V2X Inc (VVX) 2024 Q4 法說會逐字稿

Good day and welcome to the V2X fourth quarter 2024 earnings conference call.

大家好，歡迎參加 V2X 2024 年第四季財報電話會議。

(Operator Instructions)

（操作員指令）

Please note this event is being recorded.

請注意，該事件正在被記錄。

I would now like to turn the conference over to Mr. Mike Smith, Vice President of Treasury, Investor Relations and Corporate Development at V2X.

現在，我想將會議交給 V2X 財務、投資者關係和企業發展副總裁 Mike Smith 先生。

Please go ahead, sir.

先生，請繼續。

Thank you.

謝謝。

Good afternoon, everyone.

大家下午好。

Welcome to the V2X fourth quarter and full year 2024 earnings conference call.

歡迎參加 V2X 2024 年第四季和全年財報電話會議。

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

今天與我們一起參加的有總裁兼執行長 Jeremy Wensinger；以及資深副總裁兼財務長肖恩·穆拉爾（Shawn Mural）。

Slides for today's presentation are available on the Investor Relations section of our website gov2x.com.

今天簡報的幻燈片可以在我們網站 gov2x.com 的投資者關係部分找到。

We turn to slide 2.

我們翻到第二張幻燈片。

During today's presentation, managers will be making forward-looking statements pursuant to the Safe Harbor provisions of the Federal Securities laws.

在今天的演示中，管理人員將根據聯邦證券法的安全港規定做出前瞻性聲明。

Please review our Safe Harbor statements 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.

請查看我們新聞稿和簡報資料中的安全港聲明，以了解可能導致實際結果與這些前瞻性聲明所預期的結果有重大差異的一些因素的描述。

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

該公司不承擔更新其前瞻性陳述的義務。

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

此外，在今天的評論中，我們將參考某些非公認會計準則財務指標，因為管理層認為這些指標對投資者有用。

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

您可以在我們的投影片簡報中以及向美國證券交易委員會提交的收益報告中，找到根據 GAAP 計算和呈現的最具可比性的指標的對帳表，這兩份文件均可在我們網站的「投資者關係」部分找到。

At this time, I would like to turn the call over to Jeremy.

現在，我想將電話轉給傑里米。

Thank you, Mike, and good afternoon, everyone.

謝謝你，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, I'd like to recognize the over 16,000 V2X employees for all their contributions and in particular their strong performance during the fourth quarter that resulted in record quarterly revenue, adjusted EBITDA, and cash flow.

在我們開始之前，我想感謝超過 16,000 名 V2X 員工所做的所有貢獻，特別是他們在第四季度的出色表現，帶來了創紀錄的季度收入、調整後 EBITDA 和現金流。

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一切以及將繼續做下去的一切。

Please turn to slide 3.

請翻到幻燈片 3。

In today's call, I'm going to recap the fourth quarter in full-year results and then discuss our positioning and alignment to national security priorities.

在今天的電話會議上，我將回顧第四季度的全年業績，然後討論我們的定位和與國家安全重點的一致性。

Our momentum continues into the fourth quarter with revenue increasing 11% year over year to $1.16 billion.

我們的勢頭持續到第四季度，營收年增 11%，達到 11.6 億美元。

This was driven by positive growth in all our geographies and noteworthy 27% increase in Indo-Pacific region.

這是由於我們所有地區均實現了正增長，並且印度-太平洋地區實現了顯著的 27% 的增長。

For the full year, revenue grew 9% to $4.3 billion exceeding the top end of our guidance.

全年營收成長 9%，達到 43 億美元，超過了我們預期的最高水準。

Adjusted EBITDA for the fourth quarter and full year was $86.2 million and $310 million, representing 5% and 6% year-over-year growth.

第四季和全年調整後 EBITDA 分別為 8,620 萬美元和 3.1 億美元，年增 5% 和 6%。

Adjusted EPS for the fourth quarter in full year was $1.33 and $4.34 representing 9% and 16% year-over-year growth.

全年第四季調整後每股收益分別為 1.33 美元和 4.34 美元，年增 9% 和 16%。

Importantly, our focus on debt reduction and cash generation yielded impressive results, with net debt improving $210 million year over year.

重要的是，我們專注於減少債務和創造現金，取得了令人矚目的成果，淨債務年減了 2.1 億美元。

This achievement equates to a 2.6 times net leverage ratio, which provides significant flexibility and optionality for V2X in 2025 and beyond.

這項成就相當於2.6倍的淨槓桿率，為2025年及以後的V2X提供了顯著的靈活性和可選性。

Total backlog at the end of the year was $12.5 billion, representing a 1.2 times book to bill ratio in the quarter.

年底總積壓訂單為 125 億美元，相當於本季訂單出貨比的 1.2 倍。

Our focus on growth is demonstrating results with V2X securing contract wins at over $5.5 billion in 2024.

我們專注於成長，並已取得成果，V2X 將在 2024 年贏得超過 55 億美元的合約。

This was a record for the company and builds an excellent foundation from which we can continue to drive revenue, cash flow, and value for our shareholders.

這是公司的一個紀錄，為我們繼續為股東創造收入、現金流和價值奠定了良好的基礎。

Additionally, we are pleased to announce the arrival of Roger Mason, our Chief Growth Officer.

此外，我們很高興宣布首席成長長羅傑梅森 (Roger Mason) 的到來。

Roger brings a wealth of experience and will continue to build on our track record of growth.

羅傑擁有豐富的經驗，並將繼續鞏固我們的成長記錄。

This move positions V2X exceptionally well for the years to come.

此舉將為 V2X 未來幾年的發展奠定良好的基礎。

In summary, 2024 was a great year for V2X, achieving several milestones and new records for the company.

總而言之，2024 年對 V2X 來說是偉大的一年，公司實現了多個里程碑和新紀錄。

Now, I'd like to spend a few minutes to talk about our positioning and how V2X helps customers increase efficiency, reduce costs, modernize capabilities, improve readiness, and strengthen national security.

現在，我想花幾分鐘談談我們的定位以及 V2X 如何幫助客戶提高效率、降低成本、實現能力現代化、提高戰備能力並加強國家安全。

The fact that we are with our customer at every phase of mission execution, primarily as a prime contractor gives us great intimacy and knowledge of what is happening and insight into evolving requirements.

事實上，作為總承包商，我們在任務執行的每個階段都與客戶在一起，這讓我們非常熟悉並了解正在發生的事情，並洞察不斷變化的需求。

The combination of our unique mission insight, full life-cycle capabilities, and 80-year reputation as a trusted partner.

我們獨特的使命洞察力、全生命週期能力以及 80 年值得信賴的合作夥伴聲譽的結合。

It differentiated and yielding results through recent winds and growth in key theaters.

它透過最近的風向和主要戰場的增長實現了差異化並取得了成果。

For example, in Indo-Pacific region, V2X is supporting increased mission requirements as DoD continues to identify China as a pacing challenge and is further investing to strengthen our deterrence.

例如，在印度-太平洋地區，由於國防部繼續將中國視為步調挑戰，並進一步投資以加強我們的威懾力，V2X 正在支持不斷增加的任務需求。

Our positioning in the region and our team's strong performance drove revenue growth of 24% in 2024.

我們在該地區的定位和我們團隊的強勁表現推動了 2024 年的營收成長 24%。

We expect continued growth building on the requirement for readiness based on the administration's current priorities, funding requests, and demand signals.

我們預計，根據政府目前的優先事項、資金要求和需求訊號，準備就緒的要求將繼續增長。

Turning to the US, we continue to ramp up the $3.7 billion warfighter training readiness solutions program.

談到美國，我們繼續增加37億美元的作戰訓練準備解決方案計畫的力度。

This program is critical to national security readiness, as it ensures every soldier has the tools required to conduct realistic exercises and training.

該計劃對於國家安全準備至關重要，因為它確保每個士兵都擁有進行真實演習和訓練所需的工具。

As the administration has stated, improving lethality, war fighting, and readiness are priorities.

正如政府所說，提高殺傷力、戰鬥力和戰備能力是首要任務。

We believe V2X is well positioned to meet these priorities.

我們相信 V2X 能夠很好地滿足這些優先事項。

Additionally, in further support of readiness, V2X was recently awarded two contracts valued at $270 million in aggregate to keep aircraft for the Drug Enforcement Administration and the Federal Bureau of Investigation fully mission ready and able to meet evolving operational demands.

此外，為了進一步支持戰備，V2X 最近獲得了兩份總價值 2.7 億美元的合同，以確保緝毒局和聯邦調查局的飛機完全做好任務準備並能夠滿足不斷變化的作戰需求。

I would also like to call out our growing position in the Arctic and how under a contract valued up to $3.95 billion with the US Space Force, V2X is supporting the DoD strategic initiatives and interests in the region by delivering solutions that will enable our customer to meet new challenges as the region is becoming a venue for strategic competition.

