Redwire Space Corporation (RDW)报告称，2024年第一季度收入大幅增长，达到8780万美元，比去年同期增长52.4%。尽管营收有所增长，但该公司公布净亏损810万美元。据报道，该公司调整后的EBITDA为430万美元，同比保持稳定。

　　Redwire今年的战略包括关注核心保护、扩大生产规模、向价值链上游移动以及探索风险投资机会。该公司还确认其全年收入预期为3亿美元，同比增长率为23%。

　　与2023年第一季度相比，Redwire 2024年第一季度的收入增长了52.4%，达到8780万美元。

　　该公司报告调整后的EBITDA为430万美元，净亏损810万美元。

　　Redwire的有限公司积压合同同比增长10.9%，达到3.18亿美元。

　　该公司拥有强大的机会管道，已确定的机会为63亿美元，已提交的提案为6.1亿美元。

　　首席执行官Peter Cannito强调了公司对平衡工程和分析公司的关注合同(EACs)等合同组合以维持毛利率。

　　Redwire正在扩大其在VLEO市场的作用，并以主承包商的身份竞标更多。

　　Redwire在2024年第一季度的账面与账单比率为1.11，表明未来收入来源健康。

　　该公司专注于改进项目管理，减少EAC波动，并实现成本效率。

　　全年营收预期为3亿美元，较上年增长23%。

　　该公司第一季度净亏损810万美元。

　　由于收入大幅增长，2024年毛利率预计将以较慢的速度增长。

　　Redwire的大量积压和筹备工作表明，该公司正在努力对公司的信心ntinued增长。

　　该公司在太空制药市场的发展速度快于预期，潜在市场总额为50亿至100亿美元。

　　在所提供的上下文中没有详细说明具体的遗漏。

　　卡尼托讨论了eac的可变性以及全年平衡它们的策略。

　　该公司向价值链上游的移动包括商业地球成像航天器的开发，以及作为分包商参与Skimsat项目。

　　Redwire Space Corporation在2024年第一季度的定位强劲，收入大幅增长，并有大量机会预示着未来的潜在增长。该公司专注于VLEO、太空药物开发和规模化生产等战略领域，同时保持合同组合和EACs的平衡，表明其致力于实现长期盈利和市场份额扩大。Redwire作为主承包商的积极竞标和参与关键的太空探索项目也强调了其在航空航天工业中的战略定位。

　　Redwire Space Corporation (RDW)在2024年第一季度实现了显著的收入增长，其数据大大超过了去年的表现。该公司致力于扩大市场份额和扩大生产规模，这反映在最近的财务数据中。以下是InvestingPro对Redwire财务状况和市场地位的一些见解:

　　该公司的市值为2.8658亿美元，表明其在该行业的规模和相关性。

　　在过去的12个月里，Redwire的收入增长了47.87%截至2024年第一季度，该公司的销售额已增长了6个月，显示出其有效提高销售额的能力。

　　尽管营收数据令人印象深刻，但该公司的市盈率为负5.93倍，这表明它目前没有盈利。

　　InvestingPro Tips为这些数据点提供了额外的背景信息。分析师预测，Redwire今年的净收入有望增长，与公司的积极收入指导保持一致。此外，该股在过去三个月表现出强劲的回报，价格大幅上涨43.75%，这可能会引起寻求航空航天领域增长机会的投资者的兴趣。

　　对于寻求更深入分析和进一步提示的投资者，InvestingPro提供了额外的见解，Redwire Space Corporation共有10个InvestingPro提示，请访问http://k1.fpubli.cc/file/upload/202405/12/dx5cjazhg0p。通过使用优惠券代码PRONEWS24，用户可以获得一年或两年一次的Pro和Pro+订阅额外10%的折扣，其中包括全面的指标和专家分析，以帮助做出明智的投资决策。

　　接线员:您好，欢迎来到红线航天公司2024年第一季度。【操作说明】。现在我把会议交给主持人杰夫·泽尼克，你们可以开始了。

　　Jeff Zeunik:谢谢你，Samali，大家早上好。欢迎参加Redwire公司2024年第一季度财报电话会议。我们希望你已经看到了我们昨天下午发布的财报。我们的网站redwirespace.com的投资者关系部分也公布了这一消息。请允许我提醒大家，在电话会议期间，Redwire管理层可能会做出前瞻性陈述，这些陈述反映了我们对未来的信念、期望、意图或预测。我们的前瞻性陈述受到风险和不确定性的影响，这些风险和不确定性在幻灯片2中有更详细的描述。此外，如果我们在电话会议期间讨论了非GAAP指标，请参阅我们收益发布的幻灯片3或我们网站上的投资者介绍，以了解这些指标的计算及其GAAP对账。我是Redwire的Jeff Zeunik，财务规划和分析以及投资者关系高级副总裁。今天和我一起参加电话会议的是董事长兼首席执行官彼得·坎尼托和首席财务官乔纳森·巴利夫。说到这里，我想把电话交给皮特。皮特吗?

