Redwire Corp (RDW) 2024 Q2 法說會逐字稿

Greetings, and welcome to the Redwire Space Second Quarter 2024 Earnings Call.

您好，歡迎參加 Redwire Space 2024 年第二季財報電話會議。

(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。

Please proceed.

請繼續。

Thank you, LaTonya, and good morning, everyone.

謝謝你，拉托尼亞，大家早安。

Welcome to Redwire's Second Quarter 2024 Earnings Call.

歡迎參加 Redwire 2024 年第二季財報電話會議。

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

我們希望您已經看到了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.

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.

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。

Our forward-looking statements are subject to risks and uncertainties that are described in more detail on slide 2.

我們的前瞻性陳述受到風險和不確定性的影響，投影片 2 中有更詳細的描述。

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

此外，就我們在電話會議期間討論的非公認會計準則衡量標準而言，請參閱幻燈片 3、我們的收益發布或我們網站上的投資者演示，以了解這些衡量標準的計算及其 GAAP 調節表。

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

我是 Jeff Zeunik，Redwire 負責財務規劃和分析以及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.

說到這裡，我想把電話轉給皮特。

Pete?

皮特？

Thank you, Jeff.

謝謝你，傑夫。

During today's call, I will take you through a discussion of our key accomplishments in the second quarter of 2024.

在今天的電話會議中，我將帶大家討論我們 2024 年第二季的主要成就。

Jonathan will then present the financial highlights for the same period, after which we will open the floor for Q&A.

然後喬納森將介紹同期的財務亮點，之後我們將開始問答環節。

Please turn to slide 6.

請翻到幻燈片 6。

The second quarter of this year was another excellent quarter for Redwire, during which we continued our positive momentum from the first quarter.

今年第二季度對 Redwire 來說又是一個出色的季度，在此期間我們延續了第一季的積極勢頭。

We once again delivered year-over-year revenue growth and positive adjusted EBITDA while delivering a strong performance in bids submitted and contracts awarded.

我們再次實現了同比收入增長和積極的調整後 EBITDA，同時在提交的投標和授予的合約方面表現強勁。

During the second quarter, we achieved $78.1 million in revenue, a 30% improvement over Q2 2023.

第二季度，我們實現了 7,810 萬美元的收入，比 2023 年第二季度成長了 30%。

It was another strong quarter for revenue.

這是營收又一個強勁的季度。

We had positive adjusted EBITDA of $1.6 million.

我們的調整後 EBITDA 為 160 萬美元。

We improved ending liquidity of $55.8 million as of June 30, 2024.

截至 2024 年 6 月 30 日，我們的期末流動率增加了 5,580 萬美元。

We had $114.4 million in contracts awarded during the quarter with a last 12 months or LTM book-to-bill of 1.28 times.

本季我們授予了 1.144 億美元的合同，過去 12 個月或 LTM 的訂單出貨比為 1.28 倍。

We had a net loss of $18.1 million for the quarter, which includes a $900 million negative impact due to an increase in the private warrant fair value.

本季我們淨虧損 1,810 萬美元，其中包括因私人認股權證公允價值增加而產生的 9 億美元負面影響。

And finally, we had positive LTM net cash provided by operations of $5.7 million as of the second quarter of 2024.

最後，截至 2024 年第二季度，我們的營運提供的 LTM 淨現金為 570 萬美元。

It's important to note that we were able to achieve these strong financial results while simultaneously investing in new technologies, expanding production capacity and maturing corporate infrastructure throughout the first half of the year.

值得注意的是，我們在上半年實現了這些強勁的財務業績，同時投資新技術、擴大產能和完善企業基礎設施。

We continue to balance near-term results with long-term growth.

我們持續平衡近期業績與長期成長。

Please turn to slide 7.

請翻到幻燈片 7。

Each quarter, we outlined Redwire's growth strategy as a framework for our performance.

每個季度，我們都會概述 Redwire 的成長策略，作為我們業績的框架。

Our 2024 plan is centered around four key principles: protecting the core, which means continuing to deliver on our strong foundation of existing products with proven reliability and demonstrated flight heritage, it is about continuing the growth momentum of our successes in 2023.

我們的2024 年計畫圍繞著四個關鍵原則：保護核心，這意味著繼續在我們現有產品的堅實基礎上提供經過驗證的可靠性和飛行傳統，這是為了在2023 年繼續保持我們成功的成長勢頭。

Scaling production, which means winning and delivering on increasingly larger orders to meet growing demand.

擴大生產，這意味著贏得並交付越來越大的訂單，以滿足不斷增長的需求。

Moving up the value chain.

向價值鏈上游邁進。

This means leveraging our proven capabilities in developing and deploying space subsystems and components in the next-generation spacecraft and integrated mission payloads.

這意味著利用我們在下一代太空船和整合任務有效載荷中開發和部署空間子系統和組件的成熟能力。

And finally, venture optionality, which means continuing to pursue breakthrough developments on advanced technologies that could create new markets with game-changing potential.

最後，風險選擇性，這意味著繼續追求先進技術的突破性發展，從而創造具有改變遊戲規則潛力的新市場。

Over the next few slides, I'll discuss examples of successes in each of these key growth areas from the second quarter of 2024, including an in-depth look at our moving up the value chain growth area.

在接下來的幾張投影片中，我將討論從 2024 年第二季開始在每個關鍵成長領域取得成功的範例，包括深入探討我們向價值鏈成長領域的提升。

Please turn to slide 8.

請翻到幻燈片 8。

Starting with our protecting the core growth area.

從我們保護核心成長領域開始。

During the second quarter, Redwire is proud to have supplied fine and core sun sensors for the National Oceanic and Atmospheric Administration GOES-U satellite, which launched on June 25 and is intended to provide sophisticated weather and solar activity monitoring.

在第二季度，Redwire 很自豪地為國家海洋和大氣管理局 GOES-U 衛星提供了精細的核心太陽感測器，該衛星於 6 月 25 日發射，旨在提供複雜的天氣和太陽活動監測。

This is the fourth satellite in the GOES-R family for which Redwire has supplied these critical guidance navigation and control components.

這是 GOES-R 系列中的第四顆衛星，Redwire 為其提供了這些關鍵的導引導航和控制組件。

Sun sensors come from our avionics sensors core offering, which includes spacecraft subsystems and components that are used for navigation, control and imagery collection.

太陽感測器來自我們的航空電子感測器核心產品，其中包括用於導航、控制和影像收集的太空船子系統和組件。

Also, during the second quarter, Redwire was awarded a contract by the European Space Agency to develop a robotic arm prototype for ESA's Argonaut Lunar Lander called MANUS.

此外，在第二季度，Redwire 還獲得了歐洲太空總署的一份合同，為 ESA 的 Argonaut 月球登陸器開發名為 MANUS 的機械手臂原型。

The MANUS system will be developed at Redwire's Luxembourg facility and will enable crucial logistics operations on the lunar surface, such as offloading, precise pointing, and retrieval of objects and positioning of the lander.

MANUS 系統將在 Redwire 的盧森堡工廠開發，並將支援月球表面的關鍵後勤操作，例如卸載、精確指向、物體檢索和著陸器定位。

Robotic arms are part of our structures and mechanisms core offering, which includes a variety of space infrastructure that provides critical mechanical functionality for our on-orbit operations from launch release mechanisms and deployable booms to berthing and docking systems.

機械手臂是我們結構和機制核心產品的一部分，其中包括各種空間基礎設施，為我們的在軌操作提供關鍵的機械功能，從發射釋放機制和可展開吊桿到停泊和對接系統。

Please turn to slide 9.

請翻到投影片 9。

Looking at our scaling production growth principle, this quarter, we announced another order for our rollout solar array or ROSA Wings for Thales Alenia Space, space-inspired satellites, the company's newest product line of geo-telecommunication satellites.

考慮到我們的規模化生產成長原則，本季度，我們宣布了另一筆訂單，為 Thales Alenia Space 推出太陽能電池陣列或 ROSA Wings，這是太空衛星，這是該公司最新的地球電信衛星產品線。

Our participation on the project was initiated last year and additional orders underscore that this is a growing area of the business with recurring revenue potential.

我們在去年開始參與該項目，額外的訂單強調這是一個不斷增長的業務領域，具有經常性收入潛力。

Rollout solar arrays fall within our power generation core offering, which includes solar arrays and power distribution systems that generate the necessary power for space systems to operate regardless of size or location.

推出太陽能電池陣列屬於我們的發電核心產品範圍，其中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，無論大小或位置如何。

Throughout the second quarter of 2024, Redwire continued to execute on antenna production.

2024 年第二季度，Redwire 繼續執行天線生產。

Redwire has delivered over 50 flight antennas and has more than 180 additional antennas in development for multiple government missions.

