BigBear.ai (BBAI) 9 May 232023 Q1 Earnings call transcript

Thank you for joining the BigBear.ai first quarter conference call. This call is being recorded. [Operator Instructions]

I will now turn the call over to Shane Karp, Vice President, Marketing and Communications. Please go ahead, Mr. Karp.

Financial welcome by XXXX Executive Mandy Julie our and Call. Quarter Officer; everyone, Peffer, joined I'm Long, Chief afternoon, to First BigBear.ai Conference and Good Officer. our Chief

may forward-looking During the cautioned to be statements any and that undue put obligation certain the statements, during forward-looking statements. on call. forward-looking actual specifically cause statements events Listeners differ statements may not the could make reliance made BigBarry.ai call are current forward-looking to factors we the on are today, disclaims subject on and update Many discussed call. based uncertainties. to this assumptions, risks as These result, materially are to and and from expectations a the

section of earnings issued about SEC and release information filings. the our risks today more please these statements refer uncertainties, press For forward-looking and to the

results. financial should also financial non-GAAP replacement should today. will some We read discuss be during together for the call considered These measures GAAP not a and be measures non-GAAP with

and our You the reconciliations earnings can GAAP release. find non-GAAP within

Now to over call I'd to turn like Mandy. the

and and Shane, autonomous The in you, posted we testament thank are call. supply for joining a results and chain our cybersecurity QX capabilities you systems, to across today's all logistics. Thank

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vision analytics LXHarris growth. opportunities, proof and execution deliver situational our awareness partner point another capabilities This long-term collaborative focus service in our approach now AI/ML-based vessels. long-term is and their exclusive with and partnership is significant and integrated to LXHarris continued for brings BigBear.ai unmanned forecasting, on computer

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that, will call to of I Julie With financials. turn over for review a the our detailed

Mandy. you, Thank

legacy like into dive financials, consolidation segment I'd into & I the the reportable and address one to Analytics quarter. Before Engineering Cyber beginning this segment of our

solutions to we're and reorganize we functional consolidated were And of will go implemented of in and that develop as as As into a drive the changes as to is XXXX structure a data more execution available delivery we've market, improved operational historical Mandy Segment to one and announcements the today, new drive business made continue segment we the team. discussed, QX part products view. as ensure leadership moving efficiencies.

to turn first results. let's our Now quarter

in XXXX. Management, for key quarter This such is or as primarily customer up million, programs. contracts $XX.X Revenue other our and GFIM Phase the X by year-over-year of was the to compared Force XX% first with through Army million and growth Information Global driven quarter $XX.X

complete. of the we can Phase critical quarter contracts in can fluctuate was X Total have As in which on in meaningfully position and QX achieved cost driven XXXX, I additional in continue we revenue XX% GFIM quarter well be program, the contract. that the invest or strong to decrease stated awarded, from capabilities completes but to gross are XX% past, on the point XXX maintain our do by lumpy quarter, on move the towards to as milestones performing production margin contracts basis our second reemphasize XXXX. want in We're which depending in program, this a the

work compared important down government was GAAP funding this or We first until quarter, fiscal are funding. of production through year continue in the active funded end to XX% be can at $XX is million million which XXXX quarter the with XXXX. discussions of fourth to contract the Backlog $XXX

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expenses. to turning Now

operating which in expenses expenses were $X.X were of expense and a operating $XX.X total million QX, this million, year million. basis, For lower $XX.X expenses SG&A R&D QX. includes year-over-year of On XX% by

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was Adjusted XXXX, be to quarter loss XXXX. equity-based rigor $XX.X Virgin and of $X.X first was million was to compensation of third QX Orbit QX $X.X focus quarter were value the quarter expense Net related who our quarter in management of fair against fourth PIPE quarter million of on will debt expense of in EBITDA overall $XX.X efficiency of announced related loss across last XXXX our receivables to issued booked onetime and processes, implementing EBITDA adjusted the operating bankruptcy the loss owed versus million for the of impacted warrants year.QX includes charges. continue XXXX $XX.X XXXX in by million. million We loss driving noncash EBITDA a loss of $X.X was of April. scalable business.Net and $X.X of disciplined that million million in January bad change Net and compared for million adjusted a in the in million by reserve in restructuring $XX.X $XX.X to $X.X the million in in

of the cash margin compression of GFIM the on the $XX.X the in X.In programs first key we to and approximately review such million. gross addition sheet, quarter quarter, from at equivalents as In balance of investments had Phase the cash end

