Revenues for the second quarter of 2024
increased 30.0% year-over-year to $78.1 million
Net Loss was $(18.1) million and Adjusted
EBITDA1 was $1.6 million for the second quarter of 2024
Bookings for the second quarter of 2024 were
$114.4 million, a 226.0% sequential increase from Q1
2024
Awarded prime contract for SabreSat VLEO
platform under DARPA’s Otter program; Under contract for follow-on
order of Roll-Out Solar Array wings for Thales Alenia Space’s Space
Inspire satellites
Net cash provided by (used in) operating
activities was a use of $9.5 million on a quarterly basis and a
positive source of $5.7 million on an LTM basis as of the second
quarter of 2024
Contracted Backlog2 increased by 29.9%
year-over-year to $354 million on June 30, 2024 as compared to $273
million on June 30, 2023
Total available liquidity3 as of June 30,
2024 was $55.8 million, a 54.1% increase over June 30, 2023
Redwire Corporation (NYSE: RDW), a leader in space
infrastructure for the next generation space economy, today
announced results for its second quarter ended June 30, 2024.
Redwire will live stream a presentation with slides on August 8,
2024 at 9:00 a.m. ET. Please use the link below to follow along
with the live stream:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=NVI0NEKI.
“During the second quarter we continued to execute on our 2024
growth strategy, resulting in year-over-year revenue growth of
30.0% and a 29.9% year-over-year increase in Contracted Backlog2,”
stated Peter Cannito, Chairman and Chief Executive Officer of
Redwire. “With our reliability and innovation driving key wins in
the quarter, including our first SabreSat VLEO flight contract, we
enter the second half of the year with strong financial and
technical momentum.”
Second Quarter 2024
Highlights
- Revenues for the second quarter of 2024 increased 30.0% to
$78.1 million, as compared to $60.1 million for the second quarter
of 2023.
- Net Loss for the second quarter of 2024 increased by $12.6
million to $(18.1) million, as compared to $(5.5) million for the
second quarter of 2023. Net Loss for the second quarters of 2024
and 2023 includes a $9.0 million non-cash loss and an $(0.8)
million non-cash gain, respectively, associated with the warrant
liability change in fair value adjustment.
- Adjusted EBITDA4 for the second quarter of 2024 decreased by
$2.7 million to $1.6 million, as compared to $4.4 million for the
second quarter of 2023.
- On a last twelve month (LTM) basis, Book-to-Bill5 ratio was
1.28 as of the second quarter of 2024, as compared to 1.49 as of
the second quarter of 2023. On a quarterly basis, Book-to-Bill5
ratio was 1.47 as of the second quarter of 2024, as compared to
0.76 as of the second quarter of 2023.
- Net cash provided by (used in) operating activities for the
second quarter of 2024 decreased by $12.4 million to $(9.5)
million, as compared to net cash provided by (used in) operating
activities of $2.8 million for the second quarter of 2023.
- Free Cash Flow4 for the second quarter of 2024 decreased by
$12.3 million to $(11.2) million, as compared to $1.1 million for
the second quarter of 2023.
2024 Forecast
- For the full year ended December 31, 2024, Redwire affirms that
it is forecasting revenues of $300 million.
“Redwire continued strong revenue performance through the second
quarter, with revenue for the first half of 2024 climbing to $165.9
million, a 41.0% improvement year-over-year,” said Jonathan Baliff,
Chief Financial Officer of Redwire. “During the second quarter, we
achieved positive Adjusted EBITDA4 of $1.6 million, which includes
a negative impact of $3.1 million from net EAC adjustments, while
continuing to make prudent investments. In addition, our net cash
provided by operating activities remained positive on an LTM basis
and our available liquidity grew to $55.8 million as of June 30,
2024, a significant increase of 54.1% over June 30, 2023. With bids
growing to approximately $1.9 billion submitted year-to-date in
2024, and an LTM Book-to-Bill5 ratio of 1.28, we continue to
execute on our growth objectives and path to profitability.”