Redwire 已交付 50 多個飛行天線，並且正在為多個政府任務開發 180 多個額外天線。

Antennas are part of our radio frequency systems core offering, which includes the systems and payloads that enable space-to-space and space to earth communications.

天線是我們射頻系統核心產品的一部分，其中包括實現空對空和空對地通訊的系統和有效載荷。

Please turn to slide 10.

請翻到投影片 10。

Turning to our venture optionality growth principle.

轉向我們的風險選擇性成長原則。

In the second quarter, we continued our amazing breakthroughs in micro gravity, starting with the successful bioprinting of live human heart tissue using our 3D bio-fabrication facility or BFF, on the International Space Station.

第二季度，我們繼續在微重力領域取得驚人的突破，首先是使用國際太空站上的 3D 生物製造設施 (BFF) 成功地對活體人類心臟組織進行生物列印。

3D printed live human heart tissue could eventually be used to create heart patches as a treatment for damaged heart tissue and opens the door to more effective personal medicine in the future.

3D 列印活體人體心臟組織最終可用於創建心臟貼片，作為受損心臟組織的治療方法，並為未來更有效的個人醫療打開大門。

On the next BFF mission, Redwire plans to 3D print human blood vessels in space.

在下一次 BFF 任務中，Redwire 計劃在太空 3D 列印人體血管。

Also in the second quarter, our PIL-BOX 3 experiment that examined various crystal molecules designed for pharmaceutical use in partnership with Butler University successfully returned from the International Space Station for analysis on Earth.

同樣在第二季度，我們與巴特勒大學合作檢查了各種設計用於製藥用途的晶體分子的 PIL-BOX 3 實驗成功從國際太空站返回地球進行分析。

In addition, we have now launched four additional drug manufacturing investigations in our PIL-BOX system.

此外，我們現在也在 PIL-BOX 系統中啟動了四項額外的藥品生產調查。

These new investigations flew to the International Space Station on board the NG21 commercial resupply mission on August 4.

這些新的調查於 8 月 4 日搭乘 NG21 商業補給任務飛往國際太空站。

Finally, we are also excited to announce ExesaLibero Pharma, a company focused on developing new small molecule drugs to treat bone disease as one of our commercial partners for an upcoming PIL-BOX mission expected to launch later this year.

最後，我們也很高興地宣布 ExesaLibero Pharma 是一家專注於開發治療骨病的新型小分子藥物的公司，它是我們即將於今年稍後啟動的 PIL-BOX 任務的商業合作夥伴之一。

Please turn to slide 11.

請翻到投影片 11。

Next, on the following few slides, I would like to provide a more in-depth look into our third principle, moving up the value chain by focusing on Redwire's leadership in developing and providing VLEO capabilities to enhance defense and intelligence operations.

接下來，在接下來的幾張投影片中，我想更深入地探討我們的第三個原則，即透過重點關注Redwire 在開發和提供VLEO 功能以增強國防和情報行動方面的領導地位來提升價值鏈。

In Q2, we achieved a major milestone in our VLEO SabreSat strategy with the award of a prime flight contract from the Defense Advanced Research Projects Agency, or DARPA, on the Otter program.

第二季度，我們獲得了國防高級研究計劃局 (DARPA) 的 Otter 計劃主要飛行合同，在 VLEO SabreSat 戰略中實現了一個重要里程碑。

As the prime mission integrator for DARPA's Otter program, Redwire is responsible for the development of a revolutionary air breathing satellite that will demonstrate the use of novel electric propulsion systems in VLEO.

作為 DARPA Otter 計畫的主要任務整合商，Redwire 負責開發革命性的呼吸式衛星，該衛星將展示新型電力推進系統在 VLEO 中的使用。

This is a major validation from the market.

這是來自市場的重大驗證。

Very Low Earth Orbit or VLEO bridges the gap between air and space and provides opportunities for better performance and earth observation and communications.

極低地球軌道（VLEO）彌合了空氣和太空之間的差距，並為更好的性能以及地球觀測和通訊提供了機會。

Redwire has two platforms to bring this untapped orbit from concept to full-scale operations, SabreSat in the United States and Phantom in Europe.

Redwire 有兩個平台可以將這條未開發的軌道從概念轉變為全面運作：美國的 SabreSat 和歐洲的 Phantom。

These platforms are both designed to overcome the challenges of operating in VLEO, such as atmospheric drag, while providing strategic advantages, including the following: resiliency, as satellites in VLEO operate in an unimpaired environment above airborne anti-access and area-denial defenses and below the threats in LEO, spacecraft in VLEO complement unmanned aerial systems and LEO satellites by providing an additional operating environment that gives greater resiliency to overhead, defense and intelligence operations.

這些平台的設計目的都是為了克服在VLEO 中運行的挑戰，例如大氣阻力，同時提供戰略優勢，包括：彈性，因為VLEO 中的衛星在機載反介入和區域拒絕防禦上方未受影響的環境中運行，在低地球軌道的威脅之下，超低地球軌道的航天器通過提供額外的操作環境來補充無人機系統和低地球軌道衛星，從而為空中、防禦和情報操作提供更大的彈性。

Proximity, by operating at a lower altitude, VLEO spacecraft are twice as close to the action on the ground and therefore, better able to provide the potential for higher fidelity resolution first observation and strong signals for communications while better optimizing performance and cost.

近距離，透過在較低高度運行，VLEO太空船與地面的距離是原來的兩倍，因此能夠更好地提供更高保真度分辨率的首次觀測和強通信信號的潛力，同時更好地優化性能和成本。

Mobility, the increased drag in VLEO enables spacecraft to rapidly maneuver within their orbit to provide a more dynamic operational environment that can rapidly move that satellite into a variety of positions to optimize mission requirements.

移動性，VLEO 中增加的阻力使太空船能夠在其軌道內快速機動，以提供更動態的操作環境，可以將衛星快速移動到各種位置，以優化任務要求。

And sustainability, by operating closer to Earth atmosphere, VLEO operations significantly reduced the orbital debris issue.

在永續性方面，透過在更接近地球大氣層的地方運行，VLEO 運行顯著減少了軌道碎片問題。

When a VLEO's spacecraft ceases to operate, atmospheric drag will rapidly deorbit the spacecraft and the material will burn up in earth's lower atmosphere.

當 VLEO 的太空船停止運作時，大氣阻力將迅速使太空船脫離軌道，材料將在地球的低層大氣中燃燒。

VLEO is a self-cleaning orbit and therefore, considerably more sustainable over time.

VLEO 是一個自清潔軌道，因此隨著時間的推移，它的可持續性會大大提高。

We have received very positive market reception, including the award of the Prime Flight Program from DARPA, and this has further validated our movement of the value chain through our VLEO offerings.

我們獲得了非常積極的市場反響，包括榮獲 DARPA 頒發的 Prime Flight Program 獎，這進一步驗證了我們透過 VLEO 產品對價值鏈的推廣。

This prime contract for SabreSat provides Redwire with a funded program and critical customer to advance our design to flight in this new and exciting domain.

SabreSat 的這份主要合約為 Redwire 提供了一項資助計劃和重要客戶，以推動我們的設計在這個令人興奮的新領域實現飛行。

Turning to slide 12.

轉到投影片 12。

With two platforms to bring this untapped orbit from concept to full-scale operations, both in the United States and abroad, Redwire's operations in VLEO are a testament to the power of our heritage/innovation strategy.

Redwire 在美國和國外擁有兩個平台將這條未開發的軌道從概念轉變為全面運營，在 VLEO 的運營證明了我們傳統/創新戰略的力量。

Showcasing our heritage, our first study contract for the European Space Agency Skimsat program was announced in June 2022.

為了展示我們的傳統，我們在 2022 年 6 月宣布了歐洲太空總署 Skimsat 計畫的第一份研究合約。

The Skimsat program is a VLEO satellite mission that aims at reducing the cost of earth observation and telecommunications while increasing performance by operating at substantially lower altitude.

Skimsat 計畫是一項 VLEO 衛星任務，旨在降低地球觀測和電信成本，同時透過在大幅降低的高度運作來提高效能。

With this award, we have been working to mature our spacecraft design.

有了這個獎項，我們一直在努力完善我們的太空船設計。

And in May of 2024, we unveiled our Phantom platform for the first time.

2024 年 5 月，我們首次推出了 Phantom 平台。

Phantom is being developed for Skimsat out of our Belgian office.

我們的比利時辦事處正在為 Skimsat 開發 Phantom。

And as we have said before, the potential for this transformative program is extraordinary.

正如我們之前所說，這項變革性計劃的潛力是非凡的。

We announced our SabreSat platform in March of 2024 and announced our first VLEO study award in May.

我們在 2024 年 3 月宣布了 SabreSat 平台，並於 5 月宣布了我們的第一個 VLEO 研究獎。

Later, during the second quarter, we then announced that Redwire was selected for the Otter program.