　　Peter Cannito: Thank you, Jeff. During today's call, I will take you through a discussion of our key accomplishments in the first quarter of 2024. Jonathan will then present the financial highlights for the same first quarter 2024 period, after which we will open the floor for Q&A. Please turn to slide 6. the first quarter of this year was another excellent quarter for Redwire, during which we continued our positive momentum from 2023. We have now delivered five consecutive quarters of positive adjusted EBITDA and revenue growth and two consecutive quarters of positive cash from operations. During the first quarter, we achieved $87.8 million in Q1 revenue, a 52.4% improvement over Q1 2023. It was a very strong quarter for revenue. Positive adjusted EBITDA of $4.3 million and net loss of $8.1 million. Free cash flow of positive $0.4 million, a year-over-year improvement of $15.2 million. Cash from operations of positive $2.8 million, a year-over-year improvement of $16.8 million. And finally, we achieved a last 12 months or LTM book-to-bill ratio of one 1.11 times during the quarter. It's important to note that we achieved these positive financial results by developing and delivering reliable critical innovations for our valued customers throughout the first quarter. These results are directly attributable to the commitment and expertise of our workforce. Please turn to slide 7. During our previous earnings call, I introduced Redwire's 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 in 2023. Scaling production, which means winning and delivering on increasingly larger orders by scaling our production to meet growing demand. Moving up the value chain, which means leveraging our proven capabilities in developing and deploying space subsystems and components into next-generation spacecraft and integrated mission payloads. And finally, venture optionality, which means continuing to pursue breakthrough developments on advanced technologies that could create new markets with game-changing potential. On the next few slides, I will discuss examples of successes in each of these key growth areas for the first quarter of 2024. Please turn to slide 8. Starting with our protecting the core growth area. During the first quarter, Redwire's cameras were on board Intuitive Machines' IM-1 lunar landing mission. These cameras come from our avionics and sensors core offering, which includes spacecraft subsystems and components that are used for navigation, control, and imagery collection. Also during the first quarter, NASA's Solar Sail, for which Redwire developed deployment mechanisms and 100-foot booms, cleared a key technology milestone with the successful deployment of one quadrant. Solar Sail falls into our structures & mechanisms core offering, which includes a variety of space infrastructure that provide critical mechanical functionality for on-orbit operations from launch release mechanisms and deployable booms to berthing and docking systems. Please turn to slide 9. Looking at our scaling production growth principle, we are excited to announce that we are under contract with Rocket Lab for 18 ship sets of antennas and radio frequency hardware for the SDA Transport Layer Tranche 2 Beta variant satellites, the third in a series of spacecraft that will make up the Proliferated Warfighter Space Architecture. Our radio frequency systems core offerings includes the systems and payloads that enables space-to-space and space to earth communications. Also in Q1 two ROSA wings were successfully deployed on Ovzon 3, which represents the first integration of ROSA technology with a commercial satellite. In addition, Redwire began executing on our $142 million contract award for power solutions to an undisclosed satellite manufacturer. These operations fall within our power generation offering, which includes solar arrays and power distribution systems that generate the necessary power for space systems to operate regardless of size or location. Please turn to Slide 10. Turning to our moving up the value chain growth principle, I'd like to highlight Redwire's, US and European operations in very low earth orbit or VLEO. During the first quarter of 2024, Redwire was awarded a study related to our new US VLEO platform, SabreSat. This is a very exciting indicator that the market recognizes SabreSat's potential as a critical capability. We are very encouraged with the reception SabreSat has received since our announcement and continue to pursue meaningful opportunities for this potentially groundbreaking VLEO spacecraft. To continue to aggressively assert ourselves as a technology leader in VLEO, today, we are announcing Phantom, our VLEO platform for Europe and the international market. Phantom is currently being developed in our Belgian office for the European Space Agency Skimsat program and we will be marketing this platform to other potential customers as well. Thales Alenia Space is the prime contractor for Skimsat and Redwire EU is responsible for providing the VLEO's spacecraft, which we are now calling Phantom. Skimsat is the mission, Phantom is our platform. The Skimsat mission is a VLEO satellite mission that aims at reducing the cost of earth observation and telecommunication satellites while increasing performance by operating at substantially lower altitudes. The potential for this transformational program is extraordinary. Notably, SabreSat and Phantom do not share a common technological baseline. They are two different platforms with differing underlying technologies and performance parameters. This is important as missions in VLEO are as dynamic as all of the other earth orbits such as LEO and GEO. And different approaches, reduce risk and enable us to cover a broader set of customer requirements. 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 includes the Redwire international PROBA satellite, as well as our proprietary platform agnostic digital engineering and modeling and simulation solutions that enable rapid spacecraft development and deployment. Please turn to slide 11. Lastly, I would like to spend some time providing a deeper look into our fourth principle, venture optionality, by focusing on Redwire's in-space pharmaceutical development to benefit human health on earth. Pharmaceutical companies are constantly looking to deliver new optimized treatments for patients, and many of those treatments rely on crystals as their active ingredient. The form of the crystals will dictate a drug's properties and as a result, precision matters. Historically, a significant proportion of drugs have not made it to the market as a result of crystal formation challenges. Growing crystals in microgravity could be transformative, potentially yielding a more uniform product with fewer imperfections and improving the drug discovery and development process. As pharmaceutical companies look to deliver new optimized treatments to help patients on earth, microgravity could be a major differentiator. With the drug discovery market size having been estimated at approximately $80 billion in 2023, growing to approximately $180 billion by 2032, this represents a significant growth opportunity for Redwire. Redwire has already demonstrated the ability to develop crystals in space using our PIL-BOX facility on the International Space Station. Redwire's proprietary PIL-BOX is a proven cutting edge in-space pharmaceutical manufacturing platform that builds on Redwire's extensive heritage in microgravity and offers pharmaceutical companies and biomedical researchers novel and flexible services to study small batch crystal growth of proteins Redwire is at the forefront with our microgravity technology built on decades of in-space manufacturing success. Our successful inaugural PIL-1 mission demonstrated that insulin crystals grown on the ISS using PIL-BOX were larger and more highly ordered than terrestrial crystals. Our next step is to execute a production level cadence of crystal manufacturing using a variety of compounds. Our second PIL-BOX mission has already returned, and the results are promising. We have currently manifested for 16 additional PIL-BOX missions this year. The economic potential for this technology is high and gaining momentum. Recent venture funding for related industry players has revealed a significant valuation premium for pharmaceutical microgravity development, validating that the venture optionality associated with this subset of Redwire's business has real value. Turning to slide 12. The inaugural PIL-BOX-01 mission launched in November 2023 and returned to earth in late December 2023 for delivery to Eli Lilly (NYSE:LLY), our research partner. Following closely on the heels of the successful PIL-01 mission, PIL-02 again in partnership with Eli Lilly, and PIL-03 in partnership with Butler University launched to the International Space Station this past March, just three months later. The second PIL-BOX mission is focused on researching widespread chronic diseases, which have massive global demand for treatment. PIL-03 has now returned to earth in April 2024 and PIL-02 is anticipated to return in the coming months, demonstrating the rapid cadence Redwire can execute with this capability. This tempo is critical to demonstrate the industry model is viable for sustained development in orbit. For the remainder of the year, we have 16 additional PIL-BOX submissions manifested and a robust pipeline of interest from commercial entities. As launch costs decrease and commercial space station availability increases, the opportunity for on-orbit development and manufacturing at scale will expand. And Redwire is delivering tangible and useful results, not someday, but now. Please turn to slide 13. Now turning to our contract awards and backlog. Our contract awards during the first quarter of 2024 were $35.1 million. Our last 12 months book-to-bill ratio was 1.11 times for the first 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. As you can see on the lower right-hand side of this slide, our contracted backlog has increased 10.9% year-over-year to a total of $318 million. The growth in contracted backlog is one of many factors that gives us confidence in our future growth. Finally, we continue to have a healthy pipeline with an estimated $6.3 billion of identified opportunities, including approximately $610 million in proposals submitted year-to-date as of March 31. As you can see on the upper right-hand side of this slide, this represents a 177.3% increase over the corresponding year-to-date period ended March 31, 2023. The momentum continues. Please turn to slide 14. With that, I'd now like to turn the call over to Jonathan Baliff, Redwire's Chief Financial Officer. Jonathan?