Webcast and Investor
Call
Management will conduct a conference call starting at 9:00 a.m.
ET on Thursday, August 8, 2024 to review financial results for the
second quarter ended June 30, 2024. This release and the most
recent investor slide presentation are available in the investor
relations area of our website at redwirespace.com.
Redwire will live stream a presentation with slides during the
call. Please use the following link to follow along with the live
stream:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=NVI0NEKI.
The dial-in number for the live call is 877-485-3108 (toll free) or
201-689-8264 (toll), and the conference ID is 13748023.
A telephone replay of the call will be available for two weeks
following the event by dialing 877-660-6853 (toll-free) or
201-612-7415 (toll) and entering the access code 13748023. The
accompanying investor presentation will be available on August 8,
2024 on the investor section of Redwire’s website at
redwirespace.com.
Any replay, rebroadcast, transcript or other reproduction or
transmission of this conference call, other than the replay
accessible by calling the number and website above, has not been
authorized by Redwire Corporation and is strictly prohibited.
Investors should be aware that any unauthorized reproduction of
this conference call may not be an accurate reflection of its
contents.
1
Adjusted EBITDA is not a measure of
results under generally accepted accounting principles in the
United States. Please refer to “Non-GAAP Financial Information” and
the reconciliation tables included in this press release for
details regarding this Non-GAAP measure.
2
Contracted Backlog is a key business
measure. Please refer to “Key Performance Indicators” and the
tables included in this press release for additional
information.
3
Total available liquidity was $55.8
million as of June 30, 2024, comprised of $30.8 million in cash and
cash equivalents and $25.0 million in available borrowings from our
existing credit facilities.
4
Adjusted EBITDA and Free Cash Flow are not
measures of results under generally accepted accounting principles
in the United States. Please refer to “Non-GAAP Financial
Information” and the reconciliation tables included in this press
release for details regarding these Non-GAAP measures.
5
Book-to-bill is a key business measure.
Please refer to “Key Performance Indicators” and the tables
included in this press release for additional information.
About Redwire
Corporation
Redwire Corporation (NYSE:RDW) is a global space infrastructure
and innovation company enabling civil, commercial, and national
security programs. Redwire’s proven and reliable capabilities
include avionics, sensors, power solutions, critical structures,
mechanisms, radio frequency systems, platforms, missions, and
microgravity payloads. Redwire combines decades of flight heritage
and proven experience with an agile and innovative culture.
Redwire’s approximately 700 employees working from 14 facilities
located throughout the United States and Europe are committed to
building a bold future in space for humanity, pushing the envelope
of discovery and science while creating a better world on Earth.
For more information, please visit www.redwirespace.com.
Cautionary Statement Regarding
Forward-Looking Statements
Readers are cautioned that the statements contained in this
press release regarding expectations of our performance or other
matters that may affect our business, results of operations, or
financial condition are “forward-looking statements” as defined by
the “safe harbor” provisions in the Private Securities Litigation
Reform Act of 1995. Such statements are made in reliance on the
safe harbor provisions of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. All
statements, other than statements of historical fact, included or
incorporated in this press release, including statements regarding
our strategy, financial position, guidance, funding for continued
operations, cash reserves, liquidity, projected costs, plans,
projects, awards and contracts, and objectives of management, among
others, are forward-looking statements. Words such as “expect,”
“anticipate,” “should,” “believe,” “hope,” “target,” “continued,”
“project,” “plan,” “goals,” “opportunity,” “appeal,” “estimate,”
“potential,” “predict,” “demonstrates,” “may,” “will,” “might,”
“could,” “intend,” “shall,” “possible,” “forecast,” “trends,”
“contemplate,” “would,” “approximately,” “likely,” “outlook,”
“schedule,” “on track,” “poised,” “pipeline,” and variations of
these terms or the negative of these terms and similar expressions
are intended to identify these forward-looking statements, but the
absence of these words does not mean that a statement is not
forward-looking. These forward-looking statements are not
guarantees of future performance, conditions or results.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which involve factors or circumstances that
are beyond our control.
