VSEC - Earnings call transcript Q2 2021

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Operator

Greetings, and welcome to the VSE Corporation’s Second Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Noel Ryan, Investor Relations. you. Thank

begin. may You

Noel Ryan

The to to to the second President differ various call and contains and Steve John Welcome is future sharing with conference our and required and periodic forward-looking financial significantly forward-looking may from along on forward-looking no undertake and XXXX business accordingly. results today's our call. Cuomo; those law website to about by Griffin. Officer, the statements statements, Financial Leading the today encourage including update statements. Actual Chief due we risks VSE uncertainties, you. in as are quarter today risks you Corporation's we our in projected results CEO, expectations. presentation we follow Thank obligation are discussion SEC. our described Except filed reports Today's

for in percentages financial where our The using All website. is measures GAAP At are except the which to the refer into available, that, prepared of open remarks, will And our We we questions. incorporated reconciliations presentation John for line would conclusion progress, where year-over-year financial in discussion to Cuomo over presentation. like remarks. today's to I the our are call our turn on non-GAAP appropriate posted prepared noted. his with

John Cuomo

Thank today. and to you thank Welcome join you, everyone Noel. our for taking call time the

conference materials. call our of X Slide on begin Let's

quarter. during advance to the strategies continued our We diversification revenue business and and transformation growth

remain our advantages. gaps suite technical take integrated key under-served, to expertise focused We continue services where products capitalizing margin share and differentiated competitive and of within while high fragmented markets verticals, on and

than Aviation and air EBITDA on versus segments and net total to year improved Further, the excluding travel prior revenue income fourth a while supported quarter-over-quarter increased year increased business repair CT increased the Adjusted increased strong XX% distribution a by year-over-year, aviation period. the business. XX% a ongoing items, service adjusted increased combination sequential program improvement. growth. consecutive all contract in recovery year-over-year, XX% by representing quarter revenue expansion, Excluding year organic million prior period. divestiture, throughout new and basis, revenue revenue expansions aviation the year-over-year segment million by revenue, had the of by distribution sequential XX% Adjusted business within compared period. growth gains non-recurring EBITDA the generated a and gradual and of when On XX% on capability aviation new launches, our wins MRO share market, segment, XX% balance, the more general product Within versus of year-over-year. $X.X prior $X adjusted by and

want key provider, calls, who area aftermarket As parts is and fragmented, integrated we’ve operators remains opportunity large general for aviation number creating a a the services. array capable focus of market MRO indicated on owner VSE. prior supplying of The growth in for business market the complexity solution comprehensive and an of

customers important supporting upon acquisition distribution our provider achieved on From while services During focuses tail a repair market. encompasses numbers, based capabilities a fully a part we the one business that breadth required of the that team platform to to and in of by jet airframe aviation Kansas month Global on under in Group, global Parts integrated this builds general announced this year, nose strategic of our this parts Stocking last objectives. full aftermarket products and business focused the XX,XXX customers, a extend distribution and creating with more quickly service centers accessories capabilities excellence business. program acquisition distribution Kansas engine agreement we established pneumatics. announced supporting brief successfully Earlier hydraulics and several MRO supporting components, its agreement well from the our quarter, of week, have implementation, June. and MRO market. than we and this began Miami this perspective, parts and Last progressed in distribution update, A major

capabilities base and than expand out First, airframe, offering a our customers. XXX very Parts across significantly X,XXX serves portfolio. across including medium diverse more distribution of business BSE to Global of currently B&GA global general product than whom solutions small serving more is sized check currently few round repair and aviation business customers, platforms, customers and are

capabilities. as generate significant leverage of is combined acquisition full this and breadth the business Second, and new expected jet repair both to revenue customers synergies, distribution our existing

a this complementary high general assets. as quality, aviation consolidator further Finally, of transaction positions business VSE and

to we nature revenue. to jet Given of Global quality assets a add In $XX services portfolio the customers. fragmented solution B&GA complementary the continue in approximately best-in-class business XXXX, as Parts opportunity build our higher million to see generated we industry, for

the business is our integrated. margin margin bring in-line business profile see this is While to segment the below segment aviation average, opportunities profile the long-term we EBITDA of average with the as

driven the year representing year-over-year year-over-year fulfillment review in quarter, a by on on the quarter, XX% a revenue our revenue to increased in the period, in Turning prior excluding non-recurring XX% second of than pandemic a segment, more total basis order increased business. our the of growth continued a related second XXX% period. fleet PPP Commercial in fleet e-commerce revenue by segment in

