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    V2X Reports Strong Third Quarter Results with Record Revenue, Net Income, and Adjusted EBITDA

    11/4/24 4:05:00 PM ET
    $VVX
    Diversified Commercial Services
    Consumer Discretionary
    Get the next $VVX alert in real time by email

    Third Quarter Highlights

    • Record revenue of $1.08 billion, up 8% y/y
    • Indo-Pacific revenue growth of 31% y/y driven by increased demand
    • Operating income of $49.9 million; Adjusted operating income1 of $76.9 million
    • Record net income of $15.1 million, up $21.5 million y/y; Adjusted net income1 of $41.3 million, up 76% y/y
    • Record adjusted EBITDA1 of $82.7 million, up 28% y/y with a margin of 7.6%
    • Diluted EPS of $0.47; Adjusted diluted EPS1 of $1.29, up 77% y/y

    2024 Guidance:

    • Raising full-year revenue and adjusted EPS1 guidance midpoint and reaffirming adjusted EBITDA and operating cash flow1

    MCLEAN, Va., Nov. 4, 2024 /PRNewswire/ -- V2X, Inc. (NYSE:VVX) announced third quarter 2024 financial results.

    V2X (PRNewsfoto/V2X, Inc.)

    "V2X reported strong third quarter results with record revenue, net income, and adjusted EBITDA1, driven by our continued alignment to well-funded critical missions and the ability to deliver capabilities at scale across the globe," said Jeremy Wensinger, President and Chief Executive Officer of V2X. "Revenue increased 8% year-over-year and adjusted EBITDA1 increased 28% year-over-year, reflecting strong program performance. Adjusted net income1 increased 76% year-over-year and adjusted diluted EPS1 increased 77% year-over-year."

    Mr. Wensinger continued, "During the third quarter we demonstrated continued growth in the Indo-Pacific region with revenue increasing 31% year-over-year. This performance was tied to the DoD's continued focus on enhancing U.S. readiness in the region. We are seeing additional opportunities for growth in the region that align to improving the capacity and capabilities of U.S. allies and our partners."  

    "Our full spectrum capabilities across the mission lifecycle serve as a differentiator.  The fact that we are with our customers across the globe at every phase of mission execution, gives us prodigious knowledge, allowing us to deliver best of breed cost effective solutions that are enhancing outcomes. This unique position is yielding results with V2X securing approximately $5 billion of awards in the third quarter. This includes the $3.7 billion Warfighter-Training Readiness Solutions (W-TRS) award that represents a milestone win for V2X. We delivered a technology enabled solution that was compelling and will ensure every Army soldier has the tools necessary to conduct accurate training preparing them for whenever called upon to deploy. These wins validate our strong positioning in the marketplace and are expected to contribute to our financial performance for years to come."

    Mr. Wensinger concluded, "I believe there is additional opportunity to build on our momentum through further optimization of our business. This includes enhancing the breadth and depth of our pipeline as a result of the collective capabilities.  W-TRS is a great example of a solution that leveraged the collective capabilities.  We are building on that success to expand our addressable markets in all areas of the company.  We are investing in this expanded pipeline to ensure we address opportunities with talent and solutions that will differentiate V2X offerings."

    Third Quarter 2024 Results

    "V2X reported record revenue of $1.08 billion in the quarter, which represents 8% year-over-year growth," said Shawn Mural, Senior Vice President and Chief Financial Officer. "We continued to deliver double digit revenue growth in the Indo-Pacific (31% year-over-year) and Middle East (13% year-over-year) regions, which was achieved through continued expansion of existing business as well as new programs.

    "For the quarter, the Company reported operating income of $49.9 million and adjusted operating income1 of $76.9 million. V2X delivered record adjusted EBITDA1, increasing 28% year-over-year to $82.7 million, with a margin of 7.6%, reflecting our expected second half program performance. Third quarter GAAP diluted EPS was $0.47. Adjusted diluted EPS1 for the quarter increased 77% year-over-year to $1.29."

