BigBear.ai Holdings Inc (BBAI) 2025 Q1 法說會逐字稿

Greetings, and welcome to the BigBear.ai Holdings, Inc., first-quarter '25 earnings call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 BigBear.ai Holdings, Inc. 25 年第一季財報電話會議和網路廣播。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce David Crundwell. Thank you, David. You may begin.

現在我很高興介紹大衛克倫威爾。謝謝你，大衛。你可以開始了。

Thank you all for joining today for our first-quarter 2025 earnings call. I'm joined today by our CEO, Kevin McAleenan; and our CFO, Julie Peffer.

感謝大家今天參加我們的 2025 年第一季財報電話會議。今天和我一起出席的還有我們的執行長 Kevin McAleenan；以及我們的財務長 Julie Peffer。

During the call today, we may make certain forward-looking statements. Listeners are cautioned not to put undue reliance on forward-looking statements, and BigBear specifically disclaims any obligation to update the forward-looking statements that may be discussed during this call. Many factors could cause actual events to differ materially from those forward-looking statements, statements that are based on current expectations and assumptions and as a result, are subject to risks and uncertainty. 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.

在今天的電話會議中，我們可能會做出某些前瞻性的陳述。敬請聽眾不要過度依賴前瞻性陳述，BigBear 明確表示不承擔更新本次電話會議中可能討論的前瞻性陳述的任何義務。許多因素可能導致實際事件與這些前瞻性陳述有重大差異，這些陳述基於當前的預期和假設，因此具有風險和不確定性。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中的前瞻性陳述部分以及我們的美國證券交易委員會文件。

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公認會計準則財務指標。這些非 GAAP 財務指標不應被視為 GAAP 結果的替代品，而應與 GAAP 結果一起解讀。您可以在我們的收益報告中找到 GAAP 和非 GAAP 的對帳表。

Let me now turn it over to Kevin.

現在讓我把它交給凱文。

Thank you, David, and good afternoon, everyone. It's a privilege to be speaking with you for the first time as CEO of BigBear.ai. I'm honored to be leading this company at such a pivotal time and excited to share with you how we are positioning BigBear.ai for sustainable growth and long-term performance and value.

謝謝你，大衛，大家下午好。作為 BigBear.ai 的首席執行官，我很榮幸能第一次與您交談。我很榮幸能夠在如此關鍵的時刻領導這家公司，並很高興與大家分享我們如何定位 BigBear.ai 以實現可持續增長和長期業績和價值。

Today, I'll start by introducing myself and sharing my perspective on the market and our company. I'll walk through our strategic priorities for 2025, and I'll highlight our progress so far this year, both in terms of growth and key operational improvements. Julie will then review our financial results for the first quarter, and I'll provide some brief closing thoughts.

今天，我先介紹一下自己，並分享我對市場和我們公司的看法。我將介紹我們 2025 年的策略重點，並重點介紹我們今年迄今為止在成長和關鍵營運改善方面取得的進展。然後，朱莉將回顧我們第一季的財務業績，我將提供一些簡短的總結性想法。

Before we begin, a note on our new format for our earnings process. As we begin this next chapter in BigBear.ai's growth, you will notice an evolution in the way we communicate. We are committed to providing more context, greater transparency and a sharper focus on aligning with all of our stakeholders, our shareholders, our employees, our customers and our partners. This approach reflects our sense of accountability to the missions we serve, our excitement to share how we are tackling opportunities and our desire to involve our stakeholders in the path to the long-term success of BigBear.ai.

在我們開始之前，請先了解我們的收入流程的新格式。當我們開始 BigBear.ai 成長的下一個篇章時，您會注意到我們的溝通方式發生了變化。我們致力於提供更多的背景資訊、更高的透明度，並更加重視與所有利害關係人、股東、員工、客戶和合作夥伴保持一致。這種方法反映了我們對所服務使命的責任感、我們分享如何應對機會的熱情以及我們希望利益相關者參與 BigBear.ai 長期成功之路的願望。

Let me start by sharing a bit about my background and how it shapes my leadership philosophy at BigBear.ai. During my time leading operational government organizations at U.S. Customs and Border Protection and later the Department of Homeland Security, I saw firsthand the power of equipping teams with the right tools and technology, clear direction and strong support to succeed in complex high-stakes environments. Those experiences taught me that technological innovation is critical, but alone, it is not enough. Success comes when technology is fused with operational expertise and a deep understanding of the problem at hand.

