V2X Inc (VVX) 2024 Q3 法說會逐字稿

Thank you for joining us for the V2X third quarter, 2024 earnings conference call and webcast. (Operator Instructions) now I'll pass the call over to your host, Mike Smith, Vice President of Treasury, Investor Relations and corporate Development at V2X

感謝您參加我們的 V2X 2024 年第三季財報電話會議和網路廣播。 （操作員指示）現在我將把電話轉給你們的主持人，V2X 財務、投資者關係和企業發展副總裁 Mike Smith

Thank you.

謝謝。

Good afternoon, everyone.

大家下午好。

Welcome to the V2X third quarter, 2024 earnings conference call.

歡迎參加 V2X 2024 年第三季財報電話會議。

Joining us today are Jeremy Wensinger, President and Chief Executive Officer and Shawn Mural, senior Vice President and Chief Financial Officer.

今天加入我們的還有總裁兼執行長 Jeremy Wensinger 和資深副總裁兼財務長 Shawn Mural。

Lives.

活著。

For today's presentation are available on the investor relations section of our website.

今天的演示可以在我們網站的投資者關係部分找到。

Go V2X.com.

請造訪 V2X.com。

Please turn to slide 1.

請翻到投影片 1。

During today's presentation, management will be making forward-looking statements pursuant to the safe harbor provisions of the federal securities laws.

在今天的演示中，管理層將根據聯邦證券法的安全港條款做出前瞻性聲明。

Please review our safe harbor statements.

請查看我們的安全港聲明。

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.

在我們的新聞稿和簡報資料中，描述了可能導致實際結果與這些前瞻性陳述預期結果有重大差異的一些因素。

The company assumes no obligation to update forward-looking statements.

該公司不承擔更新前瞻性陳述的義務。

In addition, in today's remarks, we refer to certain non-GAAP Financial measures because management believes such measures are useful to investors.

此外，在今天的演講中，我們提到了某些非公認會計準則財務指標，因為管理階層認為這些指標對投資者有用。

You can find a reconciliation of these measures to the most comparable measure calculated and presented in accordance with GAAP on our slide presentation and in our earnings release filed with the SEC, both of which are available on the investor relations section of our website.

您可以在我們的幻燈片簡報和向SEC 提交的收益報告中找到這些指標與根據GAAP 計算和呈現的最具可比性的指標的對賬，這兩個指標都可以在我們網站的投資者關係部分找到。

This time, I'd like to turn the call over to Jeremy.

這次，我想把電話轉給傑瑞米。

Thank you, Mike and good afternoon, everyone.

謝謝麥克，大家下午好。

Thank you for joining us today.

感謝您今天加入我們。

Before we get started in advance of veterans day next Monday, I'd like to recognize all veterans for their service to our nation, particularly the over 4,000 that are part of the V2X team enabling critical missions across the globe.

在下週一退伍軍人節開始之前，我要向所有為國家做出貢獻的退伍軍人表示感謝，特別是 V2X 團隊中的 4,000 多名在全球範圍內執行關鍵任務的退伍軍人。

We thank you for all that you've done and continue to do for our nation and our company.

我們感謝您為我們的國家和公司所做的並將繼續做的一切。

I'd also like to acknowledge the over 16,000 global employees at V2X for their unwavering 24/7, 365.

我還要感謝 V2X 超過 16,000 名全球員工，感謝他們 24/7、365 的堅定不移。

Dedication to ensuring our customers mission success.

致力於確保我們客戶的使命成功。

Please turn to slide 2.

請翻到投影片 2。

V2X reported strong third quarter results with revenue of $1.08 billion representing 8% growth year over year.

V2X 公佈了強勁的第三季業績，營收為 10.8 億美元，年增 8%。

One of the primary differentiators of growth enablement is our global reach.

促進成長的主要區別之一是我們的全球影響力。

Being in every single time zone with the ability to operate at scale across all environments is not easily replicated.

在每個時區並在所有環境中大規模運作的能力並不容易複製。

We are positioned in key theaters where missions matter and are receiving strong funding support.

我們位於任務重要的關鍵戰區，並獲得強而有力的資金支持。

This was demonstrated in the third quarter within a pacific revenue growing 31% year over year, revenue growth is being driven by increased demand to support the DoDs priorities to enhance us readiness in the region.

第三季太平洋地區營收年增 31% 就證明了這一點，收入成長的推動因素是支持國防部優先事項的需求增加，以增強我們在該地區的戰備能力。

We're also seeing additional opportunities for growth in the region via foreign military sales that align to improving the capacity and capabilities of our allies.

我們也看到了透過對外軍售實現該地區成長的更多機會，這些機會有助於提高我們盟友的能力和實力。

We are investing to capture this growth and believe V2X is positioned exceptionally well as a trusted partner to deliver value added solutions and further expand in the region.

我們正在投資以抓住這一成長，並相信 V2X 是一個非常值得信賴的合作夥伴，可以提供增值解決方案並在該地區進一步擴張。

Adjusted EBITDA in the quarter was $82.7 million up 28% year over year with a 7.6% margin, reflecting higher volume and strong program performance.

本季調整後 EBITDA 為 8,270 萬美元，較去年同期成長 28%，利潤率為 7.6%，反映出銷量增加和專案績效強勁。

Adjusted diluted EPS was $1.29 up 77% year over year.

調整後攤薄每股收益為 1.29 美元，年增 77%。

Adjusted operating cash flow in the quarter was also strong at $130 million demonstrating the high cash flow yield expectations of our business.

本季調整後的營運現金流也很強勁，達到 1.3 億美元，這表明我們業務的高現金流收益率預期。

Our customer industry and ability to deliver full spectrum capabilities across the mission life cycle has resulted in V2X securing approximately $5 billion of recent awards.

我們的客戶產業以及在整個任務生命週期中提供全方位功能的能力使 V2X 最近獲得了約 50 億美元的獎項。

We are making excellent progress, ensuring these programs are set up for long term success and sustainable performance.

我們正在取得巨大進展，確保這些計劃能夠取得長期成功和永續績效。

I am pleased to report the F-5 adversarial aircraft program, our Navy Pacific IT and communications contractor NCTAMS-PAC and our Saudi Arabia Aviation support training program reach full operational capability in quarter three.

我很高興地向大家報告，F-5 對抗飛機計劃、我們的海軍太平洋資訊技術和通訊承包商 NCTAMS-PAC 以及我們的沙烏地阿拉伯航空支援訓練計劃將在第三季度達到全面作戰能力。

In addition, our previously announced war fighter training readiness solutions or W-TRS program supporting the US.

此外，我們先前宣布的戰鬥機訓練戰備解決方案或支援美國的W-TRS計劃。

Army has kicked off.

軍隊已經開動了。

We are currently on track to reach full operational capability of the army training aids devices and simulator task order in the second half of 2025.

目前，我們預計在 2025 年下半年實現陸軍訓練輔助設備和模擬器任務訂單的全面運作能力。

In total, these wins to support mission critical programs validate our strong positioning in the marketplace and our franchise programs that are expected to contribute to our financial performance for years to come.

