Redwire Corp (RDW) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Redwire Corporation Q1 2023 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. At this time, it is my pleasure to turn the call over to Jeff Zeunik. Sir, the floor is yours.

您好，歡迎參加 Redwire Corporation 2023 年第一季度財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。此時，我很高興將電話轉給 Jeff Zeunik。先生，地板是你的了。

Thank you, Karen, and good morning, everyone. Welcome to Redwire's first-quarter 2023 earnings call. We hope that you've seen our earnings release, which we issued yesterday afternoon. It has also been posted in the Investor Relations section of our website at redwirespace.com.

謝謝你，凱倫，大家早上好。歡迎參加 Redwire 2023 年第一季度財報電話會議。我們希望您已經看到了我們昨天下午發布的收益報告。它還發佈在我們網站 redwirespace.com 的投資者關係部分。

Let me remind everyone that during the call, Redwire management may make forward-looking statements that reflect our beliefs, expectations, intentions, or predictions of the future. Our forward-looking statements are subject to risks and uncertainties that are described in more detail on Slide 2.

讓我提醒大家，在電話會議期間，Redwire 管理層可能會做出反映我們對未來的信念、期望、意圖或預測的前瞻性聲明。我們的前瞻性陳述受到風險和不確定性的影響，幻燈片 2 中有更詳細的描述。

Additionally, to the extent we discuss non-GAAP measures during the call, please read Slide 3 of our earnings release or the investor presentation on our website for the calculation of these measures and non-GAAP reconciliations.

此外，就我們在電話會議期間討論非 GAAP 指標而言，請閱讀我們收益報告的幻燈片 3 或我們網站上的投資者演示文稿，以了解這些指標和非 GAAP 調節表的計算。

I am Jeff Zeunik, Redwire's Senior Vice President of Financial Planning and Analysis. Joining me on today's call are Peter Cannito, Chairman and Chief Executive Officer; and Jonathan Baliff, Chief Financial Officer.

我是 Jeff Zeunik，Redwire 財務規劃和分析高級副總裁。與我一起參加今天電話會議的還有董事長兼首席執行官 Peter Cannito；喬納森·巴利夫（Jonathan Baliff），首席財務官。

With that, I would like to turn the call over to Pete. Pete?

說到這裡，我想把電話轉給皮特。皮特？

Thank you, Jeff. During today's call, I will take you through a discussion of our key accomplishments in the first quarter of 2023, followed by Jonathan, who will present the financial highlights for the same period. We will also discuss our continuing outlook for the remainder of 2023, after which we will open the floor for Q&A. Please move to Slide 6.

謝謝你，傑夫。在今天的電話會議中，我將帶大家討論我們在 2023 年第一季度的主要成就，隨後喬納森將介紹同期的財務亮點。我們還將討論 2023 年剩餘時間的持續展望，之後我們將開始問答環節。請移至幻燈片 6。

Before we get into the details, as I did last quarter, I'd like to start with an overview of Redwire's high-level positioning in the space industry. Redwire is an integrated pure-play space infrastructure company with mission solutions and payloads for civil, commercial, and national security space customers. And our mission is to accelerate humanity's expansion into space by delivering reliable, economical, and sustainable infrastructure for future generations.

在我們進入細節之前，就像我上個季度所做的那樣，我想首先概述一下 Redwire 在航天行業的高層定位。 Redwire 是一家綜合性純太空基礎設施公司，為民用、商業和國家安全太空客戶提供任務解決方案和有效載荷。我們的使命是通過為子孫後代提供可靠、經濟和可持續的基礎設施，加速人類向太空的擴張。

With decades of proven flight heritage, combined with innovative products and culture, Redwire is uniquely positioned to assist our customers in solving the complex challenges of future space missions and industries.

憑藉數十年經過驗證的飛行傳統，結合創新產品和文化，Redwire 具有獨特的優勢，可以幫助我們的客戶解決未來太空任務和行業的複雜挑戰。

Redwire has three primary areas of focus that form our business. Number one, as a fully integrated mission enabler, Redwire is empowering space mission providers such as government agencies and large prime contractors with a broad portfolio of space infrastructure, systems, subsystems, and components that can be procured either as a single item or in a tailored bundle for maximum supply chain efficiency.

Redwire 的業務主要關註三個領域。第一，作為完全集成的任務推動者，Redwire 為政府機構和大型主承包商等空間任務提供商提供廣泛的空間基礎設施、系統、子系統和組件組合，這些組合可以作為單個項目或以整體形式採購。量身定制的捆綁包可最大程度地提高供應鏈效率。

In addition to efficiency, this scalable model is currently solving some of our customers' most critical supply chain issues by providing resiliency and reliability.

除了效率之外，這種可擴展的模型目前還通過提供彈性和可靠性來解決我們客戶的一些最關鍵的供應鏈問題。

Number two, providing the infrastructure and technology needed for people to permanently explore, live, and work in space, increasing our understanding of the moon, Mars, and beyond, as well as developing breakthrough commercial technologies for the benefit of life on earth that can only be produced in microgravity. This area is generating real revenue and gross profit today.

第二，為人們在太空中永久探索、生活和工作提供所需的基礎設施和技術，增加我們對月球、火星及其他地方的了解，並開發突破性的商業技術，造福地球上的生命，只能在微重力下產生。如今，該領域正在產生實際收入和毛利潤。

And lastly, supporting multinational access to space for countries that recognize space as a unique opportunity to build national prestige and accelerate economic development.

最後，支持那些認識到太空是建立國家威望和加速經濟發展的獨特機會的國家進入太空的跨國公司。

We continually demonstrate our commitment to and expertise in our three key areas, focus areas, in a variety of ways such as by having Redwire products on two launches in Q1, having developed 20 research facilities for the ISS with 10 currently operating on the ISS to deliver world-leading research, possessing well over 100 years of flight heritage across our various legacy businesses, and growing to over 700 employees at 10 facilities in both the United States and Europe. Please turn to Slide 7.

我們以各種方式不斷展示我們對三個關鍵領域和重點領域的承諾和專業知識，例如在第一季度兩次發射 Redwire 產品，為國際空間站開發了 20 個研究設施，其中 10 個目前在國際空間站上運行提供世界領先的研究，在各種傳統業務中擁有 100 多年的飛行傳統，並在美國和歐洲的 10 個工廠擁有 700 多名員工。請翻到幻燈片 7。

The first quarter of 2023 was another record quarter for Redwire. Our revenues of $57.6 million were the highest of any quarter to date. We achieved positive adjusted EBITDA of $4.3 million, an improvement of $5.1 million versus the fourth quarter of 2022 and improved our net loss to $7.3 million, a significant improvement from the same period last year, more on that in a moment.

2023 年第一季度 Redwire 又創歷史新高。我們的收入為 5760 萬美元，是迄今為止所有季度中最高的。我們實現了 430 萬美元的正調整 EBITDA，比 2022 年第四季度增加了 510 萬美元，並將淨虧損減少至 730 萬美元，比去年同期有了顯著改善，稍後會詳細介紹。

We ended the quarter with contracted backlog of $286.8 million. As an administrative note, starting with this quarter, we have switched from focusing on total backlog, which included both contracted and uncontracted backlog, to simply reporting contracted backlog.

本季度結束時，我們的合同積壓金額為 2.868 億美元。作為行政說明，從本季度開始，我們已從關注總積壓（包括合同積壓和非合同積壓）轉向僅報告合同積壓。

There was no change in our calculation of contracted backlog from previous reporting, and we made this change to simplify reporting and increase comparability of the company's performance metrics with industry peers. Notably, in this quarter, we also launched three solutions on two launches, continuing our proven track record of delivering real flight heritage. Please turn to Slide 8.

我們對合同積壓訂單的計算與之前的報告相比沒有變化，我們做出這一改變是為了簡化報告並提高公司績效指標與行業同行的可比性。值得注意的是，在本季度，我們還在兩次發布中推出了三種解決方案，繼續我們提供真實飛行傳統的良好記錄。請翻到幻燈片 8。

Beating our previous record in the last quarter of 2022, Redwire's revenue growth achieved a new record level of $57.6 million during the first quarter of 2023. Year over year compared with the first quarter of 2022, Redwire's total revenue grew by 75.3%. And on a sequential basis, we grew Redwire's total revenue by 7.3% over our previous record revenue in fourth quarter of 2022.

