VSEC - Earnings call 3 2023

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Operator

Good morning, and welcome to the VSE Corporation Third Quarter 2023 Results Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Mr. Michael Perlman, VP of Investor Relations and Communications. Please go ahead.

Michael Perlman

you. Thank Corporation's Results VSE Call. Quarter Third to Conference XXXX Welcome President are and Leading today Cuomo, and Officer. the call Financial John CEO; Chief Steve Griffin, and are on follow we today accordingly. we website, along presentation to encourage The you sharing our is

as our future the risks Today's expectations. by and to those and required from projected uncertainties, Actual about statements SEC. forward-looking in significantly financial in differ including business today's statements. undertake discussion periodic may due we statements with no contains our those update forward-looking Except reports the filed results to law, described various obligation forward-looking

We in into to except where the our available, non-GAAP in our are incorporated is year-over-year GAAP progress, which percentages using refer on posted financial our presentation. discussion presentation, are noted. website. measures financial reconciliations All Where today's

Federal As to been has Defense divestiture of a results has the we the business moved our from been pursue the business. & reminder, excluded and discontinued as operations segment

Investor to look forward at and also We New broadcast York virtually. XXXX, NASDAQ first to for City MarketSite you all November XX, in our Day welcoming scheduled

event for at You with questions. ir.vsecorp.com. contact me on free the our directly any IR can Please register feel website to

prepared questions. will John. to remarks, of the line open for conclusion the the call At With our like I'd to that, we turn over

John Cuomo

you, Good today. and morning, welcome. everyone, Thanks Thank Michael. call for joining our

an will begin on the update Let's of I performance business Slide provide X, with our segments. where

transformational and revenue closing asset by a license financial growth Aviation highlighted Third in Desser record our strong and with in Honeywell. property the intellectual acquisition of quarter the were results agreement segment, XXXX revenue segment, and performance both and Fleet our

activity. expansion quarter. strong gains, execution, program market performance driven market and and segment was the increased products strong Aviation This our capabilities end XX% repair the positive share revenue in of by

entrance expansion awards, of product experience new capabilities growth program offerings, distribution with existing improved share success end distribution along revenue product new driven and and continue growth was and pricing investment. repair XX% by expansion XX% segment's market We new from of organic of contributions strong and and MRO customers. strong of markets execution into and activity, Aviation an driven from gains revenue mix. on the inorganic our great Aviation was to Aviation by market

segment across XX% revenue Fleet solid revenue The quarter. channels, in growth with experienced the total all growth

The quarter Our revenue sales and increase The year-over-year. of to Fleet new contributions was dollar led facility our business. of the investments expansion continue new their our fulfillment we legacy in improved base was and distribution by Fleet e-commerce increase vehicles. segment supported USPS in the contribution Memphis, by new ramp profit revenue installed and from Tennessee revenue an vehicles as in continued segment maintenance both

Let's update. now move Slide where strategic a I provide to will X,

with acquisition a specialty Desser increased independent aircraft MRO and services MRO global services aircraft distributor X, a we First, Aviation the solutions distribution aftermarket. and of is provides brakes services. and Desser Aerospace provider our distribution Aviation for Aerospace, of distributor a strategy acquired tires and and tubes, of on supports access The July component brake repair. MRO batteries and tip-to-tail aftermarket global a VSE wheel leading to highly-fragmented provider and

benefits. Aviation sales VSE begun deliver portfolio assets has to of the within Desser already synergy Having

quarter have to be We begun of by is operations, completed the the expected of integration XXXX. which starting second with Desser U.S. the

one-company, with VSE process the goal into customers and a productivity organizational with and market. full seamless improving the reducing suppliers system of a integration providing and system, to approach means As integration reminder, our the cost,

supporting distribute to that and control X including platforms, manufacture, we agreement unique systems sell, capabilities, This products. exclusively will allow production. in XXX that Aviation's these the Since and existing control Second, systems over of Honeywell XXXX, distributor these VSE X platforms still we on as has associated are license exclusive Aviation announced into entered that perpetual repair agreement served fuel transformational new subcomponents. fuel engine Honeywell purchase us and VSE expands a with

long provider systems. and Through established to these to successful rights as has addition, fuel In property the agreement, intellectual control MRO become licensed these an manufacturer history support Aviation this expands the VSE the to components. with VSE perpetual a relationship new of