　　Jonathan Baliff: Thank you, Pete. Before I turn to the financial results I'd like to highlight the photo on this slide to the PROBA-3 satellite from Redwire's Belgium facility, slated to launch later this year. The European Space Agency's PROBA-3 mission is composed of two spacecraft acting as one element and is the world's first precision formation flying mission in space. Turning to slide 15. Our first quarter 2024 was an excellent start to the year as Pete spoke about, as we saw continued positive momentum driven by customer demand. Quarterly revenue was a record $87.8 million. So we did see a slight decline in net loss for the same period year over year. Our adjusted EBITDA remained flat year-over-year at a positive $4.3 million. We will discuss the drivers of our adjusted EBITDA on a subsequent slide. The first quarter of 2024 also saw positive cash from operations of $2.8 million and free cash flow of $0.4 million, a year-over-year improvement of $16.8 million and $15.2 million respectively. And this is after making significant investments in growth capital expenditures and internal research and development to advance our path to profitability. These impressive results were attributable to the capability and commitment of our global team members, satisfying our customers growing demand for space infrastructure. Please turn to slide 16. Specifically for quarterly revenue, as you can see from the chart on the right, this quarter's record, $87.8 million represented a 52.4% increase on a year-over-year basis and an increase of 38.3% on a sequential basis. During the quarter, more than 90% of our revenue derived from funded government programs or from global marquee customers for delivering in the areas of national security, satellite proliferation, and the exploration of space to name just a few. Finally, we'd like to note that after the completion of the full fiscal year post the Space NV acquisition, our fiscal year 2024 will no longer present year-over-year comparable revenues which excluded the results of Space NV. Please turn to slide 17. For quarterly adjusted EBITDA, Q1 2024 remained flat at positive $4.3 million compared to the first quarter of 2023, while increasing 151.2% on a sequential basis from the fourth quarter of 2023. Gross profit increased 4.3% from $14.2 million to $14.8 million. Quarterly gross margins over the same period declined to 16.9%. These results were primarily impacted by EAC adjustments during the first quarter, exacerbated by our record revenues. The $3.9 million in EAC adjustments largely resulted from unplanned design and test cycles required to meet customer requirements as we neared completion on discrete projects during the quarter. Offsetting these gross margin declines, our sequential quarter adjusted EBITDA improvements was also supported by excellent cost control and the continued operating leverage being driven by scale as Redwire's SG&A expenses are now below 20% of revenue, a notable drop from the 27.8% in the first quarter of 2023. We continue to drive tens of millions of dollars in revenue increases with single digit growth in yearly SG&A. That's the benefit of operating leverage and scale kicking in. Please turn to slide 18. As we have mentioned several times today, throughout the first quarter, we continue to make prudent investments to support growing customer demand also, industry leading innovation. We're risk-reducing and we're also achieving global business scale. During the first quarter of 2024, we made $2.4 million in capital expenditures, our highest first quarter capital investments since going public plus, we made $1.0 million in investments in internal research and development and $1.0 million in a variety of other corporate investments that mostly flow through the SG&A line. We continue to demonstrate our ability to financially perform now while also making investments for future growth, risk reduction, and profitability. Please turn to slide 19. Similar to last quarter, on the left-hand chart, we show free cash flow. As a reminder, free cash flow provides a metric based on our US GAAP cash from operations minus capital expenditures. On a year-over-year basis, quarterly free cash flow improved by $15.2 million to a positive $0.4 million for the first quarter, due to a $16.8 million improvement in cash from operations. Credit goes to the revenue growth already discussed. But in addition, we had more efficient and effective working capital management over the first quarter while continuing to invest at record rates as our cash generation now funds our growth. This is due to improving returns on our invested capital as compared to our cost of capital, creating a virtuous cycle that differentiates us in a very capital-intensive industry. On a last 12-month basis, we recorded both positive cash from operations of $18 million and for the last 12 months, positive free cash flow of $8.1 million, a significant first for Redwire. As you can see on the right-hand chart, this yields higher available cash and cash equivalents of $32.6 million as of March 31, 2024, with $47.6 million in total available liquidity. Please turn to slide 20 for a brief discussion on the outlook for the remainder of 2024. Our first quarter was a strong start to the year and as a result, for 2024, we affirm full year revenue at $300 million, which represents a 23% year-over-year growth rate. This quarter's revenue achieved 29% of our $300 million annual revenue guidance forecast, and much of this outside quarterly revenue was due to the timing of long-lead items associated with large contract wins in 2023. We are not currently forecasting similar large long-lead purchases during the remainder of 2024. Finally, through our excellence in execution initiatives, we continue to focus on improving our program management to reduce EAC volatility while we also create more operating leverage and cost efficiency to continue on our path to profitability. I will now turn the presentation back over to Pete, to provide brief final remarks. Pete?