後來，在第二季度，我們宣布 Redwire 入選 Otter 計畫。

As the prime contractor, Redwire will be responsible for building the SabreSat bus, advancing the critical technologies necessary for the mission and integrating, coordinating and leading the team for the project.

作為主承包商，Redwire 將負責建造 SabreSat 總線，推進任務所需的關鍵技術，並整合、協調和領導該專案團隊。

As Redwire moves up the value chain, we are very excited that SabreSat and Phantom expand Redwire's offering of full satellite system development and operations that include the Redwire International Provasatellite.

隨著 Redwire 向價值鏈上游邁進，我們非常高興 SabreSat 和 Phantom 擴展了 Redwire 的完整衛星系統開發和營運服務，其中包括 Redwire International Provasatellite。

With now three spacecraft platforms, we are well positioned for future growth.

現在我們有三個太空船平台，為未來的成長做好了充分的準備。

Please turn to slide 13.

請翻到投影片 13。

Now turning to our contract awards and backlog.

現在轉向我們的合約授予和積壓訂單。

Our contract awards during the second quarter of 2024 were $114.4 million.

我們 2024 年第二季的合約金額為 1.144 億美元。

It was an excellent quarter for bookings at Redwire.

這是 Redwire 預訂的絕佳季度。

This is a 226% sequential increase in bookings compared to last quarter.

與上季相比，預訂量較上季成長了 226%。

Our last 12 months book-to-bill ratio was 1.28 times for the second quarter of 2024 as we continuously reinforce, we often see lumpy contract awards growth from quarter-to-quarter, but we are continuing to maintain a positive growth rate on an annual basis.

我們過去 12 個月的訂單出貨比為 2024 年第二季的 1.28 倍，隨著我們不斷強化，我們經常看到合約授予的季度與季度之間的成長不穩定，但我們繼續保持正成長率以年度為基礎。

As you can see on the lower right-hand side of this slide, our contracted backlog has increased 29.9% year-over-year to a total of $354.3 million.

正如您在這張投影片的右下角看到的，我們的合約積壓訂單年增 29.9%，達到 3.543 億美元。

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

合約積壓的成長是讓我們對未來成長充滿信心的眾多因素之一。

Finally, we continue to have a healthy pipeline with an estimated $5.7 billion of identified opportunities, including approximately $1.9 billion in proposals submitted year-to-date as of June 30, 2024.

最後，我們繼續擁有一個健康的管道，已確定的機會估計價值 57 億美元，其中包括截至 2024 年 6 月 30 日年初至今提交的約 19 億美元的提案。

As you can see on the upper right-hand side of this slide, this represents a significant increase of 288.5% over the corresponding year-to-date period ended in June 30, 2023.

正如您在這張投影片的右上角看到的那樣，這比截至 2023 年 6 月 30 日的同期同期顯著增長了 288.5%。

This growth is a result of our efforts to increase the average size of the individual opportunities we are pursuing.

這種成長是我們努力增加我們所追求的個人機會的平均規模的結果。

For example, we are now bidding on individual programs in the $100 million-plus award value on a more regular cadence.

例如，我們現在以更規律的節奏競標價值超過 1 億美元的單一項目。

Although there is no guarantee we will win these opportunities, we now have a pipeline of bids that can result in a substantial increase in backlog if we land some of these larger opportunities.

儘管不能保證我們會贏得這些機會，但我們現在有一系列的投標，如果我們獲得其中一些較大的機會，可能會導致積壓大量增加。

Please turn to slide 14.

請翻到投影片 14。

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

現在，我想將電話轉給 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 this photo on the slide which is of the groundbreaking ceremony for Redwire's 30,000 square foot microgravity payload development and space operations facility.

在討論財務表現之前，我想強調幻燈片上的這張照片，這張照片是 Redwire 30,000 平方英尺的微重力有效載荷開發和空間運營設施的奠基儀式。

This facility located within the Nova Park Innovation and Technology campus in Floyd County, Indiana, is an investment in state-of-the-art locations and supports our cutting-edge space biotechnology programs that Pete spoke about last quarter, making it possible for the biopharma industry to achieve game-changing outcomes in space.

該設施位於印第安納州弗洛伊德縣的諾瓦公園創新與技術園區內，是對最先進地點的投資，並支持皮特上季度談到的尖端太空生物技術項目，使生物製藥行業在太空中實現改變遊戲規則的成果。

Turning to slide 15.

轉到投影片 15。

Our second quarter and its first half of 2024 results demonstrated the positive momentum with which we entered this year.

我們的 2024 年第二季和上半年業績展示了我們今年進入的積極勢頭。

Quarterly revenue was a record for a second quarter of $78.1 million.

第二季營收創歷史新高，達 7,810 萬美元。

We also achieved positive adjusted EBITDA in the quarter of $1.6 million.

我們還在本季實現了 160 萬美元的正向調整 EBITDA。

We will discuss the drivers of this quarter's adjusted EBITDA on subsequent slides, but note that it was negatively affected by EAC adjustments of $3.1 million.

我們將在後續幻燈片中討論本季調整後 EBITDA 的驅動因素，但請注意，它受到 310 萬美元 EAC 調整的負面影響。

This also impacted our Q2 net loss, which was also impacted by other one-off items such as a $9.0 million or $0.14 per share basis loss associated with change in fair value of warrants on a noncash basis.

這也影響了我們第二季度的淨虧損，該淨虧損也受到其他一次性項目的影響，例如與非現金認股權證公允價值變動相關的每股 900 萬美元或 0.14 美元的基本虧損。

On this page, as you can see in the lower left-hand box, we experienced significant growth in backlog and bids submitting $1 billion more in the second quarter year-over-year for a total of $1.3 billion of submitted bids in the second quarter of 2024.

在此頁面上，正如您在左下框中看到的那樣，第二季度的積壓訂單和提交的投標數量同比增加了 10 億美元，第二季度提交的投標總額達到 13 億美元2024 年。

Finally, although we had a use of cash from operations of $9.5 million during the second quarter of 2024, and as we said on previous calls, our quarterly cash results can be lumpy.

最後，儘管我們在 2024 年第二季使用了 950 萬美元的營運現金，正如我們在先前的電話會議上所說，我們的季度現金業績可能不穩定。

So when you look at the last 12 months or on an LTM basis, we achieved an increase of $33 million in cash from operations on a year-over-year basis.

因此，當您查看過去 12 個月或按 LTM 計算時，我們的營運現金比去年同期增加了 3,300 萬美元。

As a result, second quarter LTM cash from operations was a positive $5.7 million, and this allowed for the increased level of investment to fund growth as we're going to talk about in 2024.

因此，第二季來自營運的 LTM 現金為正 570 萬美元，這使得投資水準增加，為我們將在 2024 年討論的成長提供資金。

These second quarter results are attributable to the capability and commitment of our global team members and our clients' confidence in Redwire as we satisfy their growing demand for space infrastructure.

第二季的業績歸功於我們全球團隊成員的能力和承諾，以及我們的客戶對 Redwire 的信心，因為我們滿足了他們對太空基礎設施日益增長的需求。

Please turn to slide 16.

請翻到投影片 16。

Specifically for quarterly revenue, as you can see from the chart on the right, this quarter's revenue of $78.1 million is a 30% increase on a year-over-year basis and represents both a record second quarter revenue for Redwire as well as the second highest revenue quarter in the company's history.

具體到季度收入，如右圖所示，本季營收為 7,810 萬美元，年增 30%，既代表了 Redwire 創紀錄的第二季收入，也代表了第二季的收入。的季度。

On a year-to-date basis, 2024 was $165.9 million as of June 30, 2024, and this represents a 41.0% increase over the first half of 2023.

截至 2024 年 6 月 30 日，2024 年年初至今為 1.659 億美元，比 2023 年上半年成長了 41.0%。

Finally, during the quarter and similar to past years, the revenue in backlog has a solid backing with more than 91% of our revenue derived from funding government programs or from global marquee customers for delivering the areas of natural security, satellite proliferation and the exploration of space to just name a few.

最後，在本季度，與往年類似，積壓收入有堅實的後盾，我們 91% 以上的收入來自資助政府項目或來自全球大客戶，以提供自然安全、衛星擴散和勘探等領域的服務。例。

Please turn to slide 17.

請翻至投影片 17。

On a quarterly basis, Redwire achieved positive adjusted EBITDA of $1.6 million in Q2 2024.

按季度計算，Redwire 在 2024 年第二季實現了 160 萬美元的正調整 EBITDA。

And on the last 12 months basis or LTM basis, Redwire achieved a 94.6% increase in LTM adjusted EBITDA from $6.5 million in Q2 2023 to $12.6 million in Q2 2024.

