BigBear.ai Holdings Inc (BBAI) 2023 Q1 法說會逐字稿

Thank you for joining the BigBear.ai first-quarter conference call. This call is being recorded. (Operator Instructions)

感謝您加入 BigBear.ai 第一季度電話會議。此通話正在錄音中。 （操作員說明）

I will now turn the call over to Shane Karp, Vice President, Marketing and Communications. Please go ahead, Mr. Karp.

我現在將把電話轉給營銷和傳播副總裁 Shane Karp。請繼續，卡普先生。

Good afternoon, everyone, and welcome to BigBear.ai 2023 first-quarter conference call. I'm joined by Mandy Long, our Chief Executive Officer; and Julie Peffer, our Chief Financial Officer.

大家下午好，歡迎來到 BigBear.ai 2023 第一季度電話會議。我們的首席執行官 Mandy Long 也加入了我的行列；和我們的首席財務官 Julie Peffer。

During the call today, we may make certain forward-looking statements. Listeners are cautioned not to put undue reliance on the forward-looking statements. And BigBear.ai specifically disclaims any obligation to update the forward-looking statements that may be discussed during this call.

在今天的電話會議中，我們可能會做出某些前瞻性陳述。告誡聽眾不要過分依賴前瞻性陳述。 BigBear.ai 特別聲明不承擔任何更新本次電話會議期間可能討論的前瞻性陳述的義務。

Many factors could cause actual events to differ materially from the forward-looking statements made on the call. These statements are based on current expectations and assumptions, and as a result, are subject to risks and uncertainties. For more information about these risks and uncertainties, please refer to the forward-looking statements section of the earnings press release issued today and our SEC filings.

許多因素可能導致實際事件與電話會議上做出的前瞻性陳述存在重大差異。這些陳述基於當前的預期和假設，因此受到風險和不確定性的影響。有關這些風險和不確定性的更多信息，請參閱今天發布的收益新聞稿和我們向美國證券交易委員會提交的文件中的前瞻性陳述部分。

We will also discuss some non-GAAP financial measures during the call today. These non-GAAP financial measures should not be considered a replacement for and should be read together with GAAP results. You can find the GAAP and non-GAAP reconciliations within our earnings release.

我們還將在今天的電話會議中討論一些非 GAAP 財務措施。這些非 GAAP 財務指標不應被視為替代 GAAP 結果，應與 GAAP 結果一起閱讀。您可以在我們的收益發布中找到 GAAP 和非 GAAP 調節。

Now, I'd like to turn the call over to Mandy.

現在，我想把電話轉給曼迪。

Thank you, Shane, and thank you all for joining today's call. The results we posted in Q1 are a testament to our capabilities across autonomous systems, cybersecurity, and supply chain and logistics. Our 16% revenue growth year over year, despite a challenging macroeconomic environment, is a remarkable achievement for the entire team and speaks volumes to the value we are bringing to our clients.

謝謝你，Shane，也感謝大家參加今天的電話會議。我們在第一季度發布的結果證明了我們在自治系統、網絡安全以及供應鍊和物流方面的能力。儘管宏觀經濟環境充滿挑戰，但我們的收入同比增長 16%，這對整個團隊來說是一項了不起的成就，充分說明了我們為客戶帶來的價值。

We're winning in complex markets, setting us apart in the industries we operate in and positioning us for long-term growth. Our established position and ability to execute are evident in new partnerships, new wins, and extensions of our business with existing customers.

我們正在復雜的市場中取勝，使我們在我們經營的行業中脫穎而出，並為我們的長期增長做好準備。我們的既定地位和執行能力在與現有客戶的新合作夥伴關係、新勝利和業務擴展中顯而易見。

As you may have seen in our recent press release, we are excited about our new strategic partnership with L3Harris. BigBear.ai is now their exclusive partner to deliver AI/ML-based forecasting, situational awareness analytics, and computer vision capabilities for L3Harris' unmanned service vessels. This integrated and collaborative approach brings significant long-term opportunities. And our partnership with L3Harris is another proof point in our continued focus on execution and long-term growth.

正如您在我們最近的新聞稿中看到的那樣，我們對與 L3Harris 的新戰略合作夥伴關係感到興奮。 BigBear.ai 現在是他們的獨家合作夥伴，為 L3Harris 的無人服務船提供基於 AI/ML 的預測、態勢感知分析和計算機視覺功能。這種綜合協作的方法帶來了重要的長期機會。我們與 L3Harris 的合作夥伴關係是我們持續關注執行和長期增長的另一個證明。

We are also continuing to bring our autonomous system software capabilities to market, like with the US Navy, where our analytics and computer vision capabilities continue to be assessed and demonstrated in live exercises as shown most recently with Task Force 59 and IMX 2023. We are incredibly excited by the Navy's April announcement to continue to scale unmanned platforms, integrating unmanned systems into their Fourth Fleet in Central and South America, and operationalizing the concept Task Force 59 has worked tirelessly to develop.

我們還繼續將我們的自主系統軟件功能推向市場，例如美國海軍，我們的分析和計算機視覺功能繼續在現場演習中進行評估和演示，如最近在 Task Force 59 和 IMX 2023 中展示的那樣。我們是海軍 4 月宣布繼續擴展無人平台，將無人系統整合到他們在中美洲和南美洲的第四艦隊，並實施 59 特遣隊不知疲倦地開發的概念，這讓我們感到無比興奮。

In addition, we believe the Navy's decision to scale unmanned platforms to the Fourth Fleet and their engagement with us through Task Force 59 underscores the importance of autonomous systems in future battlefield.

此外，我們認為海軍決定將無人平台擴展到第四艦隊，以及他們通過 59 特遣隊與我們的接觸，強調了自主系統在未來戰場中的重要性。

Our advanced AI/ML capabilities enable autonomous systems to operate with unparalleled efficiency and safety, supporting higher-risk missions, expanding operational reach, and most importantly, saving lives. As the battle space continues to evolve, autonomous systems will play an increasingly significant role. As a leader in providing AI/ML-based forecasting, situational awareness analytics, and computer vision capabilities for these autonomous systems, our opportunities to support this type of work are only just getting started.

我們先進的 AI/ML 功能使自主系統能夠以無與倫比的效率和安全性運行，支持更高風險的任務，擴大運營範圍，最重要的是挽救生命。隨著作戰空間的不斷發展，自主系統將發揮越來越重要的作用。作為為這些自主系統提供基於 AI/ML 的預測、態勢感知分析和計算機視覺功能的領導者，我們支持此類工作的機會才剛剛開始。

We're continuing to see more rapid adoption of AI- and ML-based solutions and technologies throughout the entire Department of Defense. Innovative approaches to acquiring these AI-focused capabilities, such as the Chief Digital and Artificial Intelligence Office's Tradewind Initiative, provide a marketplace for DoD leaders to rapidly source, fund, and develop solutions in the AI/ML, digital, and data analytics spaces.