　　Peter Cannito:谢谢你，Jonathan，请翻到21页。我要感谢Redwire所有团队对本季度的出色业绩。我们将在2024年第二季度及以后继续在全球范围内努力。现在请大家提问。

　　接线员:[接线员说明]。我们的第一个问题来自Jefferies的Greg Konrad。

　　格雷格·康拉德:你有一个不错的季度，然后人们问为什么前景不是更好，这是我想要的，但我认为你在长期领先项目上解释了一些。但想想今年迄今为止提交的6.1亿美元的投标。你能否谈谈你所看到的胜率类型的动态以及你如何看待典型的转化率奖励?然后想想2024年和今年剩下的时间，积压的和尚未获胜的假设是什么?想想今年的潜在上涨空间。

　　彼得·坎尼托:所以这就像是三个问题合在一起。所以恭喜你的效率…

　　格雷格·康拉德:我仍然会得到跟进。

　　彼得·坎尼托:好，很好。那么合同积压是打印出来的，对吗?你可以看到——我认为最好的方式是你可以看到2023年初我们的合同积压是多少。我们对2023年的预测是什么，2024年初的合同积压是什么，然后评估你认为我们的预测结果是否符合现在的合同积压。这就是我们对收缩积压的理解以及它对我们的意义。在竞标方面，你可以看到竞标正在加速，这是两个动态的函数。一个是更积极地进入市场，但第二个，作为增长原则的一部分，是竞标那些更高级别的生产合同，以获得更多的数量，以及一些更大的合同，我们是完整的系统集成商，对吧?所以这就是我认为投标数量增加的关键。就胜率而言，坦率地说，我们所面对的市场太过活跃，数量太少，而且投标规模如此之大，以至于中标率往往会不断波动。所以我们不会公布与之相关的胜率。但关键是，当你以年度为基础来衡量时，我总是强调，这是衡量像Redwire这样的新兴成长型公司业绩的最佳时间尺度。当你以年度为基础来看时，你可以看到——或者你可以自己评估积压加上投标，我们的速度和规模是否足以维持我们当前的年度预测。我们相信是这样的，所以我们得出了这个数字。说到凹凸不平，我觉得乔纳森解释得很好。这种不稳定有两种方式。你有一个漂亮的凹凸不平的四分之一;在第四季度，我们获得了大量合同，而第一季度则有所下降。同样的道理，你可能一个季度的收入较低，但由于关键分包合同或长期项目的时间安排，这个数字可能会上升。这只是第一季度，今年还早。所以我们对第一季度的收入结果非常满意。但在这一点上，我们将保持今年3亿美元的收入预测，因为我们看到了这几个季度的剩余时间。你的问题我都明白了吗，格雷格，还是我提到了

　　格雷格·康拉德:是的，不，那很好，现在是接下来的问题。EBITDA增长势头强劲，SG&A合理化良好，毛利率有所反弹。从去年前三个季度开始，这一比例就高达16%。我想你更像是25岁左右吧?你叫了eac，可能是一个司机。但是从组合的影响来看，较高的长期领先项目与毛利率有什么关系吗，还是通常以相当一致的毛利率入账?

