V2x, Inc. · NYSE:VVX
V2x — Q2 2024 Earnings Presentation
14 slides from V2x's earnings presentation, Aug 6, 2024
Slide 1: Second Quarter 2024 Results
Second Quarter 2024 Results TRUSTED WHEREVER THE MISSION LEADS August 6, 2024 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: Q2'24 & Recent Highlights
Q2’24 & Recent Highlights • Record revenue of $1.07B, +10% y/y $1.07B • Over $4.0B of notable recent awards Q2’24 Revenue — Enhancing battlefield connectivity and assured communications across multiple domains under a new production award for Gateway Mission Routers $72.3M — Secured $265M award to s
Slide 4: Recent Awards: Enhancing Mission Outcomes
Recent Awards: Enhancing Mission Outcomes Assured Comms & Mission Tech Critical Missions Next Generation Readiness ~$0.3B ~$1.0B ~$3.0B NASA’s Neutral Buoyancy GMR-1000 $49M Readiness Solutions $3.0B+ Laboratory (NBL) $265M Enhancing situational awareness by integrating information and assured Ensur
Slide 5: Q2'24 Financial Results
Q2’24 Financial Results Revenue ($M) Adjusted EBITDA1 ($M) Revenue +10% Growth $1,072.2 $977.9 $77.8 $72.3 Q2'23 Q2'24 Q2'23 Q2'24 Adj. EBITDA 6.7% margin1 Adj. EPS1 Adj. OCF 1,2 ($M) $10.9 $(53.8) $1.10 $0.83 $0.83 Adj. EPS1 Q2'23 Q2'24 Q2'23 Q2'24 1 See appendix for reconciliation and definitions
Slide 6: YTD Q2'24 Financial Results
YTD Q2’24 Financial Results Revenue ($M) Adjusted EBITDA1 ($M) Revenue +8% Growth $2,082.7 $147.1 $141.4 $1,921.3 YTD Q2'23 YTD Q2'24 YTD Q2'23 YTD Q2'24 Adj. EBITDA 6.8% margin1 Adj. EPS1 Adj. OCF 1,2 ($M) $(12.5) $1.93 $(137.3) $1.72 $1.72 Adj. EPS1 YTD Q2'23 YTD Q2'24 YTD Q2'23 YTD Q2'24 1 See ap
Slide 7: Enhancing Capital Structure
Enhancing Capital Structure $904M Term Loan B Interest Rate Pricing Lowered interest rate pricing 4.0% CSA on $904M Term Loan B by 85 3.5% 0.10% CSA bps within 12 months 0.10% 85 basis point reduction within 3.0% 12 months 2.5% Net debt reduction of $27M from prior year 2.0% Spread Spread 3.50% 1.5%
Slide 8: Solid Backlog Provides Visibility
Solid Backlog Provides Visibility Backlog ($M) Backlog does not include $747M F-5 $12,983 $12,789 $12,246 Adversary, $141M FSET, and $3.0B+ $3,067 $2,778 Readiness awards or full value of the foreign $2,867 military sales ATSS win Solid visibility with ~3.0x revenue coverage based on guidance mid-po
Slide 9: Raising 2024 Revenue Guidance
Raising 2024 Revenue Guidance 2024 Prior 2024 Current ($M, except per share data) Guidance Guidance Revenue $4,100 - $4,200 $4,175 - $4,275 Adjusted EBITDA1 $300 - $315 $300 - $315 Adjusted Earnings Per Share1 $3.85- $4.20 $3.85- $4.20 Adjusted Net Cash Provided by Operating $145 - $165 $145 - $165
Slide 10: Strong Foundation with Ample Opportunities
Strong Foundation with Ample Opportunities — Scaled platform with a global presence in over 50 countries and diverse customer base Observations — Aligned to well funded budgets and high priority missions including DoD’s Pacific Deterrence Initiative — Solid past performance with operational intimacy
Slide 11: Appendix
Appendix TRUSTED WHEREVER THE MISSION LEADS 11
Slide 12: Key Performance Indicators and Non-GAAP Measures
Key Performance Indicators and Non-GAAP Measures This presentation includes certain non-GAAP financial measures, including adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted EBITDA, adjusted EBITDA margin, pro forma revenue and adjusted net cash provided by
Slide 13: Reconciliation Of Non-GAAP Measures
Reconciliation Of Non-GAAP Measures ($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
Slide 14: Trusted Wherever the Mission Leads
TRUSTED WHEREVER THE MISSION LEADS 14