Redwire 的收入增長在 2023 年第一季度創下了 5760 萬美元的新紀錄，打破了 2022 年最後一個季度的記錄。與 2022 年第一季度相比，Redwire 的總收入同比增長了 75.3%。按環比計算，Redwire 的總收入比 2022 年第四季度創紀錄的收入增長了 7.3%。

Notably, even if you exclude revenue contributions from our acquisition of Space NV, Redwire revenues grew by 37.9% year over year, which demonstrates strong performance from our baseline operations in the same quarter last year. Please turn to Slide 9.

值得注意的是，即使排除我們收購 Space NV 帶來的收入貢獻，Redwire 收入同比增長了 37.9%，這表明我們去年同一季度的基準運營表現強勁。請翻到幻燈片 9。

Although strong revenue growth is very positive, we are not solely focused on top-line growth. We are also focused on profitable growth. As such, we are pleased to report we have achieved a year-over-year improvement of net income on the order of a $10 million positive move to the upside as our losses decreased from a $17.3 million net loss in the first quarter of 2022 to a $7.3 million net loss in the first quarter of 2023.

儘管強勁的收入增長是非常積極的，但我們不僅僅關注營收增長。我們還專注於盈利增長。因此，我們很高興地報告，我們的淨利潤同比增長了 1000 萬美元，淨虧損從 2022 年第一季度的 1730 萬美元減少到2023 年第一季度淨虧損 730 萬美元。

Moving to adjusted EBITDA, I am very pleased to report that our adjusted EBITDA has increased by $9 million on a year-over-year basis. For this first quarter of 2023, we generated an adjusted EBITDA of positive $4.3 million versus a negative $4.7 million adjusted EBITDA for the first quarter of 2022.

談到調整後 EBITDA，我很高興地報告，我們調整後 EBITDA 同比增加了 900 萬美元。 2023 年第一季度，我們的調整後 EBITDA 為正 430 萬美元，而 2022 年第一季度調整後 EBITDA 為負 470 萬美元。

Achieving positive adjusted EBITDA for the first time as a public company is an important milestone and an outstanding [accomplish] on both an absolute and percentage growth basis and has given us significant financial momentum heading into the remainder of 2023. Please turn to Slide 10.

作為一家上市公司，首次實現正調整 EBITDA 是一個重要的里程碑，在絕對增長和百分比增長方面都是一項出色的[成就]，並為我們進入 2023 年剩餘時間提供了巨大的財務動力。請參閱幻燈片 10。

Now let's move beyond the numbers to continue to emphasize that this financial performance is driven by our proven ability to deliver differentiated solutions for our customers. Slide 10 to 15 share just a few examples of successes in the first quarter of 2023 that highlight the importance of our capabilities.

現在，讓我們超越數字，繼續強調這一財務業績是由我們為客戶提供差異化解決方案的成熟能力推動的。幻燈片 10 至 15 僅分享了 2023 年第一季度的一些成功示例，凸顯了我們能力的重要性。

For example, in Q1, the US Space Force and SpaceX launched the GPS III SV06 satellite from Cape Canaveral, Florida with two complete Redwire fine fun sensor systems aboard. Each sensor consisted of four fine sun center heads and two processor electronics.

例如，在第一季度，美國太空部隊和 SpaceX 從佛羅里達州卡納維拉爾角發射了 GPS III SV06 衛星，衛星上有兩個完整的 Redwire 精細傳感器系統。每個傳感器由四個精細的太陽中心頭和兩個處理器電子設備組成。

Redwire sun sensors are key navigational tools that provide sun acquisition, solar array pointing, and failsafe recovery options for GPS III SV06 as it orbits 12,550 miles above the surface of the earth. Redwire has been a key supplier of critical sun sensors for more than 50 years, and this technology has enabled more than 70 NASA missions, a clear example of our incredible space heritage. Please turn to Slide 11.

Redwire 太陽傳感器是關鍵的導航工具，可為 GPS III SV06 在距地球表面 12,550 英里的軌道運行時提供太陽採集、太陽能電池陣列指向和故障安全恢復選項。 50 多年來，Redwire 一直是關鍵太陽傳感器的主要供應商，這項技術已經實現了 70 多項 NASA 任務，這是我們令人難以置信的太空傳統的一個明顯例子。請翻到幻燈片 11。

During the first quarter of 2023, Redwire delivered two more ROSA wings, numbers five and six, to Boeing to be launched on an upcoming commercial resupply mission to the International Space Station. To date, four ROSA wings have been launched and installed and are operating efficiently and effectively. With the addition of wings five and six, the overall power-generating capability in the ISS will be improved by 20% to 30%, a substantial increase.

2023 年第一季度，Redwire 向波音公司交付了另外兩架 ROSA 機翼（五號和六號），將在即將到來的國際空間站商業補給任務中發射。迄今為止，四個 ROSA 機翼已啟動並安裝，並且正在高效且有效地運行。隨著五翼和六翼的加入，國際空間站的整體發電能力將提高20%至30%，大幅提升。

ROSAs are not only used for the International Space Station. Redwire is also producing various modular versions of ROSA for many government and commercial spaceflight applications, including the power and propulsion element for NASA's Gateway program. Please turn to Slide 12.

ROSA 不僅用於國際空間站。 Redwire 還為許多政府和商業航天應用生產 ROSA 的各種模塊化版本，包括 NASA 網關計劃的動力和推進元件。請翻到幻燈片 12。

As I mentioned at the beginning of this presentation, Redwire is a leader when it comes to developing breakthrough commercial intellectual property for the benefit of life on earth that can only be produced in microgravity. As an example, we are currently managing research in microgravity to discover a new type of electronic system.

正如我在本演講開頭提到的，Redwire 在開發突破性商業知識產權以造福地球生命方面處於領先地位，而這些知識產權只能在微重力下生產。例如，我們目前正在管理微重力研究，以發現一種新型電子系統。

During Q1, 20 days of on-orbit experiments were completed with the Redwire-managed Pore Formation and Mobility Investigation facility as part of the Asymmetric Sawtooth and Cavity-Enhanced Nucleation-Driven Transport investigation or PFMI-ASCENT.

第一季度期間，作為不對稱鋸齒和腔增強成核驅動輸運研究（PFMI-ASCENT）的一部分，使用 Redwire 管理的孔隙形成和遷移研究設施完成了為期 20 天的在軌實驗。

The findings of the PFMI-ASCENT space physics study will help with the design of passive cooling systems for spacecraft electronics, which are often limited by available space and electric power and for consumer electronics here on Earth. The five experiments that have been completed on orbit represent the first half of the PFMI-ASCENT investigation. Please turn to Slide 13.

PFMI-ASCENT 空間物理研究的結果將有助於航天器電子設備和地球上消費電子設備的被動冷卻系統的設計，這些系統通常受到可用空間和電力的限制。在軌完成的五項實驗代表了 PFMI-ASCENT 研究的前半部分。請翻到幻燈片 13。

As we enter a new era of space exploration and commercialization, Redwire is a leader in developing inspirational content with commercial thought leaders to inspire future generations. As an example, Redwire is collaborating with Microsoft to create a unique learning opportunity inspired by Marvel Studios' Guardians of the Galaxy Vol. 3 to engage students in science, technology, engineering, the arts, and mathematics topics, including 3D printing for future space exploration and microgravity R&D and manufacturing for the benefit of humanity.

隨著我們進入太空探索和商業化的新時代，Redwire 是與商業思想領袖一起開發勵志內容以激勵子孫後代的領導者。例如，Redwire 正在與 Microsoft 合作，創造一個獨特的學習機會，其靈感來自 Marvel Studios 的《銀河護衛隊》。 3 讓學生參與科學、技術、工程、藝術和數學主題，包括用於未來太空探索的 3D 打印以及造福人類的微重力研發和製造。

In conjunction with Guardians of the Galaxy Vol. 3, Redwire and Microsoft have produced an engaging educational video to motivate the next generation of astronauts, engineers, and scientists. In addition, through a sponsorship from the ISS National Laboratory, Redwire and Microsoft intend to 3D print a Microsoft Zune on the ISS using Redwire's Additive Manufacturing Facility to illustrate space-based manufacturing in an engaging way.

