VVX - Earnings call 4 2023

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Thank you for joining us for the V2X Fourth Quarter and Full Year 2023 Earnings Conference Call and Webcast. Today's call is being recorded. My name is Maria, and I'll be the operator for today's call. [Operator Instructions] Following management's presentation, I will open the call up for a Q&A session. [Operator Instructions].

conference recorded. this reminder, a is being As And host, Treasury, Mike pass the Investor to your call over Smith, VXX. and Development now Corporate I'll Relations at Vice President of

may You sir. ahead, go

Michael Smith

everyone. Welcome XXXX Year Call. Thank you. Conference Good to VXX and Earnings Fourth the Full Quarter morning,

ovXx.com. Joining are on of for Slides today's President are available Chuck turn and and section Executive Officer; Please Officer. us Mural, Chief Senior X. website, Financial Investor Slide today the our Relations Shawn Vice Prow, Chief President to and presentation

to provisions During in forward-looking today's review presentation, statements. from these differ contemplated by statements and pursuant a management statements forward-looking company the update The results for materially will press our be that to description of making the federal materials some results safe the of harbor the presentation Please forward-looking of laws. no securities statements. factors release its obligation assumes our to actual may cause safe harbor

available point addition adjusted diluted operating adjusted share. adjusted website I'd adjusted per filed margin, found non-GAAP and out various measures call to our non-GAAP Additionally, of income like turn At would and EBITDA presentation to the definition net and that Chuck Relations the this metrics, reporting The earnings, to over to we cash be these in and in earnings like including discussing will SEC. adjusted GAAP our flow, Investor in materials with our can Prow. release be on press time, I

Charles Prow

you, joining Slide today. you turn us for and on everyone. X. call morning, Please Thank Thank the to Mike, good

and technology-enabled feedback of fourth trip a a around and of note. our to drive received support VXX from Slide in like most broader scale, to service, sits profitability, that The underscore over the transformation I'd I leader returned It growth. visiting clock that we in just people. end agility, segment allowed XXXX to the performance would continued during which started, the innovation X.The unwavering continues solutions are the you diversification clients clients East, delivering and our Middle from get Please to quarter of our the around and XX,XXX commitment we their employees I contribution globe for clients their particular, their a us thank in the leadership missions. growth, on high and Before services critical our has emerge operational inorganic to marketplace. as the and VXX capabilities federal improves organic turn to

value had purpose-built Our an deliver contract market. this client, to across company geographic in expanded footprint and

significant rapidly years changes witnessed Our continues recent market in and to structural has evolve.

X% in was was the billion, the in growth on quarter forma with year-over-year of and by to billion. X% Middle again increased the full once sequentially. Revenue driven our fourth revenue East. range. also XX% quarter and Revenue resulted growth the We a exceeding $X.XX are This This advancing fourth XX% revenues in outcomes platform people. line life Please how includes turn momentum operations. for Top greater and value yield operated intersection by providing technology into cycle extended of capabilities. opportunities Slide for engineered leveraging missions at the to the These sustainment support and that and and clients shareholders greater enhancing our are X. modernization $X in year-over-year X% ahead guidance which while improved year elongates for of pro while basis converged solutions our Pacific

to and the occurred our drive further $XX.X while into this to for the Sabre given region. growth expand, impressive Paycom, a our footprint year. continued first This reaching particularly on-contract a million, that the team's and VXX in in the work exercises services is expanding of half or Pacific testament to Our Talisman record in was ability

at adjusted ahead about operations this opportunity with builds outcomes expansion client this supporting win successful client of our through deliver meet speed able our expand most initial global opportunity to the and represented state's with to exceptionally support services for or partially to the $XX.X increased East recently State. margin. in million in suited The We presence effort. quarter that substantive with solid team performance and time, the and have remain logistics Middle profitability schedule driven how by and to I with this and This in capabilities excited and critical revenue scope ideally the state. early work our pleased growth relationship Department effort been on the strong X.X% strategy. with had that with at worldwide our awarded missions we XXXX was our Our EBITDA and of yielded I'm are the of