首先，我先來分享我的背景以及它如何塑造我在 BigBear.ai 的領導理念。在我領導美國海關和邊境保護局以及後來的國土安全部的政府營運組織期間，我親眼目睹了為團隊配備正確的工具和技術、明確的方向和強有力的支持以在複雜的高風險環境中取得成功的力量。這些經驗告訴我，技術創新至關重要，但僅有技術創新是不夠的。當技術與營運專業知識以及對當前問題的深刻理解相融合時，就會取得成功。

That belief in the right approach to innovation is what drew me to this critical area of the private sector.

對正確創新方法的信念吸引我進入私部門的這個關鍵領域。

I'm convinced that sustaining American economic dynamism and security requires a unique blend of deep subject matter expertise and cutting-edge innovation, applying artificial intelligence and advanced technologies in areas as important as national security and critical infrastructure. It was with that conviction that I co-founded Pangiam, a company dedicated to solving real-world problems at the intersection of AI and security. When Pangiam was acquired by BigBear.ai, I had the opportunity to continue that mission at a larger scale.

我堅信，維持美國的經濟活力和安全需要將深厚的專業知識與尖端創新獨特地結合起來，將人工智慧和先進技術應用於國家安全和關鍵基礎設施等重要領域。正是懷著這樣的信念，我與他人共同創立了 Pangiam 公司，致力於解決人工智慧和安全交叉領域的現實問題。當 Pangiam 被 BigBear.ai 收購時，我有機會在更大的範圍內繼續這項使命。

Over the past year as President of BigBear.ai, I worked closely with our teams, customers and partners, and that experience has only deepened my belief in the company's potential and purpose. That same commitment to mission-driven innovation will guide my approach as I now lead the company as CEO.

在過去的一年裡，身為 BigBear.ai 的總裁，我與我們的團隊、客戶和合作夥伴密切合作，這段經歷更加深了我對公司潛力和目標的信念。當我以執行長身份領導公司時，同樣的以使命為導向的創新承諾將指導我的方法。

At BigBear.ai, we are uniquely positioned at the convergence of artificial intelligence, national security and critical infrastructure. We have a strong foundation of trust with some of the most demanding customers in the world. Our team of over 600 professionals combines exceptional technical capabilities with a deep shared sense of mission and purpose. I cannot be more excited to serve along our outstanding team.

在 BigBear.ai，我們在人工智慧、國家安全和關鍵基礎設施的整合方面擁有獨特的優勢。我們與世界上一些最苛刻的客戶建立了牢固的信任基礎。我們的團隊由 600 多名專業人員組成，他們擁有卓越的技術能力，並具有強烈的共同使命感和目標感。我非常高興能與我們優秀的團隊一起服務。

Turning to the broader market environment. We are operating at a time of profound change, change that is creating significant new opportunities but also challenges and transition turbulence. First, the global security environment is driving a renewed focus and investment in defense technology, creating opportunities to capitalize on American AI innovation to safeguard our security and national interest and those of our allies and partners.

轉向更廣泛的市場環境。我們正處於一個深刻變革的時代，這種變革既創造了重大的新機遇，也帶來了挑戰和轉型動盪。首先，全球安全環境正在推動對國防技術的重新關注和投資，創造機會利用美國人工智慧創新來維護我們以及我們的盟友和夥伴的安全和國家利益。

Second, there are fundamental transitions underway in global trade, creating demand for smarter, more resilient supply chains powered by automation and dynamic decision-making tools to support the reshoring of key manufacturing sectors, modernization of critical infrastructure and new trading relationships.

其次，全球貿易正在發生根本性轉變，需要由自動化和動態決策工具驅動的更智慧、更具彈性的供應鏈，以支持關鍵製造業的回流、關鍵基礎設施的現代化和新的貿易關係。

Third, the imperative to increase efficiency of operations through technological modernization is being approached with growing urgency across both government and industry, setting the stage for rapid development of new commercial solutions and accelerated technology deployment and implementation of both interoperable and secure open architecture solutions. And importantly, we are starting to see a shift in federal procurement practices with an increased emphasis on efficiency and the adoption of advanced commercial technologies.