　　彼得·坎尼托:是的，不，我认为你在做这件事，对吧?希望你们已经关注我们一段时间了。这样你才能真正了解公司。完全正确，对吧?就像eac一样，每个季度都会发生这种情况。重要的是，我们通过卓越的执行力，在一年的时间里，让这些看跌期权和买入期权都得到平衡。此外，按季度计算的合同收入组合也会有起伏。所以当你倾向于有更多的材料采购或非常大的分包合同时，他们的毛利率可能会更低而不是很多都是由劳动力利用率或其他动态驱动的这些都在计算中。它还与那个季度领先的产品有关。真正大规模的产品在绝对价值的基础上有很高的营业收入，但在百分比的基础上可能会更低，而如果这些是在某个季度主要推动收入的产品，那么它会降低，然后在其他季度，我们可能会交付更多的数量或更高的利润率的产品，这可能会对每个季度产生影响。这就是为什么作为一个管理团队，我们关注的重点是整体年度平衡，无论是从长期管理的角度来看，还是从我们对未来的展望来看，这些都是我们的预测。但我确实想补充一点，我在之前的电话中也说过并强调过，我们一直在努力平衡收入和底线。我们的目标是始终保持EBITDA为正，并努力实现盈利。但这并不一定意味着在某些情况下，我们走出去夺取市场份额真的很重要，我们有时可能会做出决定，走出去赢得可能低于平均运营利润率的大型收入项目。所以我想说的是，在某些情况下，我们可能会优化营收和未来的增长，因为我们知道，我们将能够在较长时间内挤出营业利润率，这可能会产生短期或短期的波动，也会产生影响。

　　接线员:下一个问题来自B. Riley证券公司的Griffin Boss。

　　老板:嘿，早上好。谢谢你回答我的问题。所以我想深入研究风险的可选性。我很高兴你们在这次演讲中深入探讨了这个问题。你提到了800亿到1800亿美元的药物研发市场规模。在过去，你谈到了你的具体内部预测，五年的TAM是50亿到100亿美元，用于这个探险者在太空生活和工作。所以我想我的问题是，考虑到药物研发的市场规模，以及人们对微重力研究的兴趣似乎正在迅速增长，你认为Redwire短期内会有更大的TAM吗?

　　Peter Cannito: Hey, Griffin. How are you? Thank you for that question. So yeah, we are trying to focus, I think each quarter we'll focus on a different growth principle because obviously part of this call is to help educate investors on the Redwire operating model. And this is a critical part of our business that I think sometimes gets overlooked that has real tangible value, especially based on some of the things that are already going out on the marketplace there, right? We do have a lot of venture funding and venture investing activity happening in this space that gives interesting comps in terms of trying to put a valuation on this venture optionality. So we wanted to hone in to make sure that investors understand where we're positioned in that context. And where we're positioned on this context is the TAMs are pretty much the TAMs that you just articulated. But what we want to do is start to educate investors just how far along we are in transitioning this from what I would call researcher experimentation into an actual production level business. And that's why I tried to emphasize the cadence at which we're starting to do this. Previously, you would spend a lot of time kind of researching and developing. It took quite frankly, many years to come up with the ability for PIL-BOX to work, quite frankly. And now it works. And we're transitioning out of that period. That investment has been made. If you look at what we're achieving in terms of the PIL-BOX and the cadence, and you compare that to the amount that we have to invest on the slides that Jonathan showed you on our CapEx, our IRAD. We're past the heavy investment phase in this capability. Now we have to produce, or we have to demonstrate that we can reach a production level cadence. And we have started to do that now by showing that we had a launch, and we were able to do in mere three months a turnaround another launch, and we have 16 additional launches for the remainder of the year manifested. One of the key questions we get around this technology is, can you get to the production level to really turn this into the business that would satisfy or help you get a large enough share of those TAMs. And that's really what that venture optionality is all about. We didn't deep dive too much into the tech, but just for some additional color, for these crystals, there's two interesting things about the production model here. For the crystals to be valuable to biopharma companies, you need a symbol size level of what are called seed crystals. So you're not trying to develop in microgravity all of the crystals only for production. You're delivering a seed crystal. It's actually the same way it's done on earth. They build that seed crystals on earth and then they use that in their production thing. And each one of these, what we call investigations, PIL-01, PIL-02, PIL-03 are looking at as high as -- I think we've done as high as 36 compounds in a single investigation. So you're looking at 36 different crystals that you can develop a seed crystal for. When you start taking that and you say, okay, we have two that have gone up and down, a third that's still up there that should be back sometime this summer and then 16 additional manifested, you start to see that we can reach production level seed crystal development on the International Space Station, which has been a question for some, is this something that you have to do on a commercial space station in order to achieve the correct volumes or is this something that can be done on the ISS? We believe we're demonstrating that this is something that can be done now on the ISS and I believe our partnerships with Eli Lilly and Butler and everything like that, we're optimistic that these are going to be proved out over time. So the TAMs are essentially the same. The critic -- or what I think the critical milestones that we're achieving is that we're moving this from being a research project into actually developing these. We are getting smarter and we're making the investments to really understand this industry, making seed crystals for biopharma is not anything new, doing it in space is what's new. We envision a day someday where we're in the marketplace and our customers don't even ask about where it was developed. They just want the best possible crystal there is and the fact that it was developed in space is really irrelevant to the execution of the business model. So but there has been some really interesting dynamics in the venture world that I think are worth noting in terms of when you start looking at what this venture optionality -- how to value this venture optionality in Redwire that is critical to our longer-term growth plan. And in my mind, I think of venture optionality as something that's still five years away. That's how we differentiate between the space now that we deliver today that is generating revenue and EBITDA. I've talked about in the past, our heritage plus innovation strategy where we're generating the cash flow generating and the profit generating capabilities now on our infrastructure side. But those give us the ability, the optionality, if you will, to again use that word, to look forward and really position for some of these game changing, yes, less defined, yes, still a few years out, but nevertheless very valuable breakthrough technologies in the future.