與銀河護衛隊聯合。 3、Redwire 和 Microsoft 製作了一段引人入勝的教育視頻，以激勵下一代宇航員、工程師和科學家。此外，通過國際空間站國家實驗室的讚助，Redwire 和微軟打算使用 Redwire 的增材製造設施在國際空間站上 3D 打印 Microsoft Zune，以一種引人入勝的方式展示基於空間的製造。

Redwire has manufactured more than 200 parts in space and is the only company currently providing commercial 3D printing on the ISS. Redwire was the natural choice to 3D print Star Lord's Zune.

Redwire 已在太空製造了 200 多個零件，是目前唯一一家在國際空間站上提供商業 3D 打印的公司。 Redwire 是 3D 打印 Star Lord 的 Zune 的自然選擇。

On the right side of this slide, you can see our Guardians of the Galaxy STEM promotional patch featuring Cosmo and Rocket from the movie, as well as a highly visible digital cube display in Times Square in New York City promoting the Marvel, Microsoft, and Redwire team.

在這張幻燈片的右側，您可以看到我們的《銀河護衛隊》STEM 宣傳貼片，其中包含電影中的科斯莫和火箭，以及紐約時代廣場上高度可見的數字立方體顯示屏，宣傳漫威、微軟和紅線團隊。

It is important to note that this effort was not a paid promotion by Redwire, but rather, we were a paid partner as part of Microsoft's plan to leverage the power of space in their branding. We believe this is an excellent template for future Redwire offerings to provide space-based branding content for other commercial partners. For more information on this effort, please visit zune.net. Please turn to Slide 14.

值得注意的是，這項工作並不是 Redwire 的付費促銷活動，而是我們作為付費合作夥伴，作為 Microsoft 計劃利用其品牌空間的力量的一部分。我們相信，這是未來 Redwire 產品的絕佳模板，可以為其他商業合作夥伴提供基於空間的品牌內容。有關此項工作的更多信息，請訪問 zune.net。請翻到幻燈片 14。

Space is a multinational endeavor, and Redwire Space is a global leader in international space missions. In the first quarter of 2023, Redwire Space Europe fully integrated two European Space Agency PROBA-3 spacecraft that will perform the world's first precision-formation flying mission.

太空是一項跨國事業，Redwire Space 是國際太空任務的全球領導者。 2023年第一季度，Redwire Space Europe完全集成了兩架歐洲航天局PROBA-3航天器，該航天器將執行世界上首次精確編隊飛行任務。

In the PROBA-3 mission, two small satellites will launch together and separate, maintaining a specific distance and working as one unit as they orbit around the earth. On this program, Redwire is building and integrating the satellites themselves to include developing the onboard computer and advanced avionics.

在 PROBA-3 任務中，兩顆小衛星將一起發射並分開，在繞地球軌道運行時保持特定距離並作為一個整體工作。在這個項目中，Redwire 正在建造和集成衛星本身，包括開發機載計算機和先進的航空電子設備。

This mission is important in proving orbital formation flying technologies and rendezvous experiments for future science, astronomy, and earth observation missions that will require satellites to seamlessly cooperate on orbit. Please turn to Slide 15.

這項任務對於證明軌道編隊飛行技術和未來科學、天文學和地球觀測任務的交會實驗非常重要，這些任務將需要衛星在軌道上無縫合作。請翻到幻燈片 15。

Next, I'd like to highlight a Redwire Space Europe project that kicked off during the first quarter of 2023, a 3D bioprinting system. We have discussed Redwire's NASA-funded BioFabrication Facility on previous earnings calls, but this is a completely different mission funded by the European Space Agency.

接下來，我想重點介紹一下於 2023 年第一季度啟動的 Redwire Space Europe 項目，即 3D 生物打印系統。我們在之前的財報電話會議上討論過 Redwire 的 NASA 資助的生物製造設施，但這是由歐洲航天局資助的完全不同的任務。

Redwire Space NV was awarded a EUR14 million contract to design, develop, and qualify the 3D bioprinting system. The system will leverage the latest 3D bioprinting technologies to provide a modular, powerful, and unique system to sustain a large number of experiments.

Redwire Space NV 獲得了一份 1400 萬歐元的合同，負責設計、開發和驗證 3D 生物打印系統。該系統將利用最新的3D生物打印技術來提供模塊化、強大且獨特的系統來維持大量實驗。

With the 3D bioprinting system, Redwire is expanding its leadership of in-space manufacturing and bioprinting on the International Space Station for exploration and improving life here on earth. Please turn to Slide 16.

借助 3D 生物打印系統，Redwire 正在擴大其在國際空間站太空製造和生物打印方面的領導地位，以探索和改善地球上的生活。請翻到幻燈片 16。

Turning back to the numbers, our bookings during the first quarter were $29.7 million. However, as a reminder, our contracted awards for the fourth quarter of 2022 totaled $91.2 million. It is important to note that Redwire's bookings are typically lumpy, and the first quarter historically is usually the lowest of the year.

回到數字，我們第一季度的預訂量為 2970 萬美元。不過，提醒一下，我們 2022 年第四季度的合同金額總計 9120 萬美元。值得注意的是，Redwire 的預訂量通常不穩定，而且從歷史上看，第一季度通常是一年中最低的。

Using a longer period of measure to smooth out the lumpiness, as of Q1 2023, our last 12-month book-to-bill ratio was 1.6 (sic - see Presentation, Slide 16, "1.76x"). I'd like to point out that during the first quarter of 2023, Redwire made two changes with respect to our key performance indicators.

使用較長時期的測量來消除波動性，截至 2023 年第一季度，我們過去 12 個月的訂單出貨比為 1.6（原文如此 - 參見演示文稿，幻燈片 16，“1.76x”）。我想指出的是，在 2023 年第一季度，Redwire 對我們的關鍵績效指標進行了兩項更改。

First, we changed to using contracted backlog only. Second, we changed the book-to-bill calculation to present this metric on a last 12 months or LTM basis, whereas prior-period disclosures were presented on a year-to-date basis. We believe these presentation changes will provide meaningful insight into contract award trends and increase comparability of the company's performance metrics with industry peers.

首先，我們改為僅使用合同積壓訂單。其次，我們更改了訂單到賬單的計算方式，以過去 12 個月或 LTM 為基礎呈現該指標，而前期披露則以年初至今為基礎呈現。我們相信，這些表述方式的變化將為合同授予趨勢提供有意義的見解，並提高公司績效指標與行業同行的可比性。

Finally, as you can see from the bar chart on the right-hand side of this slide, our contracted backlog has more than doubled since March 31, 2022, of last year to a contracted backlog at the end of Q1 2023 of $286.8 million. This 108.8% growth in contracted backlog is one factor that gives us confidence in our future growth and stability.

最後，正如您從這張幻燈片右側的條形圖中看到的那樣，自去年 2022 年 3 月 31 日以來，我們的合同積壓訂單增加了一倍多，到 2023 年第一季度末的合同積壓訂單達到 2.868 億美元。合同積壓訂單增長 108.8% 是讓我們對未來增長和穩定性充滿信心的因素之一。

With that, I'd now like to turn the call over to Jonathan Baliff, Redwire's Chief Financial Officer. Jonathan?

現在，我想將電話轉給 Redwire 首席財務官 Jonathan Baliff。喬納森？

Thank you. Please turn to Slide 17. Before we begin the financials section, I'd like to highlight the picture shown on Slide 17. This is the Redwire-managed Plant Habitat-03 experiment on the ISS. The ability to grow fresh crops in space will be critical for exploring, living, and working in space, one of the three focus areas for Redwire that Pete talked about.

謝謝。請參閱幻燈片 17。在開始財務部分之前，我想強調一下幻燈片 17 中顯示的圖片。這是 Redwire 管理的國際空間站上的 Plant Habitat-03 實驗。在太空種植新鮮農作物的能力對於太空探索、生活和工作至關重要，這是皮特談到的 Redwire 的三個重點領域之一。

Redwire is doing critical work now, entering revenue and gross profit now to support space industries, including the agricultural industry in orbit. Please turn to Slide 18.

