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Rada Electronic Industries Limited (NASDAQ:RADA) Q2 2019 Earnings Conference Call August 21, 2019 9:00 AM ET
Rada Electronic Industries Limited（纳斯达克股票代码：[RADA]）2019年第二季度收益电话会议2019年8月21日美国东部时间上午9:00
Dov Sella - Chief Executive Officer
Avi Israel - Chief Financial Officer
Ehud Helft - GK Investor Relations
- Dov Sella - 首席执行官
- Avi Israel - 首席财务官
- Ehud Helft - GK投资者关系
Brian Kinstlinger - Alliance Global Partners
Isaac Videmlansky - private investor
Michael Brcic - National Securities
Jeff Bernstein - Cowen
Scott Huntington - Bodell, Overcash, Anderson & Co.
Nahum Moschitz - private investor
Austin Moeller - Canaccord
- Brian Kinstlinger - Alliance Global Partners
- Isaac Videmlansky - 私人投资者
- Michael Brcic - 国家证券
- 杰夫伯恩斯坦 - 考恩
- Scott Huntington - Bodell，Overcash，Anderson＆Co。
- Nahum Moschitz - 私人投资者
- Austin Moeller - Canaccord
Ladies and gentlemen, thank you for standing by. Welcome to the Rada Electronic Industries second quarter 2019 results conference call. All participants are presently in a listen-only mode. Following management’s formal presentation, instructions will be given for the question and answer session. As a reminder, this conference is being recorded.
You should have all received by now the company’s press release. If you have not received it, please contact Rada’s Investor Relations team at GK Investor and Public Relations at 1-646-688-3559 or view it in the News section of the company’s website, www.rada.com.
I would now like to hand over the call to Mr. Ehud Helft of GK Investor Relations. Mr. Helft, would you like to begin?
女士们，先生们，谢谢你们的支持。 欢迎来到拉达电子工业2019年第二季度业绩电话会议。 所有参与者目前都处于只听模式。 在管理层的正式演示之后，将给出问答环节的说明。 提醒一下，这次会议正在录制中。
我现在想把这个电话交给GK投资者关系部的Ehud Helft先生。 赫尔夫特先生，你想开始吗？
Thank you Operator. I would like to welcome all of you to this conference call and thank Rada’s management for hosting this call. With us on the line today are Mr. Dov Sella, Chief Executive Officer, and Mr. Avi Israel, Chief Financial Officer. Dov will summarize the key highlights of the quarter, followed by Avi who will provide a summary of the financials. We will then open the call for the question and answer session.
Before we start, I’d like to point out that the Safe Harbor published in today’s press release also pertains to the contents of this conference call.
With that, I would now like to introduce Rada’s CEO, Mr. Dov Sella. Go ahead, please.
谢谢运营商。 我想欢迎大家参加本次电话会议，并感谢Rada管理层主办此次电话会议。 今天与我们在一起的是首席执行官Dov Sella先生和首席财务官Avi Israel先生。 Dov将总结本季度的主要亮点，其次是Avi，他将提供财务摘要。 然后我们将打开问答环节的电话。
有了这个，我现在想介绍拉达的首席执行官Dov Sella先生。 请来吧
Thank you Ehud, and good day to our participants, and welcome to our second quarter of ’19 conference call.
I want to start with the results summary of the guidance. First, we are extremely pleased with our second quarter results. It’s the best ever quarter in Rada’s history, a two-digit quarter with top line revenues surpassing $10 million in revenues, and it is over 50% of year-over-year growth. Furthermore, we did not sacrifice gross margins to achieve this growth and we maintained the gross margin at around 36%. It is the level of what we targeted from the beginning.
We increased our guidance a few weeks ago. We expect that our revenues this year will surpass $43 million compared to the $40 million guidance that we gave earlier, and again this is going to be the best ever year in Rada’s history. It shows 54% of growth year-over-year, so as can be seen, our early growth is still accelerating and we do believe that this level of growth can be maintained along the next year as well.
This type of growth currently is the fruit of the seeds that we have planted in the past two years. We were at the right moment with the right product mature and available, that we started developing back in 2012. Along with the wakening of our market for tactical radars, especially the counter drone segment, we see now the results in the form of top line growth. Bottom line is that everything in on track and the results of this growth are validating for us.