    "Third quarter net cash provided by operating activities was $62.7 million. Adjusted net cash provided by operating activities1 increased 35% year-over-year to $130.1 million. On a year-to-date basis, net cash provided by operating activities was $31.1 million. Adjusted net cash used by operating activities1 was $7.2 million."

    "At the end of the quarter, net debt for V2X was $1,089 million.  Net leverage ratio1 was 3.27x, improving 0.29x sequentially. We continue to demonstrate progress on debt paydown and remain on track to be at or below a net leverage ratio of 3.0x, by the end of 2024."

    "Total backlog as of September 27, 2024, was $12.2 billion. Funded backlog was $3.0 billion. Book-to-bill in the quarter was approximately 1.0x. Backlog does not include the full contract value associated with recent awards."

    2024 Guidance

    Mr. Mural concluded, "Given our strong performance through the first nine-months of the year we are updating our total year guidance."

    Guidance for 2024 is as follows:       

    $ millions, except for per share amounts

    Prior 2024 Guidance

    Updated 2024 Guidance

    Revenue

    $4,175

    $4,275

    $4,225

    $4,275

    Adjusted EBITDA1

    $300

    $315

    $300

    $315

    Adjusted Diluted Earnings Per Share1

    $3.85

    $4.20

    $3.95

    $4.20

    Adjusted Net Cash Provided by Operating Activities1

    $145

    $165

    $145

    $165

    The Company is not providing a quantitative reconciliation with respect to the foregoing forward-looking non-GAAP measures in reliance on the "unreasonable efforts" exception set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. For example, unusual, one-time, non-ordinary, or non-recurring costs, which relate to M&A, integration and related activities cannot be reasonably estimated. Forward-looking statements are based upon current expectations and are subject to factors that could cause actual results to differ materially from those suggested here, including those factors set forth in the Safe Harbor Statement below. 

    Third Quarter Conference Call

    Management will conduct a conference call with analysts and investors at 4:30 p.m. ET on Monday, November 4, 2024. U.S.-based participants may dial in to the conference call at 877-506-6380, while international participants may dial 412-542-4198. A live webcast of the conference call as well as an accompanying slide presentation will be available here: https://app.webinar.net/8eqdGbMZ6Xa  

    A replay of the conference call will be posted on the V2X website shortly after completion of the call and will be available for one year. A telephonic replay will also be available through November 18, 2024, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 10193464. 

    Presentation slides that will be used in conjunction with the conference call will also be made available online in advance on the "investors" section of the company's website at https://gov2x.com. V2X recognizes its website as a key channel of distribution to reach public investors and as a means of disclosing material non-public information to comply with its obligations under the U.S. Securities and Exchange Commission ("SEC") Regulation FD.

    Footnotes:

    1 See "Key Performance Indicators and Non-GAAP Financial Measures" for descriptions and reconciliations.

    About V2X

    V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission's lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today's toughest challenges across all operational domains.

    Investor Contact









    Media Contact

    Mike Smith, CFA









    Angelica Spanos Deoudes

    [email protected]









    [email protected]

    719-637-5773









    571-338-5195

    Safe Harbor Statement

    Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 (the "Act"): Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Act. These forward-looking statements include, but are not limited to, all the statements and items listed under "2024 Guidance" above and other assumptions contained therein for purposes of such guidance, other statements about our 2024 performance outlook, revenue, contract opportunities, and any discussion of future operating or financial performance.

    Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "could," "potential," "continue" or similar terminology. These statements are based on the beliefs and assumptions of the management of the Company based on information currently available to management. Forward-looking statements in this press release, include, but are not limited to our discussion regarding the Army and its capabilities; our future performance and capabilities; investing in the expanded pipeline; future net leverage ratio; and our belief in our ability to achieve our updated total year guidance.

    These forward-looking statements are not guarantees of future performance, conditions, or results, and involve a number of known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside our management's control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.  In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company's historical experience and our present expectations or projections. For a discussion of some of the risks and uncertainties that could cause actual results to differ from such forward-looking statements, see the risks and other factors detailed from time to time in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the SEC.

