Redwire Corp (RDW) 2023 Q3 法說會逐字稿

Greetings. Welcome to the Redwire Space Q3 2023 earnings. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎閱讀 Redwire Space 2023 年第三季財報。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Jeff Zeunik, Senior Vice President Financial Planning and Analysis, and Investor Relations. You may begin.

現在我將會議交給主持人、財務規劃與分析及投資者關係資深副總裁傑夫‧澤尼克 (Jeff Zeunik)。你可以開始了。

Thank you, Samali, and good morning, everyone. Welcome to Redwire third-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 at redwirespace.com.

謝謝你，薩馬利，大家早安。歡迎參加 Redwire 2023 年第三季財報電話會議。我們希望您已經看到我們昨天下午發布的收益報告。它也發佈在我們網站 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. 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.

讓我提醒大家，在電話會議期間，Redwire 管理階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，這些風險和不確定性在幻燈片2 中有更詳細的描述。此外，就我們在電話會議期間討論的非公認會計準則措施而言，請請參閱投影片3、我們的收益發布或投資者介紹我們的網站用於計算這些措施和 GAAP 調節表。

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

如前所述，我是 Redwire 財務規劃分析和投資者關係高級副總裁 Jeff Zeunik。與我一起參加今天電話會議的還有董事長兼執行長 Peter Cannito；喬納森·巴利夫（Jonathan Baliff），財務長。

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

說到這裡，我想把電話轉給皮特。皮特？

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

謝謝你，傑夫。在今天的電話會議中，我將帶大家討論我們在 2023 年第三季的主要成就，隨後喬納森將介紹同期的財務亮點。我們也將討論 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 am pleased to report that the third quarter was another record quarter for financial performance at Redwire. Our ability to deliver a wide breadth of high-quality solutions and products to our customers is enabling us to deliver tangible financial results for our shareholders.

請移至投影片 6。我很高興地報告，第三季是 Redwire 財務表現又一個創紀錄的季度。我們有能力為客戶提供廣泛的高品質解決方案和產品，這使我們能夠為股東帶來實際的財務成果。

During the third quarter of 2023, we once again achieved record revenues, gross profit, and adjusted EBITDA. We expanded our margins with a beneficial shift in product mix. We continued to balance top-line and bottom-line growth, which supports our sustainable financial position. And we demonstrated resilience from our diversity of products, customers, and end markets during a highly dynamic period in the space industry.

2023 年第三季度，我們再次實現了創紀錄的營收、毛利和調整後 EBITDA。我們透過產品組合的有益轉變擴大了利潤。我們繼續平衡營收和利潤成長，這支持了我們可持續的財務狀況。在航太產業高度活躍的時期，我們展示了產品、客戶和終端市場多樣性的韌性。

Please turn to slide 7. The third quarter of 2023 was another excellent quarter for Redwire, during which we continued our momentum from the first half of 2023. We have now delivered three consecutive quarters of positive adjusted EBITDA and revenue growth. We achieved $62.6 million in Q3 revenue, a year-over-year quarterly growth of 68.1% from the third quarter of 2022 to the third quarter of 2023. We achieved positive adjusted EBITDA of $4.9 million in Q3, a $6.4 million increase on a year-over-year basis from the third quarter of 2022 to the third quarter of 2023.

請參閱投影片7。2023 年第三季度對Redwire 來說又是一個出色的季度，在此期間我們延續了2023 年上半年的勢頭。我們現在已連續三個季度實現調整後EBITDA 和收入的正增長。我們第三季的營收達到 6,260 萬美元，從 2022 年第三季到 2023 年第三季年增 68.1%。第三季我們的調整後 EBITDA 為 490 萬美元，年成長 640 萬美元- 2022年第三季至2023年第三季的年比數據。

We achieved a net loss of $6.3 million, a $4.1 million year-over-year improvement from the third quarter of 2022 to the third quarter of 2023. And we achieved free cash flow of negative $5.9 million, a year-over-year improvement of $6.7 million. Lastly, we also achieved cash from operations of negative $3.3 million, a year-over-year improvement of $8 million.

我們的淨虧損為 630 萬美元，比 2022 年第三季到 2023 年第三季年增了 410 萬美元。我們的自由現金流為負 590 萬美元，年比改善了670 萬美元。最後，我們也實現了營運現金負 330 萬美元，年增了 800 萬美元。

It is important to note that we achieved these positive financial results by developing and delivering critical innovations for our customers. In Q3, we continued our established track record of delivering dependable flight worthy products and launched five solutions on three launches in the quarter. Beyond the numbers, this reliable performance for our customers provides a foundation for future growth.

值得注意的是，我們透過為客戶開發和提供關鍵創新來實現這些積極的財務成果。在第三季度，我們繼續提供可靠的飛行產品的既定記錄，並在本季度的三次發布中推出了五種解決方案。除了數字之外，這種提供客戶的可靠性還能也為未來的成長奠定了基礎。

Please turn to slide 8. At Redwire our breadth of products and customers provide strengths and resilience to the business. Our ability to balance our focus across multiple customer markets provides stability to the organization. Therefore, it can be instructive to discuss some of the trends we see across these markets.

請參閱投影片 8。在 Redwire，我們廣泛的產品和客戶為業務提供了優勢和彈性。我們平衡多個客戶市場重點的能力為組織提供了穩定性。因此，討論我們在這些市場中看到的一些趨勢可能具有啟發性。

First, the national security market, which encompasses US and allied national security organizations, including classified projects. It is important to note that we see this as our fastest growing target market in the near future. Current geopolitical dynamics, most notably in emerging space race with China are driving significant growth in the market, and we are well positioned to capitalize on this growth trend.

首先是國家安全市場，包括美國及其盟國的國家安全組織，包括機密項目。值得注意的是，我們認為這是我們在不久的將來成長最快的目標市場。當前的地緣政治動態，尤其是與中國的新興太空競賽，正在推動市場的顯著成長，我們已做好充分利用這一成長趨勢的準備。

As example, we are participating on the Space Development Agency programs with multiple prime contractors on multiple tranches, providing critical capabilities that will enable the Space Force National Security Space Architectures. One particular differentiator worth noting is our ability to perform unclassified contracts. These contracts require facilities and personnel that take time and funding to put in place. Redwire already has this capability, which puts us ahead of some of our competitors. This barrier to entry increases our total addressable market or TAM with limited competition.

例如，我們正在與多個主承包商分批參與太空發展局項目，提供支援太空部隊國家安全太空架構的關鍵能力。值得注意的一個特殊差異是我們履行非機密合約的能力。這些合約需要設施和人員，需要時間和資金才能到位。 Redwire 已經具備這種能力，這使我們領先於一些競爭對手。這種進入障礙增加了我們的總目標市場或 TAM，但競爭有限。

Another customer market we serve is the commercial space market. This market predominantly includes commercial space companies providing commercial services for a variety of end customers. At Redwire it is our opinion that the commercial space market has tremendous opportunity for growth. However, recent volatility in the capital markets has created a near-term headwind for this market.

我們服務的另一個客戶市場是商業空間市場。該市場主要包括為各種最終客戶提供商業服務的商業航太公司。在 Redwire，我們認為商業航太市場擁有巨大的成長機會。然而，近期資本市場的波動為該市場帶來了近期的阻力。

A reduction in capital for commercial space companies is delaying awards in this target market, and we're seeing some significant pipeline opportunities pushing out into the future quarters. However, large well-funded commercial entities still show demand for Redwire's capabilities because of our spaceflight heritage. Fortunately, the growth in national security should offset this near-term trend. And in some cases, our commercial customers are also ultimately targeting growth with national security customers.

商業航太公司資本的減少導致該目標市場的授標被推遲，我們看到一些重要的管道機會將延續到未來幾季。然而，由於我們的航太傳統，資金雄厚的大型商業實體仍然對 Redwire 的功能表現出需求。幸運的是，國家安全的成長應該會抵消這一近期趨勢。在某些情況下，我們的商業客戶最終也瞄準了與國家安全客戶的成長。

Lastly, we are also working in the civil space market, which includes civil space agencies such as NASA and ESA. It is appropriate to acknowledge that there is some risk associated with the NASA budget due to potential congressional budgeting outcomes playing out in the US government. However, again, our diversity here provides us some mitigation as demand for the European Space Agency remains strong. In addition, we are seeing strong demand signals from other multinational civil space agencies across the globe.

