Thank you for joining us for the V2X fourth quarter and full year 2022 earnings conference call and webcast. Today's call is being recorded. My name is Betsy, and I'll be the operator for today's call. At this time, all participants have been placed in a listen-only mode. Following management's presentation, I will open up the call for a Q&A session. To ask a question, you may press star then one on a touch-tone phone. To withdraw your question, please press star then two. Now I'll pass the call over to your host, Mike Smith, Vice President of Treasury, Investor Relations, and Corporate Development at V2X. Please go ahead. Thank you. Good afternoon, everyone. Welcome to the V2X fourth quarter and full year 2022 earnings conference call. Joining us today are Chuck Prow, President and Chief Executive Officer, and Susan Lynch, Senior Vice President and Chief Financial Officer. Slides for today's presentation are available on the Investor Relations section of our website at www.gov2x.com. Please turn to slide three. During today's presentation, management will be making forward-looking statements pursuant to the safe harbor provisions of the federal securities laws. Please review our safe harbor statements in our press release and presentation materials for a description of some of the factors that may cause actual results to differ materially from the results contemplated by these forward-looking statements. The company assumes no obligation to update its forward-looking statements. Additionally, I'd like to point out that in addition to GAAP earnings, we will be discussing and reporting various adjusted non-GAAP metrics, including pro forma revenue, adjusted operating income and margin, adjusted EBITDA and margin, adjusted operating cash flow, adjusted net income, and adjusted diluted earnings per share. The definition of these non-GAAP measures can be found in our presentation materials available on our investor relations website and in our press release filed with the SEC. At this time, I'd like to turn the call over to Chuck Prow. Thank you, Mike. Good afternoon, everyone. Thank you for joining us on the call today. Please turn to slide four. 2022 was a very successful year, achieving several milestones, including the completion of the merger with Vertex and making significant progress on the integration while driving strong results with high quality, uninterrupted service and support to our clients. Our success is a testament to our employees' unwavering commitment to our business and the missions we support. We ended the year with strong fourth quarter revenue of $978 million, up 20% year-over-year on a pro forma basis. This growth was driven by new business wins, successful recompetes, on-contract growth, and continued expansion in INDOPACOM and Europe. Adjusted EBITDA was $79 million in the fourth quarter, representing an 8.1% margin, higher than our expectation due to favorable program performance, strong execution, and acceleration of program productivity that was expected in 2023. Adjusted diluted earnings per share was $0.92. We continue to focus on debt reduction. In the quarter, we paid $25 million on our $185 million second- lien term loan. Additionally, just this week, we were able to successfully refinance a portion of our debt into new, lower cost, more efficient credit facility. This new facility is expected to generate substantial interest expense savings, improve liquidity, and drive additional value for shareholders. Our integration-related activities continue to progress. We were successful in delivering our expected cost synergies for the quarter. We also continued to align our business for future revenue synergies and enter 2023 with three operational business units that are focused on the core capabilities of Advanced Technology, Aerospace, and Global Mission Training and Sustainment. We are leveraging these capabilities across the organization and are seeing early success that I'll discuss in more detail shortly. In summary, we remain on track to achieve our integration milestones and previously communicated cost synergies. Our year-end results provide strong momentum coming in 2023, and we believe we will drive revenue growth of 5% at the midpoint. We anticipate over 90% of revenue to come from existing contracts. Top- line growth combined with ongoing synergy recognition is expected to generate adjusted EBITDA growth of 8% year-over-year. Please turn to slide five. Our visibility in 2023 is further enhanced by several recent wins and the alignment to our clients' well-funded and high-priority missions. For example, our revenue from the Pacific region or INDOPACOM increased to $54 million in the fourth quarter, up sevenfold from last year. At a macro level, funding in INDOPACOM has increased as the DoD continues to invest in the Pacific Deterrence Initiative or PDI. The PDI is a set of prioritized defense investments and activities to enhance U.S. deterrence and defense, assure allies and partners, and counter adversary threats in the region. Notably, in fiscal year 2023, Congress authorized a total of $11.5 billion for the PDI, which represents a 62% increase year-over-year. Importantly, over the past five years, V2X has strategically invested to boost its core set of capabilities and converge solutions in INDOPACOM. Today, we provide fully integrated electronic security systems