in FMS shipments. In addition, we lost revenues in our Space, Cyber & Directory Energy businesses during the shutdown. However, we believe the adjusted gross margin should improve in Q3 and be in the high 30s by Q4. We are maintaining our full year outlook for adjusted gross margins in the low 30s.

此外，由於FMS出貨延遲導致政府停擺，我們看到服務產品組合和產品組合均出現不利變化。此外，在停擺期間，我們的太空、網路安全和目錄能源業務也遭受了收入損失。不過，我們認為第三季調整後的毛利率應該會有所改善，到第四季將達到 30% 以上。我們維持全年調整後毛利率在30%左右的預期。

Moving on to operating expenses. Adjusted SG&A, which is net of intangible amortization and deal integration costs, was $66.1 million versus $33.2 million in the prior year. The increase is largely a result of a combination with BlueHalo.

接下來是營運費用。經調整的銷售、一般及行政費用（扣除無形資產攤提和交易整合成本）為 6,610 萬美元，而去年同期為 3,320 萬美元。這一增長主要是與 BlueHalo 結合的結果。

As a percentage of revenue, adjusted SG&A in the quarter was 14% of revenue versus 17.6% in FY25. Again, these adjusted SG&A levels represent a shift in the business model, and we expect to end the year in the 12% to 13% range as we begin to realize synergies and achieve higher revenue levels.

本季調整後的銷售、一般及行政費用佔收入的14%，而2025財年為17.6%。再次強調，這些調整後的銷售、一般及行政費用水準代表了業務模式的轉變，隨著綜效的實現和收入水準的提高，我們預計年底該比例將達到 12% 至 13%。

R&D expense for the second quarter was $36 million or 7.6% of revenue compared to $28.7 million or 15.2% of revenue in the prior year. Again, this is a shift in the business model, and we expect R&D as a percentage of revenue to end the year between 6% and 7% of revenue, which represents an increase in R&D dollars over the prior year for the combined company.

第二季研發費用為 3,600 萬美元，佔營收的 7.6%，而上年同期為 2,870 萬美元，佔營收的 15.2%。這再次體現了商業模式的轉變，我們預計研發支出佔收入的比例將在年底達到收入的 6% 到 7%，這意味著合併後的公司研發支出將比上一年增加。

In terms of adjusted EBITDA, slide 14 of our earnings presentation shows a reconciliation of GAAP net income to adjusted EBITDA. Adjusted EBITDA for Q2 was $45 million, up from last year's Q2 of $25.9 million as reported, primarily due to the incremental BlueHalo results. EBITDA as a percentage of revenue was 9.5% in the quarter.

關於調整後的 EBITDA，我們的獲利簡報第 14 頁顯示了 GAAP 淨收入與調整後 EBITDA 的調整表。調整後的第二季 EBITDA 為 4,500 萬美元，高於去年同期報告的 2,590 萬美元，主要原因是 BlueHalo 業績的增加。本季 EBITDA 佔營收的百分比為 9.5%。

Despite some of these onetime costs and impacts from the government shutdown, we continue to forecast the full year adjusted EBITDA between 15% and 16% of revenue.

儘管政府停擺帶來了一些一次性成本和影響，但我們仍然預測全年調整後 EBITDA 將佔營收的 15% 至 16%。

Now turning to non-GAAP earnings per share. Slide 12 shows the reconciliation of GAAP and adjusted or non-GAAP diluted EPS. The company posted adjusted earnings per diluted share of $0.44 for the second quarter of fiscal 2026 versus $0.47 per diluted share for the second quarter of fiscal 2025, slightly lower due to the same reasons as stated previously.

現在來看非GAAP每股盈餘。第 12 張投影片顯示了 GAAP 與調整後或非 GAAP 稀釋每股盈餘的調整。該公司公佈 2026 財年第二季調整後每股攤薄收益為 0.44 美元，而 2025 財年第二季調整後每股攤薄收益為 0.47 美元，略有下降，原因與先前所述相同。

Moving to the balance sheet. At the close of the second quarter, our total cash and investments amounted to $669 million. As reported last quarter, we now have a completely new balance sheet as a result of the BlueHalo transaction and the convertible debt equity financings completed in Q1. Consequently, many of our balances are not comparable to the prior periods.

接下來查看資產負債表。第二季末，我們的現金和投資總額為 6.69 億美元。正如上個季度所報導的，由於 BlueHalo 交易和第一季完成的可轉換債務股權融資，我們現在擁有了全新的資產負債表。因此，我們的許多餘額與前期餘額不具可比性。

For instance, our overtime revenue recognition has increased from 41% to 75% year over year, driving that unbilled receivables. With that said, unbilled receivables continue to be at a higher level than we are targeting.

例如，我們的加班收入確認率從去年的 41% 增加到 75%，因此推高了未開立應收帳款。儘管如此，未開立應收帳款仍高於我們的目標水準。

Turning to backlog. As noted earlier, our funded backlog at the end of the second quarter was $1.1 billion, and unfunded backlog was $2.8 billion. Our visibility to the midpoint of the revenue guidance range is now 93%. I should note that this is consistent with past practice that we include within our visibility revenue from long-term contracts we expect to perform during the fiscal year, but which have not been funded as of this date.

開始處理積壓工作。如前所述，截至第二季末，我們已獲資金支持的積壓訂單為 11 億美元，未獲資金支持的積壓訂單為 28 億美元。目前我們對營收預期範圍中點的把握度為 93%。需要指出的是，這與過去的做法一致，即我們將預期在本財年內履行但截至目前尚未獲得資金的長期合約的收入計入我們的可見性收入中。

Finally, I'd like to provide you with our updated FY26 guidance. On slide 8 of the presentation, we provide fiscal 2026 guidance. Fiscal year revenue is expected to be between $1.95 billion and $2 billion. Adjusted EBITDA remains between $300 million and $320 million. And non-GAAP adjusted EPS is now projected to be between $3.40 and $3.55.

最後，我想向大家提供我們更新後的 2026 財年業績指引。在簡報的第 8 頁，我們提供了 2026 財年的業績指引。預計本財年營收將在 19.5 億美元至 20 億美元之間。調整後 EBITDA 仍維持在 3 億美元至 3.2 億美元之間。目前預計非GAAP調整後的每股盈餘將在3.40美元至3.55美元之間。

The midpoint of our revenue guidance range represents nearly a 15% growth over the pro forma FY25 results. The lower non-GAAP EPS range is a result of a higher full year projected tax rate, largely driven by the Q2 update of the purchase price allocation of the BlueHalo acquisition. With the government shutdown impacting both our fiscal Q2 and Q3, we have seen delays in some of the orders and therefore are shifting the projected revenues to the right.

我們營收預期範圍的中點比 2025 財年的備考業績成長近 15%。非 GAAP 每股盈餘範圍降低是由於全年預估稅率較高，這主要是由於第二季 BlueHalo 收購的購買價格分配更新所致。由於政府停擺影響了我們的第二和第三財季，一些訂單出現延誤，因此我們將預期收入向右調整。

Second half revenue should be split approximately 45% in Q3 and 55% in Q4. The adjusted EBITDA shift will be more pronounced with 70% of the second half EBITDA coming in the fourth quarter.

下半年營收預計第三季佔比約 45%，第四季佔比約 55%。調整後的 EBITDA 變化將更加明顯，下半年 EBITDA 的 70% 將在第四季度實現。

I'd like to close by echoing Wahid's remarks. We are very well aligned with the US Department of Word priorities and those of our allies, and we are excited about our prospects. Despite some of the challenges in Q2, we are confident of meeting our guidance for the year.

最後，我想重申一下瓦希德的觀點。我們與美國國防部的優先事項以及盟友的優先事項高度一致，我們對前景感到興奮。儘管第二季面臨一些挑戰，但我們有信心實現全年的業績目標。

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 some of the positive momentum entering the third quarter of fiscal year 2026.

謝謝你，凱文。在將電話轉給提問環節之前，我想重申進入 2026 財年第三季的一些積極勢頭。

First, record second-quarter awards with a total contract value of $3.5 billion bolstered bookings to reach an all-time high of nearly $1.4 billion, driven by key program wins that support AV's long-term growth.

首先，第二季創紀錄的合約總額達 35 億美元，推動預訂量達到近 14 億美元的歷史新高，這主要得益於支持 AV 長期成長的關鍵項目的成功中標。

Second, we also achieved another record second quarter revenue of nearly $473 million.

其次，我們第二季營收也創下新高，接近 4.73 億美元。

Third, we launched several new innovative products aligned to our customers' highest priorities and continue to execute on expanding our manufacturing capacity to meet accelerated demand.

第三，我們推出了幾款符合客戶最高優先事項的創新產品，並持續擴大生產能力以滿足不斷增長的需求。

And fourth, with 93% visibility to the midpoint of our guidance range, we are raising the lower end of our fiscal year 2026 revenue guidance and now expect revenues between $1.95 billion and $2 billion.

第四，由於我們對預期範圍中點的可見度達到了 93%，因此我們提高了 2026 財年收入預期的下限，現在預計收入將在 19.5 億美元至 20 億美元之間。

Our strong second-quarter results reinforce our confidence in AV's future and our role in shaping the next era of defense with integrated capabilities across multiple domains of modern warfare, advanced technologies and the ability to scale rapidly, we believe we are well positioned to meet the department of the world's highest priorities and sustained significant growth in a demand-driven market.

