Redwire Corp (RDW) 2023 Q2 法說會逐字稿

Greetings. Welcome to Redwire Space Q2 2023 earnings call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 Redwire Space 2023 年第二季度財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I'll now turn the conference over to your host, Jeff Zeunik. You may begin.

現在我將會議轉交給主持人傑夫·澤尼克 (Jeff Zeunik)。你可以開始了。

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

謝謝你，薩馬利，大家早上好。歡迎參加 Redwire 2023 年第二季度財報電話會議。我們希望您已經看到我們昨天下午發布的收益報告。它還已發佈在我們網站@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 risk 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 discussed 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，就我們在電話會議期間討論的非 GAAP 指標而言，請參閱幻燈片 3、我們的收益發布或我們網站上的投資者演示，了解這些指標和 GAAP 調節表的計算。

I am Jeff Zeunik, Redwire, 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？

Thanks, Jeff.

謝謝，傑夫。

During today's call, I will take you through a discussion of our key accomplishments in the second 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.

在今天的電話會議中，我將帶大家討論我們在 2023 年第二季度的主要成就，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。

Please move to slide 6. I'm very pleased to report that the second quarter was another record quarter for financial performance at Redwire. Our ability to deliver high-quality solutions and products to our customers is in turn enabling us to deliver tangible financial results for our shareholders.

請轉到幻燈片 6。我很高興地報告，第二季度是 Redwire 財務業績的另一個創紀錄季度。我們向客戶提供高質量解決方案和產品的能力反過來又使我們能夠為股東帶來切實的財務成果。

During the second quarter of 2023, we achieved record revenue, gross profit, and adjusted EBITDA, recognized our first quarter of positive cash from operations and positive free cash flow, made multiple strategic investments in the business to drive future growth, expanded our margins, and continued to execute and win more leading-edge, high-potential contracts. One such leading-edge contract is our recently announced award to develop trailblazing systems to build landing pads, roads, and other forms of infrastructure on the moon, a rendering of which is shown on the right of this page. The future lunar economy based on a permanent presence on the lunar surface will bring significant benefit to humanity. And we are very proud to be NASA's trusted partner for developing lunar infrastructure solutions to support this critical mission.

2023 年第二季度，我們實現了創紀錄的收入、毛利潤和調整後EBITDA，認識到我們第一季度的正運營現金和正自由現金流，對業務進行了多項戰略投資以推動未來增長，擴大了我們的利潤率，並繼續執行並贏得更多領先、高潛力的合同。我們最近宣布的一項此類前沿合同是開發開拓性系統，以在月球上建造著陸場、道路和其他形式的基礎設施，其效果圖顯示在本頁右側。未來基於月球表面永久存在的月球經濟將為人類帶來重大利益。我們非常自豪能夠成為 NASA 值得信賴的合作夥伴，開發月球基礎設施解決方案來支持這一關鍵任務。

Please turn to slide 7. The second quarter of 2023 was another incredible quarter for Redwire, during which we built on the momentum from the first quarter of 2023 for a very successful first half of the year. We achieved year-over-year quarterly revenue growth of 63.6% from the second quarter of 2022 to the second quarter of 2023. For adjusted EBITDA, I'm very pleased to report that we achieved a second sequential quarter of positive adjusted EBITDA, with an $8.4 million increase on a year-over-year basis from the second quarter of 2022 to the second quarter of 2023.

請參閱幻燈片 7。對於 Redwire 來說，2023 年第二季度又是一個令人難以置信的季度，在此期間，我們在 2023 年第一季度的勢頭基礎上，取得了非常成功的上半年。從 2022 年第二季度到 2023 年第二季度，我們的季度收入同比增長了 63.6%。對於調整後 EBITDA，我很高興地報告，我們連續第二個季度實現了調整後 EBITDA 正值，其中從2022 年第二季度到2023 年第二季度，同比增長840 萬美元。

Next, we are pleased to report we have achieved a $71.6 million year-over-year improvement in net loss. Also notably, in this quarter, we achieved positive free cash flow for the first time as a public company. In Q2, we achieved a year-over-year improvement in free cash flow of $6.3 million to positive free cash flow of $1.1 million. This is an important milestone for Redwire and an outstanding accomplishment on both an absolute and percentage growth basis.

接下來，我們很高興地報告，我們的淨虧損同比減少了 7160 萬美元。同樣值得注意的是，在本季度，我們作為上市公司首次實現了正的自由現金流。第二季度，我們的自由現金流同比改善了 630 萬美元，達到 110 萬美元的正自由現金流。對於 Redwire 來說，這是一個重要的里程碑，無論是在絕對增長還是百分比增長的基礎上，這都是一項傑出的成就。

We also achieved year-over-year improvement of $7 million in cash from operations to positive $2.8 million in the second quarter of 2023. That's $7 million in cash from operations improvement. Finally, it's important to note that these positive financial results are due to strong performance in operations. In Q2, we continued our proven track record of delivering dependable, flightworthy products and extended our already significant flight heritage as we launched 11 solutions on four launches in the quarter.

2023 年第二季度，我們還實現了運營現金同比增長 700 萬美元，達到 280 萬美元。即運營改善帶來的 700 萬美元現金。最後，值得注意的是，這些積極的財務業績歸功於強勁的運營業績。在第二季度，我們繼續保持交付可靠、適航產品的良好記錄，並擴展了我們業已重要的飛行傳統，在本季度的四次發射中推出了 11 種解決方案。

Turning to slide 8. As I just mentioned, our strong financial performance is driven by our proven ability to deliver differentiated solutions for our outstanding customers today. This is how we know it is sustainable. On the next few slides, we'll share just a few examples of our operational success and investments in the second quarter of 2023. During Q2, two additional Redwire Roll-Out Solar Arrays or ROSA wings were installed on to the International Space Station, bringing the total number of ROSA wing deployments and operating in space to six.

轉向幻燈片 8。正如我剛才提到的，我們強勁的財務業績得益於我們為當今傑出客戶提供差異化​​解決方案的成熟能力。這就是我們知道它是可持續的。在接下來的幾張幻燈片中，我們將分享2023 年第二季度運營成功和投資的幾個示例。在第二季度，國際空間站上安裝了另外兩個Redwire 卷出式太陽能電池陣列或ROSA 機翼，使部署和在太空運行的 ROSA 聯隊總數達到六個。

In addition, during the quarter, Redwire announced the award of two more IROSA Wings, number 7 and 8, in a follow-on contract from Boeing. Our performance and reliability are leading to follow-on contracts. Redwire also continues to advance the ROSA technology to power other space flight platforms and missions such as for the power and propulsion element for NASA's Gateway and for Astrobotic's Lunar Vertical Solar Array.