第三，政府和工業界越來越迫切地需要透過技術現代化來提高營運效率，這為快速開發新的商業解決方案以及加速技術部署和實施可互通和安全的開放式架構解決方案奠定了基礎。重要的是，我們開始看到聯邦採購實務的轉變，更加重視效率和採用先進的商業技術。

Across all of these trends, one thing is clear, government and enterprise customers are no longer simply buying software. They are seeking to solve their critical problems with tailored solutions. That is precisely the space where BigBear.ai excels. One of the reasons I'm excited about our path forward is that BigBear.ai is positioned with intention to support and capitalize on these trends.

縱觀所有這些趨勢，有一點是清楚的，政府和企業客戶不再只是簡單地購買軟體。他們正在尋求透過量身定制的解決方案來解決關鍵問題。這正是 BigBear.ai 所擅長的領域。我對我們的前進道路感到興奮的原因之一是 BigBear.ai 的定位是支持和利用這些趨勢。

These beliefs about the structural shifts in the market inform the values and principles that shape how we operate, where we invest and how we lead. At BigBear.ai, we are responding to the macro dynamics with deliberate strategic focus. That's why as I stepped into this role, I've been centered on a few core tenets that reflect both the demands of the current environment and the opportunities we see ahead.

這些關於市場結構性轉變的信念決定了我們如何運作、在哪裡投資以及我們如何領導的價值觀和原則。在 BigBear.ai，我們以深思熟慮的策略重點來應對宏觀動態。這就是為什麼當我擔任這個職位時，我一直關註一些核心原則，這些原則既反映了當前環境的需求，也反映了我們所看到的未來​​機會。

First, mission expertise. We believe our deep experience embedded with the supporting national security and critical infrastructure customers we serve is our true competitive edge. We recruit professionals who have lived the missions we serve and equip them with the technology and tools to help enhance them. By bringing operators and technologists together, we are building flexible, mission-driven solutions that can adapt and scale at the pace of technology innovation.

第一，任務專業知識。我們相信，我們為國家安全和關鍵基礎設施客戶提供服務的豐富經驗是我們真正的競爭優勢。我們招募經歷過我們所服務使命的專業人士，並為他們配備技術和工具以幫助他們提升。透過將營運商和技術人員聚集在一起，我們正在建立靈活的、以任務為導向的解決方案，這些解決方案可以根據技術創新的步伐進行調整和擴展。

Second, international growth. We see a vital opportunity to extend American innovation to our allies and partners around the world. In an era of intensifying technological competition, we have the opportunity and responsibility to ensure American developed AI technologies are deployed where they can strengthen global stability and shared security.

第二，國際化成長。我們看到了將美國創新推廣到世界各地的盟友和合作夥伴的重要機會。在技​​術競爭日益激烈的時代，我們有機會也有責任確保美國開發的人工智慧技術部署在能夠加強全球穩定和共享安全的地方。

Third, business alliances and partnerships. We will pursue collaborations and remain open to strategic acquisitions that enable us to innovate faster, grow into new areas and deliver greater value to our customers.

第三，商業聯盟和夥伴關係。我們將尋求合作並對策略性收購持開放態度，這使我們能夠更快地創新，向新的領域發展並為客戶提供更大的價值。

And finally, relentless innovation in AI. We're focused on delivering mission-ready AI, operationalizing artificial intelligence in the real world to enable human machine teaming and bring cutting-edge technologies to the point of decision in ways that are timely, adaptable and integrated.

最後，人工智慧領域不斷創新。我們專注於提供可立即執行任務的人工智慧，在現實世界中運用人工智慧，實現人機協作，並以及時、適應性和整合的方式將尖端技術帶到決策點。

Building on these anchors, our growth strategy for 2025 is focused on a clear dual mandate, strengthened within our core markets where we have proven success while expanding selectively into high potential adjacencies where our expertise and technology provide a competitive edge.

基於這些基礎，我們的 2025 年成長策略專注於明確的雙重任務，在我們已經取得成功的核心市場中加強實力，同時有選擇地擴展到我們的專業知識和技術能夠帶來競爭優勢的高潛力鄰接市場。

In our core markets, we are continuing to deepen our leadership. In border security, travel and trade, we continue to support border security missions at the Department of Homeland Security, and we are expanding AI infrastructure at major U.S. and partner nation gateways. Our ability to integrate federal and commercial solutions through the Pangiam portfolio gives us a powerful advantage, creating better, faster solutions for both mission sets.