我們強勁的第二季業績增強了我們對AV未來以及我們在塑造下一代國防中所扮演角色的信心。憑藉在現代戰爭多個領域中的綜合能力、先進技術和快速擴展能力，我們相信我們已做好充分準備，滿足國防部在全球範圍內的最高優先事項，並在需求驅動的市場中實現持續顯著增長。

The Department of War has reiterated sharpened focus on speed, scale, and commercially driven procurement strategies, all of which plays directly to AV's strengths. This has been our strategy from the very beginning, investing in innovative solutions ahead of demand, scaling rapidly, and driving innovation to deliver decisive advantages for our customers.

美國戰爭部重申將更加重視速度、規模和商業驅動的採購策略，而這些都直接發揮了AV的優勢。從一開始，我們的策略就是投資創新解決方案，領先市場需求，快速擴大規模，並透過創新為客戶帶來決定性的優勢。

Our alignment with these priorities, combined with our successful track record and best-in-class production capacity creates a powerful competitive advantage and positions AV as a trusted partner ready to deliver at the pace the mission demands.

我們與這些優先事項保持一致，加上我們成功的業績記錄和一流的生產能力，創造了強大的競爭優勢，使 AV 成為值得信賴的合作夥伴，隨時準備以任務要求的速度交付成果。

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.

我要感謝我們的員工、股東和客戶對AV及其使命的持續支持。在這個關鍵時刻，我們很榮幸能夠支援最關鍵的國防任務，我們也準備好抓住未來巨大的機會。

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

接下來，凱文、丹妮絲和我將回答大家的問題。

(Operator Instructions) Greg Konrad, Jefferies.

（操作說明）Greg Konrad，傑富瑞集團。

Maybe just one on programs. I think you announced that you got two more BADGER units in the quarter. Can you just remind us how you're thinking about the current scheduled SCAR and maybe how that contributes to the expected ramp for that program?

或許只有一個節目。我想你之前宣布過，本季你們又獲得了兩台 BADGER 設備。您能否簡要說明一下您對目前計劃的SCAR的看法，以及這將如何影響該專案的預期產能爬坡？

Sure. So Greg, as I mentioned in my remarks, we did secure an additional task order and award from the US space force for additional BADGERS, two more additional BADGERS. The whole SCAR program, as we mentioned in our comments before, has been so far in a customer-funded development process. We're shifting now from development activity to delivering products, most of which is going to end up eventually going into our firm fixed price contracts.

當然。所以格雷格，正如我在演講中提到的，我們確實從美國太空部隊獲得了額外的任務訂單和獎勵，增加了兩架 BADGERS 火箭。正如我們之前在評論中提到的，整個 SCAR 計畫到目前為止一直處於客戶資助的開發過程中。我們現在正從研發活動轉向產品交付，其中大部分最終都將納入我們的固定價格合約。

That transition not only ramps up the revenue for the second half of the year, but also improves the margin profile of that business. So we're very much on track with our plans. We're pleased with the performance so far, and we expect the margins as well as the revenue of that business actually improve in the third and fourth quarter of this year and continue to improve beyond this fiscal year.

這項轉型不僅提高了下半年的收入，而且還改善了該業務的利潤率。所以，我們的計畫進展非常順利。我們對目前為止的業績感到滿意，並預計該業務的利潤率和收入將在今年第三季和第四季有所改善，並在本財年之後繼續改善。

And then maybe just one follow-up to that. I mean, I think you've talked about a couple of the headwinds that you saw in the quarter around profitability, including Oracle and the shutdown. If you kind of think about that ramp of profitability and margin, given the 70% in Q4, how are you thinking about that progression? How much is operating leverage versus maybe mix and just the biggest drivers that you see as you head into the second half?

然後或許只需要一個後續問題。我的意思是，我認為您已經談到了本季度在盈利能力方面遇到的一些不利因素，包括甲骨文公司倒閉事件。如果你仔細考慮獲利能力和利潤率的成長，考慮到第四季 70% 的成長，你如何看待這種成長趨勢？經營槓桿作用有多大？產品組合方面又有哪些因素？您認為進入下半年，最大的驅動因素是什麼？

Well, I think mix is going to be a big part of that as Wahid just mentioned about the BADGER program and going into fixed price product revenues, some of our other programs and LOCUST and things like this being product revenues and a ramp-up in delivering across the other business units increasing the proportion of product revenues versus service revenues.

我認為產品組合將是其中的一個重要部分，正如 Wahid 剛才提到的 BADGER 項目以及固定價格產品收入，我們的一些其他項目和 LOCUST 等都是產品收入，並且其他業務部門的交付能力也在不斷提高，從而增加產品收入與服務收入的比例。

We don't see the service revenues growing significantly in the second half, whereas the product revenue is going to drive most of that growth. So that's going to give us better mix. And that's why we're going to be able to achieve the high 30s adjusted gross margins by the fourth quarter.

我們預計下半年服務收入不會大幅成長，而產品收入將是推動成長的主要動力。這樣就能得到更好的混合效果。正因如此，我們才能在第四季實現 30% 以上的調整後毛利率。

And Greg, let's also keep in mind that we have secured nearly $3.5 billion worth of almost all sole source IDIQ contracts that allows us now to receive task orders underneath those contracts. Once the funding from the Big Beautiful Bill and the budgets for the Department of War comes through as a result of the shutdown that has been delayed, those product revenues are going to and task order is going to be received in the next one or two months.

格雷格，我們也要記住，我們已經獲得了價值近 35 億美元的幾乎所有單一來源 IDIQ 合同，這使得我們現在可以根據這些合同接收任務訂單。由於政府停擺而推遲，一旦「美好法案」的撥款和戰爭部的預算到位，這些產品收入將會到位，任務訂單也將在未來一兩個月內收到。

That's what we expect, and we want to convert those to revenues. So the volume goes up, the mix improves, and also the profile of the profitability of some of these products and businesses are going to improve, and that's precisely what we expected at the beginning of the fiscal year.

這就是我們所期望的，我們希望將這些轉化為收入。因此，銷售量上升，產品組合得到改善，其中一些產品和業務的盈利能力也將得到提升，而這正是我們在本財年開始時所預期的。

Ronald Epstein, Bank of America.

羅納德·愛潑斯坦，美國銀行。

This is [Amanda] on for Ron today. I was wondering if you could -- in the past, you've given a breakout of buy products in the portfolio. I was wondering if you had any color there or if you could talk a little bit about the relative growth levels by product?

今天由阿曼達代替羅恩主持節目。我想問一下，您是否可以——過去您曾詳細列出投資組合中的購買產品。我想知道您那邊有沒有什麼顏色方面的數據，或者您能否談談不同產品的相對增長水平？

Well, I mean, we try to give as much granularity -- we've improved our granularity this quarter by giving you further breakout of the different major product groupings for each segment. And so I try to give some color behind that that shows what products are driving the different growth in those different product categories.

嗯，我的意思是，我們努力提供盡可能細緻的資訊——本季我們透過進一步細分每個細分市場的不同主要產品組，提高了資訊的細緻度。因此，我試圖從更細緻的角度來展現哪些產品在不同產品類別中正在推動不同的成長。

So they're kind of combinations of products, obviously, but we're trying to provide more color for you on that. Was there something specific you were wondering about?

所以它們顯然是各種產品的組合，但我們正在努力為您提供更多相關資訊。有什麼具體的問題想問嗎？

Just if you could talk about Switchblade growth. I think you mentioned Ukraine, if there's any color you could provide there?

如果可以的話，我想談談Switchblade的發展。我想你提到了烏克蘭，你能提供一些關於那裡的資訊嗎？

Yes. I mean, year over year, Switchblade by far is the fastest-growing product in the COES precision strike category. Overall, we saw significant growth, multiple x for the JUMP 20 in Q2 versus the prior year.

是的。我的意思是，從年際成長來看，Switchblade 是 COES 精確打擊類別中成長最快的產品。總體而言，我們看到了顯著的成長，JUMP 20 在第二季比去年同期成長了數倍。

Anthony Valentini, Goldman Sachs.

安東尼·瓦倫蒂尼，高盛。

It seems pretty obvious you guys have massive growth opportunities here across the 5 to 10 different products that you guys have been highlighting, but maybe like put a finer point on it, is there a way to think through the catalyst path over the next few months as some of the reconciliation funding starts to hit backlog? Like what should people be looking for?

很明顯，你們在你們重點介紹的 5 到 10 種不同產品中擁有巨大的成長機會，但或許可以更具體地思考一下，隨著一些和解資金開始用於處理積壓訂單，未來幾個月是否有辦法制定催化劑路徑？人們應該關注哪些方面？

Anthony, yes, of course. I'll be glad to provide some more color there. We certainly have a significant amount of opportunity for growth and value creation here in the next -- not only just a couple of quarters, but next few years. We're positioned really, really well. If you look at the key catalysts for growth, loitering munition, of course, we continue to grow that category of the Switchblade and one-way attack drones that are in that bucket.