These factors and circumstances include, but are not limited to:
(1) risks associated with the continued economic uncertainty,
including high inflation, supply chain challenges, labor shortages,
high interest rates, foreign currency exchange volatility, concerns
of economic slowdown or recession and reduced spending or
suspension of investment in new or enhanced projects; (2) the
failure of financial institutions or transactional counterparties;
(3) the Company’s limited operating history and history of losses
to date; (4) the inability to successfully integrate recently
completed and future acquisitions; (5) the development and
continued refinement of many of the Company’s proprietary
technologies, products and service offerings; (6) competition with
new or existing companies; (7) the possibility that the Company’s
expectations and assumptions relating to future results may prove
incorrect; (8) adverse publicity stemming from any incident or
perceived risk involving Redwire or our competitors; (9)
unsatisfactory performance of our products resulting from
challenges in the space environment, extreme space weather events,
or otherwise; (10) the emerging nature of the market for in-space
infrastructure services; (11) inability to realize benefits from
new offerings or the application of our technologies; (12) the
inability to convert orders in backlog into revenue; (13) our
dependence on U.S. government contracts, which are only partially
funded and subject to immediate termination; (14) the fact that we
are subject to stringent U.S. economic sanctions, and trade control
laws and regulations; (15) the need for substantial additional
funding to finance our operations, which may not be available when
we need it, on acceptable terms or at all; (16) the fact that the
issuance and sale of shares of our Series A Convertible Preferred
Stock has reduced the relative voting power of holders of our
common stock and diluted the ownership of holders of our capital
stock; (17) AE Industrial Partners and Bain Capital have
significant influence over us, which could limit your ability to
influence the outcome of key transactions; (18) provisions in our
Certificate of Designation with respect to our Series A Convertible
Preferred Stock may delay or prevent our acquisition by a third
party, which could also reduce the market price of our capital
stock; (19) our Series A Convertible Preferred Stock has rights,
preferences and privileges that are not held by, and are
preferential to, the rights of holders of our other outstanding
capital stock; (20) there may be sales of a substantial amount of
our common stock by our current stockholders, and these sales could
cause the price of our common stock and warrants to fall; (21) the
impact of the issuance of the Series A Convertible Preferred Stock
on the price and market for our common stock; (22) the trading
price of our common stock and warrants is and may continue to be
volatile; (23) risks related to short sellers of our common stock;
(24) inability to report our financial condition or results of
operations accurately or timely as a result of identified material
weaknesses in internal control over financial reporting; and (25)
other risks and uncertainties described in our most recent Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q and those
indicated from time to time in other documents filed or to be filed
with the SEC by the Company.
The forward-looking statements contained in this press release
are based on our current expectations and beliefs concerning future
developments and their potential effects on us. If underlying
assumptions to forward-looking statements prove inaccurate, or if
known or unknown risks or uncertainties materialize, actual results
could vary materially from those anticipated, estimated, or
projected. The forward-looking statements contained in this press
release are made as of the date of this press release, and the
Company disclaims any intention or obligation, other than imposed
by law, to update or revise any forward-looking statements, whether
as a result of new information, future events, or otherwise.
Persons reading this press release are cautioned not to place undue
reliance on forward-looking statements.
Non-GAAP Financial
Information
This press release contains financial measures that have not
been prepared in accordance with United States Generally Accepted
Accounting Principles (“U.S. GAAP”). These financial measures
include Adjusted EBITDA, Pro Forma Adjusted EBITDA, and Free Cash
Flow.
Non-GAAP financial measures are used to supplement the financial
information presented on a U.S. GAAP basis and should not be
considered in isolation or as a substitute for the relevant U.S.
GAAP measures and should be read in conjunction with information
presented on a U.S. GAAP basis. Because not all companies use
identical calculations, our presentation of Non-GAAP measures may
not be comparable to other similarly titled measures of other
companies.