    We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

     

     V2X, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)

     





    Three Months Ended



    Nine Months Ended





    September 27,



    September 29,



    September 27,



    September 29,

    (In thousands, except per share data)



    2024



    2023



    2024



    2023

    Revenue



    $     1,081,656



    $     1,001,507



    $     3,164,403



    $     2,922,819

    Cost of revenue



    990,220



    930,828



    2,928,858



    2,685,910

    Selling, general, and administrative expenses



    41,549



    49,640



    127,901



    151,021

    Operating income



    49,887



    21,039



    107,644



    85,888

    Loss on extinguishment of debt



    —



    —



    (1,998)



    (22,052)

    Interest expense, net



    (27,152)



    (30,252)



    (83,533)



    (93,946)

    Other expense, net



    (3,198)



    (2,024)



    (9,566)



    (2,335)

    Income (loss) from operations before income taxes



    19,537



    (11,237)



    12,547



    (32,445)

    Income tax expense (benefit)



    4,486



    (4,837)



    2,896



    (10,364)

    Net income (loss)



    $          15,051



    $          (6,400)



    $            9,651



    $         (22,081)



















    Earnings (loss) per share

















    Basic



    $              0.48



    $            (0.21)



    $              0.31



    $            (0.71)

    Diluted



    $              0.47



    $            (0.21)



    $              0.30



    $            (0.71)

    Weighted average common shares outstanding - basic



    31,550



    31,179



    31,458



    31,048

    Weighted average common shares outstanding - diluted



    31,973



    31,179



    31,921



    31,048













     

    V2X, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)





    September 27,



    December 31,

    (In thousands, except per share data)



    2024



    2023

    Assets









    Current assets









    Cash, cash equivalents and restricted cash



    $          59,857



    $          72,651

    Receivables



    766,399



    705,995

    Prepaid expenses and other current assets



    156,042



    96,223

    Total current assets



    982,298



    874,869

    Property, plant, and equipment, net



    65,746



    85,429

    Goodwill



    1,652,855



    1,656,926

    Intangible assets, net



    345,712



    407,530

    Right-of-use assets



    33,370



    41,215

    Other non-current assets



    46,124



    15,931

    Total non-current assets



    2,143,807



    2,207,031

    Total Assets



    $     3,126,105



    $     3,081,900

    Liabilities and Shareholders' Equity









    Current liabilities









    Accounts payable



    $        538,225



    $        453,052

    Compensation and other employee benefits



    115,569



    158,088

    Short-term debt



    16,878



    15,361

    Other accrued liabilities



    235,379



    213,700

    Total current liabilities



    906,051



    840,201

    Long-term debt, net



    1,096,865



    1,100,269

    Deferred tax liabilities



    12,313



    11,763

    Operating lease liabilities



    29,590



    34,691

    Other non-current liabilities



    78,725



    104,176

    Total non-current liabilities



    1,217,493



    1,250,899

    Total liabilities



    2,123,544



    2,091,100

    Commitments and contingencies (Note 7)









    Shareholders' Equity









    Preferred stock; $0.01 par value; 10,000,000 shares authorized; No shares issued and outstanding



    —



    —

    Common stock; $0.01 par value; 100,000,000 shares authorized; 31,556,556 and 31,191,628 shares issued and outstanding as of September 27, 2024 and December 31, 2023, respectively



    316



    312

    Additional paid in capital



    766,690



    762,324

    Retained earnings



    240,502



    230,851

    Accumulated other comprehensive loss



    (4,947)



    (2,687)

    Total shareholders' equity



    1,002,561



    990,800

    Total Liabilities and Shareholders' Equity



    $     3,126,105



    $     3,081,900

     

    V2X, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

     





    Nine Months Ended





    September 27,



    September 29,

    (In thousands)



    2024



    2023

    Operating activities









    Net income (loss)



    $            9,651



    $         (22,081)

    Adjustments to reconcile net income (loss) to net cash provided by operating activities:

    Depreciation expense



    16,442



    16,532

    Amortization of intangible assets



    68,252



    67,818

    Amortization of cloud computing arrangements



    2,073



    213

    Impairment of non-operating long-lived asset



    2,192



    —

    Loss on disposal of property, plant, and equipment



    1,170



    625

    Stock-based compensation



    12,874



    26,809

    Deferred taxes



    72



    (9,887)