安東尼，當然可以。我很樂意補充一些細節。接下來幾年，我們肯定有大量的成長和價值創造機會——不僅僅是幾個季度，而是未來幾年。我們的情況非常非常有利。如果考察成長的關鍵催化劑，當然是巡彈，我們將繼續發展這個類別，包括「彈簧刀」無人機和屬於此範疇的單向攻擊無人機。

Our risk counter UAS solutions, the Titan family of products is another contributor of significant growth year over year. Our medium UAS product line, which is JUMP 20 and JUMP20-X is another category of strong growth and contributor to our growth in general as well as profitability.

我們的風險應對無人機系統解決方案－Titan系列產品，也是實現逐年顯著成長的另一個重要因素。我們的中型無人機產品線，即 JUMP 20 和 JUMP20-X，是另一個成長強勁的類別，也是我們整體成長和獲利能力的貢獻者。

Our P550, we expect significant orders for that in the third and fourth quarter of this year. The US Army is intending to purchase a lot. There's a lot of dollars in the budget for that, and we expect to have a fairly large share of that spend with the US Army. And we're also lining up a bunch of national customers for that product line.

我們預計今年第三季和第四季 P550 將獲得大量訂單。美國陸軍打算購買一大片土地。預算中為此撥出了一大筆錢，我們預計其中相當大一部分支出將用於美國陸軍。我們也正在為該產品線洽談一批全國性客戶。

The SCAR and BADGER program and product is also transitioning to production, and we're going to deliver more (inaudible) numbers, and we're going to ramp up revenue, the profile of that revenue was a higher margin as well as the volume is higher, that helps.

SCAR 和 BADGER 專案及產品也正在過渡到生產階段，我們將實現更多（聽不清楚）數字，我們將提高收入，這些收入的特點是利潤率更高，銷量也更高，這很有幫助。

So in a nutshell, if you look at across our portfolio, we've got growth across almost every one of our key product lines. Some of them are contributing to some smaller extent versus larger ones, but they're all growing quite rapidly.

總而言之，縱觀我們的產品組合，幾乎每條主要產品線都實現了成長。有些貢獻較小，有些貢獻較大，但它們都在快速成長。

One area that may not grow as much as our cybersecurity business, and that's primarily because of it's a customer-funded engineering services and software solution business. That really doesn't ramp up aggressively in terms of growth. But overall, we're very pleased with the performance. We're looking for multiple quarters and years of growth. We're positioned really well with the shift in the US DoD and administration strategies.

網路安全業務的成長速度可能不會像我們的網路安全業務那麼快，這主要是因為網路安全業務是由客戶資助的工程服務和軟體解決方案業務。就成長而言，它並沒有真正實現快速成長。但總的來說，我們對這次的表現非常滿意。我們期待連續多個季度和數年保持成長。隨著美國國防部和政府戰略的轉變，我們處於非常有利的地位。

The kind of business model and products and go-to-market strategy that we have is precisely what the US Department of Board is looking for, and we're positioned incredibly well. There's going to be a lot of money spent. It is really hard to predict exactly how much. There is a lot of demand coming our way, and we're getting ready for it as we speak.

我們擁有的商業模式、產品和市場推廣策略，正是美國董事會所尋求的，我們在這方面佔據了非常有利的地位。將會花很多錢。很難準確預測具體金額。我們即將面臨很大的需求，我們正在為此做好準備。

Yes. I mean, we think we're on the precipice of significant growth across all those categories. But as with anything in defense, it's difficult to predict the exact timing of that. But we definitely think we're very close to some breakthroughs on some of these products Wahid mentioned.

是的。我的意思是，我們認為我們正處於所有這些類別實現顯著增長的邊緣。但就像國防領域的任何事情一樣，很難預測確切的時間。但我們認為，瓦希德提到的某些產品，我們已經非常接近突破了。

Okay. Great. That's helpful. I appreciate all that color. One other quick one. I guess I'm just curious, like how do we square that with -- if I'm looking at the backlog in 1Q versus 2Q, it's slightly down. So can you guys help me understand like why that's the case?

好的。偉大的。那很有幫助。我喜歡這些色彩。還有一個簡短的問題。我只是好奇，我們該如何解釋這種情況——如果我比較第一季和第二季的積壓訂單，會發現積壓訂單略有下降。所以你們能幫我理解為什麼會這樣嗎？

And should we see the backlog is like significantly ramping into the back half of the year? Or is it just so unpredictable? It's more that you guys have a feel over the next 12 to 18 months versus the next 6.

我們是否應該看到積壓訂單在下半年大幅增加？還是說它真的太難預測了？更重要的是，你們對未來 12 到 18 個月的趨勢有更清晰的認識，而不是對未來 6 個月的趨勢有更清晰的認識。

Well, I think it's pretty flat from Q1 in terms of the funded backlog. The underfunded backlog grew significantly. But remember, we were in the CR and the shutdown. So while we got many of these contracts through, which was great, a lot of them didn't come with significant funding.

嗯，我認為就已獲資助的積壓訂單而言，與第一季相比基本持平。資金不足導致的積壓案件數量顯著增加。但請記住，我們當時正處於 CR 和政府停擺時期。雖然我們成功簽訂了很多合同，這很好，但其中許多合約並沒有獲得充足的資金。

And we expect that to be coming as they get back and our funding back to business on funding new contracts within the Department of War. So it's a little bit of an issue with the shutdown happening and delay in some of the actual funding on these contracts.

我們預計，隨著他們返回工作崗位，我們的資金也將恢復用於戰爭部的新合同，這種情況就會發生。所以，由於政府停擺，導致部分合約的實際資金到位延遲，這造成了一些問題。

Okay. And Kevin, do you have a number for like what you guys expect Switchblade to be in 2026? I know you guys gave the color on what the production capacity will be out of the Utah facility in the future, but is there a way for us to think about the 2026 forecast?

好的。凱文，你們覺得到 2026 年 Switchblade 的價格會是多少？我知道你們已經對猶他州工廠未來的產能進行了預測，但是我們能否展望一下 2026 年的預測呢？

I don't think -- we're not really giving specific guidance on the different products. But I think we talked about before roughly $500 million of capacity before we increase to the new facilities. So you can build plus or minus that, probably.

我認為——我們並沒有真正針對不同的產品給予具體的指導。但我認為我們之前討論過，在擴建新設施之前，產能大約需要 5 億美元。所以，你可以在此基礎上加上或減去這個值。

Louie DiPalma, William Blair.

路易·迪帕爾馬，威廉·布萊爾。

Wahid, what was the tone from the Reagan Defense Forum over the weekend? And are you increasingly confident given all of the presentations of AeroVironment's positioning across your current product lines, whether it's your drones, your attack drones, the electronic warfare and space?

瓦希德，週末的雷根國防論壇的基調如何？鑑於 AeroVironment 在您現有產品線（無論是無人機、攻擊無人機、電子戰或太空）中的定位，您是否越來越有信心？

Louie, I personally attended the Reagan National Defense Forum this past weekend. The overall sentiment is that we are the role model company that the US Department of War and the current administration wants to see a lot more of. We're setting the pace for everyone else. The procurement strategies are shifting to companies that develop things on their own dime.

路易，我上週末親自參加了雷根國防論壇。總體而言，我們認為我們是美國戰爭部和現任政府希望看到的更多模範企業的典範。我們正在為其他人樹立標竿。採購策略正在轉向那些自籌資金進行產品研發的公司。

They're doing it ahead of product program requirements. They're doing it at agile and warp speeds, then we're transitioning into production quickly. They're focused -- we're focused on all the right areas with the US Department of Board needs and has major capability gaps. These are critical areas of gap, capability gap, and it's required for the future defense of US and our allies.

他們這樣做是在產品項目要求之前。他們以敏捷和超快的速度進行開發，然後我們迅速過渡到生產階段。他們目標明確——我們專注於美國董事會所需的所有正確領域，並且存在重大的能力差距。這些都是關鍵的差距領域，是能力差距，對於美國及其盟友未來的國防至關重要。

We believe we're positioned incredibly well, and I think we're going to see continued demand to come our way because of the fact that we can also produce at scale today. We're one of the very, very few companies in these categories that actually has the capacity today and continue to expand it even further to deliver reliable, battle-proven products to our customers at scale.

我們相信我們目前處於非常有利的地位，而且我認為，由於我們現在也能大規模生產，我們將會看到持續的需求成長。在這些類別中，我們是極少數真正擁有這種能力的公司之一，我們也將繼續擴大這種能力，以便大規模地向我們的客戶提供可靠的、經過實戰檢驗的產品。

That is a huge competitive advantage that we have compared to everyone else in the market. And we'll send the pace for everybody. So I think the sentiment is very positive and strong for AV.

這是我們相對於市場上其他所有競爭對手的巨大競爭優勢。我們將為所有人設定節奏。所以我認為市場對AV的看法非常正面和強烈。

And on this call, you've discussed many of your product lines, such as the P550, your BADGER with the SCAR program, your JUMP 20s. I was wondering, did your long-haul laser communications program from the undisclosed customer, was that contract recently upsized from $240 million to $385 million? It shows the larger number in your slide presentation.