Let’s talk a bit about the general picture. We believe that the market for our tactical radars is moving from the initial stage that we have experienced in ’17 and ’18 to the growth stage, and hopefully towards an inflection point even. Our strong revenue growth demonstrates part of that, but more than that, the need is becoming more visible and clear primarily in the U.S. market and also in our other relevant markets, like Israel, Europe and others.
We also, as an example, on the news a few weeks ago, a first and very public demonstration of the United States using our technology as part of their solution to destroy Iranian drones in the Gulf of Hormuz. Yesterday, there as an announcement by the Israeli Ministry of Defense that [indiscernible] Elbit with their Iron Fist active protection system were awarded with the program for equipping the Eitan fighting vehicle and the D-9 Bulldozers here in Israel, and as most of you may know, our radars, our CHR radar is in the heart of this system for 11 years now, so we expect negotiations and receipt of orders in a few weeks or a few months.
All these indications point in our opinion that we are in a definite move from the initial stage to the growth stage of the market. Since recently we have seen a nice influx of new investors, let me reiterate a bit about the market potential.
We estimate just in the U.S., the total addressable market for our tactical radars is about $2.5 billion over the next 10 years, $1.5 billion we allocate to the active protection segment of the market and the other $1 billion to the short range air defense, while counter [indiscernible] and counter drone solutions are included in this segment, and after while evaluating the rest of the world, the addressable market, we come to similar numbers, so we estimate our total addressable market at about $5 billion.
We believe that we have solidified ourselves as market leaders at this stage in this emerging [indiscernible] market, and by the end of 2019 we won’t have even touched the 1% of the potential of this market, of course, so the opportunity ahead of us is huge and we do believe that the market behavior, especially in the U.S. will soon change from fulfillment of urgent needs to what is [indiscernible] a problem, so [indiscernible] meaning programs that are executed over a few years term, and it will help us build a backlog for a few years ahead. Until now, we’ve been working in an environment of very short turnover of deliveries built into stock and delivering in a very short notice to fulfill urgent needs.
In terms of our pipeline, it continues to broaden with significant revenue potential. The potential orders are global but especially strong in the U.S. given the market maturation and our strong presence there. Still, there is significant upside from follow-on orders and the initial orders that received by other customers the world over.
In summary, I would like to emphasize that Rada today is a company primarily in the exciting technology of software defined tactical radars. We still have our legacy avionics as a stable at a level of $10 million to $12 million, but the focus is on tactical radars. The development and debut for our products to the market has been perfectly timed, as I mentioned earlier, and hopefully we are approaching an inflection point as the market takes up this progress significantly.
As we approach 2020, our solutions are mature and have a significant competitive edge. We are meeting very immediate and urgent defense needs, as I just mentioned, in active protection, counter drone, short range air defense, and counter mortars, what is named CRAM, counter rocket artillery and mortars. To date, we already have seen initial sales of these products which are being used by armed forces in the U.S., several armed forces or armed branches in the U.S. and Europe, and also in Israel, and we believe that soon these orders are going to expand significantly.
Because of the huge opportunity ahead of us, we have been gearing Rada to significant growth, and Rada today has significant competitive lead. Currently this situation, which we intend to maintain and we invest heavily in research and development and developing next generation products to maintain this lead. Our U.S. based production will be ready by year-end to gear up for significant sales in 2020 and the goal is to deliver all the U.S. market requirements from our U.S. facility and deliver to the rest of the world from our Israeli production facility. We believe that profitability will follow in the coming few quarters as we capture significant portion of the current emerging market and maintaining our gross margin levels, as demonstrated this quarter and previous quarters.
We have a strong cash position at about $15 million. It is enough to keep us producing to stock, building our U.S. facility and completing it, and continuing with our R&D major efforts to keep the lead. It also shows a strong and stable supplier in front of our customers, which are typically much bigger than us.
In conclusion, again we are very pleased with what we have achieved this quarter and in the first half of this year. It tells us that everything is on track and more than that, with growth of 50% and more, we believe that the inflection point is coming near and it should reflect the performance in the few years to come.
At this moment, I would like to hand over to Avi Israel, our CFO. Avi, go ahead, please.