Redwire 現在正在做重要的工作，輸入收入和毛利潤來支持航天工業，包括在軌農業工業。請翻到幻燈片 18。

Similar to last quarter, I will help quantify and expound on a number of first-quarter 2023 themes that Pete just talked about, including one, key financial takeaways starting with quarterly revenue here on the right-hand chart, and then continuing with other quarterly financial information; and two, a brief update to our financial outlook for the remainder of the year.

與上季度類似，我將幫助量化和闡述 Pete 剛剛談到的 2023 年第一季度的一些主題，其中包括一個關鍵的財務要點，從右側圖表中的季度收入開始，然後繼續其他季度收入財務信息;第二，簡要更新我們今年剩餘時間的財務前景。

Key points to reiterate in detail for this quarter's financials: one, Redwire's excellence and execution initiatives continue to deliver on our promise and path to profitability as we scale our business with record revenues and record gross profit.

本季度財務數據需要詳細重申的要點：第一，隨著我們以創紀錄的收入和創紀錄的毛利潤擴大業務，Redwire 的卓越和執行計劃繼續兌現我們的承諾和盈利之路。

We are providing our government and marquee customers with critical, proven, and differentiated space infrastructure and payloads from the ROSA wings, the GPS III SV06 sun sensors, to the PFMI-ASCENT, and 3D biosystem facility.

我們為政府和大型客戶提供關鍵的、經過驗證的、差異化的空間基礎設施和有效載荷，從 ROSA 機翼、GPS III SV06 太陽傳感器到 PFMI-ASCENT 和 3D 生物系統設施。

These and other solutions, digital engineering and payload, created over 300,000 square feet of facilities by our outstanding team members across the globe through this first-quarter 2023 revenue and gross profit growth.

通過這些解決方案以及其他解決方案、數字工程和有效負載，我們在全球範圍內的優秀團隊成員通過 2023 年第一季度的收入和毛利潤增長創建了超過 300,000 平方英尺的設施。

Two, first-quarter 2023 saw our first positive adjusted EBITDA quarter since becoming a public company and record positive adjusted EBITDA overall. In the first quarter of 2023, Redwire has continued to win and deliver on more profitable contracts to more than double gross profit. But we are also doing this more efficiently as we drove more operating leverage into the business with absolute and percentage reductions in operating expenses and SG&A this quarter.

第二，2023 年第一季度是我們成為上市公司以來第一個調整後 EBITDA 為正值的季度，整體調整後 EBITDA 為正值。 2023 年第一季度，Redwire 繼續贏得併交付利潤更高的合同，毛利潤增加了一倍以上。但我們也更有效地做到了這一點，因為我們在本季度運營費用和銷售、管理及行政費用的絕對和百分比減少，為業務帶來了更多的運營槓桿。

Turning to revenue, as you can see from the chart on the right, we had $57.6 million for the first quarter of 2023 versus $53.7 million for the fourth quarter of 2022, representing an increase of 7.3% on a sequential basis. On a year-over-year basis, this represents a 75.3% increase over revenues of $32.9 million in the first quarter of 2022.

談到收入，如右圖所示，我們 2023 年第一季度的收入為 5760 萬美元，而 2022 年第四季度為 5370 萬美元，環比增長 7.3%。與去年同期相比，這比 2022 年第一季度 3290 萬美元的收入增長了 75.3%。

On a last 12-month basis, we also grew at a rate of over 33%. Importantly, excluding the revenue contributed by Space NV, our first-quarter revenues were $45.3 million, a comparable 37.9% increase over Q1 2022 revenues. This almost 40% growth is an important milestone as historically, the first quarter has generally been a lower revenue growth quarter.

在過去 12 個月的基礎上，我們的增長率也超過 33%。重要的是，不包括 Space NV 貢獻的收入，我們第一季度的收入為 4530 萬美元，比 2022 年第一季度的收入增長了 37.9%。這近 40% 的增長是一個重要的里程碑，因為從歷史上看，第一季度通常是收入增長較低的季度。

We were able to achieve this in the legacy US businesses due to the significant growth in backlog not just due to the excellent partnership and acquisition of space NV, as you will see on the next slide, but also as our government business expanded over 85% of our revenue is derived from funded government programs or from global marquee customers who are delivering in the national security, LEO commercialization and habitation, and exploration of space domains. Please turn to Slide 19.

我們能夠在美國傳統業務中實現這一目標，是因為積壓訂單顯著增長，這不僅是因為出色的合作夥伴關係和對 space NV 的收購（您將在下一張幻燈片中看到），而且還因為我們的政府業務擴展了 85% 以上我們的收入來自資助的政府項目或來自在國家安全、近地軌道商業化和居住以及太空領域探索領域提供服務的全球知名客戶。請翻到幻燈片 19。

Continuing with revenue, this is our year-to-date revenue slide for fiscal year 2023. So given it is our first quarter, the growth is identical to the previous slide. Let's discuss the makeup of that growth. First, Redwire saw year-over-year revenue growth across all the three primary focus areas, whether it be space systems; as an integrated space mission enabler; or payloads to explore, live, and work in space; or with Redwire Europe with our multinational space leadership. All focus areas saw growth year over year.

繼續收入，這是我們 2023 財年迄今為止的收入幻燈片。因此，考慮到這是我們的第一季度，增長與上一張幻燈片相同。讓我們討論一下這種增長的構成。首先，Redwire 在所有三個主要重點領域的收入均實現了同比增長，無論是空間系統；作為綜合空間任務推動者；或在太空探索、生活和工作的有效載荷；或與我們的跨國太空領導地位的 Redwire Europe 合作。所有重點領域均逐年增長。

From a customer perspective, again, all customer types, national security, civil, and commercial, grew on a year-over-year basis. To remind you on the call of these types, civil customers are with civilian space agencies like NASA, ESA, or the Luxembourg Space Agency. National security revenue is derived from US and allied countries' defense or security departments and ministries like Space Force, SDA, and Air Force Research Labs.

從客戶角度來看，所有客戶類型（國家安全、民用和商業）均同比增長。為了提醒您注意這些類型，民用客戶是與 NASA、ESA 或盧森堡航天局等民用航天機構聯繫的。國家安全收入來自美國和盟國的國防或安全部門和部委，如太空部隊、SDA 和空軍研究實驗室。

Finally, commercial revenue is derived from predominantly large marquee global prime aerospace systems and service providers. And it is important to note that this commercial type of revenue is mostly derived from funded government programs that ultimately face a national security or civil space entity.

最後，商業收入主要來自大型全球優質航空航天系統和服務提供商。值得注意的是，這種商業類型的收入主要來自資助的政府項目，這些項目最終面向國家安全或民用航天實體。

Of note, for this quarter, our commercial revenues have seen the largest percentage increase, more than 129% year over year. So our customer diversity is balanced, especially now that our customer types include a larger portion globally. Please turn to Slide 20.

值得注意的是，本季度我們的商業收入增幅最大，同比增長超過 129%。因此，我們的客戶多樣性是平衡的，特別是現在我們的客戶類型在全球範圍內佔了很大一部分。請翻到幻燈片 20。

Redwire's path to profitability continued successfully in this quarter as you can see from the progress made on the chart on the right with a steady march of quarterly financial improvement in 2022, now continuing in 2023, with the growth we discussed on the previous slides leading to more profitable growth over the past year.

Redwire 在本季度繼續成功實現盈利，您可以從右側圖表中取得的進展中看到，2022 年季度財務狀況穩步改善，現在將在 2023 年繼續，我們在之前的幻燈片中討論的增長導致過去一年利潤增長更多。

Under US GAAP, we had a significant improvement, a $10 million improvement, from a net loss of $17.3 million a year ago to a net loss of $7.3 million during the first quarter of 2023. And sequentially, we improved even more compared to the fourth quarter of 2022.

根據美國公認會計準則，我們取得了顯著的進步，從一年前的淨虧損 1730 萬美元增至 2023 年第一季度的淨虧損 730 萬美元，改善了 1000 萬美元。隨後，與第四季度相比，我們的改善甚至更多2022 年第四季度。

We also saw our quarterly adjusted EBITDA improve $9 million year over year to a positive $4.3 million, an improvement of 193%. And sequentially, this positive $4.3 million was an improvement of $5.1 million over the fourth quarter of 2022. This adjusted EBITDA improvement was primarily driven by our improvement in Redwire gross profit.

