RESTON, Va., March 17, 2025 /PRNewswire/ — V2X (NYSE: VVX) has been awarded a position on the U.S. Navy’s Worldwide Expeditionary Multiple Award Contract (WEXMAC) 2.0, a key vehicle for delivering enhanced global logistics capabilities.
Administered jointly by the Army Contracting Command and the Naval Supply Systems Command, WEXMAC 2.0 streamlines procurement processes and integrates technology to enhance logistical support for joint forces and federal agencies worldwide. The contract is designed to strengthen global military operations through rapid and efficient supply chain solutions.
V2X was selected to support 22 regions and will leverage its global footprint to deliver solutions and logistical capabilities that sustain and set the theater. This multiple-award, indefinite-delivery/indefinite-quantity contract has an initial five-year period with a ceiling value of $1.2 billion, with an option to extend up to 10 years for a total of $2.4 billion.
“This award reaffirms our commitment to delivering mission-critical solutions that strengthen global security and ensure warfighters have the resources they need,” said Jeremy C. Wensinger, President and Chief Executive Officer of V2X. “It advances the defense logistics framework, enabling exceptional support for global expeditionary missions with efficiency, reliability, and agility.”
About V2X V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.
Investor Contact Mike Smith, CFA Vice President, Treasury, Corporate Development and Investor Relations IR@goV2X.com 719-637-5773
Media Contact Angelica Spanos Deoudes Senior Director, Marketing and Communications Angelica.Deoudes@goV2X.com 571-338-5195
RESTON, Va., March 11, 2025 /PRNewswire/ — V2X, Inc. (NYSE: VVX) was awarded a new $100 million contract to support the U.S. Navy’s Aegis Ashore facilities in Poland. These facilities are a crucial component of NATO’s missile defense system, designed to detect, track, and intercept ballistic missiles in flight. As a key element in transatlantic security, this site strengthens NATO’s defense against the increasing threat of ballistic missiles.
“This contract underscores our commitment to high-consequence missions,” said Jeremy C. Wensinger, President and Chief Executive Officer of V2X. For the past four years, V2X has provided support services at the U.S. Navy’s Aegis Ashore sister site in Romania. “This award marks a significant step in strengthening NATO’s defense and protecting European populations against global threats,” Wensinger added.
The contract is firm-fixed-price with a one-year base period, seven one-year options, and an additional six-month extension.
About V2X
V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.
Media Contact Angelica Spanos Deoudes Senior Director, Marketing and Communications Angelica.Deoudes@goV2X.com 571-338-5195
Investor Contact Mike Smith, CFA Vice President, Treasury, Corporate Development and Investor Relations IR@goV2X.com
RESTON, Va., Feb. 26, 2025 /PRNewswire/ — V2X (NYSE: VVX) Inc., announces its award of a $100 million contract to provide aviation maintenance and support services for the Federal Bureau of Investigation’s (FBI) Critical Incident Response Group. Under this contract, V2X will deliver mission-critical aviation resources that enable the FBI to conduct intelligence gathering, investigate operations, and law-enforcement activities.
V2X will support the FBI’s specialized aviation fleet by providing field-level maintenance, special mission equipment sustainment, training, and administrative services. These capabilities ensure that FBI aircraft remain fully mission-ready to meet evolving operational demands.
“This contract underscores V2X’s expertise in delivering agile aviation solutions in support of national security,” said Vinny Caputo, Senior Vice President of Aerospace Systems at V2X. “We are proud to provide the FBI with the aviation resources needed to execute their mission anytime, anywhere—ensuring operational readiness when it matters most.”
The indefinite-delivery, indefinite-quantity contract includes a five-year ordering period, with four 12-month options. V2X will operate at multiple locations across the United States, reinforcing the company’s commitment to delivering agile, global aviation support in service of national security.
About V2X V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.
Investor Contact Mike Smith, CFA Vice President, Treasury, Corporate Development and Investor Relations IR@goV2X.com 719-637-5773
Media Contact Angelica Spanos Deoudes Senior Director, Marketing and Communications Angelica.Deoudes@goV2X.com 571-338-5195
Indo-Pacific revenue growth of 27% y/y driven by increased demand
Book-to-bill of 1.2x in the quarter and total backlog of $12.5 billion as of December 31, 2024
Record net income of $25.0 million; Adjusted net income1 of $42.7 million, up 10% y/y
Grew adjusted EBITDA1 $4.1 million y/y to $86.2 million, with a margin of 7.4%
Diluted EPS of $0.78; Adjusted diluted EPS1 of $1.33, up 9% y/y
Strong year-to-date cash flow from operations of $254 million
Achieved net debt reduction of $210 million and 2.6x net leverage ratio1
RESTON, Va., Feb. 24, 2025 /PRNewswire/ — V2X, Inc. (NYSE: VVX) announced fourth quarter and full-year 2024 financial results.