我還想強調一下我們在北極地區日益增強的地位，以及在與美國太空部隊簽訂的價值高達 39.5 億美元的合約下，V2X 如何透過提供解決方案來支持國防部在該地區的戰略計劃和利益，使我們的客戶能夠應對新的挑戰，因為該地區正在成為戰略競爭的場所。

Finally, the situation in the Middle East continues to evolve.

最後，中東局勢仍在持續發展。

V2X is uniquely positioned in the region with deep mission intimacy and operational expertise to continue delivering best to breed, cost effective solutions that enable successful outcomes.

V2X 在該地區具有獨特的優勢，擁有深厚的任務熟悉度和營運專業知識，能夠繼續提供最佳、最具成本效益的解決方案，從而取得成功。

In summary, V2X is positioned in key theaters with the ability to deliver comprehensive end-to-end capabilities throughout the entire mission life cycle.

總而言之，V2X 定位於重點戰場，能夠在整個任務生命週期中提供全面的端對端功能。

This provides us with the opportunity to be part of strategic initiatives for the US government as they protect the homeland and focus on the terms.

這為我們提供了機會，成為美國政府保衛國土和關注條款的戰略舉措的一部分。

Please turn to slide 4.

請翻到幻燈片 4。

Not only does V2X have the global scale and capability to support national security priorities, we have a track record of enhancing outcomes and increasing value for our customers through innovation, modernization, and improved operational performance.

V2X 不僅具有支援國家安全優先事項的全球規模和能力，我們還擁有透過創新、現代化和改善營運績效為客戶提升成果和增加價值的記錄。

This is squarely aligned with the focus area of the new administration and the DoD.

這與新政府和國防部的重點領域完全一致。

The current challenges our customers face are very real with having to prepare for today while planning for the threats of tomorrow, all while facing approximately $240 billion of already deferred maintenance on its equipment and facilities.

我們的客戶目前面臨的挑戰非常現實，必須為今天做好準備，同時為明天的威脅做好規劃，同時還要面對已經推遲的約 2400 億美元的設備和設施維護費用。

This deferred maintenance must be addressed in order to maintain readiness.

為了維持戰備狀態，必須解決這個延遲維護問題。

We believe V2X is extremely well positioned to help the DoD solve these challenges.

我們相信 V2X 非常適合幫助國防部解決這些挑戰。

For example, we are delivering innovative solutions and mission ready technologies by leveraging our operational know-how and technology expertise.

例如，我們利用我們的營運知識和技術專長來提供創新解決方案和任務就緒技術。

This includes our smart warehouse solution, which can improve space utilization by 90%, increase storage capacity by 77%, and importantly yield a 69% reduction in operating costs.

其中包括我們的智慧倉庫解決方案，它可以提高空間利用率 90%，增加儲存容量 77%，更重要的是，將營運成本降低 69%。

The net benefit to the DoD is not just cost savings and footprint rationalization, but also significantly improving visibility of unaccounted inventory and assets and enhancing readiness.

國防部的淨收益不僅僅是成本節約和足跡合理化，而且還顯著提高未核算庫存和資產的可見性並增強戰備能力。

When we think about the DoD's $1.2 trillion of asset base spanning over 700,000 facilities, we believe there is a tremendous opportunity for audit assurance and value creation for our customers.

當我們考慮到國防部擁有 1.2 兆美元的資產基礎，涵蓋 70 萬多個設施時，我們相信，對於我們的客戶來說，審計保證和價值創造有著巨大的機會。

Additionally, our platform modernization and rapid prototyping solutions are fielding new systems in months to bringing upgraded technology to platforms with significant cost and scheduled benefits.

此外，我們的平台現代化和快速原型解決方案將在數月內部署新系統，以顯著的成本和預定收益為平台帶來升級的技術。

This includes the very recent example where V2X is delivering rapid response prototyping, production, and sustainment of counter unmanned aerial systems and air defense solutions that solve complex and evolving battlefield threats.

包括最近的例子，V2X 正在提供快速回應原型、生產和維持反無人機系統和防空解決方案，以解決複雜且不斷變化的戰場威脅。

We are also seeing demand signals and opportunities to utilize the system in the Indo-Pacific region.

我們也看到了在印度-太平洋地區利用該系統的需求訊號和機會。

Lastly, our utilization of technology, predictive and preventive maintenance, data analytics, and continuous improvement have resulted in V2X generating over $65 million of savings through optimized operational performance to the DoD on several cost-plus programs.

最後，我們利用技術、預測性和預防性維護、數據分析和持續改進，使 V2X 透過優化營運績效為國防部在多個成本加成專案中節省了超過 6,500 萬美元。

These deliberate and purposeful efforts provide customers with additional funding to support the requirements while maintaining the highest level of mission readiness and performance.

這些深思熟慮且有目的的努力為客戶提供了額外的資金來支持需求，同時保持最高水準的任務準備和績效。

This performance makes V2X a trusted partner of choice for missions of consequence.

這種性能使 V2X 成為重大任務的值得信賴的合作夥伴。

As you can see, V2X is shoulder to shoulder with our customers with a proven track record of bringing cost-effective and value-added solutions.

如您所見，V2X 與我們的客戶並肩作戰，擁有提供具成本效益和增值解決方案的成功經驗。

Please turn to slide 5.

請翻到投影片 5。

Later this year, V2X will celebrate its 80th anniversary.

今年晚些時候，V2X 將迎來 80 週年。

This is a major milestone and an important trait of our business.

這是一個重要的里程碑，也是我們業務的重要特徵。

For 80 years, V2X has played a critical role supporting our customers' most important missions around the globe.

80 年來，V2X 在支援我們全球客戶的最重要任務方面發揮了關鍵作用。

This includes helping establish the distant early warning line radar network back in the 1950s, which was located above the Arctic Circle and was critical to enhancing our readiness and national security during the Cold War.

其中包括早在 20 世紀 50 年代就幫助建立遠程預警線雷達網絡，該網絡位於北極圈上空，對於在冷戰期間增強我們的戰備能力和國家安全至關重要。

We have continued to grow since that time, investing and expanding our capabilities.

自那時起，我們不斷發展、投資並擴大我們的能力。

This has and is enabling V2X to do more and offer technology-based solutions that prevail on the battlefield and in real-mission environments.

這使得 V2X 能夠發揮更多作用，並提供在戰場和實際任務環境中占主導地位的基於技術的解決方案。

For example, today we are leveraging our global expertise in spectrum engineering, information technology, cyber, and network communications to deliver a private and secure mission-ready communication solution in the remote regions of the Indo-Pacific.

例如，今天我們正在利用我們在頻譜工程、資訊科技、網路和網路通訊方​​面的全球專業知識，為印度-太平洋偏遠地區提供私密、安全的任務就緒通訊解決方案。

This V2X technology is assuring connectivity and readiness for our warfighters.

V2X 技術確保了我們的作戰人員的連接和準備。

From the Arctic to Asia and all around the globe, V2X's comprehensive full-life cycle solutions and relatively fresh brand that's backed by a long legacy is allowing us to bring new technologies, innovation, and force modifying solutions to our customers.

從北極到亞洲及全球各地，V2X 全面的全生命週期解決方案和擁有悠久歷史的相對較新的品牌使我們能夠為客戶帶來新技術、創新和強制修改解決方案。

Turning to the right-hand side of the slide, I'd quickly like to call out our 2024 revenue diversification across defense, intelligence, and commercial markets.

轉到投影片的右側，我想快速介紹我們 2024 年在國防、情報和商業市場的收入多樣化。

We thought it important to note that only 5% of our revenue is derived from federal civilian agencies, primarily served on border security, drug enforcement, and human space flight.

我們認為值得注意的是，我們的收入中只有 5% 來自聯邦民事機構，主要用於邊境安全、緝毒和載人航太。

Moving to our mix of contracts.

轉向我們的合約組合。

As you can see, approximately 60% of our 2024 revenue is generated from cost-plus programs and 40% from fixed price.

如您所見，我們 2024 年收入的約 60% 來自成本加成計劃，40% 來自固定價格。

We continue to work with our customers to convert appropriate contracts and programs to fixed price.

我們繼續與客戶合作，將合適的合約和計劃轉換為固定價格。

We welcome the recent emphasis on outcome-based contracting and believe our institutional knowledge will present a compelling opportunity for V2X and our customers.

我們歡迎最近對基於結果的合約的重視，並相信我們的機構知識將為 V2X 和我們的客戶提供一個引人注目的機會。

Please turn to slide 6.

請翻到幻燈片 6。

In the prior slides, I discussed why we believe V2X is well positioned for continued growth and performance.

在先前的幻燈片中，我討論了為什麼我們相信 V2X 有利於持續成長和提高效能。

Our strategy is very clear.