我們繼續看到整個國防部更快速地採用基於 AI 和 ML 的解決方案和技術。獲取這些以 AI 為中心的能力的創新方法，例如首席數字和人工智能辦公室的 Tradewind Initiative，為國防部領導人提供了一個市場，可以在 AI/ML、數字和數據分析領域快速尋找、資助和開發解決方案。

We are excited to announce the recent addition of two of our products to the Tradewind marketplace. Observe is our massive, distributed data collection capability focused on capturing publicly available information at scale and has a proven track record of providing actionable decision intelligence for our customers for more than eight years.

我們很高興地宣布我們最近將兩種產品添加到 Tradewind 市場。 Observe 是我們的大規模分佈式數據收集能力，專注於大規模捕獲公開可用的信息，並且在八年多的時間里為我們的客戶提供可操作的決策情報方面有著良好的記錄。

Additionally, our AI/ML-based forecasting, situational awareness analytics, and computer vision capabilities originally developed for autonomous systems will now be widely available for many other DoD use cases. We look forward to onboarding other portfolio solutions into the Tradewind marketplace in the coming weeks and months. This is all in the service of supporting the speed, efficacy, and accuracy of our customers' decision-making processes.

此外，我們最初為自治系統開發的基於 AI/ML 的預測、態勢感知分析和計算機視覺功能現在將廣泛用於許多其他 DoD 用例。我們期待在未來幾周和幾個月內將其他產品組合解決方案引入 Tradewind 市場。這一切都是為了支持我們客戶決策過程的速度、效率和準確性。

We continue to operationalize artificial intelligence and machine learning at scale by creating order from complex data, identifying blind spots, and building predictive outcomes. And we're not just winning at the federal level and in defense, the pandemic and subsequent disruptions demonstrated the dramatic impact of uncertainties on supply chain and establish the need for intelligent contingency plans to minimize the impact on operations.

我們繼續通過從復雜數據中創建順序、識別盲點和建立預測結果來大規模實施人工智能和機器學習。我們不僅在聯邦層面和國防領域取得勝利，大流行病和隨後的中斷表明了不確定性對供應鏈的巨大影響，並建立了智能應急計劃的必要性，以最大限度地減少對運營的影響。

AI has the power to revolutionize the way we handle logistics, optimize production processes, and improve overall efficiency. Through decision intelligence algorithms, machine learning, and real-time data analytics, we can better forecast demand, minimize inventory costs, and ensure on-time delivery of products. AI can play a similarly impactful role in manufacturing, helping to detect quality issues early on, improve product design, automate repetitive path, and help free up valuable time and resources for higher-level work.

人工智能有能力徹底改變我們處理物流的方式、優化生產流程並提高整體效率。通過決策智能算法、機器學習和實時數據分析，我們可以更好地預測需求，最大限度地降低庫存成本，並確保產品按時交付。人工智能可以在製造業中發揮類似的影響力，幫助及早發現質量問題，改進產品設計，自動化重複路徑，並幫助騰出寶貴的時間和資源用於更高層次的工作。

Ultimately, we're looking to provide a higher form of decision intelligence, empowering businesses to make smarter, data-driven decisions that streamline operations and help drive profitability.

最終，我們希望提供更高形式的決策智能，使企業能夠做出更明智的、數據驅動的決策，從而簡化運營並幫助提高盈利能力。

We have already been making a lot of progress. We recently extended our relationship with a global Fortune 500 food company that has been using BigBear.ai simulation tools since 2020. They work with us to extend discrete event simulation modeling to evaluate production of existing lines and also support design, test, and evaluation of potentially new production areas.

我們已經取得了很多進展。我們最近擴展了與一家全球財富 500 強食品公司的合作關係，該公司自 2020 年以來一直在使用 BigBear.ai 仿真工具。他們與我們合作擴展離散事件仿真建模以評估現有生產線的生產，並支持設計、測試和評估潛在的新生產區。

In support of these solutions, we've integrated resources directly with the company to perform the project management and data collection responsibilities to ensure successful and on time delivery of set objectives. The simulation solutions that are being created speak to identify bottlenecks and opportunities for process improvement, while also providing the confidence that any new designer build option is tested thoroughly before any major investments are made.

為了支持這些解決方案，我們直接與公司整合資源以執行項目管理和數據收集職責，以確保成功並按時交付既定目標。正在創建的模擬解決方案可以識別流程改進的瓶頸和機會，同時還可以確保在進行任何重大投資之前對任何新的設計師構建選項進行徹底測試。

We're enabling similar decision-making in a large diesel engine manufacturer that's looking to allocate capital to phase out old designs and drive extensive design work, capital equipment deployment, and plant modification. Given the capital and resource-intensive nature of this endeavor, extensive verification and validation efforts of the proposed changes must be executed. To unleash their success, we're building a comprehensive discrete event simulation model of their current and future state production systems, enabling scenario analysis and experimentation in a digital twin. As a result, our customer will be able to deploy capital and effect change faster and with greater confidence and success.

我們正在幫助一家大型柴油發動機製造商做出類似的決策，該製造商希望分配資金以逐步淘汰舊設計並推動廣泛的設計工作、資本設備部署和工廠改造。鑑於這項工作的資本和資源密集型性質，必須對擬議的變更進行廣泛的驗證和確認工作。為了釋放他們的成功，我們正在為他們當前和未來狀態的生產系統構建一個全面的離散事件模擬模型，從而在數字孿生中實現場景分析和實驗。因此，我們的客戶將能夠更快地部署資本並實現變革，更有信心並取得成功。

Our work in healthcare continues to pay off as we signed a number of new contracts with hospitals, such as the Children's Hospital Colorado and Thomas Jefferson University Hospitals for FutureFlow Rx and MedModel. For Thomas Jefferson, we designed the department-level simulation to support future state operations for observation, extended recovery patients, and to inform long-term staffing needs. This is incredibly important as the staffing crisis in healthcare continues and as the pressure on hospitals and health systems increases, with the aging population needing more care.

我們在醫療保健方面的工作繼續取得回報，因為我們與醫院簽署了一些新合同，例如科羅拉多兒童醫院和托馬斯杰斐遜大學醫院的 FutureFlow Rx 和 MedModel。對於 Thomas Jefferson，我們設計了部門級模擬，以支持未來的狀態觀察操作、延長康復期患者，並告知長期人員配置需求。隨著醫療保健人員配置危機的持續以及醫院和衛生系統的壓力增加以及老齡化人口需要更多護理，這一點非常重要。

While it's easy to focus on the headline wins, the foundational work we are doing to ensure our long-term success continues to be a part of the team's focus. During the quarter, we continued our move towards a streamlined approach with a simplified reporting framework and a sustained rigor on cost management. Our work this past quarter focused on improving our operating processes and tightly managing discretionary spending.