for add Honeywell, manufacturers supply significantly provides aftermarket to and We what about are strengthen us long-term differentiated only value the a also to continues it's with our excited through Aviation. additional with but The proposition, very users, current OEM-centric this us and VSE allows testament the the announcement engine it not announcement and chain. the represents and to resonate suppliers value opportunities which to relationship

partnership adds this channel and portfolio. addition, our opportunity a high-margin Aviation revenue to In

details share more will Investor this during program We XX Day. our about November

last Finally, the Capital Bernhard Partners. a Defense announced terminate to agreement Federal we of the month, mutual to segment sale and

moving disappointed assets. these were the we and quickly While are remain focused of with on we divestiture, sale this we very the towards near-term outcome,

process detailed expect the provide a business. update relaunched have operations business remain opportunities interim, In early and will discontinued of in we this the for as more quarter first the divestiture FDS We in the to XXXX. pursue

XX% move by now and a in VSE increase increase results, adjusted to in the delivered solid quarter X. to compared and third highlighted a year. XX% Slide in revenue, XX% net prior increase Let's well-rounded EBITDA a income

of and sales its and the growth Driving and fourth balanced with row, aviation through commercial million, revenue record Aerospace. posted customers, quarter of and addition general increased $XXX and $XXX Desser record increase first quarter our our Our revenues million. both across channels in the distribution was XX% a MRO activity a over business segment year-over-year both Aviation

increased approximately for The Adjusted adjusted EBITDA record another of segment total quarter year, segment third year. this Aviation adjusted segment. XX% business by last XX.X%. million represented year-over-year adjusted Aviation basis company's the versus versus yet for by XX% margin segment of $XX the EBITDA increased Aviation EBITDA points EBITDA to prior XXX XX%

from across to third basis, in solid a EBITDA all dollars sales the XX% adjusted by sales on quarter contributions increased by active commercial revenue Service strong segment U.S. Our channels. growth Fleet growth Fleet the Postal segment program. increasing also X%, growth driven reported driving million, strong year-over-year and $XX

We and VSE teams and a in to strong to our performance that quarter. are commitment thankful translated our record proud see supplier-focused financial this pleased to the and I'm value. work customer for a

I turn the for over will of performance. review our call now to financial Steve quarter third a detailed

Stephen Griffin

Thanks, John.

As a for exclude and Federal segment, remains Defense held it reminder, is discontinued operations our results as the in sale. which

of materials performance. of I'll the X to and now third overview provide X quarter call our to turn an conference Slide

performance and segment. mentioned, we John revenue year-over-year As within strong Fleet in our Aviation segment our reported record

capabilities, distribution XX% and strong and all to business activity, and capabilities and the which product profitable and relationships, have all and generated commercial and gains repair across robust market in the reported year offerings, increased of an execution Our in lastly, increase general expanded of existing and And strong record market Aviation revenue revenue aviation results across share program driven demand both segments MRO share gains acquisition. quarter, Aerospace led period. the another recent of expansion markets. Desser prior by We end execution, from new quarter awards offerings program new and million versus of driven third strengthened customer were $XXX supplier contributions opportunities. by

respectively. operations. XX% million, expenses Aviation million generated increased from and e-commerce income, program. EBITDA fleet corporate driven $XX was of and an sales, of $XX and adjusted higher by partially an from the $XX.X of on adjusted the with together commercial million XX%, contributions increase fulfillment and million a solid Fleet $XX.X net impact contribution Adjusted discontinued offset from contribution by growth We EBITDA accounting by segment driven $XXX,XXX from Fleet, GAAP USPS

turning of and strong X, and Now we'll XX%, up Desser strong MRO cover to businesses were million. to year contributors, Aviation XX% XX% investments recent end XX% Revenue last growth third and strong distribution our Aviation increased the segment and acquisition, quarter $XXX markets. driven respectively. grew Both versus by excluding record a the initiatives execution Slide results.

million, revenue portfolio commercial was expansion of continues and and markets, by addition pricing existing Distribution and higher into capabilities, programs, contributions services of improved benefit execution improved mix increased XXX to driven increased margin productivity by was in from programs, driven Desser. and flight our strong from activity contributions improvement XX.X%. to MRO repair revenue on improvement customer initiatives. The acquisition. Aviation new XX% and $XX profitability new the margins by MRO and EBITDA expanded in to growth from adjusted adjusted of OEM Desser points robust EBITDA progress growth, while leverage Aerospace basis the quarter operating

quarter we the pleased the results our it business Additionally, third expectations. initial as with of exceeded Desser were