“Our growth momentum continued into the fourth quarter with revenue increasing 11% year-over-year, driven by solid growth in all geographies and underscored by 27% growth in the Indo-Pacific region, as the DoD continues to focus on enhancing readiness and deterrence,” said Jeremy Wensinger, President and Chief Executive Officer. “The combination of our unique mission insight, comprehensive full lifecycle capabilities, and 80-year reputation as a trusted partner is yielding results through expansion in key theaters, exceptional financial performance, and recent awards, which achieved a book-to-bill of 1.2x. The leading indicators in our business remain strong with a $12.5 billion backlog, limited recompetes, and a robust pipeline of new opportunities.”
Mr. Wensinger continued, “Looking ahead, we are excited about the future. We believe our track record of enhancing outcomes and increasing value for customers through innovation, modernization, and improved operational performance can enable the DoD to solve its very real challenge of having to be prepared for today while planning for the threats of tomorrow.”
Mr. Wensinger concluded, “I’d like to recognize the 16,000 plus V2X employees for all their contributions and performance throughout the year and in particular during the fourth quarter. We thank you for all you have done and continue to do for our nation and our company.”
Fourth Quarter 2024 Results
“V2X reported record revenue of $1.16 billion in the quarter, which represents 11% year-over-year growth,” said Shawn Mural, Senior Vice President and Chief Financial Officer. “We closed the year with strong performance across all financial metrics, driven by double digit topline growth and excellent cash generation.”
“For the quarter, the Company reported operating income of $51.6 million and adjusted operating income1 of $80.6 million. V2X delivered record adjusted EBITDA1 of $86.2 million, with a margin of 7.4%. Fourth quarter GAAP diluted EPS was $0.78. Adjusted diluted EPS1 for the quarter increased 9% year-over-year to $1.33.”
“Fourth quarter net cash provided by operating activities was $223.1 million. Adjusted net cash provided by operating activities1 increased 122% year-over-year to $168.2 million.”
“Our continued focus on cash generation and debt reduction yielded notable results with net debt improving $210 million dollars year-over-year. At the end of the fourth quarter, net debt for V2X was $874 million. Our commitment to achieve a net leverage ratio at or below 3.0x was a company-wide priority. I’m pleased to report that we demonstrated excellent performance on this front, delivering a net leverage ratio1 of 2.6x at the end of the fourth quarter, which represents a 0.7x improvement year-over-year.”
“Total backlog as of December 31, 2024, was $12.5 billion. Funded backlog was $2.3 billion. Book-to-bill in the quarter was approximately 1.2x.”
Full-Year 2024 Results
“Full-year revenue was $4.32 billion, up 9% year-over-year. The Company reported full-year operating income of $159.2 million and adjusted operating income1 of $286.2 million. Full-year adjusted EBITDA1 was $310.2 million with a margin of 7.2%. Full-year GAAP diluted EPS was $1.08. Adjusted diluted EPS1 for 2024 was $4.34, increasing 16% year-over-year. On a year-to-date basis, net cash provided by operating activities was $254.2 million. Adjusted net cash provided by operating activities1 was $161.0 million.”
2025 Guidance
Mr. Mural concluded, “The trends in our business remain positive and we believe our strategy to deliver full lifecycle solutions that increase efficiency, reduce costs, modernize capabilities, improve readiness, and strengthen national security provides substantial opportunities for future growth and value creation. For 2025 we are setting the mid-point of our guidance for revenue and Adjusted EBITDA1 at $4.44 billion and $313 million, respectively. This assumes revenue and adjusted EBITDA to be weighted more heavily in the second half of the year. Revenue guidance at the mid-point assumes approximately 4% contribution from recompetes.”
Guidance for 2025 is as follows:
$ millions, except for per share amounts
2025 Guidance
2025 Mid-Point
Revenue
$4,375
$4,500
$4,438
Adjusted EBITDA1
$305
$320
$313
Adjusted Diluted Earnings Per Share1
$4.45
$4.85
$4.65
Adjusted Net Cash Provided by Operating Activities1
$150
$170
$160
The Company is not providing a quantitative reconciliation with respect to the foregoing forward-looking non-GAAP measures in reliance on the “unreasonable efforts” exception set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. For example, unusual, one-time, non-ordinary, or non-recurring costs, which relate to M&A, integration and related activities cannot be reasonably estimated. Forward-looking statements are based upon current expectations and are subject to factors that could cause actual results to differ materially from those suggested here, including those factors set forth in the Safe Harbor Statement below.