我們還發現季度調整後 EBITDA 同比增長 900 萬美元，達到 430 萬美元，增幅為 193%。隨後，這一 430 萬美元的正增長比 2022 年第四季度增加了 510 萬美元。調整後的 EBITDA 改善主要是由我們 Redwire 毛利潤的改善推動的。

Our excellence in execution initiatives, the roll-off of lower margin contracts, better labor utilization, better program management, and cost control increased our year-over-year gross margin from 15.7% to 24.7% with our year-over-year gross profit nearly 3 times higher from $5.2 million to $14.2 million.

我們在執行計劃方面的卓越表現、低利潤合同的轉存、更好的勞動力利用率、更好的項目管理和成本控制使我們的同比毛利率從 15.7% 增加到 24.7%。從 520 萬美元增至 1,420 萬美元，增長了近 3 倍。

The adjusted EBITDA improvement was also supported by being more efficient with our indirect operating expenses. First-quarter Redwire SG&A year-over-year improvement occurred on both an absolute and percentage of revenue basis.

調整後的 EBITDA 改善還得益於我們間接運營費用的更高效。第一季度 Redwire SG&A 的絕對值和收入百分比均出現同比改善。

Absolute SG&A declined 23.4% from $21 million in the first quarter of 2022 to $16 million in the first quarter of 2023 and now stands at 27.8% of revenue. This represents a significant drop from Redwire's first quarter of 2022 SG&A margins. Please turn to Slide 21.

絕對SG&A從2022年第一季度的2100萬美元下降23.4%至2023年第一季度的1600萬美元，目前佔收入的27.8%。這表明 Redwire 2022 年第一季度的 SG&A 利潤率大幅下降。請翻到幻燈片 21。

Similar to our fourth quarter, on the left-hand chart, we show free cash flow. As a reminder, free cash flow provides a perspective based on our operating cash flow and CapEx unadjusted for one-time items. As you can see during the first quarter 2023, free cash flow consumption increased to a use of cash of $14.8 million compared with the fourth quarter of 2022's $5.5 million.

與第四季度類似，在左側圖表中，我們顯示了自由現金流。提醒一下，自由現金流提供了一個基於我們的運營現金流和未經調整的一次性項目資本支出的視角。正如您所看到的，2023 年第一季度的自由現金流消耗增加至 1480 萬美元，而 2022 年第四季度的現金使用量為 550 萬美元。

Although we saw a significant improvement in our profit-and-loss statement, the sequential increase in free cash flow consumption was driven by a historic increase in net working capital driven by our top-line growth and given the significant backlog growth going into 2023.

儘管我們的損益表出現了顯著改善，但自由現金流消耗的連續增長是由我們的營收增長推動的淨營運資本歷史性增長以及考慮到 2023 年積壓訂​​單的大幅增長推動的。

And this quarter's consumption was very different from last year's as the cash consumption was attributable last year to losses due to a significantly lower gross profit and much higher SG&A. This quarter's net working capital build was the primary result of growth in our contracted assets and decrease in our deferred revenue. And since the end of March, we are seeing much less cash consumption with a notable reduction in net working capital.

本季度的消耗與去年有很大不同，因為去年的現金消耗是由於毛利潤大幅下降和銷售管理費用大幅上升而造成的損失。本季度的淨營運資本建設是我們合同資產增長和遞延收入減少的主要結果。自三月底以來，我們看到現金消耗大幅減少，淨營運資本顯著減少。

Redwire's management remains very focused on improvement trend in our free cash flow as we execute on the revenue growth conversion of our $287 million of contracted backlog.

當我們對 2.87 億美元的合同積壓訂單進行收入增長轉換時，Redwire 的管理層仍然非常關注自由現金流的改善趨勢。

On the right-hand chart, we show our available liquidity as of March 31, 2023, which totaled $36.3 million. This quarter's liquidity is much improved from a year ago as we continued our path to profitability. And again, since the end of Q1, we are seeing much less cash consumption with a notable reduction in net working capital.

在右側圖表中，我們顯示了截至 2023 年 3 月 31 日的可用流動性，總計 3630 萬美元。隨著我們繼續盈利，本季度的流動性比一年前有了很大改善。自第一季度末以來，我們再次看到現金消耗大幅減少，淨營運資本顯著減少。

Finally, given our improved financial position, especially our improvement in gross profit and adjusted EBITDA and effective May 1, the company met the requirements to end the incremental 2% PIK interest required under our credit facility with Adams Street Partners.

最後，鑑於我們的財務狀況有所改善，特別是毛利潤和調整後 EBITDA 的改善，並且自 5 月 1 日起生效，該公司滿足了終止 Adams Street Partners 信貸安排下所要求的 2% PIK 增量利息的要求。

This achievement saves significant expense, and it's a direct result of the global Redwire team's commercial and operational successes, leading to an excellent start to the year that Pete and I have been discussing throughout this call.

這一成就節省了大量費用，並且是全球 Redwire 團隊商業和運營成功的直接結果，為 Pete 和我在本次電話會議中一直討論的這一年帶來了良好的開端。

I will now turn the presentation back over to Pete to provide a brief outlook for the remainder of 2023. Please turn to slide 22.

現在，我將把演示文稿轉回給 Pete，對 2023 年剩餘時間進行簡要展望。請參閱幻燈片 22。

Thank you, Jonathan. Please turn to Slide 23 for a brief reminder of the outlook for the remainder of 2023. Our most recent first quarter was a strong start to the year. As a result, for 2023, we affirm that we expect our full-year revenue to be between $220 million to $250 million, which represents 46% year-over-year growth at the midpoint of the range.

謝謝你，喬納森。請參閱幻燈片 23，了解 2023 年剩餘時間的展望。我們最近的第一季度是今年的強勁開局。因此，對於 2023 年，我們預計全年收入將在 2.2 億美元至 2.5 億美元之間，相當於該範圍中點的同比增長 46%。

With that, I'd like to thank all of the Redwire employees for an excellent first quarter. Thank you for all the hard work you do across the world every day to accelerate humanity's expansion in this space. Go Redwire.

在此，我要感謝所有 Redwire 員工，感謝他們第一季度的出色表現。感謝你們每天在世界各地為加速人類在這一領域的擴張所做的辛勤工作。去紅線。

Thank you, and we will now open the floor for questions.

謝謝，我們現在開始提問。

Thank you. (Operator Instructions) Mike Crawford, B. Riley.

謝謝。 （操作員說明）Mike Crawford、B. Riley。

Thank you. Just to start off with where we left off, I was hoping we could go a little bit further into your outlook, where you're talking about better program management, cost control, and increased gross margin, and you expect gross margin improvement during the year.

謝謝。首先從我們上次結束的地方開始，我希望我們能進一步深入了解您的前景，您正在談論更好的項目管理、成本控制和增加的毛利率，並且您預計毛利率將在年。

But do you expect -- I know there's a big range of products with like star sensors -- sun sensors on the lower side and ROSA on the higher side. But what more can you tell us about gross margin percentages that you're targeting directionally for the rest of this year? Maybe we could start with that.

但你是否期望——我知道有很多產品都帶有星傳感器——太陽傳感器在較低的一側，ROSA 在較高的一側。但是，關於今年剩餘時間的毛利率目標，您還能告訴我們什麼呢？也許我們可以從那開始。

Hey, Mike, how are you? Thanks for your question. So that was a lot, so -- I'll just go to the gross margin part because I think that was the sense of it.

嘿，邁克，你好嗎？謝謝你的提問。所以數量很多，所以——我只討論毛利率部分，因為我認為這就是它的意義。

Yes, as you can see, we're significantly improving our gross margin over time. And some of the reason for this is if you think about the history of Redwire, one of the built-in systemic efficiencies that we're able to achieve is to take a lot of the companies that were previously small businesses and inject more programmatic discipline, better systems through things like ERP implementations, and taking a hard look at the gross margins and the pricing power that we can achieve by going to market in integrated bundles and things like that as a much larger company.