of million X.X% range. For was X.Xx. quarter, or from during $XXX.X to leverage equates Cash guidance adjusted the the of flow ratio EBITDA a strong generation notable was $XXX.X adjusted This flow resulting cash which margin. ahead our net in was operations year-to-date of cash million, year,

momentum Our solutions approximately $XX to gaining VXX and the sustainment awards with engineering, of modernization and are in integration quarter. million

opportunity through and an client that's we revenue systems. prototyping recently and and associated defense capabilities by with to presence with a further We effort sustained as brand-new is capabilities. VXX. new This produced engineering that existing see today, these product Importantly, development yield demonstrated market expand leveraged designed, a originally platform and these successful substantial our effort of fielding design and enhanced the started as

or continue our we be with Gateway optimistic XXXX Router example, proprietary regarding the growth to GMR associated Mission XXXX. For prospects

by additional cyber-hardened family of provides in situational integrating increase that is on to projects calls, recognized past air mentioned As awareness. on platforms. Army a different route continues VXX fully cutting-edge multi-domain and router this its footprint

production submitted up we proposal for sole-sourced X,XXX our GMRs. includes for a which RFP, to quarter, the During

acknowledged applications. traction services momentum civil GMR seeing years. VXX I potential Air U.S. new clients East, next the quarter, VXX and Force this for was good XXXX our have awarded Middle to we provide the that $XXX the addition, with that new Air the In in am during to at support award, on are region. announce valued other pleased the X a Under in U.S. will capabilities with task infrastructure and over order maturity Force the million Building engineering

selected to honored to Force. and support to exemplary building Air the are forward have on We important our an look mission service such with been

Additionally, which achieved support a our majority date, being overall The the in from region provides the first significant VXX heightened. sales and the are current requirements of generally client remain contracts. elevated company's milestone, routed military demand Middle training To to for the the aviation the East. substantial win, and recently our existing clients FMS signals in an outcome to remains

could recent multiyear FMS or demonstrate Slide campaign. I our win will contracts However, where we in task turn to new and emerging result requirements believe orders. X, Please

Over past in now military sales methodically our have campaign, years, few the we planned is results. invested which yielding and X

long-term representing and recently awarded the as included East. was aviation contract The support and were VXX, majority the being years in Middle As next win training is an valued of award X quarter contract a definitized. over over in million our mentioned, we engagement. $XXX years and at a fourth for exceptional culmination The award is backlog planning a X is not of the approximately

at the have activities second on and half. is currently operating contract the to working run in full Our transition-related rate expect team

unable margins the across awarded Importantly, to our approximately evolution work, in of countries. total participate value FMS With this with X company our been is $XXX new a has accretive this market. portfolio as million

FMS of see near-term Looking opportunities pipeline $X a net by we approximately ahead, billion.

opportunities cost-effective and to geographic enhanced our continuing VXX and differentiated Slide CAN are we robust invest capability such, leverage Please turn partnerships As pursue to that where footprint, deliver solutions. X.

is business to solutions driving that unique visible in our momentum in is and Our growth indicators. differentiated deliver our leading ability

award billion, from does performance For XXXX. It's example, of top year the program at the mentioned full and $XX.X moving in remained line as win period up the backlog year status. that previously billion important include note the visibility last $XX.X backlog anniversary FX not FMS $XXX or total million protest end the provide was to solid of into the

Our stands a is over environment. reflecting last somewhat at muted from up company substantially pipeline award of the billion submitted high quarter, and $X $X bids billion,

engine be is the submitted months. billion to opportunities Our geared XX backlog over $XX of expansion next revenue support expected business future pipeline to with development a and

Finally, our summarize, strong of into our notable leading guidance, solid VXX To and visibility limited less backlog, recompete midpoint than comprise our awards are by year. recompetes At moving recompete throughout the XXXX. indicators, the recent visibility revenue provides foundation an mix. we limited X% the is and growth enhanced of facing XXXX excellent

Now I'd for Shawn? like to Shawn over turn the to the of call a financials. review