Fourth Quarter Conference Call
Management will conduct a conference call with analysts and investors at 4:30 p.m. ET on Monday, February 24, 2025. U.S.-based participants may dial in to the conference call at 877-300-8521, while international participants may dial 412-317-6026. A live webcast of the conference call as well as an accompanying slide presentation will be available here: https://app.webinar.net/W6kmnm4z8V9
A replay of the conference call will be posted on the V2X website shortly after completion of the call and will be available for one year. A telephonic replay will also be available through March 10, 2025, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 10195666.
Presentation slides that will be used in conjunction with the conference call will also be made available online in advance on the “investors” section of the company’s website at https://gov2x.com. V2X recognizes its website as a key channel of distribution to reach public investors and as a means of disclosing material non-public information to comply with its obligations under the U.S. Securities and Exchange Commission (“SEC”) Regulation FD.
1
See “Key Performance Indicators and Non-GAAP Financial Measures” for descriptions and reconciliations.
About V2X V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.
Safe Harbor Statement Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 (the “Act”): Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Act. These forward-looking statements include, but are not limited to, all the statements and items listed under “2025 Guidance” above and other assumptions contained therein for purposes of such guidance, other statements about our 2025 performance outlook, revenue, contract opportunities, and any discussion of future operating or financial performance.
Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “could,” “potential,” “continue” or similar terminology. These statements are based on the beliefs and assumptions of the management of the Company based on information currently available to management. Forward-looking statements in this press release, include, but are not limited to our future performance and capabilities; our expectations regarding the pipeline of new opportunities; our belief in our ability to achieve budget efficiencies; future net leverage ratio; and our belief in our ability to achieve our total year guidance.
These forward-looking statements are not guarantees of future performance, conditions, or results, and involve a number of known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside our management’s control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company’s historical experience and our present expectations or projections. For a discussion of some of the risks and uncertainties that could cause actual results to differ from such forward-looking statements, see the risks and other factors detailed from time to time in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the SEC.
We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
RESTON, Va., Feb. 20, 2025 /PRNewswire/ — V2X Inc., (NYSE: VVX) has been awarded a $21 million firm-fixed-price contract to continue sustaining critical avionics and electronic warfare systems for the U.S. Air Force. The contract supports the repair and maintenance of AN/ALQ-172 and AN/ALQ-161 components, ensuring the continued operational effectiveness of the B-52 Stratofortress, the B-1B, and C-130 fleet.
As global forces continue to refine their electronic warfare capabilities, V2X’s work ensures that U.S. aircraft remain protected in contested environments. The AN/ALQ-172 self-protection integrated RF subsystem provides multi-threat countermeasures, defending against pulse, continuous wave, pulse Doppler, and monopulse radar threats. Similarly, the AN/ALQ-161system, has been continuously upgraded to detect and counter evolving electronic threats, extending its life and improving its capability from its initial fielding in the 1980s.
V2X’s expertise in sustaining and enhancing these complex avionics plays a crucial role in extending the lifespan and effectiveness of legacy aircraft and their mission systems.
“Our mission is twofold: enhancing the capabilities of legacy systems with cost effective and technology driven solutions, and more importantly, ensuring the safety of B-52, B-1, and C-130 aircrews in an ever-evolving threat environment,” said Jeremy C. Wensinger, President and Chief Executive Officer of V2X. “This contract reinforces our commitment to delivering and sustaining cutting-edge battlefield solutions that protect warfighters and maintain combat readiness.”
Work under this contract will be performed at Robins Air Force Base, Georgia and Indianapolis, Indiana, with an expected completion date in 2029. The contract underscores V2X’s trusted expertise in electronic warfare sustainment.
About V2X V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.
Investor Contact Mike Smith, CFA Vice President, Treasury, Corporate Development and Investor Relations IR@goV2X.com 719-637-5773
Media Contact Angelica Spanos Deoudes Senior Director, Marketing and Communications Angelica.Deoudes@goV2X.com 571-338-5195
MCLEAN, Va., Jan. 23, 2025 /PRNewswire/ — V2X, Inc., (NYSE: VVX), a leading provider of global mission solutions, will report fourth quarter and full year 2024 financial results on Monday, February 24, 2025, after market close. Senior management will conduct a conference call at 4:30 p.m. ET that same day.