that protect critical assets and infrastructures in the region. We are also integrating sensors, port protection assets and other data sources as part of an Internet of Things solution that will provide early warning and enhanced situational awareness of potential threats. Additionally, we deliver specialized IT radar upgrades, systems engineering and communication support to the forward- deployed afloat force throughout the region. Through our multifunctional logistics and sustainment capabilities, V2X is currently maintaining ground vehicles, various pre-positioned stocks and aircraft. Our infrastructure operations are critical to expected future growth in INDOPACOM, and now includes support in the Philippines, Guam, Thailand, South Korea, Japan and Hawaii, as well as over 1,500 V2X employees providing healthcare, environmental management, facility support, transportation, and IT services at Kwajalein. V2X has materially increased its footprint in INDOPACOM, which has driven our revenue to over $200 million annually. We see additional opportunities for growth by leveraging our enhanced capabilities and are continuing to invest to increase our positioning and service delivery in the region. In summary, we believe our unique converged solutions and long history of providing complex mission-critical support in austere and challenging environments is a differentiator and positions V2X to support the DoD's enhanced posture and our clients' requirements in the region. Moving from the Pacific to the Arctic Circle, we are pleased to announce that during the fourth quarter, a V2X joint venture was awarded a 12-year contract with the U.S. Space Force to provide infrastructure sustainment in the Arctic. This key win further demonstrates our geographic footprint and capabilities. While currently under protest, V2X is looking forward to continuing our seamless and effective broad array of multidimensional support services, including airfield management, port operations, civil engineering, power production, supply chain, and facilities management in the Arctic region. It is worth noting that the new iteration of the contract had a $3.95 billion maximum ceiling value compared to the prior contract value of $411 million. We believe there is opportunity for growth associated with this contract, as 97% of the buildings at the base were constructed between 1952 and 1959, and have challenges due to aging, extreme temperatures, and permafrost. Environmental factors are creating geophysical challenges that can further impact operations and infrastructure. The Arctic is a key defense node with missile defense facilities, radars, early warning sites, and remains a critical region for power projection and homeland defense. The growing strategic importance of the region was evidenced in late 2022 when the White House released its national strategy for the Arctic region, its first update to the strategy since 2013. Additionally, in September 2022, the DoD established an Arctic Strategy and Global Resilience Office to ensure U.S. strategy and policy protects U.S. interests in the region. Importantly, a little over a month ago was the first time that the F-35A stealth aircraft was deployed to the base in Greenland. The aircraft participated in a joint exercise, Operation Noble Defender, with our partners in Canada. Lastly, subsequent to the quarter end, V2X was awarded a five-year contract valued at over $90 million on an existing national security effort. This key win, which represents one of our largest national security programs, was a result of our exceptional support that we have provided to this client since our original award in 2016. I'd like to point out that our global footprint, capabilities, and strong performance have yielded significant contract growth since the original award. I'd like to thank our team for their excellent performance and commitment to this mission-critical program. Please turn to slide six. The culmination of the achievements I have just discussed are yielding growth and diversification for V2X. Based on our strong visibility, we are projecting 2023 organic growth of 5% at the midpoint, which is supported by our backlog of $12.3 billion and equates to over 3x revenue coverage. Over 90% of 2023 revenue is expected to come from existing contracts. Recompetes are expected to comprise only 2% of revenue. I would also like to note that our top 10 programs have close to 4.5 years of future revenue already under contract. As you can see on the lower half of the slide, our organic growth, acquisitions, and mergers have substantially improved our diversification of our business. For example, from a contract perspective, there is only one task order that is over 8% of revenue and is under contract through 2026. V2X is also equally balanced between cost plus and fixed-price contracts, which helps hedge against inflation with an ability to improve margins over time. From a client perspective, our diversification provides opportunity for further organic growth, but also helps mitigate potential future budgetary dynamics that might impact client spending. Finally, as we have stated previously, our geographic footprint continues to expand as a result of both the merger and our deliberate campaign-based approach to growth. Let us move to slide seven to discuss our strategic framework. Our market is rapidly