Peter Cannito: Yes. We don’t really break down the individual opportunities in the pipeline. But I will point you to our four growth principles for 2024, because I think that represents really what’s going on in that continued growth in our pipeline and proposals under review. Again, as we continue to scale and as we continue to demonstrate on-orbit performance, that is leading to us being baselined on larger and larger programs. I think we have in many of our products, a lot of customer confidence. And so we’re bidding on bigger programs, as well as moving up the value chain, like I mentioned, and starting to take some bigger swings on larger subsystems, fully integrated mission payloads and even full satellite mission solutions.
As you’re probably aware, in Europe, we provide full satellite missions with our Probus [ph] satellite and have done so for many years, we’re now starting to look at other opportunities to move into white space, like I mentioned in VLEO [ph] spacecraft, as well that will result, I think, in a growing pipeline over time.
Griffin Boss: Got it. Yes. Thanks for, thanks for that, Pete. Obviously, a lot of exciting developments in space right now. I guess I’ll just turn over to — I mean, you called out the growth in lunar infrastructure. And obviously, there’s been a lot of press about that with the recent lunar landing from Intuitive and you guys are ingrained on that. How big of an opportunity do you guys see NASA’s CLPS program in general? And are you working with any of the other CLPS awardees beyond Intuitive?
Peter Cannito: So one of the great things about Redwire is we have — we participate across multiple opportunities in all of the different areas. Off the top of my head, I can’t think about what we’ve announced in this area or not, but we were certainly proud to be part of the Intuitive machines bid. And I think that you’ll find whenever Redwire provides capability that is successful in one mission, we’re often — we build the credibility that makes us a highly sought after partner ion other missions as well. But yes, lunar infrastructure was — we’re very proud to be partner in that mission was very successful for us. We talked about, I think, earlier last year, our Mason program that we won, where we’re providing the technology and researching with our partners at NASA, technology for building landing pads on the moon.
I think that if there was a landing pad on the moon, the probability of a smoother – Lunar Lander, at least we think, would be higher. So maybe some of the early attempts underscore the potential benefit of that technology. But yes, we’re very focused on lunar infrastructure. We talked about our — also our VSAT partnership as well where we’ll be providing some solar arrays for lunar infrastructure in the future as well. So a nice trend for Redwire, and that’s one of the reasons I chose to put up that slide trying to reemphasize everybody that space infrastructure just isn’t about LEO satellites, although that’s a really fast-growing and really important part of the market. We’re not — our TAM includes going beyond just satellites to things like the rapid and exciting growth we’re seeing in the future of the moon.
Griffin Boss: Yes. Excellent. I really appreciate the detailed response, Pete. And then just one more, if I could, for Jonathan. Just turning back to the EAC adjustments. Obviously, as you mentioned, they came down significantly year-over-year, and I mean it’s becoming somewhat of a moot point given the size and scale of your revenue. But can you just give us some more color on where those were coming from in the fourth quarter? Was it one or two specific programs or more widespread on a smaller scale?
Jonathan Baliff: It definitely wasn’t widespread. What I would say is like 2022, generally, our EAC investments are in our, let’s call it, lower TRL. We have very mature projects and a little less mature products. We do – the equivalent of some R&D as we create the next-generation space infrastructure. Certainly, those EACs are with those type — that type of infrastructure. But again, I have to emphasize, we cut it in half while doubling — I’m sorry, while bringing up our GAAP — U.S. GAAP revenue by over 50%. So again, I think kudos goes to our operations group and our presidents for really making sure this program management is happening on time because the key to these EAC adjustments and net EAC adjustments is on-time delivery, which we’re very focused on as part of our excellence in execution.
Griffin Boss: Got it. Okay. Thanks for taking my questions and great to see the progress.
Jonathan Baliff: Thank you.
Operator: Thank you. Our next question is coming from the line of Andres Sheppard with Cantor Fitzgerald. Please proceed with your question.
Andres Sheppard: Good morning, everyone. Congratulations on the strong financial quarter, and thanks for taking our questions. I guess I was just wondering, considering you reported a positive free cash flow in Q4. I know – I realize you’re not guiding free cash flow throughout 2024. But just curious if you can maybe give us some color as to how we should continue to think about that for modeling purposes. Should we expect a continued growth quarter-over-quarter? Or what’s the best way to think about that? Thank you.
Peter Cannito: Well, I’ll link a bit of our cash flow generation in that fourth quarter with a large contract win, which we disclosed. And so some of the cash comes in and you see it on the balance sheet. That being said, we’ve said in the past, and that’s one of the nice things about the fourth quarter is that we’re bidding on projects that are greater than our annual revenue, right? And those are projects that obviously had multiyear. But the bottom line is we generally in our projects want a decent amount of cash coming in on the front end for material subcontractors and just generally because we’re running a much tighter shift on our working capital. That being said, again, mimicking what Pete said, it can be lumpy. But I will say, we believe now we have a very nice liquidity profile and cash flow from operations.