January. in the we completed This increase PIPE was transaction due that to

half transaction second for which XXXX cash payments of We lowering operational nonrecurring get focus payments, and continue items burn flow, as stock positive interest nonoperational fees and to cash vesting. such our on in tax to to excludes

addition access that will in burn, registration time moving cash in of to April In us million capital AI pivotal filed shelf to the the allow growth forward markets inorganic organic in and our lowering we $XXX support at more easily industry landscape. this

to million financial in outlook. to reaffirming we expected guidance $XXX XXXX Now our turning of are revenue of the range million. our $XXX Today,

adjusted for negative XXXX. EBITDA to be expect millions single-digit continue to EBITDA We adjusted in

our we new to surface very As strategic Mandy to AI/ML their go-to-market about as and build rigor out as continues are unmanned the year adjacent opportunities excited us thrilled expanded markets. well as so foundational previously with stated, capabilities We're operational our for vessels far. capabilities, seen deliver partnership we a to we but core LXHarris emerging progress XXXX be our with and we've our enhance as

We we investments now Mandy will in turn accelerate leader as turn management, to in targeted to remarks will make continue final our to an and Q&A. AI.I cost before position be we to industry for disciplined will

Thank excited forward. move we the pipeline extremely deliver our ability you, to I'm ahead as about and Julie.

have proud initiatives in we cost-cutting collaborate to the agility the of been focus of and continue the BigBerry.ai to innovate Our challenging, and be times. changing but

Operator, for we Thank questions. are you. ready

question our Instructions] first And comes Latimore. Mike from [Operator

color and nice services program provide very with with little I professional just to that of certain congrats just revenues of can get software, simplistically of see, opportunity the partnership, characterize you start little shift? a type Maybe that the there. the autonomous results, more. new vessel we per partnership a guess Super Could of starting just on Yes, vessel there? sort more revenue see, you data. say would Or you a amount maybe kind

Absolutely happy to.

teaming excited that joint release, that vessels. really to the is allows So it's one agreement in this we're autonomous in things surface comprehensive deliver press AI articulated as we that of our their us about a for

conclusion doing us, right, we've that been what understanding to how And is Office on running working Research kind it. only the to deeper is intent exercise, on means Now demonstrations gain the focused our with right, surface of autonomous vessel. scale that operational have is capabilities at made, not the for but this we projects our point of the of current and LXHarris' solution, which Naval where at look we've the been progress integrated a our really of

right, we're think So it of really fair still I embedded the in short go vessel at and that customer, but kind figuring to execution terms early standpoint answer, is with in the more think out basis, days the that I Mike, an this of faster, to how it's per bring capability, from it's assume right? we of a delivering

answer we Because of as from the grows, vessel more will base and growth deploy instances, Does our will that. that we question? see your

one and be and a of rapidly growing these privileged autonomous think, I feel That's of partner forecast with right? industry, able Yes, It's, that's curve most we is fine. organization the clearly, really our a parts for the LXHarris. vessels to here, to such great for steep like right. pretty And dynamic

I on you what Great. GFIM, Great. that this might phase. then then until production And get X you think some and the the said? that GAAP Is Phase concludes the funding said you you quarter, mentioned

Yes.

X talked relationship work, program, Force delivery the following X. not the the and Phase contract where for that the and doing yet we are are continuing winner our our set of about with sole as now, we we one really customer. while previously, force final we're for Phase in that has well-positioned really Management Army's terms Global U.S. Information So well is And

GFIM current added phase some moving of before anticipating We complete to production extension X-month a the to functionality to contract. the are

expecting normal production. a into And margin this with we're as profile more associated project it moves

Okay.

do it you work revenue. with that to see extension like So sounds would and continue

to so possible. intent time when That's as to work is as to go production, yes. next our being And correct, of ready but that continue U.S. then to phase progress it's the contract it's the Army, we're by and the obviously finalized

reporting of analytics good. it is? just consolidation using to basically a then and Very Is the last maybe lot on projects as And there kind of you're just the are say the That much fair good. of can working sense segments. makes from the to on sounds on how resources one of touch cyber, actually have And that and sort you just crossover now. it that

and we Greg Yes. to made focus. I the segments announcements joining X in are we've we streamline what mean order these the with recognize on part to basically, Mike, and today team. this of continuing instead of And with focus really Norm is is

is much well to as just more we're functionally to streamline deliver our We we operationally that are just customers thinking this our us more the efficient. much going help to way And organized. really as services

combination really So we're of just business. thinking those allows a to more it us just X, efficient it's and how much be about the in

my Great. modeling easier a too. It makes little

We like that.

can we do. Anything

Our of Blair. next Louie William from question comes Dipalma

incredibly the partnership with on LXHarris. We're Congrats proud.

in the have of what the of on. that may of number partnership will mentioned vessels deployed the prepared remarks, unmanned the you terms be but this scale You is in LXHarris

I of number are did based vessels that previous out number the you to the vessels, the you'd that the think planned paid initial you in suggested actually upon question, phase? but for the give of answer be

frankly, the did because together. plan We I scale not the we is will -- mean, that

is Our that's supply unmanned vision, role in the related to computer analytics predictive water. the LXHarris applications improve AI teaming with and the its partnership to on

is we're will released and on -- operate, software running that. built to begin that are how are it that and our be our looking at vessels So as additional

Okay.