在這次通話中，您討論了您的許多產品線，例如 P5​​50、帶有 SCAR 計劃的 BADGER 以及 JUMP 20。我想問一下，你們那位未公開客戶的遠端雷射通訊專案合約最近是否從 2.4 億美元增加到 3.85 億美元？它會在你的幻燈片簡報中顯示較大的數字。

And I was also wondering, have you started delivering terminals as part of that program?

我還想問一下，你們是否已經開始按照該計畫交付終端設備了？

So Louie, I can only speak to that program at a very high level due to sensitivity of that program and customer. We are incredibly delighted and pleased with the success that we're having in long-haul laser communication terminal. Essentially, we all know from the conflicts of Ukraine that RF communication is very susceptible to jamming.

所以路易，由於該專案和客戶的敏感性，我只能就該專案進行非常概括的討論。我們對我們在遠端雷射通訊終端領域的成功感到無比高興和欣慰。從烏克蘭衝突中我們都知道，射頻通訊非常容易受到干擾。

Every satellite that the US has in space essentially is susceptible to that jamming problem. If we cannot control and talk to our satellites, especially in the geosynchronous satellites, we've got a major problem. Those assets are not useful. And we are one of the only companies that we know of that has been awarded a contract to this magnitude up to $240 million to actually provide the laser communication terminals to overhaul and upgrade the US geosynchronous satellite constellation for national security.

美國在太空中的每一顆衛星基本上都容易受到這種幹擾問題的影響。如果我們無法控制衛星並與衛星通信，特別是地球同步衛星，那我們就遇到了一個大問題。這些資產毫無用處。據我們所知，我們是為數不多獲得如此大規模合約（高達 2.4 億美元）的公司之一，該合約旨在為美國地球同步衛星星座提供雷射通訊終端，以進行大修和升級，保障國家安全。

That is a massive, massive step forward for a company [in automation]. And we beat many of the major prime contractors in that competition. And so there's certainly a lot more upside on that contract because we're just beginning to deliver systems. We haven't delivered much yet.

這對一家公司來說，是向前邁出的巨大一步。[在自動化領域]。我們在那場競爭中擊敗了許多主要總承包商。因此，這份合約肯定還有很大的上漲空間，因為我們才剛開始交付系統。我們目前還沒有取得太多成果。

We continue to work with the customer. Our system is performing really well, and it takes a while for that to happen. That's part of the program. So we're very excited, and there are options for them to increase that significantly.

我們繼續與客戶合作。我們的系統運作狀況非常好，但這需要一段時間才能實現。這是項目的一部分。所以我們非常興奮，而且他們還有辦法大幅提高這個數字。

The two [381] includes the options as we put forth our new definitions here, to make sure we're all on the same page. That $240 million was the original committed contract and the $380 million was taking the options.

這兩個[381]包含了我們在這裡提出的新定義中的選項，以確保我們都理解一致。那2.4億美元是最初的承諾合約金額，而3.8億美元是選擇權金額。

Great. So as part of the original committed contract, does that mean that is it funded already?

偉大的。那麼，作為最初承諾合約的一部分，這是否意味著資金已經到位了？

No. So Louie, a vast majority of that contract is not funded yet. As Kevin said earlier, one of the reasons why our funded backlog nearly the same as last quarter, and it did not grow as much is because there's two things that has happened.

不。所以路易，這份合約的大部分資金還沒到位。正如凱文之前所說，我們已獲資助的積壓訂單與上個季度幾乎相同，而且沒有大幅增長的原因之一是發生了兩件事。

One, the government shutdown put employees of the government not coming to the office and being able to actually put contracts and award things at one. But the bigger problem was that because of the continuing resolution in the budget that just passed with the Big Beautiful Bill, those dollars have not made it into the accounts of our customers to be able to then award task orders against those IDIQs.

第一，政府停擺導致政府員工無法到辦公室上班，也就無法實際簽訂合約和授予專案。但更大的問題是，由於剛剛通過的《宏偉法案》中的預算決議，這些資金尚未進入我們客戶的帳戶，因此無法根據這些無限期交付合約 (IDIQ) 授予任務訂單。

So we expect a significant number of additional funded task orders in Q3 and Q4, all of which is going to improve our backlog and will allow us to deliver more products and more revenue on third and fourth this year.

因此，我們預計第三季和第四季將有大量額外的資金支持的任務訂單，所有這些都將改善我們的積壓訂單，並使我們能夠在今年第三季和第四季交付更多產品和更多收入。

Additionally, will set us up really well for fiscal year 2017. We're not ready to provide any guidance for that yet. But that is going to be benefiting from the demand that's coming our way in terms of task orders and more funding.

此外，這將為我們2017財年做好充分準備。我們目前還無法就此提供任何指引。但這將得益於我們面臨的任務訂單和更多資金的需求。

Ken Herbert, RBC Capital Markets.

Ken Herbert，加拿大皇家銀行資本市場。

This is (inaudible) on for Ken Herbert. Could you maybe discuss the margin profile of the SCDE segment? Is there maybe a time when you think that the adjusted EBITDA will be breakeven?

這是肯·赫伯特的（聽不清楚）演講。能否談談SCDE板塊的利潤率狀況？您認為調整後的 EBITDA 是否有可能達到損益平衡點？

Yes. It will continue to grow throughout the year. I mean, they were probably the most impacted by the government shutdown of any of our businesses. And they also had some delays in some of their receipts for their revenue recognition on their system. So they'll definitely be on track as we move forward throughout the year.

是的。它將在全年持續成長。我的意思是，在所有企業中，他們可能是受政府停業影響最大的。此外，他們的系統中部分收入確認收款也出現了一些延遲。所以，隨著今年工作的推進，他們肯定會步入正軌。

And Peter, also, we strongly believe in that business, it is a very profitable, reliable, consistent business and business model. Both of those two businesses in the long run, are going to be profitable like they were in the past. There are going to be just these lumps of fluctuations that happen, but the businesses models are sound. They're very reliable in that regard, and we expect them to actually improve in Q3 and Q4 as we go.

彼得，我們也堅信這項業務，它是一項非常有利可圖、可靠、穩定的業務和商業模式。從長遠來看，這兩家企業都會像過去一樣獲利。期間肯定會出現一些波動，但商業模式是合理的。在這方面，他們非常可靠，我們預計隨著第三季和第四季的推進，他們的表現還會進一步提升。

Yes. And their product mix is going to increase over their service mix. So that is going to drive their EBITDA margins up.

是的。他們的產品組合將增加，而服務組合將減少。這樣一來，他們的 EBITDA 利潤率就會上升。

And I'm assuming the next piece of my question kind of goes hand in hand. But can you talk about the free cash for maybe the second half of the year? Or do you have a kind of a full year outlook for it as well?

我假設我的下一個問題與此密切相關。但您能否談談今年下半年的自由現金流狀況？或者您對未來一年的發展也有大致的展望？

Well, we've always tried to say that we can get our EBITDA cash conversion over 50% is the goal for the year. And I still believe that's an achievable goal.

我們一直以來都努力爭取將 EBITDA 現金轉換率提高到 50% 以上，這是我們今年的目標。我仍然相信這是一個可以實現的目標。

Andrew Madrid, BTIG.

Andrew Madrid，BTIG。

I wanted to dive a little bit deeper into the almost $900 million Army contract, IDIQ, that you guys got. I think the initial award had said that it was pretty much exclusively small UAS and then you guys announced earlier this week that it also included C-UAS, namely the Titan.

我想更深入地了解你們獲得的那份價值近 9 億美元的陸軍無限期交付/無限期數量 (IDIQ) 合約。我認為最初的獲獎名單上只列出了小型無人機系統，而你們在本週稍早宣布，獲獎範圍也包括反無人機系統，即泰坦無人機。

I mean, can you tell us more about what the international opportunity looks like for these C-UAS platforms? I think this is about one of the first times we've really heard about it. Also, can LOCUST be sold internationally?

我的意思是，您能否詳細介紹一下這些反無人機系統平台在國際市場上的發展機會？我想這應該是我們第一次真正聽到這件事。另外，LOCUST可以在國際上銷售嗎？

And then I guess also broadly, just how should we think about the margin distinction between domestic and international C-UAS sales?

那麼，從更廣泛的角度來看，我們應該如何看待國內和國際反無人機系統銷售之間的利潤差異？

So Andre, yes, the nearly $900 million sole source IDIQ contract, multiyear, of course, from the US Army for our products. now includes Raven, Puma AE, Puma LE, but we could also sell our Titan counter UAS solutions as well as potentially in the future of the low-cost direct energy solutions.

所以安德烈，是的，我們與美國陸軍簽訂了一份價值近9億美元的獨家IDIQ合同，當然是多年期的，用於銷售我們的產品。目前合約包括Raven、Puma AE和Puma LE，但我們也可以銷售我們的Titan反無人機系統解決方案，未來還有可能銷售低成本的直接能量解決方案。

This is a significant milestone because the US Army could have purchased these things under the existing contracts that we have, but they chose to actually add an additional contract with an additional $900 million nearly ceiling for it allow us to deliver more products over the next couple of three to four years to our international customers. So that's a very positive news.

