Redwire Corp (RDW) 2023 Q4 法說會逐字稿

Greetings, and welcome to the Redwire Space fourth quarter and full year 2023 earnings conference call.

大家好，歡迎參加 Redwire Space 第四季和 2023 年全年財報電話會議。

Time.

時間。

All participants are in a listen-only mode.

所有參與者都處於只聽模式。

A question-and-answer session will follow the formal presentation.

正式演講後將舉行問答環節。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Jeff Zeunik, Senior Vice President, Financial Planning and Analysis and Investor Relations.

現在我很高興向您介紹主持人，Jeff Zeunik，他是負責財務規劃和分析以及投資者關係的高級副總裁。

Thank you.

謝謝。

You may begin.

你可以開始了。

Thank you, JP, and good morning, everyone.

謝謝你，JP，大家早安。

Welcome to Radwire's fourth quarter and full year 2023 earnings call.

歡迎參加 Radwire 的第四季和 2023 年全年財報電話會議。

We hope that you've seen our earnings release which we issued yesterday afternoon.

我們希望您已經看到我們昨天下午發布的收益報告。

It has also been posted in the Investor Relations section of our website at redwirespace.com. Let me remind everyone that during the call Radware management may make forward-looking statements that reflect our beliefs, expectations, intentions are subject to risks and uncertainties that are described in more detail on Slide 2.

它也發佈在我們網站 redwirespace.com 的投資者關係部分。讓我提醒大家，在電話會議期間，Radware 管理層可能會做出反映我們的信念、期望和意圖的前瞻性聲明，這些聲明會受到幻燈片 2 中更詳細描述的風險和不確定性的影響。

Additionally, to the extent we discuss non-GAAP measures during the call.

此外，我們在電話會議期間討論了非公認會計原則措施。

Please see Slide 3, our earnings release for the investor presentation on our website for the calculation of these measures and GAAP reconciliations.

請參閱投影片 3，即我們網站上投資者簡報的收益發布，以了解這些指標和 GAAP 調節表的計算。

As previously mentioned, I am Jeff Zeunik, Redwire's Senior Vice President of Financial Planning and Analysis, Investor Relations.

如前所述，我是 Jeff Zeunik，Redwire 負責財務規劃和分析、投資者關係的高級副總裁。

Joining me on today's call are Peter Cannito, Chairman and Chief Executive Officer, and Jonathan Baliff, Chief Financial Officer.

與我一起參加今天電話會議的還有董事長兼首席執行官彼得·坎尼托 (Peter Cannito) 和首席財務官喬納森·巴利夫 (Jonathan Baliff)。

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

說到這裡，我想把電話轉給皮特。

Pete?

皮特？

During today's call, I will take you through a discussion of our key accomplishments in the fourth quarter and full year 2023, followed by a discussion of our outlook for 2024.

在今天的電話會議中，我將帶大家討論我們在 2023 年第四季和全年的主要成就，然後討論我們對 2024 年的展望。

And Jonathan, who will present the financial highlights for the same Fourth Quarter and Full Year 2023 periods, after which we will open the floor for Q&A.

喬納森 (Jonathan) 將介紹 2023 年第四季和全年的財務亮點，之後我們將進行問答。

Please turn to Slide 6.

請翻到幻燈片 6。

Fourth quarter of last year was another excellent quarter for Redwire during which we continued our positive momentum.

去年第四季對於 Redwire 來說是另一個出色的季度，在此期間我們繼續保持積極的勢頭。

We have now delivered four consecutive quarters of positive adjusted EBITDA and revenue growth.

我們現已連續四個季度實現調整後 EBITDA 和營收的正成長。

During the fourth quarter, we achieved $63.5 million in Q4 revenue, an 18.2% improvement over Q4 2022.

第四季度，我們實現了 6,350 萬美元的收入，比 2022 年第四季成長了 18.2%。

We achieved positive adjusted EBITDA of $1.7 million in Q4, a $2.5 million increase on a year over year basis from the fourth quarter of 2022 to the fourth quarter of 2023.

我們第四季的調整後 EBITDA 為 170 萬美元，比 2022 年第四季到 2023 年第四季年增 250 萬美元。

We narrowed our net loss to $8.2 million, a $17.7 million year-over-year improvement from the fourth quarter of 2022, we achieved free cash flow of positive $12.6 million a year-over-year improvement of $18.1 million.

我們的淨虧損縮小至 820 萬美元，較 2022 年第四季年減 1,770 萬美元，自由現金流為正 1,260 萬美元，年增 1,810 萬美元。

We also achieved cash from operations of positive $15.7 million, a year-over-year improvement of $20.5 million.

我們也實現營運現金 1,570 萬美元，年增 2,050 萬美元。

And finally, we achieved a book-to-bill ratio of 2.81 times during the quarter.

最後，我們在本季實現了 2.81 倍的訂單出貨比。

It was a fantastic quarter for bookings.

這是預訂的絕佳季度。

Please move to slide 7.

請移至投影片 7。

In addition to a strong fourth quarter, I am very pleased to report that 2023 was a record year for financial performance at Redwire. (technical difficulty) financial results for our shareholders.

除了第四季的強勁表現之外，我還非常高興地報告，2023 年是 Redwire 財務業績創紀錄的一年。 （技術難度）我們股東的財務表現。

During 2023, we achieved record revenues of $243.8 million, which was at the top of our annual guidance range of between $220 million to $250 million.

2023 年，我們實現了創紀錄的收入 2.438 億美元，處於我們 2.2​​ 億至 2.5 億美元年度指導範圍的頂部。

We achieved positive adjusted EBITDA of $15.3 million and positive cash from operations of $1.2 million.

我們實現了 1530 萬美元的正調整 EBITDA 和 120 萬美元的正營運現金。

For the full year, we also received $300 million in contracts awarded during the year and had a full year book-to-bill ratio of 1.23 times our heritage plus innovation strategy it's working.

全年，我們還獲得了 3 億美元的合同，全年訂單出貨比是我們正在實施的傳統加創新策略的 1.23 倍。

Please turn to slide 8.

請翻到幻燈片 8。

By focusing on the fundamental building blocks of space, we are meeting the expanding demand of our customers for Redwire's differentiated core offerings.

透過專注於空間的基本建置模組，我們正在滿足客戶對 Redwire 差異化核心產品不斷增長的需求。

For the full year of 2023, we grew revenue 51.9% from 2022 to 2023.

2023 年全年，我們的收入從 2022 年到 2023 年成長了 51.9%。

We narrowed our net loss to $27.3 million, a $103.4 million improvement from 2022 to 2023.

我們將淨虧損縮小至 2,730 萬美元，比 2022 年至 2023 年減少了 1.034 億美元。

We improved adjusted EBITDA by $26.3 million from 2022 to 2023.

從 2022 年到 2023 年，我們將調整後 EBITDA 提高了 2,630 萬美元。

And with disciplined cash management, we improved cash from operations year over year by $32.9 million and improved free cash flow year over year by $28.7 million in 2022 to 2023.

透過嚴格的現金管理，2022 年至 2023 年，我們的營運現金年增了 3,290 萬美元，自由現金流年增了 2,870 萬美元。

It is important to note that we achieved these positive financial results by developing and delivering critical innovations for our customers throughout the year.

值得注意的是，我們透過全年為客戶開發和提供關鍵創新來實現這些積極的財務業績。

We are not a maybe someday space company.

我們不是一家也許有一天會成為太空公司的公司。

In 2023, 24 Redwire Solutions were deployed on 14 launches, whether deploying tenants for national security rolling out solar arrays for the International Space Station for meeting our milestones on full satellite solutions for the European Space Agency, our reliable technical performance for our customers throughout 2023, with the foundation of our positive financial results.

2023 年，在14 次發射中部署了24 個Redwire 解決方案，無論是為國家安全部署租戶、為國際太空站部署太陽能電池陣、為實現歐洲太空總署完整衛星解決方案的里程碑，還是在2023 年為客戶提供可靠的技術性能，這是我們積極的財務表現的基礎。

These results are directly attributable to the commitment and expertise of our workforce.

這些成果直接歸功於我們員工的奉獻和專業知識。

Thank you to all the employees of Redwire for a great year.

感謝 Redwire 的所有員工度過了美好的一年。

Next, we would like to focus forward and discuss our outlook for 2024.

接下來，我們將重點放在並討論我們對 2024 年的展望。

Please turn to slide 10.

請翻到投影片 10。

With a continuing trend and decreasing cost of launch.

隨著持續的趨勢和發射成本的降低。

Deploying Space Infrastructure is more affordable than ever as a result, we continue to see signs of a massive expansion in demand for space infrastructure.

因此，部署太空基礎設施比以往任何時候都更加經濟實惠，我們繼續看到太空基礎設施需求大規模擴張的跡象。

It's depicted on this slide underscores the breadth of the opportunity space, infrastructure expansion, not only includes small satellite constellations and lower orbit, but also includes expanding investment in infrastructure for medium earth orbit, geostationary Earth orbit, SIS, Lunar lunar peak space and even very low earth orbit for Veolia to name a few as a provider of the fundamental building blocks of space infrastructure across all these areas, Redwire is participating in the growth of the tire space ecosystem from Helio to LUNAR and beyond.