transforming as the digital and physical aspects of our clients' missions converge. This transformation is creating a significant opportunity for V2X to differentiate and deliver growth. V2X's strategy is to be a leader in the operational segment of the broader federal services market by providing converged solutions that fuse the digital and physical environments and help our clients increase efficiency, reduce cost, improve readiness, and strengthen national security. This strategy centers on four core elements, which consist of expand the base, capture new markets, deliver with excellence, and enhance culture. With regard to the first component, expand the base. This effort focuses on enhancing our business by strengthening our methods to deliver higher value, high impact services while growing our foundation and our core capabilities across the mission lifecycle. Specific actions include the expansion of scope on existing business, execution of our solution sell-through model, and client engagement initiatives. Moving to capture new markets. This effort focuses on introducing new clients, new capabilities, new products, or solutions, and also prioritizes international client expansion and targeted growth campaigns. The deliver with excellence component of our strategy focuses on standardizing, improving, and automating our core operational capabilities through enterprise systems excellence, as well as technology insertion and enablement. For example, we are leveraging our enhanced scale and footprint to further enable global supply chain as a core service. This is expected to drive efficiencies to both external clients and our core internal operations. Finally, enhanced culture aspects of our strategy is an essential component to our growth and business. Our company-wide initiatives in support of enhancing culture include building communities of engagement, maximizing retention, leadership development, and environmental, social, and governance leadership. Please turn to slide eight. Over the past several years, we have worked hard to make V2X an employer of choice and develop a culture of ESG leadership. At the top of the slide, you can see some of the many accolades earned by V2X, which include being a leading employer of veteran and veteran spouses. I'd like to point out today that more than 42% of our U.S. employees report as military background, which is something we are extraordinarily proud of. Diversity, equity, and inclusion has been a foundational element of our business and one that we have continued to invest in. This focus has positive results across the business and in our culture. Some recent notable items related to our DE&I initiative at V2X include the publication of our inaugural DE&I annual report in 2022. Additionally, in November 2022, the DE&I Executive Council hosted over 150 V2X women leaders in the Middle East for a professional and personal development networking event. These leaders are contributing every day to the success of V2X in allowing us to achieve even greater performance. I'd like to thank all of our team for their continued focus on improving ESG leadership across the company. Please turn to slide nine. We are well underway in leveraging our capabilities to drive growth in support of the expand the base and capture new markets dimension of our strategy. We entered 2023 with three core business areas to provide multiple service offerings and solutions. We also entered the year executing our sell- to and sell- through organic growth model. This model is designed to serve as a force multiplier for each of our business areas. For example, our Advanced Technology business is continuing to serve its current client, but is now being sold through our Aerospace solutions and Global Mission Training and Sustainment clients. This approach will leverage our highly technical development, integration, production, and modernization capabilities and over 500 multi-disciplined engineers that will allow V2X to continue differentiating in the market and adding more value to our clients. The harnessing of capability is also being applied in our campaign strategy for new clients. We are already seeing early success from this approach, and during the quarter, we were awarded a small but important task order with a new client that our Aerospace team had been working to engage for many years. As V2X, we are now able to demonstrate the full magnitude of our production and engineering capabilities and how that would further build on our aviation maintenance, repair, and overhaul solutions. The combination of our solutions answered the call of our clients, and we believe will yield notable growth over the next several years. Our combined set of capabilities are allowing V2X to access expanding and higher margin markets not historically available to the legacy companies. Market demand and growth is being driven by our clients' priorities and need to maintain readiness, improve performance, increase service life, lower costs, and enable connectivity across the digital and physical environments for all domains of their operations. Based on assessment of this market, we see an addressable market opportunity of approximately $160 billion. V2X is purpose-built to lead in this market, and with approximately 2% market share as opportunity for future growth. Now, I would like to turn the call over