這是一個重要的里程碑，因為美國陸軍本可以根據我們現有的合同購買這些產品，但他們選擇額外增加一份價值近 9 億美元的合同，以便我們在未來兩到三年內向我們的國際客戶交付更多產品。這是個非常正面的消息。

Secondly, the margins for international sales historically and in the future, will continue to be slightly more favorable than the domestic markets. Those customers do not buy as much as US DoD and generally, the margins are a little bit better. If we sell FMS, the margins are not a lot better. The best margins are international DCS sales. But FMS has less expenses, too, because we do not have the responsibility for exporting it. The US military does.

其次，從歷史來看，國際銷售的利潤率在未來仍將略高於國內市場。這些客戶的採購量不如美國國防部，通常利潤率也略高一些。如果我們銷售FMS，利潤率也不會高多少。利潤最高的是國際DCS銷售。但FMS的費用也更低，因為我們不需要承擔出口的責任。美軍確實如此。

So we deliver the product to the US military and they deliver that to the customer -- the international customer. The market opportunity internationally is massive for us. Really, we're at the beginning phases of that for our counter UAS for directed energy for our Switchblade for one-way attack and for our SCAR BADGER systems that we have in our product portfolio.

因此，我們將產品交付給美國軍方，然後由他們交付給客戶—國際客戶。國際市場對我們來說蘊藏著巨大的機會。實際上，我們目前還處於反無人機系統定向能武器、單向攻擊型「彈簧刀」系統以及我們產品組合中的「SCAR BADGER」系統的初期階段。

We're just scratching the surface on those items, and some of them are literally just starting with no international sales. The area we're really strong is our small UAS, but we've got tremendous potential here. I expect the international market over the next several years to grow significantly and be a major contributor.

我們目前對這些產品的探索只是冰山一角，其中一些產品甚至剛起步，還沒有國際銷售紀錄。我們在小型無人機系統領域實力雄厚，但我們在這個領域擁有巨大的潛力。我預計未來幾年國際市場將顯著成長，並成為主要貢獻者。

Got it. Got it. That's super helpful. And then maybe just to pivot to Switchblade, I think you said that by next year, you could support capacity of $2 billion sales. I think previously, the number that you had disclosed was about $1 billion. I just wanted to see what might be driving that difference?

知道了。知道了。這太有幫助了。然後，或許可以轉到 Switchblade 上來，我想你說過，到明年，你們的產能可以達到 20 億美元的銷售額。我認為之前您透露的數字大約是 10 億美元。我只是想看看造成這種差異的原因可能是什麼？

Sure. So Andre, as we keep building these new factories, we're also improving a lot in terms of automation, and ability for us to produce and ramp up production. So we're -- as you know, we're ramping up production for Switchblade significantly already. We've already tripled -- doubled and tripled the year for the last couple of years. And we're going to continue to improve it even further.

當然。所以安德烈，隨著我們不斷建造這些新工廠，我們在自動化方面也取得了很大的進步，提高了我們的生產能力和產能提升速度。如您所知，我們已經大幅提高了Switchblade的產量。過去幾年，我們的年產量已經增加了三倍——翻了一番又一番。我們將繼續對其進行進一步改進。

The new facility that we have now in Salt Lake City going to come online later next calendar year, towards the end of next calendar year, has the potential to go above $2 billion worth of production with multiple shifts. If we get to that level, it's going to be well over $2 billion factory. And I expect that to even go higher than that because there is so much more potential room for growth in terms of our automation and efficiencies in the production processes.

我們在鹽湖城的新工廠將於明年年底投入使用，該工廠有潛力實現超過 20 億美元的年產量，並實施多班制生產。如果達到那個規模，那將是一個價值超過20億美元的工廠。而且我預期這個數字還會更高，因為我們在生產流程的自動化和效率方面還有很大的成長空間。

Last thing I want to mention about that is that that's factory is also very flexible. We can produce any variance of Switchblade, but we could also produce other products such as our one-way attack product solutions and our nonlethal UAS and other platforms that we have such as (inaudible) 1, et cetera, et cetera.

最後我想提一下，那家工廠的彈性也很強。我們可以生產任何型號的Switchblade，但我們也可以生產其他產品，例如我們的單向攻擊產品解決方案、我們的非致命性無人機系統以及我們擁有的其他平台，例如（聽不清楚）1，等等，等等。

So we're setting the factory to be flexible and agile for a lot of our products, and we can shift production on that factory as we go forward.

因此，我們將工廠打造得靈活敏捷，能夠滿足我們許多產品的生產需求，隨著業務的推進，我們可以隨時調整該工廠的生產。

Trevor Walsh, Citizens.

特雷弗·沃爾什，市民。

Great. Maybe just to touch on AV_Halo a little bit. Wahid, great to see the new products or the new, I guess, module being added on to that. Can you maybe just take a step back though, around that whole product opportunity? Just given all of the different systems from both AV as well as the other providers in the ecosystem that you're partnering and OEMing with and they're able to kind of link in.

偉大的。或許可以稍微提一下 AV_Halo。Wahid，很高興看到新產品或新增模組。您能否退後一步，重新審視整個產品機會？考慮到AV以及你與之合作和進行OEM生產的生態系統中的其他供應商的所有不同系統，它們能夠以某種方式連接起來。

How much of that do this needs to work its way through the system in terms of getting those systems out into the field so that the customer can actually just know what's the right sort of overall software packages to go with those? I guess it's another way of asking kind of you have these wins around AV_Halo now, but is there really a kind of much wider opportunity that's kind of going to, I guess, materialize later?

要讓這些系統順利投入使用，讓客戶真正了解哪些軟體包適合搭配這些系統，還需要做多少工作？我想這其實是另一個問法：你現在在 AV_Halo 上取得了這些勝利，但未來是否真的會有更廣泛的機會出現呢？

Again, what's the actual hardware piece a little bit more locked down, I guess? Does that make sense?

那麼，硬體部分的具體細節是不是更難確定呢？這樣說得通嗎？

Yes, of course, Trevor. So let me provide you some color on that. First of all, I'm really excited about the AV_Halo suite of software solutions. It's not just one particular product. Think of it as a very robust and broad portfolio of solution sets, a software stack and an ecosystem that provides lots and lots of different capabilities with different modules, such as AV_Halo COMMAND, AV_Halo CORTEX, AV_Halo PINPOINT, et cetera, cetera.

當然可以，特雷弗。讓我來為你詳細介紹一下。首先，我對 AV_Halo 系列軟體解決方案感到非常興奮。不只是某一款產品。您可以將其視為一個非常強大且廣泛的解決方案組合、一個軟體堆疊和一個生態系統，它透過不同的模組提供大量不同的功能，例如 AV_Halo COMMAND、AV_Halo CORTEX、AV_Halo PINPOINT 等等。

So we launched two new modules, number one, and we're going to continue to launch more new modules to that. And the best way to think about it in a very simplistic way is like the Microsoft Office suite of products, Excel, Word, Outlook, all these different modules are underneath the office suite, right? The same thing applies to AV_Halo.

所以我們推出了兩個新模組，第一個模組，我們將繼續推出更多新模組。最簡單的理解方式就是把它想像成微軟辦公室軟體套件，Excel、Word、Outlook，所有這些不同的模組都位於辦公室套件之下，對吧？AV_Halo 也是如此。

AV_Halo has several modules. In terms of deployment, we already have thousands, if not tens of thousands of some of their modules already deployed in the field. That is the beauty of our system that is all notable and integrated. And so what we've done is try to actually bring the ecosystem cohesively together and mesh it all together into one umbrella software solution.

AV_Halo 包含多個模組。就部署而言，我們已經在現場部署了數千甚至數萬個他們的模組。這就是我們系統的美妙之處，所有功能都顯著且相互整合。因此，我們所做的就是嘗試將整個生態系統凝聚在一起，並將其整合到一個綜合性的軟體解決方案中。

Secondly, it is also at a very open architecture. We can integrate with any other platform, including competitor platforms, and we can also talk to any other systems and other battle management systems. And so our belief is that our solution set is incredibly not well understood yet, and we have a long way to go in terms of the opportunity set here over the next several years.

其次，它的架構也非常開放。我們可以與任何其他平台集成，包括競爭對手的平台，我們還可以與其他任何系統和其他作戰管理系統進行通訊。因此，我們認為，我們的解決方案集還沒有得到充分的理解，在未來幾年裡，我們在把握機會方面還有很長的路要走。

One example of that success story is in my comments about the US Army, who selected us for the human machine integrated formation, HIMF program record. That is a very strategic and critical program. We competed with very large companies and small companies that are trying to copy our model and we won. And US Army selected us.

我曾評論過美國陸軍，他們選擇我們參與人機一體化編隊 (HIMF) 項目，這就是成功案例的一個例子。這是一個非常重要且具有戰略意義的項目。我們與規模龐大的公司以及試圖模仿我們模式的小公司展開了競爭，最終我們贏了。美國陸軍選中了我們。

That means that the future battle space on the edge of the battlefield, the systems and the controllers that they're going to use to operate these robotic systems, whether on the ground or air on land or see, it's going to be ours. And we are open, interoperable, and we will integrate with many other systems that are better. And so we got a lot more coming in this area, and I can't be more excited about it in the future.