second addition our estimated our contribute account to XX% our range to and segment, that increased million revenue strong quarter results approximately We half to our would results. XX% recently of guidance $XX third growth we revenue of Desser. full year Within Aviation to for initially Desser the XXXX

quarter While the slightly within exceed do expectations, Desser compared revenue their we seasonality third to as to we initial to fourth on are expect quarter business. track our due softer

our chain expect Honeywell XX% year We by throughout footprint our be operating expansion margins quarter fourth investments, previously-provided of end XX% towards strong to the EBITDA modestly Europe. standing our for full and to including the margin of as are fuel our the offset of range higher business year-to-date up adjusted supply control newly-acquired systems

the Honeywell quarter. revenue fourth material announcement, any recent in not anticipate Regarding impact Controls Fuel the do we

million and as we However, program. we contribution EBITDA of we each inventory year anticipate respectively, million cost sequential as we lower from purchases. XXXX, the program the throughout expense and establish support amortization manufacturing realized $X expenses, interest and improving $XX higher operating to do anticipate XXXX capabilities the In of in ratably

to capital lower We realize of expect the $XX working net in end also XXXX. million by

basis increased sales X. fleet. over revenue the demand same prior their fulfillment total revenue support and million an Slide revenue, year the in to prior increase with year. quarter, XX% XX% growth period period to USPS increased and turning driven versus Fleet XX% Now represents $XX in in approximate increase fleet commercial the to point million, commercial now strong Fleet Total XXX of segment of was e-commerce growing segment $XX an the along by

expectations with Commercial the on to Memphis Commercial as and revenue end facility, initial launch revenue. market new robust as demand. scale track distribution meet we we our to infrastructure our growth remains workforce our continue

we on disruptions. temporary While growth be sequential quarterly chain a market strong supply modestly believe by revenue to see -- a declined commercial driven year-over-year, what we basis,

continue We our to to to as distribution continue we confident navigate remain grow market. business. Memphis in ability the the this We launch new facility

was of channel. Other U.S. up revenue quarter included within Postal last X% versus the is approximately year, which Service our Government third

maintain customer allows to us legacy and management we while supply service all program to service vehicles. best-in-class Our continue market share newly-introduced on chain platforms USPS

X% commercial driven increased by million, driven the XXX down customers. Adjusted $X sales to of was adjusted points Segment basis by margin to volume. EBITDA EBITDA XX.X%, increased mix

XX%. we to revenue to of year margin EBITDA the expect adjusted XXXX, full growth of and the range XX% For year-over-year XX% in XX%

year-over-year as driving full on focus profit growth to facility reach segment to continue to distribution scale for drive our We recently-launched the we its potential.

million Turning unused to in the XX. million and had under of $XXX facility. quarter, At commitment availability end third our the credit Slide we $XX cash

the the $XXX operating results. generated million $XX driven For million million had quarter, interest debt operating and by outstanding total July, We we management outstanding disciplined strong of quarter, rate the million. of of with a of cash $XXX free cash we flow, $XXX cash net flow the swaps, acquisition. $XX have and concurrent of At million the swap end following in Desser of currently execution

includes was the the prior the our acquisitions, of which results trailing leverage, net forma end from XX-month quarter. at third X.Xx Pro

by of the cash ratio the end pro be of by flow in fourth quarter. net trailing and in growth We to XX positive EBITDA leverage forma free our below expect driven months fourth the quarter, adjusted X.Xx

quarter in capital we quarter, working as to investments the as fourth to realize continue on earlier cash XXXX. flow compared sequentially improve expect free We third from to returns

to With his call will back remarks. turn the that, I now final over John for

John Cuomo

Steve. you, Thank

would remarks our the our like reviewing priorities I ahead by and business. for conclude to prepared opportunities

enhancing on of remains driving operational business while performance Our growth X our focus segments. the sustainable, profitable

Please advance to XX. Slide

continue Defense the pursue to of and First, near-term Federal the sale business.

remain we this work an business. earlier, monetize of towards in our and assets stated I confident sale these will expedited As ability to

the provide We to an update months. in expect coming

line product and implement transition subcomponents Honeywell program. our and associated newly-acquired Controls Second, Fuel

our and and the of processes acquired our source combined continue Precision focused remain happen into acquisition, structure on of and organizational value order for single synergies our products Desser integrate quarter, model our all investment integration will to We greater drive our returns this assets systems, our the Fuel to complete Third, which and customers shareholders. MRO Aerospace a in our and integration for fully and with services provide acquisition.