to our Chief Financial Officer, Susan Lynch, to discuss our fourth quarter and full year results. Susan? Thanks, Chuck. Good afternoon, everyone. The results we will be discussing today reflect the contributions of Vectrus from January 1, 2022 through December 31, 2022 and Vertex from July 5, the close date through December 31, 2022, unless otherwise noted. Please turn to slide 10. Our fourth quarter financial results were strong and provide solid momentum for V2X as we move forward into 2023. Fourth quarter 2022 revenue was $978.2 million, representing a 20% pro forma increase year-over-year when compared to revenue of $816.3 million. Revenue growth was attributed to continued expansion in INDOPACOM, volume associated with LOGCAP V, and rapid response efforts in Europe, and new programs including Fort Benning, E-6B, Advanced Helicopter Training System, Naval Test Wing Atlantic, and Global Strike programs. As Chuck discussed above, we are pleased with the portfolio diversification that the merger has created. Our client capability, contract, and geographic concentrations are more balanced when compared to legacy Vectrus. For example, our revenue with the Army in the fourth quarter now makes up 39% of total revenue, compared to 63% for legacy Vectrus last year. Revenue with the Air Force now makes up 17% of revenue, compared to 14% last year. Revenue from Navy now comprises 31% of total revenue, compared to 14% last year. Finally, our revenue from civilian and other clients, including the intelligence community, NASA, the Drug Enforcement Administration, the U.K. Royal Navy, and commercial, comprises 13% of revenue compared to 9% last year. From a contract mix perspective, our portfolio is now much more balanced as well, with approximately 50% of revenue from cost- plus contracts and 50% coming from fixed-price and time-and-materials contracts. This contract mix balance allows V2X to mitigate the impacts of inflation while creating opportunities to improve margins over time. For example, on our cost- plus contracts, we are paid our incurred cost plus a profit, which can be fixed or variable depending on the contract's fee arrangement. It's important to note that on cost- plus contracts, we do not bear the risk of unexpected cost overruns. On our fixed-price and time-and-materials contracts, we have not experienced broad-based increases due to inflation in our costs that are material to the business as a whole. Additionally, the risk of labor-related inflationary pressures on fixed price contracts are largely mitigated by the terms of collective bargaining agreements with labor unions, which the contracts are subject to and customers are bound by. On most of our contracts, the cost of materials associated with the program are included on cost reimbursable line items on the contracts. We are continuing to monitor the impact of rising costs on our active and future government contracts, but currently do not see a material impact to the business. Operating income was $31 million, including merger and integration-related costs of $23.4 million and amortization of acquired intangible assets of $20.1 million. Adjusted EBITDA was $79.3 million or 8.1%. Adjusted EBITDA was higher than expected, driven by our team's focus on program execution, efficient operations management, and the acceleration of program productivity that was previously expected in 2023. Interest expense for the quarter was $31 million. Cash interest expense was $27.1 million. Adjusted diluted EPS, which adds back merger integration and amortization of acquired intangible assets and debt issuance costs, was $0.92. Diluted shares outstanding were 31.3 million shares. Turn now to slide 11. Full year revenue was $2.891 billion, compared to $1.784 billion in 2021. On a pro forma basis, full year 2022 revenue was $3.67 billion, up 8.8% from $3.372 billion last year. Revenue growth was driven primarily by new contract wins, base expansion, and phase-ins of new awards. Full year adjusted EBITDA was $201 million with a margin of 7%. Pro forma full year adjusted EBITDA was $278 million with a 7.6% margin. Adjusted diluted EPS for 2022 was $4.60. Turn now to slide 12. Following the merger, we posted adjusted operating cash flow of $125 million for the second half of the year. This excludes $51 million of merger and integration-related payments. Pro forma adjusted operating cash flow for the year was $85.8 million and excludes $62 million of merger and integration-related payments and an $8 million CARES Act repayment. Our ability to generate strong cash flow and low capital expenditures is an important attribute of our business. We plan to continue closely managing cash collections and improving working capital. Our performance during the year enabled the company to lower its net debt position by $87 million since the merger closed. During the fourth quarter, the company repaid $25 million of its second- lien term loan as part of efforts to continue reducing interest expense. Net debt at the end of the year was $1.221 billion. We have been able to reduce our net debt leverage ratio from 4x at close to 3.7x as of December 31st. Cash at year-end was $116.1 million. A company-wide emphasis to deleveraging the company's balance sheet remains. Our operations, contracts and finance teams make contract billings and collections a priority, and we are focused