Redwire Corp (RDW) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Janine and I will be your conference operator for today. At this time. I would like to welcome everyone to the Redwire Space third quarter, 2024 earnings call. (Operator Instructions)

謝謝你的支持。我叫珍妮，今天我將擔任你們的會議操作員。此時。歡迎大家參加 Redwire Space 2024 年第三季財報電話會議。 （操作員說明）

Again. I would now like to turn the conference over to Jeff Zeunik. Please go ahead.

再次。我現在想把會議交給 Jeff Zeunik。請繼續。

Thank you Jeanine and good morning, everyone. Welcome to Redwire's third quarter, 2024 earnings call. We hope that you've seen our earnings release which we issued yesterday afternoon. It has also been posted in the Investor Relations section of our website at redwirespace.com. 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.

謝謝珍妮，大家早安。歡迎參加 Redwire 2024 年第三季財報電話會議。我們希望您已經看到我們昨天下午發布的收益報告。它也發佈在我們網站 redwirespace.com 的投資者關係部分。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. Additionally, to the extent we discussed non-GAAP measures during the call, please see slide 3, our earnings release or the investor presentation on our website for the calculations of these measures and their reconciliation to US-GAAP measures.

我們的前瞻性陳述受到幻燈片2 中更詳細描述的風險和不確定性的影響。或關於我們的投資者介紹。

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

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

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

就這樣。我想把電話轉給皮特。皮特？

Thank you Jeff. During today's call, I will take you through a discussion of our key accomplishments in the third quarter of 2024. Jonathan will then present the financial highlights for the same period after which we will open the floor for Q&A.

謝謝傑夫。在今天的電話會議中，我將帶大家討論我們在 2024 年第三季度取得的主要成就。 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. During the third quarter, Redwire continued to effectively execute on our growth strategy for 2024 that 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 throughout the year.

請參閱投影片 6。保護核心，這意味著繼續以我們現有產品的堅實基礎為基礎，提供經過驗證的可靠性和飛行傳統。這是為了繼續我們全年成功的成長勢頭。

Scaling production, referring to winning and delivering on increasingly larger orders to meet growing demand and delivering production capacity to fill critical gaps in the space industry supply chain.

擴大生產，是指贏得並交付越來越大的訂單以滿足不斷增長的需求，並提供產能來填補航太工業供應鏈中的關鍵空白。

Moving up the value chain, which means leveraging our proven capabilities in developing and deploying space subsystems and components in the next generation spacecraft and integrated mission payloads.

提升價值鏈，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, as we continue pursuing breakthrough developments on advanced technologies that could create new markets with game changing potential.

最後是創投的選擇性，我們將繼續追求先進技術的突破性發展，這些技術可以創造具有改變遊戲規則潛力的新市場。

As I have done on previous calls over the next few slides, I will discuss examples of successes in each of these key growth areas from the third quarter of 2024 to demonstrate our extraordinary progress against these objectives.

正如我在接下來的幾張投影片中之前的電話會議中所做的那樣，我將討論從2024 年第三季開始在每個關鍵成長領域取得的成功範例，以展示我們在實現這些目標方面取得的非凡進展。

Please turn to slide 7. M&A has always been a core strength of Redwire's. With nine integrated acquisitions, through the first half of 2024 our team has the demonstrated expertise and performance to effectively scale both through organic and inorganic strategies. This is a competitive advantage and enables us to rapidly scale as a public platform. In the most recent quarter, I am very pleased to introduce Redwire's 10th acquisition as part of our platform development strategy, Hera Systems.

請參閱投影片7。透過九次整合收購，到 2024 年上半年，我們的團隊已展現出專業知識和績效，可以透過自然和無機策略有效擴展規模。這是一種競爭優勢，使我們能夠快速擴展為公共平台。在最近一個季度，我非常高興地介紹 Redwire 的第十次收購，作為我們平台開發策略 Hera Systems 的一部分。

Hera Systems is an agile and differentiated spacecraft development company. They have expertise in specialized missions for national security space customers and unique technical achievements with a path to transformative capabilities in the emerging area of dynamic space operations. The acquisition of Hera is right on strategy for Redwire. On the following slides, I will specifically highlight how the purchase of Hera accelerates our third growth principle moving up the value chain.

Hera Systems 是一家敏捷且差異化的太空船開發公司。他們在為國家安全太空客戶執行專門任務方面擁有專業知識，並擁有獨特的技術成就，能夠在動態太空作戰的新興領域實現變革能力。收購 Hera 符合 Redwire 的策略。在接下來的幻燈片中，我將特別強調收購 Hera 如何加速我們的第三條成長原則向價值鏈上游移動。

Please turn to slide 8. The Hera Systems acquisition complements our existing suite of National Security Space Solutions and moves Redwire up the value chain as an integrated spacecraft platform provider. Hera systems Has developed a new class of high-performance spacecraft to support the evolving requirements for national security missions in contested space. And their acquisition broadens Redwire's product technology portfolio and extends our spacecraft platform capabilities with two additional spacecraft that we have recently rebranded as Mako and Thresher.

請參閱幻燈片 8。 Hera Systems 開發了一種新型高性能太空船，以支援有爭議的太空中國家安全任務不斷變化的需求。他們的收購擴大了 Redwire 的產品技術組合，並透過另外兩艘太空船擴展了我們的太空船平台能力，我們最近將其重新命名為 Mako 和 Thresher。

Renderings of Mako and Thresher are shown on the right hand side of this slide. Mako is a red hard GEO and MEO platform that is currently under contract on the US Space Force's Tetra-5 program. While Thresher is a LEO spacecraft currently on contract with an undisclosed customer designed and built in the United States for operating in contested environments.

Mako 和 Thresher 的效果圖顯示在這張投影片的右側。 Mako 是一個紅色硬質 GEO 和 MEO 平台，目前正在與美國太空部隊的 Tetra-5 計劃簽訂合約。 Thresher 是一顆近地軌道航天器，目前與一家未公開的客戶簽訂合同，在美國設計和建造，用於在有爭議的環境中運行。

As the National Security Space Architecture evolves Mako and Thresher are bringing unique capabilities to the warfighter in LEO, MEO and GEO with plans for autonomy, edge processing, and maneuverability that will enable emerging concepts in dynamic space operations and rendezvous and proximity operations.

隨著國家安全空間架構的發展，Mako 和Thresher 正在為LEO、MEO 和GEO 的作戰人員帶來獨特的能力，包括自主性、邊緣處理和機動性計劃，這將使動態空間作戰以及交會和鄰近作戰中的新興概念成為可能。

Turning to slide 9. The addition of Mako and Thresher through the acquisition Hera significantly enhances Redwire's full platform spacecraft portfolio, as we now have five unique spacecraft platforms for missions in every orbit, from VLEO to LEO, GEO and beyond.

轉向幻燈片9。任務。

Redwire's advanced spacecraft designs, incorporate cyber secure communications, resilient power systems, highly accurate pointing, extensive maneuverability and expanded onboard computing power that can support mission and payload specific machine learning. On the next few slides, I will provide a detailed outline of our complementary spacecraft platforms to emphasize how well, we are now positioned to scale.

Redwire 的先進太空船設計整合了網路安全通訊、彈性電力系統、高精度指向、廣泛的機動性和擴展的機載運算能力，可以支援任務和有效負載特定的機器學習。在接下來的幾張投影片中，我將提供我們互補太空船平台的詳細輪廓，以強調我們現在的規模定位如何。

Please turn to slide 10. Hopefully by now, everyone is familiar with our two VLEO spacecraft, Sabresat and Phantom. Sabresat depicted on the upper right is a US built platform designed for performance, endurance and cost effectiveness with a modular design an optional air breathing engine.

請翻到幻燈片 10。右上方描繪的 Sabresat 是美國製造的平台，專為性能、耐用性和成本效益而設計，採用模組化設計和可選的呼吸式引擎。

Sabresat is currently being leveraged on DARPA's Otter flight program. This is a new market opportunity for spacecraft and Redwire is well positioned as a first mover in this emerging area of operations. In fact, from a VLEO perspective, we are not only well positioned in the US national security market segment, but we are also a leader in Europe VLEO development with Phantom depicted on the lower right.