    Amortization of debt issuance costs



    5,717



    6,875

    Loss on extinguishment of debt



    1,998



    22,052

    Changes in assets and liabilities:









    Receivables



    (25,614)



    9,647

    Other assets



    (70,827)



    7,916

    Accounts payable



    66,101



    28,094

    Compensation and other employee benefits



    (42,417)



    (28,620)

    Other liabilities



    (16,581)



    9,182

    Net cash provided by operating activities



    31,103



    135,175

    Investing activities









    Purchases of capital assets



    (10,700)



    (16,559)

    Proceeds from the disposition of assets



    14



    16

    Acquisitions of businesses



    (16,939)



    —

    Distribution from joint venture



    —



    834

    Net cash used in investing activities



    (27,625)



    (15,709)

    Financing activities









    Proceeds from issuance of long-term debt



    —



    250,000

    Repayments of long-term debt



    (7,669)



    (428,763)

    Proceeds from revolver



    1,009,250



    719,750

    Repayments of revolver



    (1,009,250)



    (669,750)

    Proceeds from stock awards and stock options



    154



    7

    Payment of debt issuance costs



    (1,188)



    (7,507)

    Prepayment premium on early redemption of debt



    —



    (1,600)

    Payments of employee withholding taxes on stock-based compensation



    (8,036)



    (17,871)

    Net cash used in financing activities



    (16,739)



    (155,734)

    Exchange rate effect on cash



    467



    (1,540)

    Net change in cash, cash equivalents and restricted cash



    (12,794)



    (37,808)

    Cash, cash equivalents and restricted cash - beginning of period



    72,651



    116,067

    Cash, cash equivalents and restricted cash - end of period



    $          59,857



    $          78,259











    Supplemental disclosure of cash flow information:









    Interest paid



    $          74,774



    $          89,635

    Income taxes paid



    $            9,167



    $            5,242

    Purchase of capital assets on account



    $                90



    $            2,882

     

    Key Performance Indicators and Non-GAAP Measures

    The primary financial performance measures we use to manage our business and monitor results of operations are revenue trends and operating income trends. Management believes that these financial performance measures are the primary drivers for our earnings and net cash from operating activities. Management evaluates its contracts and business performance by focusing on revenue, and operating income. Operating income represents revenue less both cost of revenue and selling, general and administrative (SG&A) expenses. Cost of revenue consists of labor, subcontracting costs, materials, and an allocation of indirect costs, which includes service center transaction costs. SG&A expenses consist of indirect labor costs (including wages and salaries for executives and administrative personnel), bid and proposal expenses and other general and administrative expenses not allocated to cost of revenue.

    We manage the nature and amount of costs at the program level, which forms the basis for estimating our total costs and profitability. This is consistent with our approach for managing our business, which begins with management's assessing the bidding opportunity for each contract and then managing contract profitability throughout the performance period.

    In addition to the key performance measures discussed above, we consider adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted EBITDA, adjusted EBITDA margin, and adjusted operating cash flow to be useful to management and investors in evaluating our operating performance, and to provide a tool for evaluating our ongoing operations. This information can assist investors in assessing our financial performance and measures our ability to generate capital for deployment among competing strategic alternatives and initiatives. We provide this information to our investors in our earnings releases, presentations, and other disclosures.

    Adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted EBITDA, adjusted EBITDA margin, and adjusted net cash provided by (used in) operating activities, however, are not measures of financial performance under GAAP and should not be considered a substitute for financial measures determined in accordance with GAAP.  Definitions and reconciliations of these items are provided below.