Shawn Mural

the million. record shares. by EPS was year-over-year. forma $X.XX strong weighted forma X.X%. good for discuss offset was liquidity. $X.XX, all metrics Adjusted to sequentially of flow and year year was morning, the million, margin sales results. discuss year. activities $XX.X the EPS line quarter EBITDA Slide Adjusted cash was Please Chuck, or tax diluted of X, operating and contributed up of from results. income the upper lower cash on in year for as the EBITDA basis where was of for turn expectations prior growth and above $XXX.X margin representing income million X.X% reflects million expense was full $XXX.X XX% Adjusted $XX.X the adjusted provided Thanks, Revenue Adjusted delivering interest diluted anticipated. million, exceeded The XXX% a to revenue prior a Adjusted margin was on increased to or compared for year. our in and across cash expectations with X, represents to our quarter Slide was interest performance on strong billion fourth for $XXX exceptional $X.XX XXX% Full expense, $XXX.X quarter conversion which our operating $XX.X team flow our million. basis other was Interest based in full adjusted average Net of I'll the income expense. XX.X quarter. The exceeded million year billion, pro quarter Cash range. Performance XX expansion to increasing and Adjusted everyone. existing represents interest financial and million $XX.X EBITDA [indiscernible] expense depreciation was Interest $XXX.X higher turn business. X% X% a $XXX in a million. Cash the ahead by and of a expense cash on was operating delivered team net year-over-year partially of The million XXXX pro new million. the year. outstanding and $X.XX flow day performance growth due was conversion. performance, I'll Please guidance net end where programs expense delivering milestones the our schedule, the

and debt cash. enabled Net As of mentioned, million debt sheet, excluding strong in the $XX.X with million million XXXX. restricted $X balance of ended reduce year cash the total billion. net cash $X.XX was on us generation to $XXX.X was We by

approximately the and was We Xx at leverage improved end X.Xx delever the at X.Xx our generated debt-to-EBITDA ability flow or revolver. to and at in million below The leverage and our XX. the on sheet achieve ratio of remains of net from the strong to approximately of which cash net turn continue Slide notably free balance by the a million with by XXXX. XXXX includes company's $XXX availability end close. at of the liquidity to merger business our over Importantly, which Xx believe Please end year, $XXX supports position capacity, ratio

guidance expected follows: XXXX establishing be midpoint. growth to at X% are representing billion We $X.X $X.X is to Revenue the billion, as

$X.XX earnings at EBITDA million, growth diluted at and less X% from representing recompetes. XX% of per $X.XX, contracts at midpoint. guidance share midpoint $XXX Importantly, the X% Adjusted $XXX to the million from growth at existing approximately midpoint. guidance, representing assumes revenue X% estimated the Adjusted to is than

KC-XX expect the sequentially. and programs. adjusted This and TXA and previously cadence and throughout ramp business completion new discussed the year. of the EBITDA reflects wind-down will we the Revenue phasing the of Regarding

net provided adjusted to $XXX expect million $XXX to operating We cash by be million. activities

will year. should $XX terms half approximately our and to pattern, estimated generation for be weighted. second other cadence, interest occurring cash approximately of to be line normal expense Capital the in first cash In be million. Cash and half the be flow with $XXX in million the is expenditures seasonal expected with are of year

Now back I'd to call the turn over like to Chuck.

Charles Prow

continued intensity. robust through creating to and expanding Slide three, to performance, improvements plan flow growth this expense margin reduce recurring and operating as we our markets; sheet market. VXX XX. to of line growth disciplined The to awards on high of by transform top in our into value in In operating which our focused our revenue program increasing into turn core an to on-contract as VXX continues flow conclusion, utilizing capital Thanks, X interest components cash to generating execution deliver balance remains net profit through Shawn. continued via one, Please well for new capabilities technology campaigns; and insertion strengthen strong revenue on backlog shareholders. And conversion, debt. leverage and management and focus and fourth, include: further growth working low two, cash conversion profit achieve capital enhanced pipeline

strong We pipeline, excellent an limited and value provides robust that momentum, to backlog, have aligned support generation recompete creation in high XXXX. highly fundamental cash free profile

to Operator? I'd call Now like over the questions. turn to

Operator

[Operator with Truist Tobey Instructions] Sommer Our question from first comes Securities.

