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GO TOWARDS TOMORROW #goV2X ibdroot\projects\IBD-NY\vitus2024\938510_1\03. Roadshow Presentation\V2X - Roadshow Presentation (Nov- 2024)_vF.pptx GO TOWARDS TOMORROW #goV2X Jefferies Industrials Conference MISSION ENABLEMENT l END-TO-END CAPABILITIES l GLOBAL REACH Shawn Mural Senior Vice President, Chief Financial Officer Mike Smith Vice President, Treasury, Corp. Dev, & IR 9/4/25
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GO TOWARDS TOMORROW #goV2X ibdroot\projects\IBD-NY\vitus2024\938510_1\03. Roadshow Presentation\V2X - Roadshow Presentation (Nov- 2024)_vF.pptx FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), and Section 27A of the Securities Act of 1933, as amended (the Securities Act), and the Private Securities Litigation Reform Act of 1995 and, as such, may involve risks and uncertainties. All statements included or incorporated by reference in this presentation, other than statements that are purely historical, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “could,” “potential,” “continue” or similar terminology. These statements are based on the beliefs and assumptions of the management of the Company based on information currently available to management. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company’s historicalexperience and our present expectations or projections. These risks and uncertainties include, but are not limited to: our ability to submit proposals for and/or win all potential opportunities in our pipeline; our ability to retain and renew our existing contracts; our ability to compete with other companies in our market; security breaches, cyber-attacks or cyber intrusions, and other disruptions to our information technology and operation; our mix of cost-plus, cost-reimbursable, firm-fixed-price and time-and-materials contracts; maintaining our reputation and relationship with the U.S. government; protests of new awards; economic, political and social conditions in the countries in which we conduct our businesses; changes in U.S. or international government defense budgets, including potential changes from the U.S. president and administration; government regulations and compliance therewith, including changes to the DoD procurement process; changes in technology; our ability to protect our intellectual property rights; governmental investigations, reviews, audits and cost adjustments; contingencies related to actual or alleged environmental contamination, claims and concerns; delays in completion of the U.S. government budget; our success in extending, deepening, and enhancing our technical capabilities; our success in expanding our geographic footprint or broadening our customer base; our ability to realize the full amounts reflected in our backlog; impairment of goodwill; misconduct of our employees, subcontractors, agents, prime contractors and business partners; our ability to control costs; our level of indebtedness; terms of our credit agreement; inflation and interest rate risk; geopolitical risk, including as a result of recent global hostilities and tariffs; our subcontractors' performance; economic and capital markets conditions; our ability to maintain safe work sites and equipment; our ability to retain and recruit qualified personnel; our ability to maintain good relationships with our workforce and unions; our teaming relationships withother contractors; changes in our accounting estimates; the adequacy of our insurance coverage; volatility in our stock price; changes in our tax provisions or exposure to additional income tax liabilities; risks and uncertainties relating to integrating and refining internal control systems, including enterprise resource planning and business systems, post-merger; changes in accounting principles generally accepted inthe United States (“GAAP”); and other factors described in Part I. “Item 1A Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2024 and described from time to time inour future reports filed with the SEC. Use of Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures that are not prepared in accordance with GAAP, including forward-looking measures, which may be different from non-GAAP financial measures used by other companies. These non- GAAP measures that management believes are useful to investors, and other measures that are calculated using these non-GAAP measures, are an addition, and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP and should not be consideredas an alternative to operating income, net income or any other performance measures derived in accordance with GAAP. We have provided additional information regarding these measures in the Appendix tothis presentation and our filings with the SEC. Disclaimers
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GO TOWARDS TOMORROW #goV2X ibdroot\projects\IBD-NY\vitus2024\938510_1\03. Roadshow Presentation\V2X - Roadshow Presentation (Nov- 2024)_vF.pptx Who We Are MISSION ENABLEMENT l END-TO-END CAPABILITIES l GLOBAL REACH V2X is a Leading National Security Solutions Provider – Delivering Multi-Domain Warfighter Readiness, Global Mission Support, and Platform Modernization