我們的策略非常明確。

It is to deliver full life-cycle capabilities in support of national security priorities that enhance mission effectiveness, extend asset utilization, reduce costs, and improve security and mission outcomes.

它將提供全生命週期能力來支援國家安全優先事項，從而提高任務效率、擴大資產利用率、降低成本並改善安全性和任務成果。

Our focus on readiness of the war fighter via training, equipping, deploying, supporting, and modernizing, we believe is well aligned to the current administration and future needs of the DoD.

我們專注於透過訓練、裝備、部署、支援和現代化來提高作戰人員的戰備能力，我們相信這與國防部目前的管理和未來需求是一致的。

When it comes to government efficiencies, we have described how V2X is already executing and supporting these initiatives, and we believe we can do more.

當談到政府效率時，我們已經描述了 V2X 如何執行和支持這些舉措，我們相信我們可以做得更多。

For example, V2X keeps over 1,600 aircraft flying and ready for their next mission.

例如，V2X 使 1,600 多架飛機保持正常飛行並為下一次任務做好準備。

Today, the DoD currently has over 13,000 aircraft in its inventory, excluding unmanned vehicles.

目前，國防部庫存中有超過 13,000 架飛機（不包括無人機）。

We believe V2X has the opportunity to gain additional market share by helping the DoD improve readiness and mission capable rates of the fleet while creating additional cost savings through outsourcing.

我們相信，V2X 有機會透過幫助國防部提高艦隊的準備度和任務能力率來獲得更多的市場份額，同時透過外包來節省額外的成本。

Additionally, V2X is utilizing technology and internally investing through R&D to modernize assets and platforms, extending their lives and enabling our customers to close the GAAP on the $240 billion of deferred maintenance.

此外，V2X 正在利用技術並透過研發進行內部投資來實現資產和平台的現代化，延長其使用壽命，並使我們的客戶能夠按照 GAAP 結算 2,400 億美元的延期維護費用。

In terms of overall budgetary environment, V2X has demonstrated performance throughout various economic and political cycles.

從整體預算環境來看，V2X 在各個經濟和政治週期中都表現出色。

This is due to our strategic focus on supporting critical and enduring missions.

這是因為我們的策略重點是支援關鍵且持久的任務。

At the global level, the overall threat environment remains elevated with tensions persisting, if not escalating.

從全球層面來看，整體威脅環境依然嚴峻，緊張局勢持續存在，甚至進一步升級。

This is why the DOD is focused on reestablishment of the terms.

這就是國防部致力於重新建立這些條款的原因。

The fact that we have presence and mission intimacy and key theaters and geographies that matter positions us exceptionally well to continue delivering end to end full life-cycle solutions to support evolving requirements.

事實上，我們擁有存在感和任務親密度以及重要的關鍵戰區和地理位置，這使我們能夠繼續提供端到端的全生命週期解決方案，以支援不斷變化的需求。

What we do is 24/7 365 supporting missions of consequence around the globe.

我們所做的是每年 365 天、每天 24 小時支援全球各地的重要任務。

It's something we are extremely proud of and something that cannot be easily replicated.

這是我們極為自豪的事情，也是難以複製的事情。

To wrap up, our 2024 results demonstrate the value of V2X brings to our customers, our positioning in key theaters, alignment to emissions of high consequence, and our ability to execute on our commitments.

總而言之，我們的 2024 年業績證明了 V2X 為我們的客戶帶來的價值、我們在關鍵領域的定位、對高後果排放的一致性以及我們履行承諾的能力。

We are excited about the future.

我們對未來充滿興奮。

The trend and leading indicators in our business remain strong, with a $12.5 billion backlog, limited recompetes, and a robust pipeline of new opportunities.

我們的業務趨勢和領先指標仍然強勁，擁有 125 億美元的積壓訂單、有限的重新競爭以及強勁的新機會。

We look forward to the opportunity V2X has to increase our percentage of a large addressable market and bring more solutions to meet our customers' mission requirements.

我們期待 V2X 有機會增加我們在龐大潛在市場的份額，並提供更多解決方案來滿足客戶的任務要求。

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

現在我想把電話轉給肖恩來審查財務狀況。

Shawn?

肖恩？

Thank you, Jeremy, and thanks everyone for joining us this afternoon.

謝謝你，傑里米，也謝謝大家今天下午加入我們。

Please turn to slide 7.

請翻到第 7 張投影片。

We are pleased to announce an impressive close to the year with strong fourth-quarter performance across all financial metrics to provide double-digit top-line growth and exceptional cash generation.

我們很高興地宣布，我們在今年取得了令人印象深刻的成績，第四季度所有財務指標均表現強勁，實現了兩位數的營收成長和卓越的現金創造能力。

They're extremely proud of what the team accomplished in 2024, which resulted in V2X meeting or exceeding all financial commitments.

他們對團隊在 2024 年的成就感到非常自豪，這使得 V2X 滿足或超越了所有財務承諾。

Revenue in 2024 increased 9% on a year-over-year basis to $4.32 billion exceeding the top end of our guidance range by approximately $47 million.

2024 年的營收年增 9% 至 43.2 億美元，超過我們預期範圍的最高值約 4,700 萬美元。

Growth reflects the continued demand of our services and solutions in both on-contract growth and the phase in of new awards.

成長反映了我們服務和解決方案在合約成長和新合約授予階段的持續需求。

This is reflective of the capabilities V2X brings with notable new awards to include the F-5 Adversary program, a NATO missile defense program.

這反映了 V2X 帶來的能力，其中包括北約導彈防禦計劃 F-5 對手計劃等值得注意的新獎項。

A production award for the Gateway Mission router.

網關任務路由器的生產獎。

The Navy Pacific Communications Award, a foreign military sales contract for aviation and training support, as well as a sole source award to provide next generation chem bio threat detection.

海軍太平洋通訊獎是一份針對航空和訓練支援的外國軍事銷售合同，也是提供下一代化學生物威脅檢測的獨家來源獎。

Adjusted EBITDA for the year was $310 million, increasing 6% year over year and delivering a margin of 7.2%.

全年調整後 EBITDA 為 3.1 億美元，較去年同期成長 6%，利潤率為 7.2%。

Interest expense for the year was $107.9 million.

全年利息支出為 1.079 億美元。

Cash interest expense was $100.5 million, improving $13 million or 11% year over year, reflective of our proactive repricing activities, debt paydown, and cash flow generation.

現金利息支出為 1.005 億美元，比去年同期改善了 1,300 萬美元，增幅為 11%，反映了我們積極的重新定價活動、債務償還和現金流產生。

Adjusted diluted EPS was $4.34 up 16% from the prior year based on approximately $32 million weighted average shares.

根據約 3,200 萬美元的加權平均股份計算，調整後稀釋每股收益為 4.34 美元，較上年增長 16%。

Full-year adjusted net cash provided by operating activities was $161 million.

全年調整後營業活動產生的淨現金為 1.61 億美元。

This represents 116% adjusted net income conversion and the strong cash generation capabilities of V2X.

這代表 V2X 調整後的淨收入轉換率為 116% 並且具有強大的現金產生能力。

Please turn to slide 8 where I'll discuss our fourth quarter results.

請翻到第 8 張投影片，我將在其中討論我們的第四季業績。

Revenue for the quarter was $1.16 billion, increasing 11% year over year and setting yet another record for the company.

本季營收為 11.6 億美元，年增 11%，再創公司歷史新高。

Adjusted EBITDA was $86.2 million also a record for the company, with a margin of 7.4%.

調整後的 EBITDA 為 8,620 萬美元，也創下了公司的歷史新高，利潤率為 7.4%。

Interest expense for the quarter was $24.4 million.

本季利息支出為 2,440 萬美元。

Cash interest expense was $22.7 million, improving $3.6 million or 14% year over year.

現金利息支出為 2,270 萬美元，較上年同期增加 360 萬美元，增幅為 14%。

Adjusted diluted EPS was $1.33 growing 9% on a year-over-year basis.

調整後攤薄每股收益為 1.33 美元，較去年同期成長 9%。

Adjusted net cash provided by operating activities was $168 million.

調整後的營業活動淨現金為 1.68 億美元。

Please turn to slide 9.

請翻到第 9 張投影片。

Our commitment to achieve a net leverage ratio at or below three times was a company-wide priority.

我們致力於將淨槓桿率控制在三倍或以下，這是全公司的首要任務。

I'm pleased to report that we demonstrated excellent performance on this front, delivering a net leverage ratio of 2.6 times at the end of the fourth quarter.

我很高興地報告，我們在這方面表現優異，第四季末的淨槓桿率為2.6倍。

Our continued focus on cash generation and debt reduction resulted in net debt improving $210 million year over year to $874 million.

我們持續專注於現金創造和債務削減，導致淨債務較上年同期減少 2.1 億美元至 8.74 億美元。

Our liquidity position is strong, with a zero balance on a $500 million revolver at the end of the quarter.