on the continuous improvement of our enterprise cash management processes. Turn now to slide 13. I'm pleased to announce that just this week, V2X successfully refinanced portions of its debt into a more efficient, lower cost pro- rata credit facility, which is expected to generate significant value for our shareholders while improving our overall capital structure. This was a major achievement and a testament to our strong fundamentals, visibility, and methodical approach to balance sheet management. Importantly, we expect to generate annual interest expense savings of $8 million or greater per year. This facility refinanced our second and incremental first- lien term loans into a new $250 million Term Loan A and cash- flow revolver with notably lower interest rates and an ability to further step down pricing and reduce rates depend upon leverage ratio. As part of the refinancing, the company was also able to increase the size of its revolver to $500 million from $200 million previously, which further enhances our balance sheet flexibility and liquidity. Debt reduction remains a primary goal for our management team, and we have a clear path to rapidly reduce the company's debt, supported by our robust backlog, long-term contracts, limited recompete risk, and solid revenue visibility. Our midterm net leverage ratio of 2x-3x remains unchanged. In summary, this improved facility is an excellent outcome and step forward for V2X and exemplifies the confidence that our banking partners have in the company and its leadership team. Please turn now to slide 14. Guidance for 2023 is as follows: Revenue is expected to be $3.8 billion-$3.9 billion, representing 5% organic growth at the midpoint. Importantly, our guidance at the midpoint assumes over 90% of revenue comes from existing contracts and only 2% comes from recompete contracts. Our revenue guidance range contemplates the extended timeline that we have witnessed in contract award activity. Adjusted EBITDA is estimated at $290 million-$310 million, representing 8% growth at the midpoint. Adjusted diluted earnings per share guidance is $3.80-$4.30. EPS for the year takes into account the current interest rate environment, which could continue to fluctuate. At this time, we are forecasting cash interest expense of approximately $123 million in 2023. Total interest expense for the year is estimated at approximately $153 million and includes $21 million associated with the extinguishment of debt financing costs from the prior facility. We expect adjusted net cash provided by operating activities to be $115 million-$135 million. Capital expenditures for the year are estimated at approximately $28 million, reflecting investments in integration activities. Normalized capital expenditures are still expected to be approximately $20 million. I'd like to now turn the call back over to Chuck. Thank you, Susan. We are proud of the progress we've made at V2X so far and continue to be excited about the path in front of us. Now, I'd like to turn the call open to questions. Operator? We will now begin the question and answer session. To ask a question, you may press star one on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star two. At this time, we will pause momentarily to assemble our roster. The first question today comes from Tobey Sommer with Truist. Please go ahead A decent number of months away from the closing of the merger. What's your sense now for where the firm is in terms of teaching the employees internally about the capabilities and the portfolio of services that you provide customers? Maybe how would you juxtapose that with where you are in the process of teaching your customers all that you can do? Tobey, how are you? Thanks for the question. Yeah, I couldn't be more thrilled really with the way that our employees are working, not only within their program team, but across program teams with our sales organizations to adapt to new ways of doing things, new technologies. You saw many of those technologies when you were with us in Indianapolis, I know. But it's really encouraging to see the enthusiasm our people have around these new capabilities. The week before last, I actually spent the entire week in INDOPACOM talking to many of our clients. Our clients fully understand the breadth and the important addition of all of these capabilities to the portfolio. it helps us both from a contingency requirement perspective, but it also helps us in terms of a breadth and a scale perspective when our clients are looking to increase their OPTEMPO, if you will, in regions that are as broad and as vast as INDOPACOM as an example. Perfect. Then, could you maybe expand a little bit in on the Arctic sustainments? You did provide some detail in your prepared remarks, I was wondering what could does this mean for the income statement over the next few years? Not asking for any kind of specific number for this year, as that ramps up and you become more active, how consequential could it be? It actually could be quite consequential. The Thule contract, which as you know we've had in the portfolio for several years now, was revised in such a way that we bid in a very strategic joint venture with a couple of local companies. The net result was a contract that has a substantially higher ceiling value. As I mentioned, it was almost $4 billion in ceiling. What that will