以過去 12 個月或 LTM 為基礎，Redwire 的 LTM 調整後 EBITDA 成長了 94.6%，從 2023 年第二季的 650 萬美元增至 2024 年第二季的 1,260 萬美元。

Adjusted EBITDA was previously impacted by results in gross profit and gross margin.

調整後的 EBITDA 先前受到毛利和毛利率結果的影響。

Gross profit was $13 million in the second quarter of 2024, with quarterly gross margins at 16.6%.

2024年第二季毛利為1,300萬美元，季毛利率為16.6%。

These results were primarily impacted by $3.1 million in EAC adjustments during the second quarter.

這些結果主要受到第二季 310 萬美元 EAC 調整的影響。

These adjustments are largely resulted from unplanned design and tech cycles required to meet customer requirements on many contracts.

這些調整很大程度上是由於滿足客戶對許多合約的要求所需的計劃外設計和技術週期造成的。

Offsetting these gross margin declines, our quarterly adjusted EBITDA performance was supported by excellent cost control and the continued operating leverage driven by scale as Redwire's SG&A expenses were 23.2% of revenue, a meaningful drop from 29.4% in last year 2023 second quarter.

我們的季度調整後EBITDA 業績得到了出色的成本控制和規模驅動的持續營運槓桿的支撐，抵消了這些毛利率下降的影響，因為Redwire 的SG&A 費用佔收入的23.2%，較去年2023 年第二季度的29.4% 大幅下降。

We continue to drive tens of millions of dollars in revenue increases with much lower growth in SG&A on a year-over-year basis, and that's the benefit of operating leverage and scale kicking in.

我們持續推動數千萬美元的營收成長，而銷售、管理及行政費用年增則大幅下降，這就是營運槓桿和規模發揮作用的好處。

Please turn to slide 18.

請翻到幻燈片 18。

Throughout the second quarter, we continue to make large investments to support the revenue growth we spoke about and create industry-leading innovation and global business scale.

在整個第二季度，我們繼續進行大量投資，以支持我們所謂的收入成長，並創造行業領先的創新和全球業務規模。

During the year-to-date period through June 30, 2024, we made $4.1 million of capital expenditures plus $2.8 million in investments in internal research and development and $1.8 million in a variety of other corporate investments that mostly flow through the SG&A line.

截至 2024 年 6 月 30 日的年初至今，我們的資本支出為 410 萬美元，外加 280 萬美元的內部研發投資以及 180 萬美元的各種其他企業投資，這些投資主要流經 SG&A 線。

We continue to demonstrate our ability to financially perform now while also making investments for future growth, risk reduction and profitability, all while maintaining high levels of liquidity.

我們繼續展示我們現在的財務表現能力，同時為未來成長、降低風險和獲利能力進行投資，同時保持高水準的流動性。

Please turn to slide 19.

請翻至投影片 19。

Similar to last quarter, and on the left-hand chart, we show operating and free cash flow.

與上季類似，在左側圖表中，我們顯示了營運現金流和自由現金流。

As a reminder, free cash flow provides a metric based on our US GAAP cash from operations minus capital expenditures.

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。

For the second quarter 2024, net cash used in operating activities was a use of $9.5 million and free cash flow, which was also a use of $11.2 million.

2024 年第二季度，經營活動使用的淨現金為 950 萬美元，自由現金流也為 1,120 萬美元。

However, on a last 12-month basis, we have achieved significant improvement from net cash used in operating activities of $27.3 million on an LTM basis to a cash provided by operating activities this quarter of $5.7 million on an LTM basis.

然而，在過去 12 個月的基礎上，我們實現了顯著改善，從 LTM 基礎上經營活動使用的淨現金為 2730 萬美元，到本季度經營活動提供的現金為 LTM 基礎上的 570 萬美元。

As you can see on the right-hand chart, this yields available cash and cash equivalents of $30.8 million as of June 30, 2024, with $55.8 million in total available liquidity, a 54.1% increase over June 30, 2023.

如右圖所示，截至 2024 年 6 月 30 日，可用現金和現金等價物為 3,080 萬美元，可用流動性總額為 5,580 萬美元，比 2023 年 6 月 30 日增長 54.1%。

Please turn to slide 20 for a brief discussion on the outlook for the remainder of 2024.

請參閱投影片 20，簡要討論 2024 年剩餘時間的前景。

We delivered another quarter of strong performance.

我們又一個季度表現強勁。

And as a result, for 2024, we reaffirm full year revenue at $300 million, which represents a 23% year-over-year growth rate.

因此，我們重申 2024 年全年營收為 3 億美元，年成長率為 23%。

On a year-to-date basis, we have achieved 55% of our $300 million annual revenue guidance forecast.

今年迄今，我們已實現 3 億美元年度營收指引預測的 55%。

Finally, through our excellence and execution initiatives, we continue to focus on improving our program management and reduce the EAC volatility while also creating more operating leverage and cost efficiency to continue on our path to profitability.

最後，透過我們的卓越和執行計劃，我們繼續專注於改善我們的專案管理並減少 EAC 波動性，同時創造更多的營運槓桿和成本效率，以繼續我們的獲利之路。

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

我現在將把演示轉回給皮特，以提供簡短的最後評論。

Pete?

皮特？

Thanks, Jonathan.

謝謝，喬納森。

Please turn to slide 21.

請翻至投影片 21。

With that, I want to thank all of Redwire's team for their contributions to this quarter's results.

在此，我要感謝 Redwire 的所有團隊為本季業績做出的貢獻。

We will now open the floor for questions.

我們現在開始提問。

(Operator Instructions) Griffin Boss, B. Riley.

（操作員說明）Griffin Boss，B. Riley。

So first for me, I just want to start off where you guys left off on the reaffirmed guidance.

首先，對我來說，我只想從你們重申的指導意見的地方開始。

With the big 2Q beat on the top line, the guide is implying a much softer second half versus first half.

由於第二季的營收大幅成長，該指南暗示下半年的情況比上半年溫和得多。

And I know, obviously, results get lumpy in the first quarter had outsized benefit from long lead items.

我知道，很明顯，第一季的業績不穩定，這得益於長交貨期產品的巨大收益。

But just given the strong bookings, I guess I'm surprised to see a muted outlook for the back half of the year.

但鑑於預訂量強勁，我想我對今年下半年的前景黯淡感到驚訝。

Can you just elaborate on your perspective there?

您能詳細闡述一下您的觀點嗎？

And then perhaps with that outlook in mind, how you view margin expectations in the back half of the year relative to the first half?

或許考慮到這個前景，您如何看待下半年相對於上半年的利潤預期？

Yes.

是的。

Griffin, thanks for your question.

格里芬，謝謝你的提問。

So I wouldn't call it muted.

所以我不會稱之為靜音。

I mean we've set a plan for the year at $300 million.

我的意思是我們今年的計劃是 3 億美元。

And in the first quarter, we talked about how we had some lumpiness associated with material buys on the Thales ROSA contract.

在第一季度，我們討論了與泰雷茲 ROSA 合約的材料採購相關的一些不穩定性。

So that added some revenue to the first quarter that won't be regular run time associated with the remainder of the year.

因此，這為第一季增加了一些收入，而這些收入不會與今年剩餘時間相關的正常運行時間。

But we like where we are for the year, and we're executing against our plan as a result.

但我們喜歡今年的表現，因此我們正在執行我們的計劃。

And so with that, we're constantly doing what I call strategic balance in the company.

因此，我們不斷地在公司中進行我所說的策略平衡。

When you think about an emerging market like space, our team is constantly and what I think is doing effectively a really good job of strategic balance, finding that Goldilock's position between revenue growth profitability and investing for the future while maintaining what I think is a prudent level of liquidity.

當你考慮像太空這樣的新興市場時，我們的團隊不斷地、我認為在戰略平衡方面做得非常好，發現了收入增長盈利能力和未來投資之間的金發姑娘的位置，同時保持了我認為審慎的態度流動水準。

So we have our plan for $300 million a year, and we're on Beacon to do that, while at the same time, we got to make sure that we're balancing that growth trajectory with our ability to deliver on our programs as well as continue our investments as well.

因此，我們制定了每年 3 億美元的計劃，我們在 Beacon 上做到了這一點，同時，我們必須確保在成長軌跡與交付計劃的能力之間取得平衡我們也將繼續投資。

Griffin, it's 23% growth year-over-year.

格里芬，年增 23%。

But keep going, Griffin.

但請繼續前進，格里芬。

I just meant relative to the first half, but I understand what you're saying, and I appreciate the color.

我只是說相對於前半部分，但我明白你在說什麼，而且我很欣賞這種顏色。

And then Jonathan, obviously, it's going to come as no surprise, I'm going to dig into the EAC adjustments again.

然後喬納森，顯然，這並不奇怪，我將再次深入研究 EAC 調整。

You mentioned it a little bit, but can you just give a little bit more color on the mix there in the second quarter?