Tobey Sommer

Could pipeline, including describing the color on of competitors? takeaways new geographic FMS and you incremental work provide traditional some versus breadth from sort

Charles Prow

And Sure. done not and maintenance is the is it O&M, the of pipeline recent of in combination and specifics facility most wing as lesser well actually announced, as CENTCOM in say, that question. in would give Eastern activity really O&M as we're a Europe. our will say rotary The and by I just yet another can't a I is takeaway general, the between and provider. pipeline. management. good here, It name tell have probably being that We a say, was new I will new aerospace, as -- to remainder you well logistics/operations was would FMS we The majority and as maintenance. of is about aerospace, INDOPACOM the net is FMS judging memory degree, from all that I requirement requirement half pipeline much the balanced that I before it's something would so

Tobey Sommer

down retired. timing have that in of of you contracts we being Could describe airframes wind some the the projects

modeling from thinking the a perspective, Just growth? sort significant to headwind when of most about

Charles Prow

please Yes, say I and to Shawn, here. -- free chime feel would in

the So balanced final be down relatively will the and both throughout year. this year wind It's KC-XX of the for the TXX.

indicated, growth As to sequential for we've see that make up down. we'll wind

a full add? extending So weighted through bit would to the the earlier in Shawn year I anything say year. but

Shawn Mural

as the sequentially again exactly. Tobey. down said those Thanks, and No, some we as throughout would I we'll things say meaning grow of year, first headwinds weighted, Chuck. it's Yes, And half expected. wind

Tobey Sommer

news revenue Okay. activities investors. the PEACE If so, is cease convey near A and question doesn't get term, we in company the how seem which does anytime exposed? have likely to that much if from out, would your breaks as

Charles Prow

would out, we're I would missions for guess, largely, by say not maintaining well, I if -- break Peace were if operate we But and to I entirely that, that that's suppose. can the large, I continue.

half we ago we pull that. about with profit out couple do risk years OPTEMPO. the revenue and the to exercise and just saw if INDOPACOM of although where on pace country, of these first reported have about regards in raising a year lot we You Eastern the occurred. second to the like of mentioned in analysts Tobey. in a prepared always have when were INDOPACOM, remarks, the the and both have of saw results in in revenue indications we the we and actually activities had is of both you Afghanistan you activity in a and of of no Today, in the because talk higher CENTCOM, other talk in generation of We half actually to as Europe We we tailwinds INDOPACOM calls investors often year

for ground kind continue a to and actually long-winded creates VXX. of question. the more age airframes to requirements age, So the as to as continue that answer infrastructure military vehicle But your

Tobey Sommer

the And sort XXXX the of just quickly, comments GMR of could scope you that. opportunity, elaborate including on and on size

Charles Prow

by of organizational would GMR taking conflict What facility of now of when away. believe the capabilities post because of it are merger. hold of a create prime was the contractor Indianapolis being part a opportunities interest owned is that VXX and new ultimately of by the going represents X,XXX that acquired Vertex the suite We untethering really

great capabilities seeing solutions, can router new used that We hardening in for are, both XXXX in existing in whole be and GMR engineered case, with fact, this way and and a being innovative that. and this really new they a X And emissions. of suite capabilities such Indianapolis our those military is working in platforms, engineers

bid. So very, know is and or actually engineered GMR won in mentioned don't with prepared yet, progressing is the the it's but traction the very nicely. other XXXX not sole-source -- whether as actually of We this remarks, we've we've solutions

Operator

Our question Markets. next from Capital with NOBLE Gomes Joe comes

Joseph Gomes

quarter. Nice

for to in question, you a having continuing little still $X a last but the bit anticipated. or a wondering, first the being was billion book-to-bill billion resolution of I is all protested kind of the couple is is light talk $X parts impact Is the award bids it's of up had continued So due the also. which -- that it, saying little on end foreign I'm quarter. longer you the that we're solely that quarter. impact contract than waiting resolution, definitized then Maybe any to in and us going much could is to little you about that starting from at have think of a and