此时此刻，我想交给我们的首席财务官Avi Israel。 阿维，请继续吧。
Thank you Dov. Good morning to our U.S. participants and good afternoon to our Israeli ones. You can find our results on the press release we issued earlier today and I’ll provide a short summary of the second quarter results.
Second quarter revenues were at about $10 million, up 52% year-over-year. Our gross margin was at 36% of revenues, same as reported in Q2 of last year. This is the level we currently expect and are happy with, with potential upside in future as our revenues continue to grow.
As Dov explained earlier, we continue to make significant investments especially in R&D as well as in our infrastructure in the United States, so operating expenses grew. Our aim is to bring operating expenses toward a $20 million annual range, which we believe will be sufficient to support our current expected growth. R&D expenses increased to $1.7 million, up from $0.7 million in the same quarter of last year.
Sales and marketing were $1 million compared to $0.7 million in Q2 of last year. G&A expenses were $1.8 million compared to $0.9 million of last year with a significant increase related to a newly established U.S. presence. Operating loss was $0.8 million compared to $0.1 million in operating income in Q2 of last year.
Net loss attributed to Rada shareholders for the quarter was $0.6 million. This compares with $0.1 million in net income in Q2 of last year.
I’d also like to summarize and point out some highlights of our balance sheet as of June 30, 2019. We ended the quarter with $15 million in cash and no financial debt at all. Our inventory increased by $5 million in the last six months in order to support product delivery in very short turnover. Our shareholders equity stands at $42 million, financing $75 of our balance sheet.
In summary, as Dov mentioned and as the financial results demonstrate, we are very pleased with our progress and on track with our plans.
That ends my summary. We should now open the call for questions. Operator, please?
The first question is from Brian Kinstlinger of Alliance Global Partners. Please go ahead.
第一个问题来自Alliance Global Partners的Brian Kinstlinger。 请继续。
Great, thanks for taking my questions. Wanted to start with the active protection news you talked about in the press release. Elbit is supplying Iron Fist for the AFV and D-9. Like you said, the deal’s valued, it looks like in the press release, at $250 million over a decade, so that’s $25 million per year. Can you talk about how investors should think about your share of this program, and will this program be able to sustain 36% margins or better?
太好了，谢谢你回答我的问题。 想要从新闻稿中谈到的主动保护新闻开始。 埃尔比特为AFV和D-9提供铁拳。 就像你说的那样，这笔交易很有价值，在新闻稿中看起来像十年前的2.5亿美元，所以每年2500万美元。 您能否谈谈投资者应如何考虑您在该计划中所占的份额？该计划是否能够维持36％或更高的利润率？
At this stage, it’s just an announcement of selection. We need to negotiate--Elbit needs to negotiate it with the IMOD. We need to negotiate it with them, and I cannot talk about it further.
在这个阶段，它只是一个选择的公告。 我们需要谈判 - 埃尔比特需要与IMOD进行谈判。 我们需要与他们谈判，我不能进一步谈论它。
So the $250 million number that’s been announced, that’s not accurate yet? That’s not actually been finalized, is that correct?
I don’t know. I don’t know who notified that, and I cannot comment on that.
Okay, all right. Well then maybe differently, we can talk about active protection in the U.S. I know that you’ve been in various stages of testing and delays. Talk about where you are with that process and when you expect deliveries on initial prototypes.
好的，好的。 那么也许不同的是，我们可以谈谈美国的积极保护我知道你已经处于测试和延迟的各个阶段。 谈谈您在该过程中的位置以及您希望在初始原型上交付的时间。
Yes, we are gearing up towards a resumption of tests after some improvements in the configuration of the complete system. I’m talking about the complete Iron Fist system, including our radar. We are gearing up towards resuming the tests towards the end of this year, and if all goes well we do expect that deliveries will be towards--will start towards the end of 2020.
是的，我们正在准备在完整系统配置的一些改进之后恢复测试。 我说的是完整的Iron Fist系统，包括我们的雷达。 我们正在准备在今年年底恢复测试，如果一切顺利，我们确实预计将在2020年底开始交付。
Okay, and can you remind us at this point which vehicles or infantries you plan to be working with?
Yes, currently we are on the Bradley armored fighting vehicle and the discussion is on First Brigade.