這張投影片上描繪的內容強調了機會空間、基礎設施擴張的廣度，不僅包括小型衛星星座和低軌道，還包括擴大對中地球軌道、地球靜止軌道、SIS、月球峰值空間甚至月球基礎設施的投資作為所有這些領域空間基礎設施基本建構模組的供應商，Redwire 正在參與從Helio 到LUNAR 及其他領域的輪胎空間生態系統的發展。

From our perspective, the strong demand for space infrastructure is driven by three key developments.

從我們的角度來看，對太空基礎設施的強勁需求是由三個關鍵發展所推動的。

First, as we hear and read about routinely in the news space is increasingly a war fighter domain with peer and near-peer threats continuing to target US based superiority.

首先，正如我們在新聞領域經常聽到和讀到的那樣，戰爭日益成為一個戰鬥機領域，同等和接近同等的威脅繼續針對美國的優勢。

Major investment is occurring across it's higher space domain.

主要投資發生在其更高的空間領域。

That is the growth in demand for lunar infrastructure.

這就是對月球基礎設施需求的成長。

The US is heading back to the mean and this time we plan to say whether participating in groundbreaking programs like arguments for the recent intuitive machines commercial lunar landing where we provided critical components.

美國正在回歸平均水平，這次我們計劃說明是否參與突破性計劃，例如為最近的直覺機器商業登月爭論，我們在其中提供了關鍵組件。

Red wire will play a significant role.

紅線將發揮重要作用。

Third is the rapid expansion and proliferated LEO satellite constellations.

第三是低地球軌道衛星星座的快速擴張和激增。

Both government and commercial customers see tremendous value in a new proliferated architecture of small satellite constellations for a wide variety of applications such as communications and earth observation.

政府和商業客戶都看到了小型衛星星座的新型擴散架構對於通訊和地球觀測等各種應用的巨大價值。

This is resulting in increased spending for satellite systems subsystems and components.

這導致衛星系統子系統和組件的支出增加。

These factors and others are positive indicators of continuing demand for red wire space, infrastructure products and solutions for this foreseeable Peter.

這些因素和其他因素都是可預見的彼得對紅線空間、基礎設施產品和解決方案持續需求的積極指標。

With that, please turn to slide 11.

接下來，請翻到投影片 11。

In an effort to focus and optimize our go-to-market strategy for 2024 and clearly emphasize where we are delivering value.

努力集中和優化我們 2024 年的上市策略，並明確強調我們在哪些領域提供價值。

Red wire has grouped our products and solutions into six core offerings that we consider as the fundamental building blocks of space infrastructure.

Redwire 將我們的產品和解決方案分為六種核心產品，我們將其視為太空基礎設施的基本建造模組。

First is avionics and sensors.

首先是航空電子設備和感測器。

These are the spacecraft subsystems and components that are used for navigation control and energy imagery collection, then power generation.

這些是用於導航控制和能量圖像收集以及發電的航天器子系統和組件。

This includes solar arrays and power distribution systems that generate the necessary power for Space Systems to operate regardless of size or location, net Seat Structures & Mechanisms.

這包括太陽能電池陣列和配電系統，為太空系統提供運作所需的電力，無論其大小或位置、淨座椅結構和機制如何。

These include a variety of Space Infrastructure that provide critical mass mechanical functionality for our Orbit operations from launch risk relief mechanisms and deployable booms to berthing and docking systems.

其中包括各種空間基礎設施，為我們的軌道操作提供臨界質量機械功能，從發射風險緩解機制和可展開吊桿到停泊和對接系統。

Red light radio frequency systems are the systems and payloads that enables space to space and space or communication.

紅光射頻系統是實現空間與空間、空間或空間通訊的系統和有效載荷。

Next platform sales emissions.

下一個平台銷售排放量。

This includes both satellite systems such as the red wire prober satellite as well as our proprietary digital engineering and modeling and simulation solutions that enable spacecraft development and operations.

這包括紅線探測衛星等衛星系統，以及我們專有的數位工程、建模和模擬解決方案，以支援太空船的開發和營運。

And finally, micro revenue payloads, which includes next-generation biotech and material and Space manufacturing payloads.

最後，微型收入有效載荷，其中包括下一代生物技術和材料以及空間製造有效載荷。

It utilizes the micro gravity environment to manufacture innovative new products that are difficult to manufacture on our these offerings can be thought of as the picks and shovels of space with broad utility to nearly all space markets and many space assets that are being developed by National Security Space customers, civil space agencies and commercial companies globally.

它利用微重力環境來製造我們難以製造的創新新產品，這些產品可以被視為太空鎬和鏟子，對幾乎所有太空市場和國家安全部門正在開發的許多太空資產具有廣泛的用途全球航太客戶、民用航天機構和商業公司。

Please turn to slide 12 with a clear focus on our six core offerings, we are executing an optimized growth strategy for 2024.

請參閱投影片 12，明確關注我們的六大核心產品，我們正在執行 2024 年優化的成長策略。

That is centered around four key principles, protecting the core scaling production, moving up the value chain and vendor optionality.

這圍繞著四個關鍵原則，保護核心規模生產、提升價值鏈和供應商選擇性。

And then on the next few slides, I'll describe these principles and provide an example of a recent success that best represents these principles in action.

然後在接下來的幾張投影片中，我將描述這些原則並提供一個最近成功的例子，這個例子最能體現這些原則的實際應用。

Turning to slide 13.

轉到投影片 13。

Our first growth principle protecting the core means continuing to deliver on our strong foundation of existing private products with proven reliability and demonstrated flight heritage.

我們保護核心的首要成長原則意味著繼續在現有私人產品的堅實基礎上提供經過驗證的可靠性和飛行傳統。

It is about continuing the growth momentum of our success in 2023.

這是為了在 2023 年繼續保持我們成功的成長勢頭。

An example, in December 2023, Red wire announced that our L-band 2016 incentive successfully demonstrated the transmission of Link 16 signal from space.

例如，2023 年 12 月，Redwire 宣布我們的 L 波段 2016 激勵措施成功展示了從太空傳輸 Link 16 訊號。

This is a major milestone for the development of Warfighter COMMUNICATIONS.

這是戰士通訊發展的一個重要里程碑。

Red wired is delivered and tenants supporting more than 50 spacecraft for a national security Constellation being developed with the opening of our new manufacturing and testing facility in Longmont, Colorado announced in January red wire and anticipate being able to triple the amount of hardware throughput from the next few years, building on the successful heritage of our RF systems.

紅線已交付，租戶支援50 多個航天器，用於支援正在開發的國家安全星座，隨著我們在科羅拉多州朗蒙特的新製造和測試設施的開業，紅線於1 月宣布，並預計能夠將硬件吞吐量增加兩倍未來幾年，我們將以射頻系統的成功傳統為基礎。

Please turn to slide 14.

請翻到投影片 14。

Our second growth principle scaling production means winning and delivering on increasingly larger orders by scaling our production to meet growing demand.

我們的第二個成長原則擴大生產意味著透過擴大生產以滿足不斷增長的需求來贏得並交付越來越大的訂單。

As an example, I am proud to announce that during the fourth quarter of 2023 red wire won a $142 million contract award for our process power solutions from an undisclosed satellite manufacturer.

舉個例子，我很自豪地宣布，在 2023 年第四季度，紅線從一家未公開的衛星製造商那裡獲得了價值 1.42 億美元的製程電源解決方案合約。

This award is a testament to the differentiation, innovation and on-orbit success of our rollout solar array technology and demonstrates that our heritage is leading to increasingly larger orders.

該獎項證明了我們推出的太陽能電池陣列技術的差異化、創新性和在軌成功，並表明我們的傳統正在帶來越來越大的訂單。

This announcement comes on the heels of another announcement that we were selected as a strategic supplier for Blue origins, trailblazing blue rays space mobility platform, we were awarded a contract to develop and deliver for rotor wings as well as multiple Argus cameras and low-voltage distribution units.

在此公告發布之前，我們還發布了另一項公告：我們被選為Blue origins（開創性的藍光太空移動平台）的戰略供應商，我們獲得了一份開發和交付旋翼以及多個Argus 攝影機和低壓的合約。經銷單位。

With these two awards, we have begun to scale our production capabilities while continuing to add to the heritage of our power generation offerings, which demonstrates we are being baselined on the growing systems as the systems we are baselined into such as blueprint and a new set of satellites using ROSA continue to sell and scale red wire will grow with our customers.

憑藉這兩個獎項，我們已經開始擴大我們的生產能力，同時繼續增加我們發電產品的傳統，這表明我們正在以不斷增長的系統為基準，就像我們以藍圖和新系列為基準的系統一樣使用ROSA 的衛星繼續銷售，紅線規模將與我們的客戶一起成長。

Please turn to slide 15.

請翻到投影片 15。

Our third growth principle moving up.