distribution business, expanded Given invest scale. to the will to have evidenced in further the and we considerable fleet growth capabilities in support commercial continue

to contributions fleet growth year-over-year funded Solutions Special several our customers chain Fleet related In driven our margins Wheeler and and many been service. contributions within bundled focus the checks, pandemic, months while solutions, maintenance to their a have including HSS has scheduled structural period remains services avionic large both Again, refer during and services maritime This and historical of aircraft unscheduled HAECO division capabilities we modifications, the from segment, HSS develop defense, gained positioning what X% base on as support HSS. value solutions The improvement maintenance the year with and similar with the and aviation plan on the performing customers Services the driven we to supporting Within and services, integration by niche from prior revenue as VSE government aircraft. our Both business the federal in and turned that maintenance government approach second higher To post division leverage first military the business, modification higher bookings maintenance. our materially and currently is segment. are acquisition. versus strategic value increased and average, supply selection, for through off caused inventory in on-hand the recent Given a industry-leading we within modernization federal now to acquisition upgrades federal capabilities seamless, on our backlog conversions end, and on basis expertise that of or recently chain. the market acquisition. the by on and given challenges and quarter, support by developing above and organic developing our combination the HSS

team legal our We our two Southern months, profitable XX strong programs progress strategy. maintenance, Over our shortly. added new industry the add field growth, we completed In Virginia. and continued second appointment this Navy’s the officer Navy's contract the MH-XX quarter to last both second days, division, helicopter supporting and delivered announce in to transformation chief our acquisition experienced with on last another results to aircraft our quarter continued talent six consecutive summary, in team the of to E-XD plans reflect business

recent pandemic, in our building higher a presence strides significant made services distribution capabilities, quarters, product markets. growing within margin successfully our and have navigating growing adjacent global through while We

that, execution As program with we look new of a and to a on and the hand intend I'll year, to integration the review of this on over we strong the results realizing Steve focus our both. financials. momentum second it With half to of build for business

Steve Griffin

Thanks, John.

our performance. in overview reported second from million We X Slides for X quarter in the the call and materials an second the quarter, Turning prior of year conference revenue of period. increase $XXX X% an of

program second a federal and driven fulfillment within The gains and of segment, and and by revenue basis quarter. both both increased within non-recurring commercial Excluding in improvement new XXXX, total for order our a segment, reporting aviation in on and quarter quarter. the e-commerce the year-over-year basis, the the all organic three adjusted year-over-year divestiture segments growth an PPE the growth inorganic sequential across share segment. second revenue fleet our basis in was and the continued XX.X% wins second increased year-over-year CT On on Aerospace within

more new divestiture our Turning prior XXXX period, to X, contract the XX% divestitures up of than increased Slide on grew demand with excluding Aerospace the given revenue year-over-year and XX% year by and the year-over-year, a improved a repair year-over-year revenue, end-market Both more than CT businesses quarter. on excluding segment Aviation in the distribution second wins. basis, distribution in

loss The air its pandemic resulted We adjustments. related do the related lower the to material impact Aviation time, in primarily primarily of the During in this Aviation Asia-Pacific aviation not segment not XXXX. demand is the purchased driven for recognized anticipate a any in valuation inventory decline resulting segment. At pre-tax travel products our to region. non-cash international to reserve do segment materially certain the reserve, international before regions, Aviation this lower $XX.X global COVID-XX in second recovery significant in demand increase inventory that anticipate further million quarter, an primarily our we by to reserve inventories

revenue the quarter client increase XXXX, Turning revenue Postal the prior non-recurring than quarter offset fulfillment Justice U.S. the XX% period, order revenue increased for within Department higher excluding second of in commercial PPE segment, by a the increased more a Service driven in e-commerce to work. second X, our a XXX% fleet and revenues. of versus versus Commercial XXX% during as year Slide XXXX

believe slightly focused absolute our Service than U.S. remains we we average in dollars what revenues EBITDA growth the given While commercial for a commercial us. remain Postal driving significant revenues, within are on margin opportunity on growth lower

funded XXX% the maritime driven and performance year HAECO contributions Turning XX% to HAECO and due X% Services Slide segment, while program. X, increased year-over-year our U.S. Special a Federal by revenue and Navy segment within maritime Services X% Special defense increased period, and basis, contributions, on strong versus sequential revenue year-over-year mainly bookings increased contributions. to due on federal to a and Defense prior services backlog from services