在我們的核心市場，我們正在繼續深化我們的領導地位。在邊境安全、旅行和貿易方面，我們繼續支援國土安全部的邊境安全任務，並且我們正在擴大美國和夥伴國家主要門戶的人工智慧基礎設施。我們能夠透過 Pangiam 產品組合整合聯邦和商業解決方案，這為我們帶來了強大的優勢，為這兩大任務組合創造了更好、更快的解決方案。

In defense and intelligence, we are orchestrating AI at the mission edge, sourcing and fusing critical data and delivering actionable insights directly to the point of need, integrating with emerging AI operating systems and connecting diverse sensor types to fuse operational data.

在國防和情報領域，我們在任務邊緣協調人工智慧，獲取和融合關鍵數據，並將可操作的見解直接傳遞到需要的地方，與新興的人工智慧作業系統集成，並連接不同類型的感測器以融合操作數據。

In manufacturing and supply chain, we are well positioned to help modernize the American industrial base and streamline global supply chains. Our goal is to improve visibility into challenges, accelerate decision-making and unlock efficiency gains, particularly in critical sectors like shipbuilding. At the same time, we are strategically expanding into new markets.

在製造業和供應鏈領域，我們有能力幫助美國實現工業基礎現代化並簡化全球供應鏈。我們的目標是提高對挑戰的了解，加快決策並提高效率，特別是在造船等關鍵領域。同時，我們正在策略性地拓展新市場。

Internationally, we are focused on converting successful pilots into enduring programs, monetizing R&D where export of American innovation is in our national interest and where our national partnerships are strongest and starting to build regional go-to-market partnerships with leading companies.

在國際上，我們致力於將成功的試點轉化為持久的項目，將美國創新出口符合我們國家利益且我們的國家夥伴關係最強的領域的研發貨幣化，並開始與領先公司建立區域市場合作夥伴關係。

Domestically, we are pursuing adjacencies that leverage our core competencies, for example, adapting technologies built for one federal agency's needs to address similar challenges in another or introducing innovations developed for the commercial sector into government and vice versa. Our growth is accelerated by a portfolio of technologies, including commercial and software solutions like Pangiam Threat Detection, veriScan, Trueface, ProModel AI, ConductorOS AI and Shipyard AI and a suite of underlying assets from computer vision models to data pipelines.

在國內，我們正在尋求利用我們核心競爭力的鄰接關係，例如，採用為一個聯邦機構的需求而開發的技術來解決另一個聯邦機構的類似挑戰，或將為商業部門開發的創新引入政府，反之亦然。我們的成長得益於一系列技術，包括 Pangiam Threat Detection、veriScan、Trueface、ProModel AI、ConductorOS AI 和 Shipyard AI 等商業和軟體解決方案以及從電腦視覺模型到資料管道的一系列基礎資產。

Additionally, we believe that a collaborative approach is critical given the pace of innovation and the variety of mission sets we seek to serve. We are focused on working with strategic partners through alliances and joint ventures, and we'll also consider strategic acquisitions, giving us the ability to move swiftly, precisely and with a shared risk in a complex dynamic market.

此外，我們認為，考慮到創新的速度和我們尋求服務的各種任務，協作方式至關重要。我們專注於透過聯盟和合資企業與策略夥伴合作，同時我們也會考慮策略性收購，使我們能夠在複雜動態的市場中迅速、精確地行動並共擔風險。

As we enter the second quarter, we are seeing early and encouraging signs that our strategic focus is resonating, particularly in sectors where we've built deep relationships, have a clear understanding of the mission and are deploying proven technologies.

進入第二季度，我們看到了早期令人鼓舞的跡象，表明我們的戰略重點正在產生共鳴，特別是在我們已經建立了深厚關係、對使命有清晰理解並正在部署成熟技術的領域。

In national security, we secured a significant new contract to deliver and maintain the Department of Defense Joint Staff J-35's ORION Decision Support platform. This award is a powerful validation of our AI capabilities and their direct alignment with mission-critical needs at the highest levels of defense decision-making.