我們的第三個成長原則不斷向前推進。

The value chain means leveraging our proven capabilities in developing and deploying space subsystems and components into future success developing and deploying next-generation spacecraft and Integrated Mission payloads.

價值鏈意味著利用我們在開發和部署空間子系統和組件方面成熟的能力來成功開發和部署下一代太空船和綜合任務有效載荷。

As an example, I am also excited to announce that red wire has invested in the design of a very low earth orbit for feed, LEO, spacecraft known and Sabre set.

舉個例子，我還很高興地宣布，紅線已投資設計極低地球軌道，用於饋送、LEO、已知太空船和 Sabre 裝置。

The LEO is a crucial domain for the future of defense and intelligence operations for the US and its allies with the same process design, we are offering customers an innovative approach to explore a leap ahead, Orbital platform that could meet future mission needs for a new breed of vehicles with the performance potential between that of an unmanned aerial system and a standard LEO satellites.

近地軌道是美國及其盟國未來國防和情報行動的關鍵領域，具有相同的流程設計，我們為客戶提供一種創新方法來探索跨越式軌道平台，該平台可以滿足新任務的未來需求。性能潛力介於無人機系統和標準LEO 衛星之間的飛行器品種。

This is just one example of how we are exploring opportunities to move up the value chain by designing and developing differentiated next-generation spacecraft that will fill identified gaps in the market for future space infrastructure.

這只是我們如何透過設計和開發差異化的下一代太空船來探索提升價值鏈的機會的一個例子，這些太空船將填補未來太空基礎設施市場中已確定的空白。

Please turn to slide 16.

請翻到投影片 16。

Lastly, our fourth principle is to maintain venture optionality by continuing to pursue rates through development on high potential technologies that could create new markets with game changing potential.

最後，我們的第四個原則是透過開發高潛力技術來繼續追求利率，從而保持風險的選擇性，這些技術可以創造具有改變遊戲規則潛力的新市場。

Earlier this year, Redwire was pleased to announce the second mission of our InSpeed pharmaceutical development platform PIL-BOX, again, in partnership with Eli Lilly.

今年早些時候，Redwire 很高興地宣布我們的 InSpeed 藥物開發平台 PIL-BOX 的第二個任務，再次與禮來公司合作。

The second PIL-BOX mission is focused on researching widespread chronic diseases, which have massive global demand for treatment.

第二個 PIL-BOX 任務的重點是研究廣泛存在的慢性疾病，這些疾病在全球範圍內有著巨大的治療需求。

PIL-BOX 2 follows closely on the heels of the successful inaugural PIL-BOX 1 mission, which for 2023 for delivery to the customer.

PIL-BOX 2 緊接著首次 PIL-BOX 1 任務的成功之後，該任務將於 2023 年交付給客戶。

Please turn to slide 17.

請翻至投影片 17。

Now turning to our bookings and backlog.

現在轉向我們的預訂和積壓。

Our bookings during the fourth quarter of 2023 were $178.2 million.

我們 2023 年第四季的預訂量為 1.782 億美元。

Our book-to-bill ratio was 2.81 times for the fourth quarter of 2023.

2023 年第四季度，我們的訂單出貨比為 2.81 倍。

We continue to see lumpy bookings growth from quarter to quarter, but have consistently positive growth rates on an annual basis.

我們繼續看到每季的預訂量成長不穩定，但每年的成長率始終為正。

Finally, as you can see on the right-hand side of this slide, our contracted backlog has increased 19.1% since the end of 2022 to a contracted backlog of $372.8 million.

最後，正如您在這張投影片右側看到的，自 2022 年底以來，我們的合約積壓訂單增加了 19.1%，達到 3.728 億美元。

The growth in contracted backlog is one of many factors that gives us confidence in our future growth and stability.

合約積壓的成長是讓我們對未來成長和穩定充滿信心的眾多因素之一。

We continue to have a healthy pipeline with an estimated $4.8 billion of identified opportunities, including approximately $944 million in proposals submitted during the full year of 2023.

我們仍然擁有健康的管道，已確定的機會估計價值 48 億美元，其中包括 2023 年全年提交的約 9.44 億美元的提案。

Please turn to slide 18 for a brief discussion of the outlook for 2024 and why required management believes the performance momentum from 2023.

請參閱投影片 18，簡要討論 2024 年的前景以及為何要求管理層相信 2023 年的業績動能。

We'll continue into this year and beyond our fourth quarter was a strong finish to 2023 with record revenues and positive adjusted EBITDA, positive cash from operations and positive free cash flow, plus sequential improvement in liquidity and contracted backlog.

今年及之後，我們的第四季將在2023 年實現強勁收官，實現創紀錄的收入和積極的調整後EBITDA、積極的營運現金和積極的自由現金流，加上流動性和合約積壓的連續改善。

As a result, for 2024, we are forecasting full year revenue to be $300 million, which represents a 23% year-over-year growth rate through our excellence in execution initiatives.

因此，我們預計 2024 年全年營收將達到 3 億美元，透過我們卓越的執行計畫實現 23% 的年成長率。

We continue to focus on improving our operating leverage and cost efficiency, and we expect to continue on our path to profitability in 2024.

我們繼續專注於提高營運槓桿和成本效率，並預計 2024 年將繼續實現盈利。

Please turn to slide 19 for with that, I'd now like to turn the call over to Jonathan Baliff, Redwire's Chief Financial Officer.

請參閱投影片 19，我現在想將電話轉給 Redwire 財務長 Jonathan Baliff。

Jonathan?

喬納森？

Thank you, Pete.

謝謝你，皮特。

Before I turn to the financial results, I'd like to highlight the photo on this slide 19, which is that the RF testing chamber that Pete spoke about at our newly expanded Longmont, Colorado facility.

在討論財務表現之前，我想強調第 19 張投影片上的照片，即皮特談到的位於我們新擴建的科羅拉多州朗蒙特工廠的射頻測試室。

This chamber is just one of the many investments we made during the year in support of future growth to serve the customer demand for Redwire Space Infrastructure.

該室只是我們今年為支持未來成長以滿足客戶對 Redwire Space 基礎設施的需求而進行的眾多投資之一。

Please turn to slide 20.

請翻到投影片 20。

Our fourth quarter 2023 saw continued positive momentum, driven by this customer demand and requires excellence in execution focus.

在客戶需求的推動下，我們在 2023 年第四季看到了持續的正面勢頭，並需要卓越的執行重點。

We achieved record revenue of $63.5 million, while also achieving our fourth consecutive positive adjusted EBITDA quarter since becoming a public company and our second positive free cash flow quarter as a public company.

我們實現了創紀錄的 6,350 萬美元收入，同時也實現了自成為上市公司以來連續第四個季度調整後 EBITDA 為正值，以及作為上市公司第二個季度為正自由現金流。

As you can see on this chart, all of our critical financial metrics saw significant year-over-year improvement on a dollar amount and on a percentage basis year over year narrowing in our net loss to $8.2 million and a $2.5 million improvement in adjusted EBITDA to $1.7 million.

正如您在此圖表中所看到的，我們所有的關鍵財務指標在美元金額和百分比基礎上都出現了顯著的同比改善，我們的淨虧損同比縮小至820 萬美元，調整後EBITDA 改善了250萬美元至 170 萬美元。

This result is also attributable to the disciplined project program management and continued cost controls.

這一結果也歸功於嚴格的專案計劃管理和持續的成本控制。

Fourth quarter 2023 also saw record positive free cash flow of $12.6 million, a year-over-year improvement of $18.1 million, and this is after investing over $4 million in growth CapEx and in research and development during the quarter.

2023 年第四季還出現創紀錄的正自由現金流 1,260 萬美元，年增 1,810 萬美元，這是在該季度投資超過 400 萬美元用於增長資本支出和研發之後。

Please turn to slide 21.

請翻至投影片 21。

As you can see on this page and similar to page 16, all of our critical financial metrics saw significant year-over-year improvement in the full year 2023 on a dollar amount and a percentage basis.

正如您在本頁以及與第 16 頁類似的內容中所看到的，我們所有的關鍵財務指標在 2023 年全年的美元金額和百分比基礎上都出現了顯著的同比改善。

Radwire's excellent execution yielded revenues of $243.8 million, 51.9% growth, while also achieving four consecutive quarters of positive adjusted EBITDA and our first full year of positive cash from operations.

Radwire 出色的執行力帶來了 2.438 億美元的收入，成長了 51.9%，同時也實現了連續四個季度的調整後 EBITDA 為正值，以及我們第一個全年的營運現金為正值。

Record revenue also led to a $103.4 million year over year, narrowly in our net loss to $27.3 million and a $26.3 million improvement in adjusted EBITDA to $15.3 million.

創紀錄的收入也導致我們的淨虧損年增 1.034 億美元，淨虧損微弱至 2,730 萬美元，調整後 EBITDA 改善 2,630 萬美元，達到 1,530 萬美元。

But importantly, Redwire improved cash from operations year over year by over by $32.9 million leading to our fiscal year 2023 free cash from operations of a positive $1.2 million operating cash flow led to year-over-year improvement in full year free cash flow of $28.7 million to a use of cash of only $7.1 million.