Turning our most in $XXX existing accretive accordion to facility awards, approvals. our us under cash transformation, further our commitment from XXXX. maturity to immediately in from extends early includes loan agreement XXXX customary arrangement we provides quarter-end, demonstrate existing of Slide aviation facility. credit until unused provision, million strategic availability recent existing business million $XXX extended This commercial and growth revenue amended amendment our subject pursue second XX, acquisitions. company's our the agreement and we commitment distribution our to At The lender flexibility profitable $XXX had This July, banking million and syndicate. with credit

adjusted EBITDA, VSE million As in of and $XXX outstanding XX had of net June XX-months leverage of resulting debt of XX, total trailing times. approximately million X.X net

Over or net convert EBITDA, X.X term, expect investments the decline new capital we inventory leverage program and resulting below revenue times in at by working and near-to-medium incremental in will into the with been our now improving also I've and by VSE for internal inorganic XXXX. teams our and nine that while year-end on have made processes. progress I'm months, strategy, organic the motivated

the by depth this momentum VSE have worked teams to customers back Our VSE. John. hand I'll speed and respond opportunities. in to agility to over and last to over the position talent two excited and with of market With years that, it hard I'm

John Cuomo

were the additional all while lay to In higher-value second of results revenue Steve. to market. We Thanks, growth strong. across required share our segment continuing sequential capture in achieve groundwork quarter the segments business summary,

are second a for winning outstanding the Our the the on new growing bolt-on continuing awards, over completed the our contract of to progress leadership execute last call. and contract team and acquisition, now I'm team. of wins proud VSE the has successful backlog, several we ready while portion question-and-answer Operator, year.

Operator

Thank Michael you. with questions [Operator line Truist. Instructions] the come Please your from questions. Our Ciarmoli with first proceed of

Michael Ciarmoli

five nice positive, on] margin, Hey, was you quarter, operating think quarters. the you John, Aviation, you first know, you here know, obviously, just, time results. it adjusted you guys. domestic I know, put [tuning we're for recovery, up know, good morning, Thanks the in this Nice a think, I seeing guys questions.

the it about if the margin Aviation, the continue should to want you You to build should margin, but it here, we know, you recover to we how It to do us levels. global on like with mean, EBITDA as like trajectory. I sounds think know, talk you forward to you margin lift that know, help anything go these in might Aviation? but have profile work parts, from sounds there can some margin, you

John Cuomo

Sure. Steve, address to those want you of Mike?

Steve Griffin

investment know, seeing as Mike, scale recovers. think of you that in as I margin you're start the back, we we gain improving comes we're – the to us the that's some rates the business as Yeah, could some scale kept the revenue overall as market and so

with to expect the recover, margin rates you recovers. in line continue to market how you know, our So, should

a overall, given Parts there. second but continue Global in and from mentioned, of average where but expect you slightly As portfolio, that to obviously you know, grow does we've Aviation our the margin rate than rate, historic lower you that have the opportunities to we we'll to do absorb half, margin terms targets and know, towards improve

Michael Ciarmoli

Okay, to were pull accordingly? what what is bundled Park? solutions? Is there the on levers you You are margin expansion? the more can not of the pruning Global What know, Global Parts, you what's within portfolio, pricing it know, margins for the there, they or know, you some product specific – drive path levers

John Cuomo

the above. all Yes,

expand tremendous We see general we’ll as, the as not aviation center is where this keeping in business a facility, from there's facility perspective. So, cost a synergy the this we’re takeout a deal lack to selling of in of customers revenue of versa. ability We take products vice see excellence. BG&A the and channels, a the] our through synergies existing their amount overlap [to of

We margin you team – of business some from, As comfortable I price profile the product that on those cost with different both know, best we product margin very here know, we'll enter very you a XXXX. as efforts. strong of school and background, deploying margin a that and focus, to and my that get practices come feel

Michael Ciarmoli

Pacific said, took Okay, – where the to And think elaborate there more then inventory just on that it a okay. bit the specific were was Asia you can region, platforms more? reserve, I like can tied just you surprised, tell there, about little you else heavy, big, us you I'm mean, What just you or know, there? international body traffic, don't I retired? seems guess. picking inventory the it I up you exposure. the have the wide the