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GO TOWARDS TOMORROW #goV2X ibdroot\projects\IBD-NY\vitus2024\938510_1\03. Roadshow Presentation\V2X - Roadshow Presentation (Nov- 2024)_vF.pptx V2X, a Leader in Critical Mission Solutions Key Capabilities FY2024 Revenue Diversification Mission Solutions High Impact Readiness Integrated Supply Chain Management Platform Modernization Platform Renewal By Customer By Contract TypeBy Geography Key Statistics Key Customers Leading provider of critical mission solutions to U.S. defense customers, with end-to-end capabilities and global scale U.S. Army U.S. Air Force U.S. Navy U.S. Indo-Pacific Command NASA U.S. Space Force Classified U.S. Central Command ~$4.3B Revenue1 ~$11B Total Backlog3 ~$310M Adjusted EBITDA2 94% Revenue from Prime Contracts1 ~16K Total Employees 322 Locations Globally Note: Financials presented as of FYE 2024 unless otherwise noted. 1 As of December 31,2024. 2 See appendix for reconciliation and definitions of non -GAAP measures. 3 Backlog as of Q2’25. US 55% Middle East 32% Asia 8% Europe 5% Cost 56% Fixed 41% Time-and- materials 3% Department of State Assured Communications Army 43% Navy 33% Air Force 11% Fed Civ 5% Other 8%
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GO TOWARDS TOMORROW #goV2X ibdroot\projects\IBD-NY\vitus2024\938510_1\03. Roadshow Presentation\V2X - Roadshow Presentation (Nov- 2024)_vF.pptx Global Scale to Support National Security 322 Locations 51 Countries and Territories 16,000 Employees V2X Locations Headquarters: Reston Virginia 329 Locations 47 Countries and Territories ~16,000 Employees Middle East Supporting global counterterrorism operations in the Middle East; We are largest services provider to the DoD in the region Greenland Supporting the DoD’s Arctic Strategy under a $4B contract for multidimensional support services Europe Enhancing readiness by modernizing the training curriculum for the U.K. Royal Navy and providing support for NATO’s ballistic missile defense system Asia Pacific Demonstrated 24% revenue growth in FY’24 to support increasing mission requirements in the region U.S. Delivering national security solutions that ensure readiness through next generation training and platform modernization
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GO TOWARDS TOMORROW #goV2X ibdroot\projects\IBD-NY\vitus2024\938510_1\03. Roadshow Presentation\V2X - Roadshow Presentation (Nov- 2024)_vF.pptx Enabling Missions from Start to Finish Assured Communications ‒ Full Lifecycle Network Management ‒ Network and Communications Operations & Management ‒ Network Systems Installation & Activation ‒ Information Assurance ‒ Situational Awareness Software & Hardware High Impact Readiness ‒ Military & Commercial Solutions ‒ Live Training Systems ‒ Technology-Enabled Integrating Augmented & Virtual Reality ‒ Training Aids, Devices, Simulators & Simulations Integrated Supply Chain Management ‒ Rapid Response and Deployment at Scale ‒ Supply Chain as a Service ‒ Smart Warehouse Management & Distribution ‒ Integrated & Automated Logistics Mission Solutions ‒ Infrastructure Engineering, Operations & Maintenance ‒ Life Support & Emergency Services ‒ Airfield Management ‒ Civil Engineering ‒ Integrated Electronic Surveillance Platform Modernization ‒ Hardware, Software, Cyber Engineering & Hardening ‒ Rapid Prototyping ‒ System & Platform Integration ‒ Development & Testing Labs ‒ Sensor & Digital Interoperability Platform Renewal ‒ Aircraft Maintenance & Management ‒ Aviation and Ground Platform Maintenance & Repair ‒ End-to-End Organizational, Intermediate, and Depot Level Capabilities ‒ 4 FAA Part 145 Repair Stations ‒ AS-9100/9110 Certified QMS
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GO TOWARDS TOMORROW #goV2X ibdroot\projects\IBD-NY\vitus2024\938510_1\03. Roadshow Presentation\V2X - Roadshow Presentation (Nov- 2024)_vF.pptx Highlights of Strategy Execution Strategic Initiatives: Optimize the core to strengthen the base, fuel on- contract growth and defend recompetes Leverage current differentiated capabilities into attractive adjacent markets Extend new offerings and platforms in the current and adjacent markets Organic and inorganic investments in complementary capabilities that can be leveraged to grow Growth in Adjacencies 2.Optimize the Core1. Extend Offerings3. Strategic Investments4. New Awards and Programs Demonstrating Differentiation • Selected for award of T-6 Aircraft aviation program • Successfully phased-in Army’s largest training program • Enabling Space Force readiness via full operational capability at Ascension Island • New foreign military sales and international awards
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GO TOWARDS TOMORROW #goV2X ibdroot\projects\IBD-NY\vitus2024\938510_1\03. Roadshow Presentation\V2X - Roadshow Presentation (Nov- 2024)_vF.pptx Notable Awards & Robust Pipeline T-6 Aircraft Fleet Services Awarded Contractor Operated and Maintained Base Supply for the Joint Primary Aircraft Training System fleet consisting of >700 T-6 aircraft for the United States Air Force, Navy, and Army. Awarded a new cost-plus-fixed-fee undefinitized contract to provide support services for the Iraq F-16 program. F-16 Foreign Military Support ~$50B • Current $50 billion qualified pipeline reflects: – Larger, franchise programs that leverage all V2X – Greater percentage of fixed price contracts where data and operational expertise can be leveraged – Increased opportunities that balance capabilities with higher percentage aligned to platform modernization and renewal Pipeline Reflects Larger Franchise Programs & Portfolio Balancing 3-Year Qualified Pipeline Photo source: U.S. Department of Defense, V2X Inc.
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GO TOWARDS TOMORROW #goV2X ibdroot\projects\IBD-NY\vitus2024\938510_1\03. Roadshow Presentation\V2X - Roadshow Presentation (Nov- 2024)_vF.pptx Capital Allocation Approach Delivering Value for Shareholders Generate Deploy Maintain Target complementary capabilities, new channels, and solutions that accelerate growth Opportunistically repurchase shares Strategic Acquisitions Return Capital Internal Investments Reduce Leverage Internal research and development to advance position as a differentiated provider of data driven solutions Prepay term loans, reduce leverage and improve interest expense Net Leverage1 Trajectory 3.6x 2.8x Q2'24 Q2'25 Approx. 2x to 3X Target Net Leverage Ratio1 Adj. Net Income1 Conversion 116% 151% 2024 TTM Q2'25 1 See appendix for reconciliation and definitions of non-GAAP measures
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GO TOWARDS TOMORROW #goV2X ibdroot\projects\IBD-NY\vitus2024\938510_1\03. Roadshow Presentation\V2X - Roadshow Presentation (Nov- 2024)_vF.pptx Key Performance Indicators and Non-GAAP Measures This presentation includes certain non-GAAP financial measures, including adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted EBITDA, adjusted EBITDA margin, pro forma revenue and adjusted net cash provided by (used in) operating activities. These financial measures are not prepared in accordance with accounting principles generally accepted in the United States and may be different from non-GAAP financial measures used by other companies. V2X believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. These non-GAAP measures with comparable names should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. • Adjusted operating income is defined as operating income, adjusted to exclude items that may include, but are not limited to,significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration, and related costs. • Adjusted EBITDA is defined as operating income, adjusted to exclude depreciation and amortization of intangible assets, and items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration and related costs. • Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue. • Adjusted net income is defined as net income, adjusted to exclude items that may include, but are not limited to, significantcharges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration and related costs, amortization of acquired intangible assets, amortization of debt issuance costs, land impairments, and loss on extinguishmentof debt. • Adjusted earnings per share is defined as adjusted net income divided by the weighted average diluted common shares outstanding. • Cash interest expense, net is defined as interest expense, net adjusted to exclude amortization of debt issuance costs. • Adjusted net cash provided by (used in) operating activities or adjusted operating cash flow is defined as net cash provided by (or used in) operating activities adjusted to exclude infrequent non-operating items, such as M&A payments and related costs. • Adjusted net income (NI) conversion is defined as adjusted operating cash flow divided by adjusted net income. • Net leverage ratio is defined as net debt (or total debt less unrestricted cash) divided by trailing twelve-month (TTM) bank EBITDA.
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GO TOWARDS TOMORROW #goV2X ibdroot\projects\IBD-NY\vitus2024\938510_1\03. Roadshow Presentation\V2X - Roadshow Presentation (Nov- 2024)_vF.pptx Reconciliation Of Non-GAAP Measures ($K, except per share data) December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Revenue 1,157,752$ 1,040,307$ 4,322,155$ 3,963,126$ Net income (loss) 25,033$ (492)$ 34,684$ (22,573)$ Plus: Income tax expense (benefit) 1,261 8,420 4,157 (1,945) Other expense, net 899 1,859 10,465 4,194 Interest expense, net 24,367 28,497 107,900 122,442 Loss on extinguishment of debt — 246 1,998 22,298 Operating income 51,560$ 38,530$ 159,204$ 124,416$ Plus: Amortization of intangible assets 22,569 22,606 90,821 90,423 M&A, integration and related costs 6,480 15,055 36,124 56,610 Adjusted operating income 80,610$ 76,191$ 286,150$ 271,449$ Plus: Depreciation and CCA amortization 5,546 5,875 24,061 22,408 Adjusted EBITDA 86,156$ 82,066$ 310,211$ 293,857$ Adjusted EBITDA margin 7.4 % 7.9 % 7.2 % 7.4 % Minus: Cash interest expense, net 22,704 26,305 100,519 113,375 Income tax expense, as adjusted 12,147 9,101 36,334 35,430 Depreciation and CCA amortization 5,546 5,875 24,061 22,408 Other expense, net, as adjusted 3,092 1,859 10,465 4,194 Adjusted net income 42,667$ 38,926$ 138,831$ 118,450$ ($K, except per share data) December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Diluted earnings (loss) per share 0.78$ (0.02)$ 1.08$ (0.73)$ Plus: M&A, integration and related costs 0.12 0.45 0.87 1.42 Amortization of intangible assets 0.47 0.68 2.18 2.26 Amortization of debt issuance costs and Loss on extinguishment of debt 0.03 0.11 0.23 0.79 FMV land impairment (0.00)$ - 0.05 - Gain on acquisiton, net (0.07)$ - (0.07)$ - Adjusted diluted earnings per share 1.33$ 1.22$ 4.34$ 3.74$ Average shares outstanding: Basic, as reported 31,558 31,192 31,485 31,084 Diluted, as reported 32,043 31,192 31,967 31,084 Adjusted diluted 32,043 31,822 31,967 31,567 Three Months Ended Twelve Months Ended Three Months Ended Twelve Months Ended