我們的流動性狀況強勁，截至本季末，5 億美元的循環信貸餘額為零。

As can be seen in our financial results, our focus on enhancing the capital structure and the cost of our credit facilities combined with that paydown is improving cash flow and earnings.

從我們的財務結果可以看出，我們專注於加強資本結構和信貸成本，再加上償還貸款，從而改善現金流量和收益。

This strong performance allowed us to reprice our $900 million first [lean-term] loan.

這一強勁表現使我們能夠對首筆 9 億美元的短期貸款重新定價。

The repricing further improves our annual interest margin by 50 basis points, representing 135 basis points of savings achieved since October 2023.

重新定價進一步提高了我們的年息差 50 個基點，相當於自 2023 年 10 月以來節省了 135 個基點。

This outcome is a testament to the strength of our business and will generate additional value in 2025 and beyond.

這一結果證明了我們業務的實力，並將在 2025 年及以後創造更多價值。

As you can see on the chart, we have made substantial progress.

正如您在圖表上看到的，我們已經取得了實質的進展。

This demonstrates the strong and reoccurring cash flow characteristics of the business.

這表明該企業具有強勁且持續的現金流特徵。

Furthermore, it underscores our commitment to thoughtful allocation of capital.

此外，它強調了我們對深思熟慮的資本分配的承諾。

Please turn to slide 10 to build in the quarter was approximately 1.2 times.

請翻到投影片 10，本季的建置量約為 1.2 倍。

Total backlog was $12.5 billion at quarter end, which represents approximately three times revenue coverage at the midpoint of our 2025 guidance.

季度末總積壓訂單為 125 億美元，約為我們 2025 年預期中位數營收覆蓋率的三倍。

We believe this provides solid revenue visibility, especially when taking into account that backlog only includes the initial $225 million of funding for the warfighter training and readiness program.

我們相信這提供了可靠的收入可見性，特別是考慮到積壓訂單僅包括用於作戰人員訓練和準備計劃的初始​​ 2.25 億美元資金。

As a reminder, we expect to incrementally book activities associated with this contract as they are transitioned.

提醒一下，我們期望在合約轉換過程中逐步記錄與合約相關的活動。

Further enhancing revenue visibility at our 2025 midpoint, we expect a modest 4% contribution from

為了進一步提高 2025 年中期的收入可見性，我們預計

[V2X].

[V2X]。

Please turn to slide 11.

請翻到第 11 張投影片。

The trends in our business remain positive, and we believe our strategy to deliver full life-cycle solutions that increase efficiency, reduce costs, modernize capabilities, improve readiness, and strengthen national security provide substantial opportunities for future growth and value creation.

我們的業務趨勢仍然是正面的，我們相信，我們提供全生命週期解決方案的策略，以提高效率、降低成本、實現能力現代化、提高戰備能力並加強國家安全，為未來成長和價值創造提供了巨大的機會。

For 2025, we are establishing a guidance range that we would characterize as appropriately prudent.

對於 2025 年，我們正在製定一個我們認為適當審慎的指導範圍。

With that in 2025, we expect revenue to build on a very successful 2024 that exceeded the top end of our guidance.

到 2025 年，我們預計收入將在 2024 年非常成功的基礎上進一步超過我們預期的最高水準。

Revenue is expected to be $4.375 billion to $4.5 billion, representing approximately 3% growth at the midpoint.

預計營收為 43.75 億美元至 45 億美元，中間值成長約 3%。

Revenue in 2025 incorporates the previously disclosed completion of the KC-10 and T-1A programs, which contributed approximately $80 million to revenue in 2024 with mature margins.

2025 年的收入包括先前揭露的 KC-10 和 T-1A 專案完成情況，這兩個專案為 2024 年的收入貢獻了約 8,000 萬美元，利潤率也比較成熟。

Adjusted EBITDA is estimated at $305 million to $320 million.

調整後的 EBITDA 預計為 3.05 億美元至 3.2 億美元。

Adjusted EBITDA contemplates the [haste] in of new awards, the completion of the previously discussed programs, and modest internal investments.

調整後的 EBITDA 考慮了新獎項的頒發、之前討論過的計劃的完成以及適度的內部投資。

Adjusted diluted earnings per share guidance is $4.45 to $4.85 representing 7% growth at midpoint.

調整後每股攤薄收益預期為 4.45 美元至 4.85 美元，中間值成長 7%。

Regarding the cadence, we expect revenue and adjusted EBITDA to ramp sequentially throughout the year.

就節奏而言，我們預計收入和調整後的 EBITDA 將在全年連續上升。

This reflects the phase in of already announced new business.

這反映了已宣布的新業務的逐步實施。

We expect adjusted net cash provided by operating activities to be $150 million to $170 million.

我們預計調整後的營業活動淨現金為 1.5 億美元至 1.7 億美元。

We believe cash flow should be in line with our normal seasonal pattern with cash generation occurring in the second half of the year.

我們認為現金流應該與我們的正常季節性模式一致，現金產生發生在下半年。

Cash interest expense is expected to be $83 million with other expense of $12 million.

現金利息支出預計為 8,300 萬美元，其他支出為 1,200 萬美元。

Capital expenditures for the year are estimated at approximately $30 million.

預計本年度資本支出約 3,000 萬美元。

Now, we'd like to open the call for your questions, operator.

接線員，現在我們願意開始回答您的問題。

Thank you.

謝謝。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員指令）

[Peter Ormith, Beard].

[彼得‧奧米斯，鬍子]。

Yeah, good afternoon, Jeremy, Shawn, Mike.

是的，下午好，傑瑞米、肖恩、麥克。

Nice results.

效果不錯。

Jeremy, I wanted to see if I could just double click on a comment that you made about kind of outcome-based contracting and Kind of how you see this evolving with, given your mix of cost-plus contracting is, oh, how quickly can you start to convert if you can convert that to any of it fixed price or more favorable and just maybe how you see this a about them because it seems like certainly you guys have the knowledge and the experience if you wanted to flip it over to from a fixed-price perspective?

傑里米，我想看看我是否可以雙擊你對基於結果的合同所做的評論，以及考慮到你的成本加成合同組合，你如何看待這種發展，哦，如果你可以將其轉換為固定價格或更優惠的價格，你能多快開始轉換，也許你如何看待他們，因為如果你想從固定價格的角度來翻轉它，你們能多快看起來有知識和經驗？

Yeah, I mean, I think we have proof points from prior years where we have successfully converted this to fixed price and demonstrated additional savings for the customer, and we continue to approach them all the time on some of these mature programs that we think are great candidates to be flipped over to a fixed price and allow us to get more performance-based contracting out of that and save them money.

是的，我的意思是，我認為我們有前幾年的證據，我們已成功地將其轉換為固定價格，並為客戶展示了額外的節省，並且我們會繼續與他們就一些我們認為非常適合轉換為固定價格的成熟計劃進行接觸，並允許我們從中獲得更多基於績效的合同並為他們節省資金。

Is there a percentage of contracts that come up on an annual basis where there's an opportunity to look at it or how should we think about just the opportunity here?

每年簽訂的合約中是否有一定比例的機會可以審視，或者我們應該如何看待這裡的機會？

But we continually put white papers in front of customers, we continually talk to them about the opportunities to help them get to a more performance-based contracting outcome for them.

但我們不斷地將白皮書擺在客戶面前，我們不斷地與他們談論幫助他們獲得更基於績效的合約結果的機會。

It will improve readiness.

它將提高準備程度。

I think it'll save the customer money and improve overall efficiency for them as we look downstream.

我認為從下游來看，它將為客戶節省資金並提高他們的整體效率。

So again, this is not something that's new, it's just something that I think it aligns pretty well with this current administration to focus on outcomes.

所以，這並不是什麼新鮮事，我只是認為這與現任政府注重成果的做法十分契合。

Yeah, for sure.

是的，當然。

And then just a quick one on your, just your guidance, what's contemplated regarding impacts from the CR is the CR, do you have baked in that it gets resolved or how are you thinking about that?

然後我簡單問一下您，只是您的指導，考慮到 CR 的影響，您是否已經考慮到瞭如何解決它，或者您是如何考慮的？

Shawn (inaudible), but I think if you look at the kind of work we do, the majority of it's going to be pretty immune to the CR given that it is not new work.

肖恩（聽不清楚），但我認為，如果你看看我們所做的工作，你會發現由於這並不是新工作，所以大部分工作對 CR 基本上沒有影響。

If these are mostly existing contracts that we are either taking market share or getting renewals on what we're doing already.

如果這些主要是現有合同，那麼我們要么佔領市場份額，要么續簽我們已經在做的事情。

Yeah, exactly, Peter, I'd say, we have modest impacts, as Jeremy said, typically in a CR environment, and so, our guide contemplates, I'll say business as usual.