Or of fleet? a existing will So it vessels combination it on new more both? will focused versus the be be

and of that's a a No, it's great question. both, combination

but a market surface support market go-forward that our retrofitting existing there's built, and a able vessels are both. also to new on associated obviously and that to vessels associated with is the water with there are intent be unmanned So service

Great.

the systems that platform LXHarris, contractor obviously seems more drones? you. huge like with for many opportunities? these systems you any space are there and Is they than do a their unmanned are discussions that in for vessels your in of potential communication more on the on And their opportunities deployed just that analytics and tactical somewhat data it Are a also their other which aerial cameras and those partnership same they're topic, work lot can there

It's a great question.

I think have strategic many LXHarris our relationship partner. had LXHarris focused we is partnership vessels. in time. We particular of a of business. their autonomous a to integrated that We're part a surface note already for a something on with in cases relationship as is with that's important for ways maritime long This work variety different of the parts an use

open I to up, be are and think that partner in that that great together opportunities market in together. future. so in I in continue race a our to be have that successful And job say would to no it's as will we I doubt the love market, we additional

I associated is than profile costs, expected costs attractive X? because the referenced you're the these production for contract be Julie, more Phase the the GFIM margin upfront for X margin incurring think with the upfront Phase you of contract, GFIM to for And profile the

structure is overall is federal of part Yes, now of mean absolutely. way some their I the contract. the government OTA of doing that the

a some -- get X, expect basically some out capabilities, to from you investment you're an sure proving would are which investment which working then significantly when as some so things to as move profitability, Phase share move X, And upfront is you And your that's that hopefully better. correctly. production, margin making well Phase the is as a as we forward into you're

into we we can and production. forward capability looking we out prove to move the that So that when are day

we us be that But currently to we're expect I to based going with that, is clear GAAP the they're on mean be can timing lending on continue that very just that but until we're we year sooner that to to late support this would that happen. hearing. hoping know

in So will until that funding. year, FY the later it's happen probably 'XX not

seem the is on in to lot growth commercial cases. you chain deployed recession, end macroeconomic in And your economy from in gaining of that traction supply focus been to of software your how this for your And use there's and a you difficult macro your terms the Great. software like indicate but markets, customer continuing mentioned is hospitals. base? different even see Are environment you

And of commercial think I short It's the the is core side, the longer lot if critical where are that that growth answer software our decision-making capabilities a related path event is, discrete the sit our great from answer seeing about we're yes, question. standpoint. area really they think serve, operational right, purpose in the And capabilities. to in they an is and those what the simulation a you

our companies around running for your to so as modeling lot with that the into And a that's that's And right, you're tools do, into capabilities we an to evolution opportunities as of standpoint scale continued fit distribution be as standpoint efficiently with dealing as right? because in to capital to to or deal technology, a products, as either work even fit core, that warehouses, able about right out you that. we've manufacturing organization figuring or possible of you're and if in talking demand the a macroeconomic of shift through the the process in deploy how able their going that be how optimize well pressures you're are been and the looking shifts from our

planning. digital simulation do scenarios twin, we We do type that of for

that's shipyards, we a that right? do. use of our lot side So also continue we with the matter how cases, hospitals what and bring business side with Like see about to associated to sciences, grow, the talked particularly manufacturing, but paired those expertise systems, part to of we with previously, health that do only life services not know when product we subject the big

Singh from is next our And of Param Oppenheimer. question

Singh on Ittai Kidron. behalf of This is Param

a domain. commercial last a in been today? -- few commoditize. I there's firstly, your Mandy. BigBear sense from get you what does lot on it lot working of lot you've helps in a seen on, to What of So the and generative side, did talk selling public now the then of How the are you, a wanted months business offering things your into it seems is, side this figure whether because government is that AI of

we these been think I mean, and use, on language I by have models while. a as about a large capabilities little well Sure. talked as for as in call, last the right, earnings bit ourselves right, others