此外，在本季度，Redwire 宣佈在波音公司的後續合同中再授予兩架 IROSA Wings（7 號和 8 號）。我們的性能和可靠性有助於簽訂後續合同。 Redwire 還繼續推進 ROSA 技術，為其他太空飛行平台和任務提供動力，例如為 NASA 的 Gateway 和 Astrobotic 的月球垂直太陽能電池陣提供動力和推進元件。

Turning to slide 9. During the second quarter of 2023, Redwire provided advanced engineering services and payload deployment expertise for the Bolt Rocket from X-Bow System, their next-generation launch vehicle. Redwire developed and delivered four key components: the launch vehicle structure, separation system, launcher interface, and ground support equipment. In addition, Redwire provided vehicle integration, launch and post-flight recovery services. The technology supporting this mission was developed by Redwire's team in Albuquerque, New Mexico, and this is the second successful mission that Redwire has supported with X-Bow System and their sub-orbital rocket.

轉向幻燈片 9。2023 年第二季度，Redwire 為其下一代運載火箭 X-Bow System 的 Bolt Rocket 提供了先進的工程服務和有效載荷部署專業知識。 Redwire 開發並交付了四個關鍵部件：運載火箭結構、分離系統、發射器接口和地面支持設備。此外，Redwire 還提供飛行器集成、發射和飛行後恢復服務。支持此次任務的技術是由 Redwire 位於新墨西哥州阿爾伯克基的團隊開發的，這是 Redwire 使用 X-Bow 系統及其亞軌道火箭支持的第二次成功任務。

Please turn to slide 10. Also in Q2, Redwire had three successful experiments returned from the International Space Station. Materials from our PFMI-ASCENT, AmpliSpace / MakerHealth, and Plant Habitat-03(A) investigations will return to the respective researchers on earth for further study. These are excellent examples of the continuous cycle of in-space payload development and operations that Redwire is known for.

請參閱幻燈片 10。同樣在第二季度，Redwire 從國際空間站返回了三個成功的實驗。我們的 PFMI-ASCENT、AmpliSpace / MakerHealth 和 Plant Habitat-03(A) 調查的材料將返回地球上各自的研究人員進行進一步研究。這些都是 Redwire 聞名的太空有效載荷開發和運營連續循環的絕佳例子。

Please turn to slide 11. Finally, space is a multinational endeavor, and Redwire Space is a global leader in international space missions. In the second quarter of 2023, Redwire's International Berthing and Docking Mechanism or IBDM successfully completed its first-round environmental testing. The IBDM is the result of an extensive research and development program and was designed to overcome the limitations of conventional docking systems and to be highly versatile, resilient, high performance, and low impact. It is fully computer controlled and designed for use with both large mass and very lightweight spacecraft.

請翻到幻燈片 11。最後，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年第二季度，Redwire的國際停泊對接機制（IBDM）成功完成了第一輪環境測試。 IBDM 是廣泛研究和開發計劃的成果，旨在克服傳統對接系統的局限性，並具有高度通用性、彈性、高性能和低影響。它完全由計算機控制，設計用於大質量和超輕型航天器。

The IBDM will soon complete further testing with the goal of having a fully qualified system by the end of the year. We believe that the IBDM is the docking system for the next generation of space infrastructure, and as of the end of Q2, we have over $60 million of identified opportunities in our current-year pipeline associated with this remarkable system.

IBDM 將很快完成進一步的測試，目標是在今年年底前擁有一個完全合格的系統。我們相信 IBDM 是下一代空間基礎設施的對接系統，截至第二季度末，我們在今年的管道中擁有超過 6000 萬美元的已確定機會與這一卓越的系統相關。

Please turn to slide 12. Speaking of pipeline, our bookings during the second quarter were $45.6 million, an increase over our contracted awards for the first quarter of 2023, which totaled $29.7 million. Our last 12 months book-to-bill ratio was 1.49 times as of Q2 2023.

請參閱幻燈片 12。說到管道，我們第二季度的預訂量為 4560 萬美元，比 2023 年第一季度的合同金額（總計 2970 萬美元）有所增加。截至 2023 年第二季度，我們過去 12 個月的訂單出貨比為 1.49 倍。

Finally, as you can see on the right-hand side of this slide, our contracted backlog has increased 68.3% since June 30 of last year to a contracted backlog at the end of Q2 2023 of $272.8 million. Growth in contracted backlog is one factor that gives us confidence in our future growth and stability. We continue to have a healthy pipeline with an estimated $3.7 billion of identified opportunities, including $512 million in proposals submitted and currently under review by our customers.

最後，正如您在這張幻燈片的右側所看到的，自去年6 月30 日以來，我們的合同積壓訂單增加了68.3%，截至2023 年第二季度末的合同積壓訂單達到2.728 億美元。合同積壓訂單的增長是讓我們對未來增長和穩定性充滿信心的因素之一。我們仍然擁有健康的渠道，已確定的機會估計價值 37 億美元，其中包括已提交且目前正在接受客戶審查的 5.12 億美元提案。

Please turn to slide 13. Not only did Redwire achieve positive adjusted EBITDA and free cash flow during the first two quarters of 2023, we did so while continuing to invest in our future growth. During the year-to-date period ending June 30, 2023, we have made $2.5 million in capital expenditures. Examples of capital expenditures during the quarter include spend on our first-of-its-kind radio frequency test chamber in our Longmont, Colorado facility to support our rapidly growing space communications business, as well as investments in a trust for solar production in our Goleta, California facility.

請參閱幻燈片 13。Redwire 不僅在 2023 年前兩個季度實現了正調整 EBITDA 和自由現金流，而且我們在繼續投資於未來增長的同時實現了這一目標。截至 2023 年 6 月 30 日的年初至今，我們的資本支出為 250 萬美元。本季度資本支出的例子包括在科羅拉多州朗蒙特工廠建設首個射頻測試室的支出，以支持我們快速增長的空間通信業務，以及對戈利塔太陽能生產信託基金的投資，加利福尼亞工廠。

During the same period, we have also made investments in research and development, totaling $2.5 million, including significant investments in the IBDM. In addition, we have made a variety of corporate investments in systems and infrastructure totaling $1.9 million that flow through the SG&A line.

同期，我們還進行了總計 250 萬美元的研發投資，其中包括對 IBDM 的大量投資。此外，我們還在系統和基礎設施方面進行了各種企業投資，總額達 190 萬美元，這些投資流經 SG&A 線。

Next, moving to slide 14. Redwire recently announced plans for a 30,000-square-foot, state-of-the-art microgravity payload development facility with a mission operations center at the Nova Park Innovation and Technology Campus in Floyd County, Indiana. Once complete, this facility will support increased demand for commercial companies and academic researchers focused on improving biopharma R&D, in-space commercialization, and enabling technologies essential for sustainable human space flight in low Earth orbit and beyond. Construction is expected to begin in the fourth quarter of 2023. Clearly, we are demonstrating our ability to deliver in the present while investing in the future.