是的，正如您所看到的，隨著時間的推移，我們的毛利率正在顯著提高。造成這種情況的部分原因是，如果你考慮一下 Redwire 的歷史，我們能夠實現的內置系統效率之一就是讓許多以前是小企業的公司注入更多的程序化紀律，通過 ERP 實施等更好的系統，並認真審視我們作為一家更大的公司通過整合捆綁包等方式進入市場所能實現的毛利率和定價能力。

So all of those different improvements are what you see happening in gross margins today and the improvements that you see there. And then, we expect to continue to be able to improve on those gross margins as we continue into the future.

因此，所有這些不同的改進都是您今天看到的毛利率發生的情況以及您在那裡看到的改進。然後，我們預計隨著未來的發展，毛利率將繼續提高。

And that's essentially the plan because I can tell you, some of the really unique technologies that we have that are highly differentiated, like you mentioned, ROSA, have increasing pricing power in the marketplace and are gaining much wider adoption now that we have so many wings on the ISS.

這本質上就是計劃，因為我可以告訴你，我們擁有的一些真正獨特的技術是高度差異化的，就像你提到的，ROSA，在市場上的定價能力不斷增強，並且現在我們擁有如此多的技術，因此正在獲得更廣泛的採用國際空間站上的機翼。

Jonathan, anything you want to add to that?

喬納森，您還有什麼要補充的嗎？

I would just say we improved our gross margin from 15.7% to 24.7%. I would say that level of improvement is aspirational, Mike. I know you want a specific number, but we do believe we can start moving this gross margin note into -- from -- not just from the mid-20s, but higher than that. It's just from a timing standpoint, just being able to do that in three, four months.

我只想說我們的毛利率從 15.7% 提高到 24.7%。我想說，提高水平是令人嚮往的，邁克。我知道您想要一個具體的數字，但我們確實相信我們可以開始將毛利率調整到 - 從 - 不僅僅是從 20 年代中期開始，而是更高。只是從時間角度來看，三四個月內就能做到這一點。

It takes a number of months to do it, but we have an intent to do it. We are seeing the performance improvement here. This is a 65% improvement over gross margin even last quarter. I just want to warn you that being able to get that level of improvement on a quarter-over-quarter basis is more aspirational. I do believe we can get there. Just -- I wouldn't want to put it all in 2023.

這需要幾個月的時間，但我們有意願這樣做。我們在這裡看到了性能的改進。即使是上個季度，毛利率也提高了 65%。我只是想警告您，能夠逐季度取得這種水平的改進是更令人嚮往的。我相信我們能到達那裡。只是——我不想把這一切都放在 2023 年。

And to that end, I do know there's a wide variance in margin on different products that you're delivering. And so, it's not necessarily going to be a straight line, is that correct?

為此，我確實知道您提供的不同產品的利潤存在很大差異。所以，它不一定是一條直線，對嗎？

That's right, Mike. When we look at it, it's a bit of a product mix, but I would say across all of our focus areas, whether it be enabling space missions and space industries with the payloads, and then Europe, we're improving margins across the board because of the excellence and execution that Pete talked about.

沒錯，邁克。當我們看它時，它有點像產品組合，但我想說，在我們所有的重點領域，無論是利用有效載荷實現太空任務和太空工業，然後是歐洲，我們正在全面提高利潤率因為皮特談到的卓越和執行力。

And so, in certain areas, you're seeing multiple, 400, 500 basis points of margin improvement. And as we again see the roll-off of older contracts that people -- that Pete talked about, you just start to see that positive impact create kind of a virtuous cycle.

因此，在某些領域，您會看到利潤率提高了 400、500 個基點。當我們再次看到皮特談到的舊合同的退出時，你就會開始看到這種積極影響創造了一種良性循環。

Okay. And just one more on this, if you don't mind. I think you mentioned 300,000 square feet of space, a lot of that manufacturing. But how much room does Redwire have to grow before you have to have significant CapEx, which was $100 million in the quarter?

好的。如果您不介意的話，再講一個。我想你提到了 300,000 平方英尺的空間，其中很大一部分是用於製造的。但在必須擁有大量資本支出（本季度為 1 億美元）之前，Redwire 還需要多大的增長空間？

Yes. No, great question. No, I think that -- there's a healthy amount of growth in that space that's already out there. As you know, a lot of our facilities in -- not necessarily facilities, but our capabilities that would otherwise be CapEx is paid for by customers in many cases. And because we've really acquired a lot of significant in-place capabilities, I think we're -- we have what we need to achieve the goals we've outlined for 2023.

是的。不，很好的問題。不，我認為——這個領域已經有了健康的增長。如您所知，我們的許多設施不一定是設施，但我們的能力（否則是資本支出）在很多情況下都是由客戶支付的。因為我們確實獲得了許多重要的本地能力，所以我認為我們擁有實現我們為 2023 年制定的目標所需的條件。

Okay, and --

好吧，還有——

One of the reasons we're seeing margin improvement is we're efficiently using these facilities.

我們看到利潤率提高的原因之一是我們有效地使用了這些設施。

Okay. And again, I do reference the question with I know there's a mix issue on revenue, so you can't answer specifically regarding EBITDA. But I would I think it's fair to assume a steady walk higher on SG&A now as opposed to those not going down further from here.

好的。再說一遍，我確實提到了這個問題，因為我知道收入存在混合問題，所以你不能具體回答有關 EBITDA 的問題。但我認為現在合理的假設是SG&A 穩步走高，而不是從這裡進一步下降。

So the SG&A, there's still opportunities to continue to improve on our SG&A as a percentage of revenue. So in an absolute basis, as revenue grows, of course, SG&A will grow as well. But we're very focused on maintaining SG&A in a level commensurate to our revenue that achieves our overall profit objectives.

因此，SG&A 仍然有機會繼續提高我們的 SG&A 在收入中所佔的百分比。因此，從絕對意義上講，隨著收入的增長，SG&A 也會增長。但我們非常注重將 SG&A 維持在與我們的收入相稱的水平，以實現我們的整體利潤目標。

I think the broader idea is would be within SG&A of the swing in some internal research and development and how much we spend on that. That will be more variable based on the number of opportunities that we have that present themselves throughout the year.

我認為更廣泛的想法是在SG＆A範圍內進行一些內部研發的波動以及我們在這方面的支出。根據我們全年提供的機會數量，這一情況會存在更大的變化。

Excellent. Thank you very much.

出色的。非常感謝。

Great. Thanks, Mike.

偉大的。謝謝，邁克。

Thanks, Mike.

謝謝，邁克。

Greg Konrad, Jefferies.

格雷格·康拉德，杰弗里斯。

Good morning, and great quarter.

早上好，美好的季度。

Thanks, Greg.

謝謝，格雷格。

Thanks, Greg.

謝謝，格雷格。

Maybe not to continue the last set of questions, but obviously, EBITDA was very strong in the quarter. I mean, you talked about some of the drivers. You had the EACs last year and some mix. I mean, how are you thinking about just sustainability on an EBITDA perspective, just given tailwinds, headwinds through the year? I mean, should we expect to remain positive from an EBITDA perspective for the rest of the year?

也許不再繼續最後一組問題，但顯然，本季度 EBITDA 非常強勁。我的意思是，你談到了一些司機。去年你有 EAC 和一些混合。我的意思是，考慮到全年的順風和逆風，您如何從 EBITDA 角度考慮可持續性？我的意思是，從 EBITDA 的角度來看，我們是否應該期望在今年剩餘時間裡保持樂觀？

So again, just to expand a little bit more on the last question, so there's a fair amount of efficiency that we can continue to pull out just through excellence in execution. And that is our broad nomenclature for this idea of enhancing our delivery systems through a more disciplined approach than perhaps some of the legacy organizations and some of the legacy projects that comprise Redwire as we came together over the last couple of years.

再說一次，只是為了對最後一個問題進行更多擴展，因此我們可以通過卓越的執行繼續提高相當多的效率。這就是我們對這一想法的廣泛術語，即通過比過去幾年我們聚集在一起的一些遺留組織和組成 Redwire 的一些遺留項目更嚴格的方法來增強我們的交付系統。

So there's an amount of profitability that we can pull out of that. And that, of course, is typically tied to the EACs. However, there's also -- what we are doing from a strategic perspective because when you look at our growth rate, 30% plus growth rate, is there's a lot of demand out there on the marketplace that we don't want to miss out on if it required some sort of IRAD investments.