這意味著，未來戰場邊緣的作戰空間，以及他們將要用來操作這些機器人系統的系統和控制器，無論是在地面還是空中，無論是在陸地還是在太空，都將是我們的。我們秉持開放、互通的原則，並將與許多其他更優秀的系統進行整合。因此，我們在這個領域還有很多發展前景，我對未來充滿期待。

And we already support multiple platforms with our AV COMMAND.

我們的 AV COMMAND 已經支援多個平台。

We support not only our own platform, we support more competitor platforms today than our own, actually. And that's the testament that how open we are with our architecture and our platform for our customers. And that's one advantage that we have that most other systems that are not that open.

我們不僅支持自己的平台，事實上，如今我們支援的競爭對手平台比我們自己的平台還要多。這證明了我們對客戶而言，在架構和平台方面是多麼開放。這是我們相對於大多數其他不太開放的系統所擁有的優勢之一。

Jonathan Siegmann, Stifel.

喬納森·西格曼，斯蒂費爾。

(multiple speakers) the shutdown. I thought that was great. And it's a really interesting time with signal flashing green here with a lot of intent of where we want to spend money, but with the shutdown causing a real wrinkle.

（多位發言者）停擺。我覺得這很棒。現在情況非常有趣，我們有很多關於資金用途的明確想法，訊號也正在閃爍，但政府停擺造成了真正的波折。

Historically, your January quarter hasn't been the strongest booking quarter for you guys. I'm just wondering if there's going to be some additional frictions this year you anticipate that we just can't catch up with all this pent-up demand and funded order? Is that a worry for you guys?

從歷史資料來看，你們一月份的季度預訂情況通常不是最好的。我只是想知道，您預計今年是否還會出現一些額外的摩擦，導致我們無法滿足所有積壓的需求和已籌集的訂單？你們會擔心這個問題嗎？

Yes. Jonathan, that's a very well-put comment because the reason why we do not want to -- or we hesitated to raise the guidance even more is because there's still some timing risk on when we are going to get some of these task orders. The government came out of the shutdown, but still the budget for the fiscal year is not fully approved.

是的。喬納森，你的評論說得非常好，因為我們不想——或者說我們猶豫是否要進一步提高指導價的原因是，我們何時才能收到這些任務訂單仍然存在一些時間上的風險。政府已經結束了停擺，但本財政年度的預算仍未完全獲得批准。

We have funding until January -- end of January. And while we expect some cost quarters to come in exactly when they're going to come in is anybody's guess. And so therefore, we expect -- we are confident that we're going to achieve our guidance that we've just provided. And anything above and beyond that, we're going to update you as we go in the next quarter.

我們的資金可以維持到一月底。雖然我們預期某些成本季度會準時到來，但具體何時到來卻無人能預料。因此，我們預期——我們有信心實現我們剛才給出的指導目標。至於其他方面，我們將在下一季隨時向您報告。

Lastly, we did really well. We are on track with our plans on first quarter and second quarter, and we are exactly where we want it to be, despite the fact that the whole industry was dealing with a month of complete government shutdown.

最後，我們表現得非常出色。儘管整個行業都經歷了長達一個月的政府全面停擺，但我們第一季和第二季的計劃都按部就班地進行，並且完全達到了我們想要的目標。

And so I think our results are very good, and we're very pleased with our results, and we're looking forward to the second half of the year. we got aggressive goals, but we're very confident that we can achieve that. We've got the capacity, we've got the team, and we've got the demand from the customer and the support from our customers to get it done.

所以我認為我們的成績非常好，我們對成績非常滿意，並且期待下半年的到來。我們制定了具有挑戰性的目標，但我們非常有信心實現這些目標。我們有能力，我們有團隊，我們有客戶的需求，也有客戶的支持，我們一定能完成這項工作。

That's great. And thank you for the details on the product lines, I appreciate it.

那太棒了。感謝您提供的產品線詳情，非常感謝。

Austin Moeller, Canaccord Genuity.

Austin Moeller，Canaccord Genuity。

Just my first question here. Can you discuss how much of the backlog today is related to Ukraine and when that might convert? And similarly, how much of the backlog is from European allies ex-Ukraine?

這是我的第一個問題。您能否談談目前積壓案件中有多少與烏克蘭有關，以及這些案件何時才能結案？同樣地，積壓案件中有多少來自烏克蘭以外的歐洲盟友？

Well, Austin, we do not break down specific backlog by customer regions or by specific products. What I can tell you is the following. We have derisked and pivoted from our two years ago Ukraine demand almost entirely. It represents less than 5% of our revenue for the full year. Number one.

奧斯汀，我們不會按客戶地區或具體產品細分特定的積壓訂單。我可以告訴你的是以下幾點。我們已經降低了兩年前對烏克蘭的需求風險，並幾乎完全改變了策略。這僅占我們全年收入的不到 5%。第一。

Number two, so far, we're on track with our plans and international demand is still back-end loaded a little bit because of the government shutdown and the contracting process, some of those FMS sales have not made it yet to actual contracts to us.

第二，到目前為止，我們的計劃進展順利，但由於政府停擺和合約簽訂過程，國際需求仍然有些滯後，一些對外軍售訂單尚未與我們簽訂實際合約。

Do we continue to get contracts? Yes. But there's a lot more to come towards the second half as well as the next fiscal year. Overall, our backlog is pretty strong. $1.1 billion worth of funded backlog, we had a $1.4 billion worth of funded bookings. And I mean, very strong orders and backlog and visibility numbers given where we are with the quarter.

我們還能繼續獲得合約嗎？是的。但下半年以及下一個財政年度還有更多精彩內容即將呈現。整體而言，我們的訂單儲備相當充足。已獲資金支持的訂單儲備價值11億美元，已獲資金支持的訂單總額達14億美元。我的意思是，考慮到本季目前的情勢，訂單、積壓訂單和訂單可見度數據都非常強勁。

Yes. We've been saying consistently that Ukraine should be less than 10% of our revenue for the year, and there would be no additional orders in our guidance for Ukraine this year. So if we did see some additional business from Ukraine, that would be positive for us. But we're not counting on any additional new orders for our Ukraine --

是的。我們一直強調，烏克蘭的收入應該占我們全年收入的10%以下，而今年我們也不會在烏克蘭追加任何訂單。所以，如果我們能從烏克蘭獲得更多業務，這對我們來說將是好事。但我們並不指望烏克蘭會收到任何額外的新訂單。--

On our forecast.

根據我們的預測。

In our forecast.

在我們的預測中。

Okay. And just a follow-up. I know the Genesis of Red Dragon was to enable international sales by having an open payload bay that was payload agnostic and didn't have ammunition in it. But do you expect that Red Dragon could replace or take additional share from the Switchblade 600 over time with the US military in a long-range anti-armor, [anti-Fc] installation role?

好的。還有一個後續問題。我知道「紅龍」飛彈的誕生是為了實現國際銷售，它採用了一種開放式的有效載荷艙，該艙不裝載任何有效載荷，也不裝載彈藥。但您是否認為隨著時間的推移，紅龍飛彈能夠取代美國軍方的 Switchblade 600 飛彈，或在遠程反裝甲、反火力打擊等作戰領域搶佔更多市場份額？

Austin, no, the short answer for that question is no. We do not expect that to take share away from Switchblade primarily because they're designed for very different mission sets. The missions that loading munitions such as Switchblade 300, 600, and now 400 are very different than the missions of one-way attack drones such as our Red Dragon.

奧斯汀，不，這個問題的簡短答案是否定的。我們預計這不會搶走 Switchblade 的市場份額，主要是因為它們的設計用途截然不同。裝載 Switchblade 300、600 和現在的 400 等彈藥的任務與我們的 Red Dragon 等單向攻擊無人機的任務截然不同。

And our family of Red Dragon is expanding. We believe both of those two product lines are going to grow significantly over the next few years. The demand for those systems are very robust from more than one service and more than one customer in country.

我們的紅龍家族正在不斷壯大。我們相信，未來幾年這兩條產品線都將顯著成長。國內多家服務機構和多家客戶對這些系統的需求非常強勁。

And so I think we're going to continue to see significant growth on both categories. They're actually complementary to each other in many ways as to how they engage with different targets and different missions for our customers.

所以我認為這兩個類別都將繼續保持顯著成長。實際上，它們在許多方面都是互補的，例如它們如何針對不同的目標和為我們的客戶完成不同的任務。

Yes. And our current volumes, we're only going to see growth in all those products. Red Dragon to potentially grow faster, but that doesn't necessarily mean it's taking away share from the other Switchblade products.

是的。按照我們目前的銷售量來看，所有這些產品的銷售量只會繼續成長。Red Dragon 的成長速度可能會更快，但這並不一定意味著它會搶走 Switchblade 其他產品的市場份額。

Pete Skibitski, Alembic Global.

Pete Skibitski，Alembic Global。

Just wondered if you could level set us. I'm still a little confused with where we're at with the Army long-range reconnaissance. I know that you guys as well as Edge both got contract in August, and then you announced another award yesterday. Are you guys sole source now on LRR with the P550? Or is there going to be kind of an ongoing competition over the next few years?