您提到了一點，但是您能否在第二季的混音中提供更多的色彩？

And where those adjustments are primarily coming from, whether it was primarily one program or several, that would be helpful.

這些調整主要來自哪裡，無論主要是一個項目還是多個項目，這都會有所幫助。

Yes.

是的。

This quarter was the small adjustments spread over a larger number of contracts.

本季度的小幅調整涉及大量合約。

There's not one contract.

沒有一份合約。

And again, I'll let Pete talk a little bit more about it.

再說一遍，我會讓皮特再多談談這個問題。

But when we look at the balance that Pete's talking about and doing a number of things, we're continuing to deliver for clients and we're doing really what I consider is Yeoman's work in being able to put some of these large contracts in place.

但是，當我們看到皮特所談論的和所做的許多事情之間的平衡時，我們將繼續為客戶提供服務，我們所做的事情我認為是 Yeoman 的工作，能夠將其中一些大型合約落實到位。

And on a percentage basis, so you'd have to look at it from last year to this year, we're still looking at, on a percentage basis, the EACs being smaller on a percentage basis of revenue this year than it was on an LTM basis last year.

以百分比為基礎，所以你必須從去年到今年來看，我們仍在以百分比為基礎來看，今年的 EAC 按收入百分比計算比去年要小去年的 LTM 基礎。

So we continue to work on it.

所以我們繼續努力。

We don't believe it has a big impact on cash flow and other things like that.

我們認為它不會對現金流和其他類似因素產生重大影響。

We're continuing to move forward on improving our profitability and scaling.

我們將繼續努力提高獲利能力和規模。

That's why you see the SG&A continue to be a focus area for us.

這就是為什麼您會看到 SG&A 繼續成為我們的重點領域。

But again, it wasn't any one contract.

但同樣，這不是任何一份合約。

Yes.

是的。

And again, I'll go back to this idea of strategic balance, right?

我會再次回到戰略平衡的想法，對吧？

So we had 30% year-over-year revenue growth.

所以我們的營收年增了 30%。

You got to execute on that and expand accordingly.

你必須執行它並相應地擴展。

So we're comfortable with where it is as a percentage of total revenue.

因此，我們對它佔總收入的百分比感到滿意。

But in a highly technical complex some might say, hard industry-like space, you're going to run into small bumper along the way when you're growing at 30% year-over-year.

但有些人可能會說，在一個技術含量很高的綜合體中，像硬工業一樣的空間中，當你的年增長率為 30% 時，你會遇到小阻礙。

So we got to balance out that revenue growth with our operational execution, and that's exactly the kind of levers, Jonathan, myself and the team are working on every day.

因此，我們必須在收入成長與營運執行之間取得平衡，而這正是喬納森、我自己和團隊每天都在努力的槓桿。

And then last one for me, and I'll jump back in the queue.

然後是我的最後一個，我會跳回隊列。

Maybe more broadly, obviously, the US presidential election has been a particular topic of interest and conversations that we've been having.

也許更廣泛地說，顯然，美國總統選舉一直是我們一直感興趣和討論的特定主題。

I think generally speaking, it's probably safe to say there's bipartisan support for space funding, but would love to hear directly your thoughts on how you're handicapping the implications of a Republican or Democrat administration for Redwire and maybe the industry in general.

我認為一般來說，可以肯定地說，兩黨都支持太空資金，但我很想直接聽聽您對如何阻礙共和黨或民主黨政府對 Redwire 乃至整個行業的影響的想法。

Yes.

是的。

No, it's an interesting question.

不，這是一個有趣的問題。

We're not really handicapping it.

我們並沒有真正阻礙它。

Like you said, we believe space is a bipartisan imperative.

正如你所說，我們相信太空是兩黨的當務之急。

Our focus is staying in the swim lanes that are must-dos, like national security.

我們的重點是留在必須做的泳道上，例如國家安全。

I think we've talked about on previous calls, but for those who are tracking space as an emerging war fighter domain.

我想我們在之前的電話會議中已經討論過，但對於那些將太空視為新興戰鬥機領域的人來說。

These are things regardless of administration that the country is going to have to invest in.

無論政府如何管理，這些都是國家必須投資的事情。

I'd also remind everybody that roughly a third or 29% or in that order, it fluctuate quarter-by-quarter.

我還要提醒大家，大約有三分之一或 29% 或以這個順序，它會逐季度波動。

But a fair amount of our revenue comes from overseas.

但我們的相當一部分收入來自海外。

So our diversification, as we've talked about numerous times is one of Redwire's biggest strength in terms of resiliency regardless of who's ultimately sitting in the oval office.

因此，正如我們多次談到的那樣，我們的多元化是 Redwire 在彈性方面最大的優勢之一，無論誰最終坐在橢圓形辦公室裡。

Greg Konrad, Jefferies.

格雷格·康拉德，杰弗里斯。

Maybe just to start with the submitted bids.

也許只是從提交的投標開始。

I mean you called out more $100 million-plus programs within that $1.9 billion number.

我的意思是，在這 19 億美元的數字中，您還提出了更多 1 億美元以上的項目。

I mean, any more color in areas where you're seeing this opportunity and just thinking about noticeable trends between maybe commercial versus more government work as you step up your submits?

我的意思是，在您看到這個機會的領域中，當您加強提交力度時，您會考慮商業工作與更多政府工作之間的明顯趨勢嗎？

Yes.

是的。

I mean in terms of where it's coming from, it's a mix.

我的意思是，就它的來源而言，它是一個混合體。

So there's scalable opportunities across all of the different targeted market segments.

因此，所有不同的目標細分市場都存在可擴展的機會。

So yes, it's a mix of those different things.

所以是的，它是這些不同事物的混合體。

I think the two predominant flavors of these directly tied to two of our core growth principles for 2024 scaling production and moving up the value chain, right?

我認為其中的兩種主要風格與我們 2024 年擴大生產和提升價值鏈的兩項核心成長原則直接相關，對嗎？

So as part of our scaling production, we're going after larger quantity orders of our existing projects, right?

因此，作為我們規模化生產的一部分，我們正在追求現有項目的更大數量訂單，對吧？

So these things start to take root in the marketplace as the constellations that I know you're aware of, continue to scale.

因此，隨著我知道您已經意識到的星座不斷擴大，這些東西開始在市場上紮根。

As we mentioned, for instance, the antenna work when you start doing full spacecraft prime contracts and bidding programs of that ilk, they tend to be larger in size because you're getting the full scope of the program as opposed to just a single subsystem.

例如，正如我們所提到的，當您開始執行完整的航天器主要合約和此類招標計劃時，天線的工作原理往往會更大，因為您將獲得該計劃的全部範圍，而不是僅獲得一個子系統。

And then maybe just touching on a third of the four items, the venture and optionality portfolio.

然後也許只是觸及四個項目中的三分之一，即風險和選擇性投資組合。

It seems like there continues to be a step-up of kind of positive data points around that portfolio.

圍繞該投資組合的積極數據點似乎仍在增加。

I mean how do you think about the timing of that business being really meaningful and kind of the path to increased monetization just given some of these early items that you're seeing in the market?

我的意思是，考慮到您在市場上看到的一些早期產品，您如何看待該業務真正有意義的時機以及增加貨幣化的途徑？

Well, so we're optimistic.

嗯，所以我們很樂觀。

I mean we're trailblazing here.

我的意思是我們在這裡開創了先河。

So there isn't a lot of context to make and a lot of data to make predictions on timing.

因此，沒有太多的背景資訊和大量的數據來預測時間。

So we don't as a result.

所以我們不這樣做。

But hopefully, we've been able to articulate quarter-by-quarter, there's a lot of momentum in this area, and it's moving from what could be characterized as one-off experiments more towards an emerging regular cadence of production-like activity, particularly in PIL-BOX.

但希望我們能夠逐季度地闡明，這一領域有很大的動力，它正在從一次性實驗轉向類似生產活動的新興定期節奏，特別是在 PIL-BOX 中。

So as the data is analyzed and as momentum builds, we continue to have an optimistic outlook for what we're doing.

因此，隨著數據的分析和勢頭的增強，我們仍然對我們正在做的事情抱持樂觀的前景。

And we're really encouraged by both repeat orders from existing partners to do more investigations as well as an increase in the diversity and the number of different partners that are interested in working with us.

現有合作夥伴重複下令進行更多調查，以及有興趣與我們合作的不同合作夥伴的多樣性和數量的增加，都讓我們深受鼓舞。

So again, difficult to predict due to the first-of-a-kind trailblazing nature of the technology.

同樣，由於該技術具有開創性，因此很難預測。

And that's why we refer to it as venture optionality.

這就是為什麼我們稱之為風險選擇性。

But qualitatively, we have a lot of really encouraging results.