allow us to do, as that base is reset from an infrastructure perspective over the coming years, we will have an opportunity, through that contract and the contract ceiling, to provide new and different types of services, with our joint venture partners, that we believe, you know, can provide substantial opportunity for us over, in fact, the 12-year life of the contract. We are, again, we're thrilled to have been re-awarded the contract. We mentioned, it is still under protest, but we like where we stand with our current joint venture partners. Last question from me, and I'll get back in the queue. We have a nice budget for this fiscal year, but there is a lot of lively debates in Washington about future trends, et cetera. What kind of assumption do you have in your guidance for what happens with the fiscal 2024 as we work our way to the end of the year? Yeah. We still have in our guidance an assumption of got slowing new awards, if you will. You also indicated such a large percentage of our revenue is currently within our backlog. You know, that gives us a lot of confidence in the guidance that we have set. As we move into the year, it'll be interesting to see how the increased OPTEMPO in place of like INDOPACOM as an example, really begin to turn into end of 2023 and 2024 revenue opportunities. But time will tell, we're gonna continue to work with our clients and every day, every week, every month on that very point. Thank you. Thank you, Tobey. The next question comes from Bert Subin with Stifel. Please go ahead. Hey, good afternoon. I appreciate the time. Hi, Bert. Hey, Chuck. Maybe just a follow-up to that question, more broadly. Your sales guidance in 23 assumes what would seem like pretty conservative growth level, considering you have a couple larger contracts that are in the process of annualizing, and you likely have continued growth at MRO and across the Pacific. Do you contemplate the Talisman exercise in this guidance, or is that sort of a zero right now? What do you think is required to get you know, maybe 2 and above that high end on the sales side? I think, the exercise of an INDOPACOM, as they normally do, really materialize kind of mid-summer to late summer, early fall. We do have anticipated activity around the exercises. We're not gonna know yet for a couple of months, the kind of the exact scope and scale of those exercises. I will tell you that we do have in our business some natural erosion that occurs predominantly in our Aerospace aviation business. It's fully contemplated within our guidance. We're really balancing that known erosion with really the continued slowness of new awards, as well as, we do, again, have a good understanding of the OPTEMPO associated with the exercises. In the abundance of caution, we're gonna wait to see how that materializes here as we get closer to the middle of 2023. Maybe just to follow up to your point there, you know, what are some of those headwinds on the Aerospace side? Can you give us just an update on what you're seeing on general military MRO trends? Well, yeah, as is normally the case in Aerospace engineering, there are particular airframes that are retired over time. Again, that is fully contemplated within our guidance. I wouldn't overstate that. I would say in our industry, as you've heard from other competitors in the industry as well, these new awards have to matriculate through and actually turn into submitted awards. Again, we feel very comfortable with the OPTEMPO associated with our exercises, which, again, give us a great deal of comfort with our guidance. But, yeah. We really need to see new awards matriculate and be awarded at a more kind of historical rate and pace, if you will, which has now been slowed for really, you know, three, maybe four quarters. Yeah. I guess I meant more on the just, you know, specifically like the military MRO side. I understand that's maybe more, you know, more reliant on some new activity there, but is the demand pretty robust? I mean, that's a pretty consolidated end market. It seems like, you know... Oh, no. Yeah The demand that we're seeing, we didn't talk about it in the prepared remarks, our total pipeline within the next year is now $14.2 billion. We are very, very comfortable with the amount of new and important things coming into our pipeline. We continue to see slowness of awards. We have bids submitted of slightly more than $2 billion right now. We have a very, very healthy bid submitted group of contracts. Our pipeline, we continue to feel very strong about the pipeline. We talked about our addressable market being as high as $160 billion, we can see the continued convergence of both the physical and digital infrastructures that we support. You know, we couldn't be more bullish on the marketplace that we are right in the middle of here. The reality is that the rate and pace of the new awards are a little slower than we would like, and we need to see those awards liven up here a bit. Again, the exercises that we have lined up in INDOPACOM, again, give us a great deal of confidence in terms of the guidance that we have provided today. Okay, thanks. I just have one follow-up for Susan. Do you guys contemplate Section 174 in your guidance in 2023? Is that having an impact? What's your general assumption about working capital? I'm just wondering if that's a material headwind as we head into