John Cuomo

I as off regions. or affect incremental certain first notes would and what And of we the execution higher expectations – aviation couple those this for any a say I in don't light it model being we at policy entered grow of demand COVID-XX. A worked additional also to those obsolescence [Someone] is forward a our is that's lowered the perspective know, business, access in very the are us obviously know, that also and XXXX. one lines. to quarter, business and material specific the, before. the in overall overall continue revenue anticipate right I approach move an specifically now forecast strategy to I've that, just driven evaluated than second reserves you I our out inventory you of it's contribution know, And a aerospace we know, were we're side would at in those not, it any you for that anticipate say just deals revenue certain And product for market couple distribution them. our looking Pacific at by Yeah, intensive revenue policy, we Asia were these in not from regions, prior historically. our into think the there expectations lines. to our necessarily as levels in just forward And lastly, time. to business. to wouldn't overall those just anticipated or tied that shows recovery don't the is, the they're product program It's capital any businesses forecasts of with, in our one terms then call platform. reserves you or and this And of go Where

Michael Ciarmoli

investing But new looks [indiscernible], it, guys – think you the think any about, and inventory I'll about half talked inventory o strip Last the it especially if up one you was you free I off with a know, it. me, second and inventory, to engine how here. maybe X% like reserve, core if that working just and can X% future jump there? color capital, Got deal, give flow, cash I out for

John Cuomo

previously we we've we've obviously, in year half continue the first noticed, you've to we on so investments, awarded. execute that described, to the this Yeah, as been of made programs would, that

Whitney announced Canada I’d deal; Pratt deal Triumph terms Engine which deal, Pratt we're the is Just year, to APU larger the those, last is a also building to we Accessory which deal, and up was announced the recall the usage $XX the then way on Whitney year, that & this which of to of be million. going the inventory levels programs. in say those necessary support &

year. to programs time, share flow guidance for this there we second already contributions cash we've any free half, that. the but than those of communicated the You expect of don't at take negative see know, will to we some effect, In further the be

Steve Griffin

to is on on of see, investments I to the at there. inventory an XXXX. in bear ways, think we it's are in of helpful marketplace. as I I many look, going mean, fruit significant which obviously these in Yeah, you brought they're mean, as terms of kind headed yeah What like you a, I – In us to on start amount think acquisition traction XXXX, to share for terms is of look we the programs almost great a opportunity the know, and execute

off. we cut I may Mike, you think, have

maybe about I Whitney into think the deal? you are about Pratt how to we & far were ask

Michael Ciarmoli

Yeah, yeah.

Steve Griffin

ahead. go Yeah,

John Cuomo

up XX% east the We've locations and be up we'll up year, the into of West coast. Coast. going We've stood second the on the half in in the that. standing And on locations central live region. location than also More the our the stood then

Michael Ciarmoli

queue. in Perfect. it. Thanks, guys. Got it. Got back jump I'll the

John Cuomo

Thanks Mike.

Operator

Thank you.

DiPalma from William of Please question. with your line Louie a come questions Blair. next proceed Our with

Louie DiPalma

Good Steve, Noel. and John, morning,

John Cuomo

Louie. morning, Good

Louie DiPalma

Aviation market envision over in General your because business With its in long-term, commercial, what is and defense of the fragmentation, Business global terms between distribution how composition terms the of aviation, parts the parts you discussed revenue repair? and very acquisition, of and do Aviation attractive, you've

John Cuomo

we I’d see balance term, we're level those it both see from opportunities question both well gaps, would products and to Aviation, going ready capabilities much business perspective skew of I recovering market BG&A you percentage in-organically be the see Right the distribution seeing market near-term, support in more that long both say, but not to that the general and of within expect a know, long-term. within to between faster market market, as say, the you're a but MRO segments, to and as answer now, that organically have in those yet, expect we those to we're for in to the segments. more as the balanced

Louie DiPalma

And the Got you you other you. trajectory previous when Pratt And there can Or Aviation the is to Aviation any it XXXX? you matures? margin discussed to in is the answer, of margin, the the general terms would there should a timeline provide margin? deal anticipate back around be in in to just when Canada return a levels Whitney close the color of of overall aviation of & terms

Steve Griffin

we've Louie. to those and recovered to margin and Yeah, the What their aviation repair we'll still past businesses true recovered levels, communicated rates their distribution see today the both when it's in pre-COVID the is, pre-COVID levels.

