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., July 16, 2024 /PRNewswire/ — V2X, Inc., (NYSE: VVX), a leading provider of global mission solutions, will report second quarter 2024 financial results on Tuesday, August 6, 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 877-506-6380, 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/Aba2LPOkBXe 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 August 20, 2024, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 10190283.
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
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
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.
Refer to the full report for the price target, fundamental analysis, and rating.
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
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.
Refer to the full report for the price target, fundamental analysis, and rating.
Off on the Right Foot. V2X delivered solid first quarter results, starting 2024 off on the right foot. Revenue, adjusted EBITDA, and adjusted earnings all came in above our estimates. OpTempo remains elevated in CENTOM and INDOPACOM given the recent events occurring in those areas, driving V2X results.
1Q24. Revenue of $1.0 billion was up 7.1% y-o-y, driven by 22% growth in the Middle East and 7% growth in the Pacific. We had forecasted $950 million in revenue for 1Q. Adjusted EBITDA for the quarter totaled $69.1 million, or a 6.8% margin, and up from $68 million in 1Q23. Adjusted net income was $28.6 million, or EPS of $0.90, compared to $25.1 million, or EPS of $0.80 last year. We had estimated $24.8 million, or $0.77/sh.
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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 $30.3 million; adjusted operating income1 of $62.9 million
Net income of $1.1 million, up $18.6 million y/y
Adjusted EBITDA1 of $69.1 million with a margin1 of 6.8%
Diluted EPS of $0.04; Adjusted diluted EPS1 of $0.90
Selected to provide technology solutions for threat detection and response to Chemical, Biological, Radiological, & Nuclear hazards
Awarded position on U.S. Navy’s Global Contingency Services Multiple Award Contract III valued up to $2 billion
2024 Guidance:
Reaffirming full-year 2024 guidance
MCLEAN, Va., May 7, 2024 /PRNewswire/ — V2X, Inc. (NYSE:VVX) announced first quarter 2024 financial results.
“V2X reported a solid start to 2024 with revenue up 7% year-over-year,” said Chuck Prow, President and Chief Executive Officer of V2X. “Our leading growth indicators remain strong with a robust backlog of $12.6 billion and a pipeline of nearer-term new business opportunities of $25 billion. V2X continues to advance our transformation to deliver enhanced capabilities in an expanding market. Given our first quarter results and trends we are seeing in our business, we are reaffirming our 2024 guidance.”
“We continue to witness growth in the Pacific or INDOPACOM, with our presence in the region proving to be a key channel to support increasing mission requirements,” said Mr. Prow. “Revenue in the region was up 7% year-over-year. We continue to expand our scope of services in the region, which includes a new award to deploy an assured and protected private 5G communications solution and enable smart logistics in the Philippines. Additionally, our position in the Middle East or CENTCOM continues to expand with revenue up 22% year-over-year. As the largest services provider to the Department of Defense in the Middle East, V2X stands ready to support our clients mission requirements.”
Mr. Prow continued, “V2X remains focused on differentiated operational technologies that fuse the digital and physical aspects of our clients’ missions. This differentiation is driving growth and was recently demonstrated through contract awards valued at $75 million to provide technology solutions for threat detection and response to Chemical, Biological, Radiological, and Nuclear (CBRN) hazards. This work expanded from a prototype effort to a new sole source award for the production, upgrade, and fielding of cutting-edge systems at overseas operational locations. Under the contract, V2X is the lead systems integrator for CBRN Support to Command and Control (CSC2) program. CSC2 is the program of record for the integration of CBRN, which will link sensors together to provide integrated situational awareness about potential hazards to inform end user decision making.”