Adjusted EBITDA is defined as net income (loss) adjusted
for interest expense, net, income tax expense (benefit),
depreciation and amortization, impairment expense, acquisition deal
costs, acquisition integration costs, acquisition earnout costs,
purchase accounting fair value adjustment related to deferred
revenue, severance costs, capital market and advisory fees,
litigation-related expenses, write-off of long-lived assets, gains
on sale of joint ventures, equity-based compensation, committed
equity facility transaction costs, debt financing costs, and
warrant liability change in fair value adjustments. Pro Forma
Adjusted EBITDA is defined as Adjusted EBITDA further adjusted
for the incremental Adjusted EBITDA that acquired businesses would
have contributed for the periods presented if such acquisitions had
occurred on January 1 of the year in which they occurred.
Accordingly, historical financial information for the businesses
acquired includes pro forma adjustments calculated in a manner
consistent with the concepts of Article 8 of Regulation S-X, which
are ultimately added back in the calculation of Adjusted EBITDA.
Free Cash Flow is computed as net cash provided by (used in)
operating activities less capital expenditures.
We use Adjusted EBITDA and Pro Forma Adjusted EBITDA to evaluate
our operating performance, generate future operating plans, and
make strategic decisions, including those relating to operating
expenses and the allocation of internal resources. We use Free Cash
Flow as a useful indicator of liquidity to evaluate our
period-over-period operating cash generation that will be used to
service our debt, and can be used to invest in future growth
through new business development activities and/or acquisitions,
among other uses. Free Cash Flow does not represent the total
increase or decrease in our cash balance, and it should not be
inferred that the entire amount of Free Cash Flow is available for
discretionary expenditures, since we have mandatory debt service
requirements and other non-discretionary expenditures that are not
deducted from this measure. We believe Pro Forma Adjusted EBITDA
provides meaningful insights into the impact of strategic
acquisitions as well as an indicative run rate of the Company’s
future operating performance.
Key Performance
Indicators
Management uses Key Performance Indicators (“KPIs”) to assess
the financial performance of the Company, monitor relevant trends
and support financial, operational and strategic decision-making.
Management frequently monitors and evaluates KPIs against internal
targets, core business objectives as well as industry peers and
may, on occasion, change the mix or calculation of KPIs to better
align with the business, its operating environment, standard
industry metrics or other considerations. If the Company changes
the method by which it calculates or presents a KPI, prior period
disclosures are recast to conform to current presentation.
REDWIRE CORPORATION CONDENSED
CONSOLIDATED BALANCE SHEETS Unaudited (In thousands of U.S.
dollars, except share data)
June 30, 2024
December 31, 2023
Assets
Current assets:
Cash and cash equivalents
$
30,832
$
30,278
Accounts receivable, net
22,083
32,411
Contract assets
42,909
36,961
Inventory
1,825
1,516
Income tax receivable
636
636
Prepaid insurance
577
1,083
Prepaid expenses and other current
assets
6,451
6,428
Total current assets
105,313
109,313
Property, plant and equipment, net of
accumulated depreciation of $8,422 and $6,538, respectively
15,889
15,909
Right-of-use assets
11,495
13,181
Intangible assets, net of accumulated
amortization of $22,176 and $18,509, respectively
61,755
62,985
Goodwill
65,218
65,757
Equity method investments
—
3,613
Other non-current assets
604
511
Total assets
$
260,274
$
271,269
Liabilities, Convertible Preferred
Stock and Equity (Deficit)
Current liabilities:
Accounts payable
$
27,796
$
18,573
Short-term debt, including current portion
of long-term debt
780
1,378
Short-term operating lease liabilities
3,502
3,737
Short-term finance lease liabilities
461
439
Accrued expenses
28,624
32,902
Deferred revenue
44,076
52,645
Other current liabilities
2,064
2,362
Total current liabilities
107,303
112,036
Long-term debt, net
94,646
86,842
Long-term operating lease liabilities
10,634
12,302
Long-term finance lease liabilities
1,064
1,137
Warrant liabilities
13,377
3,325
Deferred tax liabilities
2,442
2,402
Other non-current liabilities
378
400
Total liabilities
$
229,844
$
218,444
REDWIRE CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
Unaudited
(In thousands of U.S. dollars,
except share data)
June 30, 2024
December 31, 2023
Convertible preferred stock, $0.0001 par
value, 125,292.00 shares authorized; 100,912.65 and 93,890.20
issued and outstanding as of June 30, 2024 and December 31, 2023,
respectively. Liquidation preference of $242,381 and $187,780 as of
June 30, 2024 and December 31, 2023, respectively.