但重要的是，Redwire 營運現金年增了 3,290 萬美元，導致我們 2023 財年營運自由現金流達到 120 萬美元正營運現金流，導致全年自由現金流同比改善 28.7 美元100 萬美元，而現金使用量僅710 萬美元。

These impressive results are attributable to the capability and commitment of our global team members and were achieved by investing over $13 million in growth, CapEx and research and development for our future businesses.

這些令人印象深刻的成果歸功於我們全球團隊成員的能力和承諾，並且是透過為我們未來業務的成長、資本支出和研發投資超過 1,300 萬美元而取得的。

Please turn to slide 22.

請翻到投影片 22。

Specifically for quarterly revenue, as you can see from the chart on the right, this quarter's record, $63.5 million represented an 18.2% increase on a year-over-year basis, an increase of 1.4% on a sequential basis.

具體到季度收入，如右圖所示，本季創紀錄的 6,350 萬美元，年增 18.2%，季增 1.4%。

During the quarter, more than 85% of our revenue derived from funded government programs for from global marquee customers were delivering in the areas of national security satellite corporation and the expiration of space to name just a few.

本季度，我們超過 85% 的收入來自全球知名客戶資助的政府項目，這些項目涉及國家安全衛星公司和太空到期等領域。

Excluding the revenue contributed by Space NV, our fourth quarter revenues were $48.6 million, an excellent organic growth of 15.5% on a quarterly year-over-year basis through work on existing contracts and incremental revenues from bookings.

不包括 Space NV 貢獻的收入，我們第四季度的收入為 4860 萬美元，透過現有合約的工作和預訂的增量收入，季度同比有機增長 15.5%。

Our bookings increase that Pete spoke about has resulted in a strong fourth quarter book-to-bill ratio at 2.81 times.

皮特談到的我們的預訂量增加導致第四季度的預訂出貨比達到 2.81 倍。

Please turn to slide 23.

請翻至投影片 23。

For the full year 2023, not only did we grow revenues by 51.9% on a US GAAP basis, and this is excluding revenue by Space NV, but revenue grew organically at 26.9% compared to 2022.

2023 年全年，我們不僅以美國公認會計準則計算收入增加了 51.9%（這不包括 Space NV 的收入），而且與 2022 年相比，收入有機增長了 26.9%。

Additionally, during 2023, 71% of our revenue by location of the customers were attributable to the US and 29% were to go to Europe and other geographic locations.

此外，2023 年期間，按客戶所在地劃分，我們 71% 的收入來自美國，29% 來自歐洲和其他地理位置。

Finally, let's step back and look at Redwire's of growth since 2021, a period of significant change for the space sector significantly in interest rate increases and a slowing of the global economy and a very challenging capital market for small-cap companies.

最後，讓我們回過頭來看看 Redwire 自 2021 年以來的成長情況，這是航太產業發生重大變化的時期，利率上升、全球經濟放緩，資本市場對小型股公司來說非常具有挑戰性。

During the period from 2021 to 2023, the compounded annual growth rate of Redwire revenue on a US GAAP basis some 33.1%, while also achieving positive cash from operations in 2023.

2021年至2023年期間，Redwire收入以美國公認會計準則計算的年複合成長率約為33.1%，同時在2023年也實現了正營運現金。

Please turn to slide 24.

請翻到投影片 24。

We drove an improvement in adjusted EBITDA of $2.5 million year over year from the fourth quarter of 2022 to a positive $1.7 million in the fourth quarter of 2023.

我們推動調整後 EBITDA 從 2022 年第四季年增 250 萬美元，到 2023 年第四季實現正 170 萬美元。

Once again, our year-over-year adjusted EBITDA improvement was primarily driven by our improvement in gross profit with fourth quarter gross profit growing 1.2 times higher from $8.6 million to $10.7 million on a year-over-year basis.

我們的調整後 EBITDA 年比改善主要是由毛利改善推動的，第四季毛利年增 1.2 倍，從 860 萬美元增至 1,070 萬美元。

This gross profit improvement was primarily driven by better contract mix and the maturing of our program management.

毛利的提高主要得益於更好的合約組合和成熟的專案管理。

The sequential decline in adjusted EBITDA was primarily driven by discrete EAC adjustments on select projects, partially offset by higher revenues during the fourth quarter and just to note, on a year-over-year basis, Redwire saw a significant reduction in our net EAC adjustments compared to FY22, while also growing revenue by over 50%.

調整後 EBITDA 的環比下降主要是由特定項目的獨立 EAC 調整推動的，第四季度收入的增加部分抵消了這一影響，值得注意的是，與去年同期相比，Redwire 的淨 EAC 調整大幅減少與2022 財年相比，營收也成長了50% 以上。

Our adjusted EBITDA improvement was also supported by excellent cost control from Redwire's fourth quarter SG&A revenues that were 26% of revenue, a notable drop from the 30.8% in the fourth quarter of 2022.

Redwire 在第四季 SG&A 營收佔營收的 26%，與 2022 年第四季的 30.8% 相比，顯著下降，這也為我們調整後 EBITDA 的改善提供了支持。

On a year-over-year basis, we saw an improvement in adjusted EBITDA of $26.3 million.

與去年同期相比，我們的調整後 EBITDA 提高了 2,630 萬美元。

This was primarily driven by excellent increase in operating leverage year over year on both a percentage and an absolute basis.

這主要是由於營運槓桿在百分比和絕對值上逐年大幅成長所致。

For the full year, SG&A margin decreased from 43.8% in 2022 to 28.1% in 2023, with a reduction in total absolute spend of almost $2 million from $70.3 million to $68.5 million.

全年，SG&A 利潤率從 2022 年的 43.8% 下降到 2023 年的 28.1%，總絕對支出減少近 200 萬美元，從 7,030 萬美元減少到 6,850 萬美元。

Please turn to Slide 25.

請翻到投影片 25。

As we've mentioned several times that throughout last year, we made significant prudent strategic investments.

正如我們多次提到的，去年我們進行了重大審慎的策略投資。

During 2023, we made $8.3 million in capital expenditures to double 2022 CapEx of $4.2 million, plus $5 million in investments in research and development and $3.6 million in a variety of corporate investments in systems and infrastructure that flow through SG&A.

2023 年，我們的資本支出為830 萬美元，是2022 年資本支出420 萬美元的兩倍，另外還包括500 萬美元的研發投資以及360 萬美元的各種企業投資，這些投資涉及流經SG&A 的系統和基礎設施。

So it will be continued to demonstrate our ability to perform and deliver now while also making investments in future growth and profitability, which we're beginning to sell.

因此，它將繼續展示我們現在的執行和交付能力，同時也對未來的成長和獲利能力進行投資，我們正在開始出售這些投資。

Please turn to slide 26.

請翻至投影片 26。

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.

與上季類似，在左側圖表中，我們顯示了自由現金流作為提醒，自由現金流提供了一個基於我們的美國公認會計準則的指標，即營運現金減去資本支出或資本支出。

On a year-over-year basis, quarterly free cash flow improved by $18.1 million to a record positive $12.6 million for the fourth quarter due to a $20.5 million improvement in cash from operations.

與去年同期相比，由於營運現金增加了 2,050 萬美元，第四季度季度自由現金流增加了 1,810 萬美元，達到創紀錄的 1,260 萬美元。

Credit goes to the revenue growth and profitability improvements already discussed.

這歸功於已經討論過的收入成長和獲利能力的提高。

But in addition, we had more efficient and effective working capital management over the fourth quarter, and this is helped by a diversity of core offerings, customers, new contracts, which cascades down to our cash flow from operations.

但除此之外，我們在第四季的營運資本管理更有效率和更有效，這得益於核心產品、客戶、新合約的多樣性，這些都延伸到了我們的營運現金流。

Again, we continue to invest a significant amount of CapEx in research in CapEx and research and development.

同樣，我們繼續在資本支出和研發方面投入大量資本支出。

We saw improvement in year-over-year quarterly cash from operating activities while continuing to invest in the business and actually make other expenses associate with resiliency of redline.

我們看到經營活動產生的季度現金同比有所改善，同時繼續投資業務，實際上使其他費用與紅線的彈性相關。

These expenditures are intended to grow, diversify our revenue, scale the operations and accelerate our path to profitability.

這些支出旨在增加我們的收入、實現收入多元化、擴大營運規模並加速我們的獲利之路。

On the right-hand chart, we show our available liquidity as of December 31, 2023, which totaled $48.3 million, including $30.3 million in cash and cash equivalents.

在右側圖表中，我們顯示了截至 2023 年 12 月 31 日的可用流動資金，總計 4,830 萬美元，其中包括 3,030 萬美元的現金和現金等價物。

This quarter's liquidity is a significant sequential improvement as we continue on our path to profitability.

隨著我們繼續邁向獲利之路，本季的流動性顯著連續改善。

I want to thank all of Redwire's team for this quarter's excellent results, a total global effort that we work to continue in 2024 and beyond.

