MCLEAN, Va., Oct. 15, 2024 /PRNewswire/ — V2X, Inc., (NYSE: VVX), a leading provider of global mission solutions, will report third quarter 2024 financial results on Monday, November 4, 2024, 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 877-506-6380, while international participants may dial 412-542-4198. A live webcast of the conference call as well as an accompanying slide presentation will be available at https://app.webinar.net/8eqdGbMZ6Xa 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 November 18, 2024, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 10193464.
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
For more than 70 years, Vectrus has provided critical mission support for our customers’ toughest operational challenges. As a high-performing organization with exceptional talent, deep domain knowledge, a history of long-term customer relationships, and groundbreaking technical expertise, we deliver innovative, mission-matched solutions for our military and government customers worldwide. Whether it’s base operations support, supply chain and logistics, IT mission support, engineering and digital integration, security, or maintenance, repair and overhaul, our customers count on us for on-target solutions that increase efficiency, reduce costs, improve readiness, and strengthen national security. Vectrus is headquartered in Colorado Springs, Colo., and includes about 8,100 employees spanning 205 locations in 28 countries. In 2021, Vectrus generated sales of $1.8 billion. For more information, visit the company’s website at www.vectrus.com or connect with Vectrus on Facebook, Twitter, and LinkedIn.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Noble Conference. We hosted V2X President and CEO Jeremy Wensinger at our Basic Industries Virtual Investor Conference. Mr. Wensinger touched on the Company’s end-to-end capabilities, including full lifecycle solutions, large backlog, positive future opportunity, and an expanding addressable market. A replay of the presentation, including Q&A can be viewed at: https://www.channelchek.com/videos/v2x-inc-vvx-noble-capital-markets-basic-industries-virtual-conference-replay
Expanding Addressable Market. With the combination of Vectrus and Vertex, V2X is now able to pursue opportunities previously out of either individual company’s reach, expanding V2X’s addressable market. The prime example of this is the July award of the $3.7 billion War Fighter Training Readiness contract, which combined strengths of both the old Vectrus and Vertex into a winning proposal, even against stiff competition.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
For more than 70 years, Vectrus has provided critical mission support for our customers’ toughest operational challenges. As a high-performing organization with exceptional talent, deep domain knowledge, a history of long-term customer relationships, and groundbreaking technical expertise, we deliver innovative, mission-matched solutions for our military and government customers worldwide. Whether it’s base operations support, supply chain and logistics, IT mission support, engineering and digital integration, security, or maintenance, repair and overhaul, our customers count on us for on-target solutions that increase efficiency, reduce costs, improve readiness, and strengthen national security. Vectrus is headquartered in Colorado Springs, Colo., and includes about 8,100 employees spanning 205 locations in 28 countries. In 2021, Vectrus generated sales of $1.8 billion. For more information, visit the company’s website at www.vectrus.com or connect with Vectrus on Facebook, Twitter, and LinkedIn.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
A Sale. Last week, V2X announced an offering of 2 million shares, with an additional 300,000 shares potentially sold, at $48/sh by American Industrial Partners. AIP will continue to beneficially own approximately 54.4% of the outstanding common stock, or 16,967,286 shares (or approximately 53.4% if the underwriters exercise their option to purchase additional shares in full). Noble Capital was a co-manager of the offering. V2X did not receive any proceeds from the share sale.
Expected. AIP received its shares in the Vectrus/Vertex merger, and we had expected AIP eventually to begin to sell off its stake. V2X shares reacted negatively to the announcement, declining from the $54 level prior to the announcement to the current $49 level. We believe the sell-off to be unwarranted given V2X’s strong operating performance and AIP’s still substantial holdings in V2X shares.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
MCLEAN, Va., Aug. 27, 2024 /PRNewswire/ — V2X, Inc. (NYSE: VVX) has appointed Jeremy Nance as General Counsel. In this role, Nance will be responsible for managing all legal matters related to V2X’s operations, transactions, and business practices. He will also join the executive team and report directly to President and Chief Executive Officer, Jeremy C. Wensinger.