$
108,696
$
96,106
Shareholders’ Equity (Deficit):
Preferred stock, $0.0001 par value,
99,874,708 shares authorized; none issued and outstanding as of
June 30, 2024 and December 31, 2023, respectively
—
—
Common stock, $0.0001 par value,
500,000,000 shares authorized; 65,980,697 and 65,546,174 issued and
outstanding as of June 30, 2024 and December 31, 2023,
respectively
7
7
Treasury stock, 373,420 and 353,470
shares, at cost, as of June 30, 2024 and December 31, 2023,
respectively
(1,007
)
(951
)
Additional paid-in capital
180,716
188,323
Accumulated deficit
(259,978
)
(233,791
)
Accumulated other comprehensive income
(loss)
1,996
2,903
Total shareholders’ equity
(deficit)
(78,266
)
(43,509
)
Noncontrolling interests
—
228
Total equity (deficit)
(78,266
)
(43,281
)
Total liabilities, convertible
preferred stock and equity (deficit)
$
260,274
$
271,269
REDWIRE CORPORATION CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(LOSS) Unaudited (In thousands of U.S. dollars, except share
and per share data)
Three Months Ended
Six Months Ended
June 30, 2024
June 30, 2023
June 30, 2024
June 30, 2023
Revenues
$
78,111
$
60,098
$
165,903
$
117,703
Cost of sales
65,127
44,194
138,094
87,582
Gross margin
12,984
15,904
27,809
30,121
Operating expenses:
Selling, general and administrative
expenses
18,088
17,686
35,450
33,724
Transaction expenses
278
4
278
13
Research and development
1,748
2,070
2,788
2,458
Operating income (loss)
(7,130
)
(3,856
)
(10,707
)
(6,074
)
Interest expense, net
3,009
2,664
5,927
5,308
Other (income) expense, net
7,933
(970
)
9,425
1,457
Income (loss) before income
taxes
(18,072
)
(5,550
)
(26,059
)
(12,839
)
Income tax expense (benefit)
15
(85
)
124
(116
)
Net income (loss)
(18,087
)
(5,465
)
(26,183
)
(12,723
)
Net income (loss) attributable to
noncontrolling interests
5
(1
)
4
(1
)
Net income (loss) attributable to
Redwire Corporation
(18,092
)
(5,464
)
(26,187
)
(12,722
)
Less: dividends on Convertible Preferred
Stock
9,699
4,800
12,742
9,166
Net income (loss) available to common
shareholders
$
(27,791
)
$
(10,264
)
$
(38,929
)
$
(21,888
)
Net income (loss) per common
share:
Basic and diluted
$
(0.42
)
$
(0.16
)
$
(0.59
)
$
(0.34
)
Weighted-average shares outstanding:
Basic and diluted
65,701,704
64,345,698
65,636,995
64,313,344
Comprehensive income (loss):
Net income (loss) attributable to Redwire
Corporation
$
(18,092
)
$
(5,464
)
$
(26,187
)
$
(12,722
)
Foreign currency translation gain (loss),
net of tax
(78
)
138
(750
)
556
Total other comprehensive income (loss),
net of tax
(78
)
138
(750
)
556
Total comprehensive income
(loss)
$
(18,170
)
$
(5,326
)
$
(26,937
)
$
(12,166
)
REDWIRE CORPORATION CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS Unaudited (In thousands
of U.S. dollars)
Six Months Ended
June 30, 2024
June 30, 2023
Cash flows from operating
activities:
Net income (loss)
(26,183
)
(12,723
)
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating activities:
Depreciation and amortization expense
5,678
5,084
Amortization of debt issuance costs and
discount
349
173
Equity-based compensation expense
4,453
3,866
(Gain) loss on sale of joint ventures
(1,303
)
—
(Gain) loss on change in fair value of
committed equity facility
—
(66
)
(Gain) loss on change in fair value of
warrants
10,052
2,011
Deferred provision (benefit) for income