Okay, [indiscernible]. Great. Then in your radar business, I take it that’s driving pretty much all of the growth, given active protection isn’t generating a lot of revenue yet. Can you talk about the main drivers? Is it mainly short range air defense so far or have there been other growth drivers?
好的，[音频不清晰]。 大。 然后在你的雷达业务中，我认为它正在推动几乎所有的增长，因为主动保护尚未产生大量收入。 你能谈谈主要的车手吗？ 到目前为止主要是短程防空还是有其他增长动力？
It’s mainly short range air defense, specifically the counter drone segment [indiscernible].
Great. Then you’ve talked about some other countries, Israel and Europe, but is today’s results, the Q2 results, is that mostly reflecting the U.S. and Israel and Europe are more of an opportunity, or are you already seeing the benefits or the demand from Israel and Europe?
非常好。 然后你谈到了其他一些国家，以色列和欧洲，但今天的结果，即第二季度的结果，主要反映了美国，以色列和欧洲更多的机会，或者你是否已经看到了利益或需求来自 以色列和欧洲？
We already see the demand, we already see it in revenues. It’s kind of breakeven, the U.S. and the rest of the world.
Meaning half your revenue is U.S., half the rest of the world for these--for short range defense?
这意味着你的收入的一半是美国，其中一半是世界其他地方 - 对于短程防御？
Great. Then I guess I want to get a sense for the difficult comparisons as we look at next year. Oftentimes if there is one or two or three very large orders, it creates some lumpiness. Has that been the case this year or is the growth fairly broad based?
非常好。 然后我想我们想要了解明年难以比较的比较。 通常，如果存在一个或两个或三个非常大的订单，则会产生一些块状。 今年情况如此，还是增长相当广泛？
I’m sorry, I didn’t entirely--the growth in this quarter? The growth in this quarter is spread evenly over a few contracts.
对不起，我没有完全 - 这个季度的增长？ 本季度的增长均匀分布在几个合同上。
Okay. Then you talked about building up your U.S. entity and the goal of production readiness. Is this both advanced protection systems and short range defense for the U.S., or is it just one or the other?
好的。 然后你谈到了建立你的美国实体和生产准备的目标。 这对于美国来说既是先进的保护系统又是短程防御，还是只是其中之一？
All our radars will be built in the U.S., never mind what the application is.
Great. Last question I have and I’ll get back in the queue is as your business continues to grow, it looks like the second half of the year is going to be stronger, and I’m guessing given this is just the beginning, 2020 should be stronger as well. What are the plans for increasing R&D and sales and marketing investments, and how should we think about that as it flows through the income statement?
非常好。 我的最后一个问题，我将回到队列中，因为你的业务继续增长，看起来今年下半年会变得更强，我猜这只是一个开始，2020年应该 也要坚强。 增加研发，销售和营销投资的计划是什么？当它流入损益表时，我们应该如何思考？
We are not waiting for the growth with increasing our R&D. We are increasing our R&D since mid last year already, anticipating this growth, so this will not change the R&D plans. The R&D plans are there and they’re being executed, and sales and marketing is evidenced through the fact that we are growing because we--and our go-to-market is through the integrators, and we are already there with most of them, with the important ones in that areas that we are active at, while in emerging areas we are in development phases with others. We don’t think that the S&M expenses will be something overwhelming to ensure this growth. We already have planted the seeds two years ago, one year ago, and now we are starting to harvest the fruits.
我们不会在增加研发的同时等待增长。 我们自去年年中以来一直在增加研发，预计这种增长，所以这不会改变研发计划。 研发计划在那里，他们正在执行，销售和营销通过我们正在成长的事实得到证明，因为我们 - 我们的市场是通过集成商，我们已经在那里与大多数 在我们活跃的领域中有重要的领域，而在新兴领域，我们与其他领域处于发展阶段。 我们认为S＆M费用不足以确保这种增长。 两年前，我们已经种植了种子，一年前，现在我们开始收获果实了。
Great. Actually I have one last question on inventories. You highlighted obviously we’ve gone from $11 million to $16 million in six months and a short turnover of converting that. Should we expect to see still with the increased demand significant increases in inventory over the next six months, or do you think that will tail off a little bit?