　　Boss:颜色很好。

　　乔纳森·巴利夫:是的。我只是想在皮特刚刚谈到的问题中加入一些财务因素。在PIL-BOX-02之前我们给了你们50亿到100亿美元的TAM。皮特谈到了快节奏，用操作术语来说。它的增长速度比我们在做50亿到100亿美元时想象的要快。我们将把50亿美元更新为100亿美元。我们会讨论这个问题，可能会提前，也可能会保持不变，但我们对50亿到100亿美元更有信心，我们会给出最新的消息。第二件事，这对展示价值非常重要。我们看到，目前市场上有数千万美元的融资，估值上亿美元的公司都非常有兴趣做这件事。很明显，我们是竞争对手，所以我们不会提供很多竞争信息。但最重要的是，发展速度的加快意味着我们可以用不同的方式来展示它的价值。但最重要的是，这是为了我们的客户，对吧?礼来公司是巴特勒大学的客户，这个趋势还会加快。

　　Boss:太好了。这正是我想要的。欣赏那里所有的颜色。接着，我想快速跟进一下，你谈到了向价值链上游移动。我们已经看到了，SabreSat, Phantom，这是很大的进步。你能详细介绍一下你们正在研发的改良的商业地球成像飞船吗?我想这是NASA火星探测项目的稳定合同吧?

　　彼得·坎尼托:所以我们没有说VLEO的研究合同是针对哪一个的，对吧?现在，我们也赢得了火星调查的研究。这是完全不同的两件事，对吧?不相关，我只是想澄清一下。所以，为了给一些额外的色彩，我的意思是，我们所看到的是当我们看到向价值链的上游移动时，并不是选择我们要做完整系统集成的地方，并试图避免在航天器市场上成为跟随者和模仿者的错误。当然，我们现在已经在欧洲用PROBA卫星进行了全面的系统集成，几十年来我们已经执行了许多这样的任务。但我们看到了VLEO的飞跃机会，而且VLEO的潜力非常大。已经有很多实验任务是在VLEO中进行的，这表明离地球更近可以减少你的能量需求，它可以给你更高保真度的图像。它可以给你更高层次的交流。因此，VLEO向价值链上游移动不仅是要成为一个完整的系统集成商，扩展我们的业务，而且我们认为这是一项飞跃式的技术。得到这项研究的好处是我想强调的是我们已经是泰利斯阿莱尼亚公司在Skimsat项目的分包商了，欧洲的VLEO项目我们现在在航天器和VLEO的整体工业发展方面遥遥领先。我们对来自市场的验证感到非常兴奋，特别是在SabreSat方面，这是客户真正感兴趣的东西，特别是对我们可以实现的性能参数有更多的了解。

　　Boss:抓到你了。这是有帮助的。我想我要做的是专门针对火星探测项目和地球成像飞船。这对你来说是一种新能力吗?这是不是又一个例子说明了你们是如何展示航天器的快速发展和部署以及如何在价值链上提升的?

　　彼得·坎尼托:是的，是的。任何到保证金的都是新的。但这项特殊的研究是基于我们几十年来提供PROBA的传统，这是我们传统的LEO平台。

　　接线员:下一个问题来自Alliance Global Partners(纽约证券交易所代码:GLP)的Brian Kinstlinger。

　　布莱恩·金斯林格:很好。谢谢你回答我的问题。第一季度的表现令人印象深刻。当你看到可供投标的rfp时，在对大型项目招标的评论中，63亿美元的管道，我们是否应该期望看到提交的提案在季度基础上保持在这个较高的水平?然后我没听错吧你现在的黄金价格比以前高?

　　彼得·坎尼托:我先讲最后一部分。是的，与过去相比，我们现在的报价更高。另一方面，投标的数量，我们的目标是继续保持在目前的水平。然而，我们必须考虑到，rfp是在时间轴上出来的，对吧?这些都是政府，大型政府采购，但商业客户也有自己的节奏。我想说的是，你问题的答案，正如我说的，我们出价更多质数，我们想保持出价率高。我们要提高这个数字，真正关键的是正在审查的投标。但它也会像其他任何东西一样在季度到季度的基础上波动，这取决于你是否交了一些东西，有些东西在季度结束前一周到期，这是一个非常大的采购，这将影响数字。或者类似地，如果RFP被提交，投标在下个季度的第一周提交，你可能会看到一些季度与季度之间的偏差，看起来很不一致，但这更多的是与提交的时间有关。这样回答你的问题了吗?