在國家安全方面，我們獲得了一份重要的新合同，負責交付和維護國防部聯合參謀部 J-35 的 ORION 決策支援平台。該獎項有力地證明了我們的人工智慧能力及其與國防決策最高層任務關鍵需求的直接一致性。

In manufacturing and shipbuilding, we are deepening our partnerships with key industry players like Austal USA, demonstrating our solutions can drive meaningful impact in industries that are most critical to American interest.

在製造和造船領域，我們正在深化與 Austal USA 等主要產業參與者的合作關係，證明我們的解決方案能夠對與美國利益最關鍵的產業產生有意義的影響。

On the border and travel security front, we successfully deployed advanced AI solutions at major points of entry and exit, including U.S. airports like Dallas Fort Worth and Denver International Airport, enhancing operational efficiency and traveler experience while strengthening security postures. We are also proud to support enhanced primary processing for arrivals at Los Angeles International Airport and the Port of Seattle.

在邊境和旅遊安全方面，我們成功在達拉斯沃斯堡和丹佛國際機場等美國機場等主要出入境口岸部署了先進的人工智慧解決方案，在加強安全態勢的同時提高了營運效率和旅客體驗。我們也很自豪地支持加強洛杉磯國際機場和西雅圖港的抵達初級處理。

Internationally, we are beginning to see results from our increased focus. Our collaboration with Smiths Detection on applying BigBear.ai automated prohibited item detection using advanced algorithms and integrated with computed tomography scanners is a prime example, unlocking new international distribution channels for our threat detection technologies and helping us accelerate our reach in the global security markets. Given the progress we are seeing across these areas, we are confident in our strategy, and we are reaffirming our 2025 full year guidance.

在國際上，我們開始看到我們更重視的成果。我們與史密斯探測公司合作，應用 BigBear.ai 自動違禁物品檢測技術，該技術採用先進的演算法並與電腦斷層掃描掃描儀集成，就是一個很好的例子，為我們的威脅檢測技術開闢了新的國際分銷渠道，並幫助我們加快在全球安全市場的覆蓋範圍。鑑於我們在這些領域看到的進展，我們對我們的策略充滿信心，並重申我們在 2025 年全年指導。

We recognize that we are operating in an exceptionally dynamic business and macroeconomic environment, which creates opportunity but also potential short-term risks. Among these, changes in federal procurement processes and government efficiency efforts are creating temporary variability, including delays in funding and award timing. We remain focused on capitalizing on this dynamic market and driving disciplined, sustained execution.

我們認識到，我們正處於一個異常動態的商業和宏觀經濟環境中，這既創造了機遇，也帶來了潛在的短期風險。其中，聯邦採購流程和政府效率努力的變化正在造成暫時的變化，包括資金和授予時間的延遲。我們將繼續專注於利用這個充滿活力的市場並推動規範、持續的執行。

Now let me turn it over to Julie to share our financial results for this quarter.

現在，讓我把時間交給朱莉來分享我們本季的財務表現。

Thank you, Kevin. Now let's turn to our first quarter results. As we have stated in the past, it's important 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.

謝謝你，凱文。現在讓我們來看看第一季的業績。正如我們過去所說的那樣，必須再次強調，我們的收入可能會不穩定，並且會根據授予合約的季度、實現的里程碑或完成的合約而發生顯著波動。

Revenue for the quarter was $34.8 million, up 5% year-on-year compared to $33.1 million in the first quarter of 2024. This is primarily driven by additional revenue from the Department of Homeland Security and Digital Identity awards, including products such as veriScan and Trueface.

本季營收為 3,480 萬美元，較 2024 年第一季的 3,310 萬美元年增 5%。這主要得益於國土安全部和數位身分獎項的額外收入，包括 veriScan 和 Trueface 等產品。

Gross profit for the quarter is up 6% from $7 million in the first quarter of 2024 to $7.4 million in first quarter of 2025.

本季毛利從 2024 年第一季的 700 萬美元成長 6% 至 2025 年第一季的 740 萬美元。

Gross margin was 21.3% this quarter, which is a slight improvement from 21.1% in Q1 2024. Lower reported gross margin in both periods are impacted by higher annual incentive compensation that was settled in the form of stock awards issued in the first quarter, resulting in higher stock-based compensation noncash expense. If you look at adjusted gross margin, which removes the impact of equity compensation, it shows 28.6% in the first quarter of 2025 versus 29.1% in Q1 of 2024.