our a capabilities on Fourth, more and that full-service forward customer offering continue in Aviation product expand needs. distribution XXXX bespoke coming to to portions MRO the focused remain growth underserved pipeline of our unique weeks. aftermarket. We and We sharing within approach repair addresses solutions-oriented the about opportunities high-growth, look

business. while improving programs Fifth, fleet scaling fulfillment distribution Memphis and our demand. address within legacy supporting at drive commercial e-commerce Fleet and and includes commercial and our to growth robust revenue profitability customer growing This center

cash And in and management finally, cash the disciplined specifically results. deliver accelerated fourth by flow, free strong driven quarter, operating

our to at forward Day what's The at differentiator. our third November Aviation I'm to deliver. teams I of year-to-date tremendous strategies. the VSE and I'm our we very been have our have the quarter be asset they less able and our look VSE Investor and operating greatest to thankful than culture and proud and made weeks. that to X both ahead continues very results to in our sharing advance business progress greatest teams for Fleet performance

portion call. question-and-answer Operator, the we ready for our of are now

Operator

Louie [Operator William Blair. DiPalma Instructions] question from comes with The first

Louie Dipalma

It growth and should the robust fourth relative The also about share. we there's look remained quarter? think as Aviation very aftermarket gained the we industry strong. third really quarter, seasonality you've But that appears to how to

Stephen Griffin

Yes.

I revenue of and the acquisition. from mostly the that Aviation expectations the fourth for, anticipate, think seasonality obviously, a quarter. initially above lighter is but probably we set seasonality, of business in have bit we quarter, as effect. out third some coming in remarks, most would we're Desser but I When little Louie, will it look it's prepared an recent that I the it there referenced we our on extremely what with of is my a towards so pleased element results the mentioned

very get full results Day. year, I full beyond Investor think Aviation very XX% to XX%, the pleased more the we're when the and year, our contributions for We've the increased we we for with guidance revenue we the with look now But far. about forward pleased 'XX the and to thus business. when range very, look talking to for

Louie Dipalma

Steven.

Sorry that I missed that.

a still segment, in some seems has business? the as assets it Have of some to have you seen For basis IDIQ. business, it struggles, you million despite potential buy $XXX the on with acquirers attractive opposed whole it and these Federal aircraft a though stand-alone assets Defense interest for Consulting to and Energetics also as CX the

John Cuomo

Louie. Yes,

So the at you're exactly looking way it, correct.

highest So simultaneously. pieces or and we're the value. the possible or for that pursuing could monetize process include selling looking with most are That in can that's segment expedited independently, obviously we asset paths totality selling the the both contracts

Louie Dipalma

geographic one final well. you And year, Pratt going partners question. Canada for partnership OEM other in appears Earlier with and it expanded opportunities your other that Great. Whitney the this Are been you has & that into Asia Asia, geographies? your there for and expansion execution

John Cuomo

U.K.-centric. is focused acquisition that coming more a in for bit We really team hope us are. gives our to a with but be in up. We're detail very position to that strong Desser, about Europe, little which a There Investor Day share team on solid at the Europe XXXX of

plans we'll the OEM both do detail the expand our partnerships and some a to share be outside have to to position leveraging so, and Investor business some more Desser U.K. and of We that about of at in Day. the

Operator

comes question with from next Michael The Ciarmoli Truist.

Michael Ciarmoli

get expectations are you've quick fashion I value, but for And I to the on lower trying you're Just know in this price? do what sale -- guys to efficient it of could lower do and monetize the you mean, close assets mean, million. that the the to $XXX think you it most you to to got your fetch on sell now? your realistically that. trying trying of kind expectations do earnout, loop that in most still think to possible? you obviously, was Fed as terms with I as have just and

John Cuomo

focused -- very are we manage can We value believe on we both and time.

with it's the we to majority associated contract, successful were highlight the think important that with. of I was which earn-out one not

We this are protest at under time.

we're line on at the a that look focused it both, within our focused can So value if core in closing, getting time anticipated the first the same manage very on doing you we to to so doing what asset million that expedited as very we're well quarter price, had $XX base at the possible. period. value most best as time We do and purchase

Michael Ciarmoli

Got it. it. Got

That's Okay. helpful.