Nance has served on V2X’s legal team since July 2018, and most recently as Vice President, Deputy General Counsel and Chief Compliance Officer for the company. “Jeremy Nance brings a wealth of experience and a deep understanding of the legal landscape that will benefit V2X as we continue to grow in our industry,” said Jeremy C. Wensinger, President and CEO of V2X.
In a related move, V2X’s Sarita Malakar has been named Corporate Secretary and Sustainability Officer, assuming responsibility for ensuring the efficient and compliant operation of the Board of Directors. Malakar, who has been an essential part of V2X since July 2022, currently serves as Vice President and Deputy General Counsel and Assistant Secretary, bringing a strong legal background and governance expertise to her new role.
These appointments follow Kevin Boyle’s departure, who is departing after six years of valuable service to V2X. The company expresses its gratitude for Boyle’s contributions and wishes him well in this future endeavors.
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 IR@GOv2x.com 719-637-5773
MCLEAN, Va., Aug. 26, 2024 /PRNewswire/ — V2X, Inc. (NYSE: VVX) announces that it has been awarded a single award indefinite-delivery/indefinite-quantity contract valued at $747 million. The F-5 aircraft play a crucial role in training naval pilots by providing adversary combat tactics and simulation capabilities. This advanced training environment ensures that pilots are well-prepared for real-world scenarios, enhancing their combat readiness and proficiency. The use of F-5s in an aggressor-training role contributes significantly to the overall readiness of our armed forces, ensuring they are equipped with the skills and experience needed to protect the nation effectively.
This contract underscores V2X’s commitment to supporting our nation’s military readiness and ensuring the sustainability of these essential assets.
“We are honored to have been selected for this critical endeavor, further solidifying our dedication to providing industry leading support for our nation’s defense,” said Jeremy C. Wensinger, President and Chief Executive Officer at V2X. “We look forward to leveraging our expertise and capabilities to ensure the operational excellence of the F-5 aircraft and, by extension, the readiness of the U.S. Navy and Marine Corps.”
V2X will be responsible for delivering critical support and operational readiness of the F-5 Adversary aircraft. The work will encompass multiple locations across the United States.
Under this firm-fixed price contract, the comprehensive scope of services is projected to continue through November 2028 on the base contract, with three one-year options that could extend through November 2031, bringing the overall contract value to more than $747 million.
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., Aug. 21, 2024 /PRNewswire/ — V2X, Inc. (NYSE: VVX) announces a mission critical win to provide readiness capabilities to the U.S. Army worldwide under the Warfighter-Training Readiness Solutions (W-TRS) task order. Valued at $3.7 billion over five years, including option periods, this task order further solidifies V2X’s leading role in enabling full spectrum readiness for every soldier and unit across the U.S. Army.
At the heart of this initiative is the mission enablement services for the Army’s expansive network of Training Aids Devices Simulations and Simulators (TADSS). V2X will provide a flexible enterprise solution that will seamlessly support hundreds of thousands of these critical devices worldwide, evolving warfighter training needs.
“We are leading Army readiness with solutions that incorporate technology, techniques, and integration for a rapidly changing operational environment. W-TRS empowers the Army to harness cutting-edge innovation swiftly, making sure our forces remain agile and prepared against all threats,” said Jeremy C. Wensinger, President and Chief Executive Officer at V2X. Wensinger reaffirmed V2X’s dedication to the strategic readiness of the Army, “This comprehensive effort ensures our warfighters are properly prepared to keep the nation safe and that our customers are enabled to execute missions around the globe.”
“V2X has a proven track record of providing high-consequence mission readiness to the Army, and we are honored the Army has continued to put their trust in V2X to ensure every soldier and unit in the Army has the tools they need to conduct realistic training so they are prepared whenever called upon to deploy,” said Ken Shreves, Senior Vice President of Global Mission Solutions at V2X. “This win underscores V2X’s commitment to delivering comprehensive, end-to-end solutions throughout the entire mission lifecycle.”
For decades, V2X has partnered with the U.S. Army at two of its four Combat Training Centers: the National Training Center in Fort Irwin, California, and the Joint Multinational Readiness Center in Germany. We continue to provide solutions to U.S. Army Central Command in Kuwait. V2X’s dedication to supporting the U.S. Army extends beyond operational excellence to safeguarding national security through robust mission critical initiatives. As the premier mission solution partner for the Army, V2X ensures readiness across all global theaters, reinforcing our nation’s defenses during both peacetime and active operations.