所以我們可以從中獲得一定的盈利能力。當然，這通常與 EAC 相關。然而，我們從戰略角度正在做的事情也是如此，因為當你看看我們的增長率（30% 以上的增長率）時，我們不想錯過市場上的大量需求。如果它需要某種 IRAD 投資。

So the swing factor in EBITDA for us is going to be steady increases in efficiencies but throttling up or down IRAD based on the opportunities that are presented throughout the year. Does that make sense?

因此，對我們來說，EBITDA 的波動因素將是效率的穩步提高，但會根據全年出現的機會來提高或降低 IRAD。那有意義嗎？

Yes. I mean, so there's some variability when you think out in the plan based on internal actions, which are going to be a little bit harder to forecast.

是的。我的意思是，當你根據內部行動思考計劃時，會存在一些變化，這會更難以預測。

Correct.

正確的。

Just thinking about the revenue, and obviously, the last couple of years have been weird. But typically, there is some sequential build through the year. And if I just look at the midpoint of your revenue outlook, it kind of implies that revenues are kind of flat-ish sequentially through the year, obviously, on a good Q1. Are there any puts or takes there? And can you maybe talk about the dynamics there, just thinking about how you built up the year's revenue outlook?

只要考慮一下收入，顯然過去幾年的情況很奇怪。但通常情況下，全年都會有一些連續的建設。如果我只看一下你的收入前景的中點，這意味著全年收入基本持平，顯然，第一季度表現良好。那裡有看跌期權或看跌期權嗎？您能否談談那裡的動態，想想您是如何建立今年的收入前景的？

Yes. No, it's interesting. One of the things we're very focused on is making sure that we look at the right time period and we don't react to things. And this is especially important for a company like Redwire because we have programs and products that can materially move the needle on any given quarter, right?

是的。不，這很有趣。我們非常關注的事情之一是確保我們關注正確的時間段並且不對事情做出反應。這對於像 Redwire 這樣的公司尤其重要，因為我們擁有可以在任何特定季度顯著推動發展的計劃和產品，對吧？

For example, we mentioned, and Mike mentioned, we have everything from the fine sun sensors all the way to the ROSAs. We have opportunities in the pipeline that are really big. And depending on when those hit, which can be difficult to predict, both in the government and the commercial sector based on of their spending profiles. So quarter to quarter, it's a lot more difficult to predict than year over year.

例如，我們提到過，邁克也提到過，我們擁有從精細的太陽傳感器一直到 ROSA 的一切。我們正在醞釀巨大的機會。取決於政府和商業部門的支出狀況，這可能很難預測，具體取決於這些影響的時間。因此，逐季度預測比逐年預測要困難得多。

So what we're really focused on is if you go back to the idea that excluding Space NV, we grew 37.9% last year. Our midpoint and for this year is to grow 46% midpoint on the range that we gave. So the focus is really on having that 30% to 40% revenue growth year over year. And when it actually occurs, it can be more challenging to predict.

所以我們真正關注的是，如果你回到這個想法，不包括 Space NV，我們去年增長了 37.9%。我們今年的中點是在我們給出的範圍的基礎上增長 46%。因此，重點實際上是實現 30% 到 40% 的收入同比增長。當它真正發生時，預測可能會更具挑戰性。

And then maybe, just lastly, you talked about some of the two changes around your KPIs. It looks like the pipeline, still healthy, but stepped down quite a bit sequentially. What accounted for that, whether it was submitted bids or just evolution of programs moving in and out, and just how you're thinking about the pipeline more broadly?

也許，最後，您談到了圍繞 KPI 的兩個變化中的一些。看起來管道仍然健康，但逐漸下降了很多。造成這種情況的原因是什麼，是提交的投標還是只是項目進出的演變，以及您如何更廣泛地考慮管道？

Jonathan?

喬納森？

Yes, it's just mathematics. Right now, we have a pipeline that's roughly five years. So we're coming into 2023. So now, we extended out a year, right? And there's no doubt that there are going to be a filling of that pipeline in 2028.

是的，這只是數學。目前，我們的管道大約需要五年時間。所以我們即將進入 2023 年。所以現在，我們延長了一年，對吧？毫無疑問，該管道將在 2028 年被填滿。

As we go through the year, and the same thing happened last year, you'll start to see the pipeline start to move, right? So it's just the mathematics. We're shifting it out a year. And in that year, a lot of the $600 million actually has found its way into backlog, right? So a lot of what you see in this company, which is pretty special, you can see the pipeline turn into contracts that we're bidding on, turn into backlog, turn into revenue.

當我們經歷這一年時，去年也發生了同樣的事情，你會開始看到管道開始移動，對嗎？所以這只是數學。我們要把它移出一年。那一年，6 億美元中的很多實際上都變成了積壓，對嗎？所以你在這家公司看到的很多東西非常特別，你可以看到管道變成了我們正在投標的合同，變成了積壓訂單，變成了收入。

And now, you're seeing we have a path to profitability with this gross margin moving up, right? And we continue. Again, there was a focus on the last analyst on gross margin. That's the place to look. That's where we're trying to really move the needle from the mid-20s, get that higher with the idea that we're taking this larger pipeline, turning it into backlog revenue, obviously, on our path to profitability to free cash flow too. Makes sense?

現在，您看到我們有了一條盈利之路，毛利率不斷上升，對吧？我們繼續。最後一位分析師再次關注毛利率。這就是要看的地方。這就是我們真正努力從 20 多歲中期開始前進的地方，我們的想法是，我們正在利用這個更大的管道，將其轉化為積壓收入，顯然，這也是我們實現盈利和自由現金流的道路。說得通？

Makes sense. Thank you.

說得通。謝謝。

Any other questions --

還有其他問題嗎 -

(Operator Instructions) Apologies.

（操作員指示） 抱歉。

Okay, Greg.

好吧，格雷格。

I can throw in more if you'd like.

如果你願意的話我可以加更多。

You had -- I thought you're going to have another one but go ahead.

你已經——我以為你還會再有一個，但繼續吧。

I'll throw in one more quick one. Can you maybe just talk about the EUR14 million contract announced under ESA for the 3D biosystems? I think you did mention Space NV, but I know you also have quite a bit of 3D printing technology before that. Can you maybe just talk about the legacy position and kind of cross-sell opportunities that you're seeing with that business?

我會再快速添加一份。您能否談談 ESA 宣布的 3D 生物系統 1400 萬歐元合同？我想你確實提到了Space NV，但我知道你在此之前也擁有相當多的3D打印技術。您能否談談您在該業務中看到的傳統地位和交叉銷售機會？

Yes, absolutely. Well, so it's a good point in terms of taking a capability and moving beyond just the US to a much larger total addressable market worldwide, right? So Redwire was already previously the leader in biomanufacturing on orbit with our BFF. This creates -- expands our leadership to more of a global presence.

是的，一點沒錯。嗯，因此，就獲得能力並超越美國進入全球更大的總體目標市場而言，這是一個很好的觀點，對吧？因此，Redwire 之前已經與我們的 BFF 一起成為軌道上生物製造領域的領導者。這將我們的領導地位擴大到更多的全球影響力。

And I think the most critical factor here, and this applies to Redwire's business overall, is there's a certain point in the company's history where it transitions from being about flying single experiments to actually building a business. And I think that's what you're seeing here, in the biomanufacturing, specifically, is there may be startups.

我認為這裡最關鍵的因素（這也適用於 Redwire 的整體業務）是，在公司歷史上的某個時刻，它從進行單一實驗轉變為實際建立業務。我認為這就是你在這裡看到的，特別是在生物製造領域，可能會有初創公司。

And of course, many years ago, some of these technologies started in startups. So it's an important part of the ecosystem, but the startup typically is flying single experiments, right, in order to prove out a technology.

當然，很多年前，其中一些技術是從初創公司開始的。因此，它是生態系統的重要組成部分，但初創公司通常會進行單一實驗，對吧，以證明一項技術。

And in this particular case, what's really exciting about the 3D bioprinting coming out at ESA when added to the BFF, the BioFabrication Facility, already funded by NASA, is you can see that this is shifting from being single-experiment offerings to like a full offering within Redwire with multiple customers.