U.S.-based participants may dial in to the conference call at 877-300-8521, while international participants may dial 412-317-6026. A live webcast of the conference call as well as an accompanying slide presentation will be available at https://app.webinar.net/W6kmnm4z8V9 and on the Investors section of the V2X website at https://gov2x.com/.
A replay of the conference call will be posted on the V2X website shortly after completion of the call and will be available for one year. A telephonic replay will also be available through March 10, 2025, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 10195666.
About V2X V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.
Investor Contact Mike Smith, CFA Vice President, Treasury, Corporate Development and Investor Relations IR@goV2X.com 719-637-5773
Media Contact Angelica Spanos Deoudes Director, Corporate Communications Angelica.Deoudes@goV2X.com 571-338-5195
RESTON, Va., Dec. 10, 2024 /PRNewswire/ — V2X Inc., (NYSE: VVX) is pleased to announce a strategic joint venture with Parsons Corporation (NYSE: PSN) in pursuit of the National Science Foundation Antarctica Science and Engineering Support Contract (ASESC) with an $8 billion ceiling value. The newly formed joint venture, named Polar Science Alliance (PSA), is a wholly dedicated entity which will enable world class scientific research support services for the United States Antarctic Program (USAP) over the next two decades.
For over six decades, the National Science Foundation (NSF) has maintained a vital U.S. presence in Antarctica, conducting extensive research on the continent and its ecosystems. The NSF’s endeavors seek to comprehend Antarctica’s influence on global processes like climate change and leverage the unique features of the region for scientific studies that are unparalleled elsewhere. Under the ASESC, the NSF oversees all U.S. scientific research activities and logistical operations in Antarctica and aboard vessels in the Southern Ocean through the USAP, which stands as one of the largest scientific research programs in the Antarctic region.
“V2X and Parsons have united to form a powerhouse team equipped to provide unmatched support to the NSF and support the USAP in its scientific research initiatives in Antarctica,” said Ken Shreves, Senior Vice President of Mission Support at V2X. “With work from the Arctic U.S. Space Force base to the West-central Pacific Ocean U.S. Army Kwajalein Atoll, V2X is the top tier mission critical support services provider of choice for any geographical and geopolitical environment in the world.”
V2X brings over a decade of experience in large-scale polar operations and logistics expertise and was recently awarded the follow-on option ten year period, supporting the multibillion-dollar U.S. Space Force, Pituffik Space Base in Greenland. V2X boasts decades of expertise in science support services. Leveraging industry-leading best practices and insights gleaned from a diverse portfolio of global programs in remote, challenging, and austere environments, V2X maximizes operational efficiency across all phases of mission execution, catering to the needs of government clients globally for the past 80 years.
“PSA stands ready to bring the experience and resources of its parent companies, Parsons and V2X, to the world-class United States Antarctic Program,” added Jon Moretta, President, Engineered Systems for Parsons. “Parsons brings years of experience in polar operations to this joint venture, including work as the modernization designer and builder on the Antarctica Infrastructure Modernization for Science Project. We’re proud to team with V2X for the opportunity to be NSF’s USAP support services partner in enabling the world-class Antarctic science program.”
Parsons is a leader in providing the federal government with solutions to the most complex infrastructure challenges. Parsons has 55 years of successful and proven polar operations experience beginning in 1970 on the North Slope of Alaska. The company’s capabilities span program and construction management, engineering and planning, and logistics. As a global solutions provider, Parsons works in all environments, including the freezing temperatures and volcanic rock of Antarctica. The company uses technological innovation and harnesses the potential of artificial intelligence to empower smarter decision-making, drive efficiency, and support clients worldwide across infrastructure, the environment, and national security.
The Polar Science Alliance collectively brings world class capabilities in global logistics, operations and engineering coupled with over 100 years science and research support experience. To learn more about Polar Science Alliance, visit www.polarsciencealliance.com. To learn more about Parsons’ federal infrastructure solutions, visit www.parsons.com/federal-infrastructure/. To learn more about V2X and its capabilities, please visit www.goV2X.com.
About V2X V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.
About Parsons Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection. Please visit parsons.com and follow us on LinkedIn and Facebook to learn how we’re making an impact.
Media Contact Angelica Spanos Deoudes Senior Director, Marketing and Communications Angelica.Deoudes@goV2X.com 571-338-5195
Investor Contact Mike Smith, CFA Vice President, Treasury, Corporate Development and Investor Relations IR@goV2X.com 719-637-5773
MCLEAN, Va., Oct. 1, 2024 /PRNewswire/ — V2X, Inc. (NYSE: VVX) announces its selection for the $11.9 billion Defense Logistics Agency (DLA) J6 Enterprise Technology Services 2.0 (JETS 2.0) contract, securing its place amongst a select group of providers.
