V2x, Inc. · NYSE:VVX
V2x — Q1 2023 Earnings Presentation
17 slides from V2x's earnings presentation, May 9, 2023
Slide 1: First Quarter 2023 Results
First Quarter 2023 Results TRUSTED WHEREVER THE MISSION LEADS May 9, 2023 1
Slide 2: Call Participants
Call Participants Chuck Prow Susan Lynch President and Chief Senior Vice President and Executive Officer Chief Financial Officer 2
Slide 3: 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 4: V2X for Everyone
V2X for Everyone Integrity, Professionalism, Respect, Responsibility At V2X we harness our diversity to positively impact business outcomes Total global Millennial: *Global Women *Global Women employees: 38% representation in representation in approximately leadership roles: technical roles: Gen X:
Slide 5: Q1'23 Highlights
Q1’23 Highlights • Strong Q1’23 results — Revenue of $943.5M; up 12% y/y on a pro forma basis 1 1 — Adjusted EBITDA of $68.0M with a margin of 7.2% 1 — Adjusted diluted EPS of $0.80 • Pacific expansion and momentum continuing — Revenue increased ~300% y/y and 18% sequentially — Growth driven by enha
Slide 6: Integrating Technology Across the Mission
Integrating Technology Across the Mission • V2X is integrating technology that is improving mission outcomes and driving growth through new business wins and expansion on existing programs Proprietary Naval Test Wing Atlantic Naval Test Wing Pacific1 $850M Award $440M Award Seven Years Seven Years C
Slide 7: Expanding Cyber Capabilities Across the Globe
Expanding Cyber Capabilities Across the Globe Today, V2X operates the largest cyber center for the U.S. Army outside V2X cyber capabilities include of the United States, defending all U.S. Army networks throughout the CENTCOM area of responsibility — Network Operations (NOC) and Cybersecurity Operat
Slide 8: Recognized by NASA for Critical Support
Recognized by NASA for Critical Support • The V2X team was recently awarded the NASA “Supernova” award for excellence in safety and was also awarded the Director’s award for support to the Artemis program • V2X has been supporting NASA's Neutral Buoyancy Laboratory (NBL) since 2003 — The NBL is a 6.
Slide 9: Pacific Expansion and Momentum Continuing
Pacific Expansion and Momentum Continuing • Pacific revenue increased to $64M in Q1’23, driven by expansion of existing programs and exercises in the region • The Kwajalein task order became fully operational in April 2022 and is currently ~$35B at full run rate — Kwajalein provides a significant fo
Slide 10: Q1'23 Financial Results
Q1’23 Financial Results Revenue ($M) Adjusted EBITDA1 ($M) Adj. Diluted EPS1 $943.5 $68.0 $1.02 $0.80 $456.5 $18.2 Q1'22 Q1'23 Q1'22 Q1'23 Q1'22 Q1'23 Q1’23 Adj. Diluted EPS impacted y/y by: • ($0.67) higher cash interest expense 10 1 See appendix for reconciliation of non-GAAP measures.
Slide 11: Cash Flow and Liquidity
Cash Flow and Liquidity Increased Fixed Rate Debt & Net Debt ($M) Debt • Q1’23 Adjusted operating cash flow1 use of $23.4 million, in line with seasonal pattern — Includes add backs of $13.4million of CARES Act Fixed payments and $1.7 million of M&A, Integration, and 30% Related activities • Convert
Slide 12: Reiterating 2023 Guidance
Reiterating 2023 Guidance 2023 2023 ($M, except per share data) Guidance Mid-Point Revenue $3,800 - $3,900 $3,850 Adjusted EBITDA1 $290 - $310 $300 Adjusted Diluted Earnings Per Share1 $3.80- $4.30 $4.05 Adjusted Net Cash Provided by Operating $115 - $135 $125 Activities1 2023 guidance assumptions i
Slide 13: 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 14: Appendix
Appendix TRUSTED WHEREVER THE MISSION LEADS 14
Slide 15: 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 operating ca
Slide 16: Reconciliation Of Non-GAAP Measures
Reconciliation Of Non-GAAP Measures 16
Slide 17: Trusted Wherever the Mission Leads
TRUSTED WHEREVER THE MISSION LEADS 17