但從品質上來說，我們有很多非常令人鼓舞的結果。

Brian Kinstlinger, Alliance Global.

Brian Kinslinger，全球聯盟。

You submitted an impressive of $1.3 billion, proposal in the second quarter.

您在第二季提交了價值 13 億美元的提案，令人印象深刻。

Can you talk about capacity?

能談談容量嗎？

I assume you're going to continue to submit bid at an accelerated pace?

我想你們會繼續加快投標速度嗎？

And then maybe talk about the average win rate over the last two years and whether that's different between large proposals versus smaller proposals.

然後也許可以談談過去兩年的平均勝率，以及大型提案與小型提案之間是否有不同。

So on the last part first, we don't report our win rates, and we don't, as a result, break it down.

因此，首先在最後一部分中，我們不報告我們的勝率，因此我們也不對其進行細分。

Of course, being part of an emerging and highly dynamic market.

當然，作為一個新興且充滿活力的市場的一部分。

I'm not sure past historic data would be relevant over time during this early period of our growth.

我不確定過去的歷史數據在我們發展的早期階段是否會隨著時間的推移而相關。

I think the key is in the results that you see in terms of 29.9% growth in contracted backlog year-over-year.

我認為關鍵在於合約積壓訂單年增 29.9% 的結果。

As we continue to move up the value chain and increase production, it's less a function anyways of the percentage of individual wins that you have, it's the right wins that matter, and it's bidding the right way that is important to us, and that's what we've been focused on.

隨著我們繼續向價值鏈上游移動並增加產量，無論如何，它不再是您所擁有的個人獲勝百分比的函數，重要的是正確的勝利，並且以正確的方式出價對我們來說很重要，這就是我們一直在關注。

And like we highlighted, from a big capacity perspective, we're increasing the average size of our individual bids.

正如我們所強調的那樣，從大容量的角度來看，我們正在增加個人出價的平均規模。

So the number of bids varies from quarter-to-quarter, but what's in the pipeline goes up, and we see that as encouraging towards future potential bookings.

因此，每季的出價數量有所不同，但正在醞釀的出價數量有所增加，我們認為這對未來的潛在預訂來說是令人鼓舞的。

Sorry, I meant some capacity from your ability to deliver.

抱歉，我的意思是你的交付能力。

I know you have a new facility, but if you keep increasing bids and winning, how do you think about capacity can deliver, I mean sorry.

我知道您有一個新設施，但如果您不斷提高出價並獲勝，您如何看待容量可以交付，我的意思是抱歉。

Yes, yes, yes.

是的，是的，是的。

No, that's a fair question.

不，這是一個公平的問題。

So again, going back to that idea of strategic balance.

再次回到戰略平衡的想法。

When we go into a bid, we do a really detailed level of planning into the what happens if we win here to make sure that we have the capacity at the ready should we be awarded the program.

當我們進行投標時，我們會對如果我們在這裡獲勝會發生什麼進行非常詳細的規劃，以確保我們有能力在獲得該項目時做好準備。

So we feel pretty comfortable by the time we get to the actual bid submission portion that if we're selected, we will have the capacity or the plan to execute on attaining the capacity associated with the timeline that we submit as part of our bid.

因此，當我們進入實際投標提交部分時，我們感到非常放心，如果我們被選中，我們將有能力或執行計劃來實現與我們作為投標的一部分提交的時間表相關的能力。

So for instance, some really large awards may start with a design period initially that would then allow for simultaneously ramping up of the physical production site as well.

例如，一些非常大的獎項可能會從最初的設計階段開始，然後也允許同時擴大實體生產場地。

So it's a detailed process that we do when we go to submit a bid, and one of the gates that we have to pass for our internal review is do we ultimately have the ability to execute, and that's part of this strategic balance that we work on every day.

因此，這是我們提交投標時要做的一個詳細過程，我們必須通過內部審查的大門之一是我們最終是否有能力執行，這是我們工作的戰略平衡的一部分每天。

But I mean, Brian, I do want to get to the financial element of the question you're talking about.

但我的意思是，布萊恩，我確實想談談你所談論的問題的財務要素。

When we submit these bids, we take into account most of, if not a vast majority of the contract costs are obviously included in these bids.

當我們提交這些投標時，我們會考慮到這些投標中顯然包含了大部分（如果不是絕大多數的話）合約成本。

We've talked about in the past, our CapEx is quite low compared to our revenue, and it stayed fairly low because our clients pay for a lot of these costs to be able to get to the capacity to deliver.

我們過去談過，與我們的收入相比，我們的資本支出相當低，而且它保持相當低的水平是因為我們的客戶支付了大量這些成本才能達到交付能力。

And we've seen this and delivered on that credibility over the past number of years.

在過去的幾年裡，我們已經看到了這一點並兌現了這種信譽。

And as we've said, to achieve the $300 million of revenue guidance, we do not believe we need to issue any securities or anything like that.

正如我們所說，為了實現 3 億美元的收入指導，我們認為我們不需要發行任何證券或類似的東西。

That is, again, part of the strategic bidding that we do to make sure that we're covering our costs.

這也是我們為確保覆蓋成本而進行的策略招標的一部分。

And then my other question relates to the EACs, it's been a bit high for the last three quarters.

我的另一個問題與 EAC 有關，過去三個季度的數字有點高。

And Jonathan, you mentioned it's a variety of contracts.

喬納森，你提到這是各種各樣的合約。

So I'm curious how this impacts your pricing strategy going forward?

所以我很好奇這對您未來的定價策略有何影響？

Can you price fixed contracts a little higher to ensure you capture the appropriate margin?

您能否將固定合約定價稍高一些，以確保獲得適當的利潤？

Yes.

是的。

So we look at every bid in the context of what our financial and strategic goals are, right?

因此，我們會根據我們的財務和策略目標來審視每一次出價，對嗎？

So there are some things that we bid aggressively because it can have a strategic implication that's really important to us as an example, maybe breaking into a new product line or a new customer.

因此，我們對某些事情進行了積極的競標，因為它可能具有戰略意義，這對我們來說非常重要，例如，可能會進入新產品線或新客戶。

And we balance that out with some of our more mature products where we're more in that increasing gross -- where the focus is more on increasing gross margins.

我們用一些更成熟的產品來平衡這一點，在這些產品中，我們更注重毛利率的成長——重點更多地放在提高毛利率上。

And what we like about where we're positioned is it's a portfolio effect, right?

我們喜歡我們所處的位置，因為它是一種投資組合效應，對嗎？

So measuring it on a quarter-by-quarter basis, if you look at it as just a snapshot or a moment in time, you see the strategic balance that I'm talking about moving around, and that's why we talk about, for instance, cash from operations over an LTM perspective because as you really grow revenue rapidly, that's going to introduce some level of challenges in the operational execution, as you focus on that operational execution, then you got to balance that with your strategic growth.

因此，按季度進行衡量，如果您將其視為快照或某個時刻，您就會看到我正在談論的戰略平衡，這就是我們談論的原因，例如，從LTM 的角度來看，來自運營的現金，因為當您真正快速成長收入時，這將在營運執行中引入一定程度的挑戰，當您專注於營運執行時，您必須在其與策略成長之間取得平衡。

So I think what you're seeing is basically a snapshot in time, and some of these are just a reflection of how we're bidding to balance financial performance as well as strategic positioning in the market.

因此，我認為您所看到的基本上是時間快照，其中一些只是反映了我們如何平衡財務表現以及市場策略定位。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯·謝潑德，康托·菲茨杰拉德。

Congratulations on the quarter.

恭喜本季。

A lot of our key questions have been asked.

我們提出了很多關鍵問題。

But maybe to take a step back, ROSA continues to make great progress.

但或許退一步來說，ROSA 仍在持續取得巨大進步。

Some feedback that we are getting is that the solar industry kind of continues to experience some supply chain disruptions.

我們得到的一些回饋是，太陽能產業繼續經歷一些供應鏈中斷。

So just wondering if you could share maybe what you're seeing there, maybe the latest pricing for your solar business.

所以只是想知道您是否可以分享您在那裡看到的情況，也許是您的太陽能業務的最新定價。

So we're executing.

所以我們正在執行。

Supply chain is always something that has to be managed.

供應鏈始終是必須管理的東西。

I don't think it's particular where we're not experiencing it being specific disorder rate only.

我認為這並不特別，因為我們沒有經歷過僅特定的疾病發生率。

Of course, our solar arrays aren't run of the mill, put on top of your house type solar arrays.

當然，我們的太陽能電池陣列不是普通的，而是放置在您的房屋型太陽能電池陣列的頂部。

So we have a strategic supply chain.

所以我們有一個策略供應鏈。

And those supply chain partners from my perception of where I'm sitting, are very pleased with the growth of ROSA and the growth that Redwire is experiencing.