想問您能否幫我們理清一下思路。我對陸軍遠程偵察的現狀仍然有些困惑。我知道你們和 Edge 都在八月份簽了合同，然後你們昨天又宣布獲得了另一個獎項。你們現在是LRR P550的唯一供應商嗎？或者說，未來幾年將會一直存在這種競爭關係嗎？

More the latter, Pete. So what the Army has done, and this is consistent with many programs within the US Army and even other branches of the US Department of War services, is that the traditional construct and concept of a program of record single winner probably is not going to be that popular in that comment.

更偏向後者，皮特。因此，陸軍的做法是，這與美國陸軍內部的許多項目，甚至美國戰爭部其他部門的做法一致，那就是傳統的單一獲勝者項目結構和概念可能不會受到歡迎。

What they're going to do is they're going to pick at least two players. And from those two players, they want to field some systems and see who performs better. As the performance of that system is better, that vendor or that supplier most likely is going to get the lion's share of the volume of that program or requirement a capability gap. We believe our solution set is the best performing.

他們接下來至少會挑選兩名球員。他們想從這兩位球員中挑選一些戰術體系，看看誰表現得更好。由於該系統的性能更好，因此該供應商很可能獲得該項目或能力缺口需求的大部分份額。我們相信我們的解決方案性能最佳。

We have very strong fee from the customer that the customer is extremely satisfied with our systems. Yes, we announced a couple of quarters and awards, but we expect more. We're actually expanding and ramping up production in anticipation of more P550 orders from the US Army as well as additional international customers.

我們從客戶那裡獲得了非常高的評價，顯示客戶對我們的系統非常滿意。是的，我們公佈了幾個季度的業績和獎項，但我們期待更多。為了滿足美國陸軍以及其他國際客戶對 P550 的更多訂單，我們正在擴大生產規模並提高產量。

We believe that P550 product is a $1 billion-plus franchise for the company over the next several years. We are such a strong believer in that product. I am personally very, very high on that product.

我們相信，在未來幾年內，P550 產品將成為該公司價值超過 10 億美元的特許經營產品。我們對這款產品充滿信心。我個人非常非常喜歡這款產品。

Now in terms of going forward, is it going to be just us? Most likely not. Do we expect to get a very large share of that spend? Yes. We expect to get a large share of it, and that's probably going to be consistent across multiple programs, not just LRR.

那麼展望未來，是不是就只有我們兩個了？很可能不是。我們預計會獲得這筆支出中很大一部分份額嗎？是的。我們預計會獲得很大一部分份額，而且這種情況可能會在多個專案中得到體現，而不僅僅是 LRR 專案。

Got it. Okay. Very helpful. I appreciate that. And just on the P550 specifically, are you clear to export that internationally already? And if so, how many countries can you export it to? And how do you expect that to grow?

知道了。好的。很有幫助。我很感激。具體來說，P550這款產品是否可以出口到國際市場？如果可以出口，你能出口到多少個國家？你認為它會如何成長？

Yes, Pete, that's a great question, and that product line was developed from the ground up. Number one, to be MOSA or Modular Open Systems Approach interoperable and compatible and compliant, A.

是的，皮特，這是一個很好的問題，這條產品線是從零開始開發的。第一，要符合 MOSA（模組化開放系統方法）的互通性、相容性和合規性，A.

Two, it is developed primarily all with our own R&D dollars. So it's a non-ITAR product and its base configuration. There are modules within it that can make it ITAR, but we can -- we believe that we can sell the P550 to almost every customer that we sell are Pumas and Ravens and other products today.

第二，它主要全部由我們自己的研發經費開發而成。所以它是一款非ITAR產品，並且是其基本配置。它內部有一些模組可能會使其受到 ITAR 管制，但我們相信我們可以將 P550 賣給幾乎所有客戶，就像我們今天銷售 Puma、Raven 和其他產品一樣。

So the market for P550 internationally is equally as large, if not larger, than our domestic market. And I believe that we're going to have several customers internationally that's going to come online and place orders for that capability later this fiscal year and even beyond this fiscal year.

因此，P550 在國際上的市場規模即使不比我們的國內市場更大，也至少與國內市場規模相當。我相信，在本財年晚些時候甚至更久以後，我們將有幾家國際客戶上線並訂購這項功能。

Colin Canfield, Cantor.

科林·坎菲爾德，領唱。

Maybe just figured it all home to cash and profitability. If we can kind of think about the building blocks of EBITDA, I think the 4Q guidance on adjusted EBITDA assumes roughly same ballpark as kind of combined whole company pro forma results as last year. So maybe just kind of walk us through how you think of the progression on SG&A and essentially kind of how we think about that EBITDA step up versus the supply chain kind of dynamics that you're focusing on?

或許他們只是把一切歸結為現金和獲利能力。如果我們能大致了解 EBITDA 的組成要素，我認為第四季度調整後 EBITDA 的預期與去年同期公司整體備考業績的綜合水準大致相同。那麼，您能否簡要介紹一下您如何看待銷售、一般及行政費用 (SG&A) 的發展，以及您如何看待 EBITDA 的成長與您關注的供應鏈動態之間的關係？

And then bridging that over, I think Street is probably close to free cash flow breakeven this year. So is it fair to assume that kind of the timing and the shift that you talk about requires investment? Or is it fair to assume that this kind of quick book and turn -- or excuse me, shipping kind of picked book and ship business can allow you to hit something like that in terms of free cash flow?

考慮到這一點，我認為華爾街今年可能接近自由現金流收支平衡。那麼，我們是否可以合理地假設，您所說的這種時機和轉變需要投資？或者，這種快速的預訂和周轉——或者抱歉，是快速的預訂和發貨業務——是否可以合理地假設，這種業務可以讓你在自由現金流方面達到這樣的水平？

So Colin, let me just add some color to this. We do expect Q4 to be the largest quarter as we provided some color, almost 55% of our second half revenues are in the fourth quarter, number one. So the overall volume in fourth quarter is higher, number one.

科林，讓我來補充一些細節。我們預計第四季度將是最大的季度，正如我們之前透露的那樣，我們下半年近 55% 的收入都來自第四季度，排名第一。第一，第四季的整體銷售量更高。

Number two, the mix keeps getting more favorable in the fourth quarter from Q1 to Q2 to Q3 and Q4. So that's also a positive trend that's affecting Q4. We expect SG&A and R&D spending not to be a lot higher and not to be a lot lower. We're going to continue to maintain those levels, but the mix shift in the volume is going to help make a profitability much more pronounced in the fourth quarter in that regard.

第二，第四季的情況比第一季、第二季、第三季和第四季越來越有利。所以這也是影響第四季的一個正面趨勢。我們預期銷售、管理及行政費用和研發支出不會大幅增加，也不會大幅減少。我們將繼續維持這些水平，但銷售結構的轉變將有助於在第四季度更明顯地提高獲利能力。

Now in terms of the overall outlook, we've provided the full year numbers on profitability, and we're confident that we're going to be able to achieve that.

就整體前景而言，我們已經提供了全年的獲利數據，我們有信心實現這一目標。

Yes. And I gave color in my script on SG&A and R&D and margins for the year. So that's really how you get there. It really comes from improved gross margins and some leverage on things like SG&A, partly because we realized some of the synergies that we've established in the first half but don't really realize for the second half of the year.

是的。我在報告中加入了關於銷售、管理及行政費用、研發費用和年度利潤率的說明。這就是到達目的地的真正方法。這主要得益於毛利率的提高以及對銷售、管理及行政費用等方面的槓桿作用，部分原因是我們在上半年實現了部分協同效應，而這些協同效應在下半年並沒有真正實現。

And in terms of capacity, those numbers really represent where we're at in terms of capacity, where we are increasing incrementally in many places in the second half or prior -- or even today, and that -- those reflected -- are reflected in the numbers.

就產能而言，這些數字真正代表了我們目前的產能狀況，我們在下半年或之前，甚至今天，在許多地方都在逐步提高產能，而這些——這些都反映在了數字中。

Got it. And just to clarify, is it fair to assume that you're free cash flow breakeven this year?

知道了。另外，為了確認一下，假設你們今年的自由現金流能夠收支平衡是否合理？

Well, we're looking for 50% -- it depends when you define all that, but we're looking at 50% cash conversion to our EBITDA.

嗯，我們的目標是 50%——這取決於你如何定義這一切，但我們希望 50% 的現金轉化為我們的 EBITDA。

For the year.

今年。

For the year.

今年。

Which is a significant improvement over last year.

這比去年有了顯著的進步。

Yes, which is a big improvement. So basically, that's EBITDA less our CapEx, less our working capital change from EBITDA.

是的，這是一個很大的進步。所以基本上，這就是 EBITDA 減去我們的資本支出，再減去 EBITDA 帶來的營運資本變動。

Peter Arment, Baird.

Peter Arment，Baird。

Wahid, could you -- maybe we'll just touch upon the cash comment that you guys just talked about it. Your precision strike kind of product revenues were up 68% for the first six months of this year, but unbilled continues to grow. And I thought we were under a new contract or payment schedule. Could you maybe give us a little more color on what's going on there?

瓦希德，你能──或許我們可以稍微談談你們剛才提到的現金問題嗎？今年前六個月，貴公司精準打擊類產品的收入成長了 68%，但未開票收入仍在持續成長。我以為我們已經簽訂了新的合約或付款計劃。能否再詳細介紹一下那裡的情況？

Yes. I mean, as we've talked in many quarters, there's been a whole transition period there. There's been some changes in our contract office, our contracting personnel that have all been positive. And at this point, we feel like we have a clear to continue to start bringing that down the second half of this year.