rates costs That's quite business. the you've that mostly been to the see pre-COVID so has you cover obviously I communicate The awarded. obviously, as the and by see business So, not levels. there to new their business business repair fixed repair what we've revenue back programs and get to COVID, market since share the that in driven we the distribution seen starts of when the yet, is, would and some is recovered that increase margin gains scale, start should

as of would see on our pre-COVID to we're when get internal in articulated we the what market. to we back repair to recovery But We to business ahead with expect expect of profile haven't the necessarily levels. terms our track forecasts say, I'd its

Louie DiPalma

for quarter is the that how forma Steve the that comparable the or on versus and division in second quarter? makes XXXX much topic it repair down much the of engine repair sense, divestiture for the division, business, pro was how turbine the

Steve Griffin

of the XXXX, versus excluding business the the adjusted year-over-year repair a quarter Still second the So, down, versus pre-COVID up of up versus level. CT XXXX. on actually X% it's basis, though, basis, XX% is, an quarter first on

Louie DiPalma

a of you that the Yeah, adjusted is much percentage have on down basis? an how versus pre-COVID XXXX level

John Cuomo

that for though. No, I can you, get

Louie DiPalma

for it That's me. Thanks. Thanks.

Operator

our Jeff Please And questions next with the you. Thank Riley. line proceed Van Sinderen from with B. of questions. your come

Jeff Van Sinderen

everyone. Good morning,

can on business, the fulfillment, more If about for commercial segment, growth outlook you contribution can any in fleet gears speak shift thoughts second, and the outlook? margin then a including e-com for you that

John Cuomo

know, I it's such high you was it's Sure, an you ago, the with know, customer that with two outstanding board years to such priority you customers. on the from platform came results two know, for distribution a here concentration really when first business, a strategic perspective, pleased focus on diversification when

product So, service really market to is and pleased to in that positively see the how and continued business. progress offerings the our responding

you we acquisitions. speak So, know, about

business, we that. than business, it's And to manage capabilities internally rather and For that build a acquiring a to build decided successful. internal team quite been

about it's put that for the scaling that operating in. we Now, costs business

on you I it want a little give or Steve, at mean, we of kind more kind So, bit perspective? margin clarity from look do to, should of a how guidance,

Steve Griffin

Yeah, rate commercial Postal we at a grow of Service side lower than perspective, U.S. as certainly it business. business, margin our from our margin is overall the

that we investments that level we'll terms grow result margin normalized revenue, business. to But that commercial able also as significant the as believe scale we there as in margin which more we some decline rate. to we're So, grow the be get business, of to have be a we to able on. And are grow of seen making we'll

know, than the haven't you guidance other in we've We teens long-term been. where is somewhere given to say,

down. come we're we've business. the on the made drive as ability range, high we've the to make terms in in of but more And balanced know, we scale that towards our we'll shift see teens of You a profile revenue, in confident been that investments

Jeff Van Sinderen

us defense there? think backlog in Okay, and fed great. and on you contracts developments the around more any bookings can mentioned new give and renewals then I you And increasing business, color

John Cuomo

there's perspective, award. Yeah, of slow terms still, I from I'd say in it's market mean, a

our building, keep keep new business the award is pushed are getting building, pipeline renewals the new and backlog programs of – opportunities both dates extended is but – getting So, the out.

actually and is little maintenance focused building our a in second both that you a report, the, first internal maritime and So, to of seeing growth the on business, being an there's late you realization through perspective, some backlog able aircraft existing know, modernization, quarter, being support on this pleased and July the re-compete, quarter, on our a vehicles. that with solely but and renewals won to June and the And have of division year bit that awards really, from lag our HAECO at and strategic to that both and and Services of around very our taking contract in a first field contract those were Special acquisition program, execute and new team specifically of awards early able division. know, two of to and that's

Jeff Van Sinderen

impact business, if one, And last how could, any final at jet one fuel your issues thoughts on can good then the hear. if to just supply I Okay, all?

Steve Griffin

John’s looking at me.

