V2x, Inc. · NYSE:VVX
V2x — Vectrus — Q1 2021 Earnings Presentation
18 slides from V2x's earnings presentation, May 11, 2021
Slide 1: First Quarter 2021 Results
VECTRUS FIRST QUARTER 2021 RESULTS CHUCK PROW – PRESIDENT AND CHIEF EXECUTIVE OFFICER SUSAN LYNCH – SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER MAY 11, 2021
Slide 2: Safe Harbor Statement
Safe Harbor Statement SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 (THE “ACT"): CERTAIN MATERIAL PRESENTED HEREIN INCLUDES FORWARD-LOOKING STATEMENTS INTENDED TO QUALIFY FOR THE SAFE HARBOR FROM LIABILITY ESTABLISHED BY THE ACT. THESE FORWARD- LOOKING STATEMENTS I
Slide 3: Q1'21 Results & Highlights
Q1’21 Results & Highlights Solid operating performance in Q1’21 Revenue of $434 million up $82.3 million or 23% y/y – Organic revenue up $13.4 million or 4% y/y Strong earnings results carrying forward from Q4’20 – Adjusted EBITDA of $20.7 million up $6.1 million y/y – Adjusted EBITDA Margin1
Slide 4: Market Trends Support Converged Infrastructure Growth
Market Trends Support Converged Infrastructure Growth The Federal technical services sector is transforming, and the addressable market is expanding. Clients are migrating from traditional ways of operating their infrastructure to a much more instrumented, predictive, and converged approach. Client
Slide 5: Converged Market Leadership
Converged Market Leadership We leveraged our experience in how installations are operating today with how clients should prepare for the future by providing thought leadership to the marketplace We are also inserting operational technologies that provide real world, immediately practical capabilitie
Slide 6: Vectrus is at the Forefront of 5G and Converged Infrastructure Enablement
Vectrus is at the Forefront of 5G and Converged Infrastructure Enablement Naval Base Coronado & Marine Corp Logistics Command using 5G to build Smart Warehouses Private 5G Wireless Network 5G 5G 5G 5G 5G RF RF RF RF RF RF RF 5G S Faster data to decision, enhanced 5G 5G cyber, security, greater opera
Slide 7: Notable Contract Wins to Date
Notable Contract Wins to Date GSA 03FAC Sensor Integration Tech Modernization IDIQ $19M $33M Awarded GSA Schedule for 2-year cost plus provide CBRN facilities maintenance, energy sensor integration, as well as data 4-year contract to support Navy management, water conservation & management, analytic
Slide 8: Pipeline Expansion Driving Positive Momentum
Pipeline Expansion Driving Positive Momentum ($B) $12.0 $ 11.1 $ 10.4 $ 1.7 $ 9.1 $ 2.0 $ 2.4 $ 8.0 $ 1.4 $ 7.5 $ 1.0 $ 1.5 $ 10.3 $ 9.1 $ 7.7 $ 8.0 $ 7.0 $ 6.0 2016 2017 2018 2019 2020 Q1 2021 Bids Planned to Submit Bids Submitted Steady proposal activity Solid expansion of opportunities across
Slide 9: Q1'21 Financial Results
Q1’21 Financial Results Revenue ($M) Adj. EBITDA Margin1 Adj. Diluted EPS1,2 4.8% $434.0 $1.20 $351.7 4.2% $0.82 Q1'20 Q1'21 Q1'20 Q1'21 Q1'20 Q1'21 Revenue increased $82.3M y/y, or Adj. EBITDA margin1 of 4.8% Adj. diluted EPS1 of $1.20 23.4% Increased 60 bps y/y Increased $0.38 y/y, or 46
Slide 10: Q1'21 Revenue by Category
Q1’21 Revenue by Category Customer Geographic Region Contract Type Q1'21 Q1'21 Q1'21 3% 10% 9% 13% 30% 35% 56% 18% 59% 67% Army Air Force Navy Other Middle East United States Europe Cost-type Fixed Price T&M Q1'20 Q1'20 Q1'20 5% 4% 9% 27% 21% 23% 70% 68% 73% Army Air Force Navy Other Middle East Uni
Slide 11: Solid Backlog and Book-to-Bill
Solid Backlog and Book-to-Bill Backlog1 ($B) Trailing 12-Month Book-to-Bill Ratio $5.8 $5.1 $ 1.3 2.1 x $4.5 $4.1 1.7 x $3.8 $3.7 1.5 x 1.5 x 1.4 x $ 4.2 $ 3.0 $ 3.6 $ 3.6 $ 2.9 $ 2.7 0.8 x $ 1.0 $ 0.9 $ 1.0 $ 0.9 $ 0.9 $ 0.9 1Q'20 Q2'20 Q3'20 Q4'20 Q1 '21 Q1'21PF2 1Q'20 Q2'20 Q3'20 Q4'20 Q1'21 Q1'2
Slide 12: Cash Flow and Liquidity
Cash Flow and Liquidity Three months ended Q1 ($M) 2020 2021 $ y/y change % y/y change YTD Net Cash Provided by (Used in) Operating Activities $1.1 ($21.7) ($22.8) N/A 2 Cash $146.2 $38.3 ($107.9) (74%) Receivables $263.6 $359.2 $95.6 36% Debt $184.0 $177.0 ($7.0) (4%) 1 Net Debt $37.8 $138.7 $100.9
Slide 13: Increasing 2021 Guidance Mid-Point
Increasing 2021 Guidance Mid-Point Previous 2021 Updated 2021 Updated 2021 ($M, except per share data) 2020 Actual Guidance Guidance Mid-Point Revenue $1,396 $1,645 — $1,715 $1,680 — $1,715 $1,698 Adjusted EBITDA Margin1 (%) 4.0% 4.6% — 5.0% 4.8% — 5.0% 4.9% Adjusted Diluted Earnings Per Share1,2 $3
Slide 14: Appendix
Gf APPENDIX
Slide 15: Reconciliation Of Non-GAAP Measures
Reconciliation Of Non-GAAP Measures The primary financial performance measures we use to manage our business and monitor results of operations are revenue trends and operating income trends. In addition, we consider adjusted operating income, adjusted operating margin, adjusted net income, adjusted
Slide 16: Reconciliation Of Non-GAAP Measures
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Slide 17: Reconciliation Of Non-GAAP Measures
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Slide 18: Reconciliation Of Non-GAAP Measures
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