最後，我們也涉足民用航太市場，其中包括 NASA 和 ESA 等民用航太機構。應該承認，由於國會預算結果可能在美國政府中發揮作用，NASA 預算存在一些風險。然而，由於對歐洲太空總署的需求仍然強勁，我們的多樣性再次為我們提供了一些緩解。此外，我們也看到來自全球其他跨國民用航太機構的強烈需求訊號。

So the bottom line is this, the space industry has entered a dynamic period with a number of different market trends affecting overall market demand. However, Redwire's access to a rapidly growing national security market to include classified budgets, provides balance to some emerging headwinds in commercial and US civil space markets. Additionally, our global footprint allows us to participate in multinational civil space opportunities with expanding budgets, such as in Europe. The net result is a resilient position across diverse markets that provides many pathways to growth.

所以最重要的是，航太工業已經進入一個充滿活力的時期，許多不同的市場趨勢影響著整體市場需求。然而，Redwire 進入快速成長的國家安全市場（包括機密預算），為商業和美國民用太空市場中的一些新出現的阻力提供了平衡。此外，我們的全球足跡使我們能夠參與預算不斷擴大的跨國用航太機會，例如在歐洲。最終結果是在不同市場中保持彈性，提供多種成長途徑。

Turning to slide 9. As Redwire continues on its path to profitability, one of our key approaches is to balance top-line growth and bottom-line profitability. As a result, Redwire's approach to growth balances risk with profitability, avoiding growth at any cost. This disciplined approach drives our financial performance through selective bidding.

轉向投影片 9。隨著 Redwire 繼續走上獲利之路，我們的關鍵方法之一是平衡頂線成長和底線獲利能力。因此，Redwire 的成長方法平衡了風險與獲利能力，不惜一切代價避免成長。這種嚴格的方法透過選擇性投標來推動我們的財務表現。

In addition, as discussed last quarter, Redwire continues to make prudent strategic investments that drive our return on investment. We'll discuss these investments in additional detail later in the presentation. Balancing top-line and bottom-line growth ensures we create value in the present while maintaining a strong foundation for the future.

此外，如上季所討論的，Redwire 繼續進行審慎的策略投資，以提高我們的投資回報。我們將在稍後的演示中更詳細地討論這些投資。平衡營收和利潤成長可確保我們在當下創造價值，同時為未來奠定堅實的基礎。

Turning to slide 10. As I just mentioned, our strong financial performance is driven by our proven ability to deliver differentiated solutions for our customers today, which is why we are confident that it is sustainable. On the next few slides, we'll share some examples of our recent operational successes and investments. As I mentioned, national security spend is on the rise. The US Space Force budget request for fiscal year 2024 of $30 billion is $3.9 billion or almost 15% higher than the FY 2023 enacted budget.

轉向投影片 10。正如我剛才提到的，我們強勁的財務表現是由我們今天為客戶提供差異化解決方案的成熟能力所推動的，這就是為什麼我們對其永續發展充滿信心。在接下來的幾張投影片中，我們將分享我們最近的營運成功和投資的一些範例。正如我所提到的，國家安全支出正在增加。美國太空部隊 2024 財年預算請求為 300 億美元，比 2023 財年頒布的預算高出 39 億美元，幾乎高出 15%。

In addition, the department of the Air Force's comprehensive strategy for the Space Force for August, showed a sizable portion of the space force budget dedicated to classified projects through 2028. With secure facilities in multiple geographies, cleared employees with critical skill sets, and leadership with proven national security experience, Redwire is well positioned to continue building its classified national security business. For the year-to-date period through September 30, 2023, 21.2% of revenues were from National Security.

此外，空軍部門 8 月的太空軍綜合戰略顯示，到 2028 年，太空軍預算的很大一部分專門用於機密專案。憑藉在多個地區的安全設施，清除了具有關鍵技能和領導力的員工憑藉成熟的國家安全經驗，Redwire 完全有能力繼續打造其機密國家安全業務。截至 2023 年 9 月 30 日的年初至今，21.2% 的收入來自國家安全。

Please turn to slide 11. In our mission enabler focus area, Redwires proud to have delivered 10 coarse sun sensors for the Psyche spacecraft, which will journey to an asteroid located between Mars and Jupiter. Redwire's sun sensors will help the Psyche spacecraft to accurately navigate the stars throughout its 2.2-billion-mile journey. This is only the latest space mission to rely on Redwire's sun sensors, which have supported a variety of high-profile missions from multiple rover missions to Mars to NASA's doubled asteroid redirection test in 2022, an excellent example of the power of our space heritage.

請參閱投影片 11。在我們的任務推動者重點領域，Redwires 自豪地為 Psyche 太空船提供了 10 個粗太陽感測器，該太空船將前往位於火星和木星之間的小行星。 Redwire 的太陽感測器將幫助 Psyche 太空船在其 22 億英里的旅程中準確導航恆星。這只是依賴Redwire 太陽感測器的最新太空任務，該感測器支援了各種備受矚目的任務，從多次火星漫遊任務到NASA 2022 年的雙小行星重定向測試，這是我們太空傳統力量的一個很好的例子。

Please turn to slide 12. Redwire recently announced the first spaceflight mission for its cutting edge in space pharmaceutical manufacturing platform, PIL-BOX, aboard SpaceX commercial resupply services 29. The inaugural mission in partnership with Eli Lilly and Company will conduct three experiments focused on developing advanced treatments for diabetes, cardiovascular disease, and pain. To commemorate this breakthrough flight, Redwire developed the mission pad shown on the right of this slide. Building on Redwire's multi-decade space crystallization flight heritage dating back to the space shuttle era, PIL-BOX is a striking example of Redwire's ongoing leadership in space biotech solutions.

請轉至投影片 12。Redwire 最近宣布了其尖端太空藥品製造平台 PIL-BOX 的首次太空飛行任務，該平台搭載SpaceX 商業補給服務。29. 與禮來公司合作的首次任務將進行三項實驗，重點是開發糖尿病、心血管疾病和疼痛的先進治療方法。為了紀念這次突破性的飛行，Redwire 開發了本投影片右側所示的任務板。 PIL-BOX 建立在 Redwire 數十年的太空結晶飛行傳統之上，其歷史可追溯到太空梭時代，PIL-BOX 是 Redwire 在太空生物技術解決方案領域持續領導地位的一個引人注目的例子。

Please turn to slide 13. Finally, space is a multinational endeavor, and Redwire space continues to be a global leader in international space missions. Redwire recently announced that it has been awarded a contract with OHB Italy to provide the onboard computer for the European Space Agency's Comet interceptor mission. Comet interceptor will be the first spacecraft to visit a long period dynamically new comet. The onboard computer is a part of Redwire's third generation Advanced Data and Power Management System. And as the brains of the spacecraft, it is designed to monitor and control other critical components. With our expanded multinational operations, we are very proud to have been selected to support exciting ESA activities, including comet interceptor.

請翻至投影片 13。最後，太空是一項跨國事業，Redwire space 仍然是國際太空任務的全球領導者。 Redwire 最近宣布已與 OHB Italy 簽訂合同，為歐洲太空總署的彗星攔截器任務提供機載電腦。彗星攔截器將是第一個訪問長週期動態新彗星的太空船。機載計算機是 Redwire 第三代進階資料和電源管理系統的一部分。作為太空船的大腦，它旨在監控和控制其他關鍵部件。隨著我們不斷擴大的跨國業務，我們非常自豪能夠被選中支持令人興奮的歐空局活動，包括彗星攔截器。

Please turn to slide 14. Turning to our bookings and backlogs. Our bookings during the third quarter were $46.5 million, an increase over our contracted awards for the second quarter of 2023, which totaled $45.6 million. Our last 12 months book-to-bill ratio was 1.38 times as of Q3 2023. Finally, as you can see on the right-hand side of this slide, our contracted backlog has increased 59.5% since September 30 of last year to a contracted backlog at the end of Q3 2023 of $253.4 million. The 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 $4.5 billion of identified opportunities, including approximately $714 million in proposals submitted year to date through September 30, 2023.

請前往投影片 14。前往我們的預訂和積壓訂單。我們第三季的預訂量為 4,650 萬美元，比 2023 年第二季的合約金額（總計 4,560 萬美元）有所增加。截至2023 年第三季度，我們過去12 個月的訂單出貨比為1.38 倍。最後，正如您在這張幻燈片右側看到的那樣，自去年9 月30 日以來，我們的合約積壓訂單增加了59.5%，達到合約訂單截至 2023 年第三季末，積壓訂單為 2.534 億美元。合約積壓的成長是讓我們對未來成長和穩定性充滿信心的因素之一。我們仍然擁有健康的管道，已確定的機會估計價值 45 億美元，其中包括截至 2023 年 9 月 30 日為止已提交的約 7.14 億美元的提案。

Please turn to slide 15. Not only did Redwire achieve positive adjusted EBITDA during the first three quarters of 2023. We did so while continuing to make prudent strategic investments. During the year-to-date period ending September 30, 2023, we have made $5.2 million in capital expenditures, $4 million in investments in research and development, and $3 million in a variety of corporate investments in systems and infrastructure that flow through the SG&A line. Clearly, we continue to demonstrate our ability to perform and deliver now, while also investing and our future.