“In today’s rapidly evolving digital landscape, vigilance is paramount. V2X is proud to support the Defense Logistics Agency by delivering critical cybersecurity and IT modernization services to uphold their mission,” said Jeremy C. Wensinger, President and Chief Executive Officer of V2X.
Under the JETS 2.0 contract, V2X will provide a range of advanced IT solutions, including cloud services and cybersecurity services to the DLA. This indefinite-delivery/indefinite-quantity contract spans an initial five-year base period, with the potential for an additional five-year option, supporting both U.S. and international Defense Department operations with essential IT services.
About V2X
V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.
Media Contact Angelica Spanos Deoudes Director, Corporate Communications Angelica.Deoudes@goV2X.com 571-338-5195
Investor Contact Mike Smith, CFA Vice President, Treasury, Corporate Development and Investor Relations IR@goV2X.com
MCLEAN, Va., July 22, 2024 /PRNewswire/ — V2X, Inc. (NYSE:VVX) announces the award of a $48.5 million Indefinite Delivery Indefinite Quantity (IDIQ) contract by the U.S. Army, under the purview of the PEO Soldier portfolio, for the innovative Gateway Mission Router (GMR). The GMR creates a fully converged operational environment on the battlefield for our warfighters by seamlessly integrating information and assured communications across multiple domains. The contract spans four years and underscores V2X’s commitment to delivering cutting-edge solutions in support of national defense.
The GMR represents the pinnacle of rugged and cyber-hardened technology. Designed to facilitate real-time situational awareness, the GMR seamlessly integrates information from diverse sources across multiple domains, creating a fully converged operational environment on the battlefield. Offering platform independence, the GMR is adaptable for deployment across aviation and ground vehicle platforms, ensuring versatility and effectiveness in a variety of operational scenarios.
“V2X’s receipt of this contract marks a significant milestone in our ongoing partnership with the U.S. Army,” said Jeremy C. Wensinger, President and Chief Executive Officer at V2X. “Our commitment to innovation and mission excellence enables us to deliver solutions like the Gateway Mission Router that enhance mission effectiveness and support our nation’s defense objectives.”
V2X continues to expand its presence within the U.S. Army, with the integration of GMR across numerous platforms. The GMR family’s wide-ranging flexibility positions it as a key enabler for the Department of Defense’s Combined Joint All Domain Command and Control (CJADC2) initiative, demonstrating V2X’s dedication to advancing modern warfare capabilities.
About V2X
V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.
Media Contact Angelica Spanos Deoudes Director, Corporate Communications Angelica.Deoudes@goV2X.com 571-338-5195
Investor Contact Mike Smith, CFA Vice President, Treasury, Corporate Development and Investor Relations IR@goV2X.com 719-637-5773
MCLEAN, Va., July 17, 2024 /PRNewswire/ — V2X Inc. (NYSE: VVX) proudly announces its award of a $141 million cost-plus-fixed-fee task order to continue providing comprehensive engineering support for Command, Control, Communications, Computer, and Intelligence (C4I) systems. This task order is part of the Navy’s Fleet Systems Engineering Team (FSET) program, which V2X has supported for 25 years, ensuring that no U.S. Navy Strike Group or Amphibious Ready Group deploys without V2X.
“V2X provides a full range of assured communications services that are integral to the readiness of U.S. Navy ships,” said Jeremy C. Wensinger, President and Chief Executive Officer at V2X. “Since 1999, we have delivered complex C4I support under FSET, showcasing our longstanding history of innovative solutions. We look forward to continuing this vital relationship with the Navy.”
With the task order, V2X will deliver end-to-end C4I systems engineering solutions to the U.S. Navy’s afloat force, including command ships, ballistic missile defense ships, strike groups, and specific shore facilities. Additionally, we will offer systems engineering and technical innovation for the swift integration of new capabilities to mitigate new threats to Navy networks. Our fleet systems engineers will play a crucial role in monitoring C4I system performance, providing essential feedback on computer network defense status, and ensuring Navy C4I systems are promptly protected in the event of a mission impacting event.
This win exemplifies of V2X’s expanding footprint with the Navy. The contract extends through July 2029, with an option to extend to 2030.
About V2X
V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.
MCLEAN, Va., June 24, 2024 /PRNewswire/ — V2X, Inc. (NYSE: VVX) has been awarded a $265 million contract to maintain safe operations at NASA’s Johnson Space Center in Houston, specifically at the Sonny Carter Training Facility, where astronauts receive crucial training to prepare for human spaceflight missions. V2X will deliver technical support to ensure the reliability of the integrated hardware and software systems utilized at the Neutral Buoyancy Laboratory (NBL). The contract’s period of performance extends until 2033, including option periods.