And backdrop Aviation, demand strong just strong, there. then on very obviously,

year, And a organic. million you I I XX% can if the didn't I incorporated $XX said maybe $XX if know know -- maybe growth, organic that reconcile in Steve, for think, contribution. ex have I you million but me help math I there Just out it? know sort don't that the anything the right? have implies called was that Do Desser, else but I of you correct, seemingly

Stephen Griffin

the have You correct. math

And be does . But I to contribute business $XX with better the I that to performing the and in the super of flight you, Europe business. be quite year. the for got the the than better region there expectations as excited far through the quarter, that's more, effect. pleased million into fourth expect third strong is does large so working half referenced seasonality headed Their referenced is get integration see about specifically, we yes, the it a to efforts. work quarter, the candid given and thus teams and And in But why quarter to performance some second we're business level with we know they've very the of commentary. tend the business's with the dynamics hence where the which decline

Michael Ciarmoli

it. Got

can those maybe MRO you growth distribution of called and out on Can What organic help of XX%. the rates you -- lines? out you I X the us out? XX% know parse

Stephen Griffin

in an repair and the continue But distribution of commercial business than lead to point. sides, happy the an an The basis. bit It's we so business market basis, still overall say, driven little is basis, repair, better up I'd this from the up is a side pleased. distribution at I'm both of tends organic kind to. to see on XX% Repair and dynamics. recovery organic organic Yes, by we're still results still on XX%

Michael Ciarmoli

Got it.

And heard Can they've MRO? you're gotten double-digit and maybe called then both other from I I last what across kind high there, well. we've maybe as on pricing pricing seeing to single think some mean suppliers out distribution talk you of out year. year, you this

John Cuomo

Yes.

of say so My the going bit some I to -- XXXX. for now the not be that from we're in so 'XX is efforts the that some results I'd seen obviously, done, get anticipation Mike, we've have is little than XXXX, pricing in think, catalogs of We're what OEMs. we starting a 'XX. to we're experienced and more muted it's

we're of data So kind just initial in. getting

the the Ask at me I detail last data. impact an through anticipate weeks at seen we being that less price would probably Investor of in start question years. I'll Day, XXXX have going and more in than -- X once X the we've But

Michael Ciarmoli

Okay. Got it.

get longer, is, of I MAX what's fly enough true here. equipment mean, I'll being given GTF the I the the forced where having tailwinds way the and not on for implications side, airlines just there? are And guys older then Last obviously, holds guess to for be seeing you may on guys same one, positive out lift? what -- going Any the you with potential

Stephen Griffin

we longer a life of to life today. continue side opportunities? to on a answer I'd programs, make want end say and, direct may sure there it I'd say support side. Yes. we're or on Obviously, your that these that the part be on support is to question, We the our And newer legacy assets repair to corollary, some we ton. more the that of of yes. lead whether But will therefore, program second to not don't believe the

support to robust we're this And think aircraft. So I at point, to of the trying all demand. we legs continue kind see of

year-over-year to 'XX, our I slow We're comp we at seen Day, the year-over-year such this Commercial quarter markets to about business will a of a Investor think give strong we'll headed the a perspective. in you third seeing They're has even headed. down and in point get sense on into we outlook certainly think share when basis. moderate. our start more comp to from 'XX, going a are 'XX where the that it

Operator

comes question from Company. with next Sullivan The The Josh Benchmark

Joshua Sullivan

hiring far talked think chain. as ramp that about? what Just like? as or need Is time expanding You Honeywell supply about the look does a line qualification there a that should the IP we acquisition,

John Cuomo

the both way. right thinking is There actually, you're about it

is into the the assembling say us a we're So much have is a for market. an the and fuel of so with highlighted than portion controls. pure -- manufacturing. working manufacturing, and our we is base supply We to that both been product the repairing entry great the I this This distributing That's assembly essentially of more this product.

today, it. it So in business we and reassemble about if think we disassemble our you it, repair

That have obviously, increasing weeks So from do approvals this we've takes got strong we the And staffing not then line, months, tremendous experience, who manufacturing we're need but team very we years. understands a but product and FAA a that. perspective. around

again The would had forecast legacy with I sitting and the release highlighted that we is inventory. earnings today, add, second you we're Steve initial on that thing see put that the because and revenue out

inventory So on obviously, with, a it. markup we from Honeywell acquired Honeywell

inventory, to to burn come through that that went us have to and future. now then them will the capture margin in We that

full potential ramp, getting ramp So of and to earnings look the both the at steps to kind the on of are as program. us revenue you those this

Joshua Sullivan

driven And the the deal's looking still the aerospace outgoing as transaction is then incoming in [indiscernible]? OEMs other any if at attractive or this curious from