雖然很容易將注意力集中在頭條新聞上，但我們為確保我們的長期成功所做的基礎工作仍然是團隊關注的一部分。在本季度，我們繼續採用簡化的方法，採用簡化的報告框架和持續嚴格的成本管理。我們上個季度的工作重點是改進我們的運營流程和嚴格管理可自由支配的支出。

Cost discipline will remain a priority as it forces rigor and prioritization around decision-making and unlocks growth opportunities by fueling the most impactful areas of our business, while also putting us in a much better position to deliver meaningful shareholder returns over time. With much of our restructuring now behind us, our new operating model is positioned for positive operational cash flows in the back half of 2023.

成本紀律仍將是一個優先事項，因為它迫使決策制定更加嚴謹和優先，並通過推動我們業務中最具影響力的領域釋放增長機會，同時也使我們能夠更好地隨著時間的推移提供有意義的股東回報。由於我們的大部分重組工作現已結束，我們的新運營模式有望在 2023 年下半年實現正運營現金流。

Bigger picture, AI continues to experience an unprecedented wave of excitement as the entire ecosystem of enterprise application looks for new ways to leverage this disruptive technology. Winners and losers will emerge from this period of rapid maturation and those with the ability to grow and execute at scale will be well positioned to take share across various end markets.

從更大的角度來看，隨著整個企業應用程序生態系統都在尋找利用這種顛覆性技術的新方法，人工智能繼續經歷著前所未有的興奮浪潮。贏家和輸家將在這個快速成熟的時期脫穎而出，而那些具備大規模增長和執行能力的公司將處於有利地位，可以在各種終端市場中佔有一席之地。

The industry has received a lot of attention over the last year. And while the race is only getting going, BigBear.ai has a meaningful head start. It is with this head start that we've been able to make strategic hires such as Norm Laudermilch, who will be taking over the role of Chief Operating Officer.

在過去的一年裡，這個行業受到了很多關注。雖然比賽才剛剛開始，但 BigBear.ai 已經取得了有意義的領先優勢。正是有了這個先機，我們才能夠進行戰略性招聘，例如將接任首席運營官一職的 Norm Laudermilch。

Norm has 30 years of technical and executive level experience and has served in a number of roles, including Chief Operating Officer, Chief Technology Officer, and Chief Information Security Officer. He has experience in both startup and Fortune 50 companies across federal and commercial markets.

Norm 擁有 30 年的技術和管理經驗，擔任過多個職位，包括首席運營官、首席技術官和首席信息安全官。他在聯邦和商業市場的初創公司和財富 50 強公司都有經驗。

We are also promoting Greg Goldwater to Chief Growth Officer. As Chief Growth Officer, Greg will continue to develop strategies to drive growth across the entire BigBear.ai business and identify new opportunities that align with our capabilities and our core mission to deliver clarity for the world's most complex decisions.

我們還將 Greg Goldwater 提拔為首席增長官。作為首席增長官，Greg 將繼續制定戰略以推動整個 BigBear.ai 業務的增長，並確定符合我們能力和核心使命的新機會，為世界上最複雜的決策提供清晰度。

Lastly, many of you have likely heard the recent calls for pausing AI development. My thoughts on this are simple, powerful technology that has the ability to change the world does not come without risk, and pausing is the option that our adversaries would love for us to choose.

最後，你們中的許多人可能都聽說過最近暫停 AI 開發的呼聲。我對此的想法很簡單，有能力改變世界的強大技術並非沒有風險，而暫停是我們的對手希望我們選擇的選項。

As an organization who works every day to protect our nation and what it stands for, our role is to leverage these capabilities responsibly and ethically and put them to work where they can make a difference in our national security and in the other environments that we service. That is what we do. And it is why we are the company that our customers call when the hardest problems need to be solved.

作為一個每天都在保護我們的國家及其代表的組織，我們的職責是以負責任和合乎道德的方式利用這些能力，並將它們用於可以對我們的國家安全和我們服務的其他環境產生影響的地方.這就是我們所做的。這就是為什麼在需要解決最棘手的問題時，客戶會選擇我們的公司。

We have been a leader in providing a higher form of decision intelligence for more than 20 years. We are our customers' North Star in this AI-driven industrial revolution, and we are doing so with a strong foundation to ensure lasting impact for the company and for our shareholders.

20 多年來，我們一直是提供更高級形式的決策情報的領導者。在這場由 AI 驅動的工業革命中，我們是客戶的北極星，我們正在這樣做，以確保對公司和股東產生持久影響。

We have a leaner, more nimble business today, and we will hire and retain those who are here for the mission and can do things that others cannot. We are now stronger and more resilient than we were six months ago, and we are just getting started.

今天，我們擁有更精簡、更靈活的業務，我們將聘用和留住那些為使命而來到這裡的人，他們可以做別人做不到的事情。我們現在比六個月前更強大、更有彈性，我們才剛剛開始。

With that, I will turn the call over to Julie for a detailed review of our financials.

有了這個，我會把電話轉給朱莉，讓她詳細審查我們的財務狀況。

Thank you, Mandy. Before I dive into the financials, I'd like to address the consolidation of our legacy Cyber & Engineering and Analytics segment into one reportable segment beginning this quarter.

謝謝你，曼迪。在我深入探討財務之前，我想談談從本季度開始將我們遺留的網絡與工程和分析部門整合到一個可報告的部門中。

As Mandy discussed, we continue to reorganize the business to drive improved operational efficiencies. And as part of the leadership announcements we've made today, we're moving into a more functional structure that will ensure we go to market, develop products and solutions, and drive delivery execution as one team. Segment changes were implemented as of Q1 2023 and historical data in the new segment is available as a consolidated view.

正如 Mandy 所討論的，我們將繼續重組業務以推動提高運營效率。作為我們今天發布的領導層公告的一部分，我們正在進入一個功能更強大的結構，這將確保我們作為一個團隊進入市場、開發產品和解決方案並推動交付執行。從 2023 年第一季度開始實施細分變更，新細分的歷史數據可作為綜合視圖使用。

Now, let's turn to our first quarter results. Revenue for the quarter was $42.2 million, up 16% year over year and compared to $36.4 million in the first quarter of 2022. This is primarily driven by growth with our army customer through contracts such as Global Force Information Management, or GFIM Phase 2, and other key programs.

現在，讓我們來看看我們的第一季度業績。本季度收入為 4220 萬美元，同比增長 16%，而 2022 年第一季度為 3640 萬美元。這主要是由於我們的軍隊客戶通過全球部隊信息管理或 GFIM 第 2 階段等合同實現增長，和其他關鍵程序。

As we have stated in the past, I do want to reemphasize that our revenue can be lumpy and can fluctuate meaningfully depending on the quarter in which contracts are awarded, milestones achieved, or contracts complete.

正如我們過去所說，我確實想再次強調，我們的收入可能會不穩定，並且會根據授予合同的季度、實現的里程碑或完成的合同而大幅波動。

Total gross margin was 24% in the quarter, a 300-basis point decrease from 27% in Q1 2022, driven by additional cost on the GFIM Phase 2 program, which completes in the second quarter of 2023. We're performing well on this program but continue to invest in critical capabilities to maintain our strong position as we move towards the production contract. We are in active discussions to continue this important work through GAAP funding until the production contract can be funded with 2024 government fiscal year funding.