Shawn Mural

this Shawn. Yes. Yes, is

billion about right? muted awards So anything the have of those And It's a in environment as concerned seen of case nothing cadence in you -- slowdown seeing we think successfully outlook them, the of pointed else? the the capturing bit it's So from the for are some it bit pending increased we're our doesn't to out, liked but of awards. I to that we quarter. change note. $X but a would exactly things work. don't have Chuck, a those anything, relative

Charles Prow

the revenue seeing, pace as that growth resolution, on-contract of always, and continues in our No, is see I the award continuing strong. in think slow, our we're OPTEMPO -- and you you're right. rate We that

would be guidance. it'll I confident a move but as we we see slower think again, little will year, very our we than we're awards, So like, this in through

Joseph Gomes

kind at reflection beginning? there is just comes it it appears adjusted of guidance, with newer in midpoint, more EBITDA speaking the look else a 'XX, just be a of anything about behind these Or that it to the flat to of And I some on year-over-year? And it would flat contracts be the X.X% projected fact margin, XX%. that is be of Okay. of that if

Shawn Mural

Yes. of the and mature said work. continue exactly time. as over right? to seeing We're to completion, mature, move some So all tend I'd they into No, profitability are our So things along Joe, it's right? that say new they those you of programs margins. programs up we've the higher ramp improve the described, We'll as

us sequentially there. when year, the that But about think the yes, And X.X% probably right right at you'll over course year. profile we see kind so of Yes. exactly throughout margin do of the business of the you're the at midpoint, the we're the

Joseph Gomes

Okay. assuming things, bit us in guidance, you And historically of a QX on that little can guidance? benefited had of But first and the give repeat kind in little half. give bit the should the me second us or more by that you on had they can expect exercises size year, on last One maybe mentioned XX% this don't quarter in Chuck, the the and year. in we impact QX? one the XX% the you you of kind first second a half, INDOPACOM. Maybe of split for those and of of I'm XX-XX still kind cadence the revenue

Shawn Mural

Yes, say way. at I'd it I'd look this

the consistent the our right I'd kind and XX% On revenue throughout else? first the with see on of slightly the look in XX% comes execution. in as less as top half than half, margin line, on first profile, sequentially Joe, that go work somewhere at again, probably And year. quarter-by-quarter then the half, that the between I'd EBITDA, XX% first XX% new mature, being year the and the teams the anything that of of probably as below adjusted as and Chuck, look slightly we'll of at that ramp in kind we the

Charles Prow

year. you kind in it beginning benefit that perfectly. No, said happened from of we activity Last year, the extraordinary the did of

while. you you for us followed know, a As

very to has with comfortable way guide second we dynamic back the The throughout with again, feel very And first [indiscernible]. half very and comfortable half, feel all year. consistent ramp going the been we the the

Operator

comes from question with Citizens JMP. Walsh next Trevor Our

Trevor Walsh

echo in to terms type year. where if Chuck, generally Then finish of I FMS you billion down just maybe you pipeline. you was that do congrats a could how color a there, what submitted looks if had, just on on my the of to could. similar portfolio on that I'll the in wondering, within the run great Similar the mix that bids provided and products $X that you of is falls the the

Charles Prow

that's mix aerospace solution would of our community -- the you And years. asking Yes. of logistics thrilled between $X to we've or cultivate nice maybe O&M. able call how really engineered good core that technology say business newer last our and pipeline the it of pipeline the a over curate because or with a management billion, a been No, intelligence our question for proportional have we're we there's mix kind thank really I converged really pipeline, couple in emerging then businesses base well. and Of as

have introduced new are years we importantly that now several we're that pipeline again, we represented that and that discussed, actually So progress. with thrilled capabilities over the in the last

Trevor Walsh

Great. Terrific.