本季毛利率為 21.3%，較 2024 年第一季的 21.1% 略有改善。兩個期間報告的毛利率均較低，這是因為第一季以股票獎勵的形式發放了較高的年度激勵薪酬，導致股票薪酬非現金支出增加。如果查看調整後的毛利率（消除股權補償的影響），2025 年第一季的毛利率為 28.6%，而 2024 年第一季的毛利率為 29.1%。

Year-over-year, our R&D spend is up $3 million as we continue to invest in innovation and technology, as you have seen over the last few quarters. We have recently progressed some R&D projects into general availability. Therefore, we have fewer projects being capitalized as part of the development cycle in Q1 of 2025.

正如您在過去幾季所看到的，隨著我們繼續在創新和技術上進行投資，我們的研發支出比去年同期成長了 300 萬美元。我們最近已將一些研發項目推進到普遍可用階段。因此，2025 年第一季度，作為開發週期一部分被資本化的專案將會減少。

Net loss in the first quarter of 2025 was $62 million compared to the net loss of $127.8 million in the first quarter of 2024. The primary drivers of change in net loss were all noncash items.

2025 年第一季淨虧損為 6,200 萬美元，而 2024 年第一季淨虧損為 1.278 億美元。淨虧損變動的主要驅動因素都是非現金項目。

In the first quarter of 2024, we booked goodwill impairment charges of $85 million, and this was not repeated in the first quarter of 2025. This is partially offset by higher noncash losses on the increase in the fair value of derivatives of $9.5 million from $23.8 million in Q1 of 2024 to $33.3 million in Q1 of 2025.

2024 年第一季度，我們提列了 8,500 萬美元的商譽減損費用，而 2025 年第一季沒有出現這種情況。這部分被衍生性商品公允價值增加的非現金損失所抵消，該損失從 2024 年第一季的 2,380 萬美元增加到 2025 年第一季的 3,330 萬美元，為 950 萬美元。

We were also recognized noncash losses on debt extinguishment of $2.6 million during the first quarter of 2025 related to voluntary conversions by holders of the convertible notes due in 2029.

我們也確認了 2025 年第一季 260 萬美元的債務清償非現金損失，與 2029 年到期的可轉換票據持有人的自願轉換有關。

And finally, noncash stock-based compensation expense was higher in Q1 of 2025 versus Q1 of 2024 by $2.2 million.

最後，2025 年第一季的非現金股票薪資支出比 2024 年第一季高出 220 萬美元。

Now turning to adjusted EBITDA. This was negative $7 million for the first quarter of 2025 compared to negative $1.6 million in the first quarter of 2024, primarily driven by increased R&D expense and recurring SG&A due to the government funding delays creating excess resource capacity.

現在轉向調整後的 EBITDA。2025 年第一季的虧損為負 700 萬美元，而 2024 年第一季的虧損為負 160 萬美元，主要原因是政府資金延遲造成資源產能過剩，導致研發費用和經常性銷售、一般及行政費用增加。

Our backlog was $385 million at the end of the first quarter, which is up 30% and $89 million compared to Q1 of 2024, indicating continued customer confidence in our solutions and long-term value proposition.

截至第一季末，我們的積壓訂單為 3.85 億美元，與 2024 年第一季相比成長了 30%，即 8,900 萬美元，這表明客戶對我們的解決方案和長期價值主張持續充滿信心。

And finally, I want to reinforce the renewed strength of our balance sheet and improved debt position. As shared last quarter, we made significant progress during Q1 to improve our cash position. We ended Q1 with $108 million in cash and cash equivalents, up from $81 million in Q1 of 2024 and $50 million at the end of 2024. The cash position provides us with increased financial flexibility to strategically invest, navigate market uncertainties and drive long-term value for our shareholders.