請參閱投影片 15。Redwire 不僅在 2023 年前三個季度實現了正調整 EBITDA。我們在這樣做的同時繼續進行審慎的策略投資。截至 2023 年 9 月 30 日的年初至今，我們的資本支出為 520 萬美元，研發投資為 400 萬美元，對流經 SG&A 的系統和基礎設施的各種企業投資為 300 萬美元線。顯然，我們繼續展示我們現在的執行和交付能力，同時也投資和我們的未來。

Please turn to slide 16. With that, I'd now like to turn the call over to Jonathan Baliff, Redwire's Chief Financial Officer. Jonathan?

請翻到投影片 16。現在我想將電話轉給 Redwire 財務長 Jonathan Baliff。喬納森？

Thank you, Pete. Before I turn to the financial results, let me just highlight on this slide, its rendering, for NASA's upcoming Dragonfly mission. Redwire is proud to have been selected to supply critical navigation technology for this groundbreaking mission to advance humanity search for building blocks of life on Saturn's largest moon, Titan.

謝謝你，皮特。在討論財務表現之前，讓我先強調一下這張投影片，也就是 NASA 即將到來的蜻蜓任務的渲染圖。 Redwire 很榮幸被選中為這項開創性的任務提供關鍵的導航技術，以推進人類在土星最大的衛星泰坦上尋找生命的基礎。

Please turn to slide 17. Similar to the other quarters this year, the next few pages will quantify and expound on a number of themes that Pete just talked about, including key financial takeaways, starting with the financial quarterly metrics shown on these charts and then continuing on with other quarterly year to date and last 12 months financial information. An important point to reiterate in detail for these third quarter's financials is that Redwire's excellence and execution initiatives and our global team continue to deliver on our growth promises and our path to profitability as we scale our business with record revenues, record gross margin and profit, and record adjusted EBITDA once again this quarter.

請翻到投影片 17。與今年其他季度類似，接下來的幾頁將量化和闡述 Pete 剛才談到的一些主題，包括關鍵的財務要點，從這些圖表上顯示的財務季度指標開始，然後繼續查看年初至今的其他季度財務資訊和過去12 個月的財務資訊。對於第三季的財務數據，需要詳細重申的重要一點是，隨著我們以創紀錄的收入、創紀錄的毛利率和利潤擴大業務，Redwire 的卓越和執行計劃以及我們的全球團隊將繼續兌現我們的成長承諾和獲利之路。本季調整後的 EBITDA 再次創下歷史新高。

So let's discuss the specifics. As Pete spoke about in his introduction. This chart shows the continuing 2023 trend of positive year-over-year results across all our financial metrics. Starting with the achievement of record revenue of $62.6 million in the third quarter of 2023. We achieved our third quarter -- our third consecutive positive adjusted EBITDA quarter since becoming a public company. Again, a record adjusted EBITDA of $4.9 million in this third quarter.

那我們來討論一下具體細節。正如皮特在他的介紹中所說的。這張圖表顯示了 2023 年我們所有財務指標的持續正向年比績效趨勢。首先，我們在 2023 年第三季實現了創紀錄的 6,260 萬美元收入。我們實現了第三季的業績——自成為上市公司以來，我們連續第三個季度調整後 EBITDA 為正值。第三季調整後 EBITDA 再次創下 490 萬美元的紀錄。

Similar to the last two quarters, better adjusted EBITDA occurred primarily due to a more than doubling of gross profit year over year and is attributable to disciplined program management and continued cost controls. These same factors also contributed to a $4.1 million year-over-year improvement in a net loss of $6.3 million in the third quarter of 2023. In the third quarter of 2023, we also achieved year-over-year improvement in free cash flow of $6.7 million. With that improvement in cash flow -- free cash flow being driven by the improvement in cash from operations of [$8.3 million].

與前兩個季度類似，調整後的 EBITDA 取得更好的結果主要是由於毛利同比增長了一倍多，並且得益於嚴格的專案管理和持續的成本控制。這些因素也導致 2023 年第三季淨虧損 630 萬美元，年減 410 萬美元。2023 年第三季度，我們的自由現金流也實現了同比改善670 萬美元。隨著現金流量的改善，自由現金流量是由營運現金的改善所驅動的[830萬美元]。

Please turn to slide 18. Specifically for quarterly revenue, as you can see from the chart and as I talked about before, this quarter's record, $62.6 million represented a 68.1% increase on a year-over-year basis and an increase of 4.2% on a sequential basis. On a full year last 12-month basis, Redwire grew revenue at 58.2% rate, an acceleration of the revenue growth from last quarter's similar period of 45.6%.

請翻到第18張投影片。具體來說，季度收入，正如您從圖表中看到的，正如我之前談到的，本季度創紀錄的6260萬美元，同比增長68.1%，增幅為4.2%按順序進行。在過去 12 個月的全年基礎上，Redwire 的營收成長了 58.2%，比上季度同期的 45.6% 的營收成長有所加快。

With more than 85% of our revenue derived from funded government programs or from global marquee customers that Pete talked about. We're delivering in the national security area, LEO commercialization, and the exploration of space, to name just a few. Excluding the revenue contributed by Space NV, our third quarter revenues were $49.1 million, an excellent organic growth rate of 31.8% on a comparable year-over-year basis, especially as this is more profitable growth.

我們超過 85% 的收入來自資助的政府計畫或皮特談到的全球大客戶。我們正在國家安全領域、近地軌道商業化和太空探索等領域做出貢獻。不包括 Space NV 貢獻的收入，我們第三季的營收為 4,910 萬美元，與去年同期相比，有機成長率高達 31.8%，特別是因為這是利潤更高的成長。

Please turn to slide 19. For the year to date, for first nine months of 2023, Redwire recorded $180.3 million of revenue, which is a 68.8% year over year revenue growth. Excluding the revenue contributed by Space NV, we grew organically at 31.3% compared to the first nine months of 2022. We saw growth across all three of our primary focus areas, with space systems and subsystems as integrated mission enabler, payloads, and infrastructure to explore live and work in space. And with Redwire Europe spearheading our multinational space leadership.

請參閱投影片 19. 迄今為止，2023 年前 9 個月，Redwire 的營收為 1.803 億美元，年比營收成長 68.8%。不包括Space NV 貢獻的收入，與2022 年前9 個月相比，我們的有機增長為31.3%。我們的所有三個主要重點領域都實現了增長，其中空間系統和子系統作為集成任務推動器、酬載和基礎設施，探索太空中的生活和工作。 Redwire Europe 引領我們的跨國太空領導地位。

The revenue percentage breakdown by customer type for year to date through September, shown on this slide also shows the diversification of our revenue and adjusted EBITDA and cash flow streams. With 45.9% of our revenue from civil, 32.9% from commercial, and 21.2% from national security customers, echoing Pete's comments about the strength from balance and resiliency of our operations. Of note, for the year-to-date period through September. Our commercial customer revenues have seen the largest growth percentages of 90.2% year over year, our civil customer revenues grew at 78.5% year over year, and our national security revenues grew year over year by 30.5% through September.

此幻燈片中顯示的今年迄今至 9 月按客戶類型的收入百分比細目也顯示了我們收入以及調整後 EBITDA 和現金流的多元化。我們 45.9% 的收入來自民用，32.9% 來自商業，21.2% 來自國家安全客戶，這與皮特關於我們業務平衡和彈性的力量的評論相呼應。值得注意的是，截至 9 月的今年迄今。截至9月份，我們的商業客戶收入年增90.2％，民用客戶收入年增78.5％，國家安全收入年增30.5％。

Please turn to Slide 20. Redwire's path to profitability that we've discussed on prior calls continued successfully in this quarter. As you can see from the progress made on the chart on the right, with a steady march of quarterly financial improvement in 2022, now continuing through 2023 third quarter. The 2023 adjusted EBITDA is improving $6.4 million year over year to a record $4.9 million.