finalized if system or yet, how give detail not mentioned know you're little newer but able bit just to technology-driven a or don't project curious was? that I just You that's classified or platform. if more a defense particular

Charles Prow

it. -- and a finished. that it's Yes. talk solutions -- the can discussed to highly year, back It's a It's fielding we again, engineered to It about the inception it's that during the -- questions. cannot then prior here in requirement under is is wonderful story. call something falling It technical, we from and we went

way this it generalize simplify can it or way. this You

are been we many the time. platforms contractors life capabilities important work ways the communities cases, as our prime a as We there out of long have some approach cycles now recent. extend to again, both can of we their to older existing that It's are and/or extending part well because for and really ways and/or together new in military capabilities. of, some long, either of, taking for them a intelligence platforms them business with more older, engineering And of improving platforms, different

Trevor Walsh

one more in like that million $XX Shawn. can tell They you've $XX a uptick year model. to CapEx me Terrific. going bit like looks an for got our the about I it of little look outlook for from Maybe million, in the guide the from for what based on

curious the where will or going is that investment of spend added year? progressing see what Just of kind kind you the throughout be where

Shawn Mural

No, great you. Yes. question. Thank

that mentioned we of thought million we It at came $XX So had CapEx would quarter release around third in end $XX in we for the the We year Trevor. million. came -- under last CapEx that, in would be around slightly right in XXXX.

engineering so what investing of really, business we're Chuck engineering the that that help seeing the Again, has everything sustainment modernization that. just carryover And in of and to some you're going ensure and about it tools. just that we that tools we have Think capabilities forward. is a enhance mentioned as that capability,

on timing all Trevor's really investments. those is, years between that's So it

Operator

with comes Markets. question Stackhouse RBC from Stephen Capital next Our

Unknown Analyst

just bit I hoping contrasting could little Middle more maybe market that East kind And around INDOPACOM. detail the fast of provide maybe was then can if how into compare grow? that a even you exposure,

Charles Prow

Stephen cut East exposure? Middle out, you but Did Yes, you you say said, you doing? say you are how

Unknown Analyst

Yes, I did. Yes.

Charles Prow

Okay.

been and X historically region operation. we for Middle now. of decades yes, so non-bonus has in really our We've our area individual is largest the it So -- East operating been

in will, we all region, and did the seeing East regards to With are, we fact, be when region speak. here handled note now, is ramping the is with the we we for the prepared business, new that in Middle although in are a will today As awards. additional action believe additional lot there is orders, with activity situations being resolved new you the funding we the mentioned finally undoubtedly in largely congressional win as have the we airport, through contracts regards opportunities existing the know, it OPTEMPO in that there remarks, a the are do if to of

we But opportunity high budget our resolved, foreseeable again, clients are with clients arise. several again, for the I we from We should signals orders as situation, fact worked resolutions have on. diligently the in the remaining say, the new see as demand may OPTEMPO that future. our budget for And

Unknown Analyst

Great. of kind just and impact And is supplemental the Ukraine the maybe kind maybe just guide? 'XX upside what has lack CR kind be of then kind then maybe factored the of might there what the guide And any as well? 'XX of of on following or just how also it for into of than the budget, importantly that up the

Charles Prow

will some So a more as said muted his factored indicated we that, question. have prior for this scenario the Having and prepared Shawn year, in in remarks award we see awards.

continue teams Our budgets. to high. existing OPTEMPO which And from the excellent typically reality is that growth, provided do an remains job on-contract the with then is

guide that current issued awards realistic new us in OPTEMPO both realities, we've confidence balancing contract and the of think here today. I growth the on So the -- the and say, gives I should

operating mentioned odd after as this so that, on scheduled at named done you we've indicated not in years. into said are point INDOPACOM, in they're continue their of modernized think And provide continue I and because Marshall we demand signals degree in There to a such that exercises the we're currently size too. Having we Kwajalein Islands. ways of to past, bases on the in time see high several region. OPTEMPO as