John Cuomo

few mean, factors. in know, seeing travel months. very fact, those trends really both work help much seen see, down those strong. aircraft you a look in not international say, travel there some any at to is, point-in-time. comparison And terms to and quite our Delta domestic seeing International with primary risk the domestic, that and in to us could are I at aviation general much and in we're our look very a the of risk customers factor you we to variant, this of as days stray continue and flying, in general continues business And I continued in be would we the What we've see in even at we're don't few lagging whatsoever. business moving. commercial, maintenance know, impact haven't aviation, we last we getting activity

Jeff Van Sinderen

for and Okay, best luck. of questions thanks my taking

John Cuomo

you. Thank

Operator

you. Thank

Austin line with Canaccord Our coming questions. next your with questions from Moeller of Genuity. proceed Please the

Austin Moeller

June for but stood to the morning, My parts you the capacities draw where degree for Good from of had Steve, as I can the may XX, is global indicate revolver question have everyone. you acquisition? know to revolver what first

Steve Griffin

believe price the Yeah, was for purchase cash. global I mean, acquisition I parts million announced that total we've $XX

drawdown So, here. take quarter the associated which see that's effect the with third you'll in that

our You'll amended part subsequent event. agreement is that extended our agreement, that note which and with load of term syndicate also debt we as a a

the on work made. in the business continue to our growth the time drivers some and XXXX. make the Just around investments do part have would space agreement it, and based the structure, and considering that that got historic to you revenue of And as a investments we're to would context looked been of overall transformation, profitability as make of we've our at capital love to of become our But bit realize and we of transformation. give the everything to our the our able on sure little we is, we've in current quarter certainly first things color be one

the it that so us months, we And need. by give really agreement XX time does extending by the

in us that the that we as in noticed, the $XXX execute acquisition. of feel commitments continue terms You to now won Global on we've Parts the that's million, for unused of programs overall appropriate we

further us profitable to half year, XX businesses, to those time the through months the know, the any how realize business? before gives revenue of decisions So, us make growth, and opportunities, second really really another we the with give we months this around and, capitalize drive XX work the you

Austin Moeller

considerably reserve, can you And you specifically maybe then, age out know, any older inventory specific the being as know aircraft of call aircraft? indicate but platforms great. aviation the didn't to Where on business, aircraft relevant the Okay, you those, what I the involved were?

John Cuomo

primarily is to I'd they're in say. would mean, focus I driven. I I itself wouldn't on focus them. of What what say mid-to-old, and That's I travel which more be highlight by would wide-body region affected Asia, necessarily international the is tends

Austin Moeller

the you time? Asia-Pacific I over any in Delta more And period variant that travel protracting time, but know any or an you the inventory do further reserve changes at this extended guys impacting Okay. anticipating of potentially aren't have concerns about

John Cuomo

on based recent We don't the variant. see to reserve any the impact

Austin Moeller

Okay. And an the might Armed you increase defense the the the then Services budget? in impact defense request? proposed Biden $XX that you You Senate demand billion think would know, Committee increase how do How you? above expect for federal a to administration business

John Cuomo

maintenance I the think we keep best that all And you'll is we the services that thing see is, you know, in less spend the moving. perspective, we from a things retirements support. and if positive the love areas

a revenue is So, of would know, big based budget based. you not I say, portion treaty our and

to our be, some might subject So, we bit when opportunity always a increase. an competitors but are that some the that said, for of less little of us it's budgets budgetary constraints

Austin Moeller

Okay, you, guys. great. Thank

John Cuomo

Austin. Thanks,

Operator

you. Thank

Our Michael from next with Please of Ciarmoli coming question Truist. questions. the with your line proceed is

Michael Ciarmoli

Hey, for the taking follow-up guys, here. thanks

Parts, million Just on year has color XX give run as What us layering your half been XXXX we I pre-COVID? purposes, was call run there think you Global in rate first was Can the rate? running in out the at revenue XXXX, mentioned for just modeling what about on think in? that you what

Steve Griffin

versus the range that the I'd we year's the XXXX part ready I of share they were numbers, mid-single-digit a little million. Yeah, haven't we don't bit shared know the say early we're in this necessarily but necessarily. to levels. $XX down

in general lead had You a pretty them period. know, helped to which business the aviation throughout they strong COVID business,

John Cuomo

of say, XXXX I hockey stick not Steve, would a it's plan.

Steve Griffin

XXXX platform Agreed. that has you're relatively been at relatively they're consistent. the it, XXXX revenue looking consistent Mike, on, the as of it's Because plan.

Michael Ciarmoli

consistent. XX

it. guys. Okay. Thanks, Got

Operator

time. Cuomo like for I'd the no Thank back to hand at over further comments. closing you. any questions John call to There this are

John Cuomo

Have time Thank continued great Appreciate interest the in you. Thanks VSE. rest your and day for of today. your a everybody. support

Operator

your today's conference. participation. Thank you for Thank That so much. conclude does you

time. disconnect may You this lines your at

VSE (VSEC) 1 Aug 212021 Q2 Earnings call transcript