接下來，轉到幻燈片14。Redwire 最近宣布計劃在印第安納州弗洛伊德縣的諾瓦公園創新和技術園區建造一個佔地30,000 平方英尺的最先進的微重力有效載荷開發設施，並設有一個任務運營中心。建成後，該設施將支持商業公司和學術研究人員不斷增長的需求，這些公司和學術研究人員專注於改善生物製藥研發、太空商業化以及近地軌道及更遠地區可持續載人航天飛行所必需的技術。預計將於 2023 年第四季度開始施工。顯然，我們正在展示我們在投資未來的同時交付當前成果的能力。

Please turn to slide 15. With that, I'd now like to turn the call over to Jonathan Baliff, Redwire's Chief Financial Officer. Jonathan?

請翻到幻燈片 15。現在我想將電話轉給 Redwire 首席財務官 Jonathan Baliff。喬納森？

Thank you, Pete.

謝謝你，皮特。

Please turn to slide 16. Similar to last quarter, I will help quantify and expand on a number of the themes that Pete just talked about, including key financial takeaways, starting with the financial quarterly metrics shown on this chart, and then continuing with other quarterly, year-to-date, and last 12-month financial information, and also a brief update to our financial outlook for the remainder of the year.

請轉到幻燈片 16。與上個季度類似，我將幫助量化和擴展 Pete 剛才談到的一些主題，包括關鍵的財務要點，從該圖表中顯示的財務季度指標開始，然後繼續其他內容季度、年初至今和過去12 個月的財務信息，以及我們今年剩餘時間的財務展望的簡要更新。

Important points to reiterate in detail for this quarter's financials. One, Redwire's excellence in execution initiatives continue to deliver on our growth promises and our differentiated path to profitability as we scale our business with record quarterly and first-half revenues, gross profit, adjusted EBITDA, and now positive cash from operations and free cash flow.

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季度和上半年收入、毛利潤、調整後EBITDA 以及現在的運營現金流和自由現金流來擴大業務規模，Redwire 在執行計劃方面的卓越表現將繼續兌現我們的增長承諾和差異化盈利之路。

So let's discuss the specifics. We achieved record revenue of $60.1 million in the second quarter of 2023. We achieved our second consecutive adjusted EBITDA quarter since becoming a public company, a positive adjusted EBITDA of $4.4 million in the second quarter of 2023. And as said before, that's an $8.4-million increase on a year-over-year basis versus the second quarter of 2022. This record adjusted EBITDA occurred primarily due to a more than doubling of gross profit year-over-year, which we will detail in a few minutes.

那麼我們來討論一下具體細節。我們在2023 年第二季度實現了創紀錄的6010 萬美元收入。自成為上市公司以來，我們連續第二個季度實現調整後EBITDA，即2023 年第二季度調整後EBITDA 為440 萬美元。正如之前所說，這是8.4 美元- 與2022 年第二季度相比，同比增長100 萬美元。這一創紀錄的調整後EBITDA 主要是由於毛利潤同比增長了一倍多，我們將在幾分鐘內詳細介紹這一點。

This excellent progress in gross profit, program management, and continued cost controls also contributed to a $71.6 million year-over-year improvement to a $5.5 million net loss in the second quarter of 2023.

毛利潤、項目管理和持續成本控制方面的出色進展也導致 2023 年第二季度淨虧損同比減少 7160 萬美元，達到 550 萬美元。

Second and notably, in Q2 2023, we achieved positive free cash flow for the first time as a public company. That was $1.1 million based on a positive $2.8 million of cash from operations. This is a year-over-year improvement in cash from operations of $7 million and a sequential $16.9 million improvement over the last quarter.

其次，值得注意的是，2023 年第二季度，我們作為上市公司首次實現了正自由現金流。基於 280 萬美元的運營現金，這一數字為 110 萬美元。運營現金同比增加 700 萬美元，比上季度連續增加 1,690 萬美元。

Please turn to slide 17. Specifically for quarterly revenue, as you can see from the chart on the right, and as I said before, we had a $60.1 million revenue stream for the second quarter of 2023 versus $57.6 million for the first quarter of 2023, representing an increase of 4.3% on a sequential basis. And as I said before, this is a 63.6% increase on a year-over-year basis. Excluding revenue contributed by Space NV, our second quarter revenues were $45.9 million, excellent growth of 24.9% on a comparable year-over-year basis.

請轉到幻燈片17。特別是季度收入，正如您從右側圖表中看到的那樣，正如我之前所說，我們2023 年第二季度的收入流為6010 萬美元，而2023 年第一季度的收入流為5760 萬美元，環比增長4.3%。正如我之前所說，同比增長 63.6%。不包括 Space NV 貢獻的收入，我們第二季度的收入為 4590 萬美元，同比增長 24.9%。

We were able to achieve this in the US businesses due to the significant growth in backlog. More than 85% of our revenue is derived from funded government programs or from global marquee customers who are delivering, for example, in the national security area, LEO commercialization and habitation, and exploration of space areas to name a few. Finally, on a Q2 2023 full-year last 12 months basis, Redwire grew revenue at 45.6%, an acceleration of revenue growth from Q1 2023's last 12 months of 33.5% talked about on last quarter's call.

由於積壓訂單大幅增長，我們能夠在美國業務中實現這一目標。我們超過 85% 的收入來自資助的政府項目或全球知名客戶，這些客戶在國家安全領域、低地球軌道商業化和居住以及太空領域探索等領域提供服務。最後，在2023 年第二季度全年過去12 個月的基礎上，Redwire 收入增長了45.6%，比上季度電話會議上談到的2023 年第一季度最後12 個月的收入增長33.5% 有所加速。

Turning to slide 18. For this year-to-date or first half, Redwire recorded $117.7 million of revenue which, excluding the revenue contributed by Space NV, was growth of 31% compared to the first half of 2022. Redwire's first half of 2023 saw 69.1% year-over-year revenue growth across all three primary focus areas, whether it be Space Systems as an integrated space mission enabler or payloads to explore, live, work and space or with Redwire Europe and our multinational space leadership.

轉向幻燈片 18。今年迄今或上半年，Redwire 錄得 1.177 億美元的收入，不包括 Space NV 貢獻的收入，與 2022 年上半年相比增長了 31%。Redwire 的 2023 年上半年無論是作為綜合太空任務推動者的空間系統，還是用於探索、生活、工作和太空的有效載荷，或者與Redwire Europe 和我們的跨國太空領導地位，所有三個主要重點領域的收入同比增長了69.1%。

The first-half revenue percentage by customer type shown on this chart also shows the strength of the diversification of Redwire revenue, adjusted EBITDA, and cash flow with revenue streams 45.4% from civil, 33.5% from commercial, and 21% from national security customers.