Operator

Our with Stifel. from question comes Bert next Subin

Unknown Analyst

on touched get color Bert. I'm for some I on more to on it, but just it. guess you've

curious life view on cycles. about your Just MRO ramp

any you about could impacting provide sort helpful. awards? in Just How do margins? that see new of there color then what are of normalizing But pipeline. you or you be terms talked would seeing You

Charles Prow

fixed happens we well. As last adversary FX the award. quarter, as It's to price talked still important It under be award was an protest.

other that in retirement we'll that would this resolution year, now start to here known you only down. question? no in to -- probably to have about protest, platforms X been assume anything this retirements I Really that want I portfolio and the are very X, -- point half at one? able of time, have will no in program predictably there Both We Is talked else second at And to other the that there of -- the are you anything than KC-XX we -- was contracts. on our in else of other TXX. the your get of add have those we've add closer we year, assume. that be those the winding we the

Unknown Analyst

And margin days that, guess, maybe the Atlantic. then be through could in I helpful. if add and to would thinking impact testing early the I Pacific on maybe Just on

could too. you If there, touch

Charles Prow

Sure.

of with The cycle. And are predictable ramp and post to from X indicated, stages, pace I a this frankly. with again, we're over into Shawn on Both hearing our the at quantity seeing We're occurring. and the clients. thrilled. new the on large ourselves couldn't not such years. such and and in the ramp retiring thrilled performing early higher a our that's last pleased we're year. couldn't team. programs the margins exceptionally. of It's about, wins We're years, directly Wing And margins we're mean, the As the frankly, Pacific Naval are percentage this. of I we'll that's more more be Test because just, that the life which large rate Atlantic talking sale thrilled the I the profit in be at end through backlog they're base

very pilot I'm Air we're clients. measurement picking closely, and for you because up pleased play can can't meet fully industry pilots important our the privileged significant They pace sure capable know development to train rate And role the their -- of pace pilots be Force follow a be you trained. and quickly the needs. by which and As both again, Navy an and is to enough again, to the

Unknown Analyst

on guess was Sure. 'XX, about was the And in FY grow excuse XX one Pacific of think bill something curious that on initiatives soon? you That's me, budgets following to upside I deterrence that if that. questions should are INDOPACOM. reading to think asked like? around look that And the what do just there's helpful. you if could appropriate And up that I

Charles Prow

environment, is first the half fact was good is of the to half bullish is through are, way answering year your though the The into the cases, many on that of But initiative. new payout half contract again, new the Terrence growth attributable kind award the we even remain year, think I the because the very in that the was in we revenue a Again, long wood half, a a to a look the of the these the second that the of muted region. but PTI, in we high, but on exercise to reality year. second the way budget first working performance bit Pacific that directly grow is and booked than of in a ability again, more question, at OPTEMPO requirements. balance posted

Unknown Analyst

especially helpful. is you rates, it's one then And interest Shawn, for you, that maybe, considering No, models. thinking through the just as are How deleveraging last for one just process? the

Shawn Mural

Yes.

deleveraging. on very So we've in obviously focused that. We're progress tremendous made

in you 'XX. As saw XXXX. we expense go into 'XX, interest it's to of end an what than we'll be less where the think had X From at we we at comparable standpoint,

as we the to delivered more cash that the in team down. look change. appropriate upon our the to we'll that improved position those job. continue rates previously. interest throughout look at and the that leverage as happy of go opportunities pricing as I be We've will comes quarter, throughout We'll was to a advantage improve look taken And and of year. kind again do grid do ratio We with year. did things great The as couldn't

Unknown Analyst

Congrats you on guys, we'll talk the to great quarter, next quarter. and

Operator

turn to there back time. [Operator closing further are comments. to Chuck questions Instructions] for I the at like over It appears that this now no floor would Prow

Charles Prow

questions. all see very, future. much, you talking at to to be the you very Thank quarter, very forward Bye. solid and the just we in We've you first you we of think Talk conferences we end and to year, your for too again may the you completed to soon. a what not distant and look the thank here all

Operator

This teleconference. concludes today's

at may time. You this for participation. your disconnect Thank you lines your

V2X (VVX) 5 Mar 242023 Q4 Earnings call transcript