本季度總毛利率為 24%，比 2022 年第一季度的 27% 下降了 300 個基點，這是受 GFIM 第二階段計劃的額外成本推動，該計劃將於 2023 年第二季度完成。我們在這方面表現良好計劃，但繼續投資於關鍵能力，以在我們走向生產合同時保持我們的強勢地位。我們正在積極討論通過 GAAP 資金繼續這項重要工作，直到生產合同可以由 2024 年政府財政年度資金資助。

Backlog was $197 million at the end of the first quarter, which is down 10%, or $22 million, compared to fourth quarter of 2022. This was driven by the removal of Virgin Orbit from our backlog due to the uncertainty from their recent bankruptcy announcement.

第一季度末的積壓訂單為 1.97 億美元，與 2022 年第四季度相比下降了 10%，即 2200 萬美元。這是由於 Virgin Orbit 因最近破產公告的不確定性而從我們的積壓訂單中移除所致.

Now, turning to expenses. For Q1, operating expenses were $22.2 million, which includes R&D expense of $1.1 million and SG&A expenses of $20.4 million. On a year-over-year basis, total operating expenses were lower by 15% this year in Q1.

現在，轉向費用。第一季度，運營費用為 2220 萬美元，其中包括 110 萬美元的研發費用和 2040 萬美元的 SG&A 費用。與去年同期相比，今年第一季度的總運營費用下降了 15%。

As a reminder, we began to ramp up indirect hiring in late Q1 last year, with hiring hitting a peak in Q2 2022 before declining substantially through the rest of the year. We will continue to be disciplined in our expense management and focus on implementing scalable processes, operating rigor, and driving overall efficiency across our business.

提醒一下，我們在去年第一季度末開始增加間接招聘，招聘在 2022 年第二季度達到頂峰，然後在今年餘下時間大幅下降。我們將繼續在我們的費用管理方面保持紀律，並專注於實施可擴展的流程、嚴格運營並提高我們業務的整體效率。

Net loss was $26.2 million in the quarter versus $18.8 million in Q1 of 2022. Net loss of $26.2 million for the first quarter of 2023 includes $10.6 million of non-cash expense related to the change in fair value of PIPE warrants that were issued in January 2023, $3.8 million of equity-based compensation, and $0.8 million related to restructuring charges. Net loss for the quarter of 2022 was $18.8 million.

本季度淨虧損為 2620 萬美元，而 2022 年第一季度為 1880 萬美元。2023 年第一季度淨虧損 2620 萬美元，其中包括與 1 月份發行的 PIPE 認股權證公允價值變動相關的 1060 萬美元非現金費用2023 年，380 萬美元的股權補償，以及 80 萬美元的重組費用。 2022 年季度的淨虧損為 1880 萬美元。

Adjusted EBITDA was a loss of $3.8 million in Q1 2023 compared to adjusted EBITDA loss of $2.5 million in the fourth quarter and $3.9 million in the third quarter of last year. Q1 adjusted EBITDA was impacted by a one-time bad debt reserve booked against receivables owed by Virgin Orbit who announced bankruptcy in April. In addition to the gross margin compression from investments in the quarter on key programs such as GFIM Phase 2.

調整後的 EBITDA 在 2023 年第一季度虧損 380 萬美元，而第四季度和去年第三季度的調整後 EBITDA 虧損為 250 萬美元和 390 萬美元。第一季度調整後的 EBITDA 受到針對 4 月份宣布破產的 Virgin Orbit 所欠應收賬款的一次性壞賬準備金的影響。除了本季度對 GFIM Phase 2 等關鍵項目的投資導致的毛利率壓縮之外。

In review of the balance sheet, at the end of the first quarter, we had cash and cash equivalents of approximately $21.8 million. This increase was due to the PIPE transaction that we completed in January. We continue to focus on lowering our cash burn in second half of 2023 to get to positive operational cash flow, which excludes non-recurring and non-operational items, such as interest payments, transaction fees, and tax payments for stock vesting.

在審查資產負債表時，在第一季度末，我們擁有大約 2180 萬美元的現金和現金等價物。這一增長是由於我們在 1 月份完成的 PIPE 交易。我們將繼續專注於在 2023 年下半年降低現金消耗，以實現正運營現金流，其中不包括非經常性和非運營項目，例如利息支付、交易費用和股票歸屬稅。

In addition to lowering our cash burn, the $500 million shelf registration that we filed in April will allow us to more easily access capital markets moving forward in support of organic and inorganic growth at this pivotal time in the AI industry landscape.

除了降低我們的現金消耗外，我們在 4 月份提交的 5 億美元擱置登記將使我們能夠更輕鬆地進入資本市場，從而在 AI 行業格局的這個關鍵時刻支持有機和無機增長。

Now, turning to our financial outlook. Today, we are reaffirming our guidance of expected 2023 revenue in the range of $155 million to $170 million. We continue to expect adjusted EBITDA to be single-digit negative adjusted EBITDA in millions for 2023. As Mandy previously stated, 2023 continues to be a foundational year for us as we build out our operational rigor and enhance our go-to market capabilities, but we are thrilled with the progress we've seen so far.

現在，轉向我們的財務前景。今天，我們重申我們對 2023 年預期收入的指導意見在 1.55 億美元至 1.7 億美元之間。我們繼續預計 2023 年調整後的 EBITDA 為數百萬的負調整 EBITDA。正如 Mandy 先前所說，2023 年仍然是我們的基礎年，因為我們建立了嚴格的運營並增強了進入市場的能力，但是我們對迄今為止所取得的進展感到非常興奮。

We're very excited about our new strategic partnership with L3Harris to deliver AI/ML capabilities to their unmanned surface vessels, as well as emerging opportunities as we expanded our core and adjacent markets. We will continue to be disciplined in cost management, and we will make targeted investments to accelerate our position as an industry leader in AI.

我們很高興與 L3Harris 建立新的戰略合作夥伴關係，為他們的無人水面艦艇提供 AI/ML 功能，並在我們擴展核心和鄰近市場時帶來新機遇。我們將繼續嚴格控製成本，並進行有針對性的投資，以加速我們在人工智能領域的行業領先地位。

I will now turn to Mandy for final remarks before we turn to Q&A.

在我們進行問答之前，我現在將請 Mandy 發表最後的評論。

Thank you, Julie. I'm extremely excited about the pipeline ahead and our ability to deliver as we move forward. Our cost-cutting initiatives have been challenging, but we continue to be proud of the focus and the agility of the BigBear.ai to collaborate and innovate in changing times.