taxes
112
(333
)
Non-cash lease expense
22
103
Non-cash interest expense
—
525
Other
690
(128
)
Changes in assets and liabilities:
(Increase) decrease in accounts
receivable
9,987
1,376
(Increase) decrease in contract assets
(6,449
)
(11,898
)
(Increase) decrease in inventory
(314
)
188
(Increase) decrease in prepaid
insurance
505
1,604
(Increase) decrease in prepaid expenses
and other assets
(231
)
(592
)
Increase (decrease) in accounts payable
and accrued expenses
4,838
(3,262
)
Increase (decrease) in deferred
revenue
(8,497
)
4,025
Increase (decrease) in operating lease
liabilities
(169
)
(160
)
Increase (decrease) in other
liabilities
(282
)
(440
)
Increase (decrease) in notes payable to
sellers
—
(557
)
Net cash provided by (used in) operating
activities
(6,742
)
(11,204
)
Cash flows from investing
activities:
Net proceeds from sale of joint
ventures
4,598
—
Purchases of property, plant and
equipment, net
(2,475
)
(2,223
)
Purchase of intangible assets
(1,579
)
(325
)
Net cash provided by (used in) investing
activities
544
(2,548
)
Cash flows from financing
activities:
Proceeds received from debt
15,000
11,500
Repayments of debt
(7,988
)
(13,695
)
Payment of debt issuance fees to third
parties
(322
)
—
Repayment of finance leases
(235
)
(175
)
Proceeds from issuance of common stock
530
—
Payment of committed equity facility
transaction costs
—
(571
)
Payments of issuance costs related to
convertible preferred stock
—
(52
)
Shares repurchased for settlement of
employee tax withholdings on share-based awards
(56
)
—
Payment of contingent earnout
—
(443
)
Net cash provided by (used in) financing
activities
6,929
(3,436
)
Effect of foreign currency rate changes on
cash and cash equivalents
(177
)
103
Net increase (decrease) in cash and cash
equivalents
554
(17,085
)
Cash and cash equivalents at beginning of
period
30,278
28,316
Cash and cash equivalents at end of
period
$
30,832
$
11,231
REDWIRE CORPORATION
Supplemental Non-GAAP Information Unaudited
Adjusted EBITDA and Pro Forma Adjusted
EBITDA
The following table presents the
reconciliations of Adjusted EBITDA and Pro Forma Adjusted EBITDA to
net income (loss), computed in accordance with U.S. GAAP.
Three Months Ended
Six Months Ended
(in thousands)
June 30, 2024
June 30, 2023
June 30, 2024
June 30, 2023
Net income (loss)
$
(18,087
)
$
(5,465
)
$
(26,183
)
$
(12,723
)
Interest expense, net
3,009
2,664
5,927
5,308
Income tax expense (benefit)
15
(85
)
124
(116
)
Depreciation and amortization
2,925
2,618
5,678
5,084
Acquisition deal costs (i)
278
4
278
13
Acquisition integration costs (i)
—
240
—
546
Purchase accounting fair value adjustment
related to deferred revenue (ii)
—
—
—
15
Severance costs (iii)
159
176
167
320
Capital market and advisory fees (iv)
2,154
2,967
4,432
4,355
Litigation-related expenses (v)
1,532
43
2,233
68
Equity-based compensation (vi)
1,918
1,908
4,453
3,866
Committed equity facility transaction
costs (vii)
—
40
—
(66
)
Debt financing costs (viii)
—
17
—
17
Gain on sale of joint ventures, net of
costs incurred (ix)
(1,255
)
—
(1,255
)
—
Warrant liability change in fair value
adjustment (x)
8,977
(773
)
10,052
2,011
Adjusted EBITDA
1,625
4,354
5,906
8,698
Pro forma impact on Adjusted EBITDA
(xi)
—
—
—
—
Pro Forma Adjusted EBITDA
$
1,625
$
4,354
$
5,906
$
8,698
i.