總的來說，這些支持關鍵任務計劃的勝利驗證了我們在市場中的強大地位以及我們的特許經營計劃，這些計劃預計將有助於我們未來幾年的財務業績。

Given our year-to-date performance and awards.

鑑於我們今年迄今的表現和獎項。

We are raising the low end of our 2024 revenue guidance and adjusted EPS.

我們正在提高 2024 年收入指引和調整後每股收益的下限。

We are reaffirming adjusted EBITDA and net cash flow from operation.

我們重申調整後的 EBITDA 和營運淨現金流量。

Please turn to slide 3, while I will discuss how our unique positioning in the mission life cycle is yielding growth.

請轉到投影片 3，我將討論我們在任務生命週期中的獨特定位如何帶來成長。

Today V2X enables some of the most important missions with end to end capabilities facilitated by our global reach.

如今，V2X 透過我們的全球影響力提供的端到端功能實現了一些最重要的任務。

The fact that we are with our customers at every phase of the mission execution allows us to deliver best of breed cost effective technology solutions that enable successful outcomes.

事實上，我們在任務執行的每個階段都與客戶在一起，這使我們能夠提供最佳的、具有成本效益的技術解決方案，從而取得成功的結果。

Starting at the top of the wheel with high impact readiness and integrated supply chain management.

從車輪的頂部開始，具有高度的影響準備能力和整合的供應鏈管理。

Both of these represent opportunities for us to prepare the war fighter for the mission and then equip and deploy the war fighter for their mission.

這兩者都為我們提供了機會，讓戰士做好執行任務的準備，然後裝備和部署戰士執行任務。

Both of them are critical to the soldier and allow us to be in a position to understand their unique requirements whether it's training equipping or deploying.

兩者對士兵都至關重要，使我們能夠了解他們的獨特需求，無論是訓練裝備還是部署。

The recent $3.7 billion W-TRS program is illustrative of this capability.

最近耗資 37 億美元的 W-TRS 計畫就體現了這種能力。

As I previously mentioned, we are currently transitioning the program and are currently assessing requirements to support training in Australia, the Netherlands, Lithuania and Sweden.

正如我之前提到的，我們目前正在過渡該計劃，並正在評估支持澳洲、荷蘭、立陶宛和瑞典培訓的要求。

Another example of this capability is our recent award of the Defense Logistics Agency $11.9 billion jet multiple award IDIQ contract.

這種能力的另一個例子是我們最近授予國防後勤局價值 119 億美元的噴射多標 IDIQ 合約。

The Jets contract provides an opportunity for V2X to leverage its operational know how and technology expertise to deliver mission ready technologies such as 5G and smart warehousing that enhance the las ability to provide combat logistics support.

噴射機合約為 V2X 提供了一個機會，使其能夠利用其營運知識和技術專長來提供 5G 和智慧倉儲等任務就緒技術，從而增強噴射機提供戰鬥後勤支援的能力。

Moving to the next capability assured communications, we enable connectivity and communications throughout all aspects of the engagement.

轉向下一個能力保證的通信，我們在參與的各個方面實現連接和通信。

For example, V2X ensures our soldiers can communicate securely across the air, land, sea and cyber domains.

例如，V2X 確保我們的士兵可以在空中、陸地、海上和網路領域安全地進行通訊。

Several recent wins which I'll discuss in greater detail shortly are further examples of our assured communications capability.

我將在稍後詳細討論最近取得的幾項勝利，這些都是我們有保證的通訊能力的進一步例子。

Not only do we connect, but we also protect and provide holistic support to our soldiers while deployed through our global mission solutions.

我們不僅保持聯繫，而且還透過我們的全球任務解決方案為部署的士兵提供保護和全面支援。

For example, V2X vides situational awareness and command and control systems that protect thousands of critical assets.

例如，V2X 提供態勢感知以及指揮和控制系統，可保護數千個關鍵資產。

This is achieved through almost 100,000 alarm points operating 24/7, augmented by thousands of sensors.

這是透過近 100,000 個 24/7 運行的警報點以及數千個感測器的增強來實現的。

Further demonstrating this capability with our new eight year $100 million contract awarded during quarter three to ensure the operations and readiness of an important overseas missile defense system.

我們在第三季授予的新的八年期 1 億美元合約進一步證明了這種能力，以確保重要的海外飛彈防禦系統的運作和準備狀態。

As you move up and to the left, This is where the assets have been deployed, returned from the field and V2X resets them to zero hours and zero miles.

當您向上和向左移動時，這是資產部署的地方，從現場返回，V2X 將它們重置為零小時和零英里。

Extending the life or enhancing the platform effectiveness through system modernization and technology insertion.

透過系統現代化和技術插入來延長壽命或提高平台效率。

An example of these capabilities is the new $60 million contract awarded to V2X during the third quarter to keep over 100 P-8 Poseidon aircraft ready for their next maritime patrol, anti-submarine warfare or ISR mission.

這些能力的一個例子是第三季度授予 V2X 的價值 6000 萬美元的新合同，該合同旨在讓 100 多架 P-8 Poseidon 飛機為下一次海上巡邏、反潛戰或 ISR 任務做好準備。

We see additional opportunities to support the fleet requirements of international allies.

我們看到了更多支持國際盟友艦隊需求的機會。

We're also seeing continued expansion in our platform modernization solutions that are solving problems on today's multi dimensional and evolving battlefield.

我們也看到我們的平台現代化解決方案不斷擴展，這些解決方案正在解決當今多維且不斷變化的戰場上的問題。

Our engineering and rapid prototyping capabilities are delivering new systems that are maximizing legacy platforms with new functionality at significant cost benefits to our customers.

我們的工程和快速原型設計能力正在提供新系統，這些系統可以透過新功能最大限度地利用傳統平台，為客戶帶來顯著的成本效益。

Our platform agnostic approach, engineering prowess and knowledge from living in the mission is allowing us to deliver differentiated cost effective technology solutions that enable successful outcomes.

我們的平台不可知論方法、工程能力和來自使命的知識使我們能夠提供差異化的、具有成本效益的技術解決方案，從而取得成功的結果。

As you can see the depth and breadth of the V2X portfolio is differentiated and I believe that we're in the early endings of what we can achieve by harnessing our end to end capabilities, shoulder to shoulder intimacy and global footprint.

正如您所看到的，V2X 產品組合的深度和廣度是不同的，我相信，透過利用我們的端到端能力、並肩的親密關係和全球足跡，我們正處於實現目標的早期階段。

We are uniquely qualified to deliver our national security priorities.

我們擁有獨特的資格來實現我們的國家安全優先事項。

Please turn to slide 4 where you will see how our capabilities are and wins are enhancing assured communications for global missions.

請翻到投影片 4，您將看到我們的能力和成果如何增強全球使命的可靠溝通。

V2X remains focused on delivering technology solutions that solve mission gaps and enable seamless communications.