this year. Yeah. Yeah, we did contemplate Section 174 in our guidance. You know, it's a little bit more than $4 million. You know, I would use a $4 million-$5 million kind of in your estimates. You know, working capital, we expect, you know, as we grow to maybe be a slight user of working capital, but nothing material. Thanks for the time. You bet. Thank you. Appreciate it. The next question comes from Brian Gesuale with Raymond James. Please go ahead. Yeah. Good, good evening, and thanks for taking my questions. Wondering if you could just expand on the pipeline. It sounds like there's a lot of opportunities out there. You've got $2 billion bids submitted, sounded like another $12 billion on top of that. They're a little bit slower to matriculate. Can you maybe talk about how you think that rhythm will change as customers wanna spend before the budget uncertainty at the end of the year? Then maybe some of the areas you're most excited about, within that pipeline. You know, sure. We continue to see a very healthy Aerospace pipeline. Last year, I think you remember, we awarded Naval Test Wing Atlantic. In our pipeline for this year is Naval Test Wing Pacific. Again, we feel, you know, very good about our offering there. I'll also tell you that the significant number of full and open bids in INDOPACOM, many of them are Navy now in places like Diego Garcia, Singapore, Guam, and a few other places. We see an emerging pipeline in INDOPACOM that are complementary to our Indo-Pacific footprint in LOGCAP. You know, those are two areas specifically where we're very bullish. I'll also say that we have an emerging Advanced Technology business with, you know, 1,000+ engineers, 500 specialty engineers, where we really like the pipeline that's emerging behind our Advanced Technology business. As both Susan indicated in her remarks and myself in my prepared remarks, the balance that we have now as a business, both from a contract type perspective, from a capability perspective, from a geographic perspective, is really astonishing compared to just a year ago. That's really helpful. Thank you. As we think about your 5% organic guide for the year. The amount of visibility you have, and particularly some of those first half kind of tailwinds that you have with some of the winds you had in the second half of last year. How should we think about the way you've contemplated the organic growth rhythm throughout the year? It seems like it'd be a little bit front-end loaded organic growth-wise, and then you've just given yourself some room for contracts to matriculate in the second half. Is that a fair way to think about it? We do like our momentum, but as you know from, you know, following the business for a while now, we really do have this kind of 40% first half, 60% second half that really remains a characteristic of our business. While, yes, we do have momentum, we may, particularly on the revenue side, see, you know, a bit more than 40% this year. I would stick with that 40/60 characteristic that has been with the business now for several years. Fantastic. Then last one before I jump in the queue. I think I understood that you talked about generating roughly $100 million in free cash. Can you just prioritize the use of that capital and where we might think net leverage might be at the end of the year? Thank you. Right. We're kind of targeting about 3.6x by the end of the year and then, you know, getting lower in 2024. You know, our midterm target is to get between 2x and 3x. As you saw us pay down the second lien and then, use some cash here in the first quarter to restructure that debt into a lower cost of capital. You know, we're doing as much as we can, as fast as we can to pay down the debt. This, I'd like to say we're very happy with the new structure and all the banks that supported us in refinancing our debt. Great. Thanks so much. You bet. The next question comes from Ken Herbert with RBC Capital. Please go ahead. Yes. Hi, good afternoon. Hey, Chuck, I just wanted to start off, when you think about INDOPACOM and the growth you saw through 2023, does the guidance assume, you know, sort of a run rate on this low 50s on a quarterly basis for 2023? Or is there growth off sort of where we're exiting 2022 implied in INDOPACOM as part of the outlook for 2023? Yeah, I would say that First of all, Ken, how you doing? Yeah, I would say that we're gonna see a modest increase in INDOPACOM throughout 2023. As I've indicated, we really like our INDOPACOM pipeline here for the next 18 months. I continue to see for the next couple of years, INDOPACOM being a driver of growth for us. Again, I was out there, you know, the week before last, I guess it was now, and the opportunities are real, the opportunities are emerging, and we're gonna continue to invest in different ways to make sure that we are pre-positioned in the areas that are most closely aligned to where our clients' needs are gonna be. That's very helpful. Thank you. As I think about your comment on sort of a 40%, 60%, is that the right framework as well as we think about the adjusted EBITDA in 2023? Do you maybe even see a little bit more of a pronounced, you know, second half ramp on the EBITDA side? I would start with the 40/60, maybe a little bit more pronounced. You know, you could be like in the 38-ish or something. The 40/60 has been a good guidestone for us in