謝謝你，朱莉。我對未來的管道以及我們前進時交付的能力感到非常興奮。我們的成本削減計劃一直具有挑戰性，但我們繼續為 BigBear.ai 在不斷變化的時代中協作和創新的專注和敏捷性感到自豪。

Operator, we are ready for questions. Thank you.

接線員，我們準備好提問了。謝謝。

(Operator Instructions) Mike Latimore.

（操作員說明）Mike Latimore。

Great. Hi. Great, thank you. Yeah. Super results, very nice to see, and congrats on the new partnership there.

偉大的。你好。太好了謝謝。是的。超級結果，很高興看到，並祝賀那裡的新合作夥伴關係。

Thank you, Mike.

謝謝你，邁克。

Thanks, Mike.

謝謝，邁克。

Yeah. I guess just starting with that autonomous vessel program partnership. Can you just provide a little more color there? Maybe start with the type of revenues you would see, the software, professional services, the data. Could we simplistically say you get a certain amount of revenue per vessel shift? Or maybe just characterize that opportunity a little more.

是的。我想只是從那個自主船舶計劃合作夥伴關係開始。你能在那裡提供更多的顏色嗎？也許從你會看到的收入類型開始，軟件、專業服務、數據。我們可以簡單地說，您每次輪班都能獲得一定數量的收入嗎？或者也許只是更多地描述這個機會。

Absolutely happy to. So as we articulated in our joint press release, one of the things that we're really excited about in this is that it's a comprehensive teaming agreement that allows us to deliver AI for their autonomous surface vessels. Now, what this means for us and where we've been working is our current projects have been focused on the Office of Naval Research doing operational demonstrations with the integrated solution, which is our capabilities running on L3Harris' autonomous surface vessel.

絕對高興。因此，正如我們在聯合新聞稿中所闡明的那樣，我們對此感到非常興奮的一件事是，這是一項全面的合作協議，使我們能夠為他們的自主水面艦艇提供人工智能。現在，這對我們以及我們一直在工作的地方意味著我們目前的項目一直集中在海軍研究辦公室使用集成解決方案進行操作演示，這是我們在 L3Harris 的自主水面艦艇上運行的能力。

And at the conclusion of the exercise, our intent at that point is to gain a deeper understanding of not only the progress that we've made, but how we really look to scale it. So I think the short answer, Mike, is that we're still in the early days of figuring out how with this embedded capability we bring it and go faster from an execution standpoint, in terms of delivering more to the customer.

在練習結束時，我們當時的目的是不僅要更深入地了解我們取得的進展，還要更深入地了解我們真正希望如何擴展它。因此，邁克，我認為簡短的回答是，我們仍處於早期階段，正在弄清楚如何利用這種嵌入式功能，從執行的角度來看，我們如何更快地為客戶提供更多服務。

But I think it's fair to assume that it's really at a per vessel basis, right? Because as the vessel base grows, we will deploy more of our instances, and we will see growth from that. Does that answer your question?

但我認為可以公平地假設它確實是按每艘船計算的，對嗎？因為隨著船舶基地的增長，我們將部署更多的實例，我們將從中看到增長。這是否回答你的問題？

Yeah, that's fine. And clearly, the forecast for these autonomous vessels is for a pretty steep curve here, right?

是的，沒關係。很明顯，對這些自主船隻的預測是這裡的曲線非常陡峭，對吧？

That's right. It's, I think, one of the most dynamic and rapidly growing parts of our industry. And we feel really privileged to be able to partner with such a great organization like L3Harris.

這是正確的。我認為，它是我們行業中最具活力和發展最快的部分之一。能夠與像 L3Harris 這樣的偉大組織合作，我們感到非常榮幸。

Great, great. And then on the GFIM, you mentioned -- I think you said that the Phase 2 concludes this quarter, and then you might get some GAAP funding until the production phase. Is that what you said?

很棒很棒。然後在 GFIM 上，你提到 - 我想你說過第二階段在本季度結束，然後你可能會在生產階段之前獲得一些 GAAP 資金。是你說的嗎？

Yeah. So we are doing really well in terms of the US Army's Global Force Information Management program, and that is the one where we're sole force for Phase 2. And as we talked about previously, while the final contract winner for Phase 3 has not yet set now, we are really well-positioned following that work, continuing our delivery and our relationship with the customer.

是的。因此，我們在美國陸軍的全球部隊信息管理計劃方面做得非常好，這是我們在第 2 階段的唯一力量。正如我們之前談到的，而第 3 階段的最終合同獲勝者還沒有但現在設定，我們在完成這項工作後確實處於有利地位，繼續我們的交付和與客戶的關係。

We are anticipating a six-month extension to the current phase of GFIM to complete some added functionality before moving to the production contract. And we're expecting a more normal margin profile associated with this project as it moves into production.

我們預計 GFIM 的當前階段將延長六個月，以在進入生產合同之前完成一些附加功能。我們期待與該項目相關的更正常的利潤率概況，因為它進入生產。

Okay. So it sounds like with that extension, you would continue to do work and see revenue.

好的。所以聽起來有了這個擴展，你會繼續工作並看到收入。

That's correct, yes. And then the next phase of the contract is obviously being finalized by the US Army, but it's our intent to continue to work and progress so that when it's time to go to production, we're as ready as possible.

沒錯，是的。然後，下一階段的合同顯然正在由美國陸軍敲定，但我們打算繼續努力和取得進展，以便在投入生產的時候，我們盡可能做好準備。

Very good. That sounds good. And then just last on the consolidation of the reporting segments. Is it fair to say that a lot of the projects you're working on basically are using the resources from analytics and cyber, just makes sense to have it as one now. And maybe can you just touch on that and how much crossover there actually is.

非常好。聽起來很好。然後只是最後合併報告部分。可以公平地說，您正在從事的許多項目基本上都在使用分析和網絡資源，現在將其作為一個資源是有意義的。也許你能談談這個，以及實際上有多少交叉。

Yeah. Basically, Mike, we are -- instead of continuing to focus on these two different segments, what we recognize is in order to streamline and really focus -- and part of this is the announcements we've made today with Greg and with Norm joining the team, we are thinking that we're much more functionally organized. And this is really going to help us just to streamline the way we deliver our services to our customers, as well as just operationally much more efficient.

是的。基本上，邁克，我們不是繼續專注於這兩個不同的部分，我們認識到的是為了精簡和真正專注 - 其中一部分是我們今天與 Greg 和 Norm 一起發布的公告團隊，我們認為我們在職能上更有條理。這真的會幫助我們簡化向客戶提供服務的方式，並提高運營效率。

So it's really just a combination of those two, and it just allows us to be much more efficient in how we're thinking about the business.

所以它實際上只是這兩者的結合，它只是讓我們在思考業務的方式上更有效率。

Great. It makes my modeling a little easier too.

偉大的。它也讓我的建模更容易一些。

We like that.

我們喜歡這樣。

Anything we can do.

我們能做的任何事。

Yeah, yeah. Right. Thanks very much. Best of luck.