V2X 仍然專注於提供解決任務差距並實現無縫通訊的技術解決方案。

This focus is yielding results and some of you had the opportunity to see this first hand at the AA USA symposium with the GMR 1,000.

這種關注正在產生成果，你們中的一些人有機會在 AA USA 研討會上親眼目睹 GMR 1,000。

The GMR is facilitating real time situational awareness across air and ground platforms.

GMR 正在促進空中和地面平台的即時態勢感知。

We believe the demand for this technology is growing and are investing to enhance size, weight and power.

我們相信對這項技術的需求正在成長，並正在投資以提高尺寸、重量和功率。

Beyond the GMR I am pleased to announce recent wins valued at $270 million that are extending V2X's reach for ensuring secure communications across key regions including the United States, Europe and the Pacific and the Middle East.

除了 GMR 之外，我很高興地宣布最近贏得了價值 2.7 億美元的勝利，這些勝利擴大了 V2X 的覆蓋範圍，以確保美國、歐洲、太平洋地區和中東等關鍵地區的安全通訊。

For example, in Europe, we were recently awarded a $32 million 3 year contract, ensuring the connectivity of the US army networks across the region.

例如，在歐洲，我們最近獲得了一份價值 3,200 萬美元的 3 年期合約，確保美國陸軍網路在該地區的連通性。

In the Indo-Pacific region we just completed the phase in of the NCTAMS-PAC program which is the largest DoD’ communications hub in the Pacific, allowing secure communications across air land, sea and cyber domains.

在印太地區，我們剛完成了 NCTAMS-PAC 計畫的分階段實施，該計畫是太平洋地區最大的國防部通訊中心，可實現跨空、陸、海和網路領域的安全通訊。

Additionally, our recent win of the $141 million fleet system engineering teams contract is delivering end to end C4I system solutions to the US Navy.

此外，我們最近贏得了價值 1.41 億美元的艦隊系統工程團隊合同，為美國海軍提供端到端 C4I 系統解決方案。

This ensures that no US Navy strike group deploys without V2X.

這確保了美國海軍打擊群不會在沒有 V2X 的情況下部署。

In the United States we secured a contract ensuring the integrity and availability of classified and unclassified networks for the Air National Guard.

在美國，我們獲得了一份合同，確保空軍國民警衛隊機密和非機密網路的完整性和可用性。

Finally, as a reminder, V2X continues to run the largest cyber center for the army outside the United States located in the Middle East.

最後，提醒一下，V2X 繼續經營位於中東的美國以外最大的軍隊網路中心。

This program provides 24/7, 365 connectivity for our soldiers to conduct their missions in that region.

該計劃為我們的士兵在該地區執行任務提供 24/7、365 連接。

As you can see on the slide V2X capability and reach goes beyond the programs I just mentioned our comprehensive solutions and expertise spanning sensors, networks and radars keeps our customers connected for all aspects of their multi domain missions.

正如您在幻燈片上看到的，V2X 功能和覆蓋範圍超出了我剛才提到的專案範圍，我們涵蓋感測器、網路和雷達的全面解決方案和專業知識使我們的客戶在多域任務的各個方面保持聯繫。

Before I turn it over to Shawn, I'd like to briefly outline some of our optimization efforts to build on our success and drive sustainable growth for V2X first.

在交給 Shawn 之前，我想簡要概述我們為鞏固成功並首先推動 V2X 可持續增長而進行的一些優化工作。

We continue to build and enhance the breadth and depth of our pipeline as a result of our collective capabilities.

由於我們的集體能力，我們繼續建立和增強我們管道的廣度和深度。

W-TRS is a great example of our solutions that leverage the collective capabilities.

W-TRS 是我們利用集體能力的解決方案的一個很好的例子。

We are building on that success to expand our addressable markets in all areas of the company.

我們正在以此成功為基礎，擴大公司所有領域的潛在市場。

We see great value in the markets.

我們看到了市場的巨大價值。

We serve and the importance they have to enduring missions.

我們服務以及他們對持久使命的重要性。

Pipeline expansion is core to the first step of optimization.

管道擴張是優化第一步的核心。

Second, we're investing in this expanded pipeline to ensure that we address opportunities with talent and solutions that will differentiate V2X offerings.

其次，我們正在對這一擴展的管道進行投資，以確保我們能夠利用人才和解決方案來抓住機遇，從而使 V2X 產品脫穎而出。

Third, to support our pipeline, our offerings will leverage our deep engineering expertise throughout the life cycle wheel I just talked about.

第三，為了支持我們的管道，我們的產品將在我剛才談到的整個生命週期輪中利用我們深厚的工程專業知識。

This ensures differentiation and a value added solution for our customers.

這確保了我們的客戶的差異化和增值解決方案。

Lastly, optimization of our tools and processes will continue V2X's ability to be cost effective in our markets and drive overall mission performance while ensuring our employees have the tools and capabilities, they need to drive continuous improvements.

最後，我們的工具和流程的最佳化將繼續 V2X 在我們的市場中保持成本效益的能力，並推動整體任務績效，同時確保我們的員工擁有推動持續改進所需的工具和能力。

Now, I'd like to turn the call over to Shawn for a review of our financials, Shawn

現在，我想把電話轉給肖恩，讓他審查我們的財務狀況，肖恩

Thanks Jeremy and thanks to everyone joining us this afternoon, please turn to slide 5.

謝謝 Jeremy，也謝謝今天下午加入我們的大家，請翻到投影片 5。

Performance in Q3 continued to be strong revenue increased 8% on a year over year basis to $1.08 billion Setting another record for the company.

第三季業績持續強勁，營收年增 8%，達到 10.8 億美元，再創公司紀錄。

This growth continues to demonstrate our ability to be in the right place at the right time to execute high priority missions continued our strong performance, delivering double digit revenue growth in the Indo-Pacific and Middle East regions with revenue increasing 31% and 13% year over year respectively.

這種成長繼續證明我們有能力在正確的時間在正確的地點執行高優先級任務，繼續保持我們的強勁表現，在印太和中東地區實現了兩位數的收入增長，收入分別增長了31%和13%分別超過一年。

Adjusted EBITDA in the quarter was $82.7 million increasing 28% from prior year and delivering a margin of 7.6%.

本季調整後 EBITDA 為 8,270 萬美元，較上年增長 28%，利潤率為 7.6%。

But that was also up $10.4 million sequentially.

但這數字也比上一季增加了 1,040 萬美元。

This performance was driven by growth, productivity improvements and program achievements consistent with our expectations.

這項業績是由符合我們預期的成長、生產力提升和計畫成果所推動的。

Interest expense for the quarter was $27.2 million.

該季度的利息支出為 2720 萬美元。

Cash interest expense was $25.6 million.

現金利息支出為 2560 萬美元。

Adjusted diluted EPS was $1.29 up 77% from the prior year.

調整後攤薄每股收益為 1.29 美元，較上年增長 77%。

Third quarter adjusted net cash provided by operating activities was $130.1 million up 35% year over year.