是的，確實如此，彼得，我想說，正如傑里米所說，我們的影響很小，通常是在 CR 環境中，因此，我們的指南認為，我會說一切照舊。

We, obviously, expect the CR to be resolved, and move forward with a number of things, but if we think about the opportunities that are in front of us, most of the year is, of course, conversion of our backlog.

顯然，我們希望 CR 能夠得到解決，並推動一系列工作的進展，但如果我們考慮一下擺在我們面前的機遇，那麼今年的大部分時間當然是用於處理積壓工作。

With modest, we compete as we said in the prepared remarks and new business, so I think we feel good from a range standpoint that we're aligned around.

正如我們在準備好的發言和新業務中所說的那樣，我們以適度的方式進行競爭，因此我認為，從我們所保持一致的範圍的角度來看，我們感覺很好。

Terrific.

了不起。

And Shawn, just could I get a clarification on the waters, the warfighter training readiness contract?

肖恩，您能就水域問題和作戰人員訓練準備合約問題澄清一下嗎？

Could you give that amount again and how you think it phases in the back half of the year?

您能否再次給出該金額以及您認為該金額將在下半年如何分階段實現？

Yeah, exactly.

是的，確實如此。

So when we think year over year, Peter, think of it as adding about $120 million to the top line, predominantly in Q3 and Q4, so back half loaded as there's a contract that transitions that we assume that is the bulk of the activities.

因此，當我們考慮同比時，彼得，認為這將為營收增加約 1.2 億美元，主要是在第三季度和第四季度，因此後半部分為負數，因為有一份過渡合同，我們認為這是大部分活動。

We are executing task orders today.

我們今天正在執行任務訂單。

They're fairly modest in size, the excellent news is that we're seeing an increase in that ops tempo of those task orders being put in front of us that we're then bidding and responding to.

它們的規模相當適中，好消息是我們看到擺在我們面前的任務訂單的運作節奏在加快，然後我們對其進行投標和響應。

So like I said, it's back and loaded.

就像我說的，它又回來了，而且滿載而歸。

It's about $120 million or so incremental to 2024.

到 2024 年，增量約為 1.2 億美元左右。

Terrific.

了不起。

Thank, thanks again.

謝謝，再次感謝。

I'll jump back in the queue.

我將重新回到隊列中。

Nice results.

效果不錯。

Thank you I appreciate it.

謝謝，我很感激。

Andre Madrid, BTIG.

安德烈馬德里，BTIG。

Hey, good afternoon, everyone.

嘿，大家下午好。

Thanks for taking my question.

感謝您回答我的問題。

If we could kind of zoom in on the Indo-Pacific, I know you mentioned 27% growth in the region sales, maybe just a point of clarification, that doesn't include [Indopacom] specifically, right?

如果我們可以放大印度-太平洋地區，我知道您提到該地區的銷售額增長了 27％，也許需要澄清的是，這並不具體包括 [Indopacom]，對嗎？

That falls under US sales.

這屬於美國銷售。

And then I guess further on top of that, I know you mentioned DSpace in the Philippines, but what are some of the other major moving pieces in the region that we should be looking out for?

然後我想進一步說，我知道您提到了菲律賓的 DSpace，但是該地區還有哪些其他重大動態值得我們關注呢？

Just to clarify, it does include Indopacom, in terms of those results based on the geography, just as the Middle East, from 0i0n terms of how we report the Middle East incorporates [Setco], so Indopacom and the activities that we support there are bucketed in Asia Pacific.

需要澄清的是，就基於地理區域的結果而言，它確實包括 Indopacom，就像中東一樣，從我們報告中東地區的方式來看，它包含了 [Setco]，因此 Indopacom 和我們在那裡支持的活動都歸入亞太地區。

But to the other part of your question, when we think about 2025, there are exercises that get undertaken every other year.

但對於你問題的另一部分，當我們想到 2025 年時，每隔一年就會進行一次演習。

And so when we think about those things, this year, we expect a level of opportunity.

因此，當我們考慮這些事情時，我們預計今年將會有一定程度的機會。

I will admit, it is, these things come up quickly, typically, and, so we'll see how those play out this year from a time sequencing standpoint.

我承認，這些事情通常出現得很快，所以我們將從時間順序的角度看看它們今年將如何發展。

Obviously, folks are off assessing the budgetary environment, the funding that may be required for those things of that nature, Andre.

顯然，人們正在評估預算環境，以及這些事情可能需要的資金，安德烈。

I look at that like I do, we've talked before, I think presence is everything, and as I think this administration has said looking at the Indopacom region and us having a solid footprint in that region and a contract vehicle in that region that's readily acceptable to them, I think is why we get a lot of confidence around the future for V2X in that area.

我以前也這樣看待這個問題，我們之前就討論過，我認為存在就是一切，而且我認為本屆政府已經說過，我們正在關注印巴司令部地區，我們在該地區有著穩固的足跡，並且在該地區擁有一份他們很容易接受的合同，我想這就是為什麼我們對 V2X 在該地區的未來充滿信心。

Got it, very helpful.

明白了，很有幫助。

And if I could squeeze in just one more, I mean, if you look at the implied, even a margin for the year, it's a step down over '24.

如果我可以再擠一點的話，我的意思是，如果您看一下隱含的，即使是今年的利潤率，它也比 24 年有所下降。

I mean, could you maybe just move us through the puts and takes there is all of it due to the loss of KC-10 and T-1A or the other factors included, I'm just trying to size that up and really assess what are the moving pieces there?

我的意思是，您能否讓我們了解這一切都是由於 KC-10 和 T-1A 的丟失或其他因素造成的，我只是想要評估一下並真正評估那裡發生的變化？

Yeah, perfect.

是的，完美。

Thanks for the question.

謝謝你的提問。

So predominantly those headwinds -- from mature programs that have concluded because those assets have been retired, is what's contributing to it in terms of the change and then the new work that we listed off a number of things in the prepared remarks, always start out at a lower margin.

因此，主要是那些阻力——來自已經結束的成熟項目，因為這些資產已經退役，這是導致變化的原因，然後是我們在準備好的評論中列出的許多新工作，總是從較低的利潤率開始。

The growth in the year is going to be back half weighted.

今年的成長將會回落一半。

And therefore I do expect, margins in the second half to be higher than they are in the first half, and we should hopefully build on those things as we go forward.

因此，我確實預計下半年的利潤率將高於上半年，並且我們希望在未來能夠在此基礎上再接再厲。

I will say some of the work doesn't mature extremely quickly from a margin contribution standpoint, right?

我想說，從利潤貢獻的角度來看，有些工作不會很快成熟，對嗎？

Some of the work on platforms that we have may take some time and I would measure that in excess of a year, not necessarily quarter to quarter on some of those programs.

我們現有平台上的一些工作可能需要一些時間，我會以一年以上的時間來衡量，而不一定是按季度來衡量某些項目。

And that's why, as some of these platforms have retired, they're at their peak when we're no longer executing that work.

這就是為什麼當一些平台退役時，當我們不再執行這項工作時，它們正處於巔峰狀態。

And so we have to build that capability back up, but that's exactly why we see the profile as you do.

因此我們必須重新建立這種能力，但這正是我們與您一樣看待概況的原因。

And I would say it's a great example of performance-based contracting.

我認為這是基於績效的承包的一個很好的例子。

You get a new contract award.

您獲得了一份新的合約。

It takes some time to absorb that program, figure out the operational side of it, and then once they get comfortable and have some track records, they do a wonderful job of optimizing readiness and supporting the customer and more ensuring overall understanding of the program as we move through, so it just takes a little bit of time and so you think about shifting the curve, very mature program to a program we just, several that we just rattled off.

需要一些時間來吸收該計劃，弄清楚它的操作方面，然後，一旦他們適應並有了一些記錄，他們就會在優化準備和支持客戶方面做得非常出色，並且在我們進行過程中更加確保對計劃的整體理解，所以這只需要一點時間，所以你考慮改變曲線，從非常成熟的計劃轉變為我們剛剛提出的幾個計劃。

They'll get there and very comfortable with that because they are that good in terms of execution.

他們會達到目標並對此感到非常滿意，因為他們的執行力非常出色。

That's extremely helpful call.

這是非常有幫助的電話。

Thank you so much.

太感謝了。

I'll leave it there.

我就把它留在那裡。

Thanks, Jeremy, Shawn.

謝謝，傑里米，肖恩。

Thanks, Andre.

謝謝，安德烈。

Ken Herbert, RBC Capital Markets.

加拿大皇家銀行資本市場部的肯‧赫伯特 (Ken Herbert)。

Pardon me, Mr. Herbert, is your line muted?

對不起，赫伯特先生，您的線路靜音了嗎？

Yes, hi, thank you.

是的，你好，謝謝你。

Good afternoon, Jeremy, Shawn, and Mike.