recent years. Mike will continue to stay focused on, you know, what the, that exact mix, that exact mix will be. Okay. That's great. Just one final question. Just to follow up on some of your comments on the fiscal 2024 defense budget outlook and sort of the path between, you know, the request and when it gets put in place at the end of the year. Does the guidance assume a sort of a structured maybe three-month CR for the, you know, into the end of calendar 2023 for fiscal 2024? Or how have you specifically sort of thought about risk around timing of appropriation of the fiscal 2024 budget? Well, as we indicated in our prepared remarks, I mean, we have such a high coverage of our 2023 revenue based upon contract we already have in hand. Point two, as you know, we are so heavily focused on alignment to the O&M budget. We really didn't have a significant impact from any delays in the budgetary processes this year. I will say, however, getting back to my earlier questions, answers to the questions, I should say, that does impact actual new awards, right? We're fortunate and blessed to have that coverage, 90%, you know, revenue coverage this year, in 2023. Again, that really is a 2023 comment, and we're gonna have to look closely as we move into 2024. Great. All right. Thanks, Chuck. A really nice end of the year. Thank you. Appreciate it. As a reminder, if you would like to ask a question, please press star then one to enter the question queue. The next question comes from Joe Gomes with Noble Capital. Please go ahead. Good afternoon. Thanks for taking the questions. Hey, Joe. Chuck, you mentioned, you know, the growth in the quarter, some of the strong growth was both from, you know, on-contract growth and some phasing in on new contracts. I was wondering if you could kinda give us a weighting as to, you know, how much of the growth was from on contract or existing ones, and how much was from new awards? Well, as we indicated in the prepared remarks, I mean, you know, the 20% growth we talked about in the fourth quarter, Susan ran through a litany of new contracts. We benefited greatly from new contract wins throughout 2022. Naval Test Wing Atlantic as an example, I was probably, I don't know, 6 weeks ago now, I was down talking to that client, and the accolade that we received from the ability to so seamlessly transition that new contract again was very heartening. Our teams continue to distinguish themselves in the field by their great program performance, by their seamless transitioning of new won contracts. Again, the organic growth engine continues to work very well for our business. We continue to expect good things from our organic growth teams here as we move into 2023 and beyond. Okay, thank you for that. You mentioned, in remarks, you know, about the 62% growth for the Pacific Deterrence Initiative. You know, just looking at your little chart there, that's, you know, over a $4 billion increase. Of that, you know, how much of that would be applicable to V2X and the services that you guys provide? Well, the initiative is a broad set of initiatives that are operated, you know, by the INDOPACOM combatant commander in theater of operations. How I would look at that is any time where you have troop OPTEMPO involved in the Pacific deterrent in PDI, that's opportunity for us. That is increased number of exercises. It's increased number of troop movements. It's requests to store and move pre-positioned stocks would be a great example. We have some work right now going into Australia associated with the PDI in preparation for future activities. Just like much else that we talk about in our business, Joe, you really need to take a look at the broader DoD initiatives and how those initiatives turn into OPTEMPO. Wherever you see OPTEMPO materializing, you typically see V2X and the wings, enabling, all of that, troop movement, material movement, et cetera. Okay, thank you for that. Just one, you know, you mentioned on a number of occasions about the slow pace of awards. I'm just trying to get, you know, your feeling as to, you know, what is kind of behind that. What needs to happen in your opinion, in order to see that pace start to pick up to a more normalized level or rate of run rate of awards out there? I'd be speculating, but it really is the, you know, our clients are overwhelmed with many, many, many things that they have to move through the acquisition cycle. I just think that the rate and pace of the various acquisitions has slowed based upon that reality. You know, we again, we heard about the Arctic situation here recently. We heard about the CLEAR program. We are seeing some movement. But again, it's just one of those things that occurs from time to time in our industry. Our clients, the rate and pace of their awards just needs to kind of catch up, if you will, with the RFPs, and that's the cycle that we're in right now. Okay. Thank you for that. Congrats on the quarter. Appreciate it. Good to talk to you. This concludes our question and answer session. I would like to turn the conference back over to Chuck Prow for any closing remarks. Thank you very much, and thanks to all for joining us today. We look forward to reporting back to you at the end of the next quarter, and hopefully with another equally good result. We'll talk to everybody soon. Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.