此圖表中顯示的按客戶類型劃分的上半年收入百分比還顯示了 Redwire 收入、調整後 EBITDA 和現金流的多元化實力，其中 45.4% 的收入來自民用、33.5% 來自商業、21% 來自國家安全客戶。

Of note, this half, our first-half 2023 commercial customer revenues have seen the largest growth percentage, 103.6% year over year. And our national security revenues grew year over year by 43.9% in the half versus 9.1% growth in the first half of 2022, an almost five times acceleration of this customer class's revenue.

值得注意的是，今年上半年，我們2023年上半年的商業客戶收入增幅最大，同比增長103.6%。我們的國家安全收入上半年同比增長 43.9%，而 2022 年上半年增長 9.1%，幾乎是該客戶類別收入的五倍。

Please turn to slide 19. Redwire's path to profitability continued successfully in this quarter, as you can see from the progress made on the chart to the right. With a steady march of quarterly financial improvement in 2022, now continuing in 2023 with Q2 2023 adjusted EBITDA improving $8.4 million year over year to a positive $4.4 million. This record adjusted EBITDA improvement was primarily driven by our improvement in gross profit. Our excellence in execution initiatives are showing results, better contract mix, the roll-off of lower margin contracts, better labor utilization, better program management, increased on a year-over-year gross margin basis from 19% to 26.5%, and our year-over-year gross profit grew 2.3 times higher from $7 million to $15.9 million.

請翻至幻燈片 19。Redwire 在本季度繼續成功實現盈利，正如您從右圖所取得的進展中看到的那樣。 2022 年季度財務狀況穩步改善，現在將在 2023 年持續改善，2023 年第二季度調整後 EBITDA 同比增加 840 萬美元，達到正 440 萬美元。這一創紀錄的調整後 EBITDA 改善主要是由我們毛利潤的改善推動的。我們在執行計劃方面的卓越表現正在顯現成果：更好的合同組合、低利潤合同的滾存、更好的勞動力利用率、更好的項目管理、毛利率同比從19% 增加到26.5%，以及我們的毛利潤同比增長 2.3 倍，從 700 萬美元增至 1,590 萬美元。

The adjusted EBITDA improvement was also supported by cost control with Redwire's second quarter 2023 SG&A expenses at 29.4% of revenue, a significant drop from the 47.8% in the second quarter of 2022.

調整後 EBITDA 的改善還得益於成本控制，Redwire 2023 年第二季度的 SG&A 費用佔收入的 29.4%，較 2022 年第二季度的 47.8% 大幅下降。

Please move on to slide 20. Similar to our first quarter, on the left-hand chart, we showed free cash flow. As a reminder, free cash flow provides a metric based on our US GAAP cash from operations minus CapEx. As you can see, during the second quarter of 2023, we had positive free cash flow of $1.1 million compared with the first quarter of 2023's use of cash of $14.8 million, a sequential improvement of almost $16 million. On a last 12 months basis, free cash flow also improved 16.5% in the second quarter of 2023.

請繼續看幻燈片 20。與第一季度類似，在左側圖表中，我們顯示了自由現金流。提醒一下，自由現金流提供的指標基於我們的美國公認會計原則運營現金減去資本支出。如您所見，2023 年第二季度，我們的自由現金流為 110 萬美元，而 2023 年第一季度的現金使用量為 1,480 萬美元，環比增加了近 1,600 萬美元。過去 12 個月的基礎上，2023 年第二季度自由現金流也增長了 16.5%。

Credit for this goes to the revenue growth and profitability improvements already discussed. But in addition, we had more efficient and effective working capital management over the second quarter, and our management continues to be laser focused on this through 2023 and beyond. And remember, this cash flow improvement is after the almost $7 million of first-half investments for growth that Pete spoke about earlier and is not dependent on any one solution or any one customer class.

這要歸功於已經討論過的收入增長和盈利能力的提高。但除此之外，我們在第二季度的營運資本管理更加高效和有效，並且我們的管理層在 2023 年及以後將繼續專注於此。請記住，這種現金流改善是在 Pete 之前談到的上半年近 700 萬美元的增長投資之後實現的，並且不依賴於任何一種解決方案或任何一種客戶類別。

On the right-hand chart, we show our available liquidity as of June 30, 2023, which totaled an ample $36.2 million, a nominal change from Q1 '23. This quarter's liquidity is much improved from a year ago, and we continue our path to profitability, and I want to thank all of Redwire's teams for this quarter's result, a total global effort that will continue through 2023 and beyond.

在右側圖表中，我們顯示了截至 2023 年 6 月 30 日的可用流動性，總計達 3620 萬美元，與 23 年第一季度相比略有變化。本季度的流動性比一年前有了很大改善，我們繼續實現盈利，我要感謝 Redwire 所有團隊在本季度取得的成果，這是全球共同努力的結果，將持續到 2023 年及以後。

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

現在我將把演示轉回給皮特，以提供 2023 年剩餘時間的簡要展望。皮特？

Thanks, Jonathan.

謝謝，喬納森。

Please turn to slide 22. As you can see from our presentation, Redwire continues to deliver now with strong operational and financial performance while investing in our future, resulting in strong pipeline and future backlog. For these reasons, for 2023, we reaffirm our full-year guidance range of $220 million to $250 million, which represents 46% year-over-year growth at the midpoint of the range.

請參閱幻燈片 22。正如您從我們的演示中看到的，Redwire 現在繼續提供強勁的運營和財務業績，同時投資於我們的未來，從而產生了強大的管道和未來的積壓。出於這些原因，我們重申 2023 年全年指導範圍為 2.2 億美元至 2.5 億美元，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 their hard work on an excellent second quarter and to all our customers for trusting Redwire. We will now open the floor for questions.

在此，我要感謝所有 Redwire 員工在第二季度的出色工作，並感謝所有客戶對 Redwire 的信任。我們現在開始提問。

(Operator Instructions) Mike Crawford, B. Riley Securities.

（操作員指示）Mike Crawford，B. Riley Securities。

Pete, maybe I'd like to start with your -- the numbers you gave for the proposals submitted and under review. So, the deck shows $489 million at June 30, you mentioned $512 million today. Is that accurate that there is this $23 million increase in the first month of the quarter?

皮特，也許我想從您提供的已提交和正在審查的提案的數字開始。因此，截至 6 月 30 日，牌組顯示為 4.89 億美元，您今天提到了 5.12 億美元。本季度第一個月增加了 2300 萬美元，這是否準確？

So, I think the -- we'll have to get back to you on that question, Mike. I think it's in that range, and we might be confusing year to date submitted bids as of certain time period versus the year to date, let me see here. But I'm going to pull up the number real quick.

所以，我認為——我們必須就這個問題回复你，邁克。我認為它在這個範圍內，我們可能會混淆年初至今在特定時間段內提交的投標與年初至今的投標，讓我在這裡看看。但我會盡快調出這個數字。

Okay. Well, maybe more importantly, you have this $3.7 billion pipeline and -- do you have enough experience at this point to characterize like potential win rate or thoughts on how you're going to turn that into a backlog in the coming year?