下午好，傑里米、肖恩和麥克。

I wanted to first ask if you look at -- if you look at the 9% growth and outperformance of guidance in 2024, is there a way maybe Jeremy or Shawn to think about how much of that came from sort of new contract wins versus sort of on-contract growth and maybe the tech insertion, and I'm just trying to see if you can help us by quantifying sort of where the maybe really what drove the upside in '24, as we think about maybe a springboard as we as we think about applicability in the 2025?

我想先問一下，如果您看一下 - 如果您看一下 2024 年 9% 的增長率和超出預期的表現，傑里米或肖恩有沒有辦法考慮其中有多少來自新合同的贏得與合同增長以及可能的技術插入，我只是想看看你是否可以通過量化來幫助我們，也許是什麼真正推動了 24 年的上漲，當我們考慮適用性？

Yeah, I can.

是的，我可以。

So it was predominantly on contract growth.

因此，這主要取決於合約成長。

Let me get some color a little bit, so I, we talked about a book to build.

讓我稍微講講顏色，所以我們討論了要製作的一本書。

It's about 1.2% in the quarter.

本季約為1.2%。

The bulk of those awards were on contract growth related and as we talked previously, that tends to turn into revenue more quickly.

這些獎項大部分與合約成長有關，正如我們之前所說，這往往會更快轉化為收入。

And so that's what we saw as we exited 2024 from a contribution and what accelerated some of that growth.

這就是我們在 2024 年退出貢獻時看到的情況，也是加速部分成長的原因。

I would say you mentioned tech insert.

我想說您提到了技術插入。

I think when I look at what we're doing in terms of maturing some of the technologies and where they are in terms of either early production or early development phase, they will continue to mature and become ever increasing opportunities for us as we move downstream.

我認為，當我回顧我們在完善某些技術方面所做的工作以及它們在早期生產或早期開發階段所處的位置時，它們將繼續成熟，並隨著我們向下游發展而成為我們越來越多的機會。

And I know it's one of the areas that Rogers focused on as the new Chief Growth Officer, which is inserting differentiation into our offerings because if we have the opportunity to do that with the engineering organization that we have.

我知道這是羅傑斯作為新任首席成長長關注的領域之一，那就是在我們的產品中融入差異化，因為如果我們有機會利用我們現有的工程組織來做到這一點。

Okay, very helpful.

好的，很有幫助。

I mean, I can appreciate some of the KC-10 and T1-A sort of headwinds, but is there any reason to think beyond maybe some risks around timing in terms of just where we are with the CR and fiscal '25 and '26 requests?

我的意思是，我可以理解 KC-10 和 T1-A 的一些不利因素，但除了考慮時間方面的風險之外，還有什麼理由讓我們考慮 CR 和財政 '25 和 '26 請求的情況呢？

But any reason to think we couldn't see or you wouldn't deliver on sort of similar on contract growth in '25?

但是有什麼理由認為我們無法看到或您無法在 25 年實現類似的合約成長呢？

I mean, I'm not trying to get too far ahead of the obviously what looks like a sort of cautiously optimistic revenue guide, but it certainly seems like you'll have some leverage to pull as the budget situation stabilizes.

我的意思是，我並不想對顯然看似謹慎樂觀的收入指南做過多預測，但隨著預算狀況的穩定，你肯定會有一些可以利用的槓桿作用。

Yeah I'd say this, and I think, we did open up the range a little bit on the guide from what we did a year ago to account for, should that occur.

是的，我會這麼說，而且我認為，我們確實在指南中將範圍比一年前擴大了一點，以應對可能出現的這種情況。

We'll see, how some things play out.

我們將會看到事情將如何發展。

The teams do a wonderful job.

這些團隊表現出色。

Jeremy mentioned, conversion of things to performance-based contracting.

傑里米提到，將事物轉變為基於績效的合約。

Our teams around the globe are consistently putting things in front of the customers to drive additional value to the customers -- save money, save, improve operational performance for both the customers as well as us.

我們遍佈全球的團隊始終將客戶放在第一位，為客戶創造更多價值——為客戶和我們自己省錢、節省成本、提高營運績效。

And so, those things, when they occur, they tend to occur pretty quickly, so we don't always have perfect visibility into them and they're dictated by a whole range of activities, that can arise.

所以，這些事情一旦發生，往往會很快發生，因此我們並不總是能夠完全洞察它們，而且它們是由可能出現的一系列活動決定的。

So we tried to address it in the range that we gave for some variability that we may see.

因此，我們嘗試在給定的範圍內解決我們可能看到的一些變化。

We'll see.

我們將會看到。

It's obviously very early.

顯然還很早。

And I would say we talked a lot about geographic footprint.

我想說我們討論了很多關於地理足跡的話題。

I think the diversification of the portfolio around the globe and the contracts we have for our customers in terms of accessibility put us in a very good position to deal with the ever-changing requirements.

我認為，全球範圍內的投資組合多樣化以及我們為客戶簽訂的可訪問性合約使我們處於非常有利的地位來應對不斷變化的需求。

That's great.

那太棒了。

And if I could just finally, in the last few months or basically since the new administration or since the election maybe, and then the new administration came in, it may be early, but have you seen any change in sort of a sense of urgency around say funding for projects in Indopacom or any indication that you might see that become early signs a higher priority for the new administration in terms of addressing some of the requirements that we see there?

我可以最後說一下，在過去的幾個月裡，或者基本上是自新政府或選舉以來，然後新政府上台，現在可能還為時過早，但您是否看到對印太司令部項目資金的緊迫感有任何變化，或者有任何跡象表明，在解決我們看到的一些要求方面，這成為新政府更優先考慮的早期跡象？

I think what we're seeing is that we're aligned with their priorities in terms of where we're located.

我認為我們看到的是，就我們所處的位置而言，我們與他們的優先事項是一致的。

We have not look, we've seen awards happen, which is great, so we haven't seen slowdown in that.

我們沒有看到，我們已經看到獎項的出現，這是很好的，所以我們沒有看到這方面的放緩。

We've mentioned them in the script.

我們在劇本中提到他們。

I think you're seeing that we are in terms of how we try to portray the business.

我想您已經看到了我們如何試圖描繪業務。

I'm extremely excited about how we are aligned with their priorities, whether it's Indopacom, whether it's in up in the Arctic region, whether it's even in the US, in terms of readiness, in terms of the aircraft, in terms of putting forward a deterrent strategy.

我非常高興我們與他們的優先事項保持一致，無論是印度太平洋司令部，還是在北極地區，甚至在美國，在戰備狀態、飛機方面，還是在提出威懾戰略方面。

I think we're exceptionally well aligned with that.

我認為我們與這一點極為契合。

And so, and I look at with regards to what we have in terms of the pipeline and the ability to prosecute that pipeline that is I believe very much aligned with their overall priorities.

因此，我研究了我們在管道方面的現狀以及起訴管道的能力，我認為這與他們的整體優先事項非常一致。

I think the very positive there, Toby, is exactly what Jeremy said, which is the things that we've expected to be awarded, the funding activities that we've expected have been consistent in the early days of this administration and as we start off the year.

托比，我認為非常積極的一點就是傑里米所說的，也就是我們期望獲得的獎勵，以及我們預期的資助活動，在本屆政府成立初期以及今年年初一直保持一致。

So we haven't seen perturbations or changes from, I'll say a customer engagement or op-tempo standpoint from that vantage point.

因此，從客戶參與度或作戰節奏的角度來看，我們還沒有看到任何干擾或變化。

Perfect.

完美的。

Thanks, Shawn.

謝謝，肖恩。

Thanks, Jeremy.

謝謝，傑里米。

Sure.

當然。

Thank you.

謝謝。

Joe Gomes, Noble Capital.

喬·戈麥斯（Joe Gomes），Noble Capital 成員。

Good afternoon.

午安.

Thanks for taking my questions.

感謝您回答我的問題。

Oh hey, Joe.

噢，嘿，喬。

To start out, one of the things you discussed a little bit here.

首先，您在這裡討論過一件事。

Think a little bit more in the past was foreign military sales and that they had been gaining some traction.

再想想過去的對外軍售，而且已經取得了一些進展。

I just wanted to give a more of an update, are you seeing anything new, exciting that is in the near term that you're pretty positive about?

我只是想提供更多更新信息，您是否看到任何新的、令人興奮的、讓您非常樂觀的近期事件？

Yeah, I mean, we obviously have a sales channel that does very well on the FMS front.

是的，我的意思是，我們顯然有一個在 FMS 方面表現非常出色的銷售管道。

We have a contract in the Middle East that's under contract, and we do continue to see opportunities.

我們在中東有一份正在簽訂的合同，而且我們確實繼續看到機會。

I will say the FMS side does not pace the same way that you know US procurements do, and so we are, although excited about the opportunity, we are very realistic about the pace for which they actually occur.