請參閱投影片 20。我們在先前的電話會議中討論過的 Redwire 獲利之路在本季繼續取得成功。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，目前一直持續到 2023 年第三季。 2023 年調整後 EBITDA 年成長 640 萬美元，達到創紀錄的 490 萬美元。

Once again, our record adjusted EBITDA improvement was primarily driven by our improvement in gross profit, with a year over third quarter gross profit growing 2.2 times higher from $7.9 million to $17.1 million. The significant gross profit and gross margin improvement was primarily driven by better contract mix and the maturing of our program management. Our adjusted EBITDA improvement was also supported by excellent cost control, with Redwire third quarter SG&A expenses at 29.2% of revenue, a significant drop from the 41.4% in the third quarter of fiscal year 2022.

我們的調整後 EBITDA 創紀錄的改善主要是由毛利的改善所推動的，第三季毛利年增 2.2 倍，從 790 萬美元增至 1,710 萬美元。毛利和毛利率的顯著改善主要是由於更好的合約組合和成熟的專案管理。我們調整後的 EBITDA 改善也得益於出色的成本控制，Redwire 第三季的 SG&A 費用佔營收的 29.2%，較 2022 財年第三季的 41.4% 大幅下降。

Please turn to slide 21. Similar to last quarter, on the left-hand chart, we show free cash flow. As a reminder, free cash flow provides a metric based on our US GAAP cash from operations minus capital expenditures or CapEx. On a year-over-year basis, quarterly free cash flow improved by $6.7 million to a use of cash of $5.9 million, and this is due to an $8 million improvement in year-over-year cash from operations.

請翻到投影片 21。與上季類似，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是基於我們的美國公認會計原則營運現金減去資本支出或資本支出。與去年同期相比，季度自由現金流增加了 670 萬美元，現金使用量為 590 萬美元，這是由於營運現金年增了 800 萬美元。

Credit goes to the revenue growth and profitability improvements already discussed. But in addition, we had more efficient and effective working capital management over the third quarter, as you can see by the narrowing of our operating cash from operations. This is helped by our diversity of cash flow that is not dependent on any one product or solution or any one customer class.

這歸功於已經討論過的收入成長和獲利能力的提高。但除此之外，我們在第三季的營運資本管理更加高效和有效，正如您從我們的營運現金收窄中看到的那樣。這得歸功於我們現金流的多樣性，它不依賴任何一種產品或解決方案或任何一種客戶類別。

Improvement in year-over-year quarterly cash used in operating activities was also offset by over $5 million of planned capital expenditures and other expenses associated with growth and resiliency initiatives like our radio frequency test chamber and our ERP implementation in the third quarter of 2023, just to name a few. These expenditures are intended to grow and diversify our revenue, scale our operations, and accelerate our path to profitability. On the right-hand chart, we show our available liquidity as of September 30, 2023, which totaled $30.9 million. This quarter's liquidity is much improved from a year ago as we continue our path to profitability. And I want to thank all of the Redwire's teams for this quarter's excellent results, a total global effort that we will work to continue and improve upon through 2023 and beyond.

經營活動中使用的季度現金同比增長也被超過 500 萬美元的計劃資本支出以及與增長和彈性舉措相關的其他支出所抵消，例如我們的射頻測試室和 2023 年第三季度的 ERP 實施，僅舉幾個。這些支出旨在增加我們的收入並使其多樣化，擴大我們的業務規模，並加速我們的獲利之路。在右側圖表中，我們顯示了截至 2023 年 9 月 30 日的可用流動性，總計 3,090 萬美元。隨著我們繼續獲利，本季的流動性比一年前有了很大改善。我要感謝 Redwire 的所有團隊在本季度取得的出色成果，這是全球共同努力的成果，我們將在 2023 年及以後繼續努力並不斷改進。

Please turn to slide 22. And I will now turn the presentation back over to Pete to provide a brief outlook for the remainder of '23. Pete?

請翻到投影片 22。我現在將把簡報轉回給 Pete，以提供 23 年剩餘時間的簡要展望。皮特？

Thank you, Jonathan. Please turn to slide 23 for a brief discussion of the outlook for the remainder of 2023.

謝謝你，喬納森。請參閱投影片 23，簡要討論 2023 年剩餘時間的前景。

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. As you can see from our presentation, Redwire continues on our path to profitability and continues deliver now with strong operational and financial performance while investing in our future, resulting in a strong pipeline and future backlog. With that, I'd like to thank all of the Redwire professionals around the world for their hard work and an excellent third quarter, and all our customers for trusting Redwire. We will now open the floor for questions.

對於 2023 年，我們重申全年指引範圍為 2.2 億美元至 2.5 億美元，相當於該範圍中點的年增 46%。正如您從我們的演示中看到的，Redwire 繼續走盈利之路，並繼續以強勁的營運和財務業績交付，同時投資於我們的未來，從而形成強大的管道和未來的積壓。在此，我要感謝世界各地所有 Redwire 專業人士的辛勤工作和出色的第三季業績，以及所有客戶對 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。

Thank you. Pete and Jonathan, first of all, I'm really impressed by knowing the gross margins. I know you mentioned mix, but also the jump in pipeline by I think $800 million from last quarter and the $200 million jump, and the bids submitted waiting for proposal. Can you just dive into that bid pipeline in a little bit more detail for us, like have you lost any bids? Are there any big awards that you're expecting before the end of this year? I know Q4 is usually a pretty good bookings quarter for you.

謝謝。皮特和喬納森，首先，我對了解毛利率印象深刻。我知道您提到了混合，但也提到了管道中的跳躍（我認為較上季度增加了 8 億美元）和 2 億美元的跳躍，以及提交的等待提案的投標。您能否為我們更詳細地介紹一下投標流程，例如您是否失去了任何投標？今年年底前有什麼你期待的大獎嗎？我知道第四季度對您來說通常是一個非常好的預訂季度。

Yeah. Hey Mike, how are you? This is Pete. Appreciate your question. Yeah, so again, we're always bidding. As a result, we're always losing, but we're also always winning. And I really am very proud, quite frankly, the team for the growth in that pipeline. So thank you for calling it out, because we are -- we really have started to hit our rhythm in terms of regularly being out in front of new opportunities and increasing our bid tempo. And that's really important for our growth.

是的。嘿，麥克，你好嗎？這是皮特。感謝你的問題。是的，再說一遍，我們總是在投標。結果，我們總是輸，但我們也總是贏。坦白說，我真的為團隊在該管道中的成長感到非常自豪。因此，感謝您指出這一點，因為我們確實已經開始在定期面對新機會和提高出價節奏方面達到我們的節奏。這對我們的成長非常重要。

We don't typically project awards by quarter. There's a lot of reasons for them -- not the least of which is that some of these are very hard to predict when you have a dynamic government situation, as well as just the general dynamic things going on in the space interest -- or industry, right now. But yeah, we expect a regular tempo of awards. They do tend to be pretty lumpy. We are bidding things, you know, over $100 million in our pipeline.

我們通常不會按季度頒發獎項。造成它們的原因有很多——其中最重要的是，當政府情況不斷變化，以及太空利益或行業中發生的一般動態變化時，其中一些是很難預測的， 現在。但是，是的，我們期望獎項的頒發有規律的節奏。它們確實往往非常凹凸不平。你知道，我們正在競標的項目價值超過 1 億美元。

So I know that I'll -- if it's not your next question, one of the questions will be about our book-to-bill for the quarter. So I can start talking about that right away. But typically, what'll happen is we'll win a big bid and then we'll work it off for a while, while we're submitting more big bids. And then book-to-bill pop up, but the timing of that is pretty difficult to predict. And that's why we always try to guide people towards that yearly or last 12-month book-to-bill ratio because the timing of our really large awards make it difficult to really have a meaningful number in terms of book-to-bill on a quarterly basis.

所以我知道我會 - 如果這不是你的下一個問題，其中一個問題將是關於我們本季度的訂單到帳單。所以我可以立即開始討論這個問題。但通常情況下，我們會贏得一個大的出價，然後我們會花一段時間來解決這個問題，同時我們會提交更多的大出價。然後訂單到帳單就會出現，但具體時間很難預測。這就是為什麼我們總是試圖引導人們了解年度或過去 12 個月的訂單出貨比，因為我們頒發巨額獎項的時機使得很難在訂單出貨比方面真正獲得有意義的數字。每季。

Did I answer your question?

我回答你的問題了嗎？

Yeah, partially, Pete. Maybe if I come at it from a slightly different angle in the context of the reaffirmed guidance you gave of $220 million to $250 million for the year. I mean that implies that fourth quarter revenue could be anywhere from $40 million to $70 million with the range that you have.