Redwire incurred acquisition costs
including due diligence, integration costs and additional expenses
related to pre-acquisition activity.
ii.
Redwire recorded adjustments related to
the impact of recognizing deferred revenue at fair value as part of
the purchase accounting for previous acquisitions.
iii.
Redwire incurred severance costs related
to separation agreements entered into with former employees.
iv.
Redwire incurred capital market and
advisory fees related to advisors assisting with transitional
activities associated with becoming a public company, such as
implementation of internal controls over financial reporting, and
the internalization of corporate services, including, but not
limited to, implementing enhanced enterprise resource planning
systems.
v.
Redwire incurred expenses related to
securities litigation.
vi.
Redwire incurred expenses related to
equity-based compensation under Redwire’s equity-based compensation
plan.
vii.
Redwire incurred expenses related to the
committed equity facility with B. Riley, which includes
consideration paid to enter into the Purchase Agreement as well as
changes in fair value recognized as a gain or loss during the
respective periods.
viii.
Redwire incurred expenses related to debt
financing agreements, including amendment related fees paid to
third parties that are expensed in accordance with U.S.
GAAP.
ix.
Redwire recognized a gain related to the
sale of all its ownership in two joint ventures, presented net of
transaction costs incurred.
x.
Redwire adjusted the private warrant
liability to reflect changes in fair value recognized as a gain or
loss during the respective periods.
xi.
Pro forma impact is computed in a manner
consistent with the concepts of Article 8 of Regulation S-X and
represents the incremental results of a full period of operations
assuming the entities acquired during the periods presented were
acquired from January 1 of the year in which they
occurred.
REDWIRE CORPORATION
Supplemental Non-GAAP Information Unaudited
Free Cash Flow
The following table presents the
reconciliation of Free Cash Flow to Net cash provided by (used in)
operating activities, computed in accordance with U.S.
GAAP.
Three Months Ended
Six Months Ended
Last Twelve Months
(in thousands)
June 30, 2024
June 30, 2023
June 30, 2024
June 30, 2023
June 30, 2024
June 30, 2023
Net cash provided by (used in)
operating activities
$
(9,506
)
$
2,844
$
(6,742
)
$
(11,204
)
$
5,693
$
(27,277
)
Less: Capital expenditures
(1,687
)
(1,749
)
(4,054
)
(2,548
)
(9,833
)
(4,627
)
Free Cash Flow
$
(11,193
)
$
1,095
$
(10,796
)
$
(13,752
)
$
(4,140
)
$
(31,904
)
REDWIRE CORPORATION KEY
PERFORMANCE INDICATORS Unaudited
Book-to-Bill
Our book-to-bill ratio was as follows for
the periods presented:
Three Months Ended
Last Twelve Months
(in thousands, except ratio)
June 30, 2024
June 30, 2023
June 30, 2024
June 30, 2023
Contracts awarded
$
114,437
$
45,646
$
374,269
$
310,356
Revenues
78,111
60,098
292,000
208,657
Book-to-bill ratio
1.47
0.76
1.28
1.49
Book-to-bill is the ratio of total
contracts awarded to revenues recorded in the same period. The
contracts awarded balance includes firm contract orders, including
time-and-material (“T&M”) contracts, awarded during the period
and does not include unexercised contract options or potential
orders under indefinite delivery/indefinite quantity contracts.