我要感謝 Redwire 團隊的全體成員在本季度取得的出色業績，這是我們在 2024 年及以後繼續努力的全球共同努力。

Please turn to slide 27.

請翻至投影片 27。

I will now turn over the presentation to Pete to provide brief final remarks.

我現在將把演示文稿轉交給皮特，以提供簡短的最後評論。

Pete?

皮特？

Thank you, Jonathan, for perfect clarity.

謝謝你，喬納森，非常清楚。

I would like to go back and reemphasize through Slide 23 that the 51.9% growth on US GAAP will including Space NV and Redwire grew organically at 26.9% compared to 2022, excluding space and base.

我想回顧並透過投影片 23 再次強調，美國 GAAP 的 51.9% 成長將包括 Space NV 和 Redwire 與 2022 年相比有機成長 26.9%（不包括太空和基地）。

I do would also like to thank all the red wire professionals around the world for their hard work and excellent fourth quarter and full year 2023 and all our customers for trusting Redwire.

我還要感謝世界各地所有 Redwire 專業人士的辛勤工作以及 2023 年第四季和全年的出色表現，以及我們所有客戶對 Redwire 的信任。

We will now open the floor question.

我們現在開始提問。

Thank you.

謝謝。

Ladies and gentlemen, at this time we will be conducting our question-and-answer session.

女士們、先生們，此時我們將進行問答環節。

(Operator Instructions)

（操作員說明）

Suji Desilva, Roth MKM.

蘇吉·德西爾瓦，羅斯·MKM。

Good morning, Peter, good morning, Jonathan, congratulations on the revenue growth here and the profitability that's coming within really good execution here.

早安，彼得，早上好，喬納森，祝賀這裡的收入增長以及這裡真正良好的執行帶來的盈利能力。

So Tom Yanagi, so the $300 million guide for '24, can we just understand some sense of linearity there?

Tom Yanagi，24 年價值 3 億美元的指南，我們能理解其中的某種線條性感嗎？

Is there any back-end loading or is that fairly linear or first half to second half?

是否有任何後端加載，或者前半部分到後半部分是否相當線性？

And maybe talk about the backlog visibility you have into this next 12 months versus the overall backlog.

也許還可以談談未來 12 個月的積壓工作與總體積壓工作的可見度。

So the backlog visibility is really good for both the '24 and into '25.

因此，積壓的可見度對於 24 年和 25 年來說都非常好。

The $300 million, I would say from a how that's going to play out and like we've been saying, one of the reasons we don't give quarterly guidance is that our revenue tends to come in lumpy.

我想說的是，這 3 億美元將如何發揮作用，就像我們一直在說的，我們不提供季度指導的原因之一是我們的收入往往不穩定。

This is because some of our programs have pretty significant material buys.

這是因為我們的一些項目需要大量的材料購買。

So I would think about it as a distributed annually, but there's the opportunity for certain quarters to be a much higher lumpy than others that could be when you're looking at a big material buy in a particular quarter that could skew the numbers.

因此，我認為它是每年分配的，但某些季度的波動性可能比其他季度高得多，當您在特定季度進行大量材料購買時，這可能會扭曲數字。

Does that answer your question?

這是否回答你的問題？

Yes, it does, actually.

是的，確實如此。

And then perhaps without a question on the gross margin trend, I think in the fourth quarter was down a little bit.

然後，也許在不考慮毛利率趨勢的情況下，我認為第四季略有下降。

Just how should we think about gross margin going into 2024 what the right framework for that?

我們應該如何考慮 2024 年的毛利率，正確的框架是什麼？

Yes.

是的。

No.

不。

Look, you saw it always had more historical than future because we don't give a gross margin gross profit guidance.

你看，你會看到它總是比未來更具有歷史意義，因為我們沒有給出毛利率指引。

But what we saw a really nice steady increase in gross margin and gross profit through 2023.

但我們看到，到 2023 年，毛利率和毛利都會穩定成長。

On very similar to what Pete said, again, a lot of our revenue comes in that lumpy.

與皮特所說的非常相似，我們的許多收入都是來自這種不穩定的情況。

I would say also that our contract mix is such that you're not going to see the level of increases that we saw in '23 and '24, right?

我還要說的是，我們的合約組合是這樣的，你不會看到我們在 23 年和 24 年看到的成長水平，對吧？

I think that the nature of the significant increases.

我認為本質上是顯著增加。

We've gotten a lot of tenants, and we'll continue to do better on project management and program management.

我們已經擁有了很多租戶，我們將繼續在專案管理和專案管理方面做得更好。

But some of the contract mix, especially as we get larger products, um, again, I just I want to say that we don't expect that level of increase to happen.

但是一些合約組合，特別是當我們獲得更大的產品時，嗯，我想說，我們預計不會發生這種程度的成長。

That being said, our EBITDA margin, remember, we see a lot better SG&A margin decreases as the operating leverage in the business it improves.

話雖如此，請記住，我們的 EBITDA 利潤率隨著業務營運槓桿的提高而下降，SG&A 利潤率大幅下降。

And so EBITDA margin, again for us is something we also look at because we're continuing to make investments which come on the SG&A line, but we're growing revenue a lot more than SG&A and therefore, EBITDA and see a lot more of it dropping to the bottom line.

因此，對我們來說，EBITDA 利潤率也是我們所關注的，因為我們正在繼續進行 SG&A 線的投資，但我們的營收成長遠遠超過 SG&A，因此，EBITDA 也看到了更多它下降到底線。

And so that's how I would kind of answer that question on a lot of these bigger projects, just not to be able to see the same level of growth from a contracting standpoint.

這就是我在許多大型專案中回答這個問題的方式，只是無法從承包的角度看到相同程度的成長。

It like growth the address.

牠喜歡增長地址。

I mean, I think it's product mix and the larger programs, sometimes the lower the gross margins, and it's a mix of material buys and also up.

我的意思是，我認為這是產品組合和更大的計劃，有時毛利率較低，而且是材料購買和上漲的組合。

But the absolute value of the gross profit over the year.

而是全年毛利的絕對值。

It will continue to be a positive for us.

這對我們來說仍將是正面的。

Understood.

明白了。

And then one last question probably for Peter on just the very topical and the headlines about government funding trends in various space endeavors, particularly there was a specific headline, though.

最後一個問題可能是彼得問的，關於政府在各種太空事業中的資助趨勢的熱門話題和頭條新聞，特別是有一個具體的標題。

Sam, one I'm just curious on the implications for you guys.

山姆，我只是好奇這對你們的影響。

Maybe talk about national security as a growing opportunity for you and how that maybe is this mix shift?

也許可以談談國家安全對您來說是一個不斷增長的機會，以及這種混合轉變是如何實現的？

Yes, that's a great question.

是的，這是一個很好的問題。

So first and foremost, we had no exposure to the San Juan.

首先，我們沒有接觸過聖胡安。

We weren't involved in that program in any way.

我們沒有以任何方式參與該計劃。

As a matter fact, we see and the winding down of OCM one is freeing up dollars in the NASA budget, but we certainly will be throwing off at the rating and engaging with the customer to see if that can free up some dollars for programs that were largely interested in.

事實上，我們看到 OCM 的結束正在為 NASA 預算騰出資金，但我們肯定會放棄評級並與客戶接觸，看看這是否可以為以下項目騰出一些資金：很大程度上感興趣。

So no impact there.

所以那裡沒有影響。

On national security, I love that question.

關於國家安全，我喜歡這個問題。

So we actually doubled our national security revenue in Q4.

因此，我們第四季的國家安全收入實際上翻了一番。

So we're experienced pretty significant growth in national security.

因此，我們在國家安全方面經歷了相當顯著的成長。

We did put out a press release at about our new office in Chantilly that had some pretty sizable, not secure space associated with, as I think I've mentioned on previous calls.

我們確實在尚蒂伊的新辦公室發布了一份新聞稿，該辦公室有一些相當大的、不安全的空間，正如我在之前的電話中提到的那樣。

And I think Red wire hits above its weight class in terms of our clearances and our insights in the national security, I have a a high-level security clearance, and I've worked in national security for my entire career.

我認為紅線在我們的許可和對國家安全的見解方面超出了其重量級別，我擁有高級別的安全許可，而且我的整個職業生涯都在國家安全領域工作。

And we have a number of contracts that have the associated documentation in there to allow us to operate at the high level of classification.

我們有許多合同，其中包含相關文件，使我們能夠在高級別機密下運作。

So we're really bullish on the current trends going on in national security and requires ability to I participate in that growth.

因此，我們非常看好當前國家安全的趨勢，並需要我有能力參與這種成長。

Okay.

好的。

Thanks, Peter.

謝謝，彼得。

Thanks, Suji.

謝謝，蘇吉。

Griffin Boss, B. Riley Securities.

格里芬‧博斯 (Griffin Boss)，B. 萊利證券 (Riley Securities)。

Hi, Jonathan, thanks for taking my questions.

你好，喬納森，謝謝你回答我的問題。

So first off for me that the growth in pipeline and bids submitted is really impressive, especially given the strong backlog growth we saw in the quarter.