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
For more than 70 years, Vectrus has provided critical mission support for our customers’ toughest operational challenges. As a high-performing organization with exceptional talent, deep domain knowledge, a history of long-term customer relationships, and groundbreaking technical expertise, we deliver innovative, mission-matched solutions for our military and government customers worldwide. Whether it’s base operations support, supply chain and logistics, IT mission support, engineering and digital integration, security, or maintenance, repair and overhaul, our customers count on us for on-target solutions that increase efficiency, reduce costs, improve readiness, and strengthen national security. Vectrus is headquartered in Colorado Springs, Colo., and includes about 8,100 employees spanning 205 locations in 28 countries. In 2021, Vectrus generated sales of $1.8 billion. For more information, visit the company’s website at www.vectrus.com or connect with Vectrus on Facebook, Twitter, and LinkedIn.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
2Q24 Results. Record revenue of $1.07 billion, up 9.7% from $977.9 million in 2Q23. We had estimated $1.02 billion. Adjusted EBITDA totaled $72.3 million, or a 6.7% margin, compared to $77.8 million and 8.0% last year, driven by contract mix. V2X reported a GAAP net loss of $6.5 million, or a loss of $0.21/sh, versus net income of $1.8 million, or $0.06/sh, in 2Q23. Adjusted EPS was $0.83 versus $1.10. We had estimated adjusted EPS at $0.87.
Revenue Drivers. Revenue growth in the quarter was achieved through continued expansion of existing business in the Pacific and Middle East regions, as well as new programs. Revenue growth in both areas grew by 29% year-over-year. Notably, in the quarter V2X had over $500 million of on contract growth.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Operating income of $27.4 million; adjusted operating income1 of $65.8 million
Net loss of $6.5 million, down $8.3 million y/y
Adjusted EBITDA1 of $72.3 million with a margin1 of 6.7%
Diluted EPS of ($0.21); Adjusted diluted EPS1 of $0.83
Over $4 billion of recent awards, including a new award valued up to $3.0+ billion to provide next generation readiness
Successfully repriced and extended $904 million Term Loan B
2024 Guidance:
Raising full-year revenue guidance and reaffirming Adjusted EBITDA, EPS, and Operating Cash Flow1
MCLEAN, Va., Aug. 6, 2024 /PRNewswire/ — V2X, Inc. (NYSE:VVX) announced second quarter 2024 financial results.
“I am honored to join the V2X team and look forward to leveraging our mission first culture, differentiated capabilities, and impressive past performance to achieve our next stage of growth,” said Jeremy C. Wensinger, President and Chief Executive Officer of V2X. “Our people, processes, agility and expertise to operate worldwide are a differentiator. This enables alignment to critical missions with an ability to operate at scale around the globe.”
Mr. Wensinger continued, “Demand remains strong for our mission based full lifecycle solutions and was demonstrated through several recent awards valued at over $4 billion. This includes a new five-year award valued at $3.0+ billion to deliver next generation readiness. In addition, we received a new production award from the U.S. Army for our Gateway Mission Routers valued at $49 million, an award valued at $265 million to support NASA’s operations in preparation for human spaceflight missions at the Johnson Space Center, and the award of the F-5 adversarial aircraft program from the U.S. Navy valued at $747 million.”
“Importantly, our ability to deliver a full range of assured communications has resulted in two awards, further expanding our relationship with the Navy and our footprint in the Pacific. Our $88 million Naval Computer and Telecommunications Pacific award will provide vital C4I support to forces across the Pacific and Indian Oceans. Our $141 million Fleet Systems Engineering Team (FSET) program will continue to deliver end-to-end C4I systems engineering solutions. FSET ensures that no U.S. Navy Strike Group deploys without V2X.”
Mr. Wensinger concluded, “V2X has great momentum and I believe there is substantial opportunity to build upon the impressive foundation by further leveraging technology and solutions to enhance business and customer outcomes.”