　　布莱恩·金斯林格:是的。谢谢。以及我关于EAC调整的后续工作。Redwire从中吸取了什么教训?在为未来的合同定价或考虑合同中项目需求变化的灵活性时，他们能从中收集到什么?

　　彼得·坎尼托:是的，不，这是个很好的问题。首先，它只是强调了这样一个事实，即能力和交付卓越运营的能力是关键。你还必须能够在你投标的方式上保持自律。但现在这有点陈词滥调了，但很多陈词滥调都是因为空间很难。我们会竞标很多固定价格合同有时还会有EAC。虽然这些事情确实会在短期内对财务表现产生影响，但如果你经营得很好，你会看到，随着时间的推移，这种影响会趋于平稳。因此，我们关注的是我们的长期盈利能力，而不是在一个项目接一个项目的基础上发生的扰动，在某些情况下，相对于短期内的小基数，这种扰动可能会很高。然而，这些事情也表明，在这个特殊的情况下，我们在测试中发现了一些问题，我们必须移出并修复它。因此，在短期内，可能看起来像一个大的EAC，也明白它强调了我们的过程的质量，知道我们正在测试这些东西，我们正在发现偏差，我们正在离开。随着我们在执行公司固定价格方面做得越来越好，其中一些只是成长烦恼的结果除了空间真的很难。随着我们在这方面做得越来越好，我们希望你能从固定价格中看到平衡——合同也为你提供了超额表现的机会，你可能有储备，或者你发现你可以以更高的效率执行得很好，而整体影响可以向相反的方向发展。我们已经看到，在前几个季度，我们在实现特定项目的利润方面取得了顺风，超出了我们的预期。所以关键的事情是，我将继续强调，我们每年都要看我们的表现。我们认识到，有时这些指标会在一个季度的基础上上下波动，这取决于该季度的情况。

　　接线员:我们的下一个问题来自ROTH MKM的Suji Desilva。

　　苏吉·德西尔瓦:早上好，彼得，乔纳森。祝贺本季度的收入。我只是想问，没问题的。我想问一下你们的非经常性和经常性的季节性——预订量，以及它似乎在年底到来的事实。我只是想知道这是否是你观察到的一种趋势，是否对此有任何解释，或者它只是发生了，并不一定会再次发生?

　　彼得·坎尼托:这很奇怪，对吧?所以我想说这不是一种趋势。这是一个两个数据点的趋势。所以事情就这样发生了。如果有什么与我们的潜在因素有关，也许是我们的rfp流，或者我们从圣诞假期开始的反应速度有多快，然后突然开始在一年的剩余时间里加速。我们还没搞清楚。所以，我不想说2倍让我们关注它，但我不准备宣布它是某种季节性或类似的东西，因为我不认为我们理解

　　乔纳森:当然不是因为天气，苏吉。或者类似的东西。我的意思是，我们对它不以为然，因为我们确实相信，这的本质是每年或一系列年度的基础上看我们的公司。如果你看LTM，我们在砰砰作响。我们说到做到，我们在投标策略和赢得的合同数量上都是这么做的。我认为最值得注意的是，本季度的投标数量上升了近200%，而且我们还披露，未来会有更多的投标，我认为这一点值得注意。如何将其转化为季度合同的成功，只需以年度为基础来看待我们。这就是为什么我们开始谈论LTM，在过去的12个月里，作为其中的一部分，给你和其他投资者更多的教育。

　　苏吉·德西尔瓦:明白了。抱歉，我可能会简短地打断一下。我的另一个问题是关于微重力的。有了16个任务和清单，这些是新客户还是现有的更多的是Eli Lily类型的业务?还是100%商业化?还是有政府的介入?最重要的是，顾客的准备程度能否跟上你在生产方面的节奏?他们是否能够为你想要达到的节奏做好准备?谢谢。

　　Peter cannento:是的。很明显，我们不会在每次任务中透露我们的客户是谁，直到我们知道。有各种各样的客户对所有这些都感兴趣。在某些情况下，如果我们没有，我们会更努力地寻找，有一个客户，那里有一些化合物是开放的，没有受到保护的，Redwire可以以自己的名义飞行，产生自己的知识产权，这也真的很令人兴奋。所以我们会，我想，结论是我们会让这16个任务中的每一个都有用。

　　乔纳森·巴利夫:是的。值得注意的是，这些都是合作伙伴客户，对吧?我们这样做的本质是，我们不会在这上面赔钱，对吧?研发工作已经到位。我们现在处于开发阶段。作为其中的一部分，经济开始改变和调整，变得更像一个合同开发商，一个制造办公室或组织，这在生物技术领域是一个非常众所周知的——Suji，你知道这个世界。它的经济效益可以为我们已经投入的资本创造数倍的价值。而且，我们比许多竞争对手领先几十年。我们做这个已经很长很长一段时间了，随着知识产权成为Redwire的知识产权，它开始结出硕果。