因此，首先對我來說，管道和提交的投標的增長確實令人印象深刻，特別是考慮到我們在本季度看到的強勁的積壓增長。

Can you just give some more color on the breakdown of that pipeline?

您能否進一步說明該管道的故障狀況？

Just generally speaking, kind of what areas you're seeing with the most opportunity and, you know, tying it back to the six core offerings that you talked about?

一般來說，您認為哪些領域機會最多，並將其與您談論的六個核心產品聯繫起來？

Yes, we don't really break down the individual opportunities in the pipeline.

是的，我們並沒有真正分解管道中的個人機會。

But I will point you to our four growth principles for 2024 because I think that represents really what's going on in that the continued growth in our pipeline and the proposals under review.

但我會向您指出我們 2024 年的四項成長原則，因為我認為這真正代表了我們管道的持續成長和正在審查的提案中正在發生的情況。

Again, as we continue to scale and as we continue to demonstrate on-orbit performance that is leading to us being baselined on larger and larger programs.

同樣，隨著我們不斷擴大規模並繼續展示在軌性能，這導致我們以越來越大的專案為基準。

I think we have in many of our products, a lot of customer confidence.

我認為我們的許多產品都得到了很多客戶的信任。

And so we're bidding on bigger programs as well as moving up the value chain like I mentioned and starting to take some bigger swings on our larger subsystems, fully integrated mission payloads any than a full satellite Mission Solutions.

因此，我們正在競標更大的項目，並像我提到的那樣向價值鏈上游移動，並開始對我們更大的子系統、完全整合的任務有效載荷進行更大的調整，而不是完整的衛星任務解決方案。

As you're probably aware in Europe, we provide full satellite missions with our proven satellite and have done so for many years, we're now starting to look at other opportunities to move into white space.

正如您在歐洲可能知道的那樣，我們用經過驗證的衛星提供完整的衛星任務，並且已經這樣做了很多年，我們現在開始尋找其他進入空白空間的機會。

Like I mentioned, indeed, LEO spacecraft as well.

就像我提到的，事實上，低地球軌道太空船也是如此。

That will result, I think, in May a growing pipeline over time.

我認為，隨著時間的推移，這將導致 5 月的管道數量不斷增加。

Got it.

知道了。

Yes, thanks for.

是的，謝謝。

Thanks for that, Pete.

謝謝你，皮特。

Obviously, there are a lot of exciting developments in space right now.

顯然，目前太空領域有許多令人興奮的發展。

I guess I'll just turn it over to I mean, you called out the growth in the LUNAR infrastructure and obviously there's been a lot of press about that with the recent lunar landing from intuitive and you guys are great on that.

我想我會把它轉給我的意思是，你提到了月球基礎設施的增長，顯然最近有很多關於直覺的登月的新聞報道，你們在這方面做得很好。

How big of an opportunity do you guys see NASA's clips program in general and are you working with any other clips authorities beyond intuitive.

你們認為美國宇航局的剪輯項目總體上有多大的機會，你們是否與任何其他超出直覺的剪輯機構合作。

So one of the great things about Red wire is we have, but we participate and across multiple opportunity in all of the different areas and some of the top of my head.

因此，紅線的一大優點是我們擁有，但我們參與並跨越所有不同領域和我的一些想法的多個機會。

I can't think about what we've announced in this area or not, but we were certainly proud to be part of the intuitive machines on bid.

我無法想像我們在這一領域已經宣布了什麼，但我們確實很自豪能夠成為投標中直觀機器的一部分。

And I think that you'll find whenever red wire provides capability that is successful in a one mission where often we build the credibility that makes us a highly sought after partner in other missions as well.

我認為，只要紅線提供在一項任務中取得成功的能力，我們就會建立信譽，使我們成為其他任務中備受追捧的合作夥伴。

But yes, LUNAR infrastructure was we're very proud to be a partner in and that mission was very successful for us.

但是，是的，我們非常自豪能夠成為 LUNAR 基礎設施的合作夥伴，而且這項任務對我們來說非常成功。

We talked about, I think earlier last year, our nascent program that we won, where we're providing the technology and researching with our partners at NASA technology for building landing pads on the moon I think that if there was a landing pad on the moon and the probability of a smoother landing in the hinterland or at least we think would be higher.

我想去年早些時候，我們談到了我們贏得的新項目，我們正在提供技術並與美國宇航局技術合作夥伴一起研究在月球上建造著陸場我認為如果月球上有一個著陸場月球以及在腹地更順利著陸的可能性或至少我們認為會更高。

So maybe some of the early attempts and as for the potential benefit of that technology.

也許是一些早期的嘗試以及該技術的潛在好處。

But yes, we're very focused on the LUNAR infrastructure we talked about are also our view that partnership as well, we'll be providing some solar arrays for LUNAR infrastructure in future as well.

但是，是的，我們非常關注我們所討論的月球基礎設施，我們也認為透過合作，我們將來也將為月球基礎設施提供一些太陽能電池陣列。

So a nice trend for Red wire, and that's one of the reasons I chose to put up that slide trying to emphasize to everybody that Space Infrastructure just isn't about LEO satellites, although that's a really fast-growing, really important part of the market.

所以紅線是一個很好的趨勢，這就是我選擇張貼這張投影片的原因之一，試圖向大家強調空間基礎設施與低地球軌道衛星無關，儘管這是一個快速成長、非常重要的部分市場。

We're not our TAM includes and going beyond just satellites to things like the rapid and exciting growth we're seeing in the future at the minutes.

我們不是我們的 TAM，並且不僅包括衛星，還包括我們在未來看到的快速而令人興奮的成長。

Yes, excellent.

是的，非常好。

Really appreciate the detailed response, Pete.

非常感謝皮特的詳細回覆。

And then just one with one more, if I could, for Jonathan, just turning back to the EAC adjustments.

然後，如果可以的話，對喬納森來說，只是再一再進行，然後回到 EAC 調整。

Obviously, as you mentioned, they came down significantly year over year.

顯然，正如您所提到的，它們逐年大幅下降。

And I mean it's becoming somewhat of a moot point given the size and scale of your revenue.

我的意思是，考慮到您的收入規模和規模，這在某種程度上已經成為一個有爭議的問題。

But I'm can you just give some more color on where those were coming from in the fourth quarter was it one or two specific programs or more widespread on a smaller scale?

但我能否就第四季度這些計劃的來源提供更多信息，是一兩個特定計劃，還是小範圍內更廣泛的計劃？

It definitely wasn't widespread.

它絕對沒有廣泛傳播。

What I would say is yes, like 2022, generally, our EAC adjustments are in our, let's call it, lower TRL.

我想說的是，是的，就像 2022 年一樣，一般來說，我們的 EAC 調整是在我們的（我們稱之為較低的 TRL）內。

We have very mature projects into a less mature products.

我們把非常成熟的專案變成不太成熟的產品。

We do the equivalent of some R & D as we create the next generation space, infrastructure failure, the ICs with those type that type of infrastructure.

當我們創建下一代空間、基礎設施故障、具有此類基礎設施的 IC 時，我們做了相當於一些研發的工作。

But again, I have to emphasize we cut it in half while doubling I'm sorry, while freeing up our GAAP US GAAP revenue by 50 points over 50%.

但我必須再次強調，我們將其削減了一半，同時將我們的 GAAP 美國 GAAP 收入增加了一倍（抱歉），同時將我們的 GAAP 美國 GAAP 收入釋放了 50 個百分點，超過 50%。

So again, I think kudos goes to our operations group and our presidents for really making sure the program management is happening on time because the key to these EAC adjustments and net EAC adjustments is to on-time delivery, which we're very focused on as part of our excellence and execution.

再說一次，我認為我們的營運團隊和我們的總裁確實確保了專案管理按時進行，因為這些 EAC 調整和淨 EAC 調整的關鍵是按時交付，這是我們非常關注的作為我們卓越和執行力的一部分。

Got it.

知道了。

Okay.

好的。

Thanks for taking my questions and great to see the progress.

感謝您提出我的問題，很高興看到進展。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question is coming from the line of Andrea Shepard with Cantor Fitzgerald.

我們的下一個問題來自安德里亞·謝潑德和坎托·菲茨杰拉德的對話。

Please proceed with your question.

請繼續你的問題。

Good morning, everyone.

大家，早安。

Congratulations on the strong financial quarter and thanks for taking our questions.

恭喜財務季度表現強勁，並感謝您回答我們的問題。

And I guess I was just wondering if you consider it considering you reported a positive free cash flow in Q4.

我想我只是想知道考慮到您在第四季度報告了正的自由現金流，您是否考慮這一點。

I know I realize you're not guiding free cash flow throughout 2024, but just curious if you can maybe give us some color as to how we should continue to think about that for modeling purposes, should we expect a continued growth quarter-over-quarter?

I know I realize you're not guiding free cash flow throughout 2024, but just curious if you can maybe give us some color as to how we should continue to think about that for modeling purposes, should we expect a continued growth quarter-over-四分之一?