Second Quarter 2024 Results
“V2X reported record revenue of $1.07 billion in the quarter, which represents 10% year-over-year growth,” said Shawn Mural, Senior Vice President and Chief Financial Officer. “Revenue growth in the quarter was achieved through continued expansion of existing business in the Pacific and Middle East regions, as well as new programs. Revenue growth in the Pacific was 29% year-over-year and 23% on a sequential basis, driven by continued expansion of scope and services in the region. Revenue growth in the Middle East was also 29% year-over-year, driven primarily by expansion in Qatar and the continued phase-in of our longer-term Saudi Aviation Training and Support Services program.”
“For the quarter, the Company reported operating income of $27.4 million and adjusted operating income1 of $65.8 million. Adjusted EBITDA1 was $72.3 million with a margin of 6.7%. Second quarter GAAP diluted EPS was ($0.21). Adjusted diluted EPS1 for the quarter was $0.83. The adjusted tax rate in the second quarter was 28% due to the executive transition. Absent this, our adjusted tax rate would have been approximately 23% yielding adjusted EPS of $0.88.”
“Year to date, net cash used by operating activities was $31.6 million, reflective of working capital requirements to support growth. Adjusted net cash used by operating activities1 was $137.3 million, adding back approximately $12.1 million of M&A and integration costs and removing the contribution of the master accounts receivable purchase or MARPA facility of $117.8 million.”
“At the end of the quarter, net debt for V2X was $1,150 million. Net leverage ratio1,2 was 3.56x, essentially flat compared to the first quarter 2024. We expect to achieve a net leverage ratio of 3.0x, by the end of 2024. During the quarter, we successfully repriced and extended our $904 million Term Loan B. This outcome is a testament to the strength in our business and is yielding additional interest expense savings while lowering our overall cost of capital.”
“Total backlog as of June 28, 2024, was $12.2 billion. Funded backlog was $2.9 billion. Bookings in the quarter were $759 million. We expect backlog to increase in the second half of the year due to awards and contract definitizations.”
Raising 2024 Revenue Guidance
Mr. Mural concluded, “Given our strong revenue performance in the first half of the year we are updating our total year guidance.”
Guidance for 2024 is as follows:
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.
Second Quarter Conference Call
Management will conduct a conference call with analysts and investors at 8:00 a.m. ET on Tuesday, August 6, 2024. U.S.-based participants may dial in to the conference call at 877-506-6380, while international participants may dial 412-542-4198. A live webcast of the conference call as well as an accompanying slide presentation will be available here: https://app.webinar.net/Aba2LPOkBXe
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 August 20, 2024, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 10190283.
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. 2 Net leverage ratio of 3.6x equals net debt of $1,150 million divided by trailing twelve-month (TTM) bank EBITDA of $322.7 million.
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 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 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.
For more than 70 years, Vectrus has provided critical mission support for our customers’ toughest operational challenges. As a high-performing organization with exceptional talent, deep domain knowledge, a history of long-term customer relationships, and groundbreaking technical expertise, we deliver innovative, mission-matched solutions for our military and government customers worldwide. Whether it’s base operations support, supply chain and logistics, IT mission support, engineering and digital integration, security, or maintenance, repair and overhaul, our customers count on us for on-target solutions that increase efficiency, reduce costs, improve readiness, and strengthen national security. Vectrus is headquartered in Colorado Springs, Colo., and includes about 8,100 employees spanning 205 locations in 28 countries. In 2021, Vectrus generated sales of $1.8 billion. For more information, visit the company’s website at www.vectrus.com or connect with Vectrus on Facebook, Twitter, and LinkedIn.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
New Awards. Returning to a continuing theme, V2X recently has been awarded some significant new and re-compete business. We believe the awards demonstrate the Company’s ability to compete, and win, in the converged environment.
GMR Award. Notably, on July 22nd V2X secured a $48.5 million ID/IQ contract with the U.S. Army for V2X’s Gateway Mission Router. This is a significant award, in our view, as it highlights V2X’s ability to deliver cutting edge solutions to its partners and expands the number of platforms on which GMR can reside. In addition, margins on the GMR product should be additive to the Company’s overall margin profile.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
MCLEAN, Va., June 3, 2024 /PRNewswire/ — V2X, Inc. (NYSE: VVX) announces it has successfully repriced and extended its $907 million First Lien Term Loan.