But really I extraordinary what's today seeing this that be the think happening implementation fashion. from used and we is very part really of deliver absolutely in technology a and an the what's them models industries we'll do continue of consumer and on democratized a We're types application industrial, that focused manufacturing, leverage we to about of still we're portfolio to services as in how of type defense, those the going availability we right, to scaled offerings the complex that of early service, community. broader is days in our so. intel,

machine type that mentioned beneficial, just that twins of seeing right? diving some into you learning are been have maybe model. things the been just that based things we're digital models, very transformer on that, have So now And

right? about to leapfrog So would technology, be sense it view talked step, discrete you a models care, a domain-specific events just I within bit health of is a region? manufacturing mean that your broader and of I getting of what I in -- imagine adopted in the seems next would to here. be terms want transformer get

implementation years? view to how you an like today, that not are they X in do X but believe I

a Yes. question. fair It's

a we verticalization the break And your for early there applicability use is may I be or cases. as have right, apart environment, you see in cases. that to are they adoption think environment I point important a it's of just of are regulatory going better-suited, environments these to going right, earlier, models types whether of use be certain because result to think be those the on security

of into can cases and simulation point a optimization as maintenance, because being today. the into lot further things scenarios use a excellent around able do past about predictive derivative being infinite like we see do that lean able I compute emerging right, to discrete your think we event to running of really tap is

engineering-focused So around the there in I of is these front put announcements under terms the arms multi-threaded types starting being yes, we of of traditionally Unquestionably. kind our market Are a of implications experiences. in We're transformation lot seeing wrap to, of of happening it yes. it. our to Also, a able feet? to think, interfaces

and right. of and of scale? kind tend technical we terms opportunities do the tend service markets the be in to Most engineer. I and continuing a data to science right, efficiency bit see of those. fit for of role that hands-on the But require to investments little the We're highly in and more, Yes, make in

Great.

maybe could an C&A. division you're what you this be that Analytics seeing Obviously into revenue growth commercial help to just tie So side. for area me your now of used the combined on BigBear. But you've into also

you view a way your there in commercial the business? where is shift So

that forward in XX% something that than be the also next few should more we an at view going would point as and years? Or optionality some

our grow grow. commercial As see to broader business seeing I continuing mentioned just our we're previously, as federal we're business

we portfolio are we going that cross that to them as in -- continue way. that's of both sides certainly to threshold, our to And successful. be that will about talk those So of I believe begin

Got the towards that services Would it. towards closer And be gross imagine business see I profile would contracts? you than would one defense software -- a within your that margin that of be

at I to solutions organization. remember technology-led that the we're think what's is end a of day, the important

expertise highly cases right? subject services community, very to we that we specific. products the because in environments, matter along capabilities so offer, is that software complex are bring most the the offer The industrial So tailored we with those

tech-lead say providers. other in would I we'll probably services realm So be of the

your you remaining the standard quarter. pretty It going XQs. at looking for right? of just maybe be that for Then to Mandy. the year, across helpful, the board had rest That's year solid a guidance, It's flat pretty seems full the it's revenue

all contracts play. LCV that and into contract the Given talked from GFIM relationship, the you about something [IDIT] with potentially relationships the progression coming and today, the the

rest year? revenue improve we through wouldn't the Why of the see

reminder, work we start, a on can nature we based our our some Yes. statement I revenue that are milestones. lumpy. because mentioned of the contracts contracts when of was -- It's say, when the on as going it's based but do, earlier, our It's based that completing. just this in to be on

would of now, I just mean overall sure out larger, you're as and mature our make more about advise so actually we time you that I'd right smooth get I be structure think that And lumpy. but as type I of over of business, -- to become will thinking

our at now looking ability really as profile and down what today pipe. and terms of have just is we're so And we as in to we see of what the of

So that guidance we're right we'll make change. as and on things But this want them now, And to is to we what that's come right providing up, guidance. a just our time right the based the those if decide we're seeing. make sure assess

one keep that get something be just from you fair. maybe positive, it's last [indiscernible] need maybe The before net? it? on question, that away Or you a That's it And to the then should burner safety to of funding one would back flow take the other registration. round takeaway, is as cash

have expect restructuring the our we on nonrecurring. with in and in we operational believe flow our back our the I an liquidity on cost saying be that are our I would structure basis our so we that cash positive year that -- we that based half our of no, efforts far cost place in that cash profile, Well, to we've of say and with done flow mean, with in terms forecast,

more operational we easily from as whether our that through look markets we the saying, do or payments half operations you to just mean operations the recurring at so to. about with the and flow That to stand okay positive. what take to our truly operations, that interest of now, can allow right and expect those go an on profile, liquidity being capital operations, need much back if accelerating that's true feel like cash recurring the we overall said, be markets pace look we our positive we at and year But if us we're to things opportunities, I growth capital access being, say, payments through perspective. we inorganic today out, shelf I'll did to by go have we So tax vesting, can our that

There are We your at you thank the concludes conference no this further This time. for questions participation. call.

lines at have time, You great and your may a disconnect this day.