Or what's the best way to think about that?

或者思考這個問題的最佳方式是什麼？

Thank you.

謝謝。

Well, I'll make you a bit of our cash flow generation in the fourth quarter with a large contract win, which we disclosed.

好吧，我將透過我們披露的大額合約贏得第四季度的現金流量。

And so some of the cash comes in and you see it on the balance sheet.

因此，一些現金進來了，你可以在資產負債表上看到它。

That being said, we we've said in the past, and that's one of the nice things about four quarters that we're bidding on projects that are greater than our annual revenue, right?

話雖這麼說，我們過去已經說過，這是我們四個季度競標超過我們年收入的項目的一件好事，對嗎？

And those are projects that obviously are multiyear.

這些項目顯然是多年期的。

But the bottom line is that we generally have in our COGS on a decent amount of cash coming in on the front end for materials subcontractors and just generally because we're running a much on a much tighter ship on our working capital.

但最重要的是，我們的銷貨成本中通常有相當數量的現金來自材料分包商的前端，這通常是因為我們的營運資金要緊得多。

That being said, again, mimicking what Pete said it can be lumpy.

話雖如此，再次模仿皮特所說的，它可能會很不穩定。

But I will say we've we believe now we have a very nice liquidity profile and a cash flow from operations on this is a company that can fund a significant amount of its growth as not just witnessed in the fourth quarter.

但我想說的是，我們相信現在我們擁有非常好的流動性狀況和來自營運的現金流，這家公司可以為其大量成長提供資金，而不僅僅是在第四季度看到的。

But also we generated positive operating cash flow, and that's in addition to a higher ad spend that was significantly higher in the fourth quarter and the full year 23 than we did in the previous year.

而且，我們也產生了正的營運現金流，此外，第四季和 23 全年的廣告支出明顯高於前一年。

So again, we don't give specific quarterly guidance on that but we continue our path to profitability.

因此，我們不會就此給出具體的季度指導，但我們會繼續實現盈利。

And we're again focused on making sure that we can we can we fund a lot of our own growth.

我們再次專注於確保我們能夠為我們自己的成長提供大量資金。

Got it.

知道了。

That's super helpful.

這非常有幫助。

And I guess that's actually a great segue to my next question is regarding the recent $142 million contract to produce the solar arrays.

我想這實際上是我的下一個問題的一個很好的延續，這個問題是關於最近價值 1.42 億美元的太陽能電池陣列生產合約的。

I'm wondering you know, how should we be thinking about that translating into revenue in over what time period might you expect to recognize the majority of this contract?

我想知道您知道，我們應該如何考慮將其轉化為收入，您預計在什麼時間內確認這份合約的大部分？

Yes.

是的。

No, great question.

不，很好的問題。

So we'll be recognizing that over 24 and a little bit at 25, it's like any red wire contracted as Derek?

所以我們會認識到，超過 24 歲甚至 25 歲左右，就像任何一條像德里克一樣收縮的紅線？

Well, I don't want to make a broad characterization, but many of our contracts are two year contracts and it's already kicked off and started.

好吧，我不想做一個廣泛的描述，但我們的許多合約都是兩年期合同，而且已經開始了。

So we'll be seeing the impact of that and all through Q1 all the way through the rest of the year.

因此，我們將在第一季直至今年剩餘時間看到這一影響。

Got it.

知道了。

I see.

我懂了。

Okay.

好的。

So then I could assume that that's embedded in the revenue guidance for 2020 for, I guess, this direct book data.

因此，我可以假設，這已嵌入到 2020 年的收入指導中，我猜，是直接帳本資料。

Okay.

好的。

And maybe just one last question, if I may.

如果可以的話，也許只是最後一個問題。

And one for Jonathan.

還有一本是給喬納森的。

You know, how are you thinking about activity in the M&A market for for 24?

您如何看待 24 年來併購市場的活動？

You know, I know historically, you have grown inorganically as well as organically.

你知道，我知道從歷史上看，你的成長既是無機的，也是有機的。

So just curious if you're looking to.

所以只是好奇如果你想的話。

Yes, remain active in this market?

是的，繼續活躍在這個市場嗎？

Thank you.

謝謝。

The answer is yes, but we're very focused on our return on invested capital, cash flow and profitability.

答案是肯定的，但我們非常關注投資資本回報率、現金流和獲利能力。

And I'll hand it over to Keith again from a CFO standpoint.

我將從財務長的角度再次將其交給基斯。

You know, we are we've obviously shown a ability to do successful M&A, both on a commercial, operational and financial basis.

你知道，我們明顯展現了在商業、營運和財務方面成功進行併購的能力。

We continue to look at it, but we're pretty disciplined when it comes to two M&A, Pete?

我們會繼續關注它，但在涉及兩項併購時我們非常自律，皮特？

Well, the good news is we know how to do it.

好消息是我們知道該怎麼做。

We've done it nine times so far, I believe to the to that a really a viable tool in our toolkit.

到目前為止，我們已經完成了九次，我相信這在我們的工具箱中確實是一個可行的工具。

But we're constantly scanning the market for the best value out there.

但我們不斷審視市場，尋找最佳價值。

And yet we if we find something that makes a lot of sense, both strategically and has a really nice financial profile that meets our our overall objectives were certainly out there.

然而，如果我們發現一些東西既具有戰略意義，又具有非常好的財務狀況，能夠滿足我們的總體目標，那麼我們肯定會在那裡。

Yes.

是的。

Got it.

知道了。

Very helpful.

很有幫助。

Congratulations on the quarter again, and I'll pass it on.

再次恭喜這個季度，我會把它傳遞下去。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

As a reminder, ladies and gentlemen, if you would like to ask a question at this time, please press star one on your telephone keypad.

提醒一下，女士們先生們，如果您此時想提問，請按電話鍵盤上的星號一。

We do ask that you limit yourself to one question and one follow-up and then re-queue for any additional questions.

我們確實要求您將自己限制在一個問題和一個後續問題上，然後重新排隊回答任何其他問題。

Our next question is coming from the line of Brian Kinstlinger with Alliance Global Partners.

我們的下一個問題來自 Alliance Global Partners 的 Brian Kinstlinger。

Please proceed with your question.

請繼續你的問題。

Great.

偉大的。

Thanks, so much solid bookings.

謝謝，這麼多可靠的預訂。

And thanks for all the backlog and pipeline stats.

感謝所有積壓和管道統計數據。

As usual, you submitted more than 924 million in bids in 2023.

像往常一樣，您在 2023 年提交了超過 9.24 億的投標。

Can you quantify the value of bids that have yet to be awarded?

您能否量化尚未授予的投標的價值？

And then as we look at the $4.8 billion in pipeline, how much of that you expect to bid in 2024 will be more than 2023.

然後，當我們查看 48 億美元的管道項目時，您預計 2024 年的投標金額將比 2023 年多。

So and I'm not sure I totally understand the question, but if I don't answer it, just let me know.

因此，我不確定我完全理解這個問題，但如果我沒有回答，請告訴我。

So in terms of characterizing and the proposals under review, and we don't give any specific data on that, but I'll say they all vary in size.

因此，就特徵描述和正在審查的提案而言，我們沒有提供任何具體數據，但我會說它們的規模各不相同。

And so we have a variety of larger programs as well as a really strong, like I like to say, protecting the core basis for repeat orders as well.

因此，我們有各種更大的計劃，以及非常強大的計劃，就像我想說的那樣，也保護重複訂單的核心基礎。

And so that's it.

就是這樣。

That's how I would characterize what is under the bids that are under some submission right now, if that's what you were asking in terms of the product pipeline, again, I'll point everyone back to our core growth principles for 2024.

這就是我對目前正在提交的出價的描述，如果這就是您在產品管道方面所要求的，那麼我將再次向大家指出我們 2024 年的核心成長原則。

And we see the pipeline continuing to expand as we move up the value chain and continue to scale production.

隨著我們向價值鏈上游邁進並繼續擴大生產規模，我們看到管道繼續擴大。

I think obviously, it's really exciting to win a 142 million contract and suggest that the near term in 2024 impact of that in our financial projections is really exciting but it also underscores our ability to it compete for and win larger and larger programs.

我認為顯然，贏得 1.42 億美元的合約確實令人興奮，並且表明 2024 年的短期影響對我們的財務預測確實令人興奮，但這也強調了我們競爭並贏得越來越大的項目的能力。

So with that kind of success under our belt, I would anticipate that the intent is for when it comes to the pipeline that we're going to, we're going to continue to include a larger swings in that pipeline.

因此，憑藉我們取得的這種成功，我預計，當涉及到我們將要進行的管道時，我們將繼續在該管道中進行更大的波動。

Did I answer your question?

我回答你的問題了嗎？

I'm kind of I'm curious, do you expect to bid on more in 2024 than 2023?

我有點好奇，您預計 2024 年的出價會比 2023 年更多嗎？

And you do it the expected pipeline falls out how it does many times, but yet we're investing in our in our bidding proposal.

