Redwire Corp (RDW) 2022 Q4 法說會逐字稿

Greetings, welcome to Redwire's fourth-quarter and full-year 2022 earnings conference call. My name is Sherry, and I will be your operator today. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加Redwire 2022年第四季及全年財報電話會議。我叫Sherry，今天將擔任您的接線生。 （接線生指示）溫馨提示：本次電話會議正在錄音中。

It is now my pleasure to introduce your host for today's call, Jeff Zeunik, Senior Vice President, Financial Planning and Analysis. Mr. Zeunik, you may begin the conference call.

現在，我很高興介紹今天電話會議的主持人，財務規劃與分析高級副總裁傑夫·澤尼克 (Jeff Zeunik)。澤尼克先生，您可以開始電話會議了。

Thank you, Sherry, and good morning, everyone. Welcome to Redwire's fourth-quarter and full-year 2022 earnings call. We hope that you have seen our earnings release, which we issued earlier this morning, it has also been posted in the Investor Relations section of our website at redwirespace.com.

謝謝Sherry，大家早安！歡迎參加Redwire 2022年第四季及全年財報電話會議。希望您已經看到了我們今天早上發布的財報，它也已發佈在我們網站redwirespace.com的「投資者關係」板塊。

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 管理階層可能會做出前瞻性陳述，反映我們的信念、期望、意圖或對未來的預測。我們的前瞻性陳述受風險和不確定性的影響，詳見第二張投影片。

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

此外，如果我們在電話會議中討論非 GAAP 指標，請參閱投影片 3、我們的收益報告或我們網站上的投資者介紹，以了解這些指標和 GAAP 對帳的計算方法。

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

如同先前所提到的，我是 Redwire 財務規劃與分析資深副總裁 Jeff Zeunik。今天與我一同出席的還有董事長兼執行長 Peter Cannito 和財務長 Jonathan Baliff。

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

說完這些，我想把電話轉給皮特。皮特？

Thank you, Jeff. During today's call, we will take you through a discussion of our key accomplishments in the fourth-quarter and full-year 2022 from me, followed by Jonathan who will present the financial highlights for the same period. We will also provide some insights into how we're thinking about 2023, after which we will open the floor for Q&A.

謝謝傑夫。在今天的電話會議中，我將先介紹我們在2022年第四季和全年的主要業績，之後喬納森將介紹同期的財務亮點。我們也將分享一些我們對2023年的展望，之後將進入問答環節。

However, before we get into the details, for those that may be new to the call, I'd like to start with an overview of the space industry today and Redwire's position within it. We are at the early stages of a multi-decade new global space race with space agencies in the US, Europe, and around the world increasingly focusing on space as a competitive domain. Additionally, the broader commercial market is demanding space in the present, not just some future promise, and we believe that Redwire is ideally positioned to capitalize on both of these dynamics.

然而，在我們深入探討細節之前，對於那些可能不熟悉這次電話會議的人來說，我想先概述一下當今的航太產業以及Redwire在其中的地位。我們正處於一場持續數十年的新一輪全球太空競賽的早期階段，美國、歐洲以及世界各地的航太機構都越來越重視太空，將其視為一個競爭領域。此外，更廣泛的商業市場對太空的需求是當下的，而不僅僅是未來的承諾，我們相信Redwire處於理想的位置，能夠充分利用這兩種動態。

Please turn to slide 5. Please turn to slide 6. Redwire is a 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. 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.

請翻到幻燈片5。請翻到幻燈片6。 Redwire是一家專注於太空基礎設施的公司，為民用、商用和國家安全太空客戶提供任務解決方案和有效載荷。我們的使命是為子孫後代提供可靠、經濟且永續的基礎設施，加速人類向太空的擴張。憑藉數十年久經考驗的飛行經驗，結合創新的產品和文化，Redwire擁有獨特的優勢，能夠幫助我們的客戶應對未來太空任務和產業面臨的複雜挑戰。

Redwire has three primary areas of focus that form our business. These include enabling space mission providers such as government agencies and large prime contractors with a broad portfolio of space infrastructure, systems, subsystems, and components. Secondly, providing the infrastructure and technology needed for people to permanently live and work in space. And lastly, assisting international spacefaring allies in the development of organic space capabilities. We demonstrated many successes in our three key focus areas throughout 2022, including having Redwire products on nine launches over the course of 2022 with five of those launches occurring in Q4, 15 payloads currently operational on the International Space Station, and growing to over 700 employees at 11 facilities in both the United States and Europe.

Redwire 的業務主要集中在三個領域。首先，為政府機構和大型總承包商等太空任務提供者提供廣泛的太空基礎設施、系統、子系統和組件組合。其次，為人類在太空中永久生活和工作提供所需的基礎設施和技術。最後，協助國際航太盟友發展有機太空能力。 2022 年，我們在三個關鍵領域取得了許多成功，包括 Redwire 產品在 2022 年的 9 次發射中投入使用，其中 5 次發生在第四季度；目前國際太空站上有 15 個有效載荷投入運作；員工人數已超過 700 人，分佈在美國和歐洲的 11 個設施中。

Please turn to slide 7. Looking back, the fourth quarter of 2022 was the most successful quarter in Redwire's history. Our revenues of $53.7 million were the highest of any quarter today. We ended the quarter in the full year with the total backlog of $465.1 million. We closed on our acquisition of Space NV, our second global acquisition. And our adjusted EBITDA for the fourth quarter of 2022 improved by over 47.5% versus the third quarter of 2022. And we launched 11 products and capabilities on those five Q4 launches I mentioned previously, it was a great quarter.

請翻到第7張投影片。回顧過去，2022年第四季是Redwire史上最成功的季度。我們的營收達到5,370萬美元，創下了當季以來的最高紀錄。截至本季度，全年累計訂單總額達4.651億美元。我們完成了對Space NV的收購，這是我們的第二筆全球收購。 2022年第四季的調整後息稅折舊攤提前利潤（EBITDA）較2022年第三季成長了47.5%以上。在我之前提到的五次第四季發表會上，我們推出了11款產品和功能，這是一個非常出色的季度。

Please turn to slide 8. Starting with backlog. I am very pleased to report that backlog has grown by 71.2% from the end of 2021 to December 31, 2022. As you can see at the end of 2021, our total backlog was a very respectable $271.6 million. Based on strong demand for our products and services, total backlog grew to $465.1 million at the end of 2022. This was an outstanding achievement on both an absolute and percentage basis and has given us significant momentum heading into 2023.

請翻到第8張幻燈片。首先是待辦訂單。我很高興地報告，從2021年底到2022年12月31日，待辦訂單增加了71.2%。如各位所見，2021年底，我們的待辦事項訂單總額達到了可觀的2.716億美元。由於市場對我們產品和服務的強勁需求，2022年底，待辦訂單總額成長至4.651億美元。無論從絕對值或百分比來看，這都是一項傑出的成就，並為我們邁向2023年提供了巨大的動力。

Please turn to slide 9. 2022 was a record year for Redwire. For the full-year 2022, we grew Redwire's total revenue by 16.7%. This revenue growth was achieved across a highly diversified base of long-term government contracts and marquee commercial customers with strong financial backing such as Boeing, Lockheed Martin, and many others. This diversity and resiliency gives Redwire a stable foundation for our future growth.