好的。好吧，也許更重要的是，你有這個 37 億美元的管道，並且 - 你目前是否有足夠的經驗來描述潛在的獲勝率或如何在來年將其轉化為積壓的想法？

Yeah, no, it's a really good question. The answer is essentially, no. At this point, we don't have a conversion rate that has enough consistency over time that we're comfortable reporting on. A number of those opportunities, there's some big swings in there that could, for instance, change any conversion rate I were to give you anyways.

是的，不，這是一個非常好的問題。答案基本上是否定的。目前，我們的轉化率還沒有隨著時間的推移具有足夠的一致性，因此我們可以放心地報告。其中有很多機會，其中有一些很大的波動，例如，可能會改變我要給你的任何轉化率。

So I think the $3.7 billion really underscores that there's a lot of great opportunities for us to work against. And based on the backlog growth, you've seen we have a consistent enough win rate to include our growth over time here.

因此，我認為 37 億美元確實強調了我們有很多值得努力的好機會。根據積壓訂單的增長，您已經看到我們有足夠穩定的獲勝率，可以將我們隨著時間的推移而增長。

Jonathan, did you have any additional comments on the $512 million versus $489 million?

喬納森，您對 5.12 億美元和 4.89 億美元還有什麼其他評論嗎？

Yeah, I think that on the $489 million, it's only those submitted during the year. So $489 million, we just had a cutoff on the year-to-date submitted bids. The $512 million includes a few other bids that have been submitted.

是的，我認為這 4.89 億美元只是年內提交的。 4.89 億美元，我們剛剛截止了今年迄今為止提交的投標。 5.12 億美元中包括一些已提交的其他投標。

Okay, perfect. And then, Jonathan, I know you gave a few of the reasons the drivers of the improvement in gross margin with your excellence in execution like rolling out lower margin contracts, better program management, et cetera. But was there anything particular in the mix in this quarter and last that led to these really sizable beats versus forecasted margins? And I guess, the follow-through is, is that more of a new baseline for what we should expect going forward?

好的，完美。然後，喬納森，我知道您給出了一些推動毛利率提高的原因以及您卓越的執行力，例如推出較低利潤的合同、更好的項目管理等等。但是，本季度和上一季度的組合中是否存在任何特殊因素導致利潤率大幅超出預期？我想，接下來的問題是，這更像是我們未來應該期待的新基線嗎？

Well, look, Mike, I always appreciate your question in trying to get at basically a projection of what our current gross margins, which we do not publicly give, but let me help you out here. Look, if you look at last year and the nature of a number of EAC adjustments and some program management, really what you've seen is improvement across all three focus areas, whether it be enabling space missions, live/work in space, or what we call Redwire Europe and international or multinational, all three saw improvement in the gross margins and gross profit, but you really saw it in the space industries or basically the live/work in space focus area. You really saw that year-over-year improvement. And that's just due to some new contracts coming on, better program management, fewer EAC adjustments, all the things that I talked about before.

好吧，邁克，我一直很欣賞你提出的問題，試圖從根本上預測我們當前的毛利率，我們沒有公開給出，但讓我在這裡幫助你。看，如果你看看去年的一些 EAC 調整和一些項目管理的性質，你實際上看到的是所有三個重點領域的改進，無論是實現太空任務、在太空生活/工作，還是我們所說的Redwire 歐洲和國際或跨​​國公司，這三個公司都看到了毛利率和毛利潤的改善，但你確實在航天工業或基本上是在航天重點領域的生活/工作中看到了這一點。您確實看到了逐年的進步。這只是由於一些新合同的簽訂、更好的項目管理、更少的 EAC 調整，以及我之前談到的所有事情。

I do have to also mention, when we talk about cost control, we don't just talk about cost control from the standpoint of SG&A and operating margin, we also talk about within the contracts themselves. And so being able to operate on time and do better on-time delivery of milestones, both helped us from a gross margin standpoint and gross profit and then obviously from a cash flow standpoint.

我還必須提到，當我們談論成本控制時，我們不僅僅從 SG&A 和營業利潤的角度談論成本控制，我們還談論合同本身。因此，能夠按時運營並更好地按時交付里程碑，從毛利率和毛利潤的角度來看都對我們有幫助，顯然從現金流的角度來看也對我們有幫助。

Okay.

好的。

Does that help?

這有幫助嗎？

Yeah, yes. So that was a great job of kind of answering the question, but not really.

是的，是的。所以，這是回答這個問題的一個很好的工作，但不是真的。

Look, we told you, Mike, in the past, we're not giving guidance, but we have an intent of getting these margins up, right? We just don't give any guidance, Mike, but you can tell, we're making progress quarter over quarter. It's Pete's, direction to all the management team to continue this. It's not going to be an overnight, but you can see the progress. And then you see also the money dropping to the bottom line, which is really the operating leverage coming back into the business as a public company.

聽著，我們告訴過你，邁克，過去我們沒有提供指導，但我們有意提高這些利潤，對嗎？邁克，我們只是不提供任何指導，但你可以看出，我們每個季度都在取得進展。皮特指示所有管理團隊繼續這樣做。這不會是一朝一夕的事，但你可以看到進展。然後你還會看到資金下降到底線，這實際上是作為上市公司重新回到業務中的運營槓桿。

Yeah. I'll just add that the -- again, the key factor is, as I mentioned in the pipeline, we have some pretty big swings. Some of these swings may be cost plus fixed fee for instance. And therefore, the gross margin profit could change based on landing one of these big swings even though the absolute value of the profit would significantly increase with scale. So there's a number of different trade-offs that happens when you're kind of building a complex mix of programs like we are, and an outsized cost plus fixed fee could be for -- is an example of a one of the reasons we're reluctant to put a mark on the wall for a gross profit margin.

是的。我再次補充一下，關鍵因素是，正如我在管道中提到的，我們有一些相當大的波動。例如，其中一些波動可能是成本加上固定費用。因此，儘管利潤的絕對值會隨著規模的擴大而顯著增加，但毛利率可能會因出現這些大幅波動之一而發生變化。因此，當您像我們一樣構建複雜的程序組合時，會發生許多不同的權衡，並且可能需要巨額成本加上固定費用 - 這就是我們這樣做的原因之一的一個例子我們不願意在牆上標出毛利率。

All right. Thanks, Pete. And I guess I have one closing bigger picture question on, if you look at space systems, space industries, multinational, is there one of these addressable markets that is most attractive, or are there different potential margin characteristics for any of those three, I wouldn't call them segments, but areas of focus?