第三季調整後經營活動提供的淨現金為 1.301 億美元，較去年同期成長 35%。

This performance reflects the strong cash generation capabilities of V2X and our normal cadence of cash flow being greater in the second half of the year.

這一業績反映了V2X強大的現金產生能力以及我們下半年現金流的正常節奏。

We've turned to slide 6 where I'll talk about our year-to-date results.

我們轉到第 6 張投影片，我將在其中討論我們今年迄今的成果。

Year-to-date revenue was $3,164 million increasing 8% year over year.

年初至今的營收為 31.64 億美元，年增 8%。

Adjusted EBITDA for the first nine months of the year was $224.1 million increasing 5.8% in the prior year and delivering a margin of 7.1%.

今年前 9 個月的調整後 EBITDA 為 2.241 億美元，較上年增長 5.8%，利潤率為 7.1%。

Interest expense for the nine month period was $83.5 million.

這九個月期間的利息支出為 8,350 萬美元。

Cash interest expense was $77.8 million.

現金利息支出為 7,780 萬美元。

An improvement of $9.3 million compared to the prior period.

與上一期相比增加了 930 萬美元。

This demonstrates our continued focus on improving our overall cost of debt and cash interest expense.

這表明我們繼續致力於改善債務和現金利息支出的整體成本。

Year-to-date adjusted diluted EPS was $3.01 based on approximately 32 million weighted average shares.

根據約 3,200 萬股加權平均股計算，年初至今調整後稀釋每股收益為 3.01 美元。

Year-to-date adjusted net cash used by operating activities was $7.2 million.

年初至今，經營活動使用的調整後淨現金為 720 萬美元。

Adding back approximately $25 million of M&A and integration costs and removing the contribution of the master accounts receivable purchase or mark up facility of $63.3 million.

加上約 2,500 萬美元的併購和整合成本，並去除 6,330 萬美元的主應收帳款購買或加價融資的貢獻。

Turn to slide 7.

轉到投影片 7。

During the quarter, we continue to demonstrate progress, deleveraging the company and net leverage on a sequential basis improved by a 0.29 turn to 3.27 times remain on track to reach a net leverage ratio at or below three times at the end of the year consistent with our prior commitment.

本季度，我們繼續取得進展，公司去槓桿化和淨槓桿率環比改善 0.29 倍至 3.27 倍，仍有望在年底達到或低於三倍的淨槓桿率，與我們之前的承諾。

Net debt improved by $61 million sequentially and our liquidity position remains strong with a zero balance and a $500 million revolver at quarter end We made excellent progress enhancing the capital structure cost of our credit facilities which combined with debt pay down is improving cash flow and earnings.

淨債務環比增加了6,100 萬美元，我們的流動性狀況依然強勁，餘額為零，季度末循環餘額為5 億美元。 ，現金流和獲利都得到了改善。

We believe there's additional opportunity to further improve our cost of debt.

我們相信還有更多機會進一步改善我們的債務成本。

We turn to Slide 8.

我們轉向幻燈片 8。

Total backlog was $12.2 billion in the third quarter.

第三季未完成訂單總額為 122 億美元。

Book to bill in the quarter was approximately one and reflects only the initial $225 million start up funding for the W-TRS program.

本季的訂單出貨比約為 1，僅反映了 W-TRS 計畫的 2.25 億美元初始啟動資金。

A reminder we expect the incrementally book activities associated with this contract as they are transitioned.

提醒一下，我們預計在過渡時會逐步預訂與此合約相關的活動。

As Jeremy mentioned, we reached full operational capability on the Saudi Arabia Aviation Training support services program backlog only reflects the initial phasing of this program which is modest compared to the approximate $400 million award.

正如傑里米所提到的，我們在沙烏地阿拉伯航空培訓支援服務計劃積壓方面達到了全面運作能力，這僅反映了該計劃的初始​​階段，與大約4 億美元的獎勵相比，這一階段是適度的。

We turn to slide 9.

我們轉向投影片 9。

Given our strong year-to-date top line performance.

鑑於我們今年迄今強勁的營收表現。

We are raising the low end of our revenue guidance range to $4,225 million to $4,275 million.

我們將收入指引範圍的下限提高至 42.25 億美元至 42.75 億美元。

Additionally, we are raising the low end of our adjusted EPS guidance range to $3.95 to $4.20 based on an improvement in our tax rate to 21% from 23%.

此外，由於稅率從 23% 提高到 21%，我們將調整後每股盈餘指引範圍的下限提高至 3.95 美元至 4.20 美元。

We are reaffirming adjusted EBITDA and adjusted net cash from operating activities had an exceptional year-to-date results and Jeremy outlined some of the optimization efforts and near term investments we will build upon our success, delivering strong technical capabilities of strengthening business and financial performance.

我們重申，調整後的EBITDA 和調整後的經營活動淨現金取得了出色的年初至今業績，傑里米概述了我們將在成功的基礎上進行的一些優化工作和近期投資，提供增強業務和財務業績的強大技術能力。

V2X is aligned to well funded areas of the budget and high priority missions and we believe our recent wins backlog and capabilities will continue to fuel growth and value for our shareholders.

V2X 與資金充足的預算領域和高優先級任務保持一致，我們相信我們最近的勝利積壓和能力將繼續推動股東的成長和價值。

We are very pleased with our overall performance.

我們對我們的整體表現非常滿意。

Proud of our teams and well positioned for the future.

為我們的團隊感到自豪，並為未來做好準備。

And I would like to open the call for your questions, operator.

我想打開電話詢問您的問題，接線員。

We will now begin the question and answer session.

我們現在開始問答環節。

(Operator Instructions).

（操作員說明）。

Tobey Sommer, Truist Securities

托比·索默 (Tobey Sommer)，Truist 證券公司

Thank you, with the Strong contract awards, book to bill and, and funded backlog growth.

謝謝你們，我們提供了強有力的合約授予、訂單到帳單以及資助積壓訂單的增長。

I'm curious what kind of rate of organic growth you think would be reasonable for the company to be able to attain as we get go into next year.

我很好奇您認為公司明年能夠達到什麼樣的有機成長率才是合理的。

Because the timing of how you're going to be ramping these new awards, we could probably use some color to inform the modeling into 2025.

由於您將如何提升這些新獎項的時機，我們可能會使用一些顏色來告知 2025 年的建模。

Hey, Toby, this is Shawn.

嘿，托比，這是肖恩。

Good to hear from you.

很高興收到你的來信。

So listen, we're in the middle of doing our planning as you would expect.

所以聽著，我們正在按照您的預期進行計劃。

I think obviously in light of where we are going to grow in in 2025.

我認為這顯然是考慮到我們 2025 年的發展方向。

There are remind folks, we certainly have a couple of headwinds that we're always dealing with that program sunset we've had an excellent ops tempo in some of our contingency support, logistics support around the globe.

有人提醒大家，我們當然有一些阻力，我們總是在處理該計劃的日落，我們在全球範圍內的一些應急支援、後勤支援方面擁有出色的營運節奏。

So, you know, I don't want to get ahead of things, but obviously we're going to grow, we're feeling good about the backlog that visibility that it provides.