請翻到第9張投影片。 2022年是Redwire創紀錄的一年。 2022年全年，Redwire的總營收成長了16.7%。這一收入成長得益於高度多元化的長期政府合約以及擁有雄厚資金支持的大型商業客戶，例如波音、洛克希德·馬丁等。這種多元化和韌性為Redwire未來的成長奠定了堅實的基礎。

Please turn to slide 10. So where did this revenue come from? Here at Redwire, we are a key mission enabler for our customers across their most important missions. For our most recent Q4 2022, the next few slides highlight just a few examples of successes that underscore the importance of our capability. For example, in Q4, two additional Redwire Roll-Out Solar Arrays or ROSAs were installed on the International Space Station, bringing the total to four of our ROSAs providing critical power to that key international capability, and there are more on the way in 2023. That is a great example of how we are providing results now, not just in the future.

請翻到第10張投影片。那麼，這些收入從何而來？在Redwire，我們是客戶執行其最重要任務的關鍵推動者。對於我們最近的2022年第四季度，接下來的幾張投影片將重點介紹一些成功案例，這些案例凸顯了我們能力的重要性。例如，在第四季度，國際太空站又安裝了兩個Redwire滾裝式太陽能電池陣列（ROSA），使我們的ROSA總數達到四個，為這項關鍵的國際能力提供關鍵電力，並且還有更多ROSA將在2023年投入使用。這是一個很好的例子，說明我們現在正在提供成果，而不僅僅是在未來。

On the bottom of slide 10, we are highlighting how current flight heritage leads to future opportunities as we have been chosen to be a trusted provider of power on the lunar surface in the future. As we previously announced in Q4, Redwire was selected by the Astrobotic's VSAT program to provide a retractable, vertical solar array that will rise to a height of 32 feet. This program is key to enabling critical power infrastructure on the surface of the moon.

在第10張投影片的底部，我們重點介紹了當前的飛行經驗如何帶來未來的機遇，因為我們已被選為未來月球表面值得信賴的電力供應商。正如我們之前在第四季度宣布的那樣，Redwire已被Astrobotic的VSAT項目選中，為其提供可伸縮的垂直太陽能電池陣列，該陣列將升至32英尺（約9.6米）。該項目對於在月球表面建造關鍵的電力基礎設施至關重要。

Please turn to slide 11. On November 16, 2022, the United States once again made space history with the launch of Artemis I, and as one would expect, Redwire was on board as part of this history-making team. Redwire provided the Orion capsule a total of 11 internal and external cameras, which is why we refer to Redwire as the eyes of Orion. And those cameras supported the entire 268,563-mile journey without fail. This was the farthest distance traveled by a spacecraft designed for human transportation to date.

請翻到第11張投影片。 2022年11月16日，美國再次創造了太空歷史，發射了阿爾忒彌斯一號（Artemis I），不出所料，紅線公司（Redwire）也參與了這支創造歷史的團隊。紅線公司為獵戶座太空船提供了總共11個內外攝影機，因此我們稱紅線公司為獵戶座太空船的眼睛。這些攝影機無一失地支援了整個268,563英里的旅程。這是迄今為止用於載人航天的太空船飛行的最遠距離。

And Redwire's cameras clearly demonstrated why we are the trusted optics for the mission. Those amazing images sent back from the Redwire cameras on Orion will inspire generations to come, and we look forward to being part of the team on future Artemis missions.

Redwire 相機清楚證明了我們為何是這項任務值得信賴的光學供應商。獵戶座太空船上 Redwire 相機發回的那些令人驚嘆的影像將激勵後代，我們期待成為未來阿爾忒彌斯任務團隊的一員。

Please turn to slide 12. As I mentioned at the beginning of this presentation, Redwire is a leader when it comes to facilitating man's ability to explore, live, and work in space. And in doing so, we are on the cutting edge of microgravity research with the potential to significantly change our lives here on earth. For example, Redwire has the first bioprinter permanently installed on the ISS. And in Q4, we launched a mission to use our BioFabrication Facility to print a meniscus, a critical part of the knee, which will spend a total of 14 days being cultured in an advanced science experiment process that was also provided by Redwire. This research is an important step towards understanding how microgravity may be the key to unlocking the future production of bio-structures that could revolutionize healthcare, and Redwire is at the forefront.

請翻到第12張投影片。正如我在演講開頭提到的，Redwire在促進人類探索、生活和在太空工作方面處於領先地位。正因如此，我們處於微重力研究的前沿，並有可能顯著改變我們在地球上的生活。例如，Redwire擁有第一台永久安裝在國際太空站的生物印表機。在第四季度，我們啟動了一項任務，利用我們的生物製造設備列印半月板（膝蓋的關鍵部位），該半月板將在Redwire提供的先進科學實驗過程中進行為期14天的培養。這項研究是理解微重力如何成為未來生物結構生產的關鍵，從而徹底改變醫療保健領域的重要一步，而Redwire正處於這一領域的前沿。

Please turn to slide 13. Successfully bringing agriculture to space will be critical to unlocking humanity's ability to explore, live, and work far away from earth for long periods of time. And Redwire is working on the key. In Q4, aboard Northrop Grumman CRS-18 commercial resupply to the ISS, 240 seeds were sent to space for our Plant Habitat-03 investigation, which will spend 91 days growing inside the habitat. The information gleaned from this experiment is helping establish the foundations of knowledge necessary to take space agriculture to large scale production. Understanding agriculture and microgravity is important to building a permanent human presence in space. And I'm confident that as we learn to grow plants in space, we will also collect data that will help grow plants more effectively here on earth along the way.

請翻到第13張投影片。成功將農業帶入太空對於人類長期在遠離地球的地方探索、生活和工作的能力至關重要。 Redwire 正在研究這項關鍵技術。第四季度，諾斯羅普·格魯曼公司的 CRS-18 商業補給飛船將 240 顆種子送入太空，用於我們的「植物棲息地-03」 (Plant Habitat-03) 調查，這些種子將在棲息地內生長 91 天。從這項實驗中收集的資訊有助於奠定將太空農業推向大規模生產所需的知識基礎。了解農業和微重力對於人類在太空永久駐紮至關重要。我相信，隨著我們學習如何在太空種植植物，我們也將收集數據，這些數據將有助於在地球上更有效地種植植物。

Please turn to slide 14. Of course, space is an international endeavor and to underscore the amazing programs and complementary capabilities of our newest members of the Redwire team, I would like to highlight a Space NV program that launched in Q4 aboard the SpaceX CRS-26 mission to the International Space Station called T-Paola. T-Paola is an experiment that was designed and built by Redwire Space NV in Belgium that will try to determine new principles for the control of solid particles in liquids. It leverages the Space NV Selectable Optic Diagnostic Instrument that has investigated over 30 liquids in space over the past 13 years. That is some incredible space heritage.

請翻到第14張投影片。當然，太空探索是一項國際事業。為了強調我們Redwire團隊新成員的卓越專案和互補能力，我想重點介紹Space NV的T-Paola專案。該專案於第四季搭載SpaceX CRS-26國際太空站任務發射。 T-Paola是由比利時Redwire Space NV設計和建造的實驗，旨在探索控制液體中固體顆粒的新原理。它利用了Space NV的可選光學診斷儀器，該儀器在過去13年中已在太空中研究了30多種液體。這真是一項了不起的太空遺產。

Please turn to slide 15. As you can see, the acquisition of European base Space NV in Q4 2022 has significantly expanded Redwire's global footprint and scope of business. Space NV has a deep portfolio of highly synergistic and complementary core space infrastructure offerings and add significant heritage with over 100 missions for human spaceflight, satellites, and interplanetary exploration and over 35 years of on-orbit experience. Space NV's 2022 revenue was approximately $58.9 million, adding $11.7 million to our annual revenue between the closing of the acquisition on October 31 and the end of 2022.