最後，我想強調我們資產負債表的強勁成長和債務狀況的改善。正如上個季度所分享的，我們在第一季取得了重大進展，改善了現金狀況。截至第一季末，我們的現金和現金等價物為 1.08 億美元，高於 2024 年第一季的 8,100 萬美元和 2024 年底的 5,000 萬美元。現金狀況為我們提供了更大的財務靈活性，以便進行策略性投資、應對市場不確定性並為股東創造長期價值。

Our debt position has materially reduced during Q1 as several of our 2029 note holders opted to convert into equity during Q1, resulting in a reduction of $58 million of debt in the period. The outstanding principal on our convertible notes is $142 million at the end of this quarter, down from $200 million at the end of 2024. These new 2029 notes also provide us with the optionality to settle future interest payments in stock or in cash at our election. This gives us improved financial flexibility and gives us the ability to execute with confidence and discipline as we look ahead. As we mentioned last quarter, we will continue to be responsible with our strengthened balance sheet, and we will look to allocate capital only towards projects that aim to provide material improvement to our shareholder return.

由於我們的幾位 2029 年票據持有人選擇在第一季轉換為股權，因此我們的債務狀況在第一季大幅減少，導致該期間債務減少了 5,800 萬美元。本季末，我們可轉換票據的未償還本金為 1.42 億美元，低於 2024 年底的 2 億美元。這些新的 2029 年票據也為我們提供了以股票或現金結算未來利息的選擇權。這提高了我們的財務靈活性，並使我們有能力滿懷信心和紀律地向前看。正如我們上個季度提到的那樣，我們將繼續對加強的資產負債表負責，並且我們將只考慮將資本分配給旨在為股東回報帶來實質改善的項目。

And now back to Kevin for a few closing remarks.

現在回到凱文，請他做最後總結。

Thank you, Julie. As we've shown today, we are positioning BigBear for the long term. And as we reaffirm our guidance for the full year, I'd like to remind everyone of 3 key building blocks of the business today. I'd like to highlight our financial foundation as we did in last quarter's CEO letter.

謝謝你，朱莉。正如我們今天所展示的，我們正在為 BigBear 進行長期定位。在我們重申全年業績指引的同時，我想提醒大家今天業務的三個關鍵基石。我想強調我們的財務基礎，就像我們在上個季度的執行長信中所做的那樣。

We closed the quarter with $108 million in cash and cash equivalents. This is a result of deliberate steps taken to strengthen our balance sheet, enhance liquidity and preserve the strategic flexibility we need to navigate near-term uncertainty while still investing decisively in our future growth. This strong financial footing allows us to be selective, patient and opportunistic.

本季末，我們的現金和現金等價物為 1.08 億美元。這是我們採取深思熟慮的措施來加強資產負債表、提高流動性和維持我們應對短期不確定性所需的策略靈活性的結果，同時我們仍在果斷地投資於未來的成長。強大的財務基礎使我們能夠選擇性、耐心和抓住機會。

Second, our backlog and pipeline remain healthy, closing the first quarter with a backlog of $385 million. We're taking a long view with our backlog and pipeline and focusing on building a portfolio of large multiyear programs and deep commercial relationships that provide stable, compounding value over time.

其次，我們的積壓訂單和通路依然健康，第一季末積壓訂單金額為 3.85 億美元。我們對積壓訂單和管道有著長遠的眼光，並專注於建立大型多年期專案組合和深厚的商業關係，以便隨著時間的推移提供穩定的複合價值。

Third, innovation remains at the core of our identity. We are continuing to blend internal R&D with customer-funded development while expanding our innovation ecosystem through partnerships that allow us to access cutting-edge technologies and talent across sectors. At BigBear.ai, we are building a durable, high-impact company at the forefront of AI-enabled national security and critical infrastructure modernization. We are doing so with focus, with urgency and with the foundation that is designed to deliver lasting value for our customers, our partners, our employees and our shareholders.

第三，創新仍然是我們身分的核心。我們將繼續將內部研發與客戶資助的開發相結合，同時透過合作夥伴關係擴大我們的創新生態系統，使我們能夠獲得各個領域的尖端技術和人才。在 BigBear.ai，我們正在打造一家持久、具有高影響力的公司，處於人工智慧國家安全和關鍵基礎設施現代化的前沿。我們全心全意、緊迫地進行這項工作，旨在為我們的客戶、合作夥伴、員工和股東創造持久的價值。

Thank you for your time today on our first quarter call.

感謝您今天抽空參加我們第一季的電話會議。

Thank you. This does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路。