Slide 1: Third Quarter 2024 Results
Third Quarter 2024 Results MISSION ENABLEMENT l END-TO-END CAPABILITIES l GLOBAL REACH November 4, 2024 GO TOWARDS TOMORROW #goV2X GO TOWARDS TOMORROW #goV2X
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: Q3'24 Highlights
Q3’24 Highlights • Record revenue of $1.08B, +8% y/y • Indo-Pacific revenue +31% y/y with increasing opportunities $1.08B Q3’24 Revenue • Record net income of $15.1M, +$21.5M y/y; Adj. net income1 of $41.3, +76% y/y • Record adjusted EBITDA1 of $82.7M, +28% y/y; Adj. EPS1 of $1.29, +77% y/y • Strong
Slide 4: Enabling Missions from Start to Finish
Enabling Missions from Start to Finish High Impact Readiness ‒ Transitioning $3.7B Warfighter-Training Readiness Solutions ‒ Received requirements to support training in Australia, Netherlands, Lithuania, and Sweden Integrated Supply Chain Platform Modernization Management ‒ Successfully introduced
Slide 5: Assured Communications for Global Missions
Assured Communications for Global Missions • Awarded $141M five-year contract to deliver end-to-end C4I systems solutions to the U.S. Navy Cobra Dane Radar Mobile Sensors • Awarded $32M three-year contract with the U.S. Army ensuring connectivity and OPMAS-Europe critical communications in Europe AN
Slide 6: Q3'24 Financial Results
Q3’24 Financial Results Revenue ($M) Adj. EBITDA1 ($M) Revenue +8% Growth $1,081.7 $82.7 $1,001.5 $64.7 Adj. EBITDA Q3'23 Q3'24 Q3'23 Q3'24 7.6% margin1 Adj. EPS1 Adj. OCF 1 ($M) $130.1 $1.29 $1.29 Adj. EPS1 $96.1 $0.73 Q3'23 Q3'24 Q3'23 Q3'24 1 See appendix for reconciliation and definitions of non
Slide 7: YTD Q3'24 Financial Results
YTD Q3’24 Financial Results Revenue ($M) Adj. EBITDA1 ($M) Revenue +8% Growth $3,164.4 $224.1 $2,922.8 $211.8 Adj. EBITDA YTD Q3'23 YTD Q3'24 YTD Q3'23 YTD Q3'24 7.1% margin1 Adj. EPS1 Adj. OCF 1 ($M) $83.6 $3.01 Adj. EPS1 $3.01 $2.51 $(7.2) YTD Q3'23 YTD Q3'24 1 See appendix for reconciliation and
Slide 8: Deleveraging with Strong Liquidity
Deleveraging with Strong Liquidity Q3’24 Debt & Net Debt Net Debt Improvement ($M) ($M) • Net leverage ratio1 improved 0.29x sequentially to 3.27x from 3.56x • Strong liquidity with ~$500 million of $1,146.5 $1,149.8 capacity $1,088.8 $1,088.8 • Continuing to target ≤ 3.0x by end of 2024 Gross Debt
Slide 9: Solid Backlog Provides Visibility
Solid Backlog Provides Visibility Backlog ($M) • Total backlog of $12.2B, with $3.0B of $12,246 $12,229 funded backlog $2,867 $3,016 • Solid visibility with ~3.0x revenue coverage based on guidance mid-point $9,379 $9,213 • Backlog does not include the full contract value associated with recent awar
Slide 10: Raising Revenue & EPS Guidance Midpoint
Raising Revenue & EPS Guidance Midpoint Prior 2024 Updated 2024 ($M, except per share data) Guidance Guidance Revenue $4,175- $4,275 $4,225 - $4,275 Adjusted EBITDA1 $300 - $315 $300 - $315 Adjusted Earnings Per Share1 $3.85- $4.20 $3.95- $4.20 Adjusted Net Cash Provided by $145 - $165 $145 - $165 O
Slide 11: V2X Key Investment Highlights
V2X Key Investment Highlights 1 Well-Aligned with U.S. Federal Budget Priorities in Growing End Markets 2 Long-Standing Relationships with Diverse Customers and Contract Base 3 Contract Backlog Drives Highly Visible Revenue Growth Profile 4 Scaled Platform Providing Full Life Cycle of Mission Critic
Slide 12: Appendix
Appendix GO TOWARDS TOMORROW #goV2X GO TOWARDS TOMORROW #goV2X
Slide 13: Key Performance Indicators and Non-GAAP Measures
Key Performance Indicators and Non-GAAP Measures This presentation includes certain non-GAAP financial measures, including adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted EBITDA, adjusted EBITDA margin, pro forma revenue and adjusted net cash provided by
Slide 14: Reconciliation Of Non-GAAP Measures
Reconciliation Of Non-GAAP Measures ($K, except per share data) Three Months E nded N i ne Months E nded September 27 , 20 24 September 29, 20 23 September 27 , 20 24 September 29, 20 23 Revenue $ 1,081,656 $ 1,001,507 $ 3,164,403 $ 2,922,819 N et i ncome (l oss) $ 15,051 $ (6,400) $ 9,651 $ (22,081
Slide 15: Reconciliation Of Non-GAAP Measures
Reconciliation Of Non-GAAP Measures ($K) Three Months E nded N i ne Months E nded September 27 , 20 24 September 29, 20 23 September 27 , 20 24 September 29, 20 23 N et ca sh provi ded by opera ti ng a cti vi ti es 62,654 57,035 31,103 135,175 Plus: M&A, integration, CARES Act, and related payments
Slide 16: Reconciliation Of Non-GAAP Measures
Reconciliation Of Non-GAAP Measures ($K) TTM September 27 , 20 24 N et i ncome (l oss) $ 9,159 Plus: Interest expense, net 112,030 Income tax expense 11,315 Depreciation and amortization 115,248 1 Additional permitted add-backs 85,707 TTM Ba nk E BITDA $ 333,458 ($K, except ratio) Peri od E ndi ng S
Slide 17: GO TOWARDS TOMORROW #goV2X
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