請翻到第15張投影片。如您所見，2022年第四季度收購歐洲基地Space NV顯著擴展了Redwire的全球業務範圍和佈局。 Space NV擁有豐富的高度協同和互補的核心空間基礎設施產品組合，並擁有超過100次載人航天、衛星和行星際探索任務以及超過35年的在軌經驗，這些都為Redwire增添了寶貴的傳承。 Space NV 2022年的營收約為5,890萬美元，在10月31日收購完成至2022年底期間，我們的年收入增加了1,170萬美元。

Please turn to slide 16. As I mentioned, Q4 was a strong finish to a record year at Redwire setting us up for continued success in 2023. In 2022, we had a book-to-bill ratio of 2.04 and contracted backlog more than doubled growing by 124%, leading to a total backlog at the end of 2022 of $465.1 million. This gives us confidence in our future growth and stability.

請翻到第16張投影片。正如我之前提到的，Redwire第四季業績強勁收官，為創紀錄的一年畫上了圓滿的句號，為2023年持續取得成功奠定了基礎。 2022年，我們的訂單出貨比為2.04，合約未完成訂單量增加了一倍多，成長了124%，截至2022年底，總未完成訂單量達到4.651億美元。這讓我們對未來的成長和穩定充滿信心。

With that, I'd now like to turn the call over to Jonathan Baliff, Redwire's Chief Financial Officer. And following Jonathan's remarks, I'll provide a few closing thoughts and then we'll open the call for questions and answers. Jonathan?

現在，我想將電話會議交給 Redwire 財務長 Jonathan Baliff。喬納森發言結束後，我會做幾點總結，然後開始問答環節。喬納森？

Thank you, Pete. Please turn to Slide 18. Similar to last quarter, I will help provide financial detail on a number of the commercial and operational 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, key takeaways for the full-year 2022.

謝謝Pete。請翻到第18張幻燈片。與上一季類似，我將提供Pete剛才提到的一些商業和營運主題的財務細節，包括：第一，關鍵的財務要點，首先是右側圖表中的季度收入，然後是其他季度財務資訊。第二，2022年全年的關鍵要點。

Key points to reiterate from Pete's discussion for this financial highlight, one, Redwire continues to execute for our government and marquee customers with critical improvement space infrastructure and payloads including the Space NV T-Paola science experiment, iROSA power solutions, Artemis camera systems, and the BioFabrication facility. These and other infrastructure solutions, systems, and payloads created record fourth-quarter 2022 and full-year revenue even without the contribution of Space NV.

Pete 在本次財務亮點討論中需要重申的要點是：第一，Redwire 繼續為我們的政府和重要客戶提供關鍵的改進型空間基礎設施和有效載荷，包括 Space NV T-Paola 科學實驗、iROSA 電源解決方案、Artemis 攝影系統和 BioFabrication 設施。即使沒有 Space NV 的貢獻，這些以及其他基礎設施解決方案、系統和有效載荷也創造了 2022 年第四季度和全年創紀錄的收入。

And, two, speaking of Space NV, Redwire closed this financially accretive transaction in less than a month on October 31, 2022, adding to our revenue diversification with more government and marquee customers and improving our financial performance as we continue to scale and create more operating leverage into this business for 2023. Three, demand for Redwire infrastructure is leading to record growth in our total backlog and in particular our contracted backlog for this quarter.

其次，談到 Space NV，Redwire 於 2022 年 10 月 31 日在不到一個月的時間內完成了這筆財務增值交易，透過更多的政府和大型客戶增加了我們的收入多元化，並提高了我們的財務業績，因為我們將繼續擴大規模並為 2023 年的這項業務創造更多的營運槓桿。第三，對 Redwire 基礎設施的需求導致我們的總積壓訂單，特別是本季的合約積壓訂單創下歷史新高。

And finally, the addition of approximately $81 million in capital and improved free cash flow in the fourth quarter, Redwire strengthened our balance sheet and created a record high liquidity position going into 2023. As you can see from the chart on the right, we had $53.7 million for fourth-quarter 2022 revenue versus $37.2 million for the third quarter, representing an increase of 44.2% on a sequential basis. This demonstrates progression of improved quarterly revenue and led to a 63.4% increase in Q4 2020 revenue versus the first quarter of 2022.

最後，Redwire 在第四季度新增了約 8,100 萬美元的資本，並改善了自由現金流，這增強了我們的資產負債表，並在 2023 年創造了創紀錄的高流動性。如右圖所示，2022 年第四季我們的營收為 5,370 萬美元，而第三季為 3,720 萬美元，季增 44.2%。這表明季度收入持續成長，並使得 2020 年第四季的營收較 2022 年第一季成長了 63.4%。

Our fourth-quarter revenue of $11.7 million was provided by Space NV since October 31 as Pete said. Our fourth-quarter revenue also benefited from the $91.2 million in fourth-quarter contract additions to total backlog, and these were in addition to the $109.8 million of backlog that we acquired with Space NV. An example of this increase is one of the largest power supply infrastructure contracts in Redwire history, providing $5.5 million in revenue in the fourth quarter alone. Now excluding the $11.7 million of revenue contributed by Space NV, our fourth-quarter revenues were still a record $42 million.

正如Pete所說，我們第四季1170萬美元的收入來自Space NV自10月31日以來提供的服務。第四季的營收也得益於第四季新增的9,120萬美元合同，這筆合約是在我們與Space NV簽訂的1.098億美元訂單之外的。 Redwire史上最大的電力供應基礎設施合約之一就是這一成長的一個例子，光是第四季就帶來了550萬美元的收入。即使不計Space NV貢獻的1,170萬美元收入，我們第四季的營收仍然達到了創紀錄的4,200萬美元。

Please turn to slide 19. Our full-year 2022 saw higher revenues on a year-over-year basis, $160.5 million for full-year 2022 versus $137.6 million for full-year 2021, and this represents an increase of 16.7% on a year-over-year basis. Year-over-year increases in revenue were from all three of our primary customer types, civil, national security, and commercial with 86.2% of our revenues coming from government and marquee customers. The year-over-year increase in revenues included contributions from Redwire's Indiana business unit as well as infrastructure revenue from the deployables and engineering solutions space.

請翻到第19張投影片。我們2022年全年的營收年增，達到1.605億美元，2021年全年為1.376億美元，年增16.7%。營收年增主要來自我們三大主要客戶類型：民用、國家安全和商業，其中86.2%的收入來自政府和大型客戶。營收年增率包括Redwire印第安納州業務部門的貢獻，以及可部署設備和工程解決方案領域的基礎設施收入。

As previously noted, Space NV provided a $11.7 million to yearly growth since October 31, 2022. Without this contribution, you would've seen an increase of 8.2% on a year-over-year basis, and this growth would've been even better, but was partially offset by the inflation and supply chain pressures that we spoke about on our third-quarter call. And this resulted in an unfavorable EAC adjustment primarily in the Mission Solutions Reporting Unit.