Mr. Prow concluded, “I’m pleased to announce that V2X was selected as a prime contractor for the U.S. Navy’s Global Contingency Services Multiple Award Contract III (GCSMAC III). The contract is valued at up to $2 billion, was awarded by the Naval Facilities Engineering Command, Pacific in Hawaii, and enables V2X to provide critical support services for a wide range of scenarios, including natural disasters, humanitarian efforts, and military actions. The total contract value for GCSMAC III was increased significantly from the prior iteration, which reached its ceiling value of $900 million. Importantly, V2X was the leading provider of services under the prior iteration of the contract, winning $300 million in task orders.”
First Quarter 2024 Results
“V2X reported revenue of $1.0 billion in the quarter, which represents 7.1% 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. Growth in the Pacific was driven by continued expansion of scope and services, particularly at Kwajalein Atoll. Growth in the Middle East was driven primarily by expansion in Qatar and the ramp up of our longer-term Saudi Aviation Support & Training program.”
“For the quarter, the Company reported operating income of $30.3 million and adjusted operating income1 of $62.9 million. Adjusted EBITDA1 was $69.1 million with a margin of 6.8%. First quarter GAAP diluted EPS was $0.04, due primarily to merger and integration related costs, amortization of acquired intangible assets, and interest expense. Adjusted diluted EPS1 for the quarter was $0.90.”
“An important attribute of our business is the ability to generate strong cash flow with low capital expenditure requirements. We expect to deliver full-year adjusted net cash provided by operating activities1 of $145 million to $165 million, representing 120% adjusted net income conversion1 at the mid-point. During the quarter, net cash used by operating activities was $57.2 million, in line with our historical pattern and reflective of a receivable delay that collected shortly after the quarter closed. Adjusted net cash used by operating activities1 was $83.5 million, adding back approximately $5.8 million of M&A and integration costs and removing the contribution of the master accounts receivable purchase or MARPA facility of $32.1 million.”
“At the end of the quarter, net debt for V2X was $1,173 million. Net leverage ratio1was 3.5x, down from 3.8x at the end of the first quarter 2023. We expect to achieve a net leverage ratio of 3.0x, or below, by the end of 2024.”
“Total backlog as of March 29, 2024, was $12.6 billion. Funded backlog was $2.7 billion. Bookings in the quarter were $0.8 billion, resulting in a trailing twelve-month book-to-bill of 1.2x.”
Reaffirming 2024 Guidance
Mr. Mural concluded, “We are pleased with the performance across our business and start to the year. Our teams continue to execute, driving expansion on existing operations and phasing in of new programs. As such, the Company is reaffirming its guidance for 2024.”
Guidance for 2024 remains 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.
First Quarter Conference Call
Management will conduct a conference call with analysts and investors at 8:00 a.m. ET on Tuesday, May 7, 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/24war3pJ8n7
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 May 21, 2024, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 13745566.
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. 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 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.
MCLEAN, Va., May 6, 2024 /PRNewswire/ — V2X, Inc. (NYSE: VVX) announces its continued support to the National Training Center Training Services Contract (NTCTSC) under a one-year bridge contract with the US Army. The bridge contract extends the period of performance of the original five-year award. This extension reinforces V2X’s longstanding record of excellence in preparing warfighters for deployment.
The NTCTSC contract enables V2X to maintain its role in supporting training operations at NTC, located in Ft. Irwin, CA. V2X’s responsibilities under the contract include providing advisory services, technical expertise, and system operators to ensure training is both effective and efficient. Specifically, the NTCTSC Bridge facilitates training support services, which include audio-visual operations for after-action review productions, leadership advisory services, secure LAN operations, skilled role players, Blue Force Tracker system management, battlefield effects, computer training, analytical system operations, and a range of other specialized services.
“We are proud to be a trusted partner in delivering mission-critical support to the brigade combat teams cycling through the National Training Center,” said Ken Shreves, Senior Vice President of Global Mission Solutions and Chief Service Delivery and Growth Officer at V2X. “With our proven track record of providing high-consequence training support to the US Army, V2X is uniquely positioned to prepare soldiers for global missions.”