John Cuomo

Day. in Yes. this have, in look you What says, okay, product, of the more this. is I many Investor would times cycle my you floor OEM say the to on at the production, point products and do are in that majority use still looking this for is production in R&D there it's When highlight time, companies and an newer focus life source a on of and that an and but I'll shop that that they're space alternative production at -- the the want for I uses suppliers my to industry dollars aftermarket. the some

with coupled market products And pleasantly really ability this additionally the ability successfully the distribute and at the this. dialogue an with repair surprised our what channel support is, to I and successfully, our is additional for with core us, this, product adds are our point. we having which this think we OEMs business have to just

right. I announce like tell would don't to in expect -- you coming deal is we on We don't This market we're the sure there expect really another right the this, to before impress give really though future. do us do transaction want make we're normally is others time first this I forecast and doing consider going Don't the What deals. another and months. this for we the are there and to But this definitely of out this type.

Joshua Sullivan

it. Got

large then OEMs at looking to the USPS office the is And expansion on of post Fleet, development this point? some maybe We've switching some at existing its just installed EV back the seen plans. Fleet. fleet pull ice over auto How

John Cuomo

Yes.

of will think have the be I fleet small number so tremendous forecasts any permanent a there been fleet they've numbers, that a fleet But shift EV. there the size, portion biggest the that that thing will the grown size. happened the in previously doesn't to that's is, be one, forecast and to be shared, their appear growth that's

is vehicle, next-generation whether is the through not combustible The engine. NGDV, is they're What vehicles. doing they've that grown or commercial buying second off-the-shelf the thing electric how

types other Metris, whether So of vehicles. off-the-shelf some whether commercial, they're Mercedes they're

a they're to amount have more will vehicles. a continue type of complex that type So building fleet non-EV tremendous

vehicles. to pilot in a all Service us launch is we fleet -- plan types, customer to look our really support supporting is the EV at Postal That medium-duty and said, fleet

continue real there strong to the near be forecast when delivered. have we term. So activity don't for that yet see the And NGDV of will

any the that, think we impacts share have to business. may that As we we'll get

Operator

Jeff B. from Instructions] question [Operator The Riley. comes with Sinderen next Van

Jeff Van Sinderen

to up Memphis on follow wanted the Just facility.

Just to wondering there efficiencies in on the touch incremental can if maybe future? you be realized

John Cuomo

Thanks, Jeff. Yes.

that from middle IT built this first quarter, literally started new we January. the this completely new The of of in launched in system, way model, new X kind infrastructure. facility, We remember, we've the

kind plateauing and then thing and out then and our of revenue you're plateauing we're same you So the productivity of at look site, stabilizing. chart, we're if the increasing doing stabilizing, essentially, again, we're and

period, you is was plateau a again. see the what next really the third of quarter in you'll So phase ramp, what again, and fourth and the more revenue kind quarter of then plateau in

look through So improvements. continue that ramp, productivity we're to as we at to we have where go going

but scale What and over element we to look an a, chain in margin then in And improvement other through supply processes. late the automation XXXX, to we'll you over to add talk that facility really element get improvement make, in before improvement margin the expect a continuous pricing, cost X the impacts got plan on stabilized is will about we terms drive but can But the at that just: facility; is we've b, automation going of the and on this be next and improvement continuous There's years. time? in. both

Jeff Van Sinderen

That's helpful. Okay.

mentioned for QX. you Desser some then know at I And seasonality

Desser integrating about guess there? anything you're you're I learning as else Just

John Cuomo

the diligence Aviation the culture, far expected first great alignment. my team as a it's great as thrilled they addition outperformed great I of exactly mean, thrilled to to quarter, portfolio. with the did, as acquisitions, that in as with VSE level a It's the see

fully integrated. wasn't business their So

running integrations But we a the ahead are for are into up track XXXX. basically under smaller for what's of pace, on platforms, integrations. IT it so breaking of were they different and or ahead So slightly very business excited number

Operator

over conference our back any you. like Mr. Thank question-and-answer Cuomo This remarks. sir. you, the Over John to I closing to turn session. to would for concludes

John Cuomo

rest York our a you first for Investor the of great XX of day. everybody, on many forward New and continued We Day, your at you, today. in support seeing November VSE. to joining conference our appreciate look call Have and Thank interest in

Operator

you. Thank

has conference now concluded. today's you presentation. The Thank attending for

disconnect. now may You

VSE (VSEC) 2 Nov 232023 Q3 Earnings call transcript