如前所述，Space NV自2022年10月31日起每年貢獻1,170萬美元的成長。如果沒有這筆貢獻，年成長率應該會達到8.2%，甚至可能更高，但這些成長被我們在第三季電話會議上提到的通貨膨脹和供應鏈壓力部分抵消了。這導致了EAC的不利調整，主要體現在任務解決方案報告部門。

Customer adversity allows Redwire to absorb these declines in one customer type due to improved performance and another customer type, especially now that our customer types include a larger portion from Europe. But even if it excluded the Space NV contribution from 2022 revenues as if the acquisition had not occurred, Redwire would still have achieved revenues of $148.9 million, well within our full-year 2022 revenue guidance of $140 million to $155 million. And this is also significant growth on a US GAAP basis for the past number of years. It is important to note that we have seen a 98.3% compounded annual growth rate in GAAP revenues since the end of 2020.

客戶逆境使得Redwire能夠吸收由於業績提升而在一類客戶和另一類客戶中產生的收入下滑，尤其是在我們的客戶類型中，歐洲客戶佔比更大的情況下。即使將Space NV的貢獻從2022年收入中剔除，如同收購未發生一樣，Redwire仍將實現1.489億美元的收入，遠低於我們2022年全年1.4億至1.55億美元的收入預期。而且，根據美國通用會計準則（GAAP）計算，過去幾年的GAAP收入也實現了顯著成長。值得注意的是，自2020年底以來，我們的GAAP營收年複合成長率高達98.3%。

Please turn to slide 20. Before I discuss our quarterly improvement in adjusted EBITDA in fiscal year 2022 shown on this slide on the right-hand chart, I'd like to briefly comment on our net income, net loss results. Although we did have an increase in our GAAP net loss during the fourth quarter to $25.9 million, this was primarily driven by a $16.2 million non-cash impairment charge. In addition, for the full-year 2022, the net loss of $130.6 million as compared to the net loss of $61.5 million for the full year of 2021 includes a $96.6 million non-cash impairment expense, which did not occur in the full year of 2021. And this non-cash impairment expense was primarily in our Mission Solutions unit.

請翻到第 20 張投影片。在我討論右側圖表中顯示的 2022 財年調整後 EBITDA 的季度改善之前，我想簡要評論一下我們的淨收入和淨虧損結果。雖然我們的第四季 GAAP 淨虧損確實增加到 2,590 萬美元，但這主要是由於 1,620 萬美元的非現金減損費用。此外，2022 年全年淨虧損為 1.306 億美元，而 2021 年全年淨虧損為 6,150 萬美元，其中包括 9,660 萬美元的非現金減損費用，這筆費用在 2021 年全年沒有發生。這筆非現金減損費用主要來自我們的任務解決方案部門。

Now turning to quarterly adjusted EBITDA improvement in 2022, which again is on the right-hand chart. You can see a 47.5% sequential quarterly improvement in adjusted EBITDA in the fourth quarter demonstrating the positive momentum we spoke about last year. We also saw an 83.4% improvement from the beginning of 2022, and this is due to a number of factors including; first, higher revenues due to new contract wins; second, an improved mix of larger and higher gross margin contracts, much of it in our deployable and components lines of business; and third, the streamlining of our corporate overhead following investments over the past 18 months, which continue to drive down SG&A on an absolute and percentage of revenue basis now at 30.8% versus 50.7% in the fourth quarter of 2021 and the 63.7% from our first quarter of 2022.

現在來看看2022年季度調整後的EBITDA成長情況，這也出現在右側圖表中。您可以看到，第四季度調整後的EBITDA環比增長了47.5%，展現了我們去年提到的積極勢頭。與2022年初相比，我們還實現了83.4%的增長，這得益於以下幾個因素：首先，由於贏得了新合同，收入有所增加；其次，更大、毛利率更高的合同組合有所改善，其中大部分來自我們的可部署和組件業務線；第三，在過在前往18個月的投資之後，我們精簡了公司管理費用，這繼續推動銷售、一般及行政費用（SG&A）的絕對值和占收入的百分比下降，目前為30.8%，而2021年第四季為50.7%，2022年第一季為63.7%。

This adjusted EBITDA improvement was impacted by the same inflation and supply chain pressures that resulted in unfavorable EAC adjustments and increased production costs primarily in our Mission Solutions Reporting Unit, so we would see even more improvement in EBITDA in the fourth quarter.

調整後的 EBITDA 改善受到相同的通貨膨脹和供應鏈壓力的影響，導致 EAC 調整不利以及生產成本增加（主要在我們的任務解決方案報告部門），因此我們將在第四季度看到 EBITDA 的進一步改善。

Space NV provided $0.6 million contribution to adjusted EBITDA, but even if you exclude the Space NV contribution from 2022 adjusted EBITDA as if the acquisition had not occurred, Redwire would still have achieved adjusted EBITDA loss of $11.6 million within the 2022 guidance range of negative $13 million to negative $6 million provided.

Space NV 為調整後的 EBITDA 貢獻了 60 萬美元，但即使將 Space NV 的貢獻從 2022 年調整後的 EBITDA 中排除（就好像沒有發生收購一樣），Redwire 仍將實現 1160 萬美元的調整後 EBITDA 虧損，在 2022 年期間。

Please turn to slide 21. Let's discuss free cash flow, liquidity, and balance sheet improvement for the fourth quarter. As we did on the third quarter call 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 onetime items, cash as cash. As you can see during the fourth-quarter 2022, free cash flow consumption was improved 56% to a use of cash of $5.5 million compared to the third-quarter 2022 of $12.6 million.

請翻到第21張投影片。讓我們來討論一下第四季的自由現金流、流動性和資產負債表改善。正如我們在第三季電話會議上左側圖表中所做的那樣，我們展示了自由現金流。提醒一下，自由現金流是基於我們的營運現金流量和資本支出（未調整一次性項目）的視角，即現金即現金。如您所見，2022年第四季的自由現金流消耗量提高了56%，達到550萬美元，而2022年第三季的現金使用量為1260萬美元。

Much of this improvement sequentially this quarter is due to the improvements in sequential revenue and adjusted EBITDA that I already spoke about. Redwire management remains focused on accelerating the improvement trend in our free cash flow. As we have noted, we continue and improve our free cash flow while we execute on the growth of our $465.1 million of backlog.

本季環比成長很大程度上得益於我之前提到的環比收入和調整後EBITDA的改善。 Redwire管理階層仍致力於加速自由現金流的改善趨勢。正如我們所指出的，我們在持續改善自由現金流的同時，也實現了4.651億美元積壓訂單的成長。

On the right hand chart, we show our available liquidity as of December 31, 2022, which totaled $53.3 million, a record amount on a quarterly and year-end basis achieved through excellent cash management and the $81.25 million equity financing that both financed the Space NV acquisition and also strengthened our balance sheet. With $28.3 million in cash and $25 million in available borrowings under our credit facilities, Redwire entered 2022 with a stronger balance sheet and record liquidity.

右側圖表顯示了截至2022年12月31日的可用流動資金總額，為5330萬美元，創下了季度和年末的最高紀錄，這得益於我們出色的現金管理和8125萬美元的股權融資。這筆融資不僅為Space NV的收購提供了資金，也增強了我們的資產負債表。憑藉2830萬美元的現金和2500萬美元的信貸額度下的可用借款，Redwire在2022年邁入了更強勁的資產負債表和創紀錄的流動性。

Please turn to slide 22, and I will now turn the presentation back to Pete to provide an outlook for 2023. Pete?