The NBL will serve as a training ground for NASA’s upcoming Artemis 2 mission, scheduled to launch in September 2025. The Artemis 2 missions will include the historic journey of the first woman and person of color to visit the moon, marking humanity’s return to the lunar surface after more than fifty years. The crew will land near the moon’s south pole, a region characterized by immense craters, extreme temperatures, and areas of permanent darkness, thus requiring extensive and meticulous preparation.
“We are honored to continue our partnership with NASA and support their mission to explore the frontiers of space,” said Jeremy Wensinger, President and Chief Executive Officer of V2X. “The Neutral Buoyancy Laboratory is an unparalleled facility, and we are committed to ensuring its readiness for the next generation of space exploration, including the groundbreaking Artemis 2 mission.”
At the NBL astronauts rehearse recovery missions, which are vital for the final stage of spaceflight when the crew’s capsule returns to Earth and splashes down into the ocean. Additionally, the laboratory houses a replica of the International Space Station, where astronauts practice working in microgravity, simulating the reduced gravity experienced in space. Recently, NASA and V2X have upgraded the NBL by converting a section into a realistic model of the moon’s surface.
As a critical asset for NASA, the NBL operates continuously to support the dynamic demands of human spaceflight. For over 30 years, it has been instrumental in training astronauts for space exploration, providing a realistic environment for practicing spacewalks and recovery missions. About V2X
V2X delivers a comprehensive suite of integrated solutions across defense and commercial training, operations and logistics, aerospace, and technology markets to national security, defense, civilian and international clients. Our global team of approximately 16,000 employees brings innovation to every point in the mission lifecycle, from preparation to operations, to sustainment, as it tackles the most complex challenges with agility, grit, and dedication.
Media Contact Angelica Spanos Deoudes Director, Corporate Communications Angelica.Deoudes@goV2X.com 571-338-5195
Investor Contact Mike Smith, CFA Vice President, Treasury, Corporate Development and Investor Relations IR@goV2X.com 719-637-5773
Reported record revenue of $1.04 billion, up +6.4% y/y
Achieved y/y revenue growth of 31% in the Pacific and 18% in the Middle East
Operating income of $38.5 million; adjusted operating income1 of $76.2 million
Net income (loss) of ($0.5) million, up $10.1 million y/y
Adjusted EBITDA1 of $82.1 million with a margin1 of 7.9%
Diluted EPS of ($0.02); Adjusted diluted EPS1 of $1.22
Strong year-to-date cash flow from operations of $188.0 million; Achieved net debt reduction of $137.1 million
Awarded first substantial foreign military sales program valued at $400 million over 5 years
2024 Guidance:
Establishing full-year 2024 guidance with revenue and adjusted EBITDA1 growth of 5% at mid-point
MCLEAN, Va., March 5, 2024 /PRNewswire/ — V2X, Inc. (NYSE:VVX) announced fourth quarter and full-year 2023 financial results.
“I’m pleased to report a strong finish to 2023, with record revenue and strong operational performance which drove significant cash generation and net debt reduction,” said Chuck Prow, President and Chief Executive Officer of V2X. “I’d like to thank our teams that demonstrated agility and excellent performance, delivering 8% pro forma revenue1 growth for the full-year and 6% for the quarter. We made significant progress advancing V2X as a leader in the operational segment of the federal services market while continuing to position the company for long-term growth. The leading indicators for our business remain strong with a backlog of approximately $13 billion, $9 billion of bids submitted currently under evaluation, and a robust pipeline of opportunities valued at $15 billion expected to be submitted over the next twelve months. Our capabilities and position in an expanding market, present opportunities to drive continued growth and value for our shareholders and clients.”
“V2X achieved several milestones during the fourth quarter, which includes our first substantial foreign military sales (FMS) win valued at approximately $400 million over the next five years,” said Mr. Prow. “This program is a long-term aviation support and training contract in the Middle East and was a direct result of our multi-year FMS campaign. Importantly, our evolution as a company has been an enabler to participate in this market. With this opportunity, the total value of V2X FMS’ portfolio is approximately $700 million with accretive margins. We plan to build on this success and continue pursuing FMS opportunities that leverage our geographic footprint, strong partnerships, and core capabilities.”