是的，部分地，皮特。也許如果我從一個稍微不同的角度來看待這個問題，那就是在您重申的今年 2.2 億至 2.5 億美元的指導方針的背景下。我的意思是，這意味著第四季的收入可能在 4000 萬美元到 7000 萬美元之間，在你所擁有的範圍內。

I would imagine we'd have to have a absolute government shutdown for you to be anywhere near $40 million. But what would have to happen -- what are things that could happen that could actually spike your revenue up to $70 million in the fourth quarter?

我想我們必須讓政府完全關門，才能給你帶來接近 4000 萬美元的損失。但會發生什麼——哪些事情可能發生，實際上可以使您第四季的收入飆升至 7000 萬美元？

Yeah. Well, the timing of awards is the key to that, right. So a lot of our customers, they're not focused on fiscal year end or things -- or in the case of the government, their fiscal year ends in October or late September. So they're not seeing it as a calendar year dynamic. So the timing could materially shift of things one way or the other, although let me talk to you a little bit about our approach to guidance.

是的。嗯，頒獎的時機是關鍵，對吧。因此，我們的許多客戶並不關注財政年度結束或其他事情，或就政府而言，他們的財政年度在 10 月或 9 月底結束。所以他們並沒有將其視為日曆年的動態。因此，時間可能會以一種或另一種方式發生重大變化，儘管讓我和你們談談我們的指導方法。

As you know, we're a fairly young public company. And we've set out kind of three guiding principles for our guidance. Number one is to keep it simple, number two is to take a long-term view, and number three is to be somewhat conservative on our approach. So we're not giving people -- we're not confusing the marketplace as we move forward here.

如您所知，我們是一家相當年輕的上市公司。我們為我們的指導制定了三項指導原則。第一是保持簡單，第二是著眼長遠，第三是我們的方法要稍微保守。因此，當我們在這裡前進時，我們不會給人們帶來混亂——我們不會混淆市場。

So from the guidance perspective, the approach that we're taking is giving guidance at the beginning of the year and then sticking with that guidance throughout the year, despite the quarter-to-quarter perturbation. As a way of just kind of keeping the simple -- the guidance simple, accurately reflecting our year-on-year pathway and delivering what we say we're going to do.

因此，從指導的角度來看，我們採取的方法是在年初提供指導，然後全年堅持該指導，儘管存在季度與季度的干擾。作為一種保持簡單的方式——指導簡單，準確地反映我們逐年前進的道路，並實現我們所說的要做的事情。

Okay, thank you, that's helpful. I'll just ask one more and it's more of a broader question about what you think the state of the -- what is the outlook for commercial LEO destinations in the ISS that might -- the latter that which might actually even be extended beyond 2030 now. And where Redwire fits in amongst all that. Thank you.

好的，謝謝，這很有幫助。我只想再問一個問題，這是一個更廣泛的問題，關於您對國際太空站商業低地球軌道目的地的前景的看法，後者實際上甚至可能會延長到 2030 年之後現在。 Redwire 正是其中的一員。謝謝。

Yeah, I love that question. So what I'm excited about with Redwire is that we believe that the United States and our allies will always have a presence in LEO. Right now, that presence is the International Space Station. And we're participating a lot in the development research and development that's happening in LEO, on the ISS.

是的，我喜歡這個問題。因此，我對 Redwire 感到興奮的是，我們相信美國和我們的盟友將永遠在近地軌道上存在。現在，這個存在就是國際太空站。我們正在大量參與近地軌道和國際太空站的開發研究和開發。

As commercial LEO destinations come online, we're actively engaged with all of the different providers out there to provide the capability that we've been providing to the ISS and quite frankly, not only NASA but ESA. So they see us as a leader because we're proven and therefore the net on commercial LEO to us. And of course, we're watching this very closely and weren't terribly surprised by the fact that NASA, if they need to will extend the life of the ISS. We really basically continue to perform and generate revenue off of our services to LEO development, whether it's a government space station or whether it's a commercial space station. So for us, we feel pretty comfortable both ways.

隨著商業低地球軌道目的地上線，我們正在積極與所有不同的供應商合作，以提供我們一直在向國際太空站提供的功能，坦白說，不僅是美國太空總署，還有歐洲太空總署。因此，他們將我們視為領導者，因為我們已經被證明了，因此商業 LEO 網路對我們來說也是如此。當然，我們正在非常密切地關注這一點，並且對於美國宇航局（如果需要的話）將延長國際太空站的壽命這一事實並不感到非常驚訝。我們實際上基本上繼續透過我們對低地球軌道開發的服務來提供服務並產生收入，無論是政府太空站還是商業太空站。所以對我們來說，雙方都覺得很舒服。

Okay. Well, thank you very much.

好的。好的，謝謝。

Yeah, thanks, Mike.

是的，謝謝，麥克。

Suji Desilva, ROTH MKM.

蘇吉·德席爾瓦，羅斯·MKM。

Hi, Peter. Hi, Jonathan. Congratulations on the progress here. So just curious on the free cash flow of the CapEx spending. Is that spending -- does that need to happen ahead of your programs coming online? Or is that something that customers -- you've kind of do it on a success basis as programs run.

嗨，彼得。嗨，喬納森。恭喜這裡的進展。所以只是對資本支出支出的自由現金流感到好奇。這筆支出是否需要在您的專案上線之前進行？或者這是客戶的事情——當程式運行時，你已經在成功的基礎上做到了這一點。

Hey, Suji, how are you? Good to hear from you. It depends. So we have CapEx expenditures associated with ground support equipment, developing our really large solar array wings for the power and propulsion element of Gateway. That would be a good example of a CapEx supporting near term programs.

嘿，蘇吉，你好嗎？很高興聽到你的消息。這取決於。因此，我們有與地面支援設備相關的資本支出，為網關的動力和推進元件開發真正大型的太陽能電池陣列機翼。這將是支持近期計劃的資本支出的一個很好的例子。

We also have our most recently built RF chamber that supports our antenna business for customers like the SDA. And a pretty large percentage of our future pipeline, associated with antennas. So in some cases, it's to support ongoing operations and in other cases, it's built to support a more recent and emerging program wins, as well as what we anticipate to be growth areas in the company.

我們還擁有最新建造的射頻暗室，為 SDA 等客戶支援我們的天線業務。我們未來管道的很大一部分與天線相關。因此，在某些情況下，它是為了支持正在進行的運營，而在其他情況下，它的構建是為了支持最近和新興的專案勝利，以及我們預計公司的成長領域。

Jonathan, I don't know if you want to add anything to that.

喬納森，我不知道你是否想補充什麼。

Exactly, I mean, the expenditures that we make for equipment, a lot of its captured in the contracts themselves and paid for by the contracts, right? But a lot of the CapEx, As Pete, for example, use perfect examples, is an example of CapEx that we can use. I mean, these pieces of equipment last a long time and can be used on other contracts, that's why you're seeing a level of inefficiency.

確切地說，我的意思是，我們購買設備的支出，其中許多都包含在合約本身中並由合約支付，對嗎？但許多資本支出，例如皮特，使用了完美的例子，是我們可以使用的資本支出的例子。我的意思是，這些設備可以使用很長時間，並且可以用於其他合同，這就是為什麼你會看到一定程度的低效率。

The only thing I would add to Pete's comments is, the return -- we watch these return on invested capital, this CapEx very, very closely. And that's why you're seeing the narrowing of our cash flow from operations. It happened because we're focused on those returns happening for our investments earlier and then obviously with a threshold that's got to meet. There's a discipline to this process, Suji.

我對皮特的評論唯一要補充的是回報——我們非常非常密切地關注投資資本的回報，即資本支出。這就是為什麼我們的營運現金流正在縮小。發生這種情況是因為我們專注於我們的投資早期發生的回報，然後顯然必須滿足一個門檻。這個過程是有紀律的，Suji。

Okay, great. And then sticking on the financials, the gross margin side, you talked in the prepared remarks about gross margin tailwind from mix. Can you just remind us the relative gross margins, how should we think about that segments and where the mix tailwinds are versus headwinds in gross margin or relative gross margins.

好的，太好了。然後，堅持財務、毛利率方面，您在準備好的評論中談到了混合帶來的毛利率推動力。您能否提醒我們相對毛利率，我們應該如何考慮這些細分市場，以及毛利率或相對毛利率的混合順風與逆風在哪裡。

Yeah, so we don't have segment. So our gross margin is our gross margin. What I can talk to you about gross margin is the way we think about it, is one of the key things that I tried to highlight in my comments was this idea of avoiding growth at any cost. And I would say a year to potentially two years ago, the industry was -- quite frankly, the investor community was primarily focused on top-line growth, really at any cost.