請翻到第 22 張投影片，現在我將簡報交還給 Pete，讓他對 2023 年做出展望。 Pete？

Thanks, Jonathan. Please turn to slide 23 for a brief 2023 outlook for what Redwire management sees as continuing the performance momentum for 2022.

謝謝，喬納森。請翻到第23張投影片，簡單回顧Redwire管理階層對2023年業績的展望，看看他們如何看待2022年業績的持續成長動能。

Our most recent fourth quarter was a strong finish to the year with record revenues, improvements in gross profit, adjusted EBITDA and free cash flows, and a strong end-of-year backlog. As a result for 2023, 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.

我們最近的第四季業績強勁收官，營收創歷史新高，毛利、調整後EBITDA和自由現金流均有所提升，年末訂單量也十分可觀。因此，我們預計2023年全年營收將在2.2億美元至2.5億美元之間，以區間中位數計算，年增46%。

With that, I'd like to thank all the Redwire employees for a fantastic year and a record quarter. Thank you for working hard across the world to accelerate humanity's expansion into space. And thank you all. We will now open the floor to questions.

最後，我要感謝所有Redwire員工，感謝他們度過了精彩的一年，並創造了創紀錄的季度業績。感謝你們在世界各地辛勤工作，加速人類向太空的擴張。謝謝大家。現在開始提問。

(Operator Instructions) Greg Konrad, Jefferies.

（操作員指示）Greg Konrad，Jefferies。

Maybe just to start a couple things around the outlook that you ended with, first just in terms of Space NV, how are you thinking about the incremental contribution to 2023?

也許只是為了圍繞您最後提出的展望談幾件事，首先就 Space NV 而言，您如何看待 2023 年的增量貢獻？

Yeah, so we don't really break it out going forward in 2023. But what I can tell you is that at the time of closing the acquisition for Space NV on October 31, their contracted backlog was $109 million. And at the end of 2022 in December 31, it had already grown to $128 million in contracted backlog. So we like the direction that Space NV is headed, and we think they're going to be a strong contributor to the overall Redwire going forward in 2023.

是的，所以我們不會在2023年公佈具體數據。但我可以告訴你的是，在10月31日完成對Space NV的收購時，他們的合約未完成訂單金額為1.09億美元。而到2022年底，也就是12月31日，他們的合約未完成訂單金額已經成長到1.28億美元。所以我們看好Space NV的發展方向，我們認為他們將在2023年為Redwire整體業務做出重要貢獻。

And then just staying on revenues, I mean, how are you thinking about backlog conversion? If I look at the organic revenues in 2022, they were actually above the starting point of contracted backlog, 2023 outlook it lags the backlog a bit, including the acquisition contribution. Has backlog conversion maybe shifted a bit with the acquisition or just maybe some of the contracts that you saw in 2022?

再說說收入，您怎麼看待積壓訂單轉換率？如果我看一下2022年的有機收入，它們實際上高於合約積壓訂單的起點，但2023年的展望略低於積壓訂單，包括收購貢獻。積壓訂單轉換率是否可能隨著收購或您在2022年看到的一些合約而有所變化？

Yeah, no, that's a great observation and a great question. So some of it is the nature of having a really high book-to-bill. We've been booking a lot of revenue this year at a faster pace. And some of it is the nature of our contracts, as we've talked about in previous calls. Redwire has the ability to win large multi-year contracts comparatively to our revenue. So what I think you're also starting to see is a trend towards larger contracts in the backlog that span multiple years.

是的，不，這是一個很好的觀察，也是一個很好的問題。所以，部分原因是訂單出貨比非常高。我們今年的營收成長速度很快，而且很多。部分原因是我們合約的性質，正如我們在之前的電話會議中討論過的。比起我們的收入，Redwire 有能力贏得大型多年合約。所以，我認為你也開始看到，積壓合約中跨度多年的大型合約趨勢越來越明顯。

Greg, just take a look -- if I may, Pete just take a look at our last 12 months backlog entering 2022, it was approximately 1.2 it now stands at 2, and we're also starting to see, again, I want to reiterate in third quarter, we did say there were going to be delays into the fourth quarter. That actually happened, so you're seeing a bit of a quick return from backlog into that fourth quarter. Again, we're viewing this as a much better entry into 2023 than we entered 2022, both from a backlog and then obviously a revenue standpoint.

格雷格，請看一下——如果可以的話，皮特，請看一下我們進入2022年之前的12個月的積壓訂單量，之前大約是1.2，現在是2。而我們也開始看到，我想再次重申一下，在第三季度，我們確實說過第四季會有延遲。這確實發生了，所以你會看到積壓訂單在第四季度迅速回升。同樣，我們認為這是一個比進入2022年更好的2023年開局，無論是從積壓訂單量還是收入的角度來看。

That's helpful. And then you guided for EBITDA last year, you didn't guide this year. You did call out, some gross margin improvement and operating leverage. And if you look at 2022, you had a nice progression towards breakeven, does that carry into 2023? Or how are you thinking about profitability for this year?

這很有幫助。您去年對EBITDA做出了預期，但今年沒有。您確實提到了毛利率和營運槓桿的提升。展望2022年，您朝著損益平衡邁出了不錯的步伐，這種勢頭會延續到2023年嗎？或者您如何看待今年的獲利能力？

Yeah, no, great question. So the momentum definitely carries into 2023. We are very focused on controlling our costs, increasing our gross margins. And although we don't make a forecast for 2023, we expect to continue to drive that trend forward.

是的，這個問題問得好。所以這種勢頭肯定會延續到2023年。我們非常注重控製成本，提高毛利率。雖然我們沒有對2023年做出預測，但我們預計會繼續推動這一趨勢。

Would you expect it to be at least positive for 2023 or not committing to that?

您是否預期 2023 年至少會出現正面變化，還是不會做出承諾？

Well, not committing, because obviously there's a number of different investments opportunities that can come along the way in 2023. But we are very focused on profitability as a company overall. And we've been able to demonstrate now, as you pointed out in 2022 to the ability to continue to drive in that direction. And we have no intention of letting up on that.

嗯，我還沒做出承諾，因為2023年顯然有很多不同的投資機會。但我們非常注重公司整體的獲利能力。正如您在2022年指出的那樣，我們現在已經能夠證明我們有能力繼續朝著這個方向努力。我們不會放棄。

And then, I mean, somewhat tied to that, I know you don't guide to cash, but when you just think about the cost of growth, I mean, you highlighted the strong liquidity coming into this year. How do you maybe think about some of the drivers of cash, whether it's working capital to support growth CapEx in general or just how you're thinking about the moving pieces of cash?

然後，我的意思是，與此相關的是，我知道您不關注現金，但當您只考慮成長成本時，我的意思是，您強調了今年強勁的流動性。您如何看待現金的一些驅動因素，無論是支持成長的營運資本支出，還是您如何看待現金的流動部分？

I'll give a quick answer, then I'll turn it over to Jonathan. I mean, again, we're very focused on being good stewards of cash, especially in the current environment. And but we do have investments that we're making as well. So we keep a close eye on it. Fundamentally because of the way Redwire is built up with revenues in the hundreds of millions of dollars with a lot of space heritage with long-term contracts, many of them government contracts, we feel pretty good about our ability to maintain liquidity. And that's basically the way we look at it going forward.