“For nearly three decades, our team has met or exceeded all customer requirements at the NTC and continues to perform in an exceptional manner across the U.S. Army’s training centers,” said Aileen Amirault, Vice President and General Manager of V2X Global Training Solutions. “Our commitment extends globally, as evidenced by our work at the Joint Multinational Readiness Center (JMRC) in Germany, and our delivery of training support, maintenance, and range operations services to U.S. Army Central Command (ARCENT) in Kuwait. This sustained excellence underscores our dedication to supporting our troops wherever they serve.” This training builds on V2X’s time-honored pivotal role in supporting the strategic readiness of the United States Army.
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
MCLEAN, Va., May 2, 2024 /PRNewswire/ — V2X, Inc. (NYSE: VVX) is proud to announce it has been awarded a firm-fixed price contract valued at $88 million, including option periods. This contract supports the operation and maintenance of Navy communication, electronic, and computer systems in support of the Naval Computer and Telecommunications Area Master Station Pacific (NCTAMS PAC).
The NCTAMS PAC serves as the principal Navy hub for communications in the Pacific, providing crucial command, control, communications, computers, and intelligence support to U.S. and allied forces across the Pacific and Indian Oceans.
“This significant award not only enables V2X to continue our crucial support of the Navy’s global communication networks, but it also highlights our expanding footprint and growing solutions in the Pacific region.” said Chuck Prow President and Chief Executive Officer of V2X. “We are grateful for the Navy’s trust in selecting us and look forward to delivering operational excellence while improving the security and efficiency of Navy communications.”
Work under the contract will be primarily performed in Oahu, Hawaii, and Geraldton, Australia and runs through October 2029, including all option periods.
The contract includes a 12-month base period, four 12-month options, and a six-month extension option, as per federal regulations. The full execution of this contract, through October 2029, underscores V2X’s commitment to long-term strategic support for the U.S. Navy’s operational capabilities.
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
MCLEAN, Va., May 1, 2024 /PRNewswire/ — V2X, Inc. (NYSE: VVX) has been awarded a total of $75 million in new and follow-on work to advance the next generation of threat detection and response to Chemical, Biological, Radiological, and Nuclear (CBRN) hazards. This funding is a significant step forward in enhancing global security and operational readiness against evolving threats.
The first part of this funding, amounting to $50 million, is a five-year project that will position V2X as the lead systems integrator under the CBRN Support to Command and Control (CSC2) program. CSC2 is now the program of record for the integration of CBRN and force protection sensors, which provides integrated early warning of attacks, enhancing security and operational readiness at overseas locations.
In addition to the CSC2 contract, V2X is finalizing a $25 million award to modernize and re-architect the CBRN threat warning and notification application, and predictive hazard propagation tools for enhanced operational decision support. These cutting-edge applications are designed to leverage existing systems while adding additional capabilities in a single user-friendly interface. This initiative will play a critical role in harnessing and synthesizing the growing volume of data available to commanders, ensuring rapid and informed decision-making in complex scenarios.
“These awards not only exemplify our commitment to innovation in national defense but also positions V2X at the forefront of a crucial global security initiative that requires distinct operational expertise and an ability to integrate the right technologies for the right mission” said Corinne Minton-Package, Senior Vice President of Operational Technology and Engineering at V2X. “Our technology-driven and converged security solutions are set to significantly boost the efficacy and responsiveness of CBRN threat detection and mitigation on an international scale.”
Both CBRN opportunities are pivotal in advancing the Department of Defense’s vision for Combined Joint All-Domain Command and Control (CJADC2). This vision seeks to connect sensors into a cohesive architecture that communicates across all branches of service, forming a unified network that enhances the collective operational capability of the U.S. military.
The projects underscore V2X’s role as a critical integrator and developer of sophisticated systems that improve security and defense capabilities on a global scale. The company continues to be a leader in the development and deployment of operational solutions that address high consequence mission requirements.
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
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