所以，你知道，我不想走在前面，但顯然我們會成長，我們對它提供的可見性積壓感到滿意。

But I, I don't want to give any numbers right now because we're deep in the middle of, of that planning with various assumptions.

但我，我現在不想給出任何數字，因為我們正處於各種假設的計劃之中。

And, you know, obviously there's things that can change very quickly in terms of where we would expect to be.

而且，你知道，顯然有些事情可能會根據我們的預期而發生很快的變化。

Okay, if I could ask you to double click in the INDOPACOM and how big a slice of the company does that geography represent?

好的，如果我可以請您雙擊 INDOPACOM，該地區代表了公司的多大一部分？

And, and maybe could you give us some, some color and commentary around incremental opportunities that you talked about?

而且，也許您能給我們一些關於您談到的增量機會的色彩和評論嗎？

Yeah.

是的。

So, we did a little over 80 million in the quarter in the region, Excellent growth as you've heard.

所以，我們本季在該地區的銷量略高於 8000 萬，正如您所聽到的，增長非常出色。

And, and that's been a consistent theme which is great.

而且，這是一個一致的主題，非常棒。

We do expect to grow there next year.

我們確實預計明年會在那裡增長。

Obviously, there's exercises that are being planned, the timing of which and the value of which we don't know.

顯然，我們正在計劃一些演習，但我們不知道其時間安排和價值。

But I think, we saw good growth and quads and other places that we that were positioned and, and I think we'll continue to see that as we go forward.

但我認為，我們看到了良好的增長和四邊形以及我們定位的其他地方，我認為隨著我們的前進，我們將繼續看到這一點。

But like I said, it's about 80 million in the quarter.

但正如我所說，本季約為 8000 萬。

And it's consistently built through, you know, the last year or so.

你知道，它是在去年左右持續建造的。

I would add to that, I think I mentioned in the last call, the specific deterrence initiative that they funded, I think the presence that we have in that area and the overall strategy by the our government and our allies in that area, afford us opportunities to be in a position to be a recipient of, of some of those initiatives as they move forward.

我想補充一點，我想我在上次電話會議中提到了他們資助的具體威懾舉措，我認為我們在該地區的存在以及我們的政府和我們的盟友在該地區的總體戰略為我們提供了支持隨著其中一些舉措的進展，有機會成為其中一些舉措的接受者。

And like Shawn said, I think the exercises are one thing but as they continue to build out their strategy and INDOPACOM, obviously with a strong presence there, it helps out quite a bit.

正如肖恩所說，我認為演習是一回事，但隨著他們繼續制定戰略和印太司令部，顯然在那裡有強大的存在，這會很有幫助。

Thanks.

謝謝。

And the last question for me, I was wondering if you could expand upon the overseas opportunities that you see.

最後一個問題是，我想知道您是否可以擴展您所看到的海外機會。

And, and maybe you could help us narrow the subset of the kinds of things that you could eventually win from our partners around the globe.

而且，也許您可以幫助我們縮小您最終可以從我們全球合作夥伴那裡贏得的東西的範圍。

Yeah, I think if you listen to the call, you'll hear me talk about in Europe, expanding opportunities there in terms of assured com, same thing in the Middle East, same thing and INDOPACOM.

是的，我想如果你聽電話，你會聽到我在歐洲談論擴大那裡的機會，在有保障的通信方面，中東也是如此，印太司令部也是如此。

But again we react to situations as they evolve like in the Middle East, I think there's a long term strategy INDOPACOM that we will be obviously benefiting from but again, as as items evolve in the Middle East, we always see ebb and flows with regards to that activity.

但我們再次對局勢的發展做出反應，就像中東一樣，我認為印太司令部有一個長期戰略，我們顯然會從中受益，但同樣，隨著中東局勢的發展，我們總是看到相關方面的潮起潮落到那個活動。

And again, obviously in Europe, with with Ukraine, there is always an opportunity there for us to continue to support our allies.

顯然，在歐洲，與烏克蘭一樣，我們總是有機會繼續支持我們的盟友。

Thank you very much.

非常感謝。

AKen Herbert, RBC Capital Markets

阿肯赫伯特，加拿大皇家銀行資本市場

Yeah.

是的。

Hi, good afternoon.

嗨，下午好。

Nice results this quarter.

本季業績不錯。

Hey, Shawn or Jeremy, maybe you had a really nice sequential step up from the second to third quarter.

嘿，肖恩或傑里米，也許你們從第二節到第三節取得了非常好的連續進步。

Just a deep at the margins.

只是邊緣深處。

Can you provide any more sort of color or granularity on maybe what drove that increase?

您能否提供更多種類的顏色或粒度來說明推動這種成長的原因？

And was there anything in terms of one time, you know, (EACS) or other benefits that might have contributed to the margin improvement sequentially?

是否有任何一次性（EACS）或其他好處可能有助於連續提高利潤率？

Yeah, I'd say so consistent with what we had said, right?

是的，我想說的是與我們所說的一致，對嗎？

When we came into the year, we said we'd be back end weighted, you know, from a, from a margin standpoint that that's because of the timing of certain programs, deliveries (EACS), as you mentioned, and improvements and, and the team, the team delivered, consistent with what they said.

當我們進入這一年時，我們說我們將進行後端加權，你知道，從利潤的角度來看，這是因為正如你提到的某些計劃、交付（EACS）的時間安排以及改進，和團隊，團隊交付的成果與他們所說的一致。

So, yeah, we did see a few million dollars, maybe $6 million or so of (EAC) improvements on that in the quarter.

所以，是的，我們確實在本季度看到了幾百萬美元，也許是 600 萬美元左右的 (EAC) 改進。

And I think it's a testament to the delivery of the products and services at or ahead of schedule to achieve the objectives.

我認為這證明了按時或提前交付產品和服務以實現目標。

It's Jeremy.

是傑里米。

I think also the team does an excellent job.

我認為團隊也做得非常出色。

They're very good executors and we implemented early on this quarter the program management executive committee that committee is for program managers to share best practices across the globe.

他們是非常優秀的執行者，我們在本季度初成立了專案管理執行委員會，該委員會旨在讓專案經理在全球範圍內分享最佳實踐。

And as that continues to take its maturation path, we're going to continue to see the best program managers of the company sharing those best practices with other program managers and we'll continue to drive continuous improvement.

隨著它繼續成熟，我們將繼續看到公司最好的專案經理與其他專案經理分享這些最佳實踐，我們將繼續推動持續改進。

That's great.

那太棒了。

Thank you.

謝謝。

And Shawn in your prepared remarks, you made a comment that you could see there's some options to maybe do more on the leverage or interest in 25.

肖恩在您準備好的演講中發表了評論，您可以看到有一些選擇可以在 25 的槓桿或興趣上做更多的事情。

It can perhaps be a little early, but can you talk at all about sort of level set us on where you expect interest how much more do you leveraging, should we expect, exiting this year and in 25 and maybe what some of those options could be if you just think about sort of continuing to clean up the balance sheet.

也許還為時過早，但您能否談談您期望的利息水平，您會在今年和 25 年內退出，我們應該預計，您會利用多少槓桿，也許其中一些選項可以實現什麼？繼續清理資產負債表的話。

Yeah, I think so the interest today is right around of 8.1%

是的，我想今天的利息大約是 8.1%

.And so I think we'll look here depending on how how rates are performing.

因此，我認為我們將根據利率的表現來看待這裡。

We'll look at the term loan a to see what options exist as we go into 2025.

我們將研究貸款 a 一詞，看看進入 2025 年時有哪些選擇。

But again, great progress on the part of the team.

但同樣，團隊方面也取得了巨大進步。

We recently redid the B that you heard us talk about previously.

我們最近重新設計了您之前聽到我們談論過的 B。

And so, you know, we're always looking at options and, and scenarios we'll see how rates play out and, and what could be available for us.

所以，你知道，我們一直在尋找選擇和方案，我們將了解費率如何發揮作用，以及我們可以獲得什麼。

But, but feeling good about where we sit today.

但是，但是對我們今天坐的地方感覺很好。

And so just remind us what's the guidance in terms of fourth quarter leverage in terms of where you expect to end the year.

因此，請提醒我們，就您預計年底的情況而言，第四季度槓桿率的指導是什麼。

Yeah, at so at or below three, So 3.27 today, you know, the team did a wonderful job from a receipt standpoint in Q3.

是的，今天等於或低於 3，所以 3.27，你知道，從第三季的收據角度來看，團隊做得非常出色。

We look to continue to do that to end right around like I said at or below three by by year end.

我們希望繼續這樣做，以便像我所說的那樣，到年底時達到或低於 3。

Perfect.

完美的。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Peter Arment, Baird

彼得·阿門特、貝爾德

Yeah, good afternoon, Jeremy and Shawn.

是的，下午好，傑里米和肖恩。

Nice results.

不錯的結果。

Hey, Jeremy, you made some comments on the Indo-Pacific region up 31% really impressive.

嘿，傑里米，你對印太地區增長 31% 的評論非常令人印象深刻。

Middle East, I guess was up, kind of the mid 10s as well.

中東，我猜是在 10 年代中期。

Can you maybe give us a little more color on kind of the operations that you're seeing there?

您能否給我們更多關於您在那裡看到的操作的資訊？

Any, any changes or any pickup in activity?

有任何變化或活動有所回升嗎？

Yeah, I mentioned before, I think INDOPACOM in 2025 we'll, know what those exercises look like as the year progresses, it'll probably be closer to mid year before we know exactly what they're going to do with those exercises.

是的，我之前提到過，我認為印太司令部在 2025 年會隨著時間的推移了解這些演習的情況，可能要到年中才知道他們將如何進行這些演習。

But again, as I mentioned before, the Pacific Deterrence initiative that the government has funded, you'll continue to see efforts flow into that region and so I'm very happy with the growth we have today.

但正如我之前提到的，政府資助的太平洋威懾計劃，你將繼續看到努力流入該地區，所以我對我們今天的成長感到非常高興。

I'm excited about the future for that area for us, given the presence we have and the capability that we've delivered to that customer.

鑑於我們擁有的業務以及我們為該客戶提供的能力，我對該領域的未來感到興奮。

I think in the Middle East that is 100% driven by what you read on the front page of the paper, you know, that that is a very difficult and dynamic environment there.

我認為在中東，這 100% 是由你在報紙頭版上讀到的內容所驅動的，你知道，那是一個非常困難和充滿活力的環境。

But again, the presence that we have allows us to be quickly reacting to needs that they have.

但同樣，我們的存在使我們能夠對他們的需求做出快速反應。

And obviously, we have benefited from that and, and the, and this year thus far.

顯然，今年到目前為止，我們已經從中受益。

But again, it's a very dynamic situation as you know and so it'd be difficult to say how that's going to play out.

但正如你所知，這是一個非常動態的情況，所以很難說這將如何發展。

But again, I think I go back to, we are part of enduring missions.

但我想我再說一遍，我們是持久使命的一部分。

It is a very important that we are shoulder to shoulder with our customer and making sure we're there to support them in, in any initiatives that they have to support the war fighter.

非常重要的是，我們與客戶並肩作戰，確保我們在他們必須支持戰士的任何舉措中為他們提供支援。

I don't know that's helpful.

我不知道這有什麼幫助。

And then just back to kind of the, the some of the big awards that you booked this quarter in particular, the War Fight Training Readiness contract.

然後回到您本季特別預訂的一些重大獎項，即戰備訓練合約。

Just, generally speaking, I think, did you, if I heard you correctly, this should start to ramp up in the second half of 25.

只是，一般來說，我想，如果我沒聽錯的話，這種情況應該會在 25 月下半年開始加劇。

Is that when does it hit kind of run rate?

那是何時達到運行率？

Yeah, I'd say exactly Peter, the, the back half of 25 that the initial booking that we took on the contract was $225 million.

是的，我想說的是彼得，25 年後半段，我們在合約上的初始預訂金額為 2.25 億美元。

That'll really start, like I said, in call it mid 25 ramp from there and the team's doing a great job of you heard Jeremy talk a little bit about other opportunities that exist that the teams are evaluating in other nations.

就像我說的那樣，這將真正開始，從那裡開始，我們的團隊做得很好，你聽到傑里米談到了團隊正在評估其他國家的其他機會。

So I think feeling really good about the start that the, that the team has on the on the program and, and look forward to to serving that customer here and, and delivering exceptional capabilities.

因此，我認為團隊對該計劃的開始感覺非常好，並且期待在這裡為客戶提供服務，並提供卓越的功能。

And so those will come through in what we call

所以這些都會透過我們所說的方式實現

(PDLS).

（PDLS）。

We're already putting together (PDL) offerings for that customer like I referenced, but the big one will come mid year, as Shawn said, but I'm very pleased with the team, very pleased with the customer.

正如我所提到的，我們已經為該客戶提供了 (PDL) 產品，但正如肖恩所說，重要的產品將在年中推出，但我對團隊非常滿意，對客戶也非常滿意。

The cooperation during start up review was extraordinary.

啟動審查期間的合作非同尋常。

And so I'm very confident and comfortable with where that program is that the heads towards full operational capacity.

因此，我對該計劃朝著全面營運能力的方向非常有信心和滿意。

That's great.

那太棒了。

Thanks for all the color and great results.

感謝所有的色彩和出色的結果。

.

。

Joe Gomes, NOBLE Capital Markets

喬·戈麥斯，NOBLE 資本市場

Thanks for taking my questions.

感謝您回答我的問題。

Really nice quarter.

真的很不錯的季度。

So I wanted to start on the, the 8% quarterly revenue growth what percent of that was from, organic growth expansion of on contract versus new program performance.

所以我想從 8% 的季度營收成長開始，其中百分之多少來自合約與新專案績效的有機成長擴張。

I'd say it's a mix.

我想說這是一個混合體。

So, certainly the timing of some of the things you heard us talk a little bit about the full transition on the Saudi job, that certainly contributed growth in the quarter.

因此，當然，您聽到我們談論沙烏地阿拉伯工作全面過渡的一些事情的時機，這無疑促進了本季度的成長。

But by and large, it's on contract activities specifically in, and as as we said, in INDOPACOM and, and the Middle East, you know, that's obviously what's driven a lot.

但總的來說，它是在合約活動上，正如我們所說，在印太司令部和中東，你知道，這顯然是很大的推動因素。

We have excellent presence in those regions that are able to meet our customers needs.

我們在這些地區擁有出色的業務，能夠滿足客戶的需求。

And, and so that's really what contributed to a lot of that growth in core.

而且，這確實是核心業務成長的主要原因。

Okay.

好的。

And one of the, the markets and geographic areas that was down was the European revenues were down 22% in the quarter, down about 10% year-to-date and just trying to get a little more color on, on what is driving the weakness, at least through the first, you know, couple quarters here in 24 in the European market.

其中一個下降的市場和地理區域是歐洲收入在本季下降了 22%，年初至今下降了約 10%，我們只是想了解推動這一增長的因素。個季度中是這樣。

So there's one program and specifically that that is down and it's a, it's an admittedly a modest number.

所以有一個程序，特別是那個程序被關閉了，這是一個，無可否認，這是一個適度的數字。

So, you know, I think the important thing is that we maintain a strong presence in Europe.

所以，我認為重要的是我們在歐洲保持強大的影響力。

There's a program that we had previously, when you look at a year, over year comp that's doing a little bit less volume this year that's driven some of that.

我們之前有一個計劃，當你看一年、一年以上的比較時，今年的銷量有所減少，這在一定程度上推動了這一計劃。

But I, I think the exciting part is other growth opportunities that we've had with some hardware capabilities and things like that within Europe, that we haven't delivered those things entirely yet.

但我認為，令人興奮的部分是我們在歐洲擁有一些硬體功能和類似功能的其他成長機會，但我們尚未完全交付這些功能。

So they're I'll say they're underway.

所以我會說他們正在進行中。

I think we're, I think we're encouraged about the future that we have in Europe, Jeremy.

傑里米，我認為我們對歐洲的未來感到鼓舞。

Anything else?

還要別的嗎？

No.

不。

And I think one of the locations is absolutely core to the US government.

我認為其中一個地點絕對是美國政府的核心地點。

We're excited to be there.

我們很高興能在那裡。

It's a long term contract that's a lot of ceiling on it and we will continue to drive, you know, performance on that contract and, like I said, it is a key asset for the US government.

這是一份長期合同，有很大的上限，我們將繼續推動該合約的履行，正如我所說，它是美國政府的一項重要資產。

Okay.

好的。

And then try one other way on, on 2025.

然後在 2025 年嘗試另一種方式。

I know, it's early and you guys mentioned you're in the, in the process.

我知道，現在還早，你們提到你們正在這個過程中。

But if, if we look at, you know, you know, the midpoint of the revenue guidance would suggest revenues would be up 7% year, over year, 24/25.

但是，如果我們看看，你知道，你知道，收入指導的中點表明收入將同比增長 7%，24/25。

Wondering one.

想知道一個。

Can you repeat that type of performance in 2025?

2025 年你能重複這樣的表演嗎？

And, and two, if I'm looking at the adjusted EBITDA margin and again, at the midpoint, it's about 7.2%.

第二，如果我再看一下調整後的 EBITDA 利潤率，中位數約為 7.2%。

Where do you think that margin could grow to?

您認為利潤率會成長到什麼程度？

Yeah, for, for, for 25 specifically, you're talking So listen, I, I don't want to, I don't want to get into absolute values from a top line standpoint.

是的，對於，對於，特別是對於 25，你在說所以聽著，我，我不想，我不想從頂線的角度進入絕對值。

I'll say, as we're doing our planning 25 is, is not different than, than other years, right?

我想說的是，我們正在製定的 25 年計劃與其他年份沒有什麼不同，對嗎？

There's always we compete, we feel very good about the volume of rec compete have there.

我們總是在競爭，我們對那裡的娛樂競爭感到非常滿意。

And I'll remind folks, we've said previously, it's fairly modest five ish type percent as we go into the year, there's always the timing of what we would call Joe Sales from new bookings.

我要提醒大家，我們之前說過，當我們進入這一年時，這是相當適度的百分之五左右，總是有我們稱之為喬銷售的新預訂的時間。

And you heard us talk earlier this year about muted award environment, things like that, hard to say how some of those things will play out.

今年早些時候，你聽到我們談論了低調的獎勵環境，諸如此類的事情，很難說其中一些事情將如何發揮作用。

So, I'll stand by what I said earlier, which is we will grow in in 2025 and we feel good about our our positioning.

因此，我將堅持我之前所說的，即我們將在 2025 年實現成長，並且我們對自己的定位感到滿意。

Relative to the margin when I think about 25 I look at the stuff that's in the backlog.

相對於利潤，當我考慮 25 時，我會查看待辦事項中的內容。

You know, I see it probably similar to how we're seeing 2024.

你知道，我認為這可能與我們對 2024 年的看法類似。

From an overall margin stand plus or minus, obviously, right?

從整體利潤來看，顯然是正負，對吧？

But the backlog is, is strong, we have pretty good visibility into those things.

但積壓的訂單量很大，我們對這些事情有很好的了解。

We know that the recent awards, what we expect them to contribute.

我們知道最近的獎項，我們期望他們會做出什麼貢獻。

I'll remind folks that when we start new contracts, they tend to start at lower margins than where we end up.

我要提醒大家，當我們簽訂新合約時，他們的起始利潤往往比我們最終的利潤低。

And so we'll be going through some of that obviously in, in 2025.

因此，我們顯然會在 2025 年經歷其中的一些事情。

Okay, great.

好的，太好了。

Trevor Walsh JMP Securities LLC

特雷弗沃爾什 JMP 證券有限責任公司

Great.

偉大的。

Thanks team for taking the questions.

感謝團隊提出問題。

Appreciate the time.

珍惜時間。

On those the, the 5 billion of new awards that you have phasing in that you mentioned F-5, the Saudi Arabia Aviation Support, etc. Is there any I understand they're fully operational?

關於這些，您提到的 F-5、沙烏地阿拉伯航空支援等分階段授予的 50 億美元新獎項。

Is there anything kind of heading into 2025 that could be a got you around any of those either in particular or more broadly speaking as to why where that revenue might not flow in or things just might not go to plan whether that's just kind of external forces that we could think about or just to avoid surprises next year.

進入 2025 年，是否有什麼事情可以幫助您解決這些問題，無論是特別的還是更廣泛的而言，為什麼收入可能無法流入，或者事情可能無法按計劃進行，這是否只是一種外部力量我們可以考慮一下，或只是為了避免明年出現意外。

I don't think there's any sitting here right now.

我認為現在沒有人坐在這裡。

Trevor, I don't see anything that that would tell me that, but obviously it's a dynamic environment funding priorities, things like that can certainly shift any time we're dealing with international customers, which we are on, on the Saudi job, like you just mentioned, things can change.

特雷弗，我沒有看到任何可以告訴我這一點的信息，但顯然這是一個動態的環境，資助優先事項，這樣的事情肯定會在我們與國際客戶打交道時發生變化，我們正在沙特的工作中，就像你剛才提到的，事情可能會改變。

But, but as we sit here today, you know, there's, there's nothing that that I that I can think of that, that impacts our, our line of sight to that those backlog programs.

但是，當我們今天坐在這裡時，你知道，我能想到的任何事情都不會影響我們對這些積壓計劃的視線。

I Would Just add that we, I think we need to get through tomorrow and find what the sitting President's priorities are.

我想補充一點，我認為我們需要度過明天並找到現任總統的優先事項是什麼。

But again, I think because we are part of enduring missions that are, you know, mission critical.

但我再次認為，因為我們是持久使命的一部分，你知道，使命至關重要。

I don't see any material change to, who sits in the chair.

我沒有看到坐在椅子上的人有任何實質變化。

But again, it's always nice to know what their priorities are and making sure they're aligned with the our global footprint.

但同樣，了解他們的優先事項並確保它們與我們的全球足跡保持一致總是很高興。

Great terrific, appreciate the color on that.

太棒了，欣賞它的顏色。

I also noted in one of the slides.

我還在其中一張投影片中指出。

There was a reference to a pending contract for the F-16 contract, cockpit upgrades.

其中提到了一項待定的 F-16 合約：駕駛艙升級。

Just curious if that'll take obviously it's pending, I get it so probably can't provide specific details yet.

只是好奇這是否會明顯處於待決狀態，我明白了，所以可能還無法提供具體細節。

But just curious if you can maybe give us a little bit of perspective if it's similar to GMR where it's going to be something kind of a more of an initial kind of smaller footprint of assets and then with a potential to expand or kind of how that, how that's shaping up from just kind of a quantity perspective.

但只是好奇你能否給我們一些看法，如果它與 GMR 類似，它將是一種更初始的較小規模的資產，然後有潛力擴展或如何擴展，從數量的角度來看這是如何形成的。

I think it looks a lot like GMR in the sense that, we are moving from the development phase and into a phase where we're going to see an opportunity for that program to grow obviously, there's a lot of F-16 out there.

我認為它看起來很像 GMR，因為我們正在從開發階段進入一個階段，在這個階段我們將看到該專案明顯增長的機會，那裡有很多 F-16。

And so I view it in the same breath, they kind of go through that development phase, you go into L and then, and then obviously you move it into production.

所以我以同樣的方式看待它，他們經歷了那個開發階段，你進入L，然後，顯然你將它轉移到生產中。

So again, I'm, very bullish about this program.

再說一遍，我非常看好這個計畫。

I like the technology.

我喜歡這項技術。

I like what the team in India has done.

我喜歡印度團隊所做的事情。

I think they have created an opportunity for our customer that is differentiated.

我認為他們為我們的客戶創造了一個與眾不同的機會。

And so I'm looking forward to that program as it grows and matures.

因此，我期待著該計劃的成長和成熟。

You.

你。

The only thing I'd add there is, you know, I, I think as we sit here today that that'll look like an IDIQ contract probably.

我唯一要補充的是，你知道，我認為，當我們今天坐在這裡時，這可能看起來像 IDIQ 合約。

And so I don't know that you'll see, a huge booking and in order straight away, we'll, see depending on how many they end up putting on contract.

所以我不知道你會看到一個巨大的預訂，為了立即訂購，我們會看到這取決於他們最終簽訂合約的數量。

But but that's, that's what we're seeing right now.

但這就是我們現在所看到的。

Got it.

知道了。

Okay.

好的。

Thanks for, for super helpful.

謝謝，超級有幫助。

Last one for me, for Sean.

最後一個是給我的，給肖恩的。

Can you just maybe just walk us through your thinking around?

您能否向我們介紹一下您的想法？

I appreciate the revenue kind of narrowing up in the upward fashion on the the, the full year guide and then same for EPS, understand that there's some interest kind of affecting that EPS or at least putting a, you know, has a good contribution there.

我很欣賞全年指南上的收入以向上的方式縮小，每股收益也是如此，理解有一些興趣會影響每股收益，或者至少在那裡做出了很好的貢獻。

But notice that the adjusted EBITDA numbers just kind of stayed, stayed kind of consistent.

但請注意，調整後的 EBITDA 數字保持不變。

So just maybe walk us through kind of the dynamics there and how you're thinking about kind of why that number stayed the same versus the other ones shifting up somewhat.

因此，也許請帶我們了解那裡的動態，以及您如何思考為什麼該數字保持不變而其他數字有所上升。

Yeah.

是的。

So consistent with what we said, we've seen our cost type work, increase throughout the year.

與我們所說的一致，我們看到我們的成本類型全年都在增加。

So we, at 60% in the quarter.

所以我們本季的成長率為 60%。

Obviously based on what we've experienced what we have in backlog that tends to be at a little bit lower margin.

顯然，根據我們的經驗，我們的積壓訂單往往利潤率略低。

And so a lot of that top line growth coming from some of those types of programs, hence the, hence the change in the, in the guide for the, for the second time this year.

因此，大部分收入成長來自某些類型的計劃，因此，指南今年第二次發生了變化。

And then, we're very happy with the overall program performance.

然後，我們對整個計劃的表現非常滿意。

Like I said, the productivity that we saw in you know, in Q3, we think we're well positioned to, to meet our commitments here in Q4.

就像我說的，我們在第三季度看到的生產力，我們認為我們有能力履行我們在第四季的承諾。

But, but you are seeing some of that mix play out, I'll say, again, consistent with what we thought it would be in the back half of this year.

但是，但我會再次說，你會看到其中的一些組合正在發揮作用，這與我們對今年下半年的期望是一致的。

This concludes our question and answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Jeremy Wensinger for any closing remarks.

我想將會議轉回傑里米溫辛格 (Jeremy Wensinger) 發表閉幕詞。

Thank you for joining the call.

感謝您加入通話。

We had a wonderful quarter.

我們度過了一個美好的季度。

Thrilled with the team.

與團隊一起興奮。

We have great executors running our lines of business in terms of countries and (Vinny Caputo), you know, they're great leaders and they're doing a wonderful job in terms of execution.

我們有出色的執行者來管理我們在各個國家/地區的業務（文尼·卡普托），他們是出色的領導者，並且在執行方面做得非常出色。

We're focused obviously on finishing the year and making our commitments.

我們顯然專注於完成這一年並做出我們的承諾。

But again, I'm proud of the team for the quarter they delivered and I look forward to talking to you.

但我再次為團隊在本季度的交付感到自豪，我期待與您交談。

Again, we're here real soon.

再說一遍，我們很快就到了。

Operator back to you.

接線生回覆您。

Conference has now been concluded.

會議現已結束。