我先簡單回答一下，然後交給喬納森。我的意思是，我們非常注重做好現金管理，尤其是在當前環境下。但我們也確實在進行投資。所以我們會密切注意。從根本上來說，由於Redwire的營運模式，公司擁有數億美元的收入，以及豐富的太空資源和長期合同，其中許多是政府合同，我們對維持流動性的能力非常有信心。這基本上也是我們對未來的看法。

Jonathan, I don't know if you have anything?

喬納森，不知道你有什麼事嗎？

Yes, I think there's three things I would talk about. I mean, look at our operational cash flow and the way that we manage that. We paid down actually a lot of AP. We ended up having on a net cash basis a much better balance sheet. And so we're going to continue to work that our contracts and working our contracts, we want to receive a large amount of the cash upfront as we go and do the manufacturing of the infrastructure and the -- a number of our different solutions.

是的，我想談三件事。我的意思是，看看我們的營運現金流以及我們管理現金流的方式。我們實際上償還了很多應付帳款。最終，我們在淨現金基礎上擁有了更好的資產負債表。因此，我們將繼續履行合同，我們希望在進行基礎設施製造以及各種不同解決方案的過程中，能夠預先收到大量的現金。

So we're very focused on making sure we get a lot of that cash up front. So we're not only converting the backlog to revenue and obviously positive adjusted EBITDA and then free cash flow and then net income. So we're very focused on that as we move forward. We demonstrated that in the fourth quarter, and we're going to continue to drive towards that through the year.

因此，我們非常注重確保預先獲得大量現金。我們不僅要將積壓訂單轉換為收入，還要實現調整後息稅折舊攤提前利潤（EBITDA）、自由現金流和淨利。因此，我們在未來的發展中將非常重視這一點。我們在第四季就已展現出這一點，並將在全年繼續努力實現這一目標。

And then, sorry for all the questions, but maybe just sneak one last one in. The $1 billion of submitted bids that you called out in the presentation, is that what is outstanding? And then, I mean, how do you think about bidding strategy and any color around win rates, or what you're seeing? And then tied to that, any target for book-to-bill for 2023?

然後，抱歉問了這麼多問題，不過我還是想偷偷問最後一個問題。您在演示中提到的10億美元投標，是尚未完成的部分嗎？然後，您如何看待投標策略？得標率方面有什麼變化嗎？或者說，目前看到的情況如何？此外，2023年的訂單出貨比目標為何？

So the $1 billion refers to the number of bids that were submitted in various stages. We don't track exact win rates, but if you look at off of $1 billion, having contracted a backlog somewhere between $300 million, $400 million, our win rates are roughly hovering between 30% to 40%. And that's what we would expect from a company like ourselves. We really don't have a hard target for book-to-bill. But in order for us to achieve our forecast, you can do the math, and we want a book-to-bill at least over 1.2.

10億美元指的是各個階段提交的投標數量。我們沒有追蹤特定的得標率，但如果以10億美元為例，我們目前已簽約的訂單量在3億到4億美元之間，中標率大約在30%到40%之間。這正是我們對像我們這樣的公司的預期。我們對訂單出貨比並沒有一個硬性目標。但為了達到我們的預測，你可以算一下，我們希望訂單出貨比至少超過1.2。

Thank you.

謝謝。

And that would be on a LTM basis.

這將是基於 LTM 的。

Griffin Boss, B. Riley Securities.

Griffin Boss，B. Riley 證券。

Maybe just one for me, I think. So taking a step back, can you guys give any color on commercial space station opportunities and whether you're already in discussions with those who are building out commercial space stations to replace the ISS? Or is it too early to really say?

我想，對我來說可能只有一個。那麼退一步來說，你們能否透露一下商業太空站的機會？你們是否已經與那些正在建造商業太空站來取代國際太空站的人進行了討論？還是現在下結論還太早？

Yes, no, really appreciate you joining the call. We are absolutely engaged on commercial space stations. If you'll look at the history of Redwire with 15 facilities, payloads currently operating on the International Space Station, some of the ones that I highlighted in a call today, we're one of the very few companies that actually have the experience with the outfitting of meaningful content on space stations. So we are not exclusive to any single commercial space station provider, there are a handful of them that are all very credible out there. We see that as a really excellent trend for Redwire because, again, after those stations get on orbit, we're the ones who have the meaningful content, the microgravity research, the biotechnology capabilities, the materials, the 3D printing that are going to make those space stations successful ultimately. That's just on our payload side.

是的，非常感謝你參加電話會議。我們正全力投入商業太空站的建設。如果你回顧Redwire的歷史，它擁有15個設施和有效載荷，目前在國際太空站上運行，其中一些我在今天的電話會議上重點提到過，我們是極少數真正擁有為空間站配備有意義內容經驗的公司之一。因此，我們並非只與任何一家商業太空站供應商合作，其中有些都非常可靠。我們認為這對Redwire來說是一個非常好的趨勢，因為在這些太空站進入軌道後，我們擁有有意義的內容、微重力研究、生物技術能力、材料和3D列印技術，最終將使這些太空站取得成功。這還只是在有效載荷方面。

In addition to that, I highlighted that we have the ROSAs, the Roll-Out Solar Arrays on the International Space Station. We're also actively engaging with the commercial LEO space station providers on key mission-enabling subsystems like ROSA to enable the power for their systems, as well as other critical subsystems to make those commercial space stations viable as well.

除此之外，我還強調了我們在國際太空站上安裝了ROSA（滾出式太陽能電池陣列）。我們也積極與商業低地球軌道太空站供應商合作，開發ROSA等關鍵任務使能子系統，為他們的系統提供電力，以及其他關鍵子系統，以確保這些商業太空站也能正常運作。

Got it. Excellent. Thanks for that, Peter. And maybe I'll just sneak one in, apologies if I missed this. Did you guys break out the end customer group for your backlog number? Is that going to be heavily weighted to government customers as well?

明白了。太好了。謝謝你，彼得。也許我可以偷偷加一句，如果我漏掉了，請見諒。你們的積壓訂單量有沒有分出最終客戶群？政府客戶也會佔很大比重嗎？

So we didn't break it out, but we tend to have a number of government contractors. That's where a lot of the growth in space is occurring. I think, Jonathan, you want to add to that?

我們沒有單獨列出，但我們通常有一些政府承包商。這正是太空領域成長的主要來源。喬納森，你想補充嗎？

Yes, I mean, you obviously see the over 86% in government and marquee client base. I do want to just break out for the full year, you're talking about almost 40% civil, which is government client base, and I'm talking about revenue here. National security grew smartly to 27.4%. And then the commercial is 34%.

是的，我的意思是，你顯然看到了超過86%的份額來自政府和大型客戶群。我想具體看看全年的情況，民用業務（也就是政府客戶群）的份額接近40%，我指的是收入。國家安全業務成長迅猛，達27.4%。商業業務則為34%。

And that commercial, even though they're commercial customers, many of the ultimate contracts are with the government. So we're excited about these marquee government end customers. That backlog you're seeing that grow. And again, one of the differences with the percentages is you're only seeing a smaller percentage in the fourth quarter due to Space NV. Space NV, again, has a mostly government and marquee client with ESA. And so that gives you a sense of how our backlog is developing to that pretty high quality client. Again, even the commercial clients themselves are multi-billion large customers.