是的，所以我們沒有細分。所以我們的毛利率就是我們的毛利率。我可以與您談論毛利率的是我們思考它的方式，我在評論中試圖強調的關鍵事情之一是不惜一切代價避免增長的想法。我想說，一年甚至兩年前，坦白說，該行業主要關注的是營收成長，不惜任何代價。

I'm not sure Redwire was ever all in on that concept. But certainly, in the past year, we've been very selective about what we bid. And we've been working very hard at sunsetting other programs that either came through acquisition or otherwise that had gross margins less than what we're targeting. So that disciplined approach of selective bidding on programs that where we feel that we can maintain our margins is what's driving the changes you're seeing in gross margins right now.

我不確定 Redwire 是否完全參與了這個概念。但可以肯定的是，在過去的一年裡，我們對投標內容非常挑剔。我們一直在努力取消其他項目，這些項目要么是透過收購實現的，要么是毛利率低於我們目標的。因此，對我們認為可以維持利潤的項目進行選擇性投標的嚴格方法是推動您目前看到的毛利率變化的原因。

Did that answer your question?

這回答了你的問題嗎？

Yes, it does. And yeah, good to hear that you're doing that on the acquisitions. And then last question, really on the demand. The civil area, you talked about some have volatility around the US government. Are you seeing actual programs push-outs of positive reductions yet? Or is that just the sort of sense that there is some uncertainty there more broadly?

是的，它確實。是的，很高興聽到您在收購中這樣做。最後一個問題，確實是按需提出的。在民事領域，您談到了美國政府周圍的一些波動。您是否看到實際計劃推出了積極的減排措施？或者這只是一種更廣泛意義上存在不確定性的感覺？

Yeah, I think it's being prudent about watching closely what's going on in terms of budgeting, specifically for NASA. So I wouldn't say -- it's always difficult to understand why the government does what they do. They fare very publicly, I believe just announced that they were pushing the LTV procurement out, for instance. I can't say, I don't have first-hand knowledge as to why that is. But we have to be realistic about that some of the congressional budgets that are being out there.

是的，我認為密切關注預算方面的情況是謹慎的，特別是對美國太空總署來說。所以我不會說——總是很難理解政府為什麼這麼做。他們的表現非常公開，例如，我相信他們剛剛宣布取消 LTV 採購。我不能說，我沒有第一手資料來了解為什麼會這樣。但我們必須對現有的一些國會預算持現實態度。

I believe some of them are looking at rolling back NASA's budget to 2022 levels. Obviously, we have a fair amount of congressional budgeting, or I would say, maybe just US government dysfunction going on right now. So that certainly going to find its way into the planning cycles. And so we just need everybody to be clear-eyed and realistic about the potential risk associated with those dynamics.

我相信他們中的一些人正在考慮將 NASA 的預算削減至 2022 年的水平。顯然，我們有相當數量的國會預算，或者我想說，也許只是美國政府目前的功能失調。因此，這肯定會進入規劃週期。因此，我們只需要每個人都對與這些動態相關的潛在風險保持清醒和現實的認識。

Okay, great. Thanks, Peter. Thanks, Jonathan.

好的，太好了。謝謝，彼得。謝謝，喬納森。

Yeah. I mean, Suji, the only other thing I would say on that, is it is one of -- we're pretty deliberate about, you know we're celebrating the year that we partnered at acquired Space NV, now Redwire Europe. And so, we're pretty deliberate about that. Obviously, you need to meet our financial thresholds, which it's meeting, but also it allows us to diversify.

是的。我的意思是，Suji，我對此唯一要說的另一件事是，我們非常慎重地考慮，你知道我們正在慶祝我們合作收購 Space NV（現在的 Redwire Europe）的一年。所以，我們對此是經過深思熟慮的。顯然，你需要滿足我們的財務門檻，它正在滿足這個門檻，但它也讓我們能夠實現多元化。

And the AESOP and other European governments are very much on a three-year cycle. Their budgeting, as we've talked about with the investors and you. And that really helps diversify as part of what the Redwire overall strategy is to be this -- still grow this business, grow it profitably, but also make sure that it's a lower risk type of profile and take advantage of these opportunities as they come up globally.

AESOP 和其他歐洲政府基本上都是以三年為一個週期。正如我們與投資者和您討論過的那樣，他們的預算。作為 Redwire 整體策略的一部分，這確實有助於多元化——仍然發展這項業務，使其盈利，但也要確保它是一種風險較低的類型，並在這些機會出現時利用它們全球。

Yeah. Okay, great. thanks.

是的。好的，太好了。謝謝。

Greg Konrad, Jefferies.

格雷格·康拉德，杰弗里斯。

Good morning, and good quarter.

早上好，季度好。

Hey Greg, thanks.

嘿格雷格，謝謝。

Thank you, Greg.

謝謝你，格雷格。

Maybe just to kind of bridge or follow-up to some of the prior questions. I mean, you're coming off the third straight strong quarter around EBITDA. And I know you don't guide for the year; we can see what the revenue guidance is. But how are you thinking about the variability of profitability into Q4? How much is tied to volume versus mix? I think you've talked about investments in the past. And how are you thinking about maintaining positive EBITDA into the year end?

也許只是為了彌補或跟進之前的一些問題。我的意思是，您的 EBITDA 連續第三個季度表現強勁。我知道你這一年不做嚮導；我們可以看到收入指導是什麼。但您如何看待第四季度獲利能力的變化？音量與混音的關係有多大？我想您過去曾談論過投資。您如何考慮在年底前保持正的 EBITDA？

Yeah, no, thanks, I appreciate the question, Greg. So if you think about some of the comments I made on balancing top-line and bottom-line growth. I already touched on one aspect of this approach, that's the idea of being selective in our bidding. But we don't want to pass on very significant opportunities that may present itself in the pipeline that require some investment upfront because we've kind of talked ourselves into a corner, if you will, around EBITDA, right?

是的，不，謝謝，我很欣賞這個問題，格雷格。因此，如果您考慮我關於平衡頂線和底線增長所做的一些評論。我已經談到了這種方法的一個方面，那就是在我們的投標中進行選擇性的想法。但我們不想放棄可能會出現的非常重要的機會，這些機會可能需要一些前期投資，因為我們已經把自己逼到了一個角落，如果你願意的話，在 EBITDA 方面，對嗎？

So we're very focused on being profitable. We're very focused on selectively bidding programs that we can be profitable on. But there are instances, where going back to the discussion on CapEx, we may be required to make an investment, of course that won't hit EBITDA, that will hit cash flow more.

所以我們非常注重獲利。我們非常專注於有選擇性的投標項目，我們可以從中獲利。但在某些情況下，回到資本支出的討論，我們可能需要進行一項投資，當然這不會影響 EBITDA，這會更影響現金流。

But there's other internal SG&A or B&P or IRAD dollars that do flow through SG&A that we might have to ramp up on in order to take advantage of some particular positioning that we have. And we don't want to suboptimize our approach, based on something like the guidance we're giving or what have you.

但是，還有其他內部 SG&A、B&P 或 IRAD 資金確實透過 SG&A 流動，我們可能必須增加這些資金，以便利用我們擁有的某些特定定位。我們不想根據我們提供的指導或您擁有的指導來對我們的方法進行次優化。

So that's what we mean by balancing top-line and bottom-line growth is. If there is a opportunity out there that includes the high probability win that will materially transform Redwire as a business and we need to spend some of our SG&A money to go after that, we're going to do it.

這就是我們所說的平衡頂線和底線成長的意思。如果有一個機會，其中包括高機率獲勝，將實質地改變 Redwire 作為企業，我們需要花費一些 SG&A 資金來實現這一目標，我們就會這樣做。

So does that answer your question?

那麼這回答了你的問題嗎？

Yeah, that's helpful. And then maybe just to follow up on PIL-BOX. And I think you've announced some other partnerships on the drug development side, plus with what you've done historically. Is there any way to think about the TAM of that market.

是的，這很有幫助。然後也許只是為了跟進 PIL-BOX。我認為您已經宣布了藥物開發方面的一些其他合作夥伴關係，以及您過去所做的事情。有沒有什麼方法可以考慮該市場的 TAM？

And just timing, given some of your other partnerships. And kind of where we are in terms of adoption and transition, given it seems like there's a lot of opportunities in that market.

考慮到你們的其他一些合作夥伴關係，這只是時機。考慮到該市場似乎有很多機會，我們在採用和過渡方面所處的位置。

Yeah, it's a very interesting market. You know, in the past when I talked about Redwire is having a blue-chip foundation with venture optionality. The biotech segment of our business is certainly part of that venture optionality. Which I think is very exciting, maybe not people who invest in the aerospace industry specifically, but certainly people who understood -- who invest in the biotech industry can appreciate the value of that.