Under the repricing, the annual interest margin was reduced by 50 basis points to 2.75%. Additionally, the 10-basis point Credit Spread Adjustment was eliminated from the company’s Secured Overnight Financing Rate, further improving the anticipated savings from the repricing. The company also extended the maturity of the loan by two years to December 2030.
“I’m pleased to report the successful repricing of our first lien term loan, which is another positive step in our efforts to increase shareholder value and enhance the company’s capital structure,” said Shawn Mural, Senior Vice President and Chief Financial Officer at V2X. “The repricing is expected to yield notable interest expense savings and lower the overall cost of capital, while extending those benefits for another two years. This outcome is a testament to the strength in our business, supported by V2X’s robust backlog, strong cash flow generation capabilities, and progress deleveraging the balance sheet.”
About V2X
V2X builds smart solutions designed to integrate physical and digital infrastructure – by aligning people, actions, and outputs. 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 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 in this release that are not historical, including, without limitation, interest expense savings, cost of capital, strength in our business, long-term contracts, cash flow generation capabilities, backlog, and progress deleveraging the balance sheet.
Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intent,” “estimate,” “anticipate,” “believe,” “could,” “potential,” “continue,” “can,” “goal,” “long-term,” “drive,” “next,” and variations of such words and or similar expressions and 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 in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the SEC.
We do not undertake, and expressly disclaim, any duty or obligation to update publicly any forward-looking statement after the date of this release, whether as a result of new information, future events or otherwise, except as required by law.
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
MCLEAN, Va., May 20, 2024 /PRNewswire/ — V2X, Inc. (NYSE: VVX) is proud to announce that multiple sites under its operations within the Department of Defense Information Network have been named Facility of the Year by the Defense Information Systems Agency (DISA). These awards recognize exceptional performance across all aspects of the programs.
The DISA Defense Information Systems Network (DISN) Facility of the Year recognizes outstanding DISN facilities for exemplary accomplishments, performance, and contributions made to enhance the effectiveness in which the Department of Defense Information Network is operated, secured, and managed.
Three V2X locations emerged as winners with an additional four earning recognition as runners-up. The three V2X locations were chosen as winners support the Operations, Maintenance and Supply-Europe (OPMAS-E) program, the Enterprise Legacy Voice and Information System (ELVIS) program and the Operations, Maintenance and Defense of Army Communications (OMDAC) program.
“We are deeply honored by the recognition of multiple V2X locations and remain committed to our ongoing commitment to provide enhanced reliability and protection of vital DoD networks across the globe,” said Ken Shreves, Senior Vice President of Global Mission Solutions and Chief Service Delivery and Growth Officer at V2X. “The contributions of OPMAS, OMDAC, and ELVIS to the DISA mission are paramount, and we take great pride in their steadfast dedication to delivering around the clock mission critical IT and communications support in over 10 countries.”
The Facility of the Year winners include:
Europe Red Switch (ELVIS)
Europe Facility Control Office (OPMAS-E)
DISA CENT Large Transmission (OMDAC)
The Facility of Year Runners-Up are:
Europe Small Ankara (ELVIS)
Europe Medium Mildenhall (ELVIS)
Europe Large Landstuhl (OPMAS-E)
Europe Red Switch Patch Barracks (OPMAS-E)
DISA is a combat support agency of the Department of Defense (DoD) and provides, operates, and assures command and control and information-sharing capabilities and a globally accessible enterprise information infrastructure in direct support to joint warfighters, national level leaders, and other mission and coalition partners across the full spectrum of military operations.
About V2X
V2X builds smart solutions designed to integrate physical and digital infrastructure – by aligning people, actions, and outputs. 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.
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
For more than 70 years, Vectrus has provided critical mission support for our customers’ toughest operational challenges. As a high-performing organization with exceptional talent, deep domain knowledge, a history of long-term customer relationships, and groundbreaking technical expertise, we deliver innovative, mission-matched solutions for our military and government customers worldwide. Whether it’s base operations support, supply chain and logistics, IT mission support, engineering and digital integration, security, or maintenance, repair and overhaul, our customers count on us for on-target solutions that increase efficiency, reduce costs, improve readiness, and strengthen national security. Vectrus is headquartered in Colorado Springs, Colo., and includes about 8,100 employees spanning 205 locations in 28 countries. In 2021, Vectrus generated sales of $1.8 billion. For more information, visit the company’s website at www.vectrus.com or connect with Vectrus on Facebook, Twitter, and LinkedIn.
