Redwire Corporation Reports Full Fiscal Year 2021 Financial Results

TOTAL BACKLOG
(Unaudited)

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 $10.7 million and $4.3 million in remaining contract value from time and materials contracts as of December 31, 2021 and as of December 31, 2020, respectively.

Organic contracted 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. Similarly, 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.

 

Successor

(in thousands)

December 31,
2021

 

December 31,
2020

Organic backlog as of January 1

$

122,273

 

 

$

77,663

 

Organic additions during the period

 

86,013

 

 

 

102,045

 

Organic revenue recognized during the period

 

(105,452

)

 

 

(57,435

)

Organic backlog at end of period

 

102,834

 

 

 

122,273

 

 

 

 

 

Acquisition-related contract value beginning of period

 

 

 

 

 

Acquisition-related additions during the period

 

64,124

 

 

 

 

Acquisition-related revenue recognized during the period

 

(32,149

)

 

 

 

Acquisition-related backlog at end of period

 

31,975

 

 

 

 

 

 

 

 

Contracted backlog at end of period

$

134,809

 

 

$

122,273

 


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