    • Adjusted operating income is defined as operating income, adjusted to exclude items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration, and related costs.
    • Adjusted EBITDA is defined as operating income, adjusted to exclude depreciation and amortization of intangible assets, and items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration, and related costs.
    • Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue.
    • Adjusted net income is defined as net income, adjusted to exclude items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration and related costs, amortization of acquired intangible assets, amortization of debt issuance costs, and loss on extinguishment of debt.
    • Adjusted diluted earnings per share is defined as adjusted net income divided by the weighted average diluted common shares outstanding.
    • Cash interest expense, net is defined as interest expense, net adjusted to exclude amortization of debt issuance costs.
    • Adjusted net cash provided by (used in) operating activities or adjusted operating cash flow is defined as net cash provided by (or used in) operating activities adjusted to exclude infrequent non-operating items, such as M&A payments and related costs.
    • Net leverage ratio is defined as net debt (or total debt less unrestricted cash) divided by trailing twelve-month (TTM) bank EBITDA.

     

    Non-GAAP Tables

    ($K, except per share data)

    Three Months Ended 



    Nine Months Ended



    September 27, 2024



    September 29, 2023



    September 27, 2024



    September 29, 2023

    Revenue

    $             1,081,656



    $           1,001,507



    $           3,164,403



    $           2,922,819

    Net income (loss)

    $                  15,051



    $                 (6,400)



    $                  9,651



    $               (22,081)

    Plus:















    Income tax expense (benefit)

    4,486



    (4,837)



    2,896



    (10,364)

    Other expense, net

    3,198



    2,024



    9,566



    2,335

    Interest expense, net

    27,152



    30,252



    83,533



    93,946

    Loss on extinguishment of debt

    —



    —



    1,998



    22,052

    Operating income

    $                  49,887



    $                21,039



    $              107,644



    $                85,888

    Plus:















    Amortization of intangible assets

    22,727



    22,607



    68,252



    67,818

    M&A, integration and related costs 

    4,319



    15,824



    29,644



    41,565

    Adjusted operating income

    $                  76,933



    $                59,470



    $              205,540



    $              195,271

    Plus:















    Depreciation and CCA amortization

    5,759



    5,206



    18,515



    16,532

    Adjusted EBITDA

    $                  82,692



    $                64,676



    $              224,055



    $              211,803

    Adjusted EBITDA margin

    7.6 %



    6.5 %



    7.1 %



    7.2 %

    Minus:















    Cash interest expense, net

    25,598



    28,069



    77,816



    87,071

    Income tax expense, as adjusted

    6,887



    5,937



    24,187



    26,329

    Depreciation and CCA amortization

    5,759



    5,206



    18,515



    16,532

    Other expense, net, as adjusted

    3,198



    2,024



    7,373



    2,335

    Adjusted net income

    $                  41,250



    $                23,440



    $                96,163



    $                79,536

















    ($K, except per share data)

    Three Months Ended 



    Nine Months Ended



    September 27, 2024



    September 29, 2023



    September 27, 2024



    September 29, 2023

    Diluted earnings (loss) per share

    $                      0.47



    $                  (0.21)



    $                    0.30



    $                  (0.71)

    Plus:















    M&A, integration and related costs 

    0.14



    0.37



    0.75



    0.97

    Amortization of intangible assets

    0.63



    0.52



    1.72



    1.58

    Amortization of debt issuance costs and

    Loss on extinguishment of debt

    0.05



    0.05



    0.19



    0.67

    FMV land impairment

    0.00



    $                       —



    0.06



    $                       —

    Adjusted diluted earnings per share

    $                      1.29



    $                    0.73



    $                    3.01



    $                    2.51

















    Average shares outstanding:















    Basic, as reported

    31,550



    31,179



    31,458



    31,048

    Diluted, as reported

    31,973



    31,179



    31,921



    31,048

    Adjusted diluted

    31,973



    31,761



    31,921



    31,520

















    ($K)

    Three Months Ended 



    Nine Months Ended



    September 27, 2024



    September 29, 2023



    September 27, 2024



    September 29, 2023

    Net cash provided by operating activities

    62,654



    57,035



    31,103



    135,175

    Plus:















    M&A, integration, CARES Act, and related payments

    13,009



    11,854



    25,044



    34,248

    MARPA facility activity

    54,471



    27,168



    (63,348)



    (85,832)

    Adjusted operating cash flow

    130,134



    96,057



    (7,201)



    83,591

     

    ($K)

