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WKN: A12BGS | ISIN: US92242T1016 | Ticker-Symbol: 1V1
Frankfurt
04.11.24
08:17 Uhr
56,00 Euro
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V2X, Inc.: V2X Reports Second Quarter Results with Record Revenue

Second Quarter and Recent Highlights

  • Record revenue of $1.07 billion, up 10% y/y
  • 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:

$ millions, except for per share amounts

Prior 2024 Guidance

Updated 2024 Guidance

Revenue

$4,100

$4,200

$4,175

$4,275

Adjusted EBITDA1

$300

$315

$300

$315

Adjusted Diluted Earnings Per Share1

$3.85

$4.20

$3.85

$4.20

Adjusted Net Cash Provided by
Operating Activities1

$145

$165

$145

$165

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.

Investor Contact

Media Contact

Mike Smith, CFA

Angelica Spanos Deoudes

[email protected]

[email protected]

719-637-5773

571-338-5195

Safe Harbor Statement

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 (the "Act"): Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Act. These forward-looking statements include, but are not limited to, all the statements and items listed under "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.

V2X, INC.
CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME (UNAUDITED)




Three Months Ended


Six Months Ended



June 28,


June 30,


June 28,


June 30,

(In thousands, except per share data)


2024


2023


2024


2023

Revenue


$ 1,072,183


$ 977,852


$ 2,082,747


$ 1,921,312

Cost of revenue


998,348


890,452


1,938,638


1,755,082

Selling, general, and administrative expenses


46,409


53,130


86,352


101,381

Operating income


27,426


34,270


57,757


64,849

Loss on extinguishment of debt


(1,998)


-


(1,998)


(22,052)

Interest expense, net


(28,807)


(31,950)


(56,381)


(63,694)

Other expense, net


(4,735)


(311)


(6,368)


(311)

(Loss) income from operations before income taxes


(8,114)


2,009


(6,990)


(21,208)

Income tax (benefit) expense


(1,570)


210


(1,590)


(5,527)

Net (loss) income


$ (6,544)


$ 1,799


$ (5,400)


$ (15,681)










(Loss) earnings per share









Basic


$ (0.21)


$ 0.06


$ (0.17)


$ (0.51)

Diluted


$ (0.21)


$ 0.06


$ (0.17)


$ (0.51)

Weighted average common shares outstanding - basic


31,470


31,033


31,411


30,981

Weighted average common shares outstanding - diluted


31,470


31,605


31,411


30,981

V2X, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)




June 28,


December 31,

(In thousands, except per share data)


2024


2023

Assets





Current assets





Cash, cash equivalents and restricted cash


$ 44,770


$ 72,651

Receivables


781,898


705,995

Prepaid expenses and other current assets


149,925


96,223

Total current assets


976,593


874,869

Property, plant, and equipment, net


70,265


85,429

Goodwill


1,655,905


1,656,926

Intangible assets, net


367,148


407,530

Right-of-use assets


35,594


41,215

Other non-current assets


45,718


15,931

Total non-current assets


2,174,630


2,207,031

Total Assets


$ 3,151,223


$ 3,081,900

Liabilities and Shareholders' Equity





Current liabilities





Accounts payable


$ 462,496


$ 453,052

Compensation and other employee benefits


166,409


158,088

Short-term debt


16,878


15,361

Other accrued liabilities


242,398


213,700

Total current liabilities


888,181


840,201

Long-term debt, net


1,141,562


1,100,269

Deferred tax liabilities


11,128


11,763

Operating lease liabilities


31,778


34,691

Other non-current liabilities


86,623


104,176

Total non-current liabilities


1,271,091


1,250,899

Total liabilities


2,159,272


2,091,100

Commitments and contingencies (Note 7)





Shareholders' Equity





Preferred stock; $0.01 par value; 10,000,000 shares authorized; No shares issued and
outstanding


-


-

Common stock; $0.01 par value; 100,000,000 shares authorized; 31,480,227 and
31,191,628 shares issued and outstanding as of June 28, 2024 and December 31,
2023, respectively


315


312

Additional paid in capital


767,982


762,324

Retained earnings


225,451


230,851

Accumulated other comprehensive loss


(1,797)


(2,687)

Total shareholders' equity


991,951


990,800

Total Liabilities and Shareholders' Equity


$ 3,151,223


$ 3,081,900

V2X, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)




Six Months Ended



June 28,


June 30,

(In thousands)


2024


2023

Operating activities





Net loss


$ (5,400)


$ (15,681)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:

Depreciation expense


11,870


11,326

Amortization of intangible assets


45,525


45,211

Amortization of cloud computing arrangements


886


142

Impairment of non-operating long-lived asset


2,192


-

Loss on disposal of property, plant, and equipment


269


522

Stock-based compensation


11,794


20,446

Deferred taxes


(1,207)


(5,143)

Amortization of debt issuance costs


4,163


4,692

Loss on extinguishment of debt


1,998


22,052

Changes in assets and liabilities:





Receivables


(51,693)


(20,404)

Other assets


(56,734)


(1,351)

Accounts payable


(9,505)


7,647

Compensation and other employee benefits


8,480


(23,150)

Other liabilities


5,811


31,831

Net cash (used in) provided by operating activities


(31,551)


78,140

Investing activities





Purchases of capital assets


(8,511)


(11,543)

Proceeds from the disposition of assets


11


5

Acquisitions of businesses


(16,939)


-

Net cash used in investing activities


(25,439)


(11,538)

Financing activities





Proceeds from issuance of long-term debt


-


250,000

Repayments of long-term debt


(7,669)


(424,888)

Proceeds from revolver


648,750


552,750

Repayments of revolver


(602,750)


(467,750)

Proceeds from stock awards and stock options


149


6

Payment of debt issuance costs


(1,188)


(7,507)

Prepayment premium on early redemption of debt


-


(1,600)

Payments of employee withholding taxes on share-based compensation


(5,767)


(14,618)

Net cash provided by (used in) financing activities


31,525


(113,607)

Exchange rate effect on cash


(2,416)


1,252

Net change in cash, cash equivalents and restricted cash


(27,881)


(45,753)

Cash, cash equivalents and restricted cash - beginning of period


72,651


116,067

Cash, cash equivalents and restricted cash - end of period


$ 44,770


$ 70,314






Supplemental disclosure of cash flow information:





Interest paid


$ 55,374


$ 58,300

Income taxes paid


$ 7,946


$ 2,707

Purchase of capital assets on account


$ 520


$ 1,813

Key Performance Indicators and Non-GAAP Measures

The primary financial performance measures we use to manage our business and monitor results of operations are revenue trends and operating income trends. Management believes that these financial performance measures are the primary drivers for our earnings and net cash from operating activities. Management evaluates its contracts and business performance by focusing on revenue, and operating income. Operating income represents revenue less both cost of revenue and selling, general and administrative (SG&A) expenses. Cost of revenue consists of labor, subcontracting costs, materials, and an allocation of indirect costs, which includes service center transaction costs. SG&A expenses consist of indirect labor costs (including wages and salaries for executives and administrative personnel), bid and proposal expenses and other general and administrative expenses not allocated to cost of revenue.

We manage the nature and amount of costs at the program level, which forms the basis for estimating our total costs and profitability. This is consistent with our approach for managing our business, which begins with management's assessing the bidding opportunity for each contract and then managing contract profitability throughout the performance period.

In addition to the key performance measures discussed above, we consider adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted EBITDA, adjusted EBITDA margin, and adjusted operating cash flow to be useful to management and investors in evaluating our operating performance, and to provide a tool for evaluating our ongoing operations. This information can assist investors in assessing our financial performance and measures our ability to generate capital for deployment among competing strategic alternatives and initiatives. We provide this information to our investors in our earnings releases, presentations, and other disclosures.

Adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted EBITDA, adjusted EBITDA margin, and adjusted net cash provided by (used in) operating activities, however, are not measures of financial performance under GAAP and should not be considered a substitute for financial measures determined in accordance with GAAP. Definitions and reconciliations of these items are provided below.

  • Adjusted operating income is defined as operating income, adjusted to exclude items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration, and related costs.
  • Adjusted EBITDA is defined as operating income, adjusted to exclude depreciation and amortization of intangible assets, and items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration, and related costs.
  • Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue.
  • Adjusted net income is defined as net income, adjusted to exclude items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration and related costs, amortization of acquired intangible assets, amortization of debt issuance costs, and loss on extinguishment of debt.
  • Adjusted diluted earnings per share is defined as adjusted net income divided by the weighted average diluted common shares outstanding.
  • Cash interest expense, net is defined as interest expense, net adjusted to exclude amortization of debt issuance costs.
  • Adjusted net cash provided by (used in) operating activities or adjusted operating cash flow is defined as net cash provided by (or used in) operating activities adjusted to exclude infrequent non-operating items, such as M&A payments and related costs.
  • Net leverage ratio is defined as net debt (or total debt less unrestricted cash) divided by trailing twelve-month (TTM) bank EBITDA.

Non-GAAP Tables


($K, except per share data)

Three Months Ended


Six Months Ended


June 28, 2024


June 30, 2023


June 28, 2024


June 30, 2023

Revenue

$ 1,072,183


$ 977,852


$ 2,082,747


$ 1,921,312

Net income (loss)

$ (6,544)


$ 1,799


$ (5,400)


$ (15,681)

Plus:








Income tax expense (benefit)

(1,570)


210


(1,590)


(5,527)

Other expense, net

4,735


311


6,368


311

Interest expense, net

28,807


31,950


56,381


63,694

Loss on extinguishment of debt

1,998


-


1,998


22,052

Operating income

$ 27,426


$ 34,270


$ 57,757


$ 64,849

Plus:








Amortization of intangible assets

22,986


22,605


45,525


45,211

M&A, integration and related costs

15,344


14,964


25,325


25,731

Adjusted operating income

$ 65,756


$ 71,839


$ 128,607


$ 135,791

Plus:








Depreciation and CCA amortization

6,513


5,914


12,756


11,326

Adjusted EBITDA

$ 72,269


$ 77,753


$ 141,363


$ 147,117

Adjusted EBITDA margin

6.7 %


8.0 %


6.8 %


7.7 %

Minus:








Cash interest expense, net

26,804


29,771


52,218


59,002

Income tax expense, as adjusted

10,145


7,130


17,300


15,710

Depreciation and CCA amortization

6,513


5,914


12,756


11,326

Other expense, net, as adjusted

2,543


311


4,176


311

Adjusted net income

$ 26,264


$ 34,627


$ 54,913


$ 60,768


($K, except per share data)

Three Months Ended


Six Months Ended


June 28, 2024


June 30, 2023


June 28, 2024


June 30, 2023

Diluted earnings (loss) per share

$ (0.21)


$ 0.06


$ (0.17)


$ (0.51)

Plus:








M&A, integration and related costs

0.36


0.38


0.60


0.64

Amortization of intangible assets

0.53


0.58


1.09


1.13

Amortization of debt issuance costs and
Loss on extinguishment of debt

0.10


0.08


0.15


0.67

FMV land impairment

0.05


-


0.05


-

Adjusted diluted earnings per share

$ 0.83


$ 1.10


$ 1.72


$ 1.93









Average shares outstanding








Basic, as reported

31,470


31,033


31,411


30,981

Diluted, as reported

31,470


31,605


31,411


30,981

Adjusted diluted

31,510


31,605


31,894


31,449

SUPPLEMENTAL INFORMATION

Revenue by client branch, contract type, contract relationship, and geographic region for the periods presented below was as follows:

Revenue by Client













Three Months Ended


Six Months Ended



June 28,


June 30,



June 28,


June 30,


(In thousands)


2024

%

2023

%


2024

%

2023

%

Army


$ 456,690

43 %

$ 393,499

40 %


$ 890,120

43 %

$ 784,002

41 %

Navy


349,824

33 %

293,198

30 %


671,208

32 %

585,888

30 %

Air Force


127,467

12 %

154,001

16 %


246,036

12 %

283,982

15 %

Other


138,202

12 %

137,154

14 %


275,383

13 %

267,440

14 %

Total revenue


$ 1,072,183


$ 977,852



$ 2,082,747


$ 1,921,312













Revenue by Contract Type













Three Months Ended


Six Months Ended



June 28,


June 30,



June 28,


June 30,


(In thousands)


2024

%

2023

%


2024

%

2023

%

Cost-plus and cost-reimbursable


$ 615,837

57 %

$ 507,282

52 %


$ 1,200,659

58 %

$ 1,019,217

53 %

Firm-fixed-price


429,182

40 %

438,684

45 %


826,433

40 %

834,891

43 %

Time-and-materials


27,164

3 %

31,886

3 %


55,655

2 %

67,204

4 %

Total revenue


$ 1,072,183


$ 977,852



$ 2,082,747


$ 1,921,312











Revenue by Contract Relationship











Three Months Ended


Six Months Ended



June 28,


June 30,



June 28,


June 30,


(In thousands)


2024

%

2023

%


2024

%

2023

%

Prime contractor


$ 1,006,121

94 %

$ 916,060

94 %


$ 1,951,276

94 %

$ 1,795,239

93 %

Subcontractor


66,062

6 %

61,792

6 %


131,471

6 %

126,073

7 %

Total revenue


$ 1,072,183


$ 977,852



$ 2,082,747


$ 1,921,312











Revenue by Geographic Region











Three Months Ended


Six Months Ended



June 28,


June 30,



June 28,


June 30,


(In thousands)


2024

%

2023

%


2024

%

2023

%

United States


$ 578,881

54 %

$ 578,514

59 %


$ 1,123,608

54 %

$ 1,127,284

59 %

Middle East


361,064

34 %

279,083

29 %


704,361

34 %

560,204

29 %

Asia


84,663

8 %

65,533

7 %


153,464

7 %

129,850

7 %

Europe


47,575

4 %

54,722

5 %


101,314

5 %

103,974

5 %

Total revenue


$ 1,072,183


$ 977,852



$ 2,082,747


$ 1,921,312


SOURCE V2X, Inc.

© 2024 PR Newswire
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Werbehinweise: Die Billigung des Basisprospekts durch die BaFin ist nicht als ihre Befürwortung der angebotenen Wertpapiere zu verstehen. Wir empfehlen Interessenten und potenziellen Anlegern den Basisprospekt und die Endgültigen Bedingungen zu lesen, bevor sie eine Anlageentscheidung treffen, um sich möglichst umfassend zu informieren, insbesondere über die potenziellen Risiken und Chancen des Wertpapiers. Sie sind im Begriff, ein Produkt zu erwerben, das nicht einfach ist und schwer zu verstehen sein kann.