好的。謝謝，皮特。我想我有一個更大的問題，如果你看看太空系統、太空工業、跨國公司，這些潛在市場中是否有一個最具吸引力，或者這三個市場中的任何一個是否有不同的潛在利潤特徵，我不會稱它們為細分，而是關注領域？

No, it's really about the portfolio effect in this instance. They each bring something to the table. Obviously, some of the focus areas are growing faster than others. Some provide more scale. Others are really important for the future.

不，在這種情況下，這實際上與投資組合效應有關。他們每個人都帶來了一些東西。顯然，一些重點領域的增長速度快於其他領域。有些提供更大的規模。其他人對未來確實很重要。

Certainly, there's different growth rates occurring internationally versus the US market, and the US market, as you saw from the percentages that Jonathan presented, you have a number of different dynamics in civil, national security, and commercial as well. So what's really, I think, the important part is that each area of focus brings something to the portfolio that makes the whole come together in a really resilient, stable, growing way.

當然，國際市場與美國市場的增長率不同，正如您從喬納森提供的百分比中看到的那樣，美國市場在民事、國家安全和商業方面也有許多不同的動態。所以，我認為，真正重要的是，每個重點領域都為投資組合帶來了一些東西，使整體以一種真正有彈性、穩定、增長的方式組合在一起。

Okay.

好的。

Greg Konrad, Jefferies.

格雷格·康拉德，杰弗里斯。

I'm just going to follow-up on margins, not expecting an answer, but just coming at it a different way. I mean, you mentioned some of the variability around mix going forward. But I mean, when you think about the second half of the year, is there at least a baseline to maintain positive EBITDA? And if we do think about the biggest swings, is that more on the COGS line, or is there some variability around SG&A just thinking about OpEx spending?

我只是想跟進一下，不期待答案，只是以不同的方式來解決。我的意思是，你提到了未來混音的一些變化。但我的意思是，當你考慮下半年時，至少有一個基線可以保持正的 EBITDA 嗎？如果我們確實考慮到最大的波動，是更多是在 COGS 線上，還是僅考慮運營支出支出，SG&A 是否存在一些變化？

Yeah, no, in terms of the margin mix, it's -- or the margins, it's really a function of the product mix and the type of contracts that we win as we scale. In terms of what I call gross margin discipline, that's an area that we've been putting a lot of focus on. We've demonstrated, as part of our excellence and execution initiative, the ability to continue to make great headway there, and that is our intention to continue that going into the future.

是的，不，就利潤率組合而言，它實際上是產品組合和我們在擴大規模時贏得的合同類型的函數。就我所說的毛利率紀律而言，這是我們一直非常關注的一個領域。作為我們卓越和執行計劃的一部分，我們已經展示了繼續取得巨大進展的能力，這也是我們在未來繼續保持這一勢頭的意圖。

Jonathan, do you want to add anything?

喬納森，你想補充什麼嗎？

Yeah. The only thing I would add is, we continue to see improvement on the SG&A margin line. The SG&A margin line this quarter still much better on a year-over-year basis. But this quarter, more than any other, we had a lot of investments in SOX, ERP that find its way into that SG&A line. So we really did see on a run rate basis our SG&A margin go down sequentially quarter-over-quarter.

是的。我唯一要補充的是，我們繼續看到 SG&A 利潤線的改善。本季度的銷售、管理及行政費用 (SG&A) 利潤率仍較去年同期好得多。但本季度，我們在 SOX、ERP 方面的投資比其他任何季度都多，這些投資都融入了 SG&A 業務。因此，我們確實看到，在運行率的基礎上，我們的銷售、管理及行政費用利潤率環比下降。

But it looks a little higher, but really, we had some specific investments is what I would call them. They're one-offs, but we include them. We don't try to say that they're not SG&A and do some adjustments. So that's why you're seeing that.

但它看起來有點高，但實際上，我們有一些特定的投資，我稱之為這些投資。它們是一次性的，但我們將它們包括在內。我們不會試圖說他們不是 SG&A 並做一些調整。所以這就是你看到這個的原因。

But I think that we're -- once we continue to win these bigger projects and revenue, you're going to see that stay fixed on an absolute basis, and that's where operating leverage comes.

但我認為，一旦我們繼續贏得這些更大的項目和收入，你就會看到它在絕對基礎上保持不變，這就是運營槓桿的來源。

On the gross margin basis, again, I know you're asking a specific question about the future. We really have an intent to keep this gross margin moving from the standpoint of being able to continue the past excellent on-time delivery, better on-time delivery, better programs that have higher margins. So we're going to continue that's an intent. We just don't give a guidance towards it, Greg, but I do -- hopefully you're getting a sense of what we're trying to do here.

再次，在毛利率的基礎上，我知道您在問一個有關未來的具體問題。從能夠繼續過去出色的準時交貨、更好的準時交貨、具有更高利潤的更好計劃的角度來看，我們確實有意保持這一毛利率。所以我們將繼續這個意圖。格雷格，我們只是不提供指導，但我這樣做 - 希望您能了解我們在這裡嘗試做的事情。

Yeah, no, I mean there has been great momentum. And then, I mean, just switching to the outlook for the top line for the year, if we kind of take the midpoint of the guide, it's a sequential flat in H2 versus Q2 levels. What is the variability? Is it the supply chain? Is it orders that you expect coming in? Is it capacity? Just how are you thinking about revenues at least near-term?

是的，不，我的意思是勢頭強勁。然後，我的意思是，只要轉向今年的營收前景，如果我們採用指南的中點，那麼下半年與第二季度的水平相比將持平。什麼是變異性？是供應鏈嗎？這是您期望收到的訂單嗎？是容量嗎？您至少對近期的收入有何看法？

Yeah. So it has to do with the size of orders and the timing of orders. As you know, in this industry, it can be very difficult sometimes to predict when, for instance, a government award occurs. So I would say that the majority of the uncertainty is about timing associated with awards.

是的。所以這與訂單的大小和訂單的時間有關。如您所知，在這個行業中，有時很難預測，例如，政府獎勵何時發生。所以我想說，大部分不確定性與獎項的時間安排有關。

Yeah. And just -- no, again, we want to be prudent in our guidance and sticking with that. We're halfway through the year. We're proud of what we've been able to achieve. Team has done a great job executing. But like Pete said, it can be lumpy, but we're just trying to be prudent.

是的。只是——不，我們再次希望謹慎行事並堅持這一點。我們今年已經過半了。我們為我們所取得的成就感到自豪。團隊執行得很好。但正如皮特所說，它可能會很不穩定，但我們只是想保持謹慎。

And then just last one, I mean, in H1, commercial led the increase. I'm not sure if -- how much of that is organic versus inorganic. But have you seen any broader changes in the commercial realm? I mean, there's obviously a little bit of volatility around funding before and some other items. Just can you talk about the broader trends in the commercial business?