    TTM



    September 27, 2024

    Net income (loss)

    $                            9,159

    Plus:



    Interest expense, net

    112,030

    Income tax expense

    11,315

    Depreciation and amortization

    115,248

    Additional permitted add-backs1

    85,707

    TTM Bank EBITDA

    $                         333,458





    ($K, except ratio)

    Period Ending



    September 27, 2024

    Total debt

    $                      1,146,490





    Cash, cash equivalents and restricted cash

    $                          59,857

    Less:



    Restricted cash

    (2,117)

    Cash and cash equivalents

    $                          57,740





    Net debt

    $                      1,088,750

    TTM bank EBITDA

    $                         333,458

    Net leverage ratio

     3.27x 



    1Additional permitted add-backs includes among other items, non-cash losses like loss on extinguishment of debt and/or lease impairments, stock compensation, transaction and integration related costs, and pro forma cost savings.

    SUPPLEMENTAL INFORMATION

    Revenue by client branch, contract type, contract relationship, and geographic region for the periods presented below was as follows: 

    Revenue by Client







    Three Months Ended



    Nine Months Ended





    September 27,



    September 29,



    %



    September 27,



    September 29,



    %

    (In thousands)



    2024



    2023



    Change



    2024



    2023



    Change

    Army



    $        455,877



    $        412,841



    10.4 %



    $     1,345,997



    $     1,196,843



    12.5 %

    Navy



    366,217



    311,088



    17.7 %



    1,037,425



    896,976



    15.7 %

    Air Force



    121,863



    134,728



    (9.5) %



    367,899



    418,710



    (12.1) %

    Other



    137,699



    142,850



    (3.6) %



    413,082



    410,290



    0.7 %

    Total revenue



    $     1,081,656



    $     1,001,507







    $     3,164,403



    $     2,922,819







    Revenue by Contract Type

     





    Three Months Ended



    Nine Months Ended





    September 27,



    September 29,



    %



    September 27,



    September 29,



    %

    (In thousands)



    2024



    2023



    Change



    2024



    2023



    Change

    Cost-plus and cost-reimbursable



    $        649,925



    $        570,402



    13.9 %



    $     1,850,584



    $     1,589,619



    16.4 %

    Firm-fixed-price



    403,132



    402,219



    0.2 %



    1,229,565



    1,237,110



    (0.6) %

    Time-and-materials



    28,599



    28,886



    (1.0) %



    84,254



    96,090



    (12.3) %

    Total revenue



    $     1,081,656



    $     1,001,507







    $     3,164,403



    $     2,922,819







    Revenue by Contract Relationship

     




    Three Months Ended



    Nine Months Ended





    September 27,



    September 29,



    %



    September 27,



    September 29,



    %

    (In thousands)



    2024



    2023



    Change



    2024



    2023



    Change

    Prime contractor



    $     1,021,497



    $        945,669



    8.0 %



    $     2,972,773



    $     2,740,908



    8.5 %

    Subcontractor



    60,159



    55,838



    7.7 %



    191,630



    181,911



    5.3 %

    Total revenue



    $     1,081,656



    $     1,001,507







    $     3,164,403



    $     2,922,819







    Revenue by Geographic Region





    Three Months Ended



    Nine Months Ended





    September 27,



    September 29,



    %



    September 27,



    September 29,



    %

    (In thousands)



    2024



    2023



    Change



    2024



    2023



    Change

    United States



    $        604,872



    $        571,405



    5.9 %



    $     1,728,480



    $     1,698,689



    1.8 %

    Middle East



    346,527



    305,918



    13.3 %



    1,050,888



    866,122



    21.3 %

    Asia



    82,907



    63,259



    31.1 %



    236,371



    193,109



    22.4 %

    Europe



    47,350



    60,925



    (22.3) %



    148,664



    164,899



    (9.8) %

    Total revenue



    $     1,081,656



    $     1,001,507







    $     3,164,403



    $     2,922,819





         

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/v2x-reports-strong-third-quarter-results-with-record-revenue-net-income-and-adjusted-ebitda-302295766.html

    SOURCE V2X, Inc.

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