大。 实际上我有关于库存的最后一个问题。 你突然强调，我们已经在六个月内从1,100万美元变成了1600万美元，并且转换了这个数字。 我们是否应该期待在未来六个月内需求增加显着增加库存，或者您认为这会稍微减少？
It depends. I mean, when the market is new and emerging and has urgent needs, the only way to address the market needs and to be there and to take the opportunity to your side is by building to stock, anticipating what’s going to happen and delivering in a short cycle. In this case, we need to invest in working capital and by inventories, but once we start executing the bigger programs, the programs [indiscernible] along two, three, maybe even four years, the whole process is changed. You can plan ahead, you don’t need to buy material upfront, you probably also will receive advance payment for long lead items and so on, so it will be a combination because the market is not stable all over.
这取决于。 我的意思是，当市场是新的并且正在出现并且有紧迫的需求时，解决市场需求并在那里并抓住机会到你身边的唯一方法是建立库存，预测将要发生的事情并在 周期短。 在这种情况下，我们需要投入营运资金和库存，但是一旦我们开始执行更大的计划，程序[音频不清晰]两年，三年甚至四年，整个过程就会发生变化。 您可以提前计划，您不需要预先购买材料，您可能也会收到长期铅项目的预付款等等，因此它将是一个组合，因为市场并不是全面稳定。
Great, thanks. I have some other questions, but I’ll get back in the queue.
The next question is from Isaac Videmlansky [ph[, a private investor. Please go ahead.
接下来的问题来自Isaac Videmlansky [私人投资者]。 请继续。
Yes. First of all, regarding the 250 million shekels, the analyst that asked before the question, he gathered numbers from the Globe newspaper.
Now to my question--
He said million dollars, by the way.
Same number but in dollars.
Same? Oh, wow. It’s even better. At the beginning of the month, the Israeli Army introduced a new sophisticated tank by the name of Carmel, equipped with special radars. Are you involved with this Carmel project and what size of orders do you expect?
相同？ 哦，哇 它甚至更好。 本月初，以色列陆军推出了一种名为卡梅尔的新型精密坦克，配备了特殊的雷达。 您是否参与了这个Carmel项目以及您期望的订单大小？
Carmel is not a tank. Carmel is a fighting vehicle--
卡梅尔不是坦克。 卡梅尔是一辆战斗车 -
[Indiscernible], tank, whatever.
It’s a concept. There are no orders yet and the three big industries here in Israel are showing what they have in mind. There is no order yet and I cannot anticipate anything. I can tell that we are involved.
这是一个概念。 目前还没有订单，以色列的三大产业正在展示他们的想法。 还没有订单，我无法预料到任何事情。 我可以说我们参与其中。
Okay, and then my next question is regarding R&D that you mentioned. In one of the past conferences, you mentioned that you are working on four new radars. Can you give at this time some more color, more details about those radars that you are developing?
好的，然后我的下一个问题就是你提到的研发问题。 在过去的一次会议中，您提到您正在研究四种新雷达。 你能否在这个时候给出更多颜色，更多关于你正在开发的雷达的细节？
No, again no? Okay. Thank you.
不，再没有？ 好的。 谢谢。
We have a follow-up question from Brian Kintslinger of Alliance Global Partners. Please go ahead.
我们有来自Alliance Global Partners的Brian Kintslinger的后续问题。 请继续。
Yes, great. One more question on Iron Fist. The solution that you provide to the Israel defense ministry, is that very much the same as the U.S. or are there major differences, and what I’m trying to get at is as the U.S. watches you install Iron Fist into these two vehicles, how does that, do you think, impact or accelerate the U.S.’ plans, given someone else is able to use it and it’s in production?
对，很好。 还有一个关于铁拳的问题。 你向以色列国防部提供的解决方案与美国的解决方案非常相似，或者存在重大差异，而我正在努力解决的问题是美国看着你将Iron Fist安装到这两辆车上， 这样做，你认为，影响或加速美国的计划，因为其他人能够使用它并且它正在生产中吗？
It is similar, first. The U.S. has selected the Iron Fist for the Bradley before this announcement was made in Israel, and the U.S. long term plan, this is NDI - non-development item kind of urgent need. The long term plan of the U.S. was named MASS until now, now it is named Vehicle Protection System, an open configuration and modular and so on and so forth, and it is ongoing. The schedule for it is a few years to come.