當你這樣做時，預期的管道會多次失敗，但我們正在對我們的投標提案進行投資。

And if we execute on our plan of bidding on larger programs and you should see that number go up, you've seen it go up, Brian in the last two quarters, both pipeline and bids.

如果我們執行大型專案的投標計劃，您應該會看到這個數字上升，布萊恩在過去兩個季度中，無論是管道還是投標，您都看到了它的上升。

And so that trend is, again missing two quarters have been increasing on that front.

因此，這一趨勢是，在這方面，兩個季度的缺失再次增加。

We expect again to continue bidding on larger projects.

我們預計將再次繼續投標更大的項目。

And like we said, we've announced obviously a win on that.

正如我們所說，我們顯然已經宣佈在這方面取得了勝利。

But there's again, we don't set expectations based on pipeline.

但還有一點，我們不會根據管道設定期望。

But again, the last two quarters showed a good trend in the financials.

但過去兩個季度的財務狀況再次顯示出良好的趨勢。

That's why I wanted to underscore what we see as the three demand drivers.

這就是為什麼我想強調我們所認為的三個需求驅動因素。

So I think that market could support us sitting warm and then one follow-up on the visibility question that when the analyst asked and I'm curious, is that looking to some other contractors discuss some guidance?

因此，我認為市場可以支持我們保持溫暖，然後對可見性問題進行後續跟進，當分析師問我時，我很好奇，是否希望其他一些承包商討論一些指導？

I'm curious how much of your 300 million in revenue guidance, do you expect to come from the current backlog versus how much you do generate in awards or revenue from award there yet to be won in 2020?

我很好奇你們 3 億的收入指導中，你們預計有多少來自當前的積壓訂單，以及你們在 2020 年從尚未獲得的獎項或獎項中獲得的收入？

Four to hit your 2024 goals.

實現 2024 年目標的四個目標。

So we don't break it down.

所以我們不會分解它。

But I think if you look at our backlog at the start of 2023 and how we rate what we ended up from a revenue point, I think it's but the trend continues.

但我認為，如果你看看我們在 2023 年初的積壓訂單以及我們如何從收入角度評估最終結果，我認為這種趨勢仍在繼續。

You could see that with our current backlog in comparison, which I don't have the exact number, I believe it's three Cs are running yet three, 72.8 is this.

您可以看到，與我們目前的積壓訂單相比，我沒有確切的數字，我相信有 3 個 C 正在運行，但還有 3 個，72.8 就是這個。

We're entering the year with three 73.8 last year on an equivalent basis, I have to emphasize that contracted backlog last year it was 313.1 million.

今年我們以 3 台 73.8 的成績進入了去年，我必須強調的是，去年的合約積壓訂單數量為 3.131 億。

So you're talking about a very significant increase in backlog with.

所以你說的是積壓的顯著增加。

Remember, we had 200 almost 200, 44 million of revenue.

請記住，我們有 200 近 200、4400 萬的收入。

So we are seeing an increase of the increase of uncontracted backlog on an apples to apples basis points.

因此，我們看到未合約積壓的增幅在逐個基點上增加。

So getting to your question, we don't give that, but if you look at it again, we've always said that our contracts are around two years, no red or one.

因此，對於你的問題，我們沒有給出這一點，但如果你再看一遍，我們總是說我們的合約約為兩年，沒有紅色或一年。

We talked about that profile you can you can see that we're getting good visibility into 24 and 25 with this level of backlog increase?

我們討論了該概況，您可以看到，隨著積壓數量的增加，我們對 24 和 25 有了很好的了解？

Yes, the numbers are 3,000 to 300 forecast is a reasonable amount of bandwidth and to support our forecast for the year.

是的，數字 3,000 到 300 的預測是合理的頻寬量，並且支持我們對今年的預測。

Thank you.

謝謝。

Your next question is coming from Greg Konrad with Jefferies.

您的下一個問題來自 Jefferies 的 Greg Konrad。

Please proceed with your question.

請繼續你的問題。

Good morning.

早安.

Have a great day.

祝你有美好的一天。

And maybe just to ask the last question in a different way, you carried a range for revenue guidance throughout the year, even into the final quarter and this year, you're guiding to more of a point estimate.

也許只是以不同的方式問最後一個問題，您全年都有一個收入指導範圍，甚至到最後一個季度，而今年，您更多地指導了點估計。

But has anything changed in terms of how you guide or what you're seeing or risks that cause that variability that make you more comfortable this year to do you have a point estimate versus a range and our forecasting we believe is maturing.

但是，在您的指導方式或您所看到的內容或導致這種變化的風險方面是否發生了任何變化，使您今年能夠更輕鬆地進行點估計與範圍比較，並且我們認為我們的預測正在成熟。

So we are trying to tighten that range I think in this particular case, it was just about keeping it simple and a lot of times in last year, we found that if we gave a range, people just selected the midpoint.

所以我們正在努力收緊這個範圍，我認為在這種特殊情況下，這只是為了保持簡單，去年很多時候，我們發現如果我們給出一個範圍，人們只是選擇中點。

So we thought that it would be it more appropriate to just select where we think that things are going to come out and keep it simple throughout the year.

因此，我們認為，更合適的做法是選擇我們認為事情將會發生的地方，並在全年中保持簡單。

And then maybe just to follow up on on drivers.

然後也許只是為了跟進司機。

I mean, appreciate laying out the six core offerings and you probably could slice it that way regionally or even by customer but at least near term, thinking of those six core offerings, are there one or two areas that you drive more of the growth and then maybe longer term areas of those six that are lead to maybe more side?

我的意思是，很高興列出六項核心產品，您可能可以按區域甚至按客戶來劃分它，但至少在短期內，考慮到這六項核心產品，是否有一兩個領域可以推動更多的成長和那麼這六個領域的長期領域可能會導致更多方面？

Or how are you thinking about growth across those six areas?

或者您如何看待這六個領域的成長？

So I think all of them have significant growth potential.

所以我認為它們都具有巨大的成長潛力。

If you were to say currently, we don't break it down by specific numbers, but the solar array business has been really strong.

如果你說目前，我們不按具體數字進行細分，但太陽能電池陣列業務確實非常強勁。

There's been a really positive reception as to our rollout solar array technology is highly differentiated.

我們推出的太陽能電池陣列技術具有高度差異化，受到了非常積極的歡迎。

It has a lot of great heritage.

它有很多偉大的遺產。

So I think certainly solar is a big part of it, moving up the value chain and looking at more platforms and full payloads, like I said in that segment has a lot of growth potential as well.

因此，我認為太陽能無疑是其中的重要組成部分，它向價值鏈上游移動，並著眼於更多的平台和完整的有效載荷，就像我所說的那樣，該領域也有很大的增長潛力。

I think one of the things that I find most exciting about Radware is the portfolio effect of our offerings.

我認為 Radware 最令人興奮的事情之一是我們產品的組合效應。

Again, we don't break it down this way, but we have some offerings that I would characterize as very high volume potential, but perhaps lower gross margin we have other offerings that I would characterize as having maybe more limited our total addressable market, but we tend to have better gross margins.

同樣，我們不會以這種方式分解它，但我們有一些產品，我將其描述為非常高的銷售潛力，但也許毛利率較低，我們還有其他產品，我將其描述為可能更限制我們的總可尋址市場，但我們往往有更好的毛利率。

So we can take that portfolio of back and manage our offerings and focus our growth dollars in a way that help us balance our revenue and profitability over the long term.

因此，我們可以收回該投資組合併管理我們的產品，並以有助於我們長期平衡收入和盈利能力的方式集中我們的成長資金。

I'll leave it to.

我會把它留給。

Thank you.

謝謝。

Thank you very much, Greg and Greg, I did just to follow-up, go back into the archives and see that we announced that we are partnered with Firefly on the glucose at lunar lander.

非常感謝格雷格和格雷格，我只是為了跟進，回到檔案，看到我們宣布我們與螢火蟲公司在月球著陸器的葡萄糖方面進行合作。

So in addition to two Intuit machines and Firefly, and we obviously know all the other ones as well.

因此，除了兩台 Intuit 機器和 Firefly 之外，我們顯然也知道所有其他機器。

Follow up on that.

跟進此事。

Thank you.

謝謝。

We have reached the end of our question and answer session.

我們的問答環節已經結束。

So I'd like to turn the floor back over to management for any additional concluding remarks.

因此，我想將發言權交還給管理階層，讓他們發表更多的結論性意見。

All right.

好的。

Well, we appreciate the engagement as always.

嗯，我們一如既往地感謝您的參與。

Thank you for participating in today's calls and the redline.

感謝您參與今天的電話會議和紅線。

Thank you.

謝謝。

Ladies and gentlemen, this does conclude today's teleconference and webcast.

女士們先生們，今天的電話會議和網路廣播到此結束。

We thank you for your participation.

我們感謝您的參與。

You may disconnect your lines at this time.

此時您可以斷開線路。

So.

所以。

Yes, no, no, yes.

是的，不，不，是的。

So minimum person, yes, mobile, no, no, no, yes.

所以最小的人，是的，移動的，不，不，不，是。