在這種特殊情況下，真正令人興奮的是，ESA 推出的 3D 生物打印技術，添加到 BFF（生物製造設施）（已由 NASA 資助）時，您可以看到，這正在從單一實驗產品轉變為完整的實驗產品。在 Redwire 內向多個客戶提供服務。

So it's really about scaling and building technical momentum in an area. And that's what I think is probably most exciting to us about when you see us combining these technologies and leveraging the broader Redwire expertise in this area to grow that segment as not just an area where we're pushing technology, but a business offering that generates real revenue and profitability.

所以這實際上是關於在一個領域擴展和建立技術動力。我認為，當您看到我們將這些技術結合起來，並利用該領域更廣泛的 Redwire 專業知識來發展該細分市場時，這可能是最令我們興奮的，不僅是我們推動技術的領域，而且是一個可以產生收益的業務產品實際收入和盈利能力。

I will officially leave it at that. Thank you.

我將正式將其保留。謝謝。

All right. Thanks, Greg.

好的。謝謝，格雷格。

Thanks, Greg.

謝謝，格雷格。

(Operator Instructions) Suji DeSilva, Roth MKM.

（操作員說明）Suji DeSilva，Roth MKM。

Hi, Peter. Hi, Jonathan. Congratulations on hitting EBITDA positive. Great accomplishment there.

嗨，彼得。嗨，喬納森。恭喜您實現 EBITDA 正值。那裡取得了巨大的成就。

Thank you, Suji.

謝謝你，蘇吉。

Thank you.

謝謝。

Yes, looking at the revenue line, just trying to understand this. I mean this is maybe a hard question to answer, but you have -- you cited metrics for the number of launches in the systems in there and then also some of the sun sensor systems and the ROSA systems.

是的，看看收入線，只是想了解這一點。我的意思是，這可能是一個很難回答的問題，但是您引用了系統中發射次數的指標，還有一些太陽傳感器系統和 ROSA 系統。

I'm just curious, is there a way to think about an ASP, quote unquote, kind of a revenue per here as you start to do more of these systems and provide those kind of unit metrics at least? Or is it just all over the map and hard to really trace out that way?

我只是好奇，當你開始做更多這樣的系統並至少提供此類單位指標時，有沒有一種方法可以考慮 ASP（引用不引用），即此處的收入？或者它只是遍布地圖而很難真正追踪到嗎？

Go ahead, Jonathan.

繼續吧，喬納森。

So, Suji, first of all, I appreciate the question, and we do have, obviously, unit economics. We have a very good idea of it. We generally don't present those because of competitive reasons, right? But we can say that we are bidding and winning larger contracts that you're seeing directly in the improvement of margin to 24.7% in the first quarter. But we don't provide unit economics yet due to competitive reasons.

所以，Suji，首先，我很欣賞這個問題，而且顯然我們確實有單位經濟學。我們對此有一個很好的想法。由於競爭原因，我們通常不會展示這些，對吧？但我們可以說，我們正在競標並贏得更大的合同，您可以直接看到第一季度利潤率提高至 24.7%。但由於競爭原因，我們尚未提供單位經濟效益。

However, we are going to be moving towards what I call a Redwire 101 and being able to talk to the investment community concerning unit economics based on our enabling space missions; explore, live, and work in space; and then obviously our European but really global business with multinationals.

然而，我們將朝著我所說的 Redwire 101 方向邁進，並能夠與投資界討論基於我們賦能太空任務的單位經濟學；在太空中探索、生活和工作；然後顯然是我們與跨國公司在歐洲但實際上是全球性的業務。

So we will be able to do that in the future. But right now, we don't give the specifics on different product areas for competitive reasons, which is common in the aerospace industry.

所以我們將來能夠做到這一點。但目前，出於競爭原因，我們不提供不同產品領域的具體信息，這在航空航天行業很常見。

I appreciate the sensitivity there. And then, my other question is on a longer-term business model perhaps. I mean, you've had -- you have this payload business and the ESA contract, the first milestone, EUR14 million. Is there an opportunity for that business model to evolve longer term into a type of revenue share or per-unit type of -- or some sort of business like that versus staying a contract business done with milestone payments?

我很欣賞那裡的敏感性。然後，我的另一個問題也許是關於長期商業模式。我的意思是，你已經擁有了有效載荷業務和 ESA 合同，這是第一個里程碑，價值 1400 萬歐元。從長遠來看，這種商業模式是否有機會發展為一種收入分成或每單位類型的業務，或者類似的某種業務，而不是保持通過里程碑付款完成的合同業務？

Yes. I think that's right. So as the market evolves, you're going to see a lot more activity in commercial space, which is going to generate a lot of different new ways of providing value. So right now, typically, a lot of these things like a bioprinter, for instance, is funded through a government organization as a project like the EUR14 million we're having out of ESA.

是的。我認為這是對的。因此，隨著市場的發展，您將在商業領域看到更多的活動，這將產生許多不同的提供價值的新方式。所以現在，通常情況下，很多這樣的東西，比如生物打印機，都是通過政府組織作為一個項目提供資金的，就像我們從歐洲航天局獲得的 1400 萬歐元一樣。

But that's not the ultimate goal either for Redwire or ESA for that matter. What they're trying to do is stimulate that economy in space where commercial organizations like Redwire can have major breakthroughs on things like being able to print organoids that are really important to the pharmaceutical industry or cell manufacturing or on the in-space manufacturing side of some of the work that we've done with forming crystals for pharmaceuticals.

但這並不是 Redwire 或 ESA 的最終目標。他們試圖做的是刺激太空經濟，像 Redwire 這樣的商業組織可以在打印類器官等方面取得重大突破，這對製藥行業或細胞製造或太空製造方面非常重要。我們在藥物晶體形成方面所做的一些工作。

So ultimately, Redwire in away gets two bites of the apple. We get paid to develop these technologies as the government pushes the key technologies necessary for future space exploration and microgravity research, but we also maintain this critical intellectual property as we look at the commercial opportunities associated with what are the different products that could be manufactured at scale in space and sold on a per-unit basis to industries like I mentioned, pharmaceuticals.

所以最終，客場的紅線咬了兩口蘋果。隨著政府推動未來太空探索和微重力研究所需的關鍵技術，我們通過開發這些技術獲得報酬，但當我們著眼於與可以製造的不同產品相關的商業機會時，我們也保留了這一關鍵的知識產權。空間規模並按單位出售給我提到的製藥行業。

Thank you.

謝謝。

It's important to note that we're getting there, and the margins on this business can be quite high. If we look at the ability, again, I'm going back to gross margin. You talk about the ability to generate higher gross margin this quarter versus 2022 first quarter. A lot of it was due to that explore, live, and work in space.

值得注意的是，我們正在實現這一目標，而且這項業務的利潤率可能相當高。如果我們再次審視能力，我將回到毛利率。您談到本季度毛利率較 2022 年第一季度更高的能力。這很大程度上歸功於在太空中的探索、生活和工作。

But it's mostly driven by the traditional business model of being paid by government customers.

但這主要是由政府客戶付費的傳統商業模式驅動的。

Got it. Thanks for the preview of the business model to come, guys. I appreciate it. Thanks.

知道了。謝謝你們對即將到來的商業模式的預覽，伙計們。我很感激。謝謝。

Thank you.

謝謝。

(Operator Instructions) There are no further questions at this time. I'd like to turn the floor back over to management for closing remarks.

（操作員說明） 目前沒有其他問題。我想將發言權交還給管理層作結束語。

Yes. Again, I'd like to thank everybody for joining the call and reiterate just how proud Redwire is of our employees for delivering a great first quarter and looking forward through the remainder of 2023. Thank you and have a good day.

是的。我要再次感謝大家加入此次電話會議，並重申 Redwire 對我們的員工在第一季度取得的出色業績以及對 2023 年剩餘時間的展望感到多麼自豪。謝謝大家，祝您有美好的一天。

Thank you. Ladies and gentlemen, this does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time and have a great day.

謝謝。女士們、先生們，今天的電話會議到此結束。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。