從我的看法來看，那些供應鏈合作夥伴對 ROSA 的成長和 Redwire 正在經歷的成長感到非常滿意。

And so, when we look at these bids, we're in there in the mix with critical suppliers, ensuring that they have the capacity to grow along with us.

因此，當我們查看這些投標時，我們會與關鍵供應商一起參與其中，確保他們有能力與我們一起成長。

And the results are showing up in the numbers.

結果體現在數字中。

Andres, when you start seeing expansion of an existing product or project, you're seeing that there's real demand for the amount of energy that's needed for specific satellites or spacecraft that obviously -- we view that as an opportunity, right, because of our strong relationships, our unique technologies.

安德烈斯，當你開始看到現有產品或項目的擴展時，你會發現對特定衛星或航天器所需的能源量存在真正的需求，顯然- 我們認為這是一個機會，對吧，因為我們牢固的關係，我們獨特的技術。

And so, when you start seeing that expansion, you should assume that we obviously have those relationships in our supply chain to be able to, again, get to that capacity and then beyond.

因此，當您開始看到這種擴張時，您應該假設我們的供應鏈中顯然有這些關係，能夠再次達到該產能，然後超越。

Maybe just switching gears to venture optionality.

也許只是切換到風險選擇。

Can you just remind us the time line for the next PIL-BOX missions throughout this year?

您能否提醒我們今年下一次 PIL-BOX 任務的時間表？

How big of an emphasis are you placing on this over the long term?

從長遠來看，您對這一點的重視程度有多大？

It seems it's becoming more and more as one of your maybe core focus.

看起來它越來越成為你可能的核心關注點之一。

So just curious on the time line and your thoughts there.

所以只是對時間軸和你的想法感到好奇。

Yes, it's a good question.

是的，這是一個好問題。

So we just launched another 4.

所以我們剛剛推出了另外 4 個。

So that's going to keep us busy for a while.

所以這會讓我們忙碌一段時間。

And of course, there's been a lot of headlines around trips to the ISS.

當然，關於國際太空站旅行的頭條新聞很多。

So yes, so I think we're on target to continue the same operational items that we've been able to exhibit so far this year.

所以是的，所以我認為我們的目標是繼續今年迄今為止展示的相同營運項目。

And I agree with you that it's becoming a bigger focus as we achieve more and more successes.

我同意你的觀點，隨著我們取得越來越多的成功，它正在成為一個更大的焦點。

So I'd like to emphasize, this is a venture domain, even though we call it venture optionality.

所以我想強調，這是一個風險領域，儘管我們稱之為風險選擇性。

We're not losing millions and millions of dollars in putting these up.

我們不會因為這些而損失數百萬美元。

These are customers, and we get revenue associated with these, and they have their own profitability target.

這些是客戶，我們獲得與這些客戶相關的收入，他們有自己的獲利目標。

But the real potential is going to come from our ability to hit on a crystal or -- and working with a partner to ultimately license that IP, and it's still early days.

但真正的潛力將來自於我們找到水晶的能力，或與合作夥伴合作最終獲得該智慧財產權的許可，而現在還處於早期階段。

So I think, hopefully, what you and the market are seeing is that we have a really great momentum this year and turning this idea of pharmaceutical production crystals on orbit, and it's not just for pharmaceuticals, it's for other applications as well, is really at that nexus point from turning to just being in space experimentation to the ability to have a regular cadence of most production level cadence to go that out.

因此，我認為，希望您和市場看到的是，我們今年的勢頭非常強勁，並將藥品生產晶體的想法轉變為軌道，這不僅適用於藥品，也適用於其他應用，這真的很重要。在這個連結點上，從轉向僅僅進行太空實驗，到能夠以大多數生產水平的節奏進行常規節奏的能力來實現這一目標。

And Redwire is at the lead in terms of the number of these things that we're putting up on a regular, what I would say, business level tempo.

Redwire 在我們定期（我想說的是，業務級節奏）發布的這些東西的數量方面處於領先地位。

And that's what we're really excited about.

這就是我們真正感到興奮的事情。

But in terms of being able to start pointing at revenue contribution in out years, we're just not at that level yet in the product life cycle to start making those predictions.

但就能夠開始指出未來幾年的收入貢獻而言，我們在產品生命週期中還沒有達到開始做出這些預測的水平。

I mean, the prediction we gave you and is that there would be 16 additional PILL-BOX missions in 2024.

我的意思是，我們給您的預測是 2024 年將有 16 個額外的 PILL-BOX 任務。

We obviously now have disclosed the four that just went up.

顯然我們現在已經披露了剛剛上升的四個。

So we're continuing that accelerated cadence because, again, this time last year, we started talking about this development, it's not experimentation.

因此，我們將繼續加快節奏，因為去年的這個時候，我們再次開始談論這項發展，而不是實驗。

It's development investigations of the drugs themselves.

這是藥物本身的開發研究。

The PIL-BOX is working, right?

PIL-BOX 正在工作，對嗎？

We're getting our clients were really our partners, great results.

我們的客戶確實是我們的合作夥伴，並且取得了很好的成果。

But again, it's the development of these proteins, which we explained last quarter.

但同樣，這是這些蛋白質的發展，我們在上個季度對此進行了解釋。

So we're on track with those 16 missions.

所以我們正在按計劃完成這 16 項任務。

And the only thing other thing I would say, Andres, is there's been a lot of investment in the last decade in this PIL-BOX and other parts of the biopharma and personalized medicine, over $70 million of investments for this.

安德烈斯，我唯一要說的是，過去十年來，PIL-BOX 以及生物製藥和個人化醫療的其他部分進行了大量投資，投資超過 7000 萬美元。

So we're benefiting from that.

所以我們正在從中受益。

Where others in the venture part of space dealing with pharma and personalized medicine are just now starting their investment cycle.

從事製藥和個人化醫療領域的創投領域的其他公司現在才剛開始他們的投資週期。

We've already got that investment in place, and now we're starting to reap the benefits.

我們已經進行了投資，現在我們開始獲得收益。

But like Pete said, we've been very conservative both in how we talk about our revenue forecast for this year, $300 million, but also how we talk to you about the venture optionality.

但正如皮特所說，我們在如何談論今年 3 億美元的收入預測以及如何與您談論風險投資選擇方面都非常保守。

We believe in it.

我們相信這一點。

Obviously, we wouldn't have invested $70 million if we didn't.

顯然，如果我們不這樣做，我們就不會投資 7000 萬美元。

But that being said, it's going to come with these new business models in space that are frankly mimicking a contract development and manufacture of biopharma terrestrial.

但話雖這麼說，它將在太空中出現這些新的商業模式，這些模式坦率地模仿了地面生物製藥的合約開發和製造。

So there is a business model that's now a knowable that will apply to space, but frankly, the same clients like Eli Lilly or Butler University.

因此，現在有一種眾所周知的商業模式將適用於太空，但坦白說，同樣的客戶是禮來公司或巴特勒大學。

Yes.

是的。

I think what Jonathan highlights is really important.

我認為喬納森強調的內容非常重要。

If you really want to understand this aspect of the business, you have to look at it the way the venture investors are looking at competitive opportunity or competitive organizations that are just getting started, right?

如果你真的想了解業務的這一方面，你必須以風險投資者看待競爭機會或剛起步的競爭組織的方式來看待它，對吧？

If you look at the tempo, we're moving from experimentation into production.

如果你看看節奏，我們正在從實驗轉向生產。

We're not at the major loss what typically comes in a venture life cycle of major losses around a product that is not where we are with this aligned by any stretch of the imagination.

我們並沒有遭遇創投生命週期中通常會出現的重大損失，因為產品的重大損失與我們的想像不符。

It's generating revenue.

它正在產生收入。

I think we have a lot of excitement and are starting to prove out the market.

我認為我們非常興奮，並開始向市場證明。

So if you look at the analysis associated with how the valuations are being applied to those who are just getting into this area and you look at that and try to value the option that is embedded in Redwire associated with this segment considering we're further down the stream in terms of turning this into a real business, you start to see the full potential.

因此，如果您查看與如何將估值應用於剛進入該領域的人相關的分析，並嘗試評估嵌入在與該細分市場相關的 Redwire 中的選項（考慮到我們進一步下跌）就將其轉變為真正的業務而言，您開始看到全部潛力。

Got it.

知道了。

Appreciate all the color.

欣賞所有的顏色。

Maybe if I could squeeze one last one, really quick.

也許如果我能盡快擠出最後一根的話。

Jonathan, how should we think about the free cash flow for the rest of this year and maybe into next year?

喬納森，我們該如何考慮今年剩餘時間甚至明年的自由現金流？

I realize, obviously, you don't guide it, but any color there that you might be able to provide us with?