是的，這是一個非常有趣的市場。你知道，過去當我談到 Redwire 時，它擁有一個具有風險投資選擇性的藍籌基礎。我們業務的生物技術領域無疑是此創投選擇的一部分。我認為這非常令人興奮，也許不是那些專門投資航空航天行業的人，但肯定是那些了解這一行業的人——投資生物技術行業的人能夠欣賞到它的價值。

It's interesting. There's a lot of opportunities there. We've obviously been working on this for a long time. So even though this is the inaugural launch of PIL-BOX, we have been working on crystallization as I mentioned all the way going back to space shuttle. There is some market information on there around crystallization. [Done it earth], I don't have the TAM figures at my fingertips right now. Perhaps that's an item for follow-up in a future earnings call that we have, where we can talk about that.

這真有趣。那裡有很多機會。顯然我們已經為此努力了很長時間。因此，儘管這是 PIL-BOX 的首次發射，但正如我所提到的一直追溯到太空梭一樣，我們一直在致力於結晶。有一些關於結晶的市場資訊。 [Done it Earth]，我現在手邊沒有 TAM 資料。也許這是我們未來的財報電話會議中需要跟進的一個項目，我們可以在那裡討論這個問題。

But this is a existing market. The only thing that we're bringing to the market is an innovation where we could potentially -- if the experiments are successful, change that, but it's pretty early days. I would say the biggest step forward from a maturation perspective, in my mind, is the fact that we now have this partnership with Eli Lilly, so it's not just NASA funded research for the sake of research. There are actual commercial organizations who are really interested in the potential here, a very serious commercial organizations mind you, so that's encouraging. But again, we got to fly PIL-BOX, it's got to work. We've got to look at the results. And I think as this progresses forward, we'll learn more.

但這是一個現有的市場。我們為市場帶來的唯一東西是一種創新，如果實驗成功，我們就有可能改變這一現狀，但現在還處於早期階段。我想說，在我看來，從成熟的角度來看，向前邁出的最大一步是我們現在與禮來公司建立了這種合作夥伴關係，所以這不僅僅是美國宇航局為了研究而資助的研究。有一些實際的商業組織對這裡的潛力非常感興趣，一個非常嚴肅的商業組織提醒你，所以這是令人鼓舞的。但我們還是得飛 PIL-BOX，它必須能工作。我們必須看看結果。我認為隨著事情的進展，我們會了解更多。

The exciting thing about having a positioning where you have a blue-chip foundation with venture optionality is the future of Redwire is not dependent on the success of that one singular mission. But if we do make great strides here along with -- if we made great strides, obviously, we announced the 3D printing of our Meniscus. And we have a number of really exciting opportunities associated with bio printing on orbit, as well as with those in other biotech experiments that we're conducting on orbit. If one of those takes off, as you can imagine, it would be exciting for us as a company.

擁有藍籌基礎和風險選擇權的定位令人興奮的是，Redwire 的未來並不依賴單一使命的成功。但如果我們確實在這方面取得了巨大的進步——如果我們取得了巨大的進步，顯然，我們宣布了半月板的 3D 列印。我們擁有許多與軌道上生物打印以及我們在軌道上進行的其他生物技術實驗相關的真正令人興奮的機會。正如您可以想像的那樣，如果其中一項取得成功，對於我們公司來說將是令人興奮的。

Jonathan, you want to add any --

喬納森，你想添加任何——

Just, I want to remind you, Greg, that we do talk about in -- what we disclosed is what we call it our Redwire 101. That the explore live and work in space for the benefit of humanity, which both of what Pete is talking about is for the benefit of us on earth. It's a $5 billion to $10 billion TAM over the next five years, that includes some level of biotech, but it scratches the surface. Publicly disclosed numbers that we know the bio research, right?

只是，我想提醒你，格雷格，我們確實在談論——我們所披露的就是我們所說的「紅線 101」。為了人類的利益，探索在太空中生活和工作，這就是皮特所說的談論是為了我們地球上的人的利益。未來五年的 TAM 規模將達到 50 億至 100 億美元，其中包括一定程度的生物技術，但這只是表面現象。公開披露的數字表明我們了解生物研究，對吧？

That doesn't include necessarily things associated with printing Meniscus is, but just the pharma industry spends over $150 billion a year on research and development a year on -- and this is the market that just like they went to the Amazon 40 years ago, they're going to go to space. And so for us, we're going be talking more about that in the future. But as Pete said, let's get our PIL-BOX successfully launched, but it's already planned and getting up there. And so let's talk about it later, Greg. But those give you some numbers here that allow you to see that we're only scratching the surface.

這不一定包括與列印彎月面相關的事情，但僅僅製藥業每年在研發上的花費就超過 1500 億美元——而這個市場就像 40 年前他們去亞馬遜一樣，他們要去太空。所以對我們來說，我們將來會更多地討論這個問題。但正如 Pete 所說，讓我們的 PIL-BOX 成功啟動吧，但它已經計劃好了並且已經啟動了。格雷格，我們稍後再說。但這些給了你一些數字，讓你看到我們只是觸及了表面。

I mean, it's the perfect name for the product. So good to whoever named the products, but and then maybe (multiple speakers)

我的意思是，這是該產品的完美名稱。對於為產品命名的人來說非常好，但是也許（多個發言者）

Yeah, John Vellinger, you're out there. He runs this part and has been doing it for decades. And so he named it, in association with Eli Lilly also.

是的，約翰·維林格，你就在那裡。他負責這部分工作，已經做了幾十年了。因此他也與禮來公司（Eli Lilly）聯合命名了它。

And then maybe just to dig into national security a little bit more. I mean, in the prepared remarks, you talked a little bit about SDA and tranches, that markets much more stable. And you kind of have the drivers versus your commentary around some of the commercial near-term headwinds. I mean, what's driving that growth? I mean, is there any way to think about SDA versus some of the other areas of national security that are lifting that business today?

然後也許只是進一步深入研究國家安全。我的意思是，在準備好的發言中，您談到了一些關於 SDA 和部分的內容，即市場更加穩定。您可以了解驅動因素與您對一些商業近期不利因素的評論。我的意思是，是什麼推動了這種成長？我的意思是，有什麼方法可以考慮 SDA 與當今正在提升該業務的其他一些國家安全領域的關係嗎？

Well, so what's driving the growth of national security space spending in general is obviously what I've talked about in the prepared remarks. About the geopolitical dynamics associated with space now being a war-fighting domain. SDA in the near term has been a big part of that, proliferated LEO is fairly new. And so there's a fair amount of spending there.

那麼，推動國家安全太空支出整體成長的因素顯然就是我在準備好的發言中談到的內容。關於與太空相關的地緣政治動態，現在太空已成為一個作戰領域。短期內的 SDA 一直是其中的重要組成部分，而增殖的 LEO 則是相當新的。所以那裡有相當多的支出。

And as I mentioned, we're participating in those procurements on multiple teams, multiple tranches, and we'll continue to do so. So that is obviously a big part of it. But there's also the classified budgets, which obviously are less public, but there's a lot of activity going on in there too, through the intelligence community and other customers who operate against those budgets. So that's another, I think, critical aspect to the growth in national security.

正如我所提到的，我們正在多個團隊、多個批次參與這些採購，我們將繼續這樣做。所以這顯然是其中的重要組成部分。但還有機密預算，顯然不太公開，但其中也有很多活動，透過情報界和其他針對這些預算運作的客戶進行。我認為，這是國家安全發展的另一個關鍵面向。

So again, without going into too much detail, there's a lot of -- with the idea that space is now considered a war-fighting domain, and the establishment of the Space Force, they really got their legs under them now as a service. And I think you're starting to see spending grow in a number of different areas around their mission set.

再說一次，無需贅述，有很多想法——太空現在被認為是一個作戰領域，太空部隊的建立，他們現在作為一種服務確實得到了支持。我認為你開始看到圍繞他們的使命在許多不同領域的支出成長。

I'll leave it at that. Thank you.

我就這樣吧。謝謝。

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，聯盟全球合作夥伴。

Great. Thanks so much for taking my questions. You reported bids submitted this year to date were 714 million. I'm curious first, if you could share the value of the total bids, they're still awaiting adjudication. I take it those numbers are not the same.

偉大的。非常感謝您回答我的問題。您報告今年迄今提交的投標數量為 7.14 億。首先，我很好奇，您是否可以分享總出價的價值，他們仍在等待裁決。我認為這些數字並不相同。

What is your average win rate over the last year or two? And then as you've discussed, the various market dynamics. What are your plans from now through, say the end of 2024 in terms of investments, people or dollars needed in sales and marketing to continue to grow your proposal efforts.