儘管他們是商業客戶，但許多最終合約都是與政府簽訂的。因此，我們對這些重要的政府終端客戶感到興奮。您會看到積壓訂單正在增加。再次強調，百分比差異之一是，由於Space NV，您在第四季度看到的百分比較小。 Space NV的主要客戶是政府和ESA。這讓您了解我們的積壓訂單是如何發展成為這些相當高品質的客戶的。同樣，即使是商業客戶本身也是價值數十億美元的大客戶。

Got it. Okay. Great. That's it for me. Thanks for taking my questions. Appreciate it.

明白了。好的。太好了。我的回答就到這裡。感謝您回答我的問題。非常感謝。

Austin Moeller, Canaccord.

奧斯汀·莫勒（Austin Moeller），Canaccord。

Hi, good morning. Nice quarter.

嗨，早安。這個季度過得真愉快。

Thanks, Austin.

謝謝，奧斯汀。

Hey Austin.

嘿，奧斯汀。

Hi. My first question here, can you talk about what specific products in the revenue mix are expected to drive the gross margin improvement in 2023? And I assume you've included inflation costs escalators into the new contracts to improve margins relative to inflation expectations?

您好。我的第一個問題是，您能否談談收入組合中哪些特定產品預計將推動2023年的毛利率提升？我猜您已經將通膨成本自動調整機制納入了新合約中，以提高相對於通膨預期的利潤率？

Yeah. Well, first of all Austin, thanks for joining the call. Glad to have you on. Absolutely right. We're bidding with inflation in mind, and of course, our customers understand they're living the same issue. In terms of gross margin improvements, we're really driving it across the board, right?

是的。首先，奧斯汀，感謝您參加電話會議。很高興您能來。完全正確。我們的投標考慮了通膨因素，當然，我們的客戶也明白他們也面臨同樣的問題。就毛利率的提高而言，我們確實在全面推動，對嗎？

So as we continue to innovate and we have technologies like ROSA, like the cameras that are -- have always had flight heritage, but now have really exceptional flight heritage on the Artemis -- demonstrated flight heritage on the Artemis. These are really differentiated products, so that gives us additional pricing power in the marketplace. So really across all of our product mixes, we're starting to incrementally drive our margins up.

隨著我們不斷創新，我們擁有像ROSA這樣的技術，例如那些一直擁有飛行傳承的相機，現在在Artemis上展現了真正卓越的飛行傳承——在Artemis上展示了其飛行傳承。這些都是真正差異化的產品，這賦予了我們在市場上額外的定價權。因此，在我們所有的產品組合中，我們的利潤率都在逐步提高。

Jonathan, you want to add?

喬納森，你想補充嗎？

Let me give you the specifics here because this is actually a really important -- because it wasn't just a record revenue quarter and you saw the progression, but we started gross margin in Q1 of 2022 at 15.7%. We've grown it pretty significantly through the quarter. And that's including some EAC adjustments that negatively impacted it. So we're talking about getting to greater than 20% gross margins on an all-in basis.

我在這裡給你講具體細節，因為這真的非常重要——因為這不僅僅是一個創紀錄的收入季度，而且你也看到了增長，而且我們在2022年第一季的毛利率為15.7%。整個季度我們的毛利率成長相當顯著。這包括一些對毛利率產生負面影響的EAC調整。所以我們說的是，總毛利率要超過20%。

We'll be providing some more detail as we go into 2023. One thing of note to the investor community is that the nature of our ESA contracts with Space NV generally have them enjoying a very nice EBITDA margin, but some of their gross margins are going to be slightly lower just given the nature of the classification of their cost and sales. So just understand that.

進入2023年，我們將提供更多細節。投資人需要注意的是，我們與Space NV簽訂的ESA合約的性質通常使他們享有非常不錯的EBITDA利潤率，但考慮到其成本和銷售額的分類性質，部分公司的毛利率會略低。所以請理解這一點。

But on the US legacy businesses, you're talking about a very meaningful improvement in gross margins. When you combine that with the operating leverage that we're getting as we scale the business, you're talking about a business that's driving towards profitability, not just on an adjusted EBITDA basis, on a net income basis and free cash flow basis.

但就美國傳統業務而言，您談到的是毛利率的顯著提升。如果將這一點與我們在業務擴張過程中獲得的營運槓桿相結合，那麼您談論的就是一項正在向盈利邁進的業務，這不僅僅是基於調整後的EBITDA，還包括淨利潤和自由現金流。

Okay, that's helpful. And then just to think about 2023, you've got $272 million in the backlog, you expect $275 million in revenue. So considering you have 74% revenue visibility for next year, do you expect most of that existing backlog to convert to revenue this year? How should we think about the timing of that?

好的，這很有幫助。然後想想2023年，你們有2.72億美元的待完成訂單，預計收入為2.75億美元。考慮到你們明年的收入預期為74%，您是否預計大部分現有待完成訂單會在今年轉化為收入？我們該如何考慮這個時機？

Yeah, Austin, let's just get the numbers -- just, again, you're directionally correct. But let's get them right. The contracted backlog more than doubled, 126% increase to $313 million. And then the overall total backlog was $465 million -- greater than $465 million. And so from our standpoint, those are the numbers that we're putting out, Austin. And again, it's a pretty significant increase.

是的，奧斯汀，我們先來看數字——再說一次，你的方向是對的。但我們得把數據弄對。合約未完成訂單增加了一倍多，成長了126%，達到3.13億美元。總未完成訂單金額為4.65億美元——超過了4.65億美元。所以，從我們的角度來看，奧斯汀，這就是我們公佈的數字。再說一次，這是一個相當顯著的成長。

There's no doubt that we are very focused on not just converting that backlog to revenue in 2023. And as Pete has said before, it can be kind of lumpy. Okay, guys. But that being said, we're driving many of those contracts like we did in the fourth quarter to revenue and then obviously ultimately cash flow and profitability.

毫無疑問，我們非常專注於在2023年將積壓訂單轉化為收入，而不僅僅是皮特之前所說的，這其中可能會有一些不確定性。好的，夥計們。但話雖如此，我們正在像第四季度一樣，將許多合約轉化為收入，最終當然是現金流和獲利能力。

Okay. And just one more. Can you go into a little bit more detail about what specific programs are driving the backlog expansion here? Is it mainly iROSA and deployables, or how should we think about the overall percentages of each product line?

好的。還有一點。您能否更詳細地講一下，哪些具體的項目推動了積壓訂單的擴張？主要是iROSA和可部署產品嗎？還是我們應該如何看待每條產品線的整體比例？

Yeah, thanks for that question, Austin. It's actually a key point about Redwire. One of the significant contributors to our stability and our resilience is the fact that no one single program or product or solution is driving over 10% of our revenue. So it's a pretty diverse base of programs collectively that are contributing to both our backlog and our revenue growth.

是的，奧斯汀，謝謝你的提問。這實際上是關於Redwire的一個關鍵點。我們保持穩定性和韌性的一個重要因素是，沒有任何一個專案、產品或解決方案可以貢獻超過10%的收入。所以，我們擁有一個相當多元化的專案基礎，它們共同促進了我們的待辦事項訂單和收入成長。

Jonathan, you want to add anything?