是啊是啊。正確的。非常感謝。祝你好運。

Thanks, Mike.

謝謝，邁克。

Thanks, Mike.

謝謝，邁克。

Louie Dipalma, William Blair.

路易·迪帕爾瑪，威廉·布萊爾。

Mandy and Julie, good afternoon.

曼迪和朱莉，下午好。

Hi, Louie.

嗨，路易。

Good afternoon.

下午好。

Hi and congrats on the partnership with L3Harris.

您好，祝賀與 L3Harris 的合作。

Thank you very much. We're incredibly proud.

非常感謝。我們感到無比自豪。

You may have mentioned this in the prepared remarks, but what is the scale of the L3Harris partnership in terms of the number of unmanned vessels that you will be deployed on? I think in the answer to the previous question, you suggested that you'd be paid based upon the number of vessels, but did you actually give out the number of vessels that are planned for the initial phase?

您可能在準備好的發言中提到了這一點，但就您將部署的無人駕駛船隻數量而言，L3Harris 合作夥伴關係的規模是多少？我想在上一個問題的回答中，你建議你根據船隻的數量獲得報酬，但你真的給出了初始階段計劃的船隻數量嗎？

We did not because the -- frankly, the plan is that we will scale together. Our role in the partnership is to supply L3Harris with its computer vision, predictive analytics, and related AI applications to improve the unmanned teaming that's on the water. So our -- how we're looking at it is that as additional vessels are built and are released and begin to operate that our software will be running on that.

我們沒有，因為 - 坦率地說，計劃是我們將一起擴展。我們在合作夥伴關係中的作用是為 L3Harris 提供計算機視覺、預測分析和相關的人工智能應用程序，以改進水上無人駕駛團隊。所以我們 - 我們的看法是，隨著更多船隻的建造和發布並開始運行，我們的軟件將在其上運行。

Okay. So will it be focused more on new vessels versus the existing fleet? Or will it be a combination of both?

好的。那麼它會更多地關注新船而不是現有船隊嗎？還是兩者兼而有之？

No, it's a combination of both, and that's a great question. So there is obviously a go-forward market associated with new unmanned surface vessels that are built, but there's also a market associated with retrofitting existing vessels that are on the water, and our intent to be able to support and service both.

不，它是兩者的結合，這是一個很好的問題。因此，顯然有一個與建造的新無人水面艦艇相關的前瞻性市場，但也有一個與改造現有水上船隻相關的市場，我們的意圖是能夠支持和服務這兩者。

Great. And somewhat on the same topic, L3Harris, they're obviously a huge contractor and they do a lot more than just these unmanned vessels in which it seems that there are like many more partnership opportunities for you.

偉大的。在同一主題上，L3Harris，他們顯然是一個巨大的承包商，他們所做的不僅僅是這些無人駕駛船隻，在這些無人駕駛船隻中，您似乎有更多的合作機會。

Is there the potential that your data analytics platform can also work with their space systems and their tactical communication systems and their cameras that are deployed on aerial drones? Are you in discussions for any of those other opportunities?

您的數據分析平台是否有可能與他們的空間系統、戰術通信系統以及部署在空中無人機上的攝像頭一起工作？您是否正在討論其他任何機會？

It's a great question. I think something that's important to note as a part of our relationship with L3Harris is that we have had a relationship with L3Harris for a long time. We're already in many ways an integrated partner. We work in a variety of different parts of their business. This particular strategic partnership is focused on the maritime use cases for autonomous surface vessels.

這是一個很好的問題。我認為作為我們與 L3Harris 關係的一部分需要注意的重要一點是，我們與 L3Harris 的關係已經存在很長時間了。我們在很多方面已經是一個完整的合作夥伴。我們在他們業務的各個不同部分工作。這種特殊的戰略合作夥伴關係專注於自主水面艦艇的海上用例。

I would love to say in the future, and I think as we continue to be successful together in market, I have no doubt that additional market opportunities will open up. And it's our job to be a great partner in that so that we are in that race together.

我很想說，在未來，我認為隨著我們在市場上繼續共同取得成功，我毫不懷疑會打開更多的市場機會。我們的工作就是成為這方面的重要合作夥伴，這樣我們才能一起參加比賽。

Thanks. And for Julie, I think you referenced the upfront costs associated with the Phase 2 of the GFIM contract. Because you're incurring these upfront costs, is the margin profile for the production contract expected to be more attractive than the margin profile for GFIM Phase 2?

謝謝。對於 Julie，我想你提到了與 GFIM 合同第 2 階段相關的前期成本。由於您承擔了這些前期成本，生產合同的利潤率預期是否會比 GFIM 第 2 階段的利潤率更具吸引力？

Yes, absolutely. That is part of the overall OTA structure of the way the federal government is now doing some of their contracting. So as we move forward from a Phase 1, which is basically an investment upfront to a Phase 2, which is some investment, as well as hopefully some share -- some profitability, you're proving out your capabilities, you're making sure that things are working correctly. And then as you move into production, that's when you would expect the margin to significantly get better.

是的，一點沒錯。這是聯邦政府現在進行某些承包方式的總體 OTA 結構的一部分。因此，當我們從第 1 階段（基本上是前期投資）前進到第 2 階段時，這是一些投資，希望還有一些份額——一些盈利能力，你在證明你的能力，你在確保一切正常。然後當你開始生產時，你會期望利潤率會顯著提高。

So we are looking forward to that day when we can prove out that capability and we move into the production. But that is -- just to be clear on that, Louie, we would expect that to be very late this year based on the timing that we're currently hearing. We're hoping sooner, but we know that they're going to continue to support us with GAAP lending until that can happen.

因此，我們期待那一天的到來，那時我們可以證明這種能力並投入生產。但那是 - 只是為了明確這一點，Louie，根據我們目前聽到的時間，我們預計今年會很晚。我們希望更快，但我們知道他們將繼續通過 GAAP 貸款支持我們，直到這一切發生。

So that probably will not happen until later in the year. It's FY '24 funding.

所以這可能要到今年晚些時候才會發生。這是 24 財年的資金。

Great. And in terms of your end markets. There's been a lot of focus on the macro economy and the recession, but you seem to indicate that your software is gaining traction for supply chain use cases. And you mentioned how your software is deployed in different hospitals. Are you continuing to see growth even in this difficult macroeconomic environment from your commercial customer base?

偉大的。就您的終端市場而言。人們非常關注宏觀經濟和經濟衰退，但您似乎表明您的軟件在供應鏈用例中越來越受歡迎。你提到了你的軟件是如何部署在不同醫院的。即使在這種困難的宏觀經濟環境中，您的商業客戶群是否繼續看到增長？

It's a great question. And I think the short answer is, yes. The longer answer is that our software capability is in the commercial side, right? The core area where we're seeing a lot of growth is related to our discrete event simulation capabilities. And if you think about what those are and the purpose that they serve, they really sit in the critical path from an operational decision-making standpoint.

