Slide 1: Third Quarter 2023 Results
Third Quarter 2023 Results TRUSTED WHEREVER THE MISSION LEADS November 6, 2023 1
Slide 2: Disclaimers
Disclaimers FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), and Section 27A of the Securities Act of 1933, as amended (the Securities Act), and the Private Securi
Slide 3: Environmental, Social, & Governance Report
Environmental, Social, & Governance Report 3
Slide 4: Q3'23 Summary
Q3’23 Summary • Record revenue of $1.0B, up 5% y/y; driven by growth in CENTCOM and INDOPACOM 1 1 • Adjusted EBITDA of $64.7M; Adjusted diluted EPS of $0.73 • Strong year-to-date adjusted operating cash flow of $83.6M; lowered net debt $89M • Record backlog of $13.3B, awards of $1.3B in Q3 with a 1.
Slide 5: Delivering Global Training Solutions
Delivering Global Training Solutions USARCENT TRAINING & RANGE V2X was awarded the United States Army Central Command (USARCENT) OPERATIONS SOLUTIONS Training and Range Operations Maintenance Services Contract (ATROMS) ATROMS supports the Army’s efforts to continue enhancing the warfighting skills o
Slide 6: Providing Full Mission Lifecycle Solutions
Providing Full Mission Lifecycle Solutions High Consequence Training Readiness / Logistics / Deployment ATROMS STE JMRC Ft. Liberty Ft. Moore 5G Smart Warehouse Upgrades and Modernization Mission / Infrastructure Support Cobra Dane F-16 CDU LAU-115 Neutral LOGCAP V GCSMAC Buoyancy Lab Connectivity &
Slide 7: Awards Driving Record Backlog
Awards Driving Record Backlog Backlog ($B) • Q3’23 awards of $1.3 billion with a 1.3x book-to-bill • Record Q3’23 backlog of $13.3 billion $11.8 $13.0 $13.3 • Funded backlog of $3.2 billion provides strong revenue visibility Q1'23 Q2'23 Q3'23 $6B of bids pending award and $19B of bids to submit over
Slide 8: Q3'23 Financial Results
Q3’23 Financial Results Revenue ($M) Adjusted EBITDA1 ($M) Adj. Diluted EPS1 $1,001.5 $80.0 $1.35 $958.2 $64.7 $0.73 Q3'22 Q3'23 Q3'22 Q3'23 Q3'22 Q3'23 8 1 See appendix for reconciliation of non-GAAP measures
Slide 9: Geographic, Contract and Client Composition
Geographic, Contract and Client Composition Geographic Region1 Contract Type1 Client Mix1 Army Europe T&M US Cost 41% 5% 4% Other 58% 54% 14% Asia 7% Fixed Air Force Navy ME 42% 14% 31% 30% 9 1 Year-to-date Q3 2023 revenue composition
Slide 10: Cash Flow and Liquidity
Cash Flow and Liquidity Q3’23 Debt & Net Debt Net Debt Improvement ($M) ($M) • Year-to-date Q3’23 adjusted operating cash flow2 of $83.6 million • Lowered net debt by $88.9 million year-to-date • Net leverage ratio1 at 3.46x $1,208.0 $1,220.7 $1,131.8 $1,131.8 • Successful repricing on Term Loan B •
Slide 11: Updating 2023 Guidance
Updating 2023 Guidance 2023 2023 ($M, except per share data) Guidance Guidance (Previous) (Updated) Revenue $3,850 - $3,950 $3,900 - $3,950 Adjusted EBITDA1 $295 - $310 $285 - $295 Adjusted Diluted Earnings Per Share1 $3.85 - $4.30 $3.50 - $3.75 Adjusted Net Cash Provided by Operating Activities1 $1
Slide 12: Key Takeaways… Investing with V2X
Key Takeaways… Investing with V2X 1 Well-Aligned with U.S. Federal Budget Priorities in Growing End Markets 2 Long-Standing Relationships with Diverse Client Base 3 Significant Contract Backlog Drives Highly Visible Revenue Profile 4 Scaled Platform Providing Full Life Cycle of Mission Critical Solu
Slide 13: Appendix
Appendix TRUSTED WHEREVER THE MISSION LEADS 13
Slide 14: Reconciliation of Non-GAAP Measures/Non-GAAP Definitions
Reconciliation of Non-GAAP Measures/Non-GAAP Definitions This presentation includes certain non-GAAP financial measures, including adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted EBITDA, adjusted EBITDA margin, pro forma revenue and adjusted net cash pro
Slide 15: Reconciliation Of Non-GAAP Measures
Reconciliation Of Non-GAAP Measures ($K, except per share data) Three Months Ended Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Revenue $ 1,001,507 $ 958,156 $ 2,922,819 $ 1,912,693 Net income (loss) $ (6,400) $ (17,039) $ (22,081) $ (3,711) Plus: Inc
Slide 16: Trusted Wherever the Mission Leads
TRUSTED WHEREVER THE MISSION LEADS 16