First Quarter 2024 Summary
- Revenue up 7.1% y/y to $1.01
billion
- Operating income of $30.3
million; adjusted operating income1 of
$62.9 million
- Net income of $1.1 million, up
$18.6 million y/y
- Adjusted EBITDA1 of $69.1
million with a margin1 of 6.8%
- Diluted EPS of $0.04; Adjusted
diluted EPS1 of $0.90
- Selected to provide technology solutions for threat detection
and response to Chemical, Biological, Radiological, & Nuclear
hazards
- Awarded position on U.S. Navy's Global Contingency Services
Multiple Award Contract III valued up to $2
billion
2024 Guidance:
- Reaffirming full-year 2024 guidance
MCLEAN,
Va., May 7, 2024 /PRNewswire/ -- V2X, Inc.
(NYSE:VVX) announced first quarter 2024 financial results.
"V2X reported a solid start to 2024 with revenue up 7%
year-over-year," said Chuck Prow,
President and Chief Executive Officer of V2X. "Our leading growth
indicators remain strong with a robust backlog of $12.6 billion and a pipeline of nearer-term new
business opportunities of $25
billion. V2X continues to advance our transformation to
deliver enhanced capabilities in an expanding market. Given our
first quarter results and trends we are seeing in our business, we
are reaffirming our 2024 guidance."
"We continue to witness growth in the Pacific or INDOPACOM, with
our presence in the region proving to be a key channel to support
increasing mission requirements," said Mr. Prow. "Revenue in the
region was up 7% year-over-year. We continue to expand our scope of
services in the region, which includes a new award to deploy an
assured and protected private 5G communications solution and enable
smart logistics in the
Philippines. Additionally, our position in the Middle East or CENTCOM continues to expand
with revenue up 22% year-over-year. As the largest services
provider to the Department of Defense in the Middle East, V2X stands ready to support our
clients mission requirements."
Mr. Prow continued, "V2X remains focused on differentiated
operational technologies that fuse the digital and physical aspects
of our clients' missions. This differentiation is driving growth
and was recently demonstrated through contract awards valued at
$75 million to provide technology
solutions for threat detection and response to Chemical,
Biological, Radiological, and Nuclear (CBRN) hazards. This work
expanded from a prototype effort to a new sole source award for the
production, upgrade, and fielding of cutting-edge systems at
overseas operational locations. Under the contract, V2X is the lead
systems integrator for CBRN Support to Command and Control (CSC2)
program. CSC2 is the program of record for the integration of CBRN,
which will link sensors together to provide integrated situational
awareness about potential hazards to inform end user decision
making."
Mr. Prow concluded, "I'm pleased to announce that V2X was
selected as a prime contractor for the U.S. Navy's Global
Contingency Services Multiple Award Contract III (GCSMAC III). The
contract is valued at up to $2
billion, was awarded by the Naval Facilities Engineering
Command, Pacific in Hawaii, and
enables V2X to provide critical support services for a wide range
of scenarios, including natural disasters, humanitarian efforts,
and military actions. The total contract value for GCSMAC III was
increased significantly from the prior iteration, which reached its
ceiling value of $900 million.
Importantly, V2X was the leading provider of services under the
prior iteration of the contract, winning $300 million in task orders."
First Quarter 2024 Results
"V2X reported revenue of $1.0
billion in the quarter, which represents 7.1% year-over-year
growth," said Shawn Mural, Senior Vice President and Chief
Financial Officer. "Revenue growth in the quarter was achieved
through continued expansion of existing business in the Pacific and
Middle East regions, as well as
new programs. Growth in the Pacific was driven by continued
expansion of scope and services, particularly at Kwajalein Atoll.
Growth in the Middle East was
driven primarily by expansion in Qatar and the ramp up of our longer-term Saudi
Aviation Support & Training program."
"For the quarter, the Company reported operating income of
$30.3 million and adjusted operating
income1 of $62.9
million. Adjusted EBITDA1 was $69.1 million with a margin of 6.8%. First
quarter GAAP diluted EPS was $0.04,
due primarily to merger and integration related costs, amortization
of acquired intangible assets, and interest expense. Adjusted
diluted EPS1 for the quarter was $0.90."
"An important attribute of our business is the ability to
generate strong cash flow with low capital expenditure
requirements. We expect to deliver full-year adjusted net cash
provided by operating activities1 of $145 million to $165
million, representing 120% adjusted net income
conversion1 at the mid-point. During the quarter, net
cash used by operating activities was $57.2
million, in line with our historical pattern and reflective
of a receivable delay that collected shortly after the quarter
closed. Adjusted net cash used by operating activities1
was $83.5 million, adding back
approximately $5.8 million of M&A
and integration costs and removing the contribution of the master
accounts receivable purchase or MARPA facility of $32.1 million."
"At the end of the quarter, net debt for V2X was $1,173 million. Net leverage
ratio1was 3.5x, down from 3.8x at the end of the first
quarter 2023. We expect to achieve a net leverage ratio of 3.0x, or
below, by the end of 2024."
"Total backlog as of March 29,
2024, was $12.6 billion.
Funded backlog was $2.7 billion.
Bookings in the quarter were $0.8
billion, resulting in a trailing twelve-month book-to-bill
of 1.2x."
Reaffirming 2024 Guidance
Mr. Mural concluded, "We are pleased with the performance across
our business and start to the year. Our teams continue to execute,
driving expansion on existing operations and phasing in of new
programs. As such, the Company is reaffirming its guidance
for 2024."
Guidance for 2024 remains as
follows:
$ millions, except
for per share amounts
|
2024
Guidance
|
2024
Mid-Point
|
Revenue
|
$4,100
|
|
$4,200
|
$4,150
|
Adjusted
EBITDA1
|
$300
|
|
$315
|
$308
|
Adjusted Diluted
Earnings Per Share1
|
$3.85
|
|
$4.20
|
$4.03
|
Adjusted Net Cash
Provided by Operating Activities1
|
$145
|
|
$165
|
$155
|
The Company is not providing a quantitative reconciliation with
respect to this forward-looking non-GAAP measure in reliance on the
"unreasonable efforts" exception set forth in SEC rules because
certain financial information, the probable significance of which
cannot be determined, is not available and cannot be reasonably
estimated. For example, unusual, one-time, non-ordinary, or
non-recurring costs, which relate to M&A, integration and
related activities cannot be reasonably estimated. Forward-looking
statements are based upon current expectations and are subject to
factors that could cause actual results to differ materially from
those suggested here, including those factors set forth in the Safe
Harbor Statement below.
First Quarter Conference Call
Management will conduct a conference call with analysts and
investors at 8:00 a.m. ET on Tuesday,
May 7, 2024. U.S.-based participants may dial in to the conference
call at 877-407-3982, while international participants may dial
201-493-6780. A live webcast of the conference call as well as an
accompanying slide presentation will be available here:
https://app.webinar.net/24war3pJ8n7
A replay of the conference call will be posted on the V2X
website shortly after completion of the call and will be available
for one year. A telephonic replay will also be available through
May 21, 2024, at 844-512-2921
(domestic) or 412-317-6671 (international) with passcode
13745566.
Presentation slides that will be used in conjunction with the
conference call will also be made available online in advance on
the "investors" section of the company's website at
https://gov2x.com/. V2X recognizes its website as a key channel of
distribution to reach public investors and as a means of disclosing
material non-public information to comply with its obligations
under the U.S. Securities and Exchange Commission ("SEC")
Regulation FD.
Footnotes:
1 See "Key Performance Indicators and Non-GAAP
Financial Measures" for descriptions and reconciliations.
About V2X
V2X builds smart solutions designed to integrate physical and
digital infrastructure – by aligning people, actions, and outputs.
Our lifecycle solutions improve security, streamline logistics, and
enhance readiness.
The Company delivers a comprehensive suite of integrated
solutions across the operations and logistics, aerospace, training,
and technology markets to national security, defense, civilian and
international clients. Our global team of approximately 16,000
employees brings innovation to every point in the mission
lifecycle, from preparation to operations, to sustainment, as it
tackles the most complex challenges with agility, grit, and
dedication.
Contact Information
Investor
Contact
|
Media
Contact
|
Mike Smith,
CFA
|
Angelica Spanos
Deoudes
|
IR@goV2X.com
|
Communications@goV2X.com
|
719-637-5773
|
571-338-5195
|
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 include, but are not limited to, all the
statements and items listed under "2024 Guidance" above and other
assumptions contained therein for purposes of such guidance, other
statements about our 2024 performance outlook, revenue, contract
opportunities, and any discussion of future operating or financial
performance.
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.
These forward-looking statements are not guarantees of future
performance, conditions, or results, and involve a number of known
and unknown risks, uncertainties, assumptions, and other important
factors, many of which are outside our management's control, which
could cause actual results to differ materially from the results
discussed in the forward-looking statements. In addition,
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from the Company's historical experience and our present
expectations or projections. For a discussion of some of the risks
and uncertainties that could cause actual results to differ from
such forward-looking statements, see the risks and other factors
detailed from time to time in our Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q, and other filings with the SEC.
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.
V2X,
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)
|
|
|
|
Three Months
Ended
|
|
|
March 29,
|
|
March 31,
|
(In thousands,
except per share data)
|
|
2024
|
|
2023
|
Revenue
|
|
$ 1,010,564
|
|
$
943,460
|
Cost of
revenue
|
|
940,290
|
|
864,630
|
Selling, general, and
administrative expenses
|
|
39,943
|
|
48,251
|
Operating
income
|
|
30,331
|
|
30,579
|
Loss on extinguishment
of debt
|
|
—
|
|
(22,052)
|
Interest expense,
net
|
|
(27,574)
|
|
(31,744)
|
Other expense,
net
|
|
(1,633)
|
|
—
|
Income (loss) from
operations before income taxes
|
|
1,124
|
|
(23,217)
|
Income tax
benefit
|
|
(20)
|
|
(5,737)
|
Net income
(loss)
|
|
$
1,144
|
|
$
(17,480)
|
|
|
|
|
|
Earnings (loss) per
share
|
|
|
|
|
Basic
|
|
$
0.04
|
|
$
(0.57)
|
Diluted
|
|
$
0.04
|
|
$
(0.57)
|
Weighted average common
shares outstanding - basic
|
|
31,351
|
|
30,927
|
Weighted average common
shares outstanding - diluted
|
|
31,794
|
|
30,927
|
V2X,
INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
|
|
|
|
March 29,
|
|
December 31,
|
(In thousands,
except per share data)
|
|
2024
|
|
2023
|
Assets
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash, cash equivalents
and restricted cash
|
|
$
35,658
|
|
$
72,651
|
Receivables
|
|
788,490
|
|
705,995
|
Prepaid expenses and
other current assets
|
|
129,427
|
|
96,223
|
Total current
assets
|
|
953,575
|
|
874,869
|
Property, plant, and
equipment, net
|
|
93,362
|
|
85,429
|
Goodwill
|
|
1,648,298
|
|
1,656,926
|
Intangible assets,
net
|
|
389,448
|
|
407,530
|
Right-of-use
assets
|
|
37,629
|
|
41,215
|
Other non-current
assets
|
|
17,379
|
|
15,931
|
Total non-current
assets
|
|
2,186,116
|
|
2,207,031
|
Total
Assets
|
|
$ 3,139,691
|
|
$ 3,081,900
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts
payable
|
|
$
430,600
|
|
$
453,052
|
Compensation and other
employee benefits
|
|
139,349
|
|
158,088
|
Short-term
debt
|
|
15,361
|
|
15,361
|
Other accrued
liabilities
|
|
267,425
|
|
213,700
|
Total current
liabilities
|
|
852,735
|
|
840,201
|
Long-term debt,
net
|
|
1,154,345
|
|
1,100,269
|
Deferred tax
liabilities
|
|
13,698
|
|
11,763
|
Operating lease
liabilities
|
|
32,419
|
|
34,691
|
Other non-current
liabilities
|
|
92,758
|
|
104,176
|
Total non-current
liabilities
|
|
1,293,220
|
|
1,250,899
|
Total
liabilities
|
|
2,145,955
|
|
2,091,100
|
Commitments and
contingencies (Note 7)
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
Preferred stock; $0.01
par value; 10,000,000 shares authorized; No shares issued and
outstanding
|
|
—
|
|
—
|
Common stock; $0.01
par value; 100,000,000 shares authorized; 31,452,806 and 31,191,628
shares issued and outstanding as of March 29, 2024 and December 31,
2023, respectively
|
|
315
|
|
312
|
Additional paid in
capital
|
|
761,605
|
|
762,324
|
Retained
earnings
|
|
231,995
|
|
230,851
|
Accumulated other
comprehensive loss
|
|
(179)
|
|
(2,687)
|
Total shareholders'
equity
|
|
993,736
|
|
990,800
|
Total Liabilities
and Shareholders' Equity
|
|
$ 3,139,691
|
|
$ 3,081,900
|
V2X,
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
|
|
|
|
Three Months
Ended
|
|
|
March 29,
|
|
March 31,
|
(In
thousands)
|
|
2024
|
|
2023
|
Operating
activities
|
|
|
|
|
Net income
(loss)
|
|
$
1,144
|
|
$
(17,480)
|
Adjustments to
reconcile net income (loss) to net cash used in operating
activities:
|
Depreciation
expense
|
|
6,243
|
|
5,412
|
Amortization of
intangible assets
|
|
22,539
|
|
22,606
|
Loss on disposal of
property, plant, and equipment
|
|
8
|
|
31
|
Stock-based
compensation
|
|
5,149
|
|
12,872
|
Deferred
taxes
|
|
(262)
|
|
(6,034)
|
Amortization of debt
issuance costs
|
|
2,160
|
|
2,513
|
Loss on extinguishment
of debt
|
|
—
|
|
22,052
|
Changes in assets and
liabilities:
|
|
|
|
|
Receivables
|
|
(55,363)
|
|
(30,649)
|
Other
assets
|
|
(23,522)
|
|
(9,778)
|
Accounts
payable
|
|
(33,715)
|
|
(4,115)
|
Compensation and other
employee benefits
|
|
(18,607)
|
|
(24,182)
|
Other
liabilities
|
|
37,000
|
|
(11,740)
|
Net cash used in
operating activities
|
|
(57,226)
|
|
(38,492)
|
Investing
activities
|
|
|
|
|
Purchases of capital
assets
|
|
(7,775)
|
|
(9,076)
|
Proceeds from the
disposition of assets
|
|
5
|
|
—
|
Acquisitions of
businesses
|
|
(16,939)
|
|
—
|
Net cash used in
investing activities
|
|
(24,709)
|
|
(9,076)
|
Financing
activities
|
|
|
|
|
Proceeds from issuance
of long-term debt
|
|
—
|
|
250,000
|
Repayments of
long-term debt
|
|
(3,840)
|
|
(421,013)
|
Proceeds from
revolver
|
|
375,250
|
|
348,750
|
Repayments of
revolver
|
|
(319,250)
|
|
(163,750)
|
Proceeds from stock
awards and stock options
|
|
3
|
|
5
|
Payment of debt
issuance costs
|
|
—
|
|
(7,507)
|
Prepayment premium on
early redemption of debt
|
|
—
|
|
(1,600)
|
Payments of employee
withholding taxes on share-based compensation
|
|
(5,702)
|
|
(12,806)
|
Net cash provided
by (used in) financing activities
|
|
46,461
|
|
(7,921)
|
Exchange rate effect
on cash
|
|
(1,519)
|
|
1,567
|
Net change in cash,
cash equivalents and restricted cash
|
|
(36,993)
|
|
(53,922)
|
Cash, cash equivalents
and restricted cash - beginning of period
|
|
72,651
|
|
116,067
|
Cash, cash
equivalents and restricted cash - end of period
|
|
$
35,658
|
|
$
62,145
|
|
|
|
|
|
Supplemental disclosure
of cash flow information:
|
|
|
|
|
Interest
paid
|
|
$
27,125
|
|
$
29,066
|
Income taxes
paid
|
|
$
1,014
|
|
$
300
|
Purchase of capital
assets on account
|
|
$
410
|
|
$
494
|
Key Performance Indicators and 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. Management believes that these financial
performance measures are the primary drivers for our earnings and
net cash from operating activities. Management evaluates its
contracts and business performance by focusing on revenue, and
operating income. Operating income represents revenue less both
cost of revenue and selling, general and administrative (SG&A)
expenses. Cost of revenue consists of labor, subcontracting costs,
materials, and an allocation of indirect costs, which includes
service center transaction costs. SG&A expenses consist of
indirect labor costs (including wages and salaries for executives
and administrative personnel), bid and proposal expenses and other
general and administrative expenses not allocated to cost of
revenue.
We manage the nature and amount of costs at the program level,
which forms the basis for estimating our total costs and
profitability. This is consistent with our approach for managing
our business, which begins with management's assessing the bidding
opportunity for each contract and then managing contract
profitability throughout the performance period.
In addition to the key performance measures discussed above, we
consider adjusted net income, adjusted diluted earnings per share,
adjusted operating income, adjusted EBITDA, adjusted EBITDA margin,
and adjusted operating cash flow to be useful to management and
investors in evaluating our operating performance, and to provide a
tool for evaluating our ongoing operations. This information can
assist investors in assessing our financial performance and
measures our ability to generate capital for deployment among
competing strategic alternatives and initiatives. We provide this
information to our investors in our earnings releases,
presentations, and other disclosures.
Adjusted net income, adjusted diluted earnings per share,
adjusted operating income, adjusted EBITDA, adjusted EBITDA margin,
and adjusted net cash provided by (used in) operating activities,
however, are not measures of financial performance under GAAP and
should not be considered a substitute for financial measures
determined in accordance with GAAP. Definitions and
reconciliations of these items are provided below.
- 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,
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, amortization of acquired intangible assets, amortization of
debt issuance costs, and loss on extinguishment of debt.
- Adjusted diluted 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.
- Net leverage ratio is defined as net debt (or total debt
less unrestricted cash) divided by trailing twelve-month (TTM) bank
EBITDA.
Non-GAAP
Tables
|
|
($K, except per share
data)
|
Three Months
Ended
|
|
March 29,
2024
|
|
March 31,
2023
|
Revenue
|
$ 1,010,564
|
|
$
943,460
|
Net income
(loss)
|
$
1,144
|
|
$
(17,480)
|
Plus:
|
|
|
|
Income tax
benefit
|
(20)
|
|
(5,737)
|
Other expense,
net
|
1,633
|
|
—
|
Interest expense,
net
|
27,574
|
|
31,744
|
Loss on extinguishment
of debt
|
—
|
|
22,052
|
Amortization of
intangible assets
|
22,539
|
|
22,606
|
M&A, integration
and related costs
|
9,981
|
|
10,767
|
Adjusted operating
income
|
$
62,851
|
|
$
63,952
|
Plus:
|
|
|
|
Depreciation
expense
|
6,243
|
|
5,412
|
Adjusted
EBITDA
|
$
69,094
|
|
$
69,364
|
Adjusted EBITDA
margin
|
6.8 %
|
|
7.4 %
|
Minus:
|
|
|
|
Cash interest expense,
net
|
25,414
|
|
29,231
|
Income tax expense, as
adjusted
|
7,155
|
|
8,580
|
Depreciation
expense
|
6,243
|
|
5,412
|
Other expense,
net
|
1,633
|
|
—
|
Adjusted net
income
|
$
28,649
|
|
$
26,141
|
|
($K, except per share
data)
|
Three Months
Ended
|
|
March 29,
2024
|
|
March 31,
2023
|
Diluted earnings
(loss) per share
|
$
0.04
|
|
$
(0.57)
|
Plus:
|
|
|
|
M&A, integration
and related costs
|
0.25
|
|
0.26
|
Amortization of
intangible assets
|
0.56
|
|
0.54
|
Amortization of debt
issuance costs and Loss on extinguishment of debt
|
0.05
|
|
0.60
|
Adjusted diluted
earnings per share
|
$
0.90
|
|
$
0.83
|
|
|
|
|
Average shares
outstanding
|
|
|
|
Basic, as
reported
|
31,351
|
|
30,927
|
Diluted, as
reported
|
31,794
|
|
30,927
|
Adjusted
diluted
|
31,794
|
|
31,334
|
SUPPLEMENTAL INFORMATION
Revenue by client branch, contract type, contract relationship,
and geographic region for the periods presented below was as
follows:
Revenue by
Client
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March 29,
|
|
March 31,
|
|
(In
thousands)
|
|
2024
|
%
|
2023
|
%
|
Army
|
|
$
433,430
|
43 %
|
$
390,503
|
41 %
|
Navy
|
|
321,384
|
32 %
|
292,690
|
31 %
|
Air Force
|
|
118,569
|
12 %
|
129,981
|
14 %
|
Other
|
|
137,181
|
13 %
|
130,286
|
14 %
|
Total
revenue
|
|
$ 1,010,564
|
|
$
943,460
|
|
Revenue by
Contract Type
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March 29,
|
|
March 31,
|
|
(In
thousands)
|
|
2024
|
%
|
2023
|
%
|
Cost-plus and
cost-reimbursable
|
|
$
604,167
|
60 %
|
$
523,030
|
55 %
|
Firm-fixed-price
|
|
379,272
|
38 %
|
385,112
|
41 %
|
Time-and-materials
|
|
27,125
|
2 %
|
35,318
|
4 %
|
Total
revenue
|
|
$ 1,010,564
|
|
$
943,460
|
|
|
|
|
|
Revenue by
Contract Relationship
|
|
|
|
|
|
Three Months
Ended
|
|
|
March 29,
|
|
March 31,
|
|
(In
thousands)
|
|
2024
|
%
|
2023
|
%
|
Prime
contractor
|
|
$
945,155
|
94 %
|
$
879,179
|
93 %
|
Subcontractor
|
|
65,409
|
6 %
|
64,281
|
7 %
|
Total
revenue
|
|
$ 1,010,564
|
|
$
943,460
|
|
|
|
|
|
Revenue by
Geographic Region
|
|
|
|
|
|
Three Months
Ended
|
|
|
March 29,
|
|
March 31,
|
|
(In
thousands)
|
|
2024
|
%
|
2023
|
%
|
United
States
|
|
$
544,726
|
54 %
|
$
548,770
|
58 %
|
Middle East
|
|
343,216
|
34 %
|
281,121
|
30 %
|
Asia
|
|
68,802
|
7 %
|
64,317
|
7 %
|
Europe
|
|
53,820
|
5 %
|
49,252
|
5 %
|
Total
revenue
|
|
$ 1,010,564
|
|
$
943,460
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/v2x-delivers-solid-first-quarter-results-302137430.html
SOURCE V2X, Inc.