我想說的是，對外軍事採購的步伐與美國採購的步伐不同，因此，儘管我們對這一機會感到興奮，但我們對它們實際發生的速度非常現實。

And so, and again, it goes anywhere from you think about it in the Pacific all the way back to the Middle East.

所以，再說一遍，它的範圍從你所想到的太平洋一直延伸到中東。

We have opportunities.

我們有機會。

We're pursuing those opportunities.

我們正在尋求這些機會。

We're just cautious about the pacing of those awards.

我們只是對這些獎項的頒發節奏持謹慎態度。

They take a little longer and a little more complicated, but very comfortable with our strategic position.

雖然它們花費的時間更長，也更複雜，但它們對我們的戰略地位非常滿意。

Okay.

好的。

Great for that.

太好了。

And then I mean you guys talked about your recompetes, I think it's less than 5% or 4% for this year.

然後我的意思是你們談到了你們的重新競爭，我認為今年的重新競爭率不到 5％ 或 4％。

Are there any large or significant to you or we compete that could be coming up on contracts obviously that you don't currently have that you would be very excited about getting in on that bidding?

對您或我們的競爭對手來說，是否有任何大型或重要的合同即將簽訂，而您目前顯然還沒有這些合同，您會非常興奮地參與競標？

Yes, I think that's the like I told you before, very little of what we do is what I would call a new start.

是的，我想就像我之前告訴你的那樣，我們所做的事情很少能被稱為一個新的開始。

I think new starts are mostly what you would see what we're doing over in where we're building a capability that is following a need for a customer and that would fall sometimes in the new category.

我認為新起點主要是您所看到的我們正在做的事情，即建立滿足客戶需求的能力，有時屬於新的類別。

But again, I think that the vast majority of our pipeline is about us current additional market share for work that already exists.

但我再次認為，我們絕大部分的管道都是關於我們目前已經存在的工作的額外市場份額。

And yes, we have quite a few bids on the street that are substantial in size and we look at the pipeline that Roger and his team are reporting and again it reflects a nice mix of both very large and very strategic opportunities for us.

是的，我們在市場上收到了很多規模可觀的投標，而且我們查看了羅傑和他的團隊所報告的管道，它再次反映了對我們而言非常大且非常具有戰略意義的機會的良好組合。

And I think exactly to that point, Joe, because of the modest amount of recompetes that we have up it's allowing us to make sure that we're addressing and opening our aperture perhaps for additional addressable market during this period.

喬，我認為正是由於我們擁有適量的重新競爭，它使我們能夠確保在這段時間內解決並打開我們的管道，也許可以為額外的可尋址市場。

And the team's doing a great job of aligning those things and so that we can continue to build on that, gain that momentum going out into the out years.

團隊在協調這些事情方面做得很好，因此我們可以繼續在此基礎上再接再厲，在未來幾年保持這種勢頭。

Okay, and then one more if I may, one of the data points that you historically given on the pipeline is the amount of bids submitted in the next 12 months pipeline, and I was wondering if you could give us what those data points are as of the end of the year?

好的，如果可以的話我再問一句，您在歷史上給出的關於管道的數據點之一是未來 12 個月管道內提交的投標數量，我想知道您是否可以提供截至年底的數據點？

Yeah, so as Jeremy announced, Roger joined us.

是的，正如傑里米所宣布的那樣，羅傑加入了我們。

He's going through a thorough pipeline review and assessing it with his team to understand exactly where everything is.

他正在進行徹底的管道審查，並與他的團隊一起進行評估，以準確了解一切進展。

So I think you'll hear us, I know you'll hear us talk about it, on future calls, Joe, but I think at this time as the team's progressing, we'll refrain from quantifying anything other than I think Jeremy.

所以我想你會聽到我們，我知道你會聽到我們在未來電話會議上談論它，喬，但我認為此時隨著團隊的進步，除了我認為傑里米之外，我們將避免量化任何其他東西。

We've talked about increasing our bid volume as we go through the year kind of tied back to what we said, previously here, which is taking advantage of the opportunity that's in front of us and having a higher ops tempo from a bid standpoint going forward.

我們曾經討論過，隨著時間的流逝，我們將增加投標量，這與我們之前所說的內容相關，即利用擺在我們面前的機會，並從投標的角度提高未來的運營節奏。

Yeah, everything that I see so far for '25 has velocity of bids going through V2X higher than 2024.

是的，到目前為止我看到的 25 年通過 V2X 的出價速度都高於 2024 年。

And that is the primary key metric for me, which is we have a large addressable market.

這對我來說是主要的關鍵指標，即我們擁有龐大的潛在市場。

We're relatively small in that market.

我們在那個市場上的規模相對較小。

And so the idea here is to create differentiation and use our key positions that we have around the globe to put more opportunities in, out on the field.

因此，這裡的想法是創造差異化，並利用我們在全球各地的關鍵地位在現場創造更多的機會。

Okay, great, thanks for that.

好的，太好了，謝謝。

I'll get back in cue.

我會及時回來。

Trevor Walsh, Citizens JMP.

特雷弗沃爾什 (Trevor Walsh)，公民 JMP。

Hey, hi team, thanks for taking the questions.

嘿，大家好，感謝你們回答這些問題。

Jeremy and or Shawn, really, appreciate the color that you gave at the beginning and the [current] remarks around the messaging or lining with the new administration's, I guess, approach with do and the like.

傑里米和肖恩，真的很欣賞你在一開始所給出的描述，以及圍繞新政府的信息或做法所發表的[當前]言論，我想，還有諸如此類的事情。

I'm just curious around the potential for 8% budget cuts across the DoD that's been thrown out there.

我只是對國防部可能削減 8% 的預算感到好奇。

You guys have been doing this for a long time, just curious how you might see it or whether it's 8% or some other number if there's just a broad kind of base set of priorities to cut.

你們已經這樣做了很長時間，只是好奇你們會如何看待它，或者如果只是要削減一系列廣泛的基本優先事項，這個數字是 8% 還是其他數字。

Does that basically look like a

這基本上看起來像

[10% haircut]?

[10% 折扣]？

[Sample] across all programs, is it kind of is it geography specific certain programs that just get like how do we get to that sort of number in terms of how you guys have seen maybe similar types of environments play out just when DoD is kind of just all generally trying to cut that costs?

[例] 在所有項目中，它是否是針對特定地理位置的特定項目，就像我們如何達到這樣的數字，就你們所看到的類似環境而言，當國防部通常試圖削減成本時？

Yeah, I would be speculating at best if I knew how they were going to do that, and I think the entire industry would be speculating at best.

是的，如果我知道他們將如何做，​​我充其量只是猜測，而且我認為整個行業充其量只是猜測。

I will say the enduring nature of what we do in terms of mission support.

我想說的是，就任務支援而言，我們所做工作的持久性。

These are four enduring missions and they're part of the overall strategy of the US government.

這是四項持久的使命，也是美國政府整體策略的一部分。

But again, I would, I would be just speculating if I told you how they were going to go about doing this.

但是，如果我告訴你他們將如何做到這一點，那我只能說是在猜測。

I think Trevor the way that I think we look at it from a risk standpoint or whatever might be more aligned with what could be policy changes that could influence outcomes, either positively or negatively relative to where we sit today, right, as opposed to having gone through sequestration in a and other stuff back decades ago as opposed to broad cuts that impact a certain percentage of every program, they're probably more likely to be impacted by the policy changes that the administration says because that's where they end up putting dollars.

特雷弗，我認為我們從風險的角度或其他什麼角度看待這個問題，可能更符合可能影響結果的政策變化，無論是積極的還是消極的，相對於我們今天所處的情況，對吧，而不是幾十年前經歷的預算封存和其他東西，而不是影響每個項目一定比例的廣泛削減，他們可能更容易受到政府所說的政策變化的影響，因為那是他們最終投入資金的地方。

I think, as Jeremy said, we are in enduring missions, places that have been long standing for the for this country and this nation.

我認為，正如傑瑞米所說，我們所肩負的使命對這個國家和這個民族來說已經存在很久了。

As Jeremy said, it would be speculative to say where they're going.

正如傑里米所說，他們要去哪裡還只是推測。

I have not seen in the type of work that we do where it's just, hey, take a 10% cut here.

在我們所做的工作中，我從未見過僅僅在這裡削減 10% 的情況。

Got it.

知道了。

That's super helpful.

這非常有幫助。

Shawn, maybe again for you, congrats and great work on getting the net leverage kind of below the target level.

肖恩，也許再次向您表示祝賀，並在將淨槓桿率降至目標水平以下方面做得很好。

Was just curious to see, I know we had talked about before when you, there's not necessarily going to be a new goal posts for where that metric might go, but I know you did make comments previously that it would give you some optionality around what you can do with capital.