Mr. Prow continued, “Our ability to provide full life cycle solutions from concept to fielding and sustainment is a significant differentiator that’s yielding results. During the quarter, we demonstrated our capabilities through the fielding of a defense platform that modernized existing systems. This program launched as an engineering development and prototyping effort with a new client and today has yielded a brand-new product that’s designed, produced, and sustained by V2X. Additionally, our engineering, integration, modernization and sustainment solutions resulted in approximately $70 million of awards to V2X in the fourth quarter.”
Mr. Prow concluded, “I’d like to thank our teams for their contributions in 2023 and progress executing our strategic framework: Expand the Base, Capture New Markets, Deliver with Excellence, and Enhance Culture. Looking ahead, V2X continues to transform to deliver enhanced capabilities in an expanding market. We have strong momentum, robust backlog, a highly aligned pipeline, limited recompetes, and high free cash generation that provides an excellent fundamental profile to support value creation.”
Fourth Quarter 2023 Results
“V2X reported revenue of $1.0 billion in the quarter, which represents 6.4% year-over-year growth,” said Shawn Mural, Senior Vice President and Chief Financial Officer. “Revenue growth in the quarter was achieved through exceptional team performance delivering milestones ahead of schedule, expansion on existing programs, and new business. This solid execution resulted in year-over-year revenue growth of 31% in the Pacific and 18% in the Middle East.”
“For the quarter, the Company reported operating income of $38.5 million and adjusted operating income1 of $76.2 million. Adjusted EBITDA1 was $82.1 million with a margin of 7.9%. Fourth quarter GAAP diluted EPS was ($0.02), due primarily to merger and integration related costs, amortization of acquired intangible assets, and interest expense. Adjusted diluted EPS1 for the quarter was $1.22.”
“V2X’s ability to generate strong cash flow with low capital expenditures is an important attribute of our business and one that we are extremely focused on as a primary avenue to enhance value for shareholders. I’m pleased to announce that during the quarter, our teams demonstrated outstanding performance in all aspects of cash conversion, driving significant collections, a record low DSO, and operating cash flow that exceeded our guidance. Net cash provided by operating activities was $188.0 million year to date. Adjusted net cash provided by operating activities1 year to date was $159.5 million, adding back $26.9 million of M&A and integration costs with $13.4 million of CARES act payments, and removing the contribution of the master accounts receivable purchase or MARPA facility of $68.8 million.”
“Solid cash generation enabled net debt reduction of $137.1 million for the year. At the end of the quarter, net debt for V2X was $1,083.6 million. Net consolidated indebtedness to EBITDA1 (net leverage ratio) was 3.3x, improved from 3.7x at the end of 2022. Additionally, we believe our strong fundamentals will allow V2X to achieve a net leverage ratio at or under 3.0x by the end of 2024.”
“Total backlog as of December 31, 2023, was $12.8 billion. Funded backlog was $2.8 billion. Bookings in the quarter were $0.6 billion, resulting in a trailing twelve-month book-to-bill of 1.1x. It’s important to note that backlog and bookings do not include the full performance period of the $400 million FMS program as the contract is being definitized and the $458 million F-5 Adversary aircraft award, discussed last quarter, as it remains in protest,” said Mr. Mural.
Full-Year 2023 Results
Full-year revenue was $3.963 billion, up 8% pro forma year-on-year. The Company reported full-year operating income of $124.4 million and adjusted operating income1 of $271.4 million. Full-year EBITDA1 was $293.9 million with a margin of 7.4%. Full-year GAAP diluted EPS was ($0.73), due primarily to merger and integration related costs, amortization of acquired intangible assets, and interest expense. Adjusted diluted EPS1 for 2023 was $3.74.
2024 Guidance
Mr. Mural concluded, “Based on the positive trends in our business we are setting the mid-point of our guidance for revenue and Adjusted EBITDA1 at $4.150 billion and $308 million, respectively, representing approximately 5% year-over-year growth. We expect revenue and adjusted EBITDA to be weighted more heavily in the second half of the year. Importantly, guidance at the mid-point assumes approximately 90% of revenue from existing contracts and less than 5% from recompetes.”
Guidance for 2024 is as follows:
$ millions, except for per share amounts
2024 Guidance
2024 Mid-Point
Revenue
$4,100
$4,200
$4,150
Adjusted EBITDA1
$300
$315
$308
Adjusted Diluted Earnings Per Share1
$3.85
$4.20
$4.03
Adjusted Net Cash Provided by Operating Activities1
$145
$165
$155
The Company is not providing a quantitative reconciliation with respect to this forward-looking non-GAAP measure in reliance on the “unreasonable efforts” exception set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. For example, unusual, one-time, non-ordinary, or non-recurring costs, which relate to M&A, integration and related activities cannot be reasonably estimated. Forward-looking statements are based upon current expectations and are subject to factors that could cause actual results to differ materially from those suggested here, including those factors set forth in the Safe Harbor Statement below.