這是一個很好的問題。我認為簡短的回答是，是的。更長的答案是我們的軟件能力是在商業方面，對吧？我們看到大量增長的核心領域與我們的離散事件模擬能力有關。如果您考慮這些是什麼以及它們服務的目的，那麼從運營決策的角度來看，它們確實處於關鍵路徑中。

And so, if you're an organization that's dealing with the macroeconomic pressures that we've been talking about and you're looking for opportunities to be able to deploy capital as efficiently as possible to be able to scale and optimize the work that you do, either from a manufacturing standpoint or a distribution standpoint, or even how you're running your warehouses, our tools fit right into that. And as a lot of companies are going through the process of figuring out how to deal with shifts in demand, as well as continued shift in technology, in the evolution of their products, we fit into the modeling capabilities around that because that's our core, right?

因此，如果您是一家正在應對我們一直在談論的宏觀經濟壓力的組織，並且您正在尋找機會盡可能高效地部署資本，以便能夠擴展和優化您的工作無論是從製造的角度還是從分銷的角度，甚至是您如何運營倉庫，我們的工具都可以做到這一點。由於許多公司正在經歷弄清楚如何應對需求變化的過程，以及技術的持續變化，在他們的產品發展中，我們融入了圍繞它的建模能力，因為這是我們的核心，正確的？

We do digital twin. We do simulation scenarios for that type of planning. So we do continue to see that part of our business grow, particularly when paired not only with the product side, but also with the services side associated with the subject matter expertise that we bring to a lot of those use cases like we talked about previously, hospitals and health systems, life sciences, manufacturing, big shipyards, that's what we know how to do.

我們做數字孿生。我們為這種類型的規劃做模擬場景。因此，我們確實繼續看到我們業務的這一部分在增長，特別是當不僅與產品方面配對，而且與我們為許多這些用例帶來的主題專業知識相關的服務方面配對時，就像我們之前談到的那樣、醫院和衛生系統、生命科學、製造業、大型造船廠，這就是我們知道如何做的。

Fantastic. Thanks, Julie, and thanks, Mandy.

極好的。謝謝，朱莉，謝謝，曼迪。

Very welcome.

非常歡迎。

Thanks, Louie.

謝謝，路易。

Param Singh, Oppenheimer.

帕拉姆·辛格，奧本海默。

Yeah. Hi. Thank you for taking my question. This is Param Singh, on behalf of Ittai Kidron. So firstly, there's been a lot of talk in the last few months on generative AI and then we've seen a lot of things in the public domain.

是的。你好。謝謝你提出我的問題。我是 Param Singh，代表 Ittai Kidron。因此，首先，在過去的幾個月裡有很多關於生成人工智能的討論，然後我們在公共領域看到了很多東西。

I wanted to get a sense from you, Mandy. How does that figure into what BigBear is offering today? What are you working on, whether it helps your commercial side, your government side of the business. Because now, it seems -- a lot of this is selling did commoditize.

我想從你那裡了解一下，曼迪。這對 BigBear 今天提供的產品有何影響？你在做什麼，它是否有助於你的商業方面，你的政府方面的業務。因為現在看來——很多銷售都商品化了。

Sure. I think as we talked a little bit about on the last earnings call large language models and these capabilities have then in use by ourselves, as well as others for a while. I think what's really extraordinary about what's happening today is that we're seeing the scaled implementation and availability of them in a really democratized fashion.

當然。我認為我們在上次財報電話會議上談到了一些大型語言模型，這些功能已經被我們自己和其他人使用了一段時間。我認為今天發生的事情真正不同尋常的是，我們正在以一種真正民主化的方式看到它們的大規模實施和可用性。

We're still very early days in how this type of technology is going to be used in the broader consumer community. But from an application to the industries that we service, focused on defense, intel, complex manufacturing, industrial, we absolutely leverage those types of models as a part of our portfolio of offerings and the services that we deliver, and we'll continue to do so.

在更廣泛的消費者群體中如何使用這種技術，我們還處於早期階段。但是從應用程序到我們服務的行業，專注於國防、英特爾、複雜製造、工業，我們絕對利用這些類型的模型作為我們產品組合和我們提供的服務的一部分，我們將繼續這樣做。

So maybe just diving into that. Some of the things that have been beneficial, you just mentioned digital twins that have been very machine learning type models, right? And now, we're seeing things that are based on transformer model. So it seems to be a bit of a leapfrog here.

所以也許只是潛入其中。一些有益的事情，你剛剛提到了非常機器學習類型的數字雙胞胎，對吧？現在，我們看到的是基於變壓器模型的東西。所以這裡似乎有點越級。

I want to get a sense -- just broader sense in terms of technology. What is your view of transformer models getting adopted in domain-specific region? I would imagine -- you talked about discrete events within manufacturing and healthcare, that would be the next step, right? I believe they are not an implementation today, but how do you view that in two to five years?

我想了解一下——只是在技術方面更廣泛的意義。您如何看待特定領域區域採用的變壓器模型？我想——你談到了製造業和醫療保健領域的離散事件，那將是下一步，對吧？我相信它們不是今天的實施，但您如何看待兩到五年後的情況？

Yeah. It's a fair question. I think you have to break apart the use cases. And I think your point on verticalization is important because there are going to be certain environments that we are going to see the applicability of these types of models be earlier just as a result of whether it's a regulatory environment or security environment, they may be better suited for early adoption in those use cases.

是的。這是一個公平的問題。我認為你必須分解用例。我認為你關於垂直化的觀點很重要，因為在某些環境中，我們會更早地看到這些類型的模型的適用性，因為無論是監管環境還是安全環境，它們可能會更好適合在這些用例中儘早採用。

I think your point about discrete event simulation is excellent because we do see a lot of use cases emerging around things like predictive maintenance, being able to do further optimization as a derivative of running past scenarios and being able to really lean into the infinite compute that we can tap into today. So yes, there's a transformation happening under our feet.

我認為你關於離散事件模擬的觀點非常好，因為我們確實看到很多用例圍繞預測性維護等事物出現，能夠作為運行過去場景的衍生物進行進一步優化，並能夠真正依賴於無限計算我們可以利用今天。所以是的，我們腳下正在發生轉變。

Unquestionably, are we starting to, I think, wrap our arms around the multi-threaded implications of it? Also, yes. We're seeing a lot of announcements to the market in terms of being able to put these types of interfaces in front of traditionally engineering-focused experiences.

毫無疑問，我認為我們是否開始了解它的多線程含義？還有，是的。我們看到市場上有很多關於能夠將這些類型的界面置於傳統的以工程為中心的體驗之前的公告。

Most of the markets that we service and fit in tend to be highly technical and tend to require a little bit more hands on in terms of the data science and the role of the engineer. But do I see opportunities for efficiency and scale? Yes. We're continuing to make investments in those.

我們服務和適應的大多數市場往往是高度技術化的，並且往往需要在數據科學和工程師的角色方面有更多的實踐經驗。但我是否看到了提高效率和擴大規模的機會？是的。我們將繼續對這些進行投資。

Great. No, thank you so much. So maybe you could help me just tie this into what you're seeing on the commercial revenue side. Obviously, that used to be an area of growth for BigBear. But now, you've also combined your analytics division into C&A.

偉大的。不，非常感謝。所以也許你可以幫我把它與你在商業收入方面看到的聯繫起來。顯然，這曾經是 BigBear 的增長領域。但現在，您還將分析部門併入了 C&A。

So is there a shift in the way you view your commercial business? Or should we also view that as an optionality going forward and something that would be more than 10% at some point in the next few years?

那麼，您看待商業業務的方式是否發生了轉變？或者我們是否也應該將其視為未來的一種選擇，並且在未來幾年的某個時候會超過 10%？

As I mentioned previously, we're continuing to see our commercial business grow just as we're seeing our broader federal business grow. So that's -- I continue to believe that both of those sides of our portfolio are going to be successful. And as we cross that threshold, we will certainly begin to talk about them in that way.

正如我之前提到的，我們繼續看到我們的商業業務增長，就像我們看到更廣泛的聯邦業務增長一樣。所以這就是 - 我仍然相信我們投資組合的這兩方面都會成功。當我們越過那個門檻時，我們肯定會開始以這種方式談論它們。

Got it. And I would imagine the gross margin profile of that business would be closer towards software than towards services one that you see within your defense contracts. Would that be (inaudible)

知道了。而且我認為該業務的毛利率更接近於軟件而不是你在國防合同中看到的服務。那會是（聽不清）

I think what's important to remember is that at the end of the day, we're a technology-led solutions organization. So the products that we offer, the software capabilities that we offer, in most cases are highly tailored to very complex environments, right? The industrial community, we bring services along with those because the subject matter expertise is so specific. So I would say we'll probably be in the realm of other tech-lead services providers.

我認為重要的是要記住，歸根結底，我們是一個技術主導的解決方案組織。所以我們提供的產品，我們提供的軟件功能，在大多數情況下都是為非常複雜的環境量身定制的，對吧？對於工業界，我們將服務與這些一起提供，因為主題專業知識非常具體。所以我想說我們可能會進入其他技術領先服務提供商的領域。

That's helpful, Mandy. Thank you. Then maybe looking at your full-year revenue guidance, you had a pretty solid quarter. It just seems that it's going to be flat for the rest of the year, right? It's pretty standard across the board for the remaining three Qs.

這很有幫助，曼迪。謝謝。然後也許看看你的全年收入指導，你有一個非常穩固的季度。今年剩下的時間似乎會持平，對吧？對於其餘三個 Q，它是全面的標準。

Given all the contracts and the relationships that you talked about today, the LCV relationship, the progression with GFIM, and potentially something from the [IDHU] contract coming into play, why wouldn't we see revenue improve through the rest of the year?

鑑於您今天談到的所有合同和關係、LCV 關係、與 GFIM 的進展，以及 [IDHU] 合同中可能發揮作用的某些東西，為什麼我們不會在今年餘下時間看到收入有所改善？

Yeah. I was going to say just as a reminder that we mentioned this in our statement earlier, but our -- because of the nature of the works that we do, our revenue can be lumpy. It's based on when contracts start; it's based on milestones; it's based on when some contracts are completing. And so, I would be just -- I'd advise you to make sure you're thinking about that overall structure of our type of business. I think that will smooth out over time as we become more mature and get larger, but as of right now, actually lumpy.

是的。我想提醒一下，我們在之前的聲明中提到過這一點，但我們的——由於我們所做工作的性質，我們的收入可能會不穩定。它基於合同何時開始；它基於里程碑；它基於某些合同何時完成。因此，我只是 - 我建議您確保您正在考慮我們業務類型的整體結構。我認為隨著我們變得更加成熟和變得更大，隨著時間的推移，這會變得平滑，但就目前而言，實際上是凹凸不平的。

And so, we're just really looking at our profile in terms of what we have is ability to as of now and as of today and what we see down the pipe. So we just want to make sure that we're providing the right guidance based on what we're seeing. And as those things come up, we'll assess them and decide if that's the right time to make a change. But right now, this is our guidance.

因此，我們只是真正地根據我們現在和今天的能力以及我們在管道中看到的內容來審視我們的概況。所以我們只是想確保我們根據我們所看到的提供正確的指導。當這些事情出現時，我們將對其進行評估並決定是否是進行更改的合適時機。但現在，這是我們的指導方針。

No, no, that's fair, though. Thank you so much for the clarity. And then maybe one last question, [finish up] registration. The takeaway, should it be that you would need maybe one other round of funding before you get to cash flow positive? Is that the takeaway from it? Or it's just something to keep on the back burner as a safety net?

不，不，這很公平。非常感謝你的清晰。然後也許是最後一個問題，[完成] 註冊。要點是，在現金流為正之前，您是否需要另一輪融資？那是它的外賣嗎？或者它只是作為安全網放在次要位置的東西？

Well, no, I would say in terms of our liquidity and our cash flow forecast, we are saying that we believe that with our cost -- with our restructuring efforts that we've done so far and with our cost structure that we have in place based on our profile, that we expect to be cash flow positive in the back half of the year on an operational basis and non-recurring. So what I mean by that being, if you look at our true operations, our recurring operations and take out, I'll say, interest payments and things like tax payments or investing, truly recurring operations, we expect to be positive.

好吧，不，我想說的是我們的流動性和現金流量預測，我們是說我們相信我們的成本 - 我們迄今為止所做的重組工作以及我們的成本結構根據我們的概況，我們預計下半年在運營基礎上和非經常性現金流量為正。所以我的意思是，如果你看看我們的真實運營，我們的經常性運營並拿出，我會說，利息支付和納稅或投資之類的東西，真正的經常性運營，我們期望是積極的。

That said, we did do the shelf to allow us to have access to those capital markets so that we can go much more easily, look at opportunities, whether that's through inorganic growth or through just overall operations and accelerating our pace that we can go to the capital markets if we need to. But right now, we're saying, as we stand today with our liquidity profile, we feel okay about the back half of the year being cash flow positive from an operational perspective.

也就是說，我們確實做到了讓我們能夠進入這些資本市場，這樣我們就可以更輕鬆地去尋找機會，無論是通過無機增長還是通過整體運營，並加快我們可以去的步伐如果需要的話，資本市場。但現在，我們說，就我們今天的流動性狀況而言，從運營的角度來看，我們對今年下半年的現金流為正感到滿意。

Really helpful. Thank you so much. I'll get back in the line. Thank you.

真的很有幫助。太感謝了。我會回到隊列中。謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

There are no further questions at this time. This concludes the conference call. We thank you for your participation. You may disconnect your lines at this time and have a great day.

目前沒有其他問題。電話會議到此結束。我們感謝您的參與。此時您可以斷開線路並度過愉快的一天。