VSE Corporation (NASDAQ:VSEC) Q2 2021 Earnings Conference Call July 29, 2021 8:30 AM ET Company Participants Noel Ryan - Investor Relations John Cuomo - President and Chief Executive Officer Steve Griffin - Senior Vice President and Chief Financial Officer Conference Call Participants Michael Ciarmoli - Truist Louie DiPalma - William Blair Jeff Van Sinderen - B. Riley Austin Moeller - Canaccord Genuity Operator Greetings, and welcome to the VSE Corporation’s Second Quarter 2021 Earnings Conference Call. At ...

Second Quarter 2021 Results Conference Call Forward-Looking Statements This presentation contains statements that, to the extent they are not recitations of historical fact, constitute "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Exchange Act. All such statements are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _____ to _____ Commission File Number: 000-03676 VSE CORPORATION (Exact Name of Registrant as Specified in its Charter) | Delaware | 54-0649263 | | --- | --- | | ...

Financial Data and Key Metrics Changes - The company reported $165 million in revenue for Q1 2021, down 7% year-over-year, but a decline of less than 3% when excluding 2020 divestitures in the Aviation segment [23] - Revenue grew 10% compared to Q4 2020, with all three segments showing sequential growth [23] - Adjusted EBITDA margin rates declined primarily due to COVID-19's impact on global revenue passenger miles [24] Business Line Data and Key Metrics Changes - Aviation segment revenue increased 15% quarter-over-quarter, marking the third consecutive quarter of growth, with adjusted EBITDA improving 61% sequentially [25] - Fleet segment revenue increased approximately 3% year-over-year, driven by a 64% increase in commercial revenue, particularly in e-commerce fulfillment [26] - Federal and Defense segment revenue was flat year-over-year but increased 15% compared to Q4 2020, benefiting from new contract awards and the recently acquired HAECO Special Services [27] Market Data and Key Metrics Changes - The Aviation segment's distribution revenue returned to pre-pandemic levels during Q1 2021, indicating a recovery in the aviation market [9] - The commercial revenue represented 26% of total Fleet revenue in Q1 2021, up from 17% in the prior year period, reflecting a successful customer diversification strategy [18] Company Strategy and Development Direction - The company is focused on business transformation through organic market share gains and new business wins across all segments, alongside inorganic growth from acquisitions [7] - A significant $1 billion, 15-year engine accessories agreement was announced, expected to generate approximately $12 million in revenue for 2021 and $45 million in 2022, with potential for over $60 million annually once fully implemented [10][14] - The company aims to build a pipeline of higher value flight-critical business, enhancing its service offerings and market share in the general aviation sector [12][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the aviation market and anticipates continued sequential growth across all business segments throughout 2021 [32] - The company expects to be free cash flow negative for the full year 2021 due to significant working capital investments but anticipates cash conversion to accelerate in 2022 [29][30] Other Important Information - The integration of HAECO Special Services has progressed quickly, with expectations for it to contribute positively to revenue and profit [20] - The company invested approximately $35 million in inventory during Q1 2021 to support new programs, including $20 million related to the engine accessories agreement [28] Q&A Session Summary Question: Margin profile of the new distribution agreement - Management refrained from disclosing specific margin details but indicated that the agreement's contribution would ramp up into 2022 [39][40] Question: Pipeline of similar agreements - Management expressed confidence in the backlog and pipeline across all segments, noting that while there are significant awards, they are not as large as the recently announced agreement [42] Question: Sequential growth expectations - Management expects all three business segments to grow sequentially, maintaining confidence in the overall qualitative guidance for the year [43] Question: Contract value proposition and competition - The company highlighted its history and success in distribution and MRO activities as key differentiators in winning the new contract [51][52] Question: Cross-sell opportunities - Management indicated that there are opportunities for cross-selling and upselling, particularly as OEMs recognize the company's capabilities [54] Question: Distribution growth drivers - The growth in distribution was attributed to proprietary products and new business wins, alongside a general market recovery [56]

First Quarter 2021 Results Conference Call April 2021 Forward-Looking Statements This presentation contains statements that, to the extent they are not recitations of historical fact, constitute "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Exchange Act. All such statements are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _____ to _____ Commission File Number: 000-03676 VSE CORPORATION Indicate by check mark whether the registrant has submitted electronically every Interactive Dat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _____ to _____ Commission File Number: 000-3676 VSE CORPORATION (Exact Name of Registrant as Specified in its Charter) | Delaware | 54-0649263 | | --- | --- | | (Stat ...

VSE Corporation (NASDAQ:VSEC) Q4 2020 Earnings Conference Call March 5, 2021 8:30 AM ET Company Participants Noel Ryan - Investor Relations John Cuomo - President & Chief Executive Officer Steve Griffin - Chief Financial Officer Conference Call Participants Michael Ciarmoli - Truist Securities Ken Herbert - Canaccord Josh Sullivan - The Benchmark Company Louie DiPalma - William Blair Operator Greetings, and welcome to the VSE Corporation Fourth Quarter and Full Year 2020 Results Conference Call. At this tim ...

Fourth Quarter & Full-Year 2020 Results Conference Call 5 March 2021 Forward-Looking Statements This presentation contains statements that, to the extent they are not recitations of historical fact, constitute "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Exchange Act. All such statements are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Sec ...

VSEC Third Quarter 2020 Conference Call 29 October 2020 Forward-Looking Statements This document contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause VSE's actual results and performance in future periods to be materially different from any future results or performance suggested ...