首先，它是相似的。 在以色列宣布这一消息之前，美国已经选择了布拉德利的铁拳，以及美国的长期计划，这是NDI - 非发展项目的迫切需要。 到目前为止，美国的长期计划被命名为MASS，现在它被命名为车辆保护系统，开放式配置和模块化等等，并且它正在进行中。 它的时间表是未来几年。
Okay, thank you.
The next question is from Michael Brcic of National Securities. Please go ahead.
接下来的问题来自National Securities的Michael Brcic。 请继续。
Hi, thank you. Just real quick, did you break down what are the revenues based on the legacy system and the new radars?
We are not breaking it typically, but you can assume that the proportion of--the yearly proportion is kept over this quarter as well, and we say that the legacy is stable at about $10 million to $12 million while we already gave guidance of $43 million in total, so you know, you can assume from that.
我们通常不打破它，但你可以假设 - 年度比例的比例也保持在这个季度，我们说遗产稳定在1000万到1200万美元，而我们已经给了43美元的指导 总共有百万，所以你知道，你可以从中承担。
Just something somebody asked before and I didn’t quite get it, but in the past you have talked a lot about the lumpiness of the business. As it is growing, has that lumpiness--I mean, do you have a little bit more visibility now than you did before?
只是之前有人问过的事情我并没有得到它，但在过去你已经谈了很多关于业务的笨拙。 随着它的增长，有那种笨拙 - 我的意思是，你现在比以前有更多的能见度吗？
Yes, we believe that the lumpiness will be towards the growth and not towards the decline.
Great. Thank you very much, and congratulations for the big turnaround.
Thank you very much.
The next question is from Jeff Bernstein of Cowen. Please go ahead.
接下来的问题来自Cowen的Jeff Bernstein。 请继续。
Hi, good morning. Just wondering, you mentioned CRAM specifically. Could you just talk about that market with regard to the differentiation from the SHORAD market? It sounds like you already have some systems being used, but can you just flesh that out a little bit?
早上好。 只是想知道，你特别提到了CRAM。 你能谈谈与SHORAD市场差异化的市场吗？ 听起来你已经有一些系统被使用了，但是你可以稍微充实一点吗？
Yes. CRAM is counter rocket artillery and mortars. We have such systems as a [indiscernible] solution around Gaza and in some other places in the world. It is typically more fixed solution compared to the short range air defense that is more mobile in most cases. Also, the big difference in the--the hardware is typically the same but the algorithms and software enable in CRAM to detect the shot immediately and to track down back to where it was shot from, while air defense you do more volume surveillance of the air, you can find threats like rockets and missiles, but you don’t necessarily focus on where they came from but more where they are now, and you want to shoot them down.
是。 CRAM是反火箭炮和迫击炮。 我们有这样的系统作为加勒比地区和世界上其他一些地方的[音频不清晰]解决方案。 与在大多数情况下更具移动性的短距离防空相比，它通常是更固定的解决方案。 此外，硬件的巨大差异通常是相同的，但CRAM中的算法和软件能够立即检测到射击并追踪到射击的位置，而防空则可以对其进行更多的音量监视。 空气，你可以找到像火箭和导弹这样的威胁，但是你不一定关注它们来自哪里，而是更多地关注它们现在的位置，并且你想要击落它们。
That’s great, so that’s really a differentiated market. Have you talked at all about what you think the TAM is there?
The TAM? We take it as part of the short range air defense solution because our radars are multi-mission and sometimes you need also CRAM on the move, even though the main application is mobile SHORAD. This segment is within this market.
TAM？ 我们把它作为短距离防空解决方案的一部分，因为我们的雷达是多任务的，有时你还需要移动CRAM，即使主要应用是移动SHORAD。 该细分市场在此市场中。
That’s great, thank you.
The next question is from Scott Huntington of Bodell, Overcash, Anderson & Co. Please go ahead.
Good morning, folks. Appreciate the straightforward call here and the fruit of your labors. Just a quick question on Germantown. I guess we’re online for a year-end start-up. Are we safe to say that that assumes that you’re finding the necessary technical people to staff the facility?