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
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A New CEO. Yesterday, V2X announced Jeremy Wensinger has been appointed President, Chief Executive Officer, and a member of the Company’s Board of Directors, succeeding Chuck Prow effective June 17, 2024. According to the Company, this leadership change is the result of a thorough Board-led succession planning process designed to ensure a smooth transition and continue V2X’s positive business momentum.
Board Statement. V2X’s Board noted, “Following a thorough process to identify our next CEO, the Board is confident that Jeremy is a strong, experienced leader for V2X’s next chapter of growth. He has a proven track record of delivering best-in-class financial and operational performance within the broad defense services and aerospace industry, as well as a strategic approach to managing businesses, building strong stakeholder relationships, and creating value.”
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Jeremy Wensinger Appointed President and CEO, Succeeding Chuck Prow
MCLEAN, Va., May 13, 2024 /PRNewswire/ — V2X, Inc. (NYSE: VVX), a leading provider of global mission solutions, announced today that Jeremy Wensinger has been appointed President, Chief Executive Officer and a member of the company’s Board of Directors, succeeding Chuck Prow. This appointment, which is effective as of June 17, 2024, is the result of a thorough Board-led succession planning process designed to ensure a smooth transition and continue V2X’s positive business momentum.
Mr. Wensinger has had a highly distinguished 35-year career as a defense and government services industry executive. He most recently served as Chief Operating Officer of Peraton Inc., a next-generation national security company providing solutions and services primarily to the U.S. government with $7 billion in annual revenue. Mr. Wensinger previously served in various leadership roles at Harris Corporation, Cobham PLC, and PAE Government Services, Inc. Throughout his career, he has demonstrated strong leadership and organizational management in driving organic growth, implementing strong business development processes and differentiated technology strategies, executing business integrations, and leading business improvement initiatives.
“Following a thorough process to identify our next CEO, the Board is confident that Jeremy is a strong, experienced leader for V2X’s next chapter of growth,” said Mary Howell, Chairman of V2X’s Board of Directors. “He has a proven track record of delivering best-in-class financial and operational performance within the broad defense services and aerospace industry, as well as a strategic approach to managing businesses, building strong stakeholder relationships, and creating value.”
Mr. Wensinger said, “I am honored to join the V2X team as CEO. I look forward to building on the considerable growth and operating improvements V2X has made, while taking a fresh look at the areas of the business where we can further capitalize on the full potential of our market opportunity. I am eager to begin working with the Board, leadership, and talented V2X team to execute on our strategic and financial goals and drive shareholder value.”
“As the company nears the two-year anniversary of completing the transformational merger of Vectrus with Vertex to create the V2X platform, we thank Chuck for his dedication and valuable contributions,” Mrs. Howell said. “During his tenure as CEO, the company delivered significant organic growth as well as further diversified its contract and customer base, established entirely new technological and service capabilities, and delivered an enhanced customer and employee experience. We look forward to building upon these successes.”
“I would like to thank V2X’s employees, as well as our clients and industry partners, for their trust and confidence in the journey which is now V2X,” Mr. Prow said. “Leading the talented men and women of V2X, deployed globally in support of some of our nation’s most critical missions, has been an honor and privilege.”
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
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 in this release that are not historical, including, without limitation, goals for future performance, results and value, our long-term growth outlook and targets and related assumptions and drivers, as well as the expected execution and effect of our business strategies, expectations regarding management transition plans, 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,” “intent,” “estimate,” “anticipate,” “believe,” “could,” “potential,” “continue,” “can,” “goal,” “long-term,” “drive,” “next,” and variations of such words and or similar expressions and 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 in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the SEC.
We do not undertake, and expressly disclaim, any duty or obligation to update publicly any forward-looking statement after the date of this release, whether as a result of new information, future events or otherwise, except as required by law.
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
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