Sabresat 目前正在 DARPA 的 Otter 飛行計劃中使用。這對太空船來說是一個新的市場機會，而 Redwire 作為這個新興營運領域的先驅處於有利地位。事實上，從VLEO的角度來看，我們不僅在美國國家安全細分市場佔據有利地位，而且在歐洲VLEO開發方面也處於領先地位，如右下圖所示的Phantom。

Phantom is a European VLEO platform that is designed to carry out a wide array of intelligence, earth science and communications missions. Redwire is advancing Phantom's design and development through the European Space Agency's Skimsat mission. It is important to emphasize that both Sabresat and Phantom are supporting funded contracts with premier customers and are on a path to flight operations.

Phantom 是一個歐洲 VLEO 平台，旨在執行廣泛的情報、地球科學和通訊任務。 Redwire 正在透過歐洲太空總署的 Skimsat 任務來推進 Phantom 的設計和開發。需要強調的是，Sabresat 和 Phantom 都在支持與主要客戶的資助合同，並且正在投入飛行營運。

Turning to slide 11. Now turning to the low earth orbit or LEO, I am pleased to announce for the first time Redwire's rebranding of our European P200 LEO satellite platform that has been supporting generations of ESA probe emissions as Hammerhead, shown on the upper right.

轉向幻燈片 11。 。

Hammerhead is a European LEO platform developed at Redwire's facility in Belgium. Much like how Phantom is the Redwire platform that supports ESA's Skimsat, Hammerhead is the new name for our platform that has been supporting ESA probe emissions for more than 40 years in orbit without failure on ESA's Proba 1, 2, 3 and 5 missions.

Hammerhead 是一個歐洲 LEO 平台，由 Redwire 位於比利時的工廠開發。就像Phantom 是支援ESA Skimsat 的Redwire 平台一樣，Hammerhead 是我們平台的新名稱，在軌道上支援ESA 探測器發射已有40 多年，在ESA Proba 1、2、3 和5 任務中從未出現過故障。

As previously mentioned with the acquisition Hera, we have now added a US LEO platform called Thresher, which is depicted on the lower right of this slide. Thresher is a LEO platform designed and built in the US for US centric missions and can support a wide variety of surveillance, space domain awareness, and tactically responsive space missions. Thresher is currently targeted for delivery in 2025 on a contract with an undisclosed customer.

如同先前在收購 Hera 時所提到的，我們現在新增了一個名為 Thresher 的美國 LEO 平台，如本投影片右下角所示。 Thresher 是一個在美國設計和建造的低地球軌道平台，用於以美國為中心的任務，可以支援各種監視、太空域感知和戰術響應太空任務。 Thresher 目前計劃根據與一位未透露姓名的客戶簽訂的合約於 2025 年交付。

Please turn to slide 12. Also added as part of our Hera acquisition, we now have a GEO and MEO spacecraft in our portfolio. Mako. Mako is a high agility red hard platform designed for the harsh environments of GEO and MEO and built in the US for precision rendezvous and proximity operations.

請參閱投影片 12。馬科。 Mako 是一款高敏捷性紅色硬平台，專為 GEO 和 MEO 的惡劣環境而設計，在美國建造，用於精確交會和近距離操作。

Mako is currently being developed on the US Space Force's Tetra-5 program with a targeted launch in 2025. On this inaugural mission, Mako is being developed to demonstrate the feasibility of on orbit refueling. As with all of our products, flight heritage is key to Redwire's differentiation and all these platforms are currently under contract with a customer and have a pathway to flight.

Mako 目前正在美國太空部隊的 Tetra-5 計畫中開發，計劃於 2025 年發射。與我們所有的產品一樣，飛行傳統是 Redwire 差異化的關鍵，所有這些平台目前都與客戶簽訂了合同，並擁有飛行途徑。

Please turn to slide 13. So why does this matter? What are we achieving by building out this differentiated portfolio of spacecraft and moving up the value chain? The answer is simple, by moving up the value chain, Redwire is able to access increasingly larger opportunities and supercharge our growth. This portfolio of platforms significantly increases our TAM in order to scale. We are seeing early signs of success with this strategy as evidenced by the substantial year over year increases in pipeline and year-to-date bids submitted.

請翻到投影片 13。透過建構這種差異化的太空船產品組合併提升價值鏈，我們能實現什麼目標？答案很簡單，透過提升價值鏈，Redwire 能夠獲得越來越大的機會並促進我們的成長。該平台組合顯著增加了我們的 TAM 以便擴展。我們看到這項策略成功的早期跡象，管道數量和年初至今提交的投標數量逐年大幅增加就證明了這一點。

We are focused on satisfying market needs, scaling rapidly and leveraging our classified and global reach particularly in Europe. As Redwire moves forward, we will continue building on our heritage as a spacecraft platform provider with innovative solutions to meet the challenges of our customers around the globe.

我們專注於滿足市場需求、快速擴展並利用我們的分類和全球影響力，特別是在歐洲。隨著 Redwire 的不斷發展，我們將繼續發揚我們作為太空船平台提供者的傳統，提供創新的解決方案來應對全球客戶的挑戰。

Please turn to slide 14. Of course, we continue protecting the core of our existing product portfolio in order to build on our successes. As an example, Redwire is proud to have provided the onboard computer system for the European Space Agency's Hera mission. Not to be confused with Hear the company, our most recent acquisition, Hera's mission is Europe's Inaugural Flagship Planetary Defense Mission.

請參閱投影片 14。例如，Redwire 很自豪能夠為歐洲太空總署的赫拉任務提供機載電腦系統。不要與我們最近收購的赫拉公司混淆，赫拉的任務是歐洲首個旗艦行星防禦任務。

On Hera Redwire's advanced data and power management system leverages 25 years of flight heritage and is designed to meet the challenges of operating in deep space. But the system will control all vital spacecraft operations including power, navigation and key mission milestones such as the deployment and monitoring of ESA's two deep space cube sets. Onboard computers fall within our avionics and sensors core offering which includes spacecraft subsystems and components that are used for navigation, control and imagery collection.

On Hera Redwire 的先進數據和電源管理系統利用了 25 年的飛行經驗，旨在應對深空操作的挑戰。但該系統將控制所有重要的太空船操作，包括動力、導航和關鍵任務里程碑，例如歐空局兩個深空立方體組的部署和監控。機載電腦屬於我們的航空電子設備和感測器核心產品，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 third quarter, Redwire's expertise was critical for X-Bow's latest Commercial Mission-1 launch which took place on September 12, 2024. Redwire developed and delivered the launch vehicle structures and launcher interfaces for the flight test mission. This is the third in a series of X-Bow's launches supported by Redwire technology in our structures and mechanisms core offering which includes a variety of space infrastructure that provides critical mechanical functionality for on orbit operations from launch release mechanisms and deployable burns to birthing and docking systems.

同樣在第三季度，Redwire 的專業知識對於X-Bow 於2024 年9 月12 日進行的最新商業Mission-1 發射至關重要。接口。這是X-Bow 系列發射中的第三次，由我們的結構和機制核心產品中的Redwire 技術支持，其中包括各種空間基礎設施，為在軌操作提供關鍵的機械功能，從發射釋放機制和可部署燃燒到誕生和對接系統。

Please turn to slide 15. Looking at our scaling production growth principle, this quarter Redwire announced that we have signed a strategic cooperation agreement with in space propulsion leader Phase Four, to build and deliver an advanced thrust thruster technology called Valkyrie that is designed for reliable high volume production to fill a gap in the supply chain.

請參閱幻燈片15。該技術旨在為可靠的大批量生產，填補供應鏈空白。

Redwire will leverage its scaled business operations, marketing resources, and extensive heritage as a trusted space system supplier to bring this in space propulsion system to market and the Valkyrie Thrusters are anticipated to go into full rate production in 2025. These Thrusters fall within the avionics and sensors core offering which I described earlier.

Redwire 將利用其規模化的業務營運、行銷資源和作為值得信賴的太空系統供應商的豐富傳統，將這款太空推進系統推向市場，Valkyrie 推進器預計將於2025 年投入全速生產。屬於航空電子設備以及我之前描述的感測器核心產品。

Turning to the right hand side of the slide, we have also recently shipped IROSA wings 7 and 7 to Boeing. These wings are a follow on to the 6 IROSA wings that have already been deployed on the International Space Station. Furthermore, as of September 2024 we had 25 ROSA wings contracted. A 170% increase when compared to September of 2023. 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.

轉向幻燈片右側，我們最近也向波音公司運送了 IROSA 7 號和 7 號機翼。這些機翼是國際太空站上已部署的 6 個 IROSA 機翼的後續版本。此外，截至 2024 年 9 月，我們已簽訂了 25 個 ROSA 機翼合約。與2023 年9 月相比成長了170%。 。

Please turn to slide 16. Finally turning to our venture optionality growth principle. I would like to take this opportunity to highlight the exciting progress we've made this year with our innovative space pharmaceutical platform, PIL-BOX. Redwire is proud of the launch cadence we have achieved for PIL-BOX since its first launch a year ago. At the beginning of this year, we stated that our goal was to launch 16 additional PIL-BOX systems to the ISS.

請翻到投影片 16。我想藉此機會強調我們今年在創新太空製藥平台 PIL-BOX 方面取得的令人興奮的進展。自一年前首次發布以來，Redwire 為 PIL-BOX 所實現的發布節奏感到自豪。今年年初，我們表示我們的目標是向國際太空站發射 16 個額外的 PIL-BOX 系統。

I am very pleased to report that the 12 new PIL-BOXes launched earlier this week on SpaceX 31 commercial resupply or CRS mission, bring us to 28 PIL-BOXes launched in total, clearly demonstrating the sustained operational tempo required to turn this into a viable business model.

我很高興地向大家報告，本週早些時候在SpaceX 31 商業補給或CRS 任務中發射了12 個新的PIL-BOX，使我們總共發射了28 個PIL-BOX，這清楚地表明了將其轉變為可行的持續運作節奏所需的商業模式。

In addition, customer demand is building and we are proud to have worked with a number of notable commercial customers this year including our newest commercial partners, Bristol Myers Squibb and ExesaLibero Pharma. We launched investigations this week on the CRS mission.

此外，客戶需求不斷增加，我們很自豪今年能夠與許多著名的商業客戶合作，包括我們最新的商業合作夥伴 Bristol Myers Squibb 和 ExesaLibero Pharma。我們本週對 CRS 任務展開了調查。

The objective of our PIL-BOX strategy is to accelerate small molecule drug discovery to treat a variety of conditions and diseases on earth. Since small molecule drugs comprise a majority of all marketed drugs, pharma companies are continually investigating the crystal structure of new and exciting drugs -- new and existing drugs to meet specific therapeutic goals.

我們的 PIL-BOX 策略的目標是加速小分子藥物的發現，以治療地球上的各種病症和疾病。由於小分子藥物佔所有上市藥物的大多數，製藥公司不斷研究令人興奮的新藥物（新藥和現有藥物）的晶體結構，以滿足特定的治療目標。

PIL-BOX is poised to be a game changing innovation and I'm excited to report that in addition to our launch objectives, Redwire has achieved two critical milestones that further distinguish it as the premier space pharmaceutical development platform. As we have previously discussed, the first milestone is that Redwire has successfully and repeatedly demonstrated that small molecule drug crystals grown on orbit using our proprietary PIL-BOX system are larger and more highly ordered than terrestrially grown crystals.

PIL-BOX 預計將成為一項改變遊戲規則的創新，我很高興地向大家報告，除了我們的發布目標之外，Redwire 還實現了兩個重要的里程碑，進一步使其成為首屈一指的太空藥物開發平台。正如我們之前討論的，第一個里程碑是 Redwire 已成功地反覆證明，使用我們專有的 PIL-BOX 系統在軌道上生長的小分子藥物晶體比陸地上生長的晶體更大、更有序。

Today, I am excited to announce a second key milestone, in what we believe to be a first of its kind achievement here on earth. Redwire successfully replicated space grown crystal forms using crystals returned from space as seeds or templates. Not only that, but we successfully replicated them through five generations of copies from copies.

今天，我很高興地宣布第二個重要里程碑，我們認為這是地球上第一個如此成就。 Redwire 使用從太空返回的晶體作為種子或模板，成功複製了太空生長的晶體形式。不僅如此，我們還透過複製品的五代複製成功地複製了它們。

To detail this achievement, using Redwire's PIL-BOX system, we successfully formed two different small molecule drug seed crystals in space, preserved the space flung crystal structures and safely returned the crystals to earth. The returned crystals retain their microgravity induced attributes and once on the ground, we use these seeds to grow new crystals with the same structure, successfully demonstrating that seed crystals formed in space can be used as a template to generate those same crystals on earth.

為了詳細說明這項成就，利用 Redwire 的 PIL-BOX 系統，我們成功在太空中形成了兩種不同的小分子藥物晶種，保存了太空拋射的晶體結構，並將晶體安全返回地球。返回的晶體保留了其微重力誘導的屬性，一旦到達地面，我們就使用這些種子來生長具有相同結構的新晶體，成功地證明了在太空中形成的種子晶體可以用作模板在地球上生成相同的晶體。

This pivotal step is required for future commercial expansion and Redwire has now taken it. To our knowledge, this result is the first of its kind and nothing close to it has been achieved previously. It is not only a technical achievement but also an important step towards taking one of our spaced enhanced crystals to commercial production at scale on the ground.

這一關鍵步驟是未來商業擴張所必需的，Redwire 現在已經採取了這一步驟。據我們所知，這項結果尚屬首次，之前還沒有類似的結果。這不僅是一項技術成就，也是我們的間隔增強晶體邁向大規模商業化生產的重要一步。

Please turn to slide 17. Going forward, we see two different avenues for the ongoing commercial application of our PIL-BOX platform. First, we will continue flying crystals on behalf of our partners as we have done this past year. Second, Redwire has developed a list of more than 80 promising small molecule targets for experimentation. Redwire will continue to fly experiments on our own behalf to generate a library of valuable space developed crystal forms that will be protected as our own IP.

請參閱投影片 17。首先，我們將像去年一樣，繼續為合作夥伴放飛水晶。其次，Redwire 制定了 80 多個有前景的小分子實驗標靶清單。 Redwire 將繼續代表我們進行實驗，以產生一個有價值的太空開發晶體形式庫，這些晶體形式將作為我們自己的智慧財產權受到保護。

We have already seen interest in licensing this information from commercial customers and see this as a viable means to realizing a business model based on back end royalty revenue in the future.

我們已經看到商業客戶對授權這些資訊感興趣，並將其視為未來實現基於後端版稅收入的商業模式的可行手段。

Ultimately, pharmaceutical manufacturers want new and better crystal forms regardless of whether they are produced on earth or in space as these new forms can provide new properties and unique approaches towards the treatment of human diseases. We believe in the value that those created in space will provide and through PIL-BOX Redwire is proud of our efforts to harness the power of space to support human health here on earth.

最終，藥品製造商想要新的、更好的晶型，無論它們是在地球上還是在太空中生產，因為這些新晶型可以為治療人類疾病提供新的特性和獨特的方法。我們相信那些在太空中創造的價值將提供，並且透過 PIL-BOX Redwire 為我們利用太空的力量支持地球上人類健康的努力感到自豪。

Please turn to slide 18. Now turning to our contract awards and backlog our contract awards during the third quarter of 2024 were $44.5 million. Our last 12 months book to bill ratio was 1.25 times for the third quarter, 2024. As we continuously reinforce, we often see lumpy contract awards growth from quarter to quarter, but we are continuing to maintain a healthy growth rate on an LTM basis.

請轉到幻燈片 18。過去 12 個月的訂單出貨比為 2024 年第三季的 1.25 倍。

As you can see on the lower right hand side of this slide, our contracted backlog has increased 30.2% year-over-year to a total of $330.1 million. The growth in contracted backlog is one of many factors that give us confidence in our growth as we look towards 2025 and beyond.

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 30.2%，達到 3.301 億美元。展望 2025 年及以後，合約積壓訂單的成長是讓我們對成長充滿信心的眾多因素之一。

Finally, as I mentioned earlier, we continue to expand our pipeline with an estimated $6.9 billion of identified opportunities including approximately $2.9 billion in proposals submitted year-to-date as of September 30, 2024. This is a result of our moving up the value chain and scaling production growth principles leading to larger bids. As you can see on the upper right hand side of the slide, this represents a significant increase of 306.2% over the corresponding year-to-date period ended September 30, 2023.

最後，正如我之前提到的，我們繼續擴大我們的管道，估計已確定的機會價值69 億美元，其中包括截至2024 年9 月30 日年初至今提交的約29 億美元的提案。價值的結果連鎖和規模化生產成長原則導致更大的出價。正如您在幻燈片右上角看到的那樣，這比截至 2023 年 9 月 30 日的同期同期顯著增長了 306.2%。

The growth in bids submitted is a result of our efforts to increase the average size of the individual opportunities we are pursuing. As previously mentioned, we are now bidding on individual programs in the $100 million-plus award value on a more regular cadence. Of course, there is no guarantee we will win these opportunities, but we now have a pipeline of bids that could result in a substantial increase in backlog, if we land some of these larger opportunities. We are able to pursue these opportunities because of the critical investments we have made in building the Redwire platform. The foundation we have laid is yielding results.

提交的投標數量的增長是我們努力增加我們所追求的單一機會的平均規模的結果。如前所述，我們現在正在以更規律的節奏競標價值超過 1 億美元的單一項目。當然，不能保證我們會贏得這些機會，但我們現在有一系列投標，如果我們獲得其中一些較大的機會，可能會導致積壓訂單大幅增加。我們之所以能夠抓住這些機會，是因為我們在建立 Redwire 平台方面進行了關鍵投資。我們奠定的基礎正在產生成果。

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

請翻到投影片 19。喬納森？

Thank you Pete. Before I turn to the financial results, I'd like to highlight the photo on this slide, which is of the four spacecraft for emissions that have been undergoing the integration and testing at Redwire, state of the art clean room facility in Antwerp, Belgium.

謝謝皮特。在討論財務業績之前，我想強調一下這張幻燈片上的照片，這是四艘用於排放的航天器的照片，這些航天器正在比利時安特衛普最先進的潔淨室設施 Redwire 進行整合和測試。

Redwire is preparing to deliver two satellites for the European Space Agency's Probe-3 Mission that Pete talked about in the fourth quarter of 2024. As international customer demand increases, Redwire is proud to support critical innovation around the globe as part of our successful growth strategy.

Redwire 正準備為皮特在2024 年第四季談到的歐洲太空總署Probe-3 任務交付兩顆衛星。一部分。

Please turn to slide 20. Our third quarter and year-to-date results illustrate the positive momentum that Redwire’s demonstrated during the last 12 months as of the third quarter, 2024. Revenues in the third quarter grew 9.6% year-over-year to $68.6 million as we once again achieved positive adjusted EBITDA a $2.4 million a sequential increase over the second quarter of 2024. We will discuss the drivers of this quarter's revenue and adjusted EBITDA on subsequent slides.

請參閱投影片 20。達到6860 萬美元，因為我們再次實現了正調整EBITDA，較2024 年第二季度連續增長240 萬美元。

On this page. As you can see, we experienced a year-over-year growth in bids submitted with $1 billion in total bids submitted during the third quarter of 2024 alone. This is an $800 million more increase from the last time of third quarter, 2023 of last year's 2023.

在此頁面上。正如您所看到的，我們提交的投標數量同比增長，僅 2024 年第三季提交的投標總額就達到了 10 億美元。這比去年2023年第三季的最後一次增加了8億美元。

Finally, as you can see, we had a use of cash from operations of $17.7 million during the third quarter with record levels of last 12 months of investments in these growth initiatives many of which Pete has expanded upon. When viewed on the last 12 months our LTM basis as we've shown on the lower right hand box, we actually improved our usage of cash from operations by $10.6 million on a year-over-year basis achieving third quarter, LTM use of cash from operations of $8.7 million.

最後，正如您所看到的，第三季度我們使用了 1770 萬美元的營運現金，創下了過去 12 個月對這些增長計劃的投資創紀錄水平，其中許多計劃已由 Pete 進行了擴展。從過去 12 個月的 LTM 基礎來看，如右下框所示，我們實際上將營運現金使用量年增了 1,060 萬美元，實現了第三季的 LTM 現金使用量營運成本為 870 萬美元。

These bids that Pete spoke about and the investments and improvements in our third quarter results are typical to the capability and commitment and demand from our clients that our global team is satisfying and the competence in Redwire as we continue to satisfy this demand as our space infrastructure is in this third quarter and into 2025.

Pete 談到的這些出價以及我們第三季業績的投資和改進是我們全球團隊所滿足的客戶的能力、承諾和需求的典型代表，也是Redwire 的能力，因為我們將繼續滿足作為我們的空間基礎設施的這項需求從第三季到 2025 年。

Please turn to slide 21. Specifically for quarterly revenue, as you can see from the chart on the right, this quarter's revenue is $68.6 million again, a 9.6% increase on a year-over-year basis. On a year-to-date basis, 2024 revenue was $234.5 million as of September 30, 2024 which represents a 30.1% increase over the corresponding period in 2023. Our excellent growth was driven by our 47.5% year-to-date growth in national security revenue and in 83.6% year-to-date growth in commercial revenue year-over-year.

請翻到投影片21。截至 2024 年 9 月 30 日，2024 年營收為 2.345 億美元，較 2023 年同期成長 30.1%。 83.6%。

Finally during the quarter and similar to past years, our backlog has a solid foundation with more than 85% of our revenue derived from funded government programs or from global marquee customers who are delivering in the areas of national security, commercial satellite proliferation, and the exploration of space and the moon to name just a few areas.

最後，在本季度，與往年類似，我們的積壓工作奠定了堅實的基礎，我們85% 以上的收入來自資助的政府項目或來自在國家安全、商業衛星擴散和國防等領域提供服務的全球知名客戶。

Please turn to slide 22. On a quarterly basis, Redwire achieved positive quarterly adjusted of $2.4 million in Q3 2024. That's a sequential increase of 50.2% and almost a $1 million increase over the second quarter of 2024. Gross profit was $12.0 million in the third quarter, 2024 with quarterly gross margins of 17.5% an improvement over previous sequential quarters. These results were negatively being impacted by a net $1.6 million EAC adjustment during this third quarter or 2.3% of third quarter revenue.

請參閱投影片22。為1,200 萬美元。這些業績受到第三季 160 萬美元的 EAC 淨調整（佔第三季營收的 2.3%）的負面影響。

Our team is very focused on reducing our net unfavorable EACs and these third quarter results were the lowest in the last 12 months, almost 60% less than the average of the previous three quarters. Our quarterly adjusted, but that performance was also improved by excellent cost control and continued operating leverage being driven by the scale as Redwire's SG&A expenses were 25.5% of revenue, a year-over-year decrease from 29.2% in last year's third quarter.

我們的團隊非常注重減少淨不利 EAC，第三季業績是過去 12 個月來最低的，比前三個季度的平均值低近 60%。我們進行了季度調整，但由於出色的成本控制和規模推動的持續營運槓桿，業績也得到了改善，因為 Redwire 的 SG&A 費用佔收入的 25.5%，較去年第三季的 29.2% 同比下降。

We continue to drive revenue increases without growth in SG&A on a quarterly year-over-year basis and that's the benefit of our operating leverage and scale improving mostly from organic growth.

我們持續推動營收成長，但銷售、管理及行政費用按季度同比增長，這是我們的營運槓桿和規模改善的好處，這主要來自於有機增長。

Please turn to slide 23. Throughout the third quarter, we made significant investments to drive the revenue growth we've seen in the last 12 months while also funding industry leading innovation and global business scale. During the year-to-date period through September 30, 2024 we made $6.9 million in capital expenditures including $2.8 million in capital expenditures in the third quarter alone, our highest quarterly CapEx spend in 2024, plus-$4.7 million investments in internal research and development and $3.1 million in a variety of important corporate investments that flow through SG&A.

請參閱投影片 23。截至2024 年9 月30 日的年初至今，我們的資本支出為690 萬美元，其中僅第三季的資本支出為280 萬美元，這是我們2024 年最高的季度資本支出，另外還有470 萬美元的內部研發投資310 萬美元用於流經 SG&A 的各種重要企業投資。

We also obviously had an acquisition in Hera in the third quarter. We continued to demonstrate our ability to financially perform now while also making these significant investments for growth, risk reduction and profitability in 2025 and beyond.

顯然，我們在第三季也收購了 Hera。我們持續展現我們現在的財務表現能力，同時也為 2025 年及以後的成長、降低風險和獲利能力進行重大投資。

Please turn to slide 24. Similar to previous quarters and on the left hand chart, we show operating and free cash flow, as a reminder free cash flow provides a metric based on our US, GAAP, cash from operations minus capital expenditures. For the third quarter of 2024, net cash used in operating activities was $17.7 million and free cash flow was also a use of $20.5 million. These quarterly results were due to the deliberate organic and M&A investments we've made following quarters of free cash flow generation as you can see on the left hand chart.

請翻到投影片24。營運現金減去資本支出的指標。 2024 年第三季度，經營活動使用的現金淨額為 1,770 萬美元，自由現金流也使用了 2,050 萬美元。這些季度業績歸功於我們在接下來幾季的自由現金流產生後進行的有意的有機投資和併購投資，如左圖所示。

On a 12 month basis, we've actually achieved a year-over-year improvement in cash from operations of $10.6 million. We do expect these investments to yield better revenue growth, scale, and returns on invested capital in FY25 and beyond.

在 12 個月的基礎上，我們的營運現金實際上比去年同期成長了 1,060 萬美元。我們確實預期這些投資將在 2025 財年及以後帶來更好的營收成長、規模和投資資本回報。

On the right hand chart, you see our significant and record total liquidity for this year as of the end of the third quarter of $61.1 million and that comprises of $45.8 million in available liquidity and $15.3 million in restricted cash, which consists of a short term cash collateralized standby letter of credit for a large submitted proposal. Please turn to slide 25, for a brief discussion of the outlook for the remainder of 2024.

在右側圖表中，您可以看到截至第三季末，我們今年的總流動性達到創紀錄的6,110 萬美元，其中包括4,580 萬美元的可用流動性和1,530 萬美元的限制性現金，其中包括短期流動性針對大額提交的建議書提供現金抵押備用信用證。請參閱投影片 25，簡要討論 2024 年剩餘時間的前景。

We delivered another quarter of strong performance with significant investment and as a result for 2024 we affirm full year forecast revenue at $310 million which represents a 27% year-over-year growth rate. On a year-to-date basis, we have achieved 76% of our $310 million annual revenue guidance forecast.

我們透過大量投資實現了另一個季度的強勁業績，因此我們確認 2024 年全年預測收入為 3.1 億美元，年成長率為 27%。今年迄今，我們已實現 3.1 億美元年度營收指引預測的 76%。

Finally, through our excellence and execution initiatives, we continue to focus on improving our program management to reduce EAC volatility, while also creating more operating leverage and cost efficiency to continue on our path to profitability. We enter the final quarter of 2024 and full year 2025 with great momentum.

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，以減少 EAC 波動，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。我們以強勁的勢頭進入2024年最後一個季度和2025年全年。

I will now turn the presentation back over to Pete to provide a brief final remarks before Q&A. Pete?

我現在將把演示轉回給皮特，在問答之前提供簡短的最後評論。皮特？

Thank you, Jonathan. Please turn to slide 26. And with that, I want to thank the entire Redwire team for their contribution to our results this quarter. A total global effort, we will now open the floor for questions.

謝謝你，喬納森。請參閱投影片 26。在全球共同努力下，我們現在開始提問。

(Operator Instructions)

（操作員說明）

Suji Desilva, Roth Capital.

蘇吉·德西爾瓦，羅斯資本。

Hi, Pete. Hi, Jonathan. Congratulations on the progress here.

嗨，皮特。嗨，喬納森。恭喜這裡的進展。

Thank you very much.

非常感謝。

Sure. Want to start with a high level question. Obviously, the election is a red sweep here. Curious to know thoughts on the impact potentially on space spend and government national security launch and satellite broadband was featured prominently in victory speeches. So just curious your thoughts there.

當然。想從一個高層次的問題開始。顯然，這次選舉是一場紅色掃蕩。我想知道對太空支出和政府國家安全發射和衛星寬頻的潛在影響的想法是勝利演講中的重點內容。所以只是好奇你的想法。

Yeah. No, I mean, interesting question. Certainly we're watching closely. The interesting and exciting thing about space is the infrastructure is so critical that I think regardless of any administration that there's going to be continued investment there. But we have -- usually, I don't try to comment or predict these things, but we do have four years of President from a previous Trump administration where they pushed the Artemis program and a number of created the space force and really invested heavily in space.

是的。不，我的意思是，有趣的問題。當然，我們正在密切關注。關於太空的有趣和令人興奮的事情是基礎設施是如此重要，以至於我認為無論任何政府如何，都會繼續在那裡進行投資。但我們——通常，我不會試圖評論或預測這些事情，但我們確實有四年的總統任期，他們在上屆川普政府中推動了阿耳忒彌斯計劃，有些人創建了太空軍，並投入了大量資金在太空中。

So we're not making any predictions certainly. But from what we're hearing and what I think, everybody who's followed it heard and had seen since the last time this administration was in place that they are space investors.

所以我們當然不會做任何預測。但從我們所聽到的和我所想的來看，自從本屆政府上次就職以來，每個關注它的人都聽到並看到他們是太空投資者。

That sounds right. And then you mentioned in the prepared marks, you're seeing larger bid sizes, $100 million-plus bid programs. Can you talk about as that competitive process narrows down how many competitors you're seeing typically in the last round? And what do you think your win rate is at some of these become more prominent elements of your revenue opportunity?

聽起來不錯。然後您在準備好的標記中提到，您會看到更大的投標規模，超過 1 億美元的投標計劃。你能談談競爭過程縮小了你在最後一輪通常看到的競爭對手的數量嗎？您認為其中一些成為您的收入機會中更重要的元素時您的勝率是多少？

Yeah. So it's highly variable right. In some areas there is more competition than others in areas that are more emerging capability sets, there's less competition. I don't think we're focused as much on the quantity of competition. Although I will say that space being a still relatively a new market, you have a lot of opportunity with fewer companies to perform. But regardless whether the competition is higher or more moderated, we focus on our differentiation and that's basically our go to market strategy is to leverage technical capability or unique infrastructure like our classified infrastructure that we've invested heavily in to differentiate ourselves.

是的。所以它是高度可變的。在某些領域，競爭比其他領域更激烈，而在新興能力更強的領域，競爭則更少。我認為我們不太關注競爭的數量。儘管我想說，太空仍然是一個相對較新的市場，但只有較少的公司可以發揮作用，因此您有很多機會。但無論競爭是激烈還是溫和，我們都專注於我們的差異化，這基本上是我們的市場策略，是利用技術能力或獨特的基礎設施，例如我們投入巨資的機密基礎設施，以實現差異化。

In terms of what win rate, I think on the $100 million-plus contracts that we have too small, a sample size to give you anything, any meaningful data there.

就勝率而言，我認為對於價值超過 1 億美元的合同，我們的樣本量太小，無法為您提供任何有意義的數據。

Okay, Pete, appreciate that. And then last question, I'll pass it along. Curious in the micro gravity PIL-BOX area. Heard you guys maybe talk for the first time that I've heard of developing your own IP with molecules. I'm curious if you have the in house assets to determine which molecules to experiment on or if that's a partnership or what you have in house to support that.

好的，皮特，謝謝。最後一個問題，我會轉達的。對微重力 PIL-BOX 領域感到好奇。聽說你們可能是第一次聽到我用分子開發自己的智慧財產權。我很好奇你們是否有內部資產來決定要試驗哪些分子，或者是否是合作夥伴關係，或者你們有什麼內部資產來支持這一點。

Yeah, so good question. So we do have inhouse scientists, very senior scientists actually PhD, that are a part of the community, they are often out there publishing papers, we participate in the conferences and through the experimentation phase of this, what we've been on for many years now, we've made key relationships with the right organizations to help us identify those compounds.

是的，很好的問題。所以我們確實有內部科學家，非常資深的科學家，實際上是博士，他們是社區的一部分，他們經常在那裡發表論文，我們參加會議並通過這個實驗階段，我們已經做了很多多年來，我們已經與合適的組織建立了重要的關係，以幫助我們識別這些化合物。

In fact, we have a little scientific group if you will, both internal and external partners that put that list together for us of the high value opportunities. So yeah, we definitely have the expertise in order to select the ones that we think have the most potential.

事實上，如果你願意的話，我們有一個小型科學小組，包括內部和外部合作夥伴，他們為我們列出了高價值機會的清單。所以，是的，我們絕對擁有專業知識來選擇我們認為最有潛力的人。

Jonathan, did you want to add some?

喬納森，你想添加一些嗎？

Yeah, see if only add, we have been very explicit that we've invested, over $65 million both obviously client investment fund, which obviously we've deployed quite effectively and our own funds, but mostly client investment funds. So we've invested a significant amount of money to gain all of the relationships, the capability internally and obviously, the results are starting to show you don't go from -- an expectation that was pretty high dealing with 16 PIL-BOXes to now 28 and then beyond in these partnerships now, the new one with Bristol Myers, that doesn't happen by accident.

是的，看看，如果只是補充一下，我們已經非常明確地表示，我們已經投資了超過6500 萬美元，顯然是客戶投資基金，顯然我們已經非常有效地部署了我們自己的資金，但主要是客戶投資基金。因此，我們投入了大量資金來獲得所有關係、內部能力，顯然，結果開始表明，您不會從處理 16 個 PIL-BOX 的期望值變得相當高。 ，與百時美施貴寶(Bristol Myers) 建立新的合作關係，這並非偶然。

And we're very measured when we talk about it to you in the market because we are creating something that is both unique and can also significantly scale from a revenue and return on invested capital standpoint. We're very measured how we talk about it, but we're very excited about the results which were significantly higher than expectations.

當我們在市場上與您談論它時，我們非常謹慎，因為我們正在創造一些既獨特又可以從收入和投資資本回報率角度顯著擴展的東西。我們談論它的方式非常謹慎，但我們對顯著高於預期的結果感到非常興奮。

And I would go out to our social media sites and you can see some talks and interviews given by Dr. Ken saying and that I think you could get a lot of additional data on that. But I think is the part that we're particularly starting to emphasize now is that I think you mentioned we hadn't previously talked heavily about was the fact that we are building our own IP here, as we've spent a lot of time studying the drug development process and leveraging our expertise to take a look at where we're going to fit in and what are the opportunities for potential business models.

我會去我們的社交媒體網站，你可以看到肯博士的一些演講和採訪，我認為你可以獲得很多關於這方面的額外數據。但我認為我們現在特別開始強調的部分是，我認為您提到我們之前沒有深入討論過我們在這裡建立自己的 IP，因為我們花了很多時間研究藥物開發過程並利用我們的專業知識來了解我們將適應什麼以及潛在商業模式的機會是什麼。

And as we tried to articulate it's developing the seed crystals in space that can operate as a seed that can then be -- that seed can be replicated on earth. So you don't have to do it all in space. You just bring down that critical intellectual property that seed crystal down, which is very small. And because we've demonstrated that we can replicate it on earth, we can now take those seed crystals as IP and partner with the next chain in the value chain of drug development.

正如我們試圖闡明的那樣，它正在太空中開發種子晶體，這些晶體可以作為種子運行，然後可以在地球上複製種子。所以你不必在太空中完成這一切。你只需要把晶種的關鍵智慧財產權拿下來，它很小。因為我們已經證明我們可以在地球上複製它，所以我們現在可以將這些晶種作為智慧財產權，並與藥物開發價值鏈中的下一個鏈條合作。

And that's where we're focused on taking this IP we're developing as part of flying the small molecules on our own is to have our own IP that we can partner with biopharma companies that are in the business of the full development life cycle, partner with them, providing this unique IP in exchange for some sort of royalty structure. Early days, no doubt, but this is super exciting to us because we get a lot of questions from people about where is all of this heading. And I think we have a clear path to a real potential business model here to leverage this now.

這就是我們專注於利用我們正在開發的智慧財產權，作為我們自己飛行小分子的一部分，我們可以與從事整個開發生命週期業務的生物製藥公司合作，與他們合作，提供這種獨特的智慧財產權以換取某種版稅結構。毫無疑問，還處於早期階段，但這對我們來說非常令人興奮，因為我們收到了許多人們關於這一切的方向的問題。我認為我們現在有一條明確的道路可以實現真正潛在的商業模式，可以利用這一點。

With not a lot of more investment. I have to emphasize, not a lot more investment, right. That's key. It's really about harvesting.

沒有太多的投資。我要強調的是，投資不是很多，對吧。這是關鍵。這真的是關於收穫。

Thank you (inaudible) I'll pass it on.

謝謝（聽不清楚）我會轉達的。

Greg Konrad, Jefferies.

格雷格·康拉德，杰弗里斯。

Good morning. Maybe it's a little bit too early to talk about next year. But just thinking about the 2024 growth strategy that you've laid out. How do you think about the changes into next year? Just thinking about the weight of those four levers and how do you think about venture optionality levers playing into next year?

早安.也許現在談論明年還為時過早。但想想您所製定的 2024 年成長策略。您如何看待明年的變化？想想這四個槓桿的權重，以及您如何看待明年創投槓桿的作用？

So for the first part of it, I believe and one of the reasons we focus on being submitted in pipeline in our presentation here is that is probably one of the best leading indicators for Redwire, right? So that's how we think about it anyways. When we go to look at 2025, we have to look at how many opportunities do we have in the pipeline? These things have a relatively longer, meaning not measured in weeks and days, but in months sales cycle.

因此，對於第一部分，我相信，我們在演示中重點關注在管道中提交的原因之一是，這可能是 Redwire 最好的領先指標之一，對嗎？無論如何，這就是我們的想法。當我們展望 2025 年時，我們必須看看我們還有多少機會？這些東西都有一個相對較長的時間，也就是說不是以週、日來衡量，而是以月為銷售週期。

So what's in the pipeline now or things have to -- in order to achieve bookings in 2025 you have to have a fair amount in the pipeline now. Based on that quantitative metric, I think we're really well positioned for 2025. Now we have to win So win rate is the other as you all have pointed out repeatedly, other side of that calculation.

所以現在正在醞釀的事情或必須要做的事情——為了在 2025 年實現預訂，你現在必須有相當數量的事情正在醞釀之中。基於這個定量指標，我認為我們在 2025 年確實處於有利位置。

And although because of the size of the sample set, we don't really have a meaningful win rate to provide based on statistically significant track record of historicals here. We do win and we have demonstrated that we win over the last couple of years. And that's how we've achieved this, the remarkable growth that we've achieved today. So we're pretty confident in our ability to bid and win.

儘管由於樣本集的大小，我們實際上並沒有根據此處歷史記錄的統計顯著性記錄來提供有意義的勝率。我們確實贏了，而且過去幾年我們已經證明了我們的勝利。這就是我們實現這一目標的方式，即我們今天所取得的顯著成長。因此，我們對投標和獲勝的能力非常有信心。

So if you take that and you combine it with the fact that we have a lot of really good qualified opportunities in the pipeline and we invested in not only the capacity but also the production capacity but also the ability to the technologies like full spacecraft systems to go after bigger programs. I can -- I expect that trend to continue into 2025 which is very positive.

因此，如果您將這一點與我們在管道中擁有許多真正優質的機會這一事實結合起來，我們不僅投資於產能，還投資於生產能力，還投資於諸如完整航天器系統之類的技術的能力追求更大的項目。我可以——我預計這種趨勢將持續到 2025 年，這是非常積極的。

And there's historical precedence for this, Greg. If you remember, we spoke two years ago about ROSAs because we were just starting to win a number of contracts. We're seeing 127% increase in those ROSAs contracted compared to last year. That was much higher than what we thought two or three years ago. But it was based on pretty significant CapEx investments that we made in the '21 and '22 periods to increase their production capacity, many of you have been out to that facility in Galeta. We're continuing to use that embedded capital for higher returns on capital and just growth in those ROSA. So that's again -- it gives us confidence that what we're doing now leads to fruition in '25.

格雷格，這在歷史上是有先例的。如果你還記得的話，我們兩年前就談過 ROSA，因為我們剛開始贏得一些合約。與去年相比，我們發現 ROSA 合約數量增加了 127%。這比我們兩三年前的預期要高得多。但這是基於我們在 21 和 22 年間為提高產能而進行的相當大的資本支出投資，你們中的許多人都去過加萊塔的那個工廠。我們將繼續利用這些嵌入資本來獲得更高的資本回報和 ROSA 的成長。所以這又給了我們信心，我們現在所做的事情會在 25 年內取得成果。

And then at the time of the Hera acquisition, I think you guys had disclosed that 2023 revenues were $15 million, can you maybe clarify how much of that's included in this year's guidance? And then just you mentioned the acquisition on in your cash comments, but it's a little bit unclear from the cash flow statement, any color on the price of that deal.

然後在收購 Hera 時，我想你們已經透露 2023 年的收入為 1500 萬美元，你們能否澄清一下今年的指導中包含了多少？然後，您剛剛在現金評論中提到了此次收購，但從現金流量表來看，該交易的價格有點不清楚。

So now that we've actually been able to put some disclosure out, if you look carefully at the cash flow statement in the earnings release and it will be expounded upon in the 10-Q, you actually see this is a recycling of capital. We actually ended up doing a disposition that created cash of more than $4 million of which, as you can see in the cash flow statement, there was a use of cash for acquisitions.

因此，現在我們實際上已經能夠進行一些披露，如果您仔細查看收益報告中的現金流量表，並將在 10 季度中對其進行詳細說明，您實際上會發現這是資本的循環利用。實際上，我們最終進行了一項處置，創造了超過 400 萬美元的現金，正如您在現金流量表中看到的，其中現金用於收購。

Again, we haven't disclosed the full price that's actually obviously net of cash that we receive in that acquisition also. But you can see it's an efficient use of that capital as we move forward. If you look also in the earnings release, you'll see how we actually acquired some pipeline with Hera because you can actually see, we haven't done another acquisition in almost 20 months.

同樣，我們還沒有透露完整價格，這實際上顯然是扣除我們在此次收購中收到的現金後的價格。但你可以看到，隨著我們的前進，這是對資本的有效利用。如果您也查看收益發布，您會看到我們實際上如何與 Hera 收購了一些管道，因為您實際上可以看到，我們已經近 20 個月沒有進行另一次收購了。

You can see that revenue for the quarter, which was only one month of the third quarter was about $1.8 million. When we spoke about guidance and the increase in guidance last quarter from $300 million to $310 million, we actually said that that increase was partially due to Hera but also due to organic growth that we're seeing and we're sticking to that disclosure.

你可以看到，第三季僅一個月的季度營收約為 180 萬美元。當我們談到指導以及上季度指引從3 億美元增加到3.1 億美元時，我們實際上說過，這一增長部分歸因於Hera，但也歸因於我們看到的有機增長，並且我們堅持這一披露。

Thank you, I'll leave it at that.

謝謝，我就這樣吧。

Thanks Greg.

謝謝格雷格。

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，聯盟全球合作夥伴。

Great. Thanks so much. Congrats on the Hera acquisition.

偉大的。非常感謝。恭喜 Hera 收購。

Thanks Brian.

謝謝布萊恩。

As it relates to proposals outstanding, I'm wondering if you can touch on the sales cycle. How long does it generally take for proposals to get adjudicated especially on these larger deals? And then last year, Redwire bid on less than $1 billion of contracts. This year in each of the last two quarters you've bid on more than $1 billion or at least $1 billion. Has anything changed then in the market outside of management is focused on larger deal sizes.

由於它與未完成的提案有關，我想知道您是否可以談談銷售週期。提案通常需要多長時間才能得到裁決，特別是對於這些較大的交易？去年，Redwire 競標了不到 10 億美元的合約。今年過去兩個季度，您的出價均超過 10 億美元或至少 10 億美元。那麼，除了管理階層之外，市場上有什麼變化嗎？

I'll take the last part first. No, I don't think so. I think it's been us putting the systems and foundation and capability in place to go after larger and larger programs as part of our 2024 growth strategy. In terms of what was the first sales cycles it varies, on some of the smaller subsystems and components, especially if they're commercial, you can turn it around really quickly.

我先講最後一部分。不，我不這麼認為。我認為，作為我們 2024 年成長策略的一部分，我們正在將系統、基礎和能力落實到位，以追求越來越大的專案。就第一個銷售週期而言，它有所不同，在一些較小的子系統和組件上，特別是如果它們是商業的，您可以很快扭轉局面。

We can just get an order in, they can ask for something that is really mature. On other ones that are large government procurements in particularly, they tend to take a little bit longer, there's a lot of information out there on how typically the average length of a large government procurement based on size tends to take.

我們可以直接下訂單，他們可以要求一些真正成熟的東西。特別是在其他大型政府採購中，它們往往需要更長的時間，有許多資訊表明基於規模的大型政府採購的平均時間往往需要多長時間。

So I think the important aspect is because we do -- we have that portfolio effect of sub systems and component as well as large now, larger bids -- increasing larger bids, we have a nice blend of revenues that can be achieved in fairly short order all the way up to some much larger opportunities that are -- that we chase that. That take months to play out.

所以我認為重要的方面是因為我們確實- 我們擁有子系統和組件的組合效應以及現在更大的更大的出價- 增加更大的出價，我們有一個很好的收入組合，可以在相當短的時間內實現一直訂購到一些更大的機會，我們會追逐這些機會。這需要幾個月的時間才能發揮出來。

The only thing I would add to Pete is, again, these larger bids generally you can look up online or, we don't give specifics because we don't give specifics. But they do take, as Pete said, measured in months and longer sales cycle.

我要向皮特補充的唯一一點是，這些較大的出價通常您可以在網上查找，或者我們不提供具體細節，因為我們不提供具體資訊。但正如皮特所說，它們確實需要以每月和更長的銷售週期來衡量。

The other thing I would say is that many of these bids, are longer from a contractual standpoint like they would extend, we've always said our average life of a contract is about two years and that's been getting higher over time, many of these bids would increase that also. So there are actually more multiyear contracts as opposed to a bit shorter term.

我要說的另一件事是，從合約的角度來看，許多出價都更長，就像它們會延長一樣，我們總是說合約的平均期限約為兩年，而且隨著時間的推移，這一數字越來越高，其中許多出價也會增加。因此，實際上有更多的多年期合約，而不是短期合約。

Great, thanks. My second question, maybe one for Jonathan. During the first nine months, your gross margin is down significantly from last year, I believe and correct me if I'm wrong. The primary reason is there's a high percentage of low margin, hardware and material purchases for some of your large contracts that have begun.

太好了，謝謝。我的第二個問題，也許是問喬納森的。前九個月，你們的毛利率比去年大幅下降，我相信，如果我錯了，請糾正我。主要原因是，在一些已經開始的大型合約中，低利潤、硬體和材料採購的比例很高。

My question is, is it reasonable to assume that gross margin from last year is still achievable in the long term or medium term? And when do you expect if so we begin to see a shift in the mix and therefore the margins begin to recover from the growth side.

我的問題是，假設從長期或中期來看去年的毛利率仍然可以實現，是否合理？如果是的話，您預計什麼時候我們會開始看到組合發生變化，因此利潤率開始從成長方面恢復。

Look, you're asking a direct question, I'm going to give you a direct answer. We believe that the margins will increase and we've shown that from second quarter to third quarter, it's marginally increased, about 90 basis points, almost 100 basis points from the two quarters. Some of this is mixed, right? Because we're actually investing, as part of some of these programs, some of it's, EACs we've talked about them before with you Brian too. So that don't forget that there is some EAC growth there. But it's also we're starting to manage that a bit better.

聽著，你問的是一個直接的問題，我會給你一個直接的答案。我們相信利潤率將會增加，我們已經證明，從第二季度到第三季度，利潤率略有增加，大約90個基點，兩個季度幾乎增加了100個基點。其中有些是混合的，對嗎？因為我們實際上正在投資，作為其中一些計劃的一部分，其中一些是 EAC，我們之前也曾與您討論過，Brian。所以不要忘記 EAC 也有一些增長。但我們也開始更好地管理這一點。

But the answer is we are very focused on improving those margins and getting back up into the 20%-plus margins, we don't give specific guidance on that. But the answer is any business that's trying to achieve scale but is also getting specked in on some of these programs should see increasing margins as we go forward, it's not going to be linear. It's going to take steps forward and steps back. But as we start to achieve scale, it's really the EBITDA margins also that really start to step up, which we're also quite focused on, which is why we mention operating leverage so much.

但答案是我們非常專注於提高利潤率並恢復到 20% 以上的利潤率，我們對此沒有給出具體指導。但答案是，任何試圖實現規模但也參與其中一些計劃的企業都應該看到隨著我們的前進，利潤率會不斷增加，這不會是線性的。它將前進併後退。但當我們開始實現規模時，EBITDA 利潤率也真正開始上升，我們也非常關注這一點，這就是為什麼我們如此頻繁地提到營運槓桿。

Yeah, although it's early days, we'll reverse it here and Jonathan, you got to go first, I get to add. It's early days. We in the last earnings call, if anybody was paying attention, I articulated a key concept that we rally around called strategic balance. I believe in that context, I was talking about balancing between profitability today and the investments that's required to achieve extraordinary growth over time.

是的，雖然現在還為時過早，但我們會在這裡逆轉它，喬納森，你必須先走，我要補充一下。現在還早。在上一次財報電話會議上，如果有人關注的話，我闡明了我們團結起來的關鍵概念，即戰略平衡。我相信在這種情況下，我正在談論當今的盈利能力與隨著時間的推移實現非凡增長所需的投資之間的平衡。

But strategic balance also comes into many of our conversations internally when we look at opportunities to say, all right, are we focused on gross margin improvement here or are we focused on the absolute value of free cash flow generation? And I think at this stage in our company, as we look at achieving operating leverage, we will bid higher programs with low margins that can have an outside effect on our blended margin but create more absolute value from a free cash flow generation perspective. And that's just I think healthy for the company.

但是，當我們尋找機會說，我們是專注於毛利率的提高還是專注於自由現金流產生的絕對價值時，戰略平衡也出現在我們內部的許多對話中？我認為，在我們公司的現階段，當我們著眼於實現營運槓桿時，我們將以低利潤競標更高的項目，這可能會對我們的混合利潤產生外部影響，但從自由現金流生成的角度來看會創造更多的絕對價值。我認為這對公司來說是健康的。

So everything Jon has been said is correct, but I do want to highlight so that I'm not back on this call later and we win a much larger opportunity that has a large material purchase associated with it that dilutes our margins on a blended basis, but generates a lot of additional free cash flow because we're getting all the operating leverage and that's why Jonathan brought up EBITDA, but we will do that and that is a possibility.

因此，喬恩所說的一切都是正確的，但我確實想強調一下，這樣我以後就不會再參加這次電話會議，我們贏得了一個更大的機會，與之相關的是大量材料採購，這會在混合基礎上稀釋我們的利潤，但會產生大量額外的自由現金流，因為我們獲得了所有營運槓桿，這就是喬納森提出 EBITDA 的原因，但我們會這樣做，這是有可能的。

Great. That's helpful. Thank you.

偉大的。這很有幫助。謝謝。

(Operator Instructions)

（操作員說明）

Griffin Boss, B. Riley Securities.

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

Hi, good morning. Thanks for taking my questions. So a lot of good progress here. I'll start with the ROSAs, obviously, you mentioned the strong growth there year over year. But you didn't talk about the Talis Contracts program you're working on. I wonder if you could provide some more details on how that's progressing and any potential investments you're making to ramp up on that program.

嗨，早安。感謝您回答我的問題。所以這裡取得了很多好的進展。我將從 ROSA 開始，顯然，您提到了那裡逐年的強勁增長。但你沒有談論你正在從事的達麗斯合約專案。我想知道您是否可以提供更多有關該項目進度以及您為加強該計劃而進行的任何潛在投資的詳細資訊。

Yes. So it's progressing well, and we're making the investments that we envisioned at the beginning of the program. So I wouldn't take our -- not speaking on the topic as anything other than we had a lot of new other stuff to talk about. But yeah, the program is progressing well and those investments are playing out.

是的。所以進展順利，我們正在進行專案開始時設想的投資。所以我不會把我們不談論這個話題當作除了我們還有很多新的東西要談論之外的任何事情。但是，是的，該計劃進展順利，這些投資正在發揮作用。

Absolutely. And what I would say, Griffin is you take a look at that growth in the commercial revenue, right? When we look at our year over year commercial growth, a lot of that is -- because now we've been able to disclose more about Tallas and what those ROSAs are going on and we're very excited about continuing to move forward with that, but really other clients because of our differentiated power generation.

絕對地。我想說的是，葛里芬你看看商業收入的成長，對嗎？當我們看到我們逐年的商業成長時，其中很多是 - 因為現在我們已經能夠披露更多有關 Tallas 以及這些 ROSA 正在發生的事情，我們對繼續向前推進感到非常興奮，但由於我們的差異化發電，確實有其他客戶。

Great, thanks for the color and next for me, it does look like you paid quite a low multiple for Hera. So just if you could provide more detail on sort of M&A going forward and what you're seeing in the marketplace in terms of options for M&A and maybe valuations you're seeing in the market as well.

太棒了，謝謝你的顏色，接下來對我來說，看起來你為赫拉支付的價格確實很低。因此，如果您能提供有關未來併購類型的更多詳細信息，以及您在市場上看到的併購選項，也許還有您在市場上看到的估值。

Yeah, so the valuations have come down without getting too much into our strategy because obviously it's a competitive process for these is we believe there are companies out there that have invested millions of dollars in capital, in creating some really extraordinary technological capabilities and just ran out of capital. And as a result, there are opportunities to find complementary opportunities where they can join the Redwire platform and we can take advantage of all the capital that went into the tech development part of their evolution, right.

是的，所以估值已經下降，而沒有過多考慮我們的策略，因為顯然這是一個競爭過程，我們相信有些公司已經投入了數百萬美元的資本，創造了一些真正非凡的技術能力，然後就跑了出於資本。因此，我們有機會找到互補的機會，他們可以加入 Redwire 平台，我們可以利用他們發展過程中技術開發部分的所有資本，對吧。

So we're excited about that. There I have said previously in earlier call, although I'm not sure everybody had labeled us as one of those that come out the other side of this early stages space. But the winners do get to and those that move forward and maintain fiscal discipline, get the opportunity to strategically look at those companies that that have some really great tech, but need to be part of a longer term platform in order to realize the full potential of that tech and so that's exciting to us.

所以我們對此感到興奮。我之前在之前的電話會議中已經說過，儘管我不確定每個人都將我們標記為從這個早期階段空間的另一邊出來的人之一。但贏家確實能夠獲得機會，而那些不斷前進並維持財政紀律的公司，將有機會策略性地審視那些擁有一些真正出色的技術，但需要成為長期平台的一部分才能充分發揮潛力的公司。讓我們感到興奮。

And more broadly, we do think that valuations have come down. And as a result, I think you'll see that we've never stopped being active as I tried to highlight on this call in organic growth and M&A is a core competency of Redwire. We have a team here who has done it many times now and has I hope people look at where we are sitting today after our 9, now 10 acquisitions and see that we have the ability to integrate and capitalize on that.

更廣泛地說，我們確實認為估值已經下降。因此，我想你會發現我們從未停止積極的行動，因為我試圖強調有機成長和併購是 Redwire 的核心競爭力。我們這裡有一個團隊已經做過很多次了，我希望人們看看我們在經過 9 次、現在 10 次收購之後今天所處的位置，並看到我們有能力整合並利用這一點。

So that's going to be kind of part of our game plan going forward. It would be strange for it not to be. So I think as you see us going forward, we're highly selective. We don't like to overpay and we look for technological differentiation. That's always the way we've been and that's the way we're going to be going forward.

所以這將成為我們未來遊戲計劃的一部分。如果不是的話那就奇怪了。所以我認為正如你所看到的我們的前進，我們是高度選擇性的。我們不喜歡支付過高的費用，我們尋求技術差異化。這一直是我們的方式，也是我們未來的方式。

Excellent, very helpful. Thank you, Pete and thank you, Jonathan.

非常好，非常有幫助。謝謝你，皮特，謝謝你，喬納森。

Thank you.

謝謝。

Appreciate it. Thank you, Griffin.

欣賞它。謝謝你，格里芬。

Thank you. That concludes our Q&A session. I would now like to turn the call over back to, Jeff Zeunik for closing comments.

謝謝。我們的問答環節到此結束。我現在想將電話轉回傑夫·澤尼克 (Jeff Zeunik) 徵求結束意見。

Great. Thank you for your questions and for participating in today's call. We appreciate everyone taking the time to listen to us today and go Redwire.

偉大的。感謝您提出問題並參加今天的電話會議。我們感謝大家今天抽出時間來聽我們的演講並參觀 Redwire。

That concludes our conference today. Thank you for joining us. You may now disconnect.

我們今天的會議到此結束。感謝您加入我們。您現在可以斷開連線。