是的。我的意思是，正如我們在很多方面討論過的那樣，那裡經歷了一個完整的過渡期。我們的合約辦公室和合約人員都發生了一些變化，這些變化都是正面的。目前，我們感覺已經很清楚，可以在今年下半年繼續降低成本。

And plus, we have this -- we do -- as we mentioned in the script, we are -- the amount of unbilled business is significant, particularly as the service businesses.

此外，我們還有這一點——正如我們在劇本中提到的，未開票業務的數量相當可觀，尤其是對於服務型企業而言。

And the revenue over time, a portion of our overall revenue is also increasing, primarily because of the BlueHalo and that also is playing a factor in this equation, Peter. And just one other comment to make on this topic is that we're really more focused on the top-line growth and making sure that we capture the opportunities and not lose momentum on the significant upside that we have in our long-term plan.

隨著時間的推移，收入占我們總收入的一部分也在增長，這主要是因為 BlueHalo，這也是影響這一等式的因素，Peter。關於這個主題，我還有一點要補充，那就是我們更關注營收成長，確保我們抓住機遇，不讓長期計畫中巨大的成長潛力失去勢頭。

So we're really optimizing to make sure that we deliver for our customers. We deliver capability, develop the products. We're anticipating a lot more task orders in the second half of the year. And so we have to really start building products in advance. We can't wait until the last moment.

所以我們正在不斷優化，以確保為客戶提供優質服務。我們提供能力，開發產品。我們預計下半年會有更多任務訂單。所以我們必須提前開始打造產品。我們不能等到最後一刻。

And while we're taking not all the risks, but we are taking some calculated risks to position ourselves to deliver for our customers because we know that they need these systems very desperately.

雖然我們並非承擔所有風險，但我們正在承擔一些經過深思熟慮的風險，以便更好地為客戶提供服務，因為我們知道他們非常迫切需要這些系統。

Okay. So just to be clear, you expect unbilled to be probably materially lower as we get through the fourth quarter, just given your comments about cash conversion on EBITDA?

好的。所以為了確認一下，鑑於您之前關於 EBITDA 現金轉換的評論，您是否預計隨著第四季度的推進，未開票收入可能會大幅下降？

Right. It's pretty simple. We have the $300 million to $320 million of EBITDA in range. CapEx should be roughly a little bit less than half of that. So in order to hit 50% cash conversion of EBITDA, the change in working capital has to be minimal. And that's what we're forecasting.

正確的。很簡單。我們的 EBITDA 預計在 3 億美元至 3.2 億美元之間。資本支出應該略低於這個數字的一半。因此，為了實現 EBITDA 50% 的現金轉換率，營運資本的變動必須盡可能小。這就是我們預測的結果。

(Operator Instructions) Austin Bohlig, Needham.

（操作說明）奧斯汀·博利格，尼德姆。

Congrats on the nice order fall through even with the government shutdown. But my question has to deal with kind of the full year guide with this anticipated funding coming from the [OBD]. Is it fair to assume that anything that flows through that you're expecting is not yet baked in to your current full year guidance?

恭喜你們在政府停擺期間成功完成一筆不錯的訂單。但我的問題與這筆預期資金到位後的全年指引有關。[OBD]是否可以合理假設，您預期中發生的任何變化都尚未納入您當前的全年業績預期？

No, Austin, we are expecting and we're expecting multiple task orders and orders on the second half that we believe we're going to be able to convert that to revenue. In order for us to overperform, it's going to be more difficult because of the timing, how long it takes to go build those products, get them tested and accepted by the customer and then deliver to our customers.

不，奧斯汀，我們預計下半年會有多個任務訂單和訂單，我們相信我們能夠將它們轉化為收入。為了超越預期，我們會面臨更大的困難，因為時間因素，包括產品開發、測試、客戶驗收以及交付給客戶所需的時間。

So we're confident about our full year guidance, number one.

所以，第一，我們對全年業績預期充滿信心。

Number two, we do expect contract awards and task orders in the second half that will convert to revenue, and that that's part of our forecast, and we are confident that we can achieve that.

第二，我們預計下半年將獲得合約授予和任務訂單，這些訂單將轉化為收入，這也是我們預測的一部分，我們有信心實現這一目標。

Got you. Got you. And then just kind of some specifics on kind of like where are you hoping that these new contracts come from within your product portfolio? Is this precision strike, UAS, counter UAS?

抓到你了。抓到你了。然後，能否具體說明一下，您希望這些新合約來自您產品組合中的哪些方面？這是精確打擊、無人機系統還是反無人機系統？

So Austin, it's a very nice, nice portfolio or basket of contracts and award that we expect. It's basically the critical areas that the US DoD needs them desperately and we've been talking about. So P550, more Switchblade, more one-way attack, more counter UAS, more directed energy, more SCAR and BADGERS.

所以奧斯汀，我們期待著一個非常好的合約和獎項組合。基本上，這些領域是美國國防部迫切需要的，也是我們一直在討論的。所以 P550、更多彈簧刀、更多單向攻擊、更多反無人機系統、更多定向能量、更多 SCAR 和 BADGERS。

And those are the key areas that we expect more of in our second half of the year. there's obviously orders for cyber and other businesses, too, but those five or six categories make up the lion's share of the expected additional contract awards and task orders for the second half.

這些是我們預計下半年將重點拓展的關鍵領域。當然，網路安全和其他業務領域也會有訂單，但這五六個類別佔據了下半年預計新增合約和任務訂單的絕大部分。

Clarke Jeffries, Piper Sandler.

克拉克·傑弗里斯，派珀·桑德勒。

I wanted to ask, Wahid, how do the recent changes to missile technology control and the treatment of UAS affect the current AeroVironment portfolio and maybe even how your posture might change for the future product portfolio? Did any of those changes have any direct impact on the $870 million IDIQ? It sounds like maybe there was some counter UAS focus to that contract, but curious there.

瓦希德，我想問一下，最近導彈技術控制和無人機系統處理方式的變化對 AeroVironment 目前的投資組合有何影響？甚至對你們未來的產品組合的立場可能會有何改變？這些變化是否對價值 8.7 億美元的 IDIQ 合約產生了任何直接影響？聽起來那份合約可能包含一些針對無人機系統的反制措施，不過這倒是挺讓人好奇的。

And then any other key policy changes you'd flag as crucial for growing the international business?

那麼，您認為還有哪些關鍵政策變革對於發展國際業務至關重要？

Sure. So we expect -- first of all, the comment about the change in policy, absolutely. We believe that the new policy and definition that the US Department of War and government came up with how they categorize drones and how the categories loading munitions and one we attack is very favorable to us because they're trying to lax the definitions as to how it's treated versus a true missile that goes very long, long distances, and it's categorized as a missile.

當然。所以我們期待——首先，關於政策變化的評論，絕對的。我們認為，美國戰爭部和政府提出的關於無人機分類、裝載彈藥以及我們攻擊的無人機的分類的新政策和定義對我們非常有利，因為他們試圖放寬對無人機的定義，使其區別於射程非常遠的真正導彈，並將其歸類為導彈。

So an arm drone or on FPV is not categorized the same. That is going to help us significantly over the next two to three years. It's not really immediate, but it is over the next two, three years.

因此，手臂無人機和FPV無人機並不屬於同一類。這將在未來兩到三年內對我們大有裨益。雖然不會立即發生，但在未來兩三年內肯定會發生。

Secondly, yes, the sole source nearly $900 million IDIQ is directly related to that because the US DoD and the Department of War expects us to ship a lot of products because of the demand that they see from different allies. Obviously, the US Department of War is in contact with those international customers, and they see the uptick in demand for our solutions.

其次，是的，近 9 億美元的無限期交付/無限期數量 (IDIQ) 合約的唯一來源與此直接相關，因為美國國防部和戰爭部希望我們交付大量產品，因為他們看到了來自不同盟友的需求。顯然，美國戰爭部與這些國際客戶保持聯繫，他們也看到了對我們解決方案的需求成長。

So we do expect that to happen. But most of that is not going to happen overnight. It's still a process that takes some time, and we work it.

所以我們預計這種情況會發生。但這一切大多不會在一夜之間發生。這仍然是一個需要時間的過程，我們會努力完成它。

Overall, we feel very positive about the general demand for our solutions from international markets, including Direct Energy, Counter-UAS, one-way attack, loading munition, P550, JUMP 20.

總體而言，我們對國際市場對我們解決方案的普遍需求感到非常樂觀，包括直接能源、反無人機系統、單向攻擊、彈藥裝載、P550、JUMP 20。

And this concludes the Q&A session. I will turn it back to Denise for final comments.

問答環節到此結束。我將把這個問題交還給丹妮絲，請她做最後的評論。

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，並感謝您對 AeroVironment 的關注。提醒各位，本次電話會議的存檔版本、美國證券交易委員會的文件以及相關新聞可在我們網站的「投資者」版塊找到。

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

希望您今晚餘下的時間過得愉快，我們期待在下一季業績公佈後再次與您交流。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。