伙计们，早上好。 感谢这里直截了当的呼唤和你工作的成果。 关于Germantown的一个简单问题。 我想我们在网上开始了一个年终的初创公司。 我们可以肯定地说，假设您正在为设施配备必要的技术人员吗？
Yes, we do, and we are growing in numbers. We have currently over 20 people. The goal is to have 40 people by the end of the year.
是的，我们这样做，而且我们的数量正在增长。 我们目前有20多人。 目标是到今年年底有40人。
Thank you. Keep moving. Thanks.
谢谢。 继续走。 谢谢。
The next question is from Nahum Moschitz [ph]. Please go ahead.
接下来的问题来自Nahum Moschitz [ph]。 请继续。
Thank you very much for taking my call. Congratulations for the great quarter. I just wanted to make sure I understood what you said. You said that you expect about the same growth in 2020, like you said over 50% growth in 2020. Did I get you right?
非常感谢你接听我的电话。 祝贺伟大的季度。 我只是想确保我明白你说的话。 你说你预计到2020年会有同样的增长，就像你说2020年增长超过50％。我帮你做对了吗？
We expect growth, I don’t know to what extent exactly. We do believe that what’s happening between last year and this year is an indicator. We will probably issue guidance towards the end of the year about 2020.
我们期待增长，我不知道究竟到什么程度。 我们确实相信去年和今年之间发生的事情是一个指标。 我们可能会在2020年年底前发布指引。
Okay, thank you. Another question, please. I’ve read in an article that actually you are building another factory here in Israel in June in Samaria. Is it right?
好的谢谢你。 请问另一个问题。 我在一篇文章中读到，实际上你是在6月份在撒马利亚在以色列建造了另一家工厂。 这样对吗？
No, it’s not us.
Okay, okay. Are you building another factory here in Israel?
Okay, got you. Thank you very much. Keep up the good work, thank you.
好的，有你。 非常感谢你。 保持良好的工作，谢谢。
The next question is from Austin Moeller of Canaccord. Please go ahead.
接下来的问题来自Canaccord的Austin Moeller。 请继续。
Hi Dov. I was just wondering if you could compare and contrast the capabilities of the Iron Fist radar system versus the system with Trophy built by Rafael and Alta?
嗨，多夫。 我只是想知道你是否可以比较和对比Iron Fist雷达系统与Rafael和Alta建造的Trophy系统的能力？
I cannot. It touches very sensitive information and data.
We have a follow-up question from Brian Kintslinger of Alliance Global Partners. Please go ahead.
我们有来自Alliance Global Partners的Brian Kintslinger的后续问题。 请继续。
Great, just one question. As this short range air defense business becomes a little bit more visible to you, and although I see that it’s early and you should be growing, is there any timing we should think about, such as sometimes purchasing in the first quarter is lighter as companies put together their budgets as we think about next year, or do you think there shouldn’t be any seasonality at all that we have to think about?
太棒了，只有一个问题。 由于这个短距离防空业务对你来说变得更加明显，虽然我发现它很早就应该增长，但是我们应该考虑一下时机，例如有时候第一季度的采购量会更轻 在我们考虑明年的时候把他们的预算汇总在一起，或者你认为我们不应该考虑任何季节性问题？
We believe that the SHORAD contracts both coming from the Army and the Marine Corps will be, if we are lucky, in the first half of 2020; if not, in the second half.
Okay. All right, thank you.
Thank you. If there are any additional questions, please press star, one. If you wish to cancel your request, please press star, two. Please stand by while we poll for more questions.
There are no further questions at this time. Mr. Sella, would you like to make your concluding statement?
谢谢。 如果还有其他问题，请按星号，一个。 如果您想取消您的请求，请按星号，两个。 我们在民意调查时请等待更多问题。
Yes, thank you very much for joining us today on this call, and we look forward to talk to you in the next quarter results conference. We thank you again on behalf of Rada’s board of directors and management. Thank you.
是的，非常感谢您今天加入我们的电话会议，我们期待在下一季度的成果会议上与您交谈。 我们代表拉达的董事会和管理层再次感谢您。 谢谢。
Thank you. This concludes the Rada Electronic Industries second quarter 2019 results conference call. Thank you for your participation. You may go ahead and disconnect.
谢谢。 这就是拉达电子工业2019年第二季度业绩电话会议的结论。 感谢您的参与。 您可以继续并断开连接。
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