只是好奇，我知道我們之前討論過，這個指標不一定會設定新的目標，但我知道你之前確實發表過評論說，它會給你一些關於如何使用資本的選擇權。

Any ideas or thoughts, especially just given these new dynamics, new administration, etc. about where you might deploy some of those resources, giving you sort of hit that goal?

您有什麼想法或意見嗎，特別是考慮到這些新動態、新管理等，您會將其中一些資源部署到哪裡，以實現這一目標？

Sure, yeah, I know, I want to make sure that I say again and thank the team for all of their efforts in achieving our objectives.

當然，是的，我知道，我想再次感謝團隊為實現我們的目標所做的一切努力。

We are very focused on doing the things we said we're going to do, and the team did an exceptional job as we closed '24.

我們非常專注於完成我們說過要做的事情，在我們結束 24 年時，團隊做得非常出色。

Now relative to, okay, what's next, which is the heart of your question, I think Jeremy has said before, it provides us with optionality.

現在相對於，好的，下一步是什麼，這是你問題的核心，我想傑里米之前說過，它為我們提供了選擇權。

We're very happy with where we sit today, but I think there's opportunities and options that are open for us that, by the way, we have been continually sifting through.

我們對今天的狀況非常滿意，但我認為我們還有機會和選擇，順便說一句，我們一直在不斷篩選。

It's not like we put things on a shelf and weren't looking at things just because we had a leverage ratio that may not have been conducive to those things.

這並不意味著我們將事物束之高閣，不去關注它們，只是因為我們的槓桿率可能不利於這些事物。

It's just part of the DNA and the stuff that that the company does regularly, and we've established that appropriate cadence to be looking at those opportunities.

這只是 DNA 的一部分，也是公司定期做的事情，我們已經建立了適當的節奏來尋找這些機會。

We don't have anything to announce, of course, but I think in terms of looking at what the art of the possible is in areas that we think we can make, be meaningful contributors is stuff that we'll pursue throughout '25.

當然，我們沒有什麼可以宣布的，但我認為，在我們認為可以做到的領域中，尋找可能性的藝術，成為有意義的貢獻者，是我們在整個25年中追求的目標。

Yeah.

是的。

I think I've been very clear about this [optionality] includes us looking at it from the lens of what's going to generate the most shareholder value.

我想我已經非常清楚這一點[可選性]包括我們從什麼將產生最大的股東價值的角度來看待它。

And that'll continue to be our focus.

這將繼續是我們的關注重點。

There those options that are reporting to us are going to be solely square squarely on shareholder value.

向我們報告的那些選擇將完全基於股東價值。

Great.

偉大的。

Thanks both.

謝謝你們。

I'll get back in the queue.

我會回到隊列中。

Thanks, Trevor.

謝謝，特雷弗。

Mariana Pérez Mora, Bank of America.

美國銀行的瑪麗安娜‧佩雷斯‧莫拉 (Mariana Pérez Mora)。

Good afternoon, everyone.

大家下午好。

Thank you for taking the question.

感謝您回答這個問題。

So my question is a follow-up to this reshuffling of defense spending as part of headset requirements, training, and readiness and sustainment, all those activities are core, and they are not up for revision.

所以我的問題是，對國防開支進行重新調整後，作為耳機要求、訓練、準備和維持的一部分，所有這些活動都是核心，不需要修改。

How much do you think you are operating in a safe environment, business as usual environment?

您認為您在多大程度上是處於安全的、一切照常的環境中開展業務？

How much is actually or how soon we could see upside from training opportunities like the one you got on WTRS recent contract last year?

我們實際上需要多長時間才能從培訓機會中看到好處，就像您去年在 WTRS 最近的合約中獲得的一樣？

I mean, the WTRS program has the opportunity to be the contract of choice for people that are looking to readiness and training programs and so I think we've talked about the number of PDLs that we're called PDLs or task orders that continue to flow to this contract vehicle because it has been as the customer said they want to have the opportunity to make it easy for customers to procure training resources and I mean there's pages of task orders that we're looking at right now, and the team is very busy and doing an exceptional job whether that, whether there's other training opportunities out there, we'll continue to look at, obviously, it's a core competency of ours and we'll continue to look at those opportunities as we build our pipeline.

我的意思是，WTRS 計劃有機會成為那些尋求準備和培訓計劃的人們首選的合同，所以我認為我們已經討論過 PDL 的數量，我們稱之為 PDL 或任務訂單，這些訂單繼續流向這個合同載體，因為正如客戶所說，他們希望有機會讓客戶輕鬆採購培訓資源，我的意思是我們現在正在查看數頁構建任務。

I think the important to characterize it a little bit, those things again, they tend to turn very quick when we think about on contract growth that this business is very skilled at doing.

我認為，稍微描述一下這些事情很重要，當我們考慮這項業務非常擅長的合約成長時，這些事情往往會轉變得非常快。

We're turning some of those task orders and admittedly they're modest in size today, but there are, there is a volume of them, and we turn those around to the customer from a pricing and all that good sort of stuff.

我們正在處理一些任務訂單，不可否認，目前這些訂單的規模不大，但數量還是不少的，我們會透過定價等方式將這些訂單轉交給客戶。

We turn those around in days.

我們幾天之內就扭轉了局面。

The team does that.

團隊就是這樣做的。

It's just second nature to the team and so they can be put on contract to the your question is around when could we see upside?

這對球隊來說只是第二天性，所以他們可以簽訂合同，你的問題是什麼時候我們才能看到上行空間？

The bulk of these activities, as I said, will transition in the second half of the year.

正如我所說，這些活動的大部分將在今年下半年轉變。

Could some things happen earlier, they could, we've not seen that yet, but the vehicle, the mechanics, everything is in place such that it is a frictionless transaction between us and our customer to execute on the mission.

有些事情可能會更早發生，有可能，我們還沒有看到，但是車輛、機械裝置等一切都已到位，使得我們和客戶之間可以無摩擦地執行任務。

The team has done an exceptional job standing up program, getting it to that point that Shawn just said where it is an engine that it just allows the customer to come to us with these task orders and the team does a great job turning these task orders around in a very timely basis.

團隊在建立該計劃方面做得非常出色，正如肖恩剛才所說的那樣，它是一個引擎，允許客戶帶著這些任務訂單來找我們，而團隊在及時的基礎上出色地完成了這些任務訂單。

Okay, thank you.

好的，謝謝。

That's great color.

顏色真棒。

And then what are other key metrics in your like US growth?

那麼，美國經濟成長的其他關鍵指標是什麼？

Or any other milestones we should be looking at?

或者我們應該關注其他里程碑嗎？

Yeah, I think it's the ramp of a lot of the things that we've talked about, right?

是的，我認為這是我們討論過的很多事情的坡道，對嗎？

So we, the F5 award that we got last year has completed its transition.

所以，我們去年獲得的F5獎項已經完成了轉型。

It is often executing and obviously we have regular touch points with all of our programs to ensure that they are executing successfully.

它經常執行，而且顯然我們與所有程序都有定期的接觸點，以確保它們成功執行。

The waters activity we talked about, we mentioned the GMR award that we got.

我們談論的水域活動，提到了我們獲得的 GMR 獎。

We've said previously that that kind of went from an [LRIP] phase to a full-rate production.

我們之前說過，這種轉變是從 [LRIP] 階段發展到全速生產的。

So we're ensuring that the supply base and everybody is ready for production capabilities for those things.

因此，我們要確保供應基地和每個人都為這些產品的生產能力做好準備。

It's again, just part of our DNA in terms of how we execute on programs.

再說一遍，就我們如何執行程序而言，這只是我們的 DNA 的一部分。

There's not one particular thing that we put more overweight than another.

我們沒有特別看重某樣事物而忽略其他事物。

To be honest with you, Mariana, it's stuff that we do on a weekly basis to support our programs and delivering to the customers.

老實說，瑪麗安娜，這是我們每週都會做的事情，以支持我們的專案並為客戶提供服務。

Right, thank you so much for the caller.

好的，非常感謝您的來電。

Sure.

當然。

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 Mr. Jeremy Wessinger for any closing remarks.

我想將會議交還給傑里米·韋辛格先生，請他作最後發言。

Please go ahead, sir.

先生，請繼續。

Thank you for the time today and I appreciate everybody that listened in.

感謝您今天的寶貴時間，也感謝每一位聽眾。

I do want to echo what Shawn said.

我確實想重複肖恩所說的話。

I want to thank the team and the employees of V2X.

我要感謝 V2X 團隊和員工。

They delivered [man of commitments], and I can't be any more proud of them than I am.

他們兌現了[承諾]，我對他們感到無比自豪。

They have worked so very hard and we're looking forward to 2025.

他們已經非常努力了，我們期待著 2025 年。

So thank you for that and have a good day.

謝謝你，祝你有美好的一天。

The conference is now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。