Fourth Quarter and Full-Year 2023 Conference Call
Management will conduct a conference call with analysts and investors at 8:00 a.m. ET on Tuesday, March 5, 2024. U.S.-based participants may dial in to the conference call at 877-407-3982, while international participants may dial 201-493-6780. A live webcast of the conference call as well as an accompanying slide presentation will be available here: https://app.webinar.net/WrwGVYwl6dA
A replay of the conference call will be posted on the V2X website shortly after completion of the call and will be available for one year. A telephonic replay will also be available through March 19, 2024, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 13743860 .
Presentation slides that will be used in conjunction with the conference call will also be made available online in advance on the “investors” section of the company’s website at https://gov2x.com/. V2X recognizes its website as a key channel of distribution to reach public investors and as a means of disclosing material non-public information to comply with its obligations under the U.S. Securities and Exchange Commission (“SEC”) Regulation FD.
Footnotes:
1 See “Key Performance Indicators and Non-GAAP Financial Measures” for descriptions and reconciliations.
About V2X
V2X builds smart solutions designed to integrate physical and digital infrastructure – by aligning people, actions, and outputs. Formed by the merger of Vectrus and Vertex, we bring a combined 120 years of successful mission support. Our lifecycle solutions improve security, streamline logistics, and enhance readiness.
The Company delivers a comprehensive suite of integrated solutions across the operations and logistics, aerospace, training, and technology markets to national security, defense, civilian and international clients. Our global team of approximately 16,000 employees brings innovation to every point in the mission lifecycle, from preparation to operations, to sustainment, as it tackles the most complex challenges with agility, grit, and dedication.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 (the “Act”): Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Act. These forward-looking statements include, but are not limited to, all the statements and items listed under “2024 Guidance” above and other assumptions contained therein for purposes of such guidance, other statements about our 2024 performance outlook, revenue, contract opportunities, and any discussion of future operating or financial performance.
Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “could,” “potential,” “continue” or similar terminology. These statements are based on the beliefs and assumptions of the management of the Company based on information currently available to management.
These forward-looking statements are not guarantees of future performance, conditions, or results, and involve a number of known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside our management’s control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company’s historical experience and our present expectations or projections. For a discussion of some of the risks and uncertainties that could cause actual results to differ from such forward-looking statements, see the risks and other factors detailed from time to time our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the SEC.
We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
MCLEAN, Va., Feb. 14, 2024 /PRNewswire/ — V2X, Inc., (NYSE: VVX), a leading provider of global mission solutions, will report fourth quarter and full year 2023 financial results on Tuesday, March 5, 2024, before market open. Senior management will conduct a conference call at 8:00 a.m. ET that same day.
U.S.-based participants may dial in to the conference call at 877-407-3982, while international participants may dial 201-493-6780. A live webcast of the conference call as well as an accompanying slide presentation will be available at https://app.webinar.net/WrwGVYwl6dA and on the Investors section of the V2X website at https://gov2x.com/.
A replay of the conference call will be posted on the V2X website shortly after completion of the call and will be available for one year. A telephonic replay will also be available through March 19, 2024, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 13743860.
ABOUT V2X V2X builds smart solutions designed to integrate physical and digital infrastructure – by aligning people, actions, and outputs. Formed by the merger of Vectrus and Vertex, we bring a combined 120 years of successful mission support. Our lifecycle solutions improve security, streamline logistics, and enhance readiness.
The Company delivers a comprehensive suite of integrated solutions across the operations and logistics, aerospace, training, and technology markets to national security, defense, civilian and international clients. Our global team of approximately 15,000 employees brings innovation to every point in the mission lifecycle, from preparation to operations, to sustainment, as it tackles the most complex challenges with agility, grit, and dedication.
Contact Information
Investor Contact Mike Smith, CFA Vice President, Treasury, Corporate Development and Investor Relations IR@goV2X.com 719-637-5773
Media Contact Angelica Spanos Deoudes Senior Media Strategist Communications@goV2X.com 571-338-5195
View original content to download multimedia:https://www.prnewswire.com/news-releases/v2x-selected-for-navys-wexmac-2-0-contract-enhancing-global-readiness-302403121.html
View original content to download multimedia:
View original content to download multimedia:
View original content to download multimedia:
View original content to download multimedia:
View original content to download multimedia:
View original content to download multimedia:
View original content to download multimedia:
View original content to download multimedia:
View original content to download multimedia: