V2X (VVX) Raymond James TMT and Consumer Conference summary

Company overview and financials

• Leading provider of national security solutions with $4.3B revenue, targeting $4.5B in 2025 and $300M adjusted EBITDA.

• Operates in 47 countries with 16,000 employees and a $12B backlog, 94% from prime contracts.

• Revenue diversified: 40% Army, 33% Navy, 11% Air Force, 5% FedCiv, 55% US-based, 32% Middle East, 8% INDOPACOM, 5% Europe.

• No single contract or task order exceeds 10% of revenue; 60% cost-plus, 40% fixed price contracts.

• Anticipates margin improvement as DoD shifts toward more fixed price, outcome-based contracts.

Core capabilities and contract wins

• Supports full warfighter lifecycle: training, deployment, mission support, equipment renewal, and modernization.

• Largest Army training contract (WTRS) and recent wins with DEA ($200M) and FBI ($100M) for aircraft readiness.

• $4.3B T-6 contract for Air Force training aircraft, currently under protest; $1B Iraq F-16 support contract.

• F-16 cockpit modernization led to $425M IDIQ from Air Force, with future international opportunities.

• Rapid prototyping and novel solutions (e.g., Tempest Counter-UAS, GMR 1000 comms) developed at Indy facility.

Growth strategy and market outlook

• Business has diversified geographically and by customer since 2022, reducing Middle East concentration.

• INDOPACOM region is a fast-growing market; Europe steady at $200M/year but with rising interest.

• Next-gen technology (F-16 upgrades, GMR, Tempest) is a rapidly growing segment, with room for AI integration.

• Targeting modernization of aging platforms (e.g., B-52, F-16) and unmanned vehicle maintenance.

• Large pipeline of $50B+ over next three years, leveraging global footprint and full capability set.