最後一個，我的意思是，在上半年，商業引領了增長。我不確定其中有機物與無機物的比例是多少。但您是否看到商業領域發生了更廣泛的變化？我的意思是，之前的融資和其他一些項目顯然存在一些波動。您能談談商業業務的更廣泛趨勢嗎？

Yeah. I mean, I think you hit on it, and it's talked a lot about in the news. Commercial is growing fast. There's a significant amount of opportunity there, but Redwire's mission enabler had some exposure to customers receiving their funding as well. So depending on the funding profile of our customers, obviously that trickles down to us as well.

是的。我的意思是，我認為你突然想到了這一點，並且新聞中對此進行了很多討論。商業發展迅速。那裡有大量的機會，但 Redwire 的使命推動者也對接受資金的客戶有一定的影響。因此，根據我們客戶的資金狀況，顯然這也會影響到我們。

But overall, there's still a lot of enthusiasm around the commercial segment of the market. And we believe that trend will continue overtime. We're also seeing a lot of breakout commercial successes as well that is leading to some tailwind.

但總體而言，市場的商業領域仍然充滿熱情。我們相信這種趨勢將持續下去。我們還看到了許多突破性的商業成功，這也帶來了一些順風車。

And then, while we're on the topic, I'll just point out and reemphasize one of the areas we're excited about in the national security area which happens to be the area that's growing or accelerating the fastest as part of our growth.

然後，當我們談論這個話題時，我將指出並再次強調我們在國家安全領域感到興奮的領域之一，這恰好是作為我們增長的一部分而增長或加速最快的領域。

There's certainly a significant amount of opportunity emerging in national security as well. And we think that Redwire, based on some of our security infrastructure and contracts, has a real opportunity to capitalize on those trends.

國家安全領域當然也出現了大量的機會。我們認為，基於我們的一些安全基礎設施和合同，Redwire 確實有機會利用這些趨勢。

I mean, just to -- yeah, I mean, just to emphasize, without Space NV just asked to answer a specific question, we saw 31% growth without Space NV on a first-half basis. And on an LTM basis, as you know, we saw 45.6% growth. And so we're making progress. That's the way I can say.

我的意思是，是的，我的意思是，只是強調一下，如果沒有 Space NV 只要求回答一個具體問題，我們在上半年的基礎上看到沒有 Space NV 的情況下增長了 31%。如您所知，在 LTM 基礎上，我們看到了 45.6% 的增長。所以我們正在取得進展。我只能這麼說。

Thank you.

謝謝。

Suji DeSilva, ROTH MKM.

蘇吉·德席爾瓦 (Suji DeSilva)，羅斯 MKM。

Congrats on all the progress here. So first of all, I just want to try to distinguish in the pipeline. Maybe this is a follow-up to some of the asked questions. The $500 million of contracts submitted versus the multibillion-dollar pipeline.

祝賀這裡取得的所有進展。所以首先，我只想嘗試在管道中進行區分。也許這是對一些提出的問題的後續。已提交的價值 5 億美元的合同與價值數十億美元的管道相比。

And when you submit the proposal, does that give you some level of understanding of the timeframe for the award, or should I refer back to your prior comments here, Jonathan, where that is one of the most uncertain parts of running the revenue line?

當你提交提案時，這是否能讓你對獎勵的時間框架有一定程度的了解，或者我應該回顧一下你之前的評論，喬納森，這是運行收入線最不確定的部分之一？

Yeah, no, we don't control the timing of the award, so it can be highly variable. Government contracts are notorious for being awarded late. It can be a continuing resolution. It can be a protest. There's a lot that goes into the timing of these awards, so it's very difficult to predict.

是的，不，我們無法控制頒獎的時間，因此它可能會有很大的變化。政府合同因遲發而臭名昭著。這可以是一個持續的解決方案。這可能是一種抗議。這些獎項的頒發時間涉及很多因素，因此很難預測。

No, I'm just making note, when you compare it to the last quarter, the pipeline has moved up almost $300 million from $3.4 billion to $3.7 billion. So we're seeing more coming through the pipeline. But as Pete said, the timing is something that we think long and hard about and be prudent about what we can predict.

不，我只是想指出，與上一季度相比，管道已增加近 3 億美元，從 34 億美元增加到 37 億美元。所以我們看到更多的產品正在醞釀之中。但正如皮特所說，時機是我們需要長期認真思考的事情，並對我們可以預測的事情保持謹慎。

Yeah. So just ask a question a little more simply. I mean, is it reasonable to expect that when you submitted a contract, that will be awarded within the next 12 months, or is that not a reasonable way to think about it?

是的。所以問一個簡單一點的問題就可以了。我的意思是，當您提交合同時，預期該合同將在未來 12 個月內授予是否合理，或者這不是一個合理的思考方式？

So I would just repeat that the government has a number of things that they have to deal with as well as our commercial customers to include their financing. So it's very difficult to predict. Yeah. I mean, I would think if I was going to try to focus on something, I'd focus on the backlog. We've had excellent growth in our backlog. We're very proud of that.

因此，我想重複一遍，政府有很多事情需要處理，我們的商業客戶也有很多事情需要處理，包括他們的融資。所以很難預測。是的。我的意思是，我想如果我要嘗試專注於某件事，我會專注於積壓工作。我們的積壓訂單數量大幅增長。我們對此感到非常自豪。

Our team has done an extraordinary job in winning the confidence of our customers to increase that backlog. And that's where I would look to in terms of that reliable revenue moving into the future.

我們的團隊在贏得客戶信心以增加積壓方面做得非常出色。這就是我所期待的未來可靠收入的方向。

That's helpful, Peter. It has been a great execution on the backlog. And maybe you can -- second question, do you focus on the national security part of the business? There has been a lot of talk to date about launch and about satellites and Earth observation. I just want to understand Redwire's offerings to national security because that may be -- may have been highlighted a little less in the last few quarters, so a bit curious what the opportunities are there.

這很有幫助，彼得。積壓工作的執行情況非常好。也許你可以——第二個問題，你專注於業務的國家安全部分嗎？迄今為止，關於發射、衛星和地球觀測的討論很多。我只是想了解 Redwire 為國家安全提供的服務，因為這可能在過去幾個季度中沒有那麼突出，所以有點好奇其中有哪些機會。

Yeah, it's -- we have interest across our entire portfolio mix from the national security segment of the market. It's not so much I would focus on which products they're interested in, specifically in list offerings because it's pretty much across the board. What I would focus on is that Redwire has unique security infrastructure and personnel clearances and contracts, quite frankly, that if you follow the government contracting industry, you know that you have to have contracts that have documentation that allows you to participate in more classified work, and we have those elements as part of our business. So when I talk about the accelerated growth and when you see the accelerated growth, I think it's more a reflection of the fact that we're a trusted company that has that barrier to entry, if you will, in terms of the ability to work on some of the government's most sensitive space programs. Does that make sense?