我意識到，顯然，你沒有引導它，但是你可以為我們提供任何顏色嗎？

First of all, I appreciate you answering your own question.

首先，我感謝您回答自己的問題。

I won't give free cash flow or operating cash flow.

我不會提供自由現金流或經營現金流。

I'll just give 2, let's just say, aspects to at least give you some color on this in context.

我只給出兩個方面，至少可以讓您在上下文中對此有一些了解。

One, we're very proud of the operations teams.

第一，我們對營運團隊感到非常自豪。

Obviously, this is a multiyear exercise of path to profitability.

顯然，這是一個多年的獲利之路。

So we don't ever look at just any one quarter.

因此，我們不會只關注任何一個季度。

We have a tendency, and we're kind of disclosing LTM basis to be able to generate cash from operations.

我們有一種趨勢，我們正在揭露 LTM 基礎，以便能夠從營運中產生現金。

We don't make any adjustments, it's cash from operations to be able to invest.

我們不做任何調整，只有來自營運的現金才能進行投資。

And that investment includes a number of things that are in our growth strategy such as moving up the value chain or that's this quarter's focus or last quarter's venture optionality.

這項投資包括我們成長策略中的許多內容，例如向價值鏈上游移動，或是本季的重點或上季的風險選擇。

Although, again, like I said, we've already invested in that a lot.

不過，正如我所說，我們已經在這方面投入了大量資金。

So when we talk about our LTM improvement of $33 million in cash from operations, that gives us the confidence that we can invest a bit more on a full year basis, which you see what we're doing.

因此，當我們談論 LTM 營運現金改善 3300 萬美元時，這讓我們有信心全年可以進行更多投資，您可以看到我們正在做的事情。

We have a page on those types of investments that are primarily in the technology and basically commercializing the technology.

我們有一個頁面介紹主要針對技術以及基本上將技術商業化的投資類型。

But also, it's in associated with creating global scale, which is why our SG&A has been coming down on an LTM basis percentage of revenue.

而且，它也與創造全球規模有關，這就是為什麼我們的銷售、管理及管理費用佔收入的百分比一直在下降。

So the two things simply put are we are generating operating cash flow to make higher levels of investment, and we're seeing that credibility in that we're seeing the revenue growth.

簡而言之，兩件事是我們正在產生營運現金流以進行更高水準的投資，並且我們看到了收入成長的可信度。

Like if then we make those investments, they impact cash flow from operations on a quarterly basis, maybe one quarter, they can be lumpy.

就像如果我們進行這些投資，它們會按季度（也許是一個季度）影響營運現金流，它們可能會很不穩定。

And then when you look at it on an LTM basis, the trends are our friend.

然後，當你以 LTM 為基礎來看待它時，趨勢就是我們的朋友。

And the other piece, the second piece, which is really important is we continue to have high levels of liquidity, right?

另一件事，第二件事，真正重要的是我們繼續擁有高水準的流動性，對吧？

And that high level of liquidity allows us to also make sure that we're having a prudent capital structure and a prudent way to continue to invest.

高水準的流動性使我們能夠確保擁有審慎的資本結構和繼續投資的審慎方式。

Suji Desilva, Roth Capital.

蘇吉·德西爾瓦，羅斯資本。

Congrats on the progress here.

恭喜這裡的進展。

I'll keep it to one question to keep on time.

為了確保準時，我會只回答一個問題。

Someone asked by capacity here.

這裡有人問容量。

I wanted to drill down into the VLEO capability you have.

我想深入了解您擁有的 VLEO 功能。

Just to understand how it's going to evolve from the current programmatic sort of feel where you're designing a building a space graph for two or three customers, I believe.

我相信，只是為了了解它將如何從當前的程序化感覺演變而來，即為兩到三個客戶設計構建空間圖。

Is it going to return to a situation where it's a per space graph revenue model?

是否會回到以空間圖收入模式的情況？

Or if it's program-based on a continued basis, what kind of capacity and how many programs can you simultaneously handle?

或者，如果它是基於連續的程序，您可以同時處理什麼樣的容量和多少個程序？

Any thoughts there would be helpful.

任何想法都會有幫助。

So if I understand your question correctly, you're asking whether it will be a handful of programs or whether it's scaling.

因此，如果我正確理解你的問題，你會問這是否是少數程序，或者是否是可擴展的。

Maybe if you could just clarify a little bit, I didn't totally understand.

也許你能澄清一下，我不太明白。

Either it's more programs layering on this one?

還是在這個之上有更多的程式？

Or each program has multiple space graph expect to be delayed, like which way

或者每個程式都有多個空間圖預計會被延遲，就像哪種方式

-- (multiple speakers)

——（多位發言者）

Okay, both.

好吧，兩個都有。

I think you're going to initially see governments take the lead in this segment, and you're going to see investment in developing this next-generation spacecraft capability, it will predominantly be development at first.

我認為您最初將看到政府在這一領域發揮領導作用，並且您將看到對開發下一代航天器能力的投資，首先將主要是開發。

And then much like you saw the evolution that happened from SabreSat to proliferated LEO constellations as the spacecraft come online.

然後，就像您看到的那樣，隨著太空船上線，從 SabreSat 到激增的 LEO 星座發生了演變。

So from our perspective, as Phantom and SabreSat move out of the development phase and become a very stable proven spacecraft platform, you're going to see larger and larger quantity orders increase over time.

因此，從我們的角度來看，隨著 Phantom 和 SabreSat 走出開發階段並成為一個非常穩定、經過驗證的太空船平台，您將看到越來越大的訂單數量隨著時間的推移而增加。

Did that answer your question?

這回答了你的問題嗎？

It did, yes.

確實如此，是的。

And just how many programs you simultaneously have capacity for, do you think right now or if you can think of that?

現在您認為或您可以想到，您可以同時處理多少個程式？

Redwire has capacity for?

Redwire 有能力嗎？

Yes, sure.

是的，當然。

(multiple speakers) I'm sorry, VLEO specifically, I'm sorry.

（多個發言者）對不起，特別是 VLEO，我很抱歉。

In terms of an estimate, the number of VLEO opportunities in the market?

預計市場上有多少 VLEO 機會？

That you could handle simultaneously, I guess, yes.

我想，是的，你可以同時處理。

We can handle simultaneously, so as Jonathan articulated, I understand, I apologize.

我們可以同時處理，所以正如喬納森所說，我理解，我道歉。

The nice thing about when we enter into a new space like this, particularly when it's imperative for the government and these are predominantly in government is we're growing our capacity along with the development associated with the government programs, right?

當我們進入這樣一個新的空間時，特別是當這對政府來說是必要的並且這些主要是在政府中時，好處是我們正在隨著與政府項目相關的發展而增強​​我們的能力，對嗎？

So these tend to be multiyear development programs, where we move through key milestones like preliminary design reviews and then critical design reviews and then develop out new technologies until we get to a stable baseline.

因此，這些往往是多年的開發計劃，我們會經歷關鍵的里程碑，例如初步設計審查，然後是關鍵設計審查，然後開發新技術，直到達到穩定的基線。

So during these early stages of development, we have the ability to scale our capacity along with each new program as they come in.

因此，在開發的早期階段，我們有能力隨著每個新專案的推出而擴展我們的容量。

And we did these things with a nice cash milestone profile associated with these bids.

我們透過與這些出價相關的良好現金里程碑資料來完成這些事情。

So the bids come along with the necessary resources and time we need to scale.

因此，投標伴隨著我們擴展所需的必要資源和時間。

So I'm not going to hazard a guess at a number, but I'm not spending my nights worrying about this idea that as the government continues to invest in more and more of these programs and as we go out and bid on more and more of these programs that we're going to run into a production bottleneck.

因此，我不會冒險猜測一個數字，但我不會整夜擔心這個想法，即隨著政府繼續投資越來越多的此類項目，隨著我們出去投標越來越多的項目，更多這樣的程序我們將遇到生產瓶頸。

Thank you.

謝謝。

At this time, I would like to turn the call back over to management for closing comments.

此時，我想將電話轉回給管理層以徵求結束意見。

Great.

偉大的。

Well, I'd like to thank everybody for their questions, some really excellent questions today.

嗯，我要感謝大家提出的問題，今天的一些問題都非常好。

And again, I want to thank all the Redwire employees across the globe for just a tremendous effort in delivering these results.

再次，我要感謝全球所有 Redwire 員工為實現這些成果所付出的巨大努力。

None of this happens without our employees, our partners, our customers our teammates.

如果沒有我們的員工、合作夥伴、客戶和隊友，這一切都不會發生。

So thank you to all of them, and thank you to all of you and go Redwire.

謝謝你們所有人，謝謝你們所有人，然後去 Redwire。

Thank you.

謝謝。

This does conclude today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation, and have a great day.

感謝您的參與，祝您有美好的一天。