過去一兩年你的平均勝率是多少？然後，正如您所討論的，各種市場動態。從現在到 2024 年底，您的計劃是什麼，包括銷售和行銷所需的投資、人員或資金，以繼續擴大您的提案工作。

Okay. That was a lot. So let me take a couple of matter of time. I'll start with the last one. We are making investments and growing our bid and proposal efforts. We're currently in the process as we are every year at around this time in building our budgets. So I don't have the exact figures for you for 2024, but we will continue to invest in that area. On the rest of it, I think, Jonathan --

好的。那是很多。讓我來談談時間問題。我將從最後一個開始。我們正在進行投資並加大投標和提案力度。我們目前正像每年這個時候一樣制定預算。所以我沒有 2024 年的確切數字，但我們將繼續在該領域進行投資。剩下的事情，我想，喬納森——

Yeah. Let me help you out front. First of all, if you look at last quarter the year to date submitted bids, it was roughly, let's call it half. I'm not going to give the specifics, but it's publicly disclosed. A large increase in that are some of the bids that are pending. So without, because then we don't talk about what the future in the fourth quarter is doing, but you can get a sense of that from a number standpoint.

是的。讓我在前面幫助你。首先，如果您查看今年最後一個季度迄今為止提交的投標，我們可以將其稱為粗略的一半。我不會透露具體細節，但它是公開披露的。其中一些懸而未決的投標大幅增加。所以沒有，因為那時我們不會談論第四季度的未來會做什麼，但你可以從數字的角度來了解這一點。

Historically, the win ratio, which we have disclosed, we haven't disclosed it this year. But in the past, we've disclosed about a 40%-win ratio. But I do have to emphasize what Pete talked about. We are very selective in what we're bidding to make sure that we are on that path to profitability of improved EBITDA, improved free cash flow, improved operating cash flow. It then gets the idea of then CapEx and other investments.

從歷史上看，我們已經披露了勝率，但今年我們沒有披露。但過去，我們披露過大約 40% 的勝率。但我確實必須強調皮特所說的內容。我們對投標內容非常挑剔，以確保我們走上提高 EBITDA、改善自由現金流、改善營運現金流的獲利之路。然後它會得到資本支出和其他投資的想法。

We believe that this path to profitability has to take into account those investments. The whole idea of Redwire as a differentiated investment in space is to be more -- or as like any aerospace company, to be able to fund a lot of our organic growth, if not most of it through organic cash flow. And so that's -- we're on that path, a lot of it we have to scale the business to be able to enjoy that. But we are on that path, as you can see on a year-to-year basis.

我們認為，這條獲利之路必須考慮到這些投資。 Redwire 作為太空領域差異化投資的整體概念是，或者像任何航空航太公司一樣，能夠為我們的大量有機成長提供資金，即使不是大部分透過有機現金流。所以，我們正走在這條路上，我們必須擴大業務規模才能享受這一點。但正如您逐年看到的那樣，我們正走在這條道路上。

We don't give the specifics, but if you look at the SG&A, a lot of that SG&A, even though it's gone down significantly, it's percentage from 41% to less than 30%. A lot of that SG&A is for growth, right. We don't distinguish it, but it is for growth and resiliency. And so you just need to understand that we have enough cash, we have enough liquidity to again, continue with the growth rates that we've talked about for 2023. But we're not going to do anything differently because it's working.

我們沒有給出具體細節，但如果你看一下 SG&A，你會發現很多 SG&A，儘管大幅下降，但百分比從 41% 降至不到 30%。 SG&A 很大一部分是為了成長，對吧。我們不區分它，但它是為了成長和彈性。所以你只需要明白，我們有足夠的現金，我們有足夠的流動性，可以再次繼續我們談到的 2023 年增長率。但我們不會做任何不同的事情，因為它正在發揮作用。

Great. Yeah, the only thing I'll add (multiple speakers) real quickly. So win rates change, obviously a lot, right? Depending on what you're bidding it can go up, it can go down based on any specific award, especially if you're using total dollars or revenue awarded.

偉大的。是的，我唯一會快速添加的內容（多個發言者）。所以勝率變化顯然很大，對吧？根據您的出價，它可能會上漲，也可能會根據任何特定獎勵而下降，特別是如果您使用獎勵的總美元或收入。

So if the goal or what your question is getting at, is this idea of taking the number of bids under submitted and trying to apply a win rate to it to project. I would say that because of the dynamic nature of the number of things that we're bidding, the size, the outsize of some of the bids, as well as just how fast things are changing in general. I wouldn't use that as a straight thing. If you wanted to really -- if you're trying to kind of, come up with an algorithm for projecting future growth.

因此，如果您的目標或問題是什麼，那就是獲取提交的投標數量並嘗試將獲勝率應用於專案的想法。我之所以這麼說，是因為我們投標的項目數量、規模、某些投標的規模以及總體變化的速度都是動態的。我不會把它當作直接的東西。如果你真的想——如果你想嘗試的話，想出一個預測未來成長的演算法。

Okay. I assume most of your contracts are fixed price. I'm not sure maybe you can share that. But in line with your strategy to grow profitably, how is your process for pricing or proposal has changed over the last 12 to 18 months, if at all.

好的。我假設你們的合約大多是固定價格的。我不確定你是否可以分享這一點。但根據您的獲利成長策略，您的定價或提案流程在過去 12 到 18 個月中有何變化（如果有的話）。

So, correct me if I'm wrong here. It is, you have the exact percentages --

所以，如果我錯了，請糾正我。是的，你有確切的百分比——

Yeah, we generally say publicly disclosed that we're about 80% of our contracts are fixed price.

是的，我們通常會公開披露，我們大約 80% 的合約都是固定價格的。

And then again, one of the things that Jonathan mentioned in his prepared remarks was this concept of excellence and execution. Excellence and execution is an internal initiative that we have that really focuses on understanding the business and the details on how we bid. And then how that bid translates into recognizing revenue and making sure that we have the programmatic discipline in place to hit our financial goals. So in that context, we spend a lot of time looking at pricing.

再說一次，喬納森在他準備好的演講中提到的一件事就是卓越和執行的概念。卓越和執行是我們的一項內部計劃，真正專注於了解業務以及我們投標方式的細節。然後，該出價如何轉化為確認收入並確保我們制定計劃紀律來實現我們的財務目標。因此，在這種情況下，我們花了很多時間研究定價。

And it has changed significantly, especially as I mentioned, we're not looking at growth at any cost. So for instance, when we look at our pricing, we're looking at making sure that we're pricing in a way that will gives us the highest potential path to profitability. So when you think about it from in that context, we are looking at all the different cost elements that go in. We're making sure that we apply risk factors associated with our firm fixed-price bids, as is traditional in the market. So we have a number of internal processes in place now and are continuously implementing process improvement across the business to make sure that we stay disciplined.

它已經發生了巨大的變化，特別是正如我所提到的，我們不會不惜一切代價尋求增長。例如，當我們考慮定價時，我們會確保我們的定價方式能夠為我們提供最高的潛在獲利途徑。因此，當您從這種背景下考慮時，我們會考慮所有不同的成本要素。我們確保應用與我們堅定的固定價格投標相關的風險因素，就像市場上的傳統做法一樣。因此，我們現在已經制定了許多內部流程，並在整個業務範圍內不斷實施流程改進，以確保我們保持紀律。

That answer your question?

這回答了你的問題嗎？

Thank you so much. Yeah, it did, thank you.

太感謝了。是的，確實如此，謝謝。

Perfect.

完美的。

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

我們的問答環節已經結束了。現在，我將把電話轉回給管理階層，讓其作總結發言。

Yeah, no. I appreciate everybody's questions. Once again, it was a really exciting quarter for us. We're very pleased with the performance. And I just want to thank all of our employees and customers out there. That is really what Redwire is all about. At the end of the day, it's our employees that delivered these numbers and it's the trust our customers given us, that enable us to continue to drive our overall performance. So we appreciate everyone's time today. Thank you for listening and go Redwire.

是的，不。我感謝大家的提問。這對我們來說又是一個非常令人興奮的季度。我們對演出非常滿意。我只想感謝我們所有的員工和客戶。這就是 Redwire 的真正意義。歸根結底，是我們的員工提供了這些數字，也是我們的客戶給予我們的信任，使我們能夠繼續推動我們的整體績效。所以我們非常感謝大家今天抽出時間。感謝您的聆聽，請前往 Redwire。

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

今天的會議到此結束，此時您可以掛斷電話了。感謝您的參與。