　　接线员:下一个问题来自安德烈斯·谢泼德和康托·菲茨杰拉德的对话。

　　安德烈斯·谢泼德:嘿，皮特，嘿，乔纳森，早上好。祝贺这一季，感谢回答我们的问题。是的，我想我们已经问了很多问题了，但也许只是为了跟进之前关于边际的问题。我们应该如何考虑今年剩余时间的毛利率?我想我们应该如何看待2024年的eac ?谢谢你！

　　彼得·坎尼托:我先开始，然后让乔纳森插话。我想我们已经讨论了所有影响毛利率和战略决策的不同因素，我们必须在一点一点的基础上做出决定，比如说，特定竞标的利润贡献的绝对价值，或者可能是大胜的战略价值，在这种特殊情况下，我们是否愿意牺牲营业利润率，如果你愿意的话。因此，随着时间的推移，随着机会的出现，情况也会发生变化。我们会刻意给出今年的收入预测，而不会给出EBITDA，尽管我们——正如乔纳森所说，我们正多次朝着盈利的方向努力。这是因为这让我们有机会围绕我们的运营利润率做出良好的战略决策。所以我认为我们的理念已经暴露在我们2023年的表现中，但我们保持灵活性，不让这种情况阻碍我们全年做一些真正明智的事情。这是在战略层面。我想乔纳森也许可以重申这个想法，即产品组合和许多其他动态，如EACs等，进入其中。在发言之前，我还要补充一点，我们的目标是实现整体利润率，尽管营业利润率也很重要。控制我们的SG&A，确保我们在这方面的效率，对我们的整体盈利能力也有影响。乔纳森吗?

　　乔纳森·巴利夫:好吧，我想直接回答你的问题，并使用历史基础，因为，首先，我们没有给出2024年的营业利润率或毛利润预测。话虽如此，我们之前说过什么?在22财年，我们的毛利率接近18%。在23财年，我们的毛利率接近24%。我们已经说过，由于收入的显著增长，我们不会在2024年大幅提高毛利率，我们认为23%的有机收入增长是保守的，但也是可以实现的。随着我们今年的投标和中标率，我们将能够讨论这个问题。就毛利而言。在eac上，我们正朝着低波动性方向发展，对吗?我们不希望在绝对基础上看到这种EAC水平，但它确实是在长期管理的基础上考虑的，而不是在季度基础上。你可以看到一个上升，但是我们真的在努力推动伟大的项目管理是什么样子的，也就是零EACs。就像皮特说的，我们可以通过更好的表现实现更高的目标，我们的一些合同也允许这样做。从去年的18%上升到24%，今年我们不会看到这种情况。但这并不意味着，再一次，进入第三点，这是非常重要的是，我们正朝着更高的利润率迈进，无论是EBITDA利润率，因为SG&A现在低于20%，或者更重要的是，因为我们还没有得到这个问题，但我们在Redwire非常关注它，这是现金流，对吗?我们继续能够在投资资本上产生更高的回报从而产生更好的现金流从而为皮特所说的增长提供资金。这样就形成了良性循环。所以更多地关注底线。显然，对我们来说就是现金流。伙计们，我们也专注于每股收益。所以为了所有的分析师，我们稍后想和你们谈谈。我们的每股收益最终——我们正走在盈利的道路上，这也包括在我们前进的过程中提高每股收益。但是，再看看收入，保守一点。24年的利润率不会增加那么多，但这并不意味着我们不能实现更好的利润底线，尤其是在现金流方面。

　　安德烈斯·谢泼德:明白了。谢谢你！这非常有用。欣赏所有的背景。最后，您能否提醒我们和投资者，哪些是我们今年应该强调或关注的最重要的近期催化剂?谢谢你！

　　Peter Cannito:所以我想告诉大家，如果我理解正确的话，在执行我们的计划方面，短期的催化剂是执行我们的四项增长原则。所以我们要做的是在一个季度一个季度的基础上强调我们在这方面的进展，这就是今天演讲的结构。我们希望继续向所有人保证，我们在核心业务产品方面拥有坚实的基础。这种情况还会继续。人们强烈要求保护核心。我们需要继续在那里执行，实际上，我们已经在基础技术上取得了很好的增长，但我们也有一些计划集中在短期内继续展示我们可以扩大生产规模。从长远来看，这将带来更高的收入，我们可以向价值链上游移动，这也将带来收入的快速增长。同时执行这种风险选择，并释放我认为企业中隐藏的一些潜在价值。所以这些是我要追踪的基本上是我们的进步。就近期市场而言，就航天工业而言，写大一点，我认为我们只需要继续关注预算和持续增长，以及围绕我们真正能力的兴奋，比如参与SDA项目，被选为火星探测行业中最好的六个项目之一，他在研究谁将被选为未来的月球基础设施项目，以及Redwire的项目组合是否与行业的强劲趋势保持一致。我想，如果你把它们坦率地排列起来，我们看起来很不错。但我也要向投资者指出这些动态，因为我们关注的是行业的增长趋势，这是我们正在努力的方向，也是冰球的发展方向。

　　接线员:谢谢。我们的问答环节到此结束。现在请彼得·坎尼托作总结发言。

　　彼得·坎尼托:是的，一些很好的问题。非常感谢。感谢大家参加今天的电话会议，感谢大家抽出时间来听。去Redwire !

　　接线员:今天的会议到此结束，您现在可以挂断电话了。谢谢你的参与。

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