V2X, Inc. Q1 FY2025 earnings call

• Recognized team contributions and welcomed Melon Yeshoalul as Chief Human Resources Officer. • First quarter revenue was $1.02 billion, driven by a 10% year-over-year increase in the Indo-Pacific region. Adjusted EBITDA was $67 million, and adjusted EPS was $0.98. • Positive market trends driven by customer requirements for deterrence, readiness, and national security. • Recent awards include a $62 million contract with the Space Force, a $140 million award for Ascension Island, a $103 million Navy C-26 award, and a $100 million FBI award. • LOGCAP task orders extended to June 2030. • Growth efforts: bid velocity increased, with plans to submit 50% more bids than in 2024; focus on partnerships for global expansion; top five programs extending through mid-2029.

No specific product segment financial performance breakdown provided in the transcript.

• Reaffirmed 2025 guidance: revenue of $4.4 billion, adjusted EBITDA of $313 million, adjusted EPS of $4.65, and over 100% net income conversion to cash. • Revenue and adjusted EBITDA are weighted approximately 45% in the first half and 55% in the second half of the year.

• No detailed specific risks discussed, but general mention of monitoring tariffs and supply chain.

Q: Andre Madrid asks about international book-to-bill.

A: Shawn Mural says they don't break by region, but back half weighted with fixed price activities.

Q: Andre asks about capital deployment and M&A.

A: Shawn says they look for optionality, consistent with M&A.

Q: Peter Arment asks about recompetes and international pursuits.

A: Shawn says recompetes are modest, Jeremy says new pursuits include international.

Q: Trevor Walsh asks about LOGCAP extension and tariffs.

A: Jeremy says focus on new awards, Shawn says no tariff issues on product efforts.

Q: Kenneth Herbert asks about bookings.

A: Shawn says back half weighted, consistent with expectations.

Q: Jason Gursky asks about FAR reform and budget alignment.

A: Jeremy says early to tell, V2X aligns with readiness priorities.

Q: Tobey Sommer asks about deleveraging and acquisitions.

A: Shawn says looking at optionality, Jeremy says patience.

Q: Joseph Gomes asks about gross margin and exercises.

A: Shawn says timing of expenses, Jeremy says exercises ongoing.

Q: Justin (Kristine Liwag) asks about Middle East revenue.

A: Shawn says timing and tough comps.

Q: Noah Poponak asks about cash flow.

A: Shawn says working capital timing, margin accretive with Waters.