Although the contracts awarded balance reflects firm contract
orders, terminations, amendments, or contract cancellations may
occur which could result in a reduction to the contracts awarded
balance.
We view book-to-bill as an indicator of
future revenue growth potential. To drive future revenue growth,
our goal is for the level of contracts awarded in a given period to
exceed the revenue recorded, thus yielding a book-to-bill ratio
greater than 1.0.
Our book-to-bill ratio was 1.47 for the
three months ended June 30, 2024, as compared to 0.76 for the three
months ended June 30, 2023. For the three months ended June 30,
2024 and 2023, none of the contracts awarded balance relates to
acquired contract value.
Our book-to-bill ratio was 1.28 for the
LTM (“Last Twelve Months”) ended June 30, 2024, as compared to 1.49
for the LTM ended June 30, 2023. For the LTM ended June 30, 2024,
none of the contracts awarded balance relates to acquired contract
value. For the LTM ended June 30, 2023, contracts awarded includes
$109.8 million of acquired contract value from the Space NV
acquisition, which was completed in the fourth quarter of
2022.
Backlog
The following table presents our
contracted backlog as of June 30, 2024 and December 31, 2023, and
related activity for the six months ended June 30, 2024 as compared
to the year ended December 31, 2023.
(in thousands)
June 30, 2024
December 31, 2023
Organic backlog, beginning balance
$
372,790
$
313,057
Organic additions during the period
149,538
300,042
Organic revenue recognized during the
period
(165,903
)
(243,800
)
Foreign currency translation
(2,081
)
3,491
Organic backlog, ending balance
354,344
372,790
Acquisition-related contract value,
beginning balance
—
—
Acquisition-related backlog, ending
balance
—
—
Contracted backlog, ending
balance
$
354,344
$
372,790
We view growth in backlog as a key measure
of our business growth. Contracted backlog represents the estimated
dollar value of firm funded executed contracts for which work has
not been performed (also known as the remaining performance
obligations on a contract). Our contracted backlog includes $19.0
million and $19.3 million in remaining contract value from time and
materials contracts as of June 30, 2024 and as of December 31,
2023, respectively.
Organic backlog change excludes backlog
activity from acquisitions for the first four full quarters since
the entities’ acquisition date. Contracted backlog activity for the
first four full quarters since the entities’ acquisition date is
included in acquisition-related contracted backlog change. After
the completion of four fiscal quarters, acquired entities are
treated as organic for current and comparable historical
periods.
Organic contract value includes the
remaining contract value as of January 1 not yet recognized as
revenue and additional orders awarded during the period for those
entities treated as organic. Acquisition-related contract value
includes remaining contract value as of the acquisition date not
yet recognized as revenue and additional orders awarded during the
period for entities not treated as organic. Organic revenue
includes revenue earned during the period presented for those
entities treated as organic, while acquisition-related revenue
includes the same for all other entities, excluding any
pre-acquisition revenue earned during the period. There is no
acquisition-related backlog activity presented in the table above
as all acquired entities have completed four fiscal quarters
post-acquisition.
Although contracted backlog reflects
business associated with contracts that are considered to be firm,
terminations, amendments or contract cancellations may occur, which
could result in a reduction in our total backlog. In addition, some
of our multi-year contracts are subject to annual funding.
Management expects all amounts reflected in contracted backlog to
ultimately be fully funded. Contracted backlog from foreign
operations in Luxembourg and Belgium was $94.5 million and $106.0
million as of June 30, 2024 and December 31, 2023, respectively.
These amounts are subject to foreign exchange rate translations
from euros to U.S. dollars that could cause the remaining backlog
balance to fluctuate with the foreign exchange rate at the time of
measurement.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240807927837/en/
Investor Relations Contact:
investorrelations@redwirespace.com
8226 Philips Highway, Suite 101 Jacksonville, FL 32256 USA
Redwire (NYSE:RDW)
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