是的，我們對市場國家安全領域的整個投資組合感興趣。我不會太關注他們感興趣的產品，特別是列表產品，因為它幾乎是全面的。我要重點關注的是 Redwire 擁有獨特的安全基礎設施以及人員許可和合同，坦率地說，如果您關注政府承包行業，您就知道您必須擁有包含允許您參與更多機密工作的文件的合同，我們將這些元素作為我們業務的一部分。因此，當我談論加速增長時，當你看到加速增長時，我認為這更多地反映了這樣一個事實：我們是一家值得信賴的公司，在工作能力方面存在進入壁壘（如果你願意的話）政府一些最敏感的太空計劃。那有意義嗎？

Yeah. Absolutely. It's a very helpful perspective. And then maybe lastly, you cited the 85% government marquee customer data point in the presentation. I'm just curious, is that mix expected to change in the next one to two years or stay roughly there? And maybe you could just kind of help us understand the 15%. Are there large customers that you could cite in that to understand how that can grow or is that diversified across a lot of emerging customers? Thanks.

是的。絕對地。這是一個非常有幫助的觀點。也許最後，您在演示文稿中引用了 85% 的政府大客戶數據點。我只是很好奇，這種組合預計會在未來一到兩年內發生變化還是大致保持不變？也許你可以幫助我們理解這 15%。您是否可以引用其中的大客戶來了解其如何增長，或者是否在許多新興客戶中實現多元化？謝謝。

I'll ask you to repeat the last part because I didn't totally get that, but let me jump on the first part first. All of our mix -- one of the exciting things that I like to talk about Redwire is that we hit above our weight class in terms of the opportunities that we're pursuing in the pipeline, right? So sometimes you have the potential to have really large wins in a particular area of the business that can have an outsized impact on our base, if you will, which is awesome and really exciting about Redwire because these big swings are the kinds of things that are fueling our growth. However, at the same time, it makes it difficult sometimes to make bold predictions about a variety of different mixes like national security.

我會請你重複最後一部分，因為我沒有完全明白，但讓我先跳到第一部分。我們所有的組合 - 我喜歡談論 Redwire 的令人興奮的事情之一是，我們在我們正在尋求的機會方面超出了我們的體重級別，對嗎？因此，有時您有可能在業務的特定領域取得巨大的勝利，這可能對我們的基礎產生巨大的影響，如果您願意的話，這對於Redwire 來說是很棒且令人興奮的，因為這些巨大的波動是正在推動我們的成長。然而，與此同時，有時很難對國家安全等各種不同的組合做出大膽的預測。

We may be growing or any one of the different segments or even sometimes your gross margins, as I referenced in this idea, that a very large cost plus fix fee win could change our profile there. So you might have an instance where you might have an increase in the number of wins in the commercial segment, except for the smaller dollar amounts compared to, say, a large -- very large single win in, say, the civil or national security space, and that could again change these numbers. So we like the mix.

我們可能正在增長或任何一個不同的細分市場，甚至有時你的毛利率，正如我在這個想法中提到的，非常大的成本加上固定費用的勝利可能會改變我們在那裡的形象。因此，您可能會遇到這樣的情況：商業領域的勝利數量可能會增加，但與民事或國家安全領域的大型、非常大的單次勝利相比，金額較小。空間，這可能會再次改變這些數字。所以我們喜歡這種混合。

I think the most important thing to us is that we're operating across all these different areas successfully, and that gives us a lot of resilience and stability regardless of what the market is doing. Sometimes, when the commercial slows down due to maybe access to capital, we have really great stability associated with increases in national security growth. Civil is always there. Europe is one of the areas we're particularly excited about because they are really growing their budgets over there.

我認為對我們來說最重要的是，我們在所有這些不同領域都取得了成功，這給了我們很大的彈性和穩定性，無論市場在做什麼。有時，當商業由於獲得資本而放緩時，我們確實擁有與國家安全增長增長相關的巨大穩定性。民事始終存在。歐洲是我們特別興奮的地區之一，因為他們在那裡的預算確實在增加。

So that gives us additional stability and resiliency in that portfolio effect I talked about earlier as well. I didn't understand the second half of the question about the 15%. What was that in reference to?

因此，這為我們之前提到的投資組合效應提供了額外的穩定性和彈性。我不明白後半部分關於15%的問題。那是指什麼？

Sure. Yeah, Peter, I think you answered to some extent. The remaining 15%, whether it's across many smaller customers or whether there's one or two large customers dominating that portion? I think you already said it was relatively [close by]

當然。是的，彼得，我想你在某種程度上回答了。剩下的 15% 是由許多較小的客戶佔據，還是由一兩個大客戶主導？我想你已經說過這是相對[接近]

Okay, yeah. Got it.

好吧，是的。知道了。

Let me just -- I mean, I'm going to bolt on to that because when you look at the customers that we're doing current bids for, you have 85% that are marquee and government, and we're pretty specific about how you get into that bucket. The other 15%, these are actually many of them very, very large customers, too, right? And when you look at the $489 million of bids this year, those are submitted to date. The $512 million, there was a little bit of residual coming out of 2022 that adds to that $489 million. But the bottom line is that 15% are still really quality customers, too, right?

讓我說一下——我的意思是，我要強調這一點，因為當你看看我們當前正在投標的客戶時，你會發現 85% 是大帳篷和政府，而且我們非常具體你如何進入那個桶。另外 15%，實際上他們中的很多人也是非常非常大的客戶，對吧？當你查看今年 4.89 億美元的投標時，你會發現這些投標都是迄今為止提交的。 5.12 億美元，2022 年還有一點剩餘，增加到了 4.89 億美元。但最重要的是，15% 仍然是真正的優質客戶，對嗎？

Got it. Great guys. Thanks. Appreciate the details.

知道了。很棒的傢伙。謝謝。欣賞細節。

And we have reached the end of the question-and-answer session. I'll now turn the call back over to Peter Cannito for closing remarks.

我們的問答環節已經結束了。現在我將把電話轉回給 Peter Cannito 作結束語。

Thank you very much. I'd like to thank everybody for those outstanding questions. I'd like to really thank the team for another great quarter. Thank all of our employees and customers for the exciting work we do every day. Like I mentioned, we're really excited when a customer like NASA entrusts us with a really incredible program like the mason program to build roads and launch pads on the moon. Again, that's what we're all about here at Redwire, and we appreciate everyone's time today, and thank you for listening. Go Redwire.

非常感謝。我要感謝大家提出這些突出問題。我真的要感謝團隊又一個偉大的季度。感謝我們所有的員工和客戶為我們每天所做的令人興奮的工作。就像我提到的，當像 NASA 這樣的客戶委託我們執行一個非常令人難以置信的計劃（例如在月球上修建道路和發射台的梅森計劃）時，我們感到非常興奮。再說一遍，這就是 Redwire 的全部內容，我們感謝大家今天抽出寶貴的時間，並感謝您的聆聽。去紅線。

And this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，大家可以掛斷電話了。感謝您的參與。