喬納森，你想補充什麼嗎？

No, I gave as percentages on civil, national security, and commercial. They're pretty equal and the nature of our backlog follows that for the most part.

不，我給的是民事、國家安全和商業案件的百分比。它們的比例相當均衡，我們的積壓案件基本上也符合這個比例。

Okay, great. Yeah, thanks for the details on the strong diversification there. Appreciate it.

好的，太好了。是的，謝謝你詳細介紹了那裡的多元化策略。非常感謝。

Suji DeSilva, ROTH MKM.

Suji DeSilva，ROTH MKM。

Hi, Peter. Hi, Jonathan. Congrats on a strong 2022 there.

嗨，彼得。嗨，喬納森。恭喜你2022年取得好成績。

Thank you very much, Suji.

非常感謝，Suji。

Sure. A lot of questions have been asked. Let me ask about manufacturing capacity to think about that broadly for your company. Are you expanding that? Do you have sufficient as CapEx going to that? It seems like a relatively light CapEx budget for 2023, but just wanted to get color there.

當然。已經問了很多問題。我想問一下關於生產能力的問題，以便為貴公司進行一個大致的思考。你們在擴大生產能力嗎？你們的資本支出（CapEx）夠用嗎？ 2023年的資本支出預算似乎相對較低，我只是想簡單介紹一下。

Yeah, no, it's great to have you on the call, and I appreciate the question. We continue to make CapEx investments. We opened a very large facility in Goleta, California in 2022. This facility, I don't know Jonathan, do you have the exact square foot? It's the largest facility.

是的，很高興您來參加電話會議，我很感謝你的提問。我們將繼續進行資本支出投資。我們於2022年在加州戈利塔開設了一家非常大的工廠。這個工廠，Jonathan，我不知道，你知道確切的面積嗎？它是最大的工廠。

It's 52,000 square foot.

面積為 52,000 平方英尺。

Yes, in Goleta, and it'll house the power and propulsion element wings for the Gateway project. So it's a massive manufacturing facility for our solar arrays. But we continue to invest too. We're looking at investing in Longmont. We're doing a CapEx investment in a antenna facility there with a really state-of-the-art RF chamber that's going to enable us to continue to do the testing for antennas for large constellation programs like the SDA tranches and et cetera.

是的，在戈利塔，它將容納Gateway專案的動力和推進元件翼。所以，這是我們太陽能電池陣列的大型製造工廠。但我們也在繼續投資。我們正在考慮在朗蒙特投資。我們正在對那裡的天線設施進行資本支出投資，該設施擁有一個真正先進的射頻暗室，這將使我們能夠繼續為大型星座項目（例如SDA分期付款等）進行天線測試。

But for the most part, we're pretty good, because of the way we grew through acquisition. All of the different building blocks of Redwire came with significant facilities already, which is great for us because we already have the capabilities in-house, and we don't have to make massive investments in manufacturing expansion in order to execute against our backlog.

但總體而言，我們表現還不錯，因為我們是透過收購來實現成長的。 Redwire 的各個組成部分都已經配備了重要的設施，這對我們來說非常好，因為我們內部已經具備了相應的能力，無需為了完成訂單而進行大規模的投資來擴大生產規模。

The other thing important is that our clients pay for a large part. We're not a CapEx intensive company because our contracts pay for a lot of what you consider is the facilities. And getting the facilities prepared for the manufacturing and assembly of power systems and other solutions that we provide. So -- because we have that greater than 86% government and marquee client, a lot of the contracts end up paying for that, which then, again, these are not very depreciated type facilities. And therefore, they can be used over and over again. That provides that operating leverage that we're talking about.

另一件重要的事情是，我們的客戶支付了很大一部分費用。我們並非一家資本支出密集型公司，因為我們的合約支付了大部分設施費用，包括為我們提供電力系統和其他解決方案的製造和組裝做好準備的費用。由於我們擁有超過86%的政府和大型客戶，許多合約最終都會支付這部分費用，而且這些設施的折舊率並不高。因此，它們可以重複使用。這就提供了我們所謂的營運槓桿。

Okay, Peter. That's very helpful. And then maybe last question on the power supply ROSA business. Should we think about any metrics kind of ASP unit metrics like kilowatts, things like that, as a way to model the business going forward? Or is that not the right way to think about these large solar array contracts?

好的，Peter。這很有幫助。最後一個問題是關於供電ROSA業務的。我們是否應該考慮任何指標，例如平均售價（ASP）單位指標，例如千瓦之類的指標，來作為未來業務的模型？或者說，這不是考慮這些大型太陽能電池陣列合約的正確方法嗎？

Correct. That is not the right way to think about the large solar array contracts. The way I would think about the large solar array contracts is in the advantages of the capability associated with having solar arrays that can are flexible enough to be deployed in a small package and then roll out to a much larger package. So when you think about some of the great questions we got about commercial space stations, that's a key advantage from a logistics and implementation perspective.

對。這不是思考大型太陽能電池陣合約的正確方式。我認為大型太陽能電池陣合約的優點在於，它擁有足夠靈活的太陽能電池陣，可以先部署在小型太空站中，然後再擴展到更大的太空站。所以，想想我們收到的一些關於商業太空站的重要問題，從物流和實施的角度來看，這是一個關鍵優勢。

When you think about things like Gateway and the PPE wings that we're building, when you think about the win we had with Astrobotic for VSAT and you think about the future of power infrastructure that is going to be required on the lunar surface in order to sustain a human presence there, this Redwire IP associated with the Roll-Out Solar Arrays is garnering a lot of demand, especially because it has -- I mean, what better use case and flight heritage can you have than having it on the ISS. So I think people are -- when they go to -- when a lot of these very power hungry solution providers come out, they look to Redwire and our proven capabilities. And I think about it that way because it's not a mass manufacturing play of solar arrays across huge constellations.

想想我們正在建造的Gateway和PPE機翼，想想我們與Astrobotic在VSAT領域合作的成功，想想未來在月球表面維持人類生存所需的電力基礎設施，Redwire這項與Roll-Out太陽能電池陣相關的知識產權正在獲得巨大的需求，尤其是因為它——我的意思是，還有什麼比在國際太空站上使用它更好的用例和飛行經驗呢？所以我認為，當許多耗電巨大的解決方案提供者出現時，人們會選擇Redwire和我們經過驗證的能力。我之所以這樣想，是因為它並非在大型星座上大規模生產太陽能電池陣。

Okay. Thanks for taking the questions. Thanks guys.

好的。感謝大家回答問題。謝謝大家。

Thank you.

謝謝。

There are no further questions at this time. I would like to turn the floor back over to Peter for closing comments.

目前沒有其他問題了。我想把發言權交還給Peter，請他做最後總結。

Yeah. Again, I'd just like to thank all of the Redwire employees worldwide for the hard work they do every day for our customers. I'd like to thank our customers for believing in us, and I'd like to thank all of you for joining the call today. And with that, we're signing off. Go Redwire.

是的。再次感謝Redwire全球所有員工每天為客戶辛勤工作。感謝客戶對我們的信任，也感謝各位今天參加電話會議。就這樣，Redwire，我們正式結束。

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

謝謝大家